- Audit - lists.euro-ix.net

Audit Committee Slides for Euro-IX forum

by Barry O'Donovan (INEX)

Hey Bijal - please see attached. Sorry for my (usual) tardiness 😬

1 week, 4 days

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Audit Committee Report - Y/E 2022

by Barry O'Donovan (INEX)

Dear Executive Committee, Bijal, The audit committee has undertaken more comprehensive audits in 2021 and 2022 and, as you know, we have provided a 'clean' audit opinion in both years with regard to the financial statements as per the Annual Reports. However, a number of structural issues and lack of controls have been identified for two consecutive years which should be addressed. We have compiled the attached report from the various emails and discussions across both years so that we can present them to you as a complete document in the hope that the Board and Executive can make progress on these findings. These issues should be viewed as an opportunity to improve by adding the appropriate structures, policies and procedures that strengthen the organisation. We have tried to be mindful of Euro-IX’s size and hope that the scope of the suggestions are appropriate to the scale and structure of the organisation. We would of course be happy to discuss any of the contents in greater detail, Kind regards, Barry O'Donovan On behalf of the Audit Committee

1 month, 2 weeks

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[Audit] Annual Report 2022

by Bijal Sanghani

Hi all, Attached the final version of the Annual report also in dropbox named FINAL - unfortunately it’s too large to send in the email, you can find a copy here - https://www.dropbox.com/s/n83g6neo2tirj27/Annual-report-2022-FINAL.pdf?dl=0 Please note the following additional changes to the text: 1. Additional text in the activity plan items, specifically the IXPDB, Peering Toolbox and IXP Film 2. Changes to some ’names' in the P&L for example, IXPDB Sponsorship, was IXPDB development work, Fellowship Sponsorship, was Fellowship program Funding, 3. There were two line items for marketing, I have merged them into 1 No changes to the finances from the last excel. Please let me know if you have any question or comments Kind regards, Bijal

7 months, 2 weeks

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[Audit] Fwd: Revised consolidated accounts 31/12/2022

by Bijal Sanghani

Hi audit team, Please see the final group accounts from the accountants with a list of the changes below. I’ll have the final (PDF) report updated in the next hour and will send it over asap. If you have any questions in the meantime please let me know. Regards, Bijal > Begin forwarded message: > > From: Rita Layton <Rita.Layton(a)azets.co.uk> > Subject: Revised consolidated accounts 31/12/2022 > Date: 19 April 2023 at 12:35:08 BST > To: Bijal Sanghani <bijal(a)euro-ix.net> > Cc: Cees van Prooijen <cees(a)cpaccountants.nl>, Esther Marijnissen <esther(a)cpaccountants.nl>, Ana O'Mara <Ana.OMara(a)azets.co.uk> > > Hi Bijal > > Please find attached the Consolidated Accounts for the year ended 31/12/22, amended for the following as instructed: > > Accrued TREX credit note raised in Jan 23. > Amended the fellowship fund income releases from €400 to €500. > Reallocated the fellowship fund income from “Expenses - Forum Costs” to “Project Income - Fellowship program funding”. > Moved the trademark prepayment to intangibles (same closing balance). > €246 prior year tax adjustment moved to other income. > NIC Costa Rica credit balance in Trade Receivables (TR) (€1,058.05) moved to deferred income. > €2,594.70 moved to “Deferred income - IXPDB" on the balance sheet, being the gain recognised on the sponsorship income. > > Kind regards > Rita > > > Rita Layton > Finance Manager > Accounts & Business Advisory Services > <http://www.azets.co.uk/> > <https://www.azets.co.uk/services/advisory/international-services/?utm_sourc…> > 33 Park Place, Leeds , LS1 2RY > www.azets.co.uk <http://www.azets.co.uk/> > T: <tel:+44%201132%20739600>+44 1132 739600 <tel:+44%201132%20739600> > M: +44 7483 066765 > E: Rita.Layton(a)azets.co.uk <mailto:Rita.Layton@azets.co.uk> > <https://hubs.la/Q01CnHXr0> > We are an accounting, tax, audit, advisory and business services group that delivers a personal experience both digitally and at your door. > > Accounting | Tax | Audit | Advisory | Technology > > The full details of our registered company information and our statutory directors can be found on our website at www.azets.co.uk/email-disclosure <http://www.azets.co.uk/email-disclosure> > > The term 'Board Director' is used to refer to a statutory Director and principal of the company as registered at Companies House. Any other designations that include the term 'Partner' or 'Director' or 'Licensed Insolvency Practitioner' are not registered statutory Directors or principals of a registered company > > Employees acting as licensed Insolvency Practitioners (IPs) are licensed to act as IPs in the UK by either the Insolvency Practitioners Association, the Institute of Chartered Accountants in England and Wales or the Institute of Chartered Accountants in Scotland. A list of our IPs is available at https://www.azets.co.uk/about-us/legal-regulatory-information/ <https://www.azets.co.uk/about-us/legal-regulatory-information/> or upon request. When acting as Receivers or Administrators, they do so as agents and without incurring personal liability. IPs are bound by the Insolvency Code of Ethics when carrying out work relating to an insolvency appointment. Our Privacy policy is available at https://www.azets.co.uk/about-us/privacy-policy/ <https://www.azets.co.uk/about-us/privacy-policy/>. . > > This message is confidential. It may also be privileged or otherwise protected by work product immunity or other legal rules. > > If you have received it by mistake please let us know by reply and then delete it from your system, you should not copy the message or disclose its contents to anyone. > The reliability of this method of communication cannot be guaranteed. It can be intercepted, corrupted, delayed, may arrive incomplete, contain viruses or be affected by other interference. > > We have taken reasonable steps to reduce risks against viruses but cannot accept liability for any damages sustained as a result of this transmission. >

