Report of the Audit Committee

REPORT OF THE AUDIT COMMITTEE OF THE ASSOCIATION OF GREEK GRADUATES OF THE LONDON SCHOOL OF ECONOMICS - HAALSE

15 November 2022

To the General Assembly of the Greek Alumni Association of the London School of Economics on 15 November 2022.
The undersigned Fani Siori, Dimitris Batakis and Vassilis Terzopoulos, the elected members of the Audit Committee of the Greek Alumni Association of the LSE met on 14 November 2022 and proceeded to audit the financial statements of the Association for the financial year covering the period 11/2020 - 14/11/2022 (and up to the time of the meeting at 19:30) which revealed that:

The income of the Association amounted to EUR 31,454.27 (while the VAT on Sponsorship to be refunded of EUR 2,259.10, which is not included in the above amount, is also mentioned) and which came from:
EUR 13,537.00 from membership fees,
3,176.00 euros from events,
EUR 14,737.90 from sponsorships (which are detailed in paragraph 3c of the Financial Report)
and EUR 3,37 from credit interest

The Association's expenses amounted to EUR 21 778,05, broken down as follows:
EUR 221,40 for bank charges,
EUR 221,40 for the bank's expenses, EUR 18 247,99 for costs,
EUR 100,00 for donations,
EUR 550,43 for certified debts to the tax authorities and
EUR 2 658,23 for card expenses (FACEBOOK promotion expenses and expenses on the ZOOM and PAPAKI platforms).

It was also noted that the Association's cash reserves as at 14.11.2022 amount to 41,055.23 euros:
Piraeus Bank account 5011.071496.929 - 30.644,71 euros
Account Alpha Bank 207.00.2002004317 - EUR 9,759.90
Account Alpha Bank 207.00.2002004763 - EUR 143,85
Piraeus Bank prepaid card - EUR 506.77

Also according to the Treasurer of the Board of Directors, Mrs Anna Papadimitriou and the accountant of the association, Mr Philip Marinopoulos, during a recent event the association secured income from sponsorships amounting to 11. 412.90 euros (plus VAT 2.259,10 euros). It is noted, however, that of the total amount of 13.672,00 euros is pending for deposit in the accounts of the Association amount 8.212,00 euros from companies that were sponsors - supporters of the event. This note is mentioned in paragraph 7 of the Financial Report 11/2020-14/11/2022.

Attached are: a copy of the transactions of the Association's account at Piraeus Bank, confirming the accounting balance on 14/11/2022 (30,644.71 euros) and a copy of the confirmation of the balance of the Association's Prepaid card at Piraeus Bank, confirming the accounting balance on 14/11/2022 (506.77 euros), which were provided by the Treasurer of the Board of Directors, Mrs. Anna Papadimitriou, to the Audit Committee during our joint meeting, via the internet.

With regard to the pending issue from the previous financial year, in accessing the two accounts of the Association in Alpha Bank that remained inactive, we were informed that the necessary procedures for the activation of these two accounts were carried out by the Board of Directors of the Association and the accounts have been activated. As the Audit Committee was informed by the Treasurer of the Board, no movement has been made in the Alpha Bank accounts and the balance remains the same in both accounts.

The balances of these accounts are as follows:
Alpha Bank account number 207.00.2002004317 with a balance of 9,759.90 euros and Alpha Bank account number 207.00.2002004763 with a balance of 143.85 euros, until 14/11/2022.

143.85. The following are attached as part of this report:

1) cash balance documents from Alpha Bank

2) documents of cash balances from Alpha Bank (Alpha Bank): Account 5011.071496.929 and Prepaid Card Balance

3) the Financial Report 11/2020 - 14/11/2022 from the accountant Philippos Marinopoulos.

During the audit of the supporting documents, the Audit Committee found the application of the provisions provided by the Law and the Statutes of the Association.

Therefore, based on the attached financial data, which we received from the Treasurer of the Board of Directors, Mrs. Anna Papadimitriou and from the accountant Mr. Filippos Marinopoulos, we propose to the General Assembly of the Association the approval of the Financial Report for the financial year 11/2020 - 14/11/2022 and the discharge of the Board of Directors from any responsibility.

The Members of the Audit Committee
Fani Siori - President
Dimitris Batakis - Members
Vassilis Terzopoulos - Members