Cambridge United Football Club confirmed today that it has filed its financial statement for the year ended June 2019, in line with the extension for Companies House filings as a result of the Covid –pandemic.
Shaun Grady Chairman of the Board of Directors said: “The abbreviated accounts that we filed yesterday cover the year up to the end of June 2019, the accounting period prior to Paul Barry becoming the owner of 100% of the shares of the Club.
“The amount of information required to be included in these filings is relatively limited and clearly historical. As Paul is now the single shareholder, strictly speaking, there is no need to hold an AGM in the same way as previously. However the Board plan to schedule a meeting for supporters where more information can be shared on both the year covered in these accounts and more up to date information including our response to the Covid – 19 containment measures.
“The 2019 accounts include a going concern statement confirming that the Club's ability to continue trading relies on the continued support from Paul which is to be expected as the Club owner. Covid – 19 has impacted every part of society – and Cambridge United is no different – but we remain cautiously confident that we can continue to navigate the financial challenges it presents. The Club are preparing cash flow forecasts on a frequent basis for review by the Board to ensure there are sufficient cash resources in place to support the Club's activities and we are making use of government funding schemes where appropriate. As such, the directors believe that there are sufficient resources in place to sustain the budgeted losses over the planning period.
“The filed Financial Statements disclose the level of Loans Paul had made to the Club to enable it to operate previously at ~£1million before becoming 100% owner.
“During the relevant year the Directors of the China Summer School business took the decision to cease trading which is also reflected in the filed financial statements. Overall the China Summer School activities resulted in a small operating profit being contributed to the Club.
“In the meantime the Board continue to routinely communicate with CFU including via Dave Matthew – Jones as the elected – Board member and through regular meetings with CUSP which continue to be very productive.
“Paul Barry and the Board of Directors continue to be hugely grateful for the support of fans, including those purchasing season tickets for next season, the commitment of our staff both those on furlough and still working and everyone associated with the great work of the Community Trust including the contribution of our playing squad.”