2008 - The European Foundation Centre
2008 - The European Foundation Centre 2008 - The European Foundation Centre
18 | EFC 2008 Annual Report and Financial Statement Financial Statement 2008
Independent auditor’s report As agreed upon in the engagement letter dated 13 January 2009, we report to you in the context of our appointment as auditors. This report includes our opinion on the accompanying financial statements. Unqualified opinion on the financial statements We have audited the accompanying financial statements of European Foundation Centre AISBL as of and for the year ended 31 December 2008, prepared in accordance with the accounting policies referred to in the notes, and which show a balance-sheet total of EUR (000) 3.089 and a surplus for the year of EUR (000) 402. The association’s Management Committee is responsible for the preparation of the financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the legal requirements applicable in Belgium and with Belgian auditing standards, as issued by the “Institut des Reviseurs d’Entreprises/Instituut der Bedrijfsrevisoren”. Those auditing standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. In accordance with the auditing standards referred to above, we have carried out procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The selection of these procedures is a matter for our judgement, as is the assessment of the risk that the financial statements contain material misstatements, whether due to fraud or error. In making this risk assessment, we have considered the association’s internal control relating to the preparation and fair presentation of the financial statements, in order to design audit procedures that were appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the association’s internal control. We have also evaluated the appropriateness of the accounting polices used and the reasonableness of accounting estimates made by management, as well as the presentation of the financial statements taken as a whole. Finally, we have obtained from the Management Committee and association officials the explanations and information necessary for our audit. We believe that the audit evidence we have obtained provides a reasonable basis for our opinion. In our opinion, the financial statements of European Foundation Centre AISBL as of 31 December 2008 have been prepared in all material aspects to give the information required to be shown in accordance with accounting policies referred to in the notes. Brussels, 16 April 2009 PricewaterhouseCoopers Réviseurs d’Entreprises, Represented by Romain Seffer, Réviseur d’Entreprises EFC 2008 Annual Report and Financial Statement | 19
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- Page 8 and 9: National foundation law development
- Page 10 and 11: The European Forum on Philanthropy
- Page 12 and 13: EFC Photo Competition winner 2008:
- Page 14 and 15: Benchmarking and capacity-building
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- Page 18 and 19: Environment In 2007, a group of EFC
- Page 22 and 23: This is an extract from the full
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18 | EFC <strong>2008</strong> Annual Report and Financial Statement<br />
Financial Statement <strong>2008</strong>
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