7 months, 2 weeks

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[Audit] Fwd: Trade Mark handling - Prepayment vs Intangible Asset

by Bijal Sanghani

Hi audit team, I had a final question from the accountants and need an answer urgently.. This is about moving the trademark to intangible assets. Moving it to intangible assets would mean we would have to change the 2021 comparative figures which may have a knock on affect to our 2021 reporting and tax, please see Rita’s note below. Should we go ahead or leave as is in Prepayments? Thanks, Bijal > > >> Begin forwarded message: >> >> From: Rita Layton <Rita.Layton(a)azets.co.uk <mailto:Rita.Layton@azets.co.uk>> >> Subject: RE: Trade Mark handling - Prepayment vs Intangible Asset >> Date: 18 April 2023 at 15:38:21 BST >> To: Bijal Sanghani <bijal(a)euro-ix.net <mailto:bijal@euro-ix.net>>, Ana O'Mara <Ana.OMara(a)azets.co.uk <mailto:Ana.OMara@azets.co.uk>> >> Cc: Cees van Prooijen <cees(a)cpaccountants.nl <mailto:cees@cpaccountants.nl>> >> >> Hi Bijal >> >> We have an issue with the restatement of trademark costs from prepayments to intangible assets in terms of the 2021 comparative figures. >> >> Last year the balance showed in prepayments and the €668 cost was released to professional fees. This year we will be showing the balance in intangible assets and the expense in amortisation of intangibles – i.e. there will be no equivalent comparatives showing in 2021 showing beside these line items. Are you happy for it to be like this? We could restate 2021 comparatives to the equivalent analysis for 2022, but that means 2021 figures will have changed from the published accounts, and there may be a tax implication in NL of whether amortisation on intangibles is tax deductible or not. >> >> Alternatively, we could just leave everything as it currently stands in prepayments. >> >> Please urgently advise what you would like done, this is only item outstanding to action now. >> >> Kind regards >> Rita >> >> Rita Layton >> Finance Manager >> Accounts & Business Advisory Services >> <http://www.azets.co.uk/> >> <https://www.azets.co.uk/services/advisory/international-services/?utm_sourc…> >> 33 Park Place, Leeds , LS1 2RY >> www.azets.co.uk <http://www.azets.co.uk/> >> T: <tel:+44%201132%20739600>+44 1132 739600 <tel:+44%201132%20739600> >> M: +44 7483 066765 >> E: Rita.Layton(a)azets.co.uk <mailto:Rita.Layton@azets.co.uk> >> <https://hubs.la/Q01CnHXr0> >> From: Bijal Sanghani <bijal(a)euro-ix.net <mailto:bijal@euro-ix.net>> >> Sent: 13 April 2023 11:54 >> To: Ana O'Mara <Ana.OMara(a)azets.co.uk <mailto:Ana.OMara@azets.co.uk>> >> Cc: Rita Layton <Rita.Layton(a)azets.co.uk <mailto:Rita.Layton@azets.co.uk>> >> Subject: Re: Trade Mark handling - Prepayment vs Intangible Asset >> >> CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe. >>

