COSRECI audited accounts

[Cherished]

From wwp (with blank document fixed):

Following enquiries by Senator Nick Xenophon, the South Australian Office of Consumer and Business Affairs has required that COSRECI file AUDITED accounts for the years 2008, 2009 and 2010. Accounts for those years lodged with the UK's Companies House were not audited.


The 2008 audited accounts have now been lodged and are here:
http://www.mediafire.com/?xer0xnbcekkses4

Stay tuned.

The version filed in the UK is here: http://www.mediafire.com/?luigkyy2wyn

[Panda Termint]

[Free to shine]

[Feral]

Is there a forensic accountant in the house?

[AnonyMary]

From wwp (with blank document fixed):

Sponge explains:
http://forums.whyweprotest.net/threa.../#post-1468159

[Lucretia]

This is very interesting, thanks Cherished. Rosalind Robins, the Public Officer, is a member of one of the few stalwart families left to C of $ in Adelaide.

From my very brief reading it seems that the org cannot service its loans, and if they were called in, well.....

[Zhent]

I posted this on WWP, A typed out version of an excerpt from some of the new information, with some figures highlighted:

Other information

Since the financial statements for the year ended 31 December 2008 were filed at companies house, the trustees have re-examined the relationship between the UK branc and other organisations and accept that certain entities could fall within the wide definition of related party as defined by FRS 8. They consider that the following paragraph should have been included. As the trustees have agreed to the inclusion of this statement as and addendum to our audit report, our audit opinioin is not qualified in this respect.

Church of Scientology Interenational and its subsidaries and the UK Branch and other churches in the UK/world share similar arims and from time to time provide mutual assistance ot each other and therefore arguably qualify as related parties as defined by FRS 8. The UK branch receives support by way of loans and donations and purchased good and aservices from Church of Scientology International and its subsidaries. During the year, the UK Branch received loans of £309,804, received donations of £74,474, purchased books and other literature to a value of £3,515,432, and was charged £2,179,201 for ecclesiastical management services and courses. At the year end, £19,769,877 was due to Church of Scientology International and its subsidaries and of this amount £12,899,237 is included in Note 12 under "Accurals and other creditors" and £484,913 and £6,385,727 are included in Note 13 under "Loans from other churches" and "Other creditors" respectively. One of the two loans included was charged £505,960 interest on a commercial basis and is repayable on terms yet to be agreed with the UK Branch. The other loan of £484,913 included was interest free and no advances have been received or repayments made in the period.

Flag Service Organisation charged £576,942 for courses provided to the UK Branch. At the year end, £6,730,319 was due to Flag Service Organisation and this amount is included in Note 12 under "Accruals and other creditors". The amount had increased in the period by exchange differences of £262,645 and interest charged of £798,692. The balance due was reduced in the period by repayments of £139,591.

At the year end, £27,070,130 was due to and £Nil was due from other churches.

In addition, the UK Branch recieved donations from other churches amounting to £938,629.

At the year end there was a loan outstanding from the Church of Scientology Celebrity Centre International of £540,482 and this amount is shown in Note 12 under "Accruals and other creditors". The loan was increased by £145,920 in the period. The interest accrused was £106,462. No terms of repayment have been agreed.

At the year end there was a loan outstanding from Scientology Interenational Reserves Trust of £6,539,883 and of this amount £265,000 is shown in Note 12 under "accruals and other creditors" and £6,274,883 in Note 13 under "Other creditors". The loan was increased by £1,357,432 in the period and repayments of £195,000 were made. No interest was charged. The loan is to be repaid over a period of three years, unless the term is extend by agreement.

The amount of £393,012 shown as due to group undertaking disclosed in note 12 to the financial statements relates to the balance due to the subsidariy company, Nesta Investments Limited.

There was no requirements under the Companies Action 1985 for a UK Branch of an overseas branch to be audited and thus unaudited financial statements for the year end 31 Decemeber 2008 were filed at Companies House in March 2009 and it was appropriate that no detailes of auditors remuneration were included in the financial statements. Subsequently, the trustrees requested an audit of these financial statements. The remuneration paid to the auditors was as follows:

Fees payable to the UK Branch's auditor for the audit of the financial statements £20,750

Fees payable to the UK Branch's auditor for other services £21,350

Grant Sellers Limited
Registered Auditor
Charted Accountants
Bank Court, Manor Road
Dorset

Date 27 February 2011

O, the tangled web Scientology weaves.

Follow the money.

[Happy Days]

Curiouser and curiouser....

Me thinks they should dig a little deeper :D

[jenni with an eye]

Me thinks they have only scratched the surface

Keep digging, keep looking, keep following the money trail.

[Free to shine]

Those figures are unbelievable - surely it is ringing loud bells somewhere....I hope so.