Financial Statements
Bothar Ltd
For the year ended 30 June 2019
Charity number: 100490
Registered number: NI604943
Bothar Ltd (A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the charity, its directors and advisers | 1 |
| Directors' report | 2 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 14 |
Bothar Ltd (A company limited by guarantee)
Reference and administrative details of the company, its directors and advisers
For the year ended 30 June 2019
Directors Harry Lawlor Helga Louise Morrow Sinead Poole James Joseph Quigley Company registered number NI604943 Charity registered number 100490 Registered office Anna House 37A Upper Dunmurry Lane Belfast Co Antrim BT17 OAJ Accountants Grant Thornton Business Advisory Services Limited Chartered Accountants Mill House Henry Street Limerick Bankers Dankse Bank 16 Darling Street Enniskillen Co Fermanagh
Page 1
Bothar Ltd (A company limited by guarantee)
Directors' report
For the year ended 30 June 2019
The Directors present their annual report together with the financial statements of Bothar Ltd (the Company) for the year ended 30 June 2019. The Directors confirm that the Annual Report and financial statements of the Company comply with the current statutory requirements, the requirements of the Company's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in 2014.
The directors are also the trustees for the purposes of charity law.
Directors' responsibilities statement
The Directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Directors to prepare financial statements for each financial year. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Directors are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Structure, governance and management
a. Constitution
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. There have been no changes in the objectives since the last annual report.
b. Method of appointment or election of Directors
The management of the company is the responsibility of the Directors who are elected and co-opted under the terms of the Articles of Association.
Objectives and Activities
a. Policies and objectives
The objective of the Company is to continue promoting less developed countries.
Page 2
Bothar Ltd (A company limited by guarantee)
Directors' report (continued)
For the year ended 30 June 2019
b. Activities for achieving objectives
The company's purpose is to manage funds and to pay the net income generated from the fundraising to Bothar Ireland. The direct benefit which flows from this purpose is the financial assistance towards the improvement in the general awareness of poverty, development, and sustainability issues in less developed countries.
Achievements and performance
a. Going concern
After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
b. Review of activities
There has been no change in the activities of the company during the year.
The company transfers its fundraising income to its parent company, Bothar Ireland.
Bothar specialises in the empowerment of poor rural communities in the developing world. Since its origins, Bothar has focused on the provision of livestock (primarily in-calf dairy heifers and in-kid goats) and training to needy families in developing countries. The core purpose of Bothar’s efforts is to raise the incomes of families in a sustainable way through the provision of productive livestock. This enables social and economic development within disadvantaged communities. The experience of Bothar is that livestock rearing is both a sustainable mechanism to address poverty and is beneficial to the environment. Over the years, the company has also supported integrated rural development initiatives addressing key global development issues such as climate change and women’s participation and gender equality. Working with local organisations and through them, Bothar’s work has reached thousands of those most vulnerable in the developing world including women, men, youth and children.
Financial review
a. Reserves policy
Total unrestricted reserves at 30 June 2019 were £NIL (2018: £NIL).
Directors who served during the year
Harry Lawlor Helga Louise Morrow Sinead Poole James Joseph Quigley
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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Bothar Ltd {A company limtted by guarantee} Directors, report (continued) For the ycar ended 30 June 2019 This repott wjs approved by the Directors, on 2nd sied on their beh2tf br. M(b Pagè4
Bothar Ltd (A company limited by guarantee)
Independent examiner's report
For the year ended 30 June 2019
Independent examiner's report to the Directors of Bothar Ltd
We report on the accounts of the charity for the year ended 30 June 2019 which comprise of a Statement of financial activities incorporating income and expenditure account, the Balance Sheet and related notes from the accounts and summary of significant accounting policies.
Respective responsibilities of Directors and examiner
As the charity directors (and also the trustees for the purposes of charity law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to:
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examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008 ('The Charities Act')
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follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act; and
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state whether particular matters have come to our attention.
Basis of independent examiner's report
We have examined your charity accounts as required under section 65 of the Charities Act and our examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity directors concerning any such matters.
Our role is to state whether any material matters have come to our attention giving us cause to believe:
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That accounting records were not kept in accordance with section 386 of the Companies Act 2006;
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That the accounts do not accord with those accounting records;
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That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); and
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That there is further information needed for a proper understanding of the accounts to be reached.
Page 5
Bothar Ltd
(A company limited by guarantee)
Independent examiner's report (continued)
For the year ended 30 June 2019
Independent examiner's statement
We have completed our examination and have no concerns in respect of the matters 1 to 4 listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have no matters that require drawing to your attention.
Grant Thornton Business Advisory Services Limited Chartered Accountants Mill House Henry Street Limerick
Date: 27 March 2020
Page 6
Bothar Ltd (A company limited by guarantee)
Statement of financial activities incorporating income and expenditure account
For the year ended 30 June 2019
| Unrestricted funds note 2019 £ Income from: Donations 4 4,149 Total income 4,149 Expenditure on: Charitable activities 4,149 Total expenditure 5 4,149 Movement in total funds for the year Total funds brought forward - Total funds carried forward - |
Total funds 2019 £ 4,149 4,149 4,149 4,149 - - |
Total funds 2018 £ 5,754 |
|---|---|---|
| 5,754 | ||
| 5,754 | ||
| 5,754 | ||
| - | ||
| - |
All activities relate to continuing operations.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 14 form part of these financial statements.
