BONEVET Prishtina Annual Report 2018

PRISHTINA ANNUAL REPORT 2018

Jannuary 1st 2018 - Dec 31st 2018

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Content

ABOUT BONEVET

BONEVET is a learning environment whe encouraged to discover their abilities and de passion and love.

At BONEVET Children are stimulated to learn how to learn. Major objectives are to encourage curiosity, imagination, creativity, team building among children, students and adults by making.

This initiative helps young generations of girls and boys to make the best use of their talent, learn new skills and work together with their mates to take initiatives, manage projects and lead teams. The slogan “If you can imagine it, you can make it” is our guideline. We see these young generations as future entrepreneurs and leaders that will improve the well-being of

“UNË E DU KOSOVËN” FOUNDATION In 2011 Nita and Vllaznim Xhiha returned to Kosovo after 25 years of living and working in Switzerland. Like many Kosovars who have lived abroad, the main reason they decided to return is to contribute to the development of the youngest country of Europe.

In 2008, a few months after the declaration of independence of the Republic of Kosovo, together with their family they established a private, non-profit foundation

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Page of CONTENTS

ere children are evelop them with

‘Unë e Du Kosovën’ (in English “I love Kosovo”) in Prishtina. In 2012 the Board of the foundation decided to extend its activities to promoting projects in the fields of art, education and sports – aiming to make a larger impact on the social and cultural life in Kosovo.

In in the Balkans BONEVET in Gjakova.

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ABOUT BONEVET / PRISHTINA

04

CEO’S STATEMENT

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YEAR 2018 IN NUMBERS

08

OUR CLASSES

10

OUR TEAM

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INDEPENDENT AUDITORS REPORT

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BALANCE SHEET

17

STATEMENT OF REVENUE AND EXPENDITURES BALANCE

18

STATEMENT OF CHANGES IN NET ASSETS

19

STATEMENT OF CASH FLOWS

20

NOTES TO THE FINANCIAL STATEMENTS

31

SPONSORS & DONORS

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Message from our Managing director

Dear Friends, Supporters and Partners, It has become our tradition to address you, our dear public, through our yearly annual report, proving our best effort to ensure transperancy and open communication with the community and other stakeholders. 2018 marks our second birthday in Prishtina, and it is with great pleasure to report our activities and numbers through this report.

2018 was an exceptional year for BONEVET Prishtina, highliting the tremendous increase in attendance of makers through our activities and the launch of multiple projects to expand our reach. Nothing would have been possible without the great support of the “I LOVE KOSOVO” Foundation (Fondacioni UNE E DU KOSOVEN), the immense support of our Board of Directors, and my rock-star staff. This goes without saying, our appreciation goes to our donnor community, our strongest hand and pillar to where we count and receive support for equipment and trainings courses. Thanks for believing in us.

BONEVET managed to set its position as one of the most reputable centers in Prishtina offering a stimulating environment and curricula where children and adults discover their abilities, engage and develop their passion through hands-on projects. In order to achieve greater results in this matter and offer opportunities to children and educators all around Kosovo, BONEVET Prishtina has launched one of the biggest robotics league identified as “KOSOVA MAKERS LEAGUE”. Through out this leage we are changing the lives of more than 600 individuals, inc. here youngsters

ages 6 to 18 and their educators.

During 2019, our focus remains to imp our first priority. Mentorship and the in a vital part to build a community of tink To this matter, the increase of attendan challenge and need for a bigger physic our planned expansion. As a result, the e us in a greater and more comfortable sp Moreover, 2018 has marked two impor establishment of BONEVET Tirana in O December 2018. This is a step closer tow spread this initiative to other cities in Ko Dear reader, amazing things are awaitin and dedication to jointly countinue this

Lekë Zherka MANAGING DIRECTOR

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prove the quality of our classes as nclusion of makers in our space is kers in the capital city of Prishtina. nce and participation imposes the cal space needed to accommodate end of 2019 will most probably find pace to accommodate our expand. rtant milestones for BONEVET; the October and BONEVET Kaçanik in wards the fullfillment of our vision to osovo and more. ng us, therefore, I ask for your suport s great journey.

Content

If you can imagine it, you can make it!

FOUNDATION GOALS OUR VISION The idea of expanding BONEVET initiative through-out Kosovo has been a fundamental focus key idea since the day out foundation was established. Initially, Gjakova was identified as a great location to build up the first BONEVET in 2014; a city with a great artisanal history before the war of 1999 and a devastating economy situation at the time. As a result, BONEVET has brought new hope for the city and an inspiring and exciting place for the young generations to develop their imagination and talents.

