<p>These were sent to us in June 2020, after a repeated request to Mr. McCulloch.&nbsp; They indicate that the Harcourt is in significant financial distress.&nbsp;</p>

<p>Regarding failure to control costs we note:</p>

<ul>
	<li>Payroll was not substantially reduced in April and May, despite assurances that all staff had been furloughed.
	<ul>
		<li>Staff costs continued to accrue (34k) even though revenue was zero</li>
	</ul>
	</li>
	<li>Management charges continue and were doubled in May</li>
</ul>

<p>Total retained earnings -&pound;1.3m</p>

<p>&nbsp;</p>