7 months, 2 weeks

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[Audit] 2022 - Tracking final queries

by Barry O'Donovan (INEX)

The final bits for 2022 audit are: [IN PROGRESS] And Polus contractor transaction Bijal checking. [DONE] Trade mark handling Accountants are moving to intangible asset. [IN PROGRESS] Various income queries. DONE: NIC Costa Rica -> moved to deferred income at date paid. Trex refund requires a year-end adjustment -> just need confirmation this is done. DONE: Excess IXPDB Project income being moved to deferred income. Fellowship fund -> the 2 x €400 should be recognised in "Project Income - Fellowship program funding" on the P&L like prior years (rather than as currently being used to reduce "Expenses - Forum Costs"). That leaves 2 x €100 in the fellowship fund deferred income for future use in the fellowship fund deferred income balance sheet account. Either do nothing and leave it there or move it to income like the 2 x €400 also. [Nearly DONE] Employee costs DONE: Query on employers' tax paid confirmed as Employment Allowance. Would still be great to see a statement from HMRC on the payroll. [Nearly DONE] NL tax refund Largely answered, one query left re what tax it actually relates to. -- Kind regards, Barry O'Donovan INEX Operations https://www.inex.ie/support/ +353 1 531 3339

7 months, 2 weeks

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[Audit] 2022 - NL Tax Refund and CT Tax Generally

by Barry O'Donovan (INEX)