Page 7
Bothar Ltd {A ¢ompany Ilmhed by guarantee) Registered number., N1604943 Balance sheet A5 at 30 June 2019 2019 2018 note CuThent asg•ts Cash at bank and in ba 33 Cr¢dIto. amount$ lalllng du• wlthln one y•ar (7) (33) N•t ¢uryont asso1• Charfty Funds Total fvnds The Directott consider that thc Company is entitIed to exemption from the rtquirement to have an audit under the provisions oE$ectioo 477 of the Coinpanies Act 2006 C'the Act,) and members h&ve not required the Company to obtsin an audit for the yvdr in question in accordanee with section 476 of the Act. The Directors arknowledge their responsibiJLties for complying with the requirements of the Comwdnies Act 2(M)6 itb re5Pttt to accourktiti&F record5 2nd Eot preparing financial 5t2tements which give 2 true fgir view of the state oF2ffairs OE the Company as at 30 June 201 [5 and uf its profit for the ycsr in &ccord2n¢e with the requitemcnts of sections 394 2nd 395 of the Act and w.¢h othcrwi5e comply with tht requirements of the Companies Act 2(K)6 rdating to financi21 stattmertts, so as app]icable to the Company. Tht Gaaocial ststenieots havt been ptep2r¢d in accordance with Prols1on5 *ppiicable to companies subject to the srnali ¢omp2nies regime 4od &n 2croidance the provisions of FRS 102 Section IA- Small Entities. The firllncial 5t2tements wer¢ approved and authorised For issue by the board and signed on its behAiEby. uise Mo Direcior Date: The notes on pages 9 to 14 fomi patt OE these flnancial statements. Pzge8
Bothar Ltd (A company limited by guarantee)
Notes to the financial statements
For the year ended 30 June 2019
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The company is a public benefit entity. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), 'Accounting and Reporting by Charities' published in 2015, applicable accounting standards and the Companies Act 2006.
1.2 Company status
The company is a company limited by guarantee incorporated in Northern Ireland. Its registered offce is Anna House, 37A Upper Dunmurry Lane, Belfast, Co Antrim, BT17 OAJ. The members of the company are the Directors named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
1.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the company and which have not been designated for other purposes.
1.4 Income
All income is included in the Statement of financial activities when the company has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.
Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.5 Expenditure
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
1.6 Going concern
After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
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Bothar Ltd (A company limited by guarantee)
Notes to the financial statements
For the year ended 30 June 2019
1. Accounting policies (continued)
1.7 Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
1.8 Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9 Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Bothar Ltd (A company limited by guarantee)
Notes to the financial statements
For the year ended 30 June 2019
1. Accounting policies (continued)
1.10 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of financial activities incorporating income and expenditure account.
2. General Information
Bothar Ltd is a private company limited by guarantee, incorporated in Northern Ireland. Its registered office is Anna House, 37A Upper Dunmurry Lane, Belfast, Co. Antrim, BT17 OAJ.
3. Judgments in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements where these judgements and estimates have been made include:
Going concern
The financial statements have been prepared on the going concern basis.
The directors have prepared company budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the company’s ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern.
4. Voluntary Income
| Voluntary Income | |||
|---|---|---|---|
| Unrestricted | Total | Total | |
| funds | funds | funds | |
| 2019 | 2019 | 2018 | |
| £ | £ | £ | |
| Donations | 4,149 | 4,149 | 5,754 |
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Bothar Ltd (A company limited by guarantee)
Notes to the financial statements
For the year ended 30 June 2019
5. Expenditure on charitable activities
| Expenditure on charitable activities | |||
|---|---|---|---|
| Other costs | Total | Total | |
| 2019 | 2019 | 2018 | |
| £ | £ | £ | |
| Contribution to Bothar Ireland | 4,074 | 4,074 | 5,670 |
| Bank charges | 75 | 75 | 84 |
| Total 2019 | 4,149 | 4,149 | 5,754 |
6. Resources expended
During the year, no Directors received any remuneration (2018 - £NIL). During the year, no Directors received any benefits in kind (2018 - £NIL). During the year, no Directors received any reimbursement of expenses (2018 - £NIL).
7. Staff costs
The average number of employees including directors during the year was as follows:
| 2019 | 2018 |
|---|---|
| No. | No. |
| 4 | 4 |
No employee received remuneration amounting to more than £60,000 in either year.
8. Creditors: Amounts falling due within one year
| 2019 | 2018 | |
|---|---|---|
| £ | £ | |
| Related party balance | 7 | 33 |
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Bothar Ltd (A company limited by guarantee)
Notes to the financial statements
For the year ended 30 June 2019
9. Statement of funds
| Balance at 1 July 2018 £ Unrestricted funds General funds - Total - Summary of funds Balance at 1 July 2018 £ General funds - |
Income £ Expenditure £ Balance at 30 June 2019 £ 4,149 (4,149) - 4,149 (4,149) - Incoming resources £ Resources Expended £ Balance at 30 June 2019 £ 4,149 (4,149) - |
|---|---|
10. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2019 £ Current assets 7 Creditors due within one year (7) - Summary of net assets - prior year Unrestricted funds 2018 Current assets 33 Creditors due within one year (33) - |
Total funds 2019 £ 7 (7) - Total funds 2018 33 (33) - |
|---|---|
11. Related party transactions
Bothar Company Limited by Guarantee (Ireland), an Irish registered company, is the wholly owned parent company of Bothar Limited. Transactions with the wholly owned parent company have not been disclosed in accordance with the exemptions available under FRS 102 Section 33.
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Bothar Ltd
(A company limited by guarantee)
Notes to the financial statements
For the year ended 30 June 2019
12. Ultimate parent undertaking and controlling party
The company is under the ultimate control of its wholly owned parent company, Bothar Company Limited by Guarantee (Ireland) which has its registered office at Old Clare Street, Limerick.
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