Annual Report

To all Members, of Karagi Court Ltd.

Thank you all for coming to this, our first Annual General Meeting under the new constitution, which was approved by Members on the 9th December, 2008.

In the mid 1970’s, we commenced the plans for the ‘Central Coast Retirement Village’. After much planning and the climbing of many hurdles, stage one was commenced and then opened on 20th August, 1976 naming this stage, ‘Karagi Court’. Two more stages were finalised and this completed the village in the early 1980’s. In 1980, the ‘Central Coast Retirement Village changed its Memorandum and Articles of Association to become ‘Karagi Court Limited’.

During these last thirty years, Karagi Court has served its original purpose with distinction and has housed and helped so many people. The many happy and contented residents have regarded our efforts as being very successful.

In August, 2007, an offer was made by Australian Unity to purchase the retirement village. Also, at the same time, the state government was proposing and making considerable changes to the standards of operation and the standard of accommodation to be provided. In addition, the operating and maintenance costs were continually increasing and had exceeded the income received as well as the units purchased were not selling. These extra costs were being paid from accrued monies.

Director David Walker was able to point out the future problems of remaining as a retirement care providores, the possible high costs of meeting the suggested Government changes and the need to invest in some major repairs. After many deliberations, we met to consider our alternatives. Your Board of Directors has worked hard to find solutions.

A committee of David Walker and Max Hiron was established to investigate the alternatives and after their report, it was decided to add Graeme Ingall and John Edgington to their team and I am grateful to all these Directors for their help and input.

From their report, it was decided that in the best interests of the Company, we should have Karagi Court valued and seek a buyer. At the same time, we considered changing our “modus operandi “ and become a charitable company with the aim of assisting organisations and necessitous persons on the Central Coast. This included the writing of a new Constitution.
The Board supported the sale of the village and it was put to the Members, at a special meeting, who voted to adopt the recommendation. I am pleased to report that we were all in agreement and this has us allowed us to move on to achieve new objectives.

I am grateful to Graeme Ingall, your Vice President, in conjunction with John Edgington and the advice and guidance from Warren Richardson, our solicitor, for the presentation of the new Constitution, which was adopted by the Extra-Ordinary General Meeting on 9th December, 2008.

In September, 2008, Max Hiron resigned as our Secretary / Treasurer and I thank him for his contribution over many years.

In October, 2008, a Finance Committee was established with our new Secretary / Treasurer David B Walker, John Edgington and Graeme Ingall who have worked tirelessly to achieve a result which can overcome the international downfall in interest rates.

The financial report is testimony to their management skills and efforts and I am grateful to this team, whose efforts have secured the Company for the start of 2009.

Jim Westbrook, Fred Koch and Gary Young have been on the board for over 71 years in total and that is a lot of very valuable time to make a tremendous contribution to your Company and I personally thank them for their help and support over their time on the Board.

As we move on to new ideas and plans for your Company’s future, we must be conscious of the early efforts of the many people who helped make the Karagi Court village at Bateau Bay. I think of our current members – Kevin Rubie, Neil Finlay, Bruce Hibbard, Denis Dean, Ron MacKenzie, and Jim Kirkness who have all been with us for so long and have attended meetings, when possible. I personally thank them for their contributions.

Fred Koch and I are in our eighties, and have been on the Board since its inception some 30 years ago. I feel it is now the time for new and younger people to step forward and contribute some new ideas, to ensure that the Company continues to be a successful in making a worthwhile effort for those a little less fortunate on the Central Coast.

Our Directors are promoting the new Company and we are genuinely looking for new Members, to take an active role in the future of the Company.

I wish to thank our current Secretary for commencing a “NEWSLETTER” to keep you all informed and his efforts in putting together this Annual Report.

I am joining with Fred Koch to prepare a history of Karagi Court and, if anyone has any old photos or bits n’ pieces could you please let me have copies for the first 30 year report on our achievements.

Finally, I thank everyone for their personal support during 2008 and wish the Company every success for the future.

Bill Richards – President