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Audit Report 2008

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3 pages
Thomas Jacobsen No 7, Triq il-Kaffis L-Ibrag SWQ 2630 The Annual General Meeting ELSA Lawyer’s Societ y 15 January, 2010 Subject: Audit Report for the period ending 31e mDbecr 2008 I have audited the attached financial report of fEoLrS the period ending 31 December 2008. This financial report is the resipboilnitsy of the Executive of ELS. My responsibility as an auditor is to form an indepeennt dopinion, based on my audit, on these financial statements and to report my opin iton you. Without qualifying my opinion, I would like to dtroa wyour attention the following: 1. The Statutes of ELS state, in article 62t,h eth aut ditors shall receive the financial report and the accounts, as well as any other snaercye sdocuments, at least 30 days before the AM and that the Executive is obligesdu btmo it the said documents to the auditors. The first version of the financial staetnetms was sent to me on 10 January 2010, well after the limits set in the Statutaevs.in g Hsaid that, the treasurer complied with all auditor’s requests within a renaasbole time frame, for which I thank her. 2. Collection of membership fees due amounted4 ,t6o42 .€06, which was lower than the budgeted €7,500, but similar to the €4,614.o1l2le cted last year. 3. Income from sponsorships and sale of adversts nwil,a compared to a budgeted income of €3,000. However, the result in theo upsr eyveiar was also nil. This should perhaps be taken into ...
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Thomas Jacobsen No 7, Triq il-Kaffis L-Ibrag SWQ 2630 The Annual General Meeting ELSA Lawyer’s Society15 January, 2010 Subject: AuditReport for the period ending 31 December 2008 I have audited the attached financial report of ELS for the period ending 31 December 2008. This financial report is the responsibility of the Executive of ELS. My responsibility as an auditor is to form an independent opinion, based on my audit, on these financial statements and to report my opinion to you. Without qualifying my opinion, I would like to draw to your attention the following: 1. TheStatutes of ELS state, in article 62, that the auditors shall receive the financial report and the accounts, as well as any other necessary documents, at least 30 days before the AM and that the Executive is obliged to submit the said documents to the auditors. The first version of the financial statements was sent to me on 10 January 2010, well after the limits set in the Statutes.Having said that, the treasurer complied with all auditor’s requests within a reasonable time frame, for which I thank her. 2. Collectionof membership fees due amounted to €4,642.06, which was lower than the budgeted €7,500, but similar to the €4,614.12 collected last year. 3. Incomefrom sponsorships and sale of adverts was nil, compared to a budgeted income of €3,000.However, the result in the previous year was also nil.This should perhaps be taken into account for budget purposes in the coming year. 4. Arelatively large amount (€685) of the association’s funds was held in cash at year end, although most of it was collected in April.This should be avoided for record keeping purposes. 5. Thereseems to be some doubt as to the unsold stock of T-Shirts and their whereabouts (only 4 out of a stock of 20 were sold).If not recovered, the association would suffer a loss of approx €140. Email: thomas.jacobsen@qubeservices.com
Thomas Jacobsen, No7, Triq il-Kaffis, Victoria Gardens, L-Ibrag STJ 03 The financial statements have been prepared on an ongoing basis, which assumes the continued support from the members of the organisation. The organisation had a profit in its accounts of approximately €1,056 for the year. In my opinion, the financial statements as presented give a true and fair view of the state of affairs of the organisation as at 31 December 2008, and I believe that the financial statements have been properly prepared. Yours faithfully Thomas Jacobsen
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Audited Financial Statements 31 December 2008 Income: Membership fees4,642.06 ELS Trust donations250.00 Adverts Newsletter0.00 Adverts Website0.00 Mailshots 0.00 Fundraising 0.00 Other 123.82 - ELS USB Memory Sticks80.00 - T-Shirts40.00 - Interest and gain on exchange3.82 Total 5,015.88 Expenses: ELSA Support-690.00 Charges Membership Fees-88.68 ELS Scholars-1,927.00 Other ELS Trust0.00 Website hosting and development-208.41 Other marketing expenses-152.48 ICM expenses-600.00 Bank and Credit Card charges-265.94 Office expenses0.00 Tele comm's0.00 Other-27.03 Total-3,959.54 Profit/loss1,056.34
Balance sheet:
Fortis Bank EUR account Fortis Bank USD account PayPal EUR account PayPal GBP account Cash Other - ELS Memory Sticks - T-Shirts Total assets
Amounts owed Debt to ELSA Portugal Debt to ELSA International Debt to ELSA Kosice Debt to ELSA Austria Debt to ELSA The Netherlands Debt to ELSA Italy Debt to Tiago M. Goncalves Debt to ELSA Switzerland Results carried forward Current year result Own resources Total liabilities and own resources
4,762.06 22.40 237.74 0.00 685.00 177.61 28.81 148.80 5,884.81 319.41 25.00 80.00 35.00 25.00 25.00 25.00 104.41 0.00 4,509.06 1,056.34 5,565.40 5,884.81
2007 2008 Figures Budget 4,614.127,500.00 100.003,000.00 0.00 0.003,000.00 0.00 0.000.00 1,076.322,010.00 768.99 297.84 9.49 5,790.440.00
0.00 -101.00 -1,931.00 -25.00 0.00 -2,814.74 -414.47 -210.16 -177.89 0.00 -441.67
-3,500.00 -200.00 -1,750.00 -3,200.00 -1,000.00 -2,000.00 -600.00 -200.00 -200.00 -100.00 0.00
-6,115.93 -12,750.00
-325.49 -12,750.00
3,487.48 21.18 243.11 47.44 712.00 144.09 144.09 0.00 4,655.30 146.24 0.00 0.00 0.00 0.00 25.00 25.00 71.24 25.00 4834.55 -325.49 4,509.06 4,655.30