Indeed, Bikermike is correct in so far as accounts paint a picture but don’t tell you what is really happening behind the scenes (unless Directors are honest and full in their assessment, which history shows in some organisations they struggle to do). As BigStu says though, producing the accounts is a basic legal requirement of running a business and if Directors can’t galvanise themselves in to dealing with unforeseen delays then members / shareholders need to ask if the right people are leading the organisation. Of the examples quoted I would also add that the size and competence of the Boards is a factor. A common theme in poorly performing organisations is the reliance on a small number of people running the show (which leads to insular decision making) and the questionable competence of those people or their failure to provide constructive challenge. This is worse when a dominant character is in a key role such as MD or Gen Manager. The Teifi has previous form, I don’t know about the present day but clearly some people have concerns.