Audit Report 2025 – Kalmar Nation

A note on the form of the audit report

Kalmar Nation's standard template for the audit report was received on 2026-04-21. The lay auditor will sign the standard template in accordance with the association's practice and present it at the General Assembly on 27 May 2026. Two variants have been prepared:

• Variant 1 – simple, without specific findings
• Variant 2 – with one finding ← selected variant, noting the write-down of a receivable (tobacco machine, SEK 10,000). PQe 2025 confirmed on 2026-04-24 that Variant 2 is preferred.

The document below is a more detailed summary of the audit work that underpins the assessment. It has been prepared as documentation for the auditor's records and the association's files, and may if needed be attached or referenced as a complement to the standard template.

To the General Assembly of Kalmar Nation at Lund University

Mandate and framework

As a lay auditor elected by the General Assembly, I have reviewed the accounts of Kalmar Nation at Lund University for the financial year 2025 (1 January–31 December 2025). The review has been conducted in accordance with the association's statutes (§ 83), the Swedish Bookkeeping Act (1999:1078), and accepted auditing practice for lay auditors in non-profit associations.

Accounts review

The review has included, among other things:

• Bank reconciliation as of 31 December 2025: All six SEB accounts, petty cash (SEK 19) and PayPal (SEK 628) match the bank's engagement summary exactly.
• Accuracy of the balance sheet: The balance sheet balances. Assets = liabilities + equity.
• Link between result and equity: The confirmed surplus of SEK 645,263 matches the change in equity, following reversal of voucher Y2, correction of securities sales (account 8220, vouchers B580–591) and write-down of receivable SEK 10,000 (account 6351).
• Continuity: Closing balance 2024 = Opening balance 2025, and Closing balance 2025 = Opening balance 2026 – confirmed item by item.
• Sample – supplier invoices: Three invoices reviewed against the voucher list and supporting documentation: A1 (Siemens Financial Services, SEK 8,026), A22 (Martin & Servera, SEK 119,693) and A452 (Lundgrens i Gräfsnäs, SEK 103). No material findings.
• Inventories: Inventory value was corrected from SEK 423,708 to SEK 298,714 following a physical count. The correction is well-founded. A remaining difference of SEK 12,563 on account 1407 (deposit inventory) has been explained and assessed as a timing matter.
• Age analysis of receivables and write-down: All 23 customer invoices (K-series) were matched against payments via the voucher list. All external 2025 invoices are confirmed paid. Prior-year receivables of SEK 52,961 (2022–2024) were analysed. A receivable relating to the tobacco machine in the basement (SEK 10,000) was assessed as unlikely to be recovered — PQe 2025 and PQe 2026 agreed on write-down. Entry posted 2026-04-22: debit 6351 Confirmed bad debts / credit 1510 Receivables, SEK 10,000. Account 1510 closing balance = SEK 76,386 confirmed.

Governance review

I have reviewed the activity report (verksamhetsberättelse) for 2025, signed by Kurator Wilma Högberg (HT25–VT26), dated 9 April 2026. The governance review has examined whether the Board's (seniorskollegiet) actions are consistent with the association's statutes and the resolutions passed by the General Assembly.

The following observations have been made:

• Meeting frequency: The Board met eleven times in 2025 (15 Jan, 12 Feb, 11 Mar, 8 Apr, 6 May, 3 Jun, 19 Aug, 23 Sep, 21 Oct, 18 Nov, 16 Dec). The General Assembly met six times. Meeting frequency is assessed as satisfactory.
• Contracts and financial decisions: The association's finances were strengthened in 2025 through a new wholesale agreement with Martin & Servera (jointly with other Lund student nations) and a new supplier agreement with Carlsberg. The Prokurator social moved to half-time. These decisions are reflected in the accounts and are consistent with the Board's mandate.
• New statutes: The General Assembly voted through updated statutes during autumn 2025. No material economic consequences arising from the statutory amendment have been identified.
• Membership: Membership reached 2,371 in the autumn term 2025 — the highest in thirty years. The 37% increase in revenue compared with 2024 is consistent with this membership growth and the new agreements.
• New auditor elected: The activity report confirms that a new auditor was elected at the end of 2025, in accordance with the statutory requirement for a member-elected lay auditor.

No matters have been identified that give cause for remark regarding the Board's governance.

Findings

Finding – Erroneous year-end entry (voucher Y2): resolved
During the review, an erroneous manual entry was identified (Y2): debit account 2099 Net result for the year / credit account 8999, SEK 881,658. The entry was circular — the result included itself — and inflated the reported surplus. PQe 2025 reversed Y2 in Fortnox on 2026-04-13. Correct result confirmed in updated reports. Resolved 2026-04-13 ✓

Finding – Prior-year receivable (account 1510): written down
Among the prior-year receivables included in the closing balance of account 1510 (total SEK 52,961, relating to 2022–2024), there was a receivable of SEK 10,000 relating to a tobacco machine in the association's basement, which is no longer in use. PQe 2026 assessed payment as unlikely. PQe 2025 and PQe 2026 agreed on write-down. Entry posted 2026-04-22: debit 6351 Confirmed bad debts / credit 1510 Receivables, SEK 10,000. Resolved 2026-04-22 ✓

The remaining prior-year receivables (SEK 42,961: 2022: SEK 13,151; 2023: SEK 9,257; 2024 excl. tobacco machine: ~SEK 20,553) are assessed by the financial officer as potentially recoverable via reminders. These are flagged as an open item for the 2026 year-end and do not give rise to a remark against the 2025 accounts.

Result for the year

The surplus for the year amounts to SEK 645,263, comprising an operating result of SEK 41,232 and net financial items of SEK 604,031. The financial items include a realised gain on securities sales of SEK 220,288 (account 8220, vouchers B580–591, corrected 2026-04-27) as well as returns on managed foundation funds. Operating costs include a write-down of the tobacco machine receivable of SEK 10,000 (posted 2026-04-22, account 6351). Equity as of 31 December 2025 amounts to SEK 10,152,956.

The Board proposes that the surplus of SEK 645,263 be transferred in full to retained surplus. Total available: SEK 10,152,956.

Opinion

Based on my review, I recommend: