Thanks for the link Smiler.
It seems on first reading that there isn't anything truly horrific in there but other will doubtless interrogate them to granular level.
The obvious issues to me seem to be:
1. The surplus of cash carried forwards in two succesive years. How does this tie in with their plees and lack of funds?
2. The trading subsidiary trading at a loss with support costs of £100k plus including depreciation of some £60k. What the heck do they have that is depreciating at a faster rate than they actually get cash in?
3. Dr P paid almost £130,000 in fees and expenses. £91,760 in expenses????
4. Spending £300k on marketing and fundraising and bringing in less money than when they only spent £111k
5. Effectively mortaging surpluses (potentially forever) until they repay debts.
Last edited by andrewmcharlton; 17th Dec 2008 at 09:25.