Kalmar Nation – audit 2025

An audit is an independent check of the association's finances – a bit like having an outsider double-check that the cash book adds up. We verify that money has been recorded correctly, that the bank balance matches the accounts, and that there are no unexplained discrepancies. The goal is confidence: that the board and the association's members can trust the figures.

The audit has two parts: accounts review (checking that the bookkeeping is correct) and governance review (checking that the board made its decisions in line with the association's statutes).

Read an accessible guide on how auditing works →

The review of Kalmar Nation 2025 is conducted by Kent Lundgren as lay auditor.

Kalmar Nation statutes – what they mean for the audit →

Audit report 2025 – draft →

Below are all parts of the audit and how far the work has progressed. Approved = complete with no issues   Warning = something needs investigating   Open = not yet started or awaiting documentation

Bank reconciliation

All six SEB accounts match exactly with the bank's account summary as of 31 December 2025. In addition, cash (SEK 19) and PayPal (SEK 628) are correctly recorded in the accounts. Approved

Comparative analysis 2025 vs 2024

• Total revenue increased by +37% (+SEK 1.2m).
• Costs increased by +31% – a lower growth rate than revenue. Positive.
• Operating result improved from −SEK 117,000 (2024) to +SEK 48,000 (2025).
• Staff costs decreased by −14% compared to 2024.
• Consumables more than doubled (+112%) – worth monitoring.

Inventory discrepancy – correction of CB 2025 (CB 2025 ≠ OB 2026)

The original report (printed 2026-03-24) showed a total inventory of SEK 423,708. The corrected report (printed 2026-03-26) is based on the actual physical stocktake and shows SEK 298,714 – a reduction of −SEK 124,994, with the spirits inventory accounting for the single largest decrease (−SEK 70,407).

After the correction, CB 2025 (inventory) amounts to SEK 298,714. The January 2026 report shows OB 2026 (inventory) at SEK 286,151. This leaves a remaining discrepancy of SEK 12,563 that has not yet been explained. The question of which period this final difference belongs to – 2025 or 2026 – has not yet been answered. Remaining discrepancy – explanation required

Updated reports – result effect

The updated calculated result is +SEK 505,780 Balance report's calculated result (26 March 2026).
The result report shows SEK 456,010 (surplus/deficit after financial items).
The difference of SEK 49,770 = inventory changes (accounts 4901–4909, +SEK 176,494) minus inventory write-downs (accounts 7741–7749, −SEK 126,725). These items fall outside the K1 standard format in the result report but are included in the balance report's calculated result. and is considered more accurate than the earlier version (+SEK 622,602). Well-motivated adjustment

Three-year continuity confirmed

CB 2023 = OB 2024 and CB 2024 = OB 2025: both match perfectly. The accounting thread is intact across three financial years. Approved

January 2026 report – incorrect opening balances

The January report was printed the day before the corrected 2025 figures were entered. Seven items differ, the most significant being CALCULATED RESULT (−SEK 20,735) and inventory of branded merchandise (−SEK 13,888). Question 1 to PQe: can an updated January report with correct opening balances be produced? Action requested

Multi-year analysis 2023–2025

• 2023: revenue SEK 3.6m – includes a one-off event (Storaste Kroppkakan ~SEK 500,000).
• 2024: revenue SEK 3.1m – deficit in core operations (−SEK 117,000).
• 2025: revenue SEK 4.3m – positive operating result (+SEK 72,000), strong cash development (+SEK 160,000).
• Equity increases in 2025 for the first time in three years.
• A property debt of SEK 620,000 was settled during 2024 – positive for the balance sheet.

Open questions for PQe

Four specific questions were raised. Responses received 2026-04-07 – see review notes dated 2026-04-07 below for full answers.

1. Can an updated January 2026 report with correct opening balances be produced?
2. What does account 1790 represent (SEK 21,421 prepaid expense)?
3. Why is the deposit item account 2499 eliminated in the new report?
4. What is included in the generic inventory account 1400 (SEK 37,125, new in 2025)?