This was done through exposing young talents and makers to new technologies, practical educational classes, creative and compelling projects, and a great environment where everyone can unleash their creativity.

Considering the success in Gjakova, after three years of developing the BONEVET initiative in the second BONEVET was implemented in Prishtina on 2017, In Tirana in 2018, and in Kacanik January 2019.

BONEVET’s goal is to expand on all other major and smaller cities in Kosova.

OUR VALUE BONEVET values teamwork and mutual respect. We promote peer to peer learning and we share the same values with the children participating in our classes. Through our curriculum we focus on the development of soft, emotional and social skills such as: communication, emotional intelligence, empathy, respect, teamwork and more.

At BONEVET, staff, mentors and children lead by example!

OUR MISSION The aim of BONEVET is to create a generation of well-trained makers, critical thinkers and problem solvers who in the future will make significant changes in Kosovo.

The concept is based on individual, customized and hands-on activity-based learning. Using technology as a tool, BONEVET is committed to do its part in educating and training young people, to learn the necessary soft and technical skills, to help them work in teams, to tackle and solve problems, to communicate and cooperate, and more importantly to be critical thinkers. These skills have been identified as skills which will benefit the children and youth in the challenges and professional development in the future.

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YEAR 2018 IN NUMBERS

During 2018, BONEVET Prishtina has had an increase of 412% in participation rate compared to 2017.

Up to December 2018, 599 makers have participated in our classes and trainings.

In BONEVET we promote gender equality and this year we have had a participation of 43% girls and 57% boys.

599

43%

MAKERS GRADUATED DURING 2018

OF GRADUATED MAKERS WERE GIRLS OF DIFFERENT AGES

72

59

SCHOLARSHIPS AWARDED

DIFFERENT CLASSES AND TRAININGS WERE ORGANIZED DURING 2018

The 5 skills and s the pa worki expre and p creat

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599 participants of BONEVET, have no only gained technical but with the new learning approach they developed their soft social skills. Through 59 different classes throughout the year, articipants have gained skills such as: collaboration and teaming, critical thinking, communication, empathy, freedom of ession and confidence to try. We nurture children’s imagination provide them with an environment where they unleash their tive spirit and thus encourage innovation.

TOTAL NUMBER OF GRADUATES FROM OUR CLASSES UP TO DATE

018

017

0

100

200

300

400

500

600

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OUR CLASSES ORIGAMI

INSPIRING

GERMAN

Is the class where children complete hands-on activities that teach them about Origami and stimulate their imagination. Origami is a positive learning experience that promotes a feeling of achievement and wellbeing, it builds patience, perseverance and precision. The art of folding paper develops eye hand coordination also stimulates the brain, especially when both hands are being used at the same time.

Inspiring mathematics class is an exploration of core mathematical concepts with a focus on interactivity, hands on learning, and real-world applications. Utilizing BONEVET’s access to new technologies and host of skilled mentors and members, children will approach mathematics in ways they haven’t thought of before.

Achieved through collaborative work, logic puzzles, gameplay and game creation, use of 3d printed materials, measurements of the local environment, in open format question-and-answer classes.

During the class of German children develop cultural awareness about German speaking countries as well as create a love and understanding of the language. In each lesson there will be new vocabulary and grammar lessons accompanied with a wide range of activities and extra materials such as: songs, videos and language apps. A typical lesson will include games, songs, physical activities and vocabulary exercises from the previous lessons. The four skills, reading, listening, writing, and speaking will be equally segmented during the classes.

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OUR CLASSES Content

Curriculum

As of September 2018, BONEVET has introduced a new teaching approach in all classes.

Each class has a limit of 8 students per class (4 girls and 4 boys), led by a Mentor and Mentor Assistant. BONEVET’s curriculum has been adapted to provide children with more time for independent learning through play and with more freedom for their own initiatives. The programs are enriched with multidisciplinary subjects’. With riddles and puzzles BONEVET encourages problem solving skills and deeper thinking. Students are given support to gain knowledge through web-search and to explore new unknown fields. They are given more time to play and unleash their imagination. In this process mentors are facilitators.

