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A difficult conversation without all the detail of the finance arrangements, which will remain in part confidential to the parties involved in the deal. It would appear - thanks for the letter Crispin - that Circle are paid their costs so the management fee is in addition to that -ie true surplus/profit. This is not unreasonable provided service quality is maintained or improved noting this has been a "failing" Trust for some time. Even at break-even,the taxpayer would appear to be in a better position when compared to having to find funds year on year to support a deficit.