Documents received

The following documents were received from PQe on 2026-04-07:

• Voucher list for 2025 (PDF, 251 pages) – all accounting entries made during 2025
• Updated balance report for January 2026 (period 2026-01-01–2026-01-31)
• Updated income report for January 2026 (period 2026-01-01–2026-01-31)

Responses to open questions on accounts 1790, 2499 and 1400

• Account 1790 (SEK 21,421 prepaid expense): Covers insurance, web services and domain costs. Account analysis attached as a photo by PQe. Explained
• Account 2499 (deposit): Was used incorrectly as a holding account for deposits during 2025 instead of the proper inventory accounts – a misunderstanding of how the accounts work. At year-end a physical stocktake was carried out, a new inventory value was calculated, and the amount was transferred out of account 2499. A normal year-end correction. Explained and resolved
• Account 1400 (SEK 37,125, medals): Extra medals ordered for the Störste Kroppkakan event were not expensed at the time of the event but placed on an inventory account. The plan is to use the medals at the next occasion and remove the value from the account at that point. PQe confirmed 2026-04-09 and added an explanatory note directly to the voucher's transaction description (transaktionsinfo) in Visma eEkonomi. This serves as audit documentation within the bookkeeping system. Confirmed and noted in voucher – 2026-04-09

New discrepancy – account 1407 (deposit stock)

The updated January report reveals a discrepancy in account 1407 (lager av pant – deposit stock): CB 2025 = SEK 37,429 but OB 2026 = SEK 3,588 – a difference of SEK 33,841 that accounts for the entire inventory discrepancy. The deposit correction was most likely entered into the 2025 books after the March report was printed. A new definitive CB 2025 balance report (printed after all corrections) has been requested. Requested: new CB 2025 report

Sample check – invoices selected (series A)

Three supplier invoices have been selected from series A for the sample check:

• A1 – printer, SEK 8,026
• A22 – Martin & Servera, SEK 119,693
• A452 – Lundgrens i Gäfsnäs, SEK 103 (last entry in series A)

Invoice copies requested from PQe. Review will be carried out once documents are received.

Activity report requested

The verksamhetsberättelse (annual activity report) for 2025 has been requested from PQe. This document is necessary for the governance review – it is the board's account of what the association has carried out during the year and how they have fulfilled their mandate under the statutes. Requested – awaiting response

Calculated result – preliminary

The calculated result for 2025 stands at +SEK 505,780 (balance report figure, as of 2026-03-26). This figure is preliminary – PQe has indicated that the year-end foundation transfers (stiftelseomföringar) have not yet been entered. The final result will be confirmed once those entries are complete. Preliminary – awaiting year-end entries

Documents received

The following documents were received from PQe on 2026-04-08:

• Income report 2025 (updated, 260408) – depreciation and foundation transfer now entered
• Balance report 2025 (updated, 260408)
• Income report January 2026 (updated, 260408)
• Balance report January 2026 (updated, 260408)
• Voucher list 2025 (updated, 252 pages)
• Invoice copies: A1 (Siemens), A22 (Martin & Servera), A452 (Lundgrens i Gräfsnäs)

Depreciation now correctly recorded

PQe confirmed that depreciation on equipment (account 7832) is now entered: −SEK 12,763. The net book value of equipment in the balance report fell from SEK 28,863 (OB) to SEK 16,100 (CB) – a difference of exactly SEK 12,763. Correct. Approved

Continuity CB 2025 = OB 2026 – fully confirmed

All accounts in the balance report were checked line by line: fixed assets, nine inventory accounts (1400–1409), receivables, other assets (1600–1790), financial investments (1300, 1385), all eight bank accounts and liabilities. Every account matches to the öre in the January 2026 report. Approved – full continuity confirmed

Calculated result 2025 – corrected (updated 2026-04-09)

As of 2026-04-08 the balance report showed +SEK 1,316,633. However, entry Y2 (account 8999, SEK 881,658) has been identified as incorrect – see section below. Once Y2 is reversedStorno / reversal – accounting term

From Italian stornare ("to turn back"). Used in bookkeeping since the 19th century, via German stornieren and French storne.

In Visma, Fortnox and Bokio there is an explicit function called "Storno" or "Reverse" – it cancels an erroneous journal entry by creating a mirror-image counter-entry with swapped debit/credit.