(questions in bold) Bijal, I asked about the NL tax refund on our second call but I'm not sure if you were able to address it as yet. Attached is the letter from NL tax authorities and at the end of this email is the Google Translate version for convenience. It's useful to remind ourselves of last year's annual report: > Corporation Tax Liability > > During Q4 2021, Euro-IX became aware that it was liable to corporation > tax on its 2020 results due to significant net profits as a result of > reduced activity and spending because of Covid-19 (i.e., no forums and > other activities). The 2020 figure of €18,281 relates to the NL entity > only as the UK entity’s liability was unknown when the financial > statements were prepared. > > The UK liability was subsequently calculated as £3,800. This is > included with the 2021 accounts as €4,529 yielding a total carried > liability for 2020 of €22,810. > Due to these liabilities only being assessed in Q4 2021, both remained > outstanding at year end 2021. The 2020 NL liability was paid in > February 2022 and the UK 2020 liability of £3,852.28 was paid in April > 2022 > > For 2021, the NL entity made a loss of €(9,503) and so no corporation > tax is due. We hope to use this loss to reclaim some 2020 tax paid. > The UK entity shows a profit of €2,708 for 2021 and we expect to pay > approximately €515 tax on this. Both of these matters are still with > the accountants. So in the above, the understanding we had was that the NL company only became liable to CT in 2020 but the NL letter suggests it has always been liable? Q1. What's the liability of the NL company for CT? Was it always liable or newly liable? Q2. If newly liable, what tax does the attached NL letter relate to? It doesn't specifically mention CT so it could conceivably be VAT or something else? Q3. We stated above that "For 2021, the NL entity made a loss of €(9,503) and so no corporation tax is due. We hope to use this loss to reclaim some 2020 tax paid." Is this happening?We got that text from the accountants so important we push for it and can stand over it. Q4. Same questions re UK CT tax - is Euro-IX generally liable or just newly liable? You'll see from the above I'm not really sure what the story is here so it would be good to get some definitive answers on the mailing list. Now, on the NL tax itself - this has been handled in Xero as follows (recording here so we don't need to figure it out again): 1. Credit Note RB9896253950 for €2,522.00 from NL Revenue against SoPL ledger General Expenses. 2. Manual Journal #4982 which reverses the €2,522.00 against SoPL ledger General Expenses (i.e. General Expenses is ultimately unchanged) with income recognised as: - 270 - Interest Income €238 - 501 - Prior year tax adjustment €246 - 275 - Other income €2,038 I was asking you Bijal what the story is because I hadn't found the credit note at the time and only had the journal and the use of General Expenses confused me - seems like it's just being used as a suspense account to balance these two transactions. I don't understand the Prior year tax adjustment €246 - there is only one reference to €246 on the letter but this is ~2017 and includes interest which is already accounted for. Maybe it's €184 (2018) + €62 (2019) = €246? The reason I'm chasing this is that we/accountants/you/Board are going to need to draft an updated CT disclosure on the annual report and we all need to understand what's going on to do that. - Barry Subject: Reduction of costs for reminders and writ of execution Date November 22, 2022 RSIN / BSN 810002292 Our reference 810002292-KVL-22-11-2022 You are receiving this letter because wii has wrongly failed to reduce the costs for a reminder or writ of execution for you. Explanation Since 2011, you have not paid 1 or more assessments or have not paid them on time. You then received a reminder or a reminder plus writ of execution, for which costs were charged. The amount of these costs depends on the amount of your tax debt at that time. We have reduced your assessment(s) as a result of 1 or more reductions. At that time, we should therefore also have reduced the costs for the reminder or writ of execution. Due to an error in our automated system this did not always happen. We apologize for this. What does this mean to you? You get money back. In the appendix you can see for which assessment(s) we have reduced the costs. In the 5th column of the biilage under the heading "correction costs" you can see the amount by which we have reduced the costs. The last column shows the amount you will receive and/or is settled. Have you not yet paid the assessment(s) in full? In that case we will not pay out the cost reduction, but the cost reduction will be deducted from the outstanding part of the tax assessment(s). Have you paid the assessment(s) in full? Then we pay the costs i t . You can read more about this under 'Payment' at the bottom of this letter. Do you have questions about (the determination of) the amount of the cost reduction? Then please contact us by phone. You will find the telephone number at the bottom of this letter. Legal interest Wii did not reduce the costs for a reminder or writ in time. You are therefore entitled to interest compensation. We will reimburse you statutory interest on the amount you paid in excess. In your case we will reimburse you an amount of statutory interest of: € 238.00 You will find a calculation of the interest payment in the appendix. Are you not satisfied with the calculation of the statutory interest? Then you can object in writing within 6 weeks after the date of this decision. Send your letter to: Tax and Customs Administration PO Box 100 6400 AC Heerlen Always state the reason for your objection and the reference of this letter. The reference can be found in the right-hand column on the first page of this letter under 'Our reference'. Vit payment Do you still have an outstanding tax debt? We will then settle the above amounts against this outstanding debt within 6 weeks. If you have no outstanding tax debt, we will pay the amount to you within 6 weeks. We do this on the account number that is known to us. Do we not yet have an account number for you? We will then send you a letter requesting that you inform us of this. Do you have questions? You will find more information at belastingdienst.nl/kostentarieven. Or call us on 0800-23583 59. We are happy to help you. Sincerely, The recipient. Appendix We calculate the interest payment on the amount that you have paid too much. We pay statutory interest over the period that starts 6 weeks after the date on which the tax assessment is reduced until the date on which we pay you the amount of the cost reduction or settle this amount. The table below shows the percentages of statutory interest. <tables as per attached letter> * This is the total amount of paid and unpaid charges that wii has reduced. ** This is the amount of the paid and/or settled costs on which interest is charged. If more reductions have taken place that relate to the same assessment, then we will (if applicable) calculate the statutory interest per assessment i t of the date of the oldest reduction. -- Kind regards, Barry O'Donovan INEX Operations https://www.inex.ie/support/ +353 1 531 3339

