A statement from Baldwins Audit Services in the club’s accounts said “Mr A Reedtz, C Reedtz and the directors of Reedtz Limited have confirmed it is their intention to provide ongoing support to the company to ensure the company can meet its liabilities as they fall due for a period of at least 12 months from the date of signing financial statements.
“The directors would like to reiterate that they are fully committed to supporting the club during the ongoing Covid-19 crisis.
“In assessing the appropriateness of the going concern assumption, the directors have reviewed, detailed cash flow forecasts, considering all reasonable foreseeable potential scenarios and material uncertainties in relation to income and costs.
“Based on these cash flow forecasts the club can meet its liabilities as they fall due and the directors have therefore concluded that the virus does not create a material uncertainty and it is appropriate for the financial statements to be prepared on the going concern basis.”
“In respect of corresponding amounts for revenue of £1,476,713 included in the total revenue of £5,535, 434, the previous auditors were unable to obtain sufficient appropriate evidence that this amount was free from material misstatement.
“Consequently, we were unable to determine whether there was a consequential effect on revenue for the year ending June 30, 2019.
“Our audit opinion on the financial statements for the year ended June 30 was modified accordingly.
“Our opinion on the current year’s financial statements has been modified because of the possible effect of this matter on the comparability of the current year’s figures and the corresponding figures.”