Storno and reversal are synonyms; storno is the classical accounting term., the correct calculated result is +SEK 434,975.

Consistency check after reversal: income report SEK 419,046 vs balance report SEK 434,975 – difference = SEK 15,929 = exactly the total of inventory change and write-down accounts outside the K1 format. Correct and expected. Verified

Account 8999 / entry Y2 – explanation received, reversal requested

Account 8999 holds SEK 881,658 via entry Y2 (debit 2099 / credit 8999). PQe responded on 2026-04-09: the entry was made in the belief that the year's result must be manually booked as a verifikation to be "captured" in the accounts. This is incorrect – the accounting system calculates the result automatically. Crediting account 8999 (an income account) adds SEK 881,657 as new revenue, which inflates the calculated result by the same amount – a circular entry with no economic substance.

Kent sent a detailed explanatory email on 2026-04-09 and requested that Y2 be reversed. Correct result after reversal: SEK 434,975 (organic result SEK 419,046 + inventory changes SEK 15,929). Disposition of SEK 434,975 will be recorded in the 2026 books after the AGM's decision: debit 2099 / credit 2010 = SEK 434,975. Reversal of Y2 requested – awaiting action from PQe

Sample check A-series – completed and approved

Three invoices reviewed against the voucher list. See the Audit status table above for results per invoice. No material observations. Approved

Remaining steps before the audit report

• PQe reverses entry Y2 – correct result confirmed at SEK 434,975 Done 2026-04-13
• Open-items report – prior-year receivables ~SEK 52,961 – breakdown received from PQe 2026-04-17: 2022: SEK 13,151 / 2023: SEK 9,257 / 2024: SEK 30,553 (incl. SEK 10,000 tobacco machine). Received 2026-04-17
  Write-down SEK 10,000 (tobacco machine) proposed to PQe 2026-04-17 – awaiting response.
• Sample checks K-series (customer invoices), M-series (manual entries) and U-series (payments)
• Board meeting minutes 2025
• Review of annual activity report (received 2026-04-09)
• Confirm that invoice A452 (gold medal, SEK 103) has been paid

PQe's response – entry Y2 explained and reversal requested

PQe responded on 2026-04-09 and explained the reasoning behind entry Y2 (debit 2099 / credit 8999, SEK 881,657). He believed it was necessary to manually book the year's result as a journal entry for it to be "captured" in the accounts. Kent sent a detailed reply email the same day explaining why this is incorrect and requesting that Y2 be reversed.

Why Y2 is incorrect: The accounting system (Visma) calculates the year's result automatically – no manual entry is needed. Crediting account 8999 (an income account) adds SEK 881,657 as new revenue, which inflates the calculated result by the same amount. The entry is circular.

Correct result after reversal: SEK 434,975 (organic result SEK 419,046 + inventory changes SEK 15,929).

When the disposition is recorded: After the AGM has approved the disposition, the following is posted in the 2026 books: debit 2099 "Year's result" SEK 434,975 / credit 2010 "Retained surplus" SEK 434,975. Reversal of Y2 awaited

Proposed profit disposition

A proposed profit disposition was prepared and sent to PQe as part of the explanation. The figures have since been updated: see the current proposal under step 10 (audit report), which reflects the confirmed preliminary result of SEK 645,263. Updated – see step 10 for current proposal

Annual activity report received and reviewed

The annual activity report for 2025 was received from Kalmar Nation on 2026-04-09 and has been reviewed as part of the management audit. The association's activities are assessed to have been conducted in accordance with the statutes and the purpose clause. The report gives a fair picture of the year's activities. Board meeting minutes were not requested; the review is based on the activity report and the overall audit work. No observations. Management audit completed

Receivable SEK 10,000 – options presented to PQe

PQe responded on 2026-04-18 to the proposal to write off the receivable relating to the tobacco vending machine in the basement (SEK 10,000). PQe confirmed that the association intends to address the matter as soon as possible, likely via a per capsulam decision if the board meeting cannot be convened in time. PQe asked whether a per capsulam decision is sufficient or whether the decision must be taken at a formal board meeting.