7 months, 2 weeks

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[Audit] 2022 - Employee Costs / Payroll

by Barry O'Donovan (INEX)

Bijal, I know Lisa handled a chunk of this and I had some similar queries too. Generally: On payments to HMRC for tax, I raised the issue last year of payments being somewhat "haphazard". This year is definitely better but as Lisa notes there are processes which could be tightened here, i.e. when the payroll is calculated the payment for PAYE is put into the bank to go out the next month which agrees to the P32 statement you should get. She also mentions the need for regular reconciliations. I know we're into April now this year but I'd wholeheartedly agree here that these need to be right going forward. By "right" I mean paying the correct liabilities at the correct time on a regular basis. Lisa has offered to have a discussion with you on this. ------------------------------------------------------------------------ General Structure Not for this specific audit but as we have the treasurer on the list nowI'll just summarise the last years' and this years' audit on why payroll is a focus. Essentially when sponsorship income is excluded, payroll accounts for over 50% of all expenditure and from an audit perspective that makes it very material and a focus area. Last year, we sought to ensure there was a proper framework and basis in place for all payments. Bijal was able to provide a lot of evidence for this and she has since been able to backfill even more of what was missing. I know she had some difficulty as the Board isn't static and Board record keeping might not have been in place historically. What I sought was to see contracts (or other subsequent documents) that backed up payments relating to salary, pension, health insurance and any other benefits. I think it would be appropriate for the Board (or RemCo) and Bijal to modernise the employment contracts. I.e. it should be possible to draft up to date contracts covering all established salaries and benefits that protected historical rights (e.g. redundancy rights for tenure of employment, etc.). One important reason for doing this is to determine who the employer actually is - it appears Bijal is employed by EuroIX NL but paid by EuroIX UK whereas Rebecca is employed by EuroIX UK. As an example on contracts, we have in the evidence folder for Bijal: * An AMS-IX employment contract signed in Oct/Nov 2013 but reflecting a start date of Sept 2011. No letter / confirmation of resignation (AMSIX's issue!). * A EuroIX NL contract dated Sept 2014 but also reflecting a start date of Sept 2011. This contract does not reference health benefits, pension benefits or any other benefits. * We do have various emails agreeing salary increases. To be clear: it is not the audit committee's role to make any judgements on salary and benefits - that is entirely a competence of the Board - and nor are we suggesting there is an issue here in anyway with salary and benefits. What we are asking is that they be backed up with appropriate contracts and agreements and that these are with the correct entities and are all in order. Ultimately, professional advice should be sought on this. Ideally for the y/e 2023 audit there will be some form of normalisation of the structures and contracts; or, if not, a written opinion by the accountants such that their professional indemnity insurance will stand over a statement of "what we have is fine". ------------------------------------------------------------------------ Employer's NI Transactions - per Xero for EuroIX UK. The monthly Employer's NIC ("secondary NIC") appears to be around £1,150 - £1,250. Let's call it £1,200 x 12 = £14,400 for the year and add year end salary accrual and bonuses of £1,073 (per Xero) and that yields and annual NI charge of ~ £15,500. However, the P&L NI Ledger is only showing £11,772 - link here <https://go.xero.com/Reports/report.aspx?reportId=9f0e659a-44a3-4562-afb5-d7…> - i.e. ~ £4k short of what I'd have expected. The issue appears to be that May, June and July 2022 are missing from this account? It's possible this relates to Employment Allowance? That would be €4k and if so, the handling could possibly improved - or is this how HMRC handles it, just no payments after April for the required number of months? I'd have expected a software payroll package to handle this in real time? ------------------------------------------------------------------------ HMRC Balancing Statements In Ireland, the Revenue Commissioners can provide a number of reports including a PAYE/PRSI balancing statement and the same for VAT. And also a "tax clearance certificate" showing that the company is largely up to date with its obligations. Can we get something similar from the HMRC I wonder? I think it would be a useful exercise to get such statements up to present day just to close off the issue of the haphazard payments and reassure all that everything is up to date? ------------------------------------------------------------------------ -- Kind regards, Barry O'Donovan

