WANDERERS need between £25-30million to see them through to the end of next season, according to a report issued by the Supporters’ Trust.

Reflecting on the 2014/15 accounts published by the club yesterday, the trust expressed serious concern about the ongoing viability of the business without further funding being found.

“What we have been presented with are official accounts that show the club is losing a lot of money. That comes as no surprise,” read a report issued to members last night.

“However, the lack of sufficient funding to meet the weekly and monthly cash flow shortfalls, the past due debts, reliance on lender forbearance, and the auditor not being able to validate the going concern assumptions of the directors puts us on notice that the issues may be bigger and more urgent than we were led to believe. Many questions still exist. How far do current cash reserves stretch? Do we have sufficient funds to get to the end of the season and to the end of the year? How much do we need to get to the end of next season?

“The shareholders and directors have to resolve these matters quickly but their options may be limited. Normally, a company in this situation would need to secure immediate funding to continue, sell assets, restructure debts, and if this is not possible in the short term, consider alternative options. Given the disclosures in these accounts, additional borrowing would seem unlikely, leaving the choice between the shareholders injecting cash as permanent equity or subordinated and long term loans, or to immediately conclude a sale of the club.”

Auditors Deloitte abstained from making any forecasts about Wanderers’ ability to meet the financial challenges ahead in their statement accompanying the accounts.

While many of the statistics contained within the accounts pertained to the period before the takeover, and are less relevant to the current situation at the Macron, there were aspects of the report which prompted concern from the trust’s financial representatives.

“Deloitte have reserved their right not to express an opinion. They also report being unable to get satisfactory evidence and explanations from the directors.

“The directors hope that they find future funding and their intention not to liquidate or cease trading is the basis for their assessment that the club is a going concern. The auditor states that the shortcomings are “material and pervasive”, in accountant speak, which means the auditor concerns are significant and they cannot agree with the directors.

“Further, the auditor disclosures that they were unable to determine whether adequate accounting records had been kept.”

The Supporters’ Trust has also cast doubt on the potential of a ‘bale out’ given the vast sums of money which is currently being lost.

It is estimated that between £25-30m will be needed to keep the club running at current levels – although promotion to the Championship would be worth around £5m and Ken Anderson has announced plans to reduce salary costs in the playing squad with a large number of players out of contract in the summer.

“The trust has the legal permissions and abilities to raise money from members but no trust has faced a problem of the scale of that facing BWFC.

“The larger trust-led rescues at Hearts and Portsmouth, both from administration, required funding of around £5m. BWFC currently appear to need somewhere between £25m and £30m to get to the end of next season.

“The trust has consulted with community institutions and with lenders but we recognise that there would still be a significant shortfall. We will continue to explore all available options for community funding initiatives, but we cannot hide that fact that the sums involved are far beyond those raised in similar situations.

“All options remain under consideration, and as an illustration, 5000 supporters contributing £35 a month for two years would raise just over £4m. 10,000 supporters contributing £50 a month for the next two years would result in £12m being raised. These figures are illustrative and are meant to convey the scale of the current financial situation.

“The aim of the BWFCST will always be to represent our members in having a say in the long-term stability and sustainability of our club. As previously reported to our members, we did meet with Mr Anderson on 14 January 2017. We were informed at that meeting that there was limited information that could be given to us at that time, but that Mr Anderson was hopeful that he would be in a position to give us more detail when we next met. We do have a pre-arranged meeting with Mr Anderson on 14 February and at that meeting will attempt to gain more insight into what are his immediate plans and available options.”