Annual accounts and audit reports

Financial years run from 1 July of each year until 30 June of the following year. Every year, at the end of the financial year, the Board of Trustees must perform an inventory and prepare the annual accounts to faithfully reflect the financial position of the Foundation, on the closing date of the financial period, in accordance with generally accepted accounting principles, and with the provisions that are applicable in each case.

The Foundation’s Annual Accounts are subject to an external audit, in accordance with article 333-11 of the third book of the Civil Code of Catalonia, on legal persons, which is included in article 41 of its Statutes. The audit firm will be selected by public tender.

In terms of the federation agreement of the Balmes University Foundation, one of the federation principles is maximum economic, financial and asset independence for the federated institutions. This means that each foundation is subject to an independent external audit.

The audit of the FUB annual accounts includes, among others:

• Financial statements: balance sheet (annual accounts FUB, sect. II, p. 1-2) and income statement (annual accounts Consolidated annual accounts FUB, sect. II, p. 3-4)
• Explanatory report on the general accounts (FUB annual accounts, sect. II, p. 8-ss)
• Audit report (FUB annual accounts, sect. I)

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