Mar 26, 2016

Concerns over Scientology company

Gordon Deegan
Irish Examiner
March 26, 2016
Auditors for the loss-making Irish Church of Scientology have raised concerns over the viability of the company behind the church here.
Dublin-based Kilcoyne & Co Accountants have raised concerns in relation to the Church of Scientology Mission of Dublin Ltd in spite of the company increasing its revenues sharply last year to €86,716.
The global church counts movie stars Tom Cruise and John Travolta as some of its best-known members. The Irish church was previously bailed out to the tune of €326,875 when a loan provided to the Church of Scientology here was forgiven by Churches of Scientology overseas.
The loan that gave rise to the deficit at the Irish church is understood to relate a long-running High Court action from 2003 taken against the church by former member, Mary Johnston. The case was settled out of court on undisclosed terms after 31 days of evidence.
In the 12 months to the end of April 30 last, the Church of Scientology Mission of Dublin Ltd increased its revenues by 76%, from €49,138 to €86,716 and its losses for the year reduced from €35,494 to just €19.
The church’s revenues, however, remain a long way off from the revenues of €484,070 enjoyed in 2008.
However, in spite of an improvement in the church’s finances in 2015, auditors Kilcoyne and Co Accountants state that “there is a material uncertainty related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern and therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business”.
The auditors point out that at the end of April last, the company’s current liabilities exceeded its total assets.
In a note attached to the accounts, the directors confirm that the company will continue to have their ongoing financial support to discharge of its future financial obligations as they fall due. It states: “They have therefore deemed it appropriate to adopt the going concern basis of accounting.” The company’s accumulated losses stood at €201,519 at the end of April last.
The firm’s shareholder deficit stood at €173,088 while the company’s cash increased from €192 to €229.
The accounts show that the church firm’s revenues were last year made up of €83,920 in ‘donations for services’ and ‘other donations’ of €2,796.
The directors of the company are listed as the non-executive director of the Church of Scientology Mission of Dublin, Gerard Ryan and Siobhán Ryan.
http://www.irishexaminer.com/ireland/concerns-over-scientology-company-389545.html
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