Categories Each class in BONEVET has a main set of skills the children will be developing, among many more. For example: The first class children are invited to participate is littleBits where children develop their hands-on skills as well as their creativity. Then, they are encouraged to continue with SCRATCH, where children develop logical skill and critical thinking, through the children-friendly programming language. To be continued with Minecraft, LEGO, language and arts classes.

As BONEVET’s main goal is to encourage children and youngsters to discover their abilities and develop them with passion and love, this structure has been identified as a guide for the children to explore themselves in all fields.

Once they identified their strengths on the first category “DISCOVER YOUR TALENT”, children then develop them on the second category of classes “BECOME A MAKER”.

PYTHON

Python is an interpreted, high-level, general-purpose programming language. During this class youngsters will learn about programming languages and how they are used in the real world. Then the focus will shift to Python which is an easy programming language, and often programmers fall in love with Python because of the increased productivity it provides.

During the Python class students will learn how to solve logic problems, get more creative with the solutions and learn that programming languages are just tools and logic thinking is the real part of programming.

3D PRINTING

CHESS AND TECHNOLOGY

3D Printing is a class where children learn the basics of 3D modeling and printing. By using the kid-friendly 3D modeling software TinkerCad, children learn to model different shapes and create projects. The class offers the opportunity to model animals, vehicles, foods by the means of fun facts, riddles and history. Here, they will also learn to work as a team, conduct independent research and be able to present their projects and prototypes.

Chess and Technology is a class where children get familiarized with the Chess game as well as develop logical and strategic thinking. The class involves fun activities, games and riddles through which children learn that every “complex thing” can be split into smaller blocks and be understood in a simpler way. The class involves 3D printing and other technologies in the process of learning geometric shapes and patterns.

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OUR TEAM BONEVET Prishtina employed a total of 42 employees during 2018. These employees consist a number of internal staff, and external mentors who teach classes. (21 Internal/full and part time and 20 external employees).

Vllaznim Xhiha

Lekë Zherka

Rinë Fetahu

Arbana Bakija

Suela Mati

Njomza Dragusha

Gjylisha Cena

Vanesa Gashi

Andi Dragusha

Eglantinë Avdiu

Artan Jaka

Tea Dujaka

Founder and Chairman

Full Time Mentor

Technical Assistant

Managing Director

Previous Marketing Officer

Intern & Class Assistant

Technical Officer

Full Time Mentor

Intern & Mentor

Administrator

Psychologist

Previous Administrator

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Shkëlqim Syla

Genta Shabani

Bonart Ajvazi

Gresa Bajrakraraj

Donat Gashi

Landër Islami

Tringa Kasneci

Gentiana Mehmeti

Intern

Previous Designer Direc-

Previous Psychologist

KML Project Manager

Bardha Kosumi

Intern & Class Assistant

KML Previous Project Manager Developer

Intern & Mentor Developer

KML Project Assistant

Riad Januzi

+

Intern & Class Assistant

Marketing OfficeerDevel-

Emine Rushiti

Housekeeping Officerev-

20 EXTERNAL EMPLOYEES Flatra Thaqi Hana Byci Glenn Noble Drilon Xërxa Besjana Kryeziu Lekë Gusia Toska Gjikolli

Alyssa Noble Fortesa Thaqi Arbereshe Abdiu Ernest Culaj Edona Bejtullahu Blerta Hoçia Endrit Toplica

Taulant Qerkini Rexhep Krasniqi Elita Mati Suela Gashi Egzona Kadriji Valza Thaqi

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KOSOVA MAKERS LEAGUE In February 2018, BONEVET has launched a new platform called Kosova Makers League. It is the first robotics competition which is open for all primary schools (near 1’000) and for all high schools (in excess of 100) in Kosovo. The aim of this platform is to create a positive environment where children and young students compete by solving a “mission” by the means of the educational robot - the mBot.

Through this platform, BONEVET wants to spread its impact on even the most remote areas in Kosova.

Kosova Makers League aims to increase children’s enthusiasm to learn about Science, Technology, Engineering and Mathematics (STEM) as well as encourage teamwork and problem solving attitude So far, around 130+ schools have taken part in the competition. The winning schools will have the opportunity to take part in the regional Robotics League which will be held in Zagreb, Croatia every year. If they qualify in Zagreb, they will stand a good chance to participate in the World Robotics League in Shanghai.

