We draw attention to note 11 of the financial statements which describes the valuation of
investment property stated at £213,939,001 (2019: £217,776,954) in the statement of financial
position. Note 11 indicates that the valuation of this investment property may be adversely affected
by the growing impact of the Covid-19 (Coronavirus) outbreak. Given the unpredictable nature and
impact of the outbreak, and how responses to the outbreak are changing, the directors are unable
to predict the full extent of the impact with regards to the carrying value of the investment property.
The directors have made a provision to this valuation for impairment of £3,607,953 based on their
assessment of market movement at the balance sheet date. The ultimate outcome of the matter
cannot presently be determined, and no provision for impairment of the value of the investment
property after the balance sheet date that may result has been made in the financial statements.
Our opinion is not modified in respect of this matter.
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