The cost to scandal-hit charity Bóthar of identified alleged fraud and related legal and other outlays totals €713,058 over a three-year period.
The first set of accounts to be approved by the directors of the Co Limerick-based charity in almost four years document the financial cost to the charity of the identified alleged fraud perpetrated.
The newly filed accounts for 2020 and 2019 approved by directors on Monday show that the cost of the identified alleged fraud over 2020, 2019 and 2018 totals €365,558.
The directors caution that these amounts do not reflect the full extent of what the directors believe to be the value of the alleged fraud.
The accounts also reveal the legal and other costs bill totalling €347,500 incurred in the 12 months to the end of June 2020.
The directors estimate the cost of identified alleged fraud was €52,354 in 2020, €187,768 in 2019 and €125,436 in 2018.
[ Bóthar auditor Grant Thornton’s work under investigation by CAIOpens in new window ]
The accounts also reveal that in January 2022, the charity realised a net €552,280 from the sale of a former office premises in Dublin.
The board has also disposed of shares held to help fund legal and other costs “and thereby secure the continuance of the company”.
In addition, the board has undertaken remedial action including a reduction in Bóthar staff along with payroll, overhead and running costs.
Bóthar’s activities include aiding poor farmers in developing nations through donations of livestock.
[ Bóthar seeks to add estate of late founder to case over misappropriated moniesOpens in new window ]
n his report, independent auditor Damian Gleeson of Grant Thornton provided a “disclaimer of opinion” on the financial statements.
Mr Gleeson explained that “despite full co-operation from the current board members and the new CEO, it has not been possible to furnish us with all the information and explanations which we consider necessary for the purposes of our audit”.
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In his report, Mr Gleeson said “the actions of the former CEOs remain the subject of both criminal [Garda] investigation and civil litigation whereby the outcomes of these investigations are not known at this point”.
The alleged misappropriation of funds at Bóthar first came to public attention in 2021 through Bóthar taking High Court injunction proceedings against its former chief executive, David Moloney.
[ Former Bóthar chief admits taking hundreds of thousands from charityOpens in new window ]
In the High Court, Mr Moloney, who resigned as chief executive in February 2021, said he and the former chief executive, the late Peter Ireton, misappropriated hundreds of thousands of euro in cash.
Mr Ireton, one of the founders of Bóthar, died at his home in April 2021. Mr Ireton had denied any impropriety.
Bóthar today has a revamped board, having recorded seven resignations since October 2020 and five new appointments in 2022.
The charity recorded a loss of €149,028 in the 12 months to the end of June 2020 after its income slumped by 25 per cent from €4.6 million to €3.44 million.
