Where can I find the Basecamp Fitness Report of Independent Auditors?
Basecamp_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
---------------------------|--| | Report of Independent Auditors1–2 | | | Financial Statements | | | Balance Sheets | | | December 31, 2024 and 20233 | | | Statements of Income (Loss) | | | Years Ended December 31, 2024, 2023 and 20224 | | | Statements of Member's Equity | | | Years Ended December 31, 2024, 2023 and 20225 | | | Statements of Cash Flows | | | Years Ended December 31, 2024, 2023 and 20226 | | | Notes to Financial Statements | | | December 31, 2024, 2023 and 20227–8 | |
Report of Independent Auditors
To the Management and Board of Directors of Purpose Brands Intermediate LLC
Opinion
We have audited the accompanying financial statements of SEB Franchising Guarantor LLC (the "Company"), which comprise the balance sheet as of December 31, 2024, and the related statements of income (loss), member's equity and cash flows for the year then ended, including the related notes (collectively referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Other Matter
The financial statements of the Company as of December 31, 2023 and for the years ended December 31, 2023 and 2022 were audited by other auditors whose report, dated March 27, 2024, expressed an unmodified opinion on those statements.
Source: Item 23 — RECEIPTS (FDD pages 62–248)
What This Means (2025 FDD)
According to the 2025 Basecamp Fitness Franchise Disclosure Document, the Report of Independent Auditors can be found within the document itself. Specifically, Item 23 includes the receipts and contains the Report of Independent Auditors. This report provides an opinion from independent auditors regarding the financial statements of SEB Franchising Guarantor LLC, which is the guarantor of Basecamp Fitness's franchising obligations.
The Report of Independent Auditors states that the auditors have audited the financial statements of SEB Franchising Guarantor LLC, which include the balance sheet as of December 31, 2024, and the related statements of income (loss), member's equity, and cash flows for the year then ended. The auditors' opinion is that these financial statements present fairly the financial position of the company as of December 31, 2024, and the results of its operations and cash flows for the year then ended, in accordance with accounting principles generally accepted in the United States of America.
The report also outlines the responsibilities of both the management and the auditors in relation to the financial statements. Management is responsible for the preparation and fair presentation of the financial statements, as well as the design, implementation, and maintenance of internal controls. The auditors are responsible for conducting the audit in accordance with auditing standards generally accepted in the United States of America and for providing an opinion on the financial statements based on the audit evidence obtained.
Prospective Basecamp Fitness franchisees should carefully review the Report of Independent Auditors and the accompanying financial statements to gain a better understanding of the financial health and stability of SEB Franchising Guarantor LLC, which guarantees the obligations of the franchising entities. This information can help franchisees assess the risks and potential rewards associated with investing in a Basecamp Fitness franchise.