West, who took on his interim role at the end of last season, said the losses carried a “massive impact” which had been felt by everyone at the club.
However, he admitted it was “good for members to see in more detail exactly what has been talked about in the headlines over last few weeks”.
Asked if there had been an overly optimistic approach to the initial budgets set by the club, West said that “the ideas put forward last year – along with growth strategy pursued – were good, but didn’t land”.
“They weren’t anchored to a realistic cost base, which we were then stuck with despite the income subsequently failing to materialise,” he added.