7 months, 2 weeks

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[Audit] 2022 - And Polus (Technical contractor) Transactions

by Barry O'Donovan (INEX)

Hi Bijal, on the recent call, I asked about these transactions and your answer: > 2. Leo worked with us until the end of August, he was last paid 2nd > September via transfer wise and the funds were released on 7th Sept 2022. I do indeed see that on the Transferwise statement and on the P&L ledger. The query I had related to this in the P&L <https://go.xero.com/Reports/report.aspx?reportId=e16e3491-a33c-4eea-b313-0e…> - see Sep 2nd where it looks like a payment made and then credited back? - Barry -- Kind regards, Barry O'Donovan

7 months, 3 weeks

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[Audit] Re: Euro-IX Audit: Feedback from call

by Bijal Sanghani

Thanks Lisa. Regards, Bijal > On 12 Apr 2023, at 14:07, Lisa Hollywood <lisa(a)linx.net> wrote: > > Hi Bijal, > > I’ve responded in-line below but that clears my queries up on those below. > > Thanks! > > Lisa > > -- > Lisa Hollywood | Finance Manager > T: +44 7824 141864 | www.linx.net <https://www.linx.net/> > > > <image001.png> <https://www.linx.net/> > London Internet Exchange Limited (LINX) > c/o WeWork 12 Moorgate, London, EC2R 6DA > Registered in England 3137929 at Trinity Court, Trinity Street, Peterborough, PE1 1DA > > > > > > > From: Bijal Sanghani <bijal(a)euro-ix.net <mailto:bijal@euro-ix.net>> > Date: Tuesday, 4 April 2023 at 08:36 > To: Lisa Hollywood <lisa(a)linx.net <mailto:lisa@linx.net>> > Cc: Barry O'Donovan <barry.odonovan(a)inex.ie <mailto:barry.odonovan@inex.ie>>, John Shade <john.shade(a)cern.ch <mailto:john.shade@cern.ch>> > Subject: Re: Euro-IX Audit: Feedback from call > > Hi Lisa, > > >> On 1 Apr 2023, at 15:00, Lisa Hollywood <lisa(a)linx.net <mailto:lisa@linx.net>> wrote: >> >> Hi Bijal, >> >> I’m just having a look through some of the wages, could you send me through the annual invoice (or renewal) from Vitality for the premium which ran to June 2022 and then the annual invoice (or renewal) for the Western Provident which started in July 2022. > > I’ve added the statement for Vitality in to the Healthcare folder in dropbox, I’m waiting for the WPA one and I’ll let you know once it’s there. > That explains it, I Rebeccas is paid at the beginning of the period and prepaid over 12 months and yours is a monthly payment > >> >> I can see a prepayment was released each month for the Vitality one, just wondered why there is a prepayment and a monthly payment to Vitality (were there 2 policies running?) > > No there should not be a cross over, are you talking about in July? This is when the policies were switched. > > >> >> Also, I can see that payroll journals are completed each month, but the HMRC payments are a little up and down, do the liability codes get reviewed to ensure they are cleared down (i.e if you post to the PAYE account for January salaries, that the PAYE account is cleared in February when the payment is made to HMRC?). I would have expected at the end of December 2022 that the PAYE liability would be £4,252.92 (from the December journal) but it was instead a credit balance of £481.17 meaning that they owe you? > > This was raised the year before and was an item I was supposed to get better at in 2022. > > The HMRC payments were consistent up to August, after processing that payment I forgot to close the ticket. This meant that at the next payment run, I made an additional payment to HMRC and from then things got out of order, I skipped October but then we were under payment. The accountants did check the liability codes but I think when it was checked in November and HMRC information wasn’t updated so it looked like we still owed money, which