Kent clarified that a formal board resolution is not required for this type of accounting adjustment, and asked PQe to confirm which of two options best reflects the actual circumstances:

• Option A – Write off SEK 10,000 as a confirmed bad debt in the 2025 accounts (debit 6351 Confirmed bad debts / credit 1510 Accounts receivable). A formal board resolution is not required for this type of accounting adjustment – it is a year-end judgement within the PQe's remit, provided the PQe and auditor are in agreement.
• Option B – Retain as an uncertain receivable with a clear note in the accounts, so the receivable is not overlooked in the 2026 audit.

The audit is otherwise substantially complete. The final version of the audit report will be prepared once PQe has confirmed their position. Awaiting response from PQe

Write-down SEK 10,000 – decision confirmed, account 6350

PQe 2025 confirmed by email on 2026-04-20 that he and PQe 2026 had agreed to write off the receivable relating to the basement tobacco machine (SEK 10,000). They asked whether account 6350 (general bad debt account, currently active) or 6351 (confirmed bad debts, currently inactive) should be used.

The auditor confirmed that account 6350 is correct – there is no reason to reactivate a dormant account for a single entry. The posting: Debit 6350 Bad debts / Credit 1510 Accounts receivable = SEK 10,000. Effect: result decreases from SEK 434,975 to SEK 424,975; account 1510 decreases from SEK 86,386 to SEK 76,386.

The following documents have been requested to finalise the audit:

1. Updated income and balance report for 2025 (after the 6350 posting is made)
2. Opening balance income and balance report for 2026 (continuity check against corrected CB 2025)
3. Standard template for the audit report – for review before signature
4. Date of the annual meeting (nationsmötet) – to ensure the audit report is ready in time

The audit is substantially complete. The final version of the audit report will be prepared once the above documents have been received. Awaiting posting and supporting documents

Updated reports reviewed and approved

PQe 2025 sent updated income and balance reports for 2025 and January 2026, with the tobacco machine receivable write-down posted. Note: the posting was made to account 6351 Confirmed bad debts (the auditor had indicated 6350, but 6351 is semantically more precise and raises no objection).

All control points verified: account 1510 CB = SEK 76,385.95 ✓ · Net result = SEK 424,975.37 ✓ · CB 2025 = OB 2026 on all accounts ✓ · Account 8999 = SEK 0.00; Y-series = Y1 only ✓. Reports approved

Scope of the audit – assessment and delimitation

The auditor has carried out a thorough review of the core financials: bank reconciliation, verification that the net result matches the change in equity, continuity check (CB = OB), age analysis of accounts receivable, sample testing of supplier invoices (A-series), and review of the activity report.

Additional sample testing of the K-, M- and U-series, and a review of board meeting minutes, have not been carried out during this audit year. The auditor notes this openly: these are steps that form part of a complete lay auditor review, and the intention is to include them in the next audit year. This delimitation does not affect the main conclusion of the audit opinion. Delimited review

Next step – question to PQe 2025 and the audit report

The auditor has contacted PQe 2025 with the question of whether the bookkeeping is now felt to be complete and correct — not only technically, but whether PQe is confident that the 2025 accounts give a true and fair view of the organisation's activities. A response is awaited.

Once a response has been received, the audit report will be prepared using the standard template based on the nation's most recent formal audit report. The annual meeting is scheduled for 27 May 2026. Audit report outstanding

PQe 2025 confirms the accounts as final

PQe 2025 responded to the auditor's question from 2026-04-22 — whether the accounts are felt to be complete and correct — with a clear yes. PQe acknowledges that some minor errors may still be present, but that nothing in the accounts can be meaningfully improved at this stage. PQe is satisfied with the work carried out and confirms that the 2025 accounts can be considered final.

