….and this is exactly the kind of thing that makes looking at a set of accounts only part of the story.
Full accounts contain notes which supposedly explain things but they are often only the headline...the real facts are elsewhere...not necessarily hidden deliberately but just not explained in full.
If you are assessing a business you use the accounts as a starting point, not the end game. P&L' and Balance sheets give you a picture and a few pointers to the real questions to be asked.
Sadly the real picture for Latics could be very murky (as with most football clubs it seems) and the fact that an nda is required suggests there is something to hide. It seems to me the Trust has got itself in to an impossible position and conflict of interests...it should be acting as an outside, independent force answerable to the supporters (not just its paid up members) rather than a part of the current owner' team.
If an owner doesn't believe he/she should be transparent with his "customer base" (and football is unique whatever anyone says) then I think it tells you everything you need to know about them or the people they associate with.