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DOKU:TECH

DOKU:TECH 13

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EVENTS DURING 2018 In February 2018, BONEVET has launched a new platform called Kosova Makers League. It is the first robotics competition which is open for all primary schools (near 1’000) and for all high schools (in excess of 100) in Kosovo. The aim of this platform is to create a positive environment where children and young students compete by solving a “mission” by the means of the educational robot - the mBot.

Through this platform, BONEVET wants to spread its impact on even the most remote areas in Kosova.

Kosova Makers League aims to increase children’s enthusiasm to learn about Science, Technology, Engineering and Mathematics (STEM) as well as encourage teamwork and problem solving attitude even in the most remote areas of Kosovo.

DOKU:TECH

EUROPEAN MAKER WEEK

GREEN FESTIVAL

ICT AWARDS

KOSOVA MAKERS LEAGUE

KOSOVA MAKERS LEAGUE - CREATIVE CHALLENGE

Indepen auditor’s Content

To the Management of the BONEVET - PRISHTINA FOUNDATION

Opinion We have audited the accompanying financial statements of Foundation BONEVET - Prishtinë, which comprise the statement of financial position as at December 31, 2018, and the statement of profit or loss, statement of changes in fund balances and statement of cash flow for the year then ended, and other explanatory notes.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Foundation BONEVET - Prishtinë as of December 31, 2018, results of its operation and the cash flow for the year then ended in conformity with International Financial Reporting Standards.

Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Project financial report section of our report. We are independent of the Business in accordance with International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and those charged with Governance for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the International Financial Reporting Standard and the internal controls that the management deems necessary to enable the preparation of financial statements without material misstatement due to fraud or error. For the financial statements preparation, management is responsible for assessing the company’s ability to sustainability in the future, disclosing, as necessary, future sustainability issues and using the accounting continuity principle unless management intends to liquidate the Company or Interrupt the operation, or there is no other possible alternative than to do it. Those charged with governance are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the financial Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in total, they could reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

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As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

ACA -Audit & Consulting Associates Prishtinë, Kosovo.

March 2019.

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BALANCE SHEET Balance

SHEET For the year ended December 31, 2018 NOTES

31-DEC-18

31 - DEC-17

(in EUR)

(in EUR)

136,464

57,832

136,464

57,832

ASSETS NON-CURRENT ASSETS Property and Equipment

4

Total Non-Current Assets

CURRENT ASSETS Accounts Receivable

5

128

80

Cash and Bank Balances

6

19,453

10,740

19,581

10,820

156,045

68,652

31-DEC-18

31 - DEC-17

(in EUR)

(in EUR)

Total Current Assets

TOTAL ASSETS

LIABILITIES AND RESERVES NOTES Current Liabilities Accounts Payable

7

1,434

938

Borrowings

8

-

68,000

Deferred Revenue

9

31,245

41,872

32,679

110,810

Retained Surplus

(42,159)

-

Surplus (Deficit) of the period

165,524

(42,159)

Total Reserves

123,366

(42,159)

TOTAL LIABILITIES AND RESERVES

156,045

68,651

Total Current Liabilities

Reserves

S R E

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STATEMENT OF REVENUE AND Statement of revenue and expenditures Balance EXPENDITURES For the year ended December 31, 2018

NOTES

YEAR ENDED

YEAR ENDED

31-DEC-18

31 - DEC-17

(in EUR)

(in EUR)

INCOME Incomes from Donations

10

355,818

45,032

Income from Activities

11

36,946

10,812

-

1,104

392,764

56,948

Gain from Exchange Rate Total Income

Expenditure Staff Salaries and Benefits

12

79,258

16,034

Rent Expense

13

53,938

20,353

Administrative Expense

14

40,099

12,711

Utilities

15

3,541

1,374

Equipment

16

3,119

37,375

Other Expense

17

19,131

5,257

28,154

6,003

Total Expenditure

227,240

99,107

NET(DEFICIT)/SURPLUS FOR THE YEAR

165,524

(42,159)

Depreciation

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STATEMENT OF S CHANGES INAssets C Statement of Changes in Net NET ASSETS For the year ended December 31, 2018

Initial

Retained

Total

Capital

Surplus

Equity

(in EUR)

(in EUR)

BALANCE ON JANUARY 01, 2017 Opening Balance

-

-

-

Net (Deficit)/Surplus for the year

-

(42,159)

(42,159)

Balance on December 31, 2017

-

(42,159)

(42,159)

Opening Balance

-

(42,159)

(42,159)