PQe mentions that a final check of cost centre and project classifications may be carried out, but emphasises that this concerns internal organisational categorisation only and will not affect any of the figures relevant to the annual accounts. Accounts confirmed as final

Next step – the audit report

All supporting documents have been received and reviewed. The accounts have been confirmed by PQe 2025. The audit report is now being prepared using the standard template provided by PQe 2025 on 2026-04-21. The annual meeting is scheduled for 27 May 2026. Audit report being prepared

Variant 2 confirmed – audit report ready for signature

PQe 2025 confirmed by email on 2026-04-24 that Variant 2 – the audit report with a brief note that the auditor raised the question of the SEK 10,000 receivable and that it was subsequently written down – is preferred over the simple variant without specific findings. The rationale is that Variant 2 places on record that the write-down arose from the audit process, which is both accurate and transparent. Variant 2 selected ✓

Audit report – available formats

The audit report is now available in three formats:

• Full documentation (HTML) – supporting document with a complete account of the audit, v1.0
• Variant 2 (HTML) – standard report with write-down note, ready to print
• Variant 2 (Word .docx) – for easy editing and insertion into any association template

Next step – template format and signature

The auditor is contacting PQe 2025 and PQe 2026 to ask whether the text should be inserted into Kalmar Nation's own letterhead or template, or whether the Word file in its current form is sufficient. Signature — digital or physical — will then follow before the annual meeting on 27 May 2026. Awaiting response on template format

Question on account 8220 – review of accounts 1941/1942 completed

PQe 2025 contacted the auditor by email on 2026-04-24 to ask whether account 8220 ("Result on sale of financial securities") should have been used in the accounts. In 2024, account 8220 carried SEK 314,523 and account 8270 ("Write-down of financial placements") carried SEK 243,719 — making the absence of both accounts in 2025 a point worth investigating.

The auditor reviewed all transactions on account 1941 (Placeringar) and 1942 (Stiftelse) in the verification list and identified four types of entries:

• Regular distributions and dividends (accounts 8210/8230) — correctly posted
• Management fees (account 8430) — correctly posted
• Reclassifications from 1300/1385 to 1941/1942 at book value — no gain or loss
• Stipend and salary payments from the foundation account (accounts 8420/1944)

Cross-checks against the verification list confirm: account 8210 = SEK 498,604, account 8230 = SEK 79,670. Account 8220 has zero entries in 2025.
Conclusion: no securities were sold to an external party during 2025. Account 8220 is correctly unused and the confirmed result of SEK 424,975 is unaffected. The auditor has asked PQe 2025 to confirm that no sales took place and that no settlement notes from the bank or fund manager are missing from the supporting documents. Awaiting confirmation from PQe 2025

Account 8220 – correction of securities sales (verifications B580–591)

PQe 2025 informed the auditor that account 8220 ("Result on sale of financial securities") required correction. Securities sales in March, June and July 2025 had originally been posted with the full sale proceeds credited to accounts 1300/1385 (at selling price instead of cost basis). Verifications B580–591 have now been revised: only the cost basis is credited to 1300/1385, and realised gains and losses are posted to account 8220.

After the correction, account 8220 amounts to SEK 220,288 net, spread across ten verifications of which three record a loss. The correction is principally correct and consistent with K2 accounting rules (BFNAR 2017:3). Approved

New preliminary calculated result: SEK 645,263

As a result of the 8220 correction, the calculated result per the balance report amounts to SEK 645,262.92 (preliminary). The income statement shows SEK 629,334; the difference of SEK 15,929 relates to inventory changes and write-downs (accounts 4901–4909 and 7741–7749) that fall outside the K1 presentation format in the income statement but are included in the balance report's calculated result — a presentation difference, not a bookkeeping error.

Portfolio valuation – market value vs book value

The SEB portfolio's market value as at 31 December 2025 amounts to SEK 12,536,278. Book value (accounts 1300 + 1385) amounts to SEK 9,297,220. The ratio market value/book value is 1.35, representing an unrealised gain of SEK 3,239,058 (not recognised in the accounts under the K2 principle). No write-down (account 8270) is required.

The SEB document reports capital gains on fund units of SEK 218,646 and capital losses of SEK 5,128 (net SEK 213,518). Account 8220 in Fortnox amounts to SEK 220,288 — a discrepancy of SEK 6,770. The auditor has requested an explanation from PQe 2025. The discrepancy is assessed as immaterial and will be approved even if no explanation is provided. Response received 2026-04-28 – discrepancy accepted as immaterial

SEK 6,770 discrepancy (SEB/Fortnox account 8220) – accepted as immaterial

PQe 2025 responded on 2026-04-28 that he is unable to identify the reason for the discrepancy between SEB's reported capital gain (SEK 213,518) and the net balance on account 8220 in Fortnox (SEK 220,288) — a difference of SEK 6,770. He proposes leaving it as is with a short explanatory note in the bokslut.

