I think residual grant money is accounted for as a liability...

I think residual grant money is accounted for as a liability because that money is booked for a particular use.
…. So it’s forward owed.

As far as you thinking of the $6m etc as ‘loss’, it’s only that because currently there’s no income to offset it
(bar almost a quarter of a million dollars in interest from all that cash it’s sitting on?).
I prefer to interpret it as ‘spend’, and to see that spend as relevant to future outcomes.

As far as being upset about the requirement for good people to be paid good money and the spend on wages and director fees - why kick up about that.
I see it as a positive on the basis ‘you pay peanuts you get monkeys’.
And there’s plenty of evidence that this adage is correct based on many of the free opinions aired on HC.

cheers