Pre-heat oven to 180°C (160°C fan-forced). Line the base and sides of a 22 x 22cm cake pan with baking paper. Place eggs and sugar in the bowl of an electric mixer, beat for approximately 6 minutes until pale and thickened.
Meanwhile, place milk and butter in a microwave proof jug and heat in the microwave for 30 seconds or until butter is melted. Repeat for a further 10 seconds if required.
Fold the flour and baking powder into the egg mixture using a large spoon until well incorporated (without overmixing). Gradually pour milk mixture down the sides of the mixing bowl whilst gently folding into the mixture until smooth.
Pour the sponge mixture into the prepared pan and bake for 25 minutes or until it springs back when gently pressed. Allow to cool for 10 minutes before removing to a wire rack to cool completely. Refrigerate covered until required.
For the icing, whisk together the icing sugar and milk, allow to cool slightly.
Cut cake into rounds using a 5cm cutter. Dip each piece into icing, coating evenly. Toss in coconut and allow to set. For serving, cut in half and dollop with jam and cream.