The auditor accepts this approach. The discrepancy is assessed as immaterial in relation to the total result (SEK 645,263) and does not affect the conclusions of the audit report. The preliminary result of SEK 645,263 remains unchanged. Approved – discrepancy accepted as immaterial

Final bokslut report – requested, awaited

PQe 2025 asked whether the auditor would like to receive the final bokslut report. The auditor confirmed that this is welcome: the report provides a final opportunity to verify that the figures underlying the audit — income statement, balance sheet and any notes — are the definitive ones. Awaiting final bokslut from PQe 2025

Practical next steps before the annual meeting on 27 May 2026

The auditor has contacted PQe 2025 and PQe 2026 with a structured plan:

1. PQe 2025 sends the final bokslut (income statement + balance sheet + notes).
2. The auditor carries out a final check to confirm that the figures match those reviewed during the audit.
3. Signature of the audit report is arranged — digitally or in person — well ahead of the annual meeting on 27 May 2026.

Final bokslut received and approved

The final annual accounts (Bokslut_2025_260429.pdf) were received from PQe 2025 on the evening of 28 April 2026. The document has been reviewed and all figures match the underlying audit materials. The result of SEK 645,263 is confirmed.

PQe 2025 had made two corrections in response to the auditor's observations:

• Title corrected: The document is now correctly titled Årsbokslut (BFNAR 2017:3) instead of the incorrect Årsredovisning — a term that primarily applies to limited companies and other entities subject to the Annual Accounts Act. ✓ Corrected
• "Förändring i eget kapital" table completed: The table previously showed Årets resultat = SEK 0.00 at year-end. A new row for the 2025 result (SEK 645,263) and a Summa (total) column have been added. Closing equity (SEK 10,152,956) is now clearly readable in the management report. ✓ Corrected

Audit completed – Sista April 2026-04-30

The audit of Kalmar Nation's accounts for the 2025 financial year is hereby fully complete. The audit report (Variant 2) has been prepared and approved. A message has been sent to PQe 2025, PQe 2026 and the Notarie confirming that the annual accounts are approved and requesting information on the digital signing procedure.

The audit was completed on Sista April — well ahead of the annual meeting on 27 May 2026. ✓ Audit complete

Remaining practical steps

• Signature of the audit report — the Notarie handles the digital signing procedure.
• Profit disposition to be posted in the 2026 books after the annual meeting's resolution (27 May 2026): Debit 2099 / Credit 2010 = SEK 645,263.

Final bokslut (Extra_Final) received and approved

PQe 2025 sent an updated version of the annual accounts on 4 May 2026: Bokslut_2025_Extra_Final_260504.pdf. The update consists of revised language in Note 1 (accounting principles). All figures are unchanged. The result of SEK 645,263 is confirmed. ✓ Final bokslut confirmed

Audit now formally concluded – digital signing complete

The annual accounts — including the audit report appended as page 8 — have been signed digitally by all parties via the service Verified ℹ Verified (verified.eu)
A European service for legally binding electronic signatures, certified under the eIDAS Regulation (EU 910/2014). The signing flow uses BankID as the authentication method, providing high assurance and traceability. A built-in safeguard requires each party to read the entire document before signing is unlocked — actively preventing signatures without review. The service produces a timestamped signing certificate archived by the provider. (BankID). The Notarie sent the signing package on 4 May 2026 with the note: "Once signed, I'll send it as an attachment to the upcoming Nation Meeting." The auditor signed the same day. ✓ Digitally signed – 2026-05-04

Remaining steps

• Nation Meeting 2026-05-27 – The Notarie distributes the signed bokslut to the meeting, which resolves on approval and discharge from liability.
• Profit disposition to be posted in the 2026 books after the meeting's resolution: Debit 2099 "Årets resultat" / Credit 2010 "Balanserat resultat" = SEK 645,263.