FRRP closes books on Sanctuary

FRRP closes books on Sanctuary

Accounting watchdog concludes its review into music group

The Financial Reporting Review Panel has closed its books on Sanctuary, the
music group dogged by accounting difficulties.

The FRRP announced its view today that the company had presented as changes
in accounting policy what were in fact ‘fundamental errors’ in the 2004
accounts.

A 49% equity shareholding in Rough Trade Records was an equity investment,
the FRRP added, and should not have been consolidated.

Sanctuary had revealed the substance of the FRRP’s review in May, forcing out
its chief executive Andy Taylor in doing so as a result of the criticisms.

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