A peculiar detail

Dear Editor, One of the most peculiar details in your troubling analysis of Veritas’ financial position (‘Veritas: kept afloat by the bishops’ IC 3/11/2016) is a passing reference to how 2014’s closing inventory was revalued after the submission of the 2014 accounts.

If 2014’s closing stock was really worth almost €400,000 less than previously estimated, it seems that year’s net loss was not €1.8 million as per the accounts, but more like €2.2 million. On the other hand, without that revaluation, 2015’s net loss would have been closer to €900,000 than €500,000.

Yours etc.,

Cathal Rafferty,

Rathfarnham, Dublin 14.