I then paid, making us in credit at the end of the year. I know it’s a bit confusing so I’ve added an extra Barclays statement in the folder with just the HMRC payments. > > OK no problem, I will take another look but as long as it’s in hand that’s OK with me. > >> >> Apologies if this has been raised before, I’m just wondering if there are processes which could be tightened here, i.e. when the payroll is calculated the payment for PAYE is put into the bank to go out the next month which agrees to the P32 statement you should get. Do balance sheet reconciliations take place each month/quarter/end of financial year? > > The reconciliations are done monthly, I’d be happy to talk through our current process and hear ways in which we can improve. > > Happy to have a discussion, it doesn’t need to be done before sign off but I just wonder if theres anything I can help with to improve your internal processes and make life a little easier 😊 > > Thanks, Bijal > > > >> Thanks, >> >> Lisa >> >> >> -- >> Lisa Hollywood | Finance Manager >> T: +44 7824 141864 | www.linx.net <https://www.linx.net/> >> >> >> <image001.png> <https://www.linx.net/> >> London Internet Exchange Limited (LINX) >> c/o WeWork 12 Moorgate, London, EC2R 6DA >> Registered in England 3137929 at Trinity Court, Trinity Street, Peterborough, PE1 1DA >> >> >> >> >> >> >> From: Bijal Sanghani <bijal(a)euro-ix.net <mailto:bijal@euro-ix.net>> >> Date: Monday, 27 March 2023 at 14:03 >> To: Barry O'Donovan <barry.odonovan(a)inex.ie <mailto:barry.odonovan@inex.ie>>, John Shade <john.shade(a)cern.ch <mailto:john.shade@cern.ch>>, Lisa Hollywood <lisa(a)linx.net <mailto:lisa@linx.net>> >> Subject: Euro-IX Audit: Feedback from call >> >> Hi audit team, >> >> Thank you again for your time last week, here I have addressed some of the points from our call: >> >> 1. The response from the accountants on the fellowship is - >> == >> Thanks for your email. The Fellowship Fund balance should remain on the balance sheet, but the movements should only be in the fund if they reflect invoices paid by the fund. The movements in the fund in 2022 were as follows: >> >> 31/12/2021 >> >> Opening Balance >> >> >> €2,070.74 >> 30/06/2022 >> MJ >> tfr fellowship attendee fee (as advised) >> #4780 >> €400.00 >> 30/06/2022 >> INV >> Flexoptix GmbH - 2nd sponsorship for Reid Fishler >> INV-21115 >> €500.00 >> 30/06/2022 >> INV >> Flexoptix GmbH - 1st sponsorship for Edrich de Lange >> INV-21115 >> €500.00 >> Total >> >> >> >> €400.00 >> €1,000.00 >> 31/12/2022 >> >> Closing Balance >> >> >> €2,670.74 >> >> >> 2. Leo worked with us until the end of August, he was last paid 2nd September via transfer wise and the funds were released on 7th Sept 2022. >> >> 3. From the accountants on the pre-payments: The €250 Knijff invoice received in quarter 2 is immaterial to prepay over 10 years – this would be released at £2 per month making a difference of only £12 to the P&L for the 6 months. >> >> 4. The €2 in the UK forum scouting, from the accountants: The €2 figure in forum scouting costs is due to foreign exchange differences on conversion (the same as the €78 in forum costs). Theoretically, these should be zero for both in UK, but because our consolidation software converts on monthly averages, and we transferred the costs to NL intercompany in bulk at the year end, this results in small immaterial exchange differences. We can’t change this within the software, but you could manually move these to realised currency loss if you wish. >> >> Do we want to schedule a call for next week? >> Please let me know if you have any questions. >> >> Thanks, Bijal

7 months, 3 weeks

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2023

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