Thursday, July 14, 2011

A Trading Loss

A long-standing TMS member who is also an accountant has sent me this report. He has also written privately to the Chairman.

"My message is simple: The Annual Report shows an operating loss of £121,000. Neither the Chairman nor the Treasurer give any explanation about why and how the loss has arisen or what the Board intend to do to return the TMS to profit for 2011/12 and beyond. In the report many paragraphs are devoted to other matters but no indication given as to what steps are or will be taken to reduce operating costs and maximise income in the current financial year to turn the fortunes of the TMS around.
In the circumstances, it is not wrong for a request to be made to the Boad to publish its operating budget for 2011/12 and actual figures for the first quarter to demonstrate the effectiveness of action taken to return to profitable operation."

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