Net (Deficit)/Surplus for the year

-

165,524

165,524

Balance on December 31, 2018

-

123,366

123,366

BALANCE ON JANUARY 01, 2018

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STATEMENT OF CASH FLOWS Statement of Cash Flows For the year ended December 31, 2018 YEAR ENDED

YEAR ENDED

31-DEC-18

31 - DEC-17

(in EUR)

(in EUR)

165,524

(42,159)

28,154

6,003

Change in Receivables

(48)

(80)

Change in Borrowings

(68,000)

68,000

496

938

(10,627)

41,872

115,499

74,575

Acquisition of Property and Equipment

(106,786)

(63,835)

Net Cash Used in Investing Activities

(106,786)

(63,835)

8,713

10,740

Cash and Cash Equivalents at 1 january

10,740

-

Cash and Cash Equivalents at 31 December

19.453

10,740

CASH FLOWS FROM OPERATING ACTIVITIES (Deficit)/Surplus for the period Adjustment for: Depriciation

Change in Payables Change in Deferred Revenues Net Cash from Operationg Activities

CASH FLOWS FROM INVESTING ACTIVITIES

Net Increase in Cash and Cash Equivalents

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NOTES TO THE FINANCIAL STATEMENTS For the year ended December 31, 2018 1.

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Continued

INTRODUCTION

Organization The BONEVET Foundation Pristina is a non-governmental organization with registration number 5200398-9, which was established in May 2017, but started operating from June 2017.

The organization is established with the aim to offer: • A fully-equipped and professionally-maintained space that includes metal cutting facilities, electronics, robotics, automation, 3D printing, computer design, programming, Arduino, LittleBits, etc.

• A fully equipped and professionally maintained working space dedicated exclusively to children in order to spark the spirit of creation by reactivating and rethinking education with creativity, innovation, curiosity, motivation, technical skills, and entertainment that characterize our maker community.

• A variety of affordable, engineering-oriented research and a variety of leadership ranges from experts of the field to independent ones. Experts teach ambitious creators the concepts, skills, and resources that creators will turn into real prototypes, allowing them to actually learn through doing and creating.

• Expert Advisors / Mentors who are available to support our members.

• Monthly and daily membership plans for the interested individuals, encouraging the culture of doing (do it yourself) and creative thinking.

• Space for storing of materials and projects, enabling members to create and maintain projects without having trouble with the logistics of managing the materials and storing them.

2.

ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS

2.1 Standards and interpretations effective in the current period.

Below are presented the amendments to the existing standards issued by the International Accounting Standards Board and interpretations issued by the International Financial Reporting Interpretations Committee which are effective for the current period:

STANDARD

DESCRIPTION

EFFECTIVE DATE

Amendment to IFRS 14

Regulatory Deferral Accounts

beginning on or after 1 January 2016

Amendment to IFRS 10

Consolidated Financial Statements

beginning on or after 1 January 2016

Amendment to IFRS 11

Joint Arrangements

beginning on or after 1 January 2016

Amendment to IFRS 12

Disclosure of Interests in other Entities

beginning on or after 1 January 2017

Amendment to IFRS 1

Presentation of Financial Statements

beginning on or after 1 January 2016

Amendment to IFRS 7

Disclosure Initiative

beginning on or after 1 January 2017

Amendment to IFRS 12

Recognition of Deferred Tax Assets for Unrealised Losses

beginning on or after 1 January 2017

Amendment to IFRS 16

Property, Plant and Equipment

beginning on or after 1 January 2016

Amendment to IFRS 27

Separate Financial Statements

beginning on or after 1 January 2016

Amendment to IFRS 28

Investments in Associates and Joint Ventures

beginning on or after 1 January 2016

Amendment to IFRS 38

Intangible Assets

beginning on or after 1 January 2016

Amendment to IFRS 41

Agriculture-Bearer Plants

beginning on or after 1 January 2016

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NOTES TO THE FINANCIAL STATEMENTS For the year ended December 31, 2018

-

Continued

STANDARD

DESCRIPTION

EFFECTIVE DATE

Amendment to different standards

Improvements to IFRS (2012-2014 Cycle)-resulting from the annual improvement project of IFRS (IFRS 5, IFRS 7, IAS 19 and IAS 34) primarily with a view to remove inconsistencies and clarifying wording

annual periods beginning on or after January 1, 2016

Amendment to different standards

Improvements to IFRS (2010-2012 Cycle) - The annual project resulting from improvements in quality of IFRS (IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24 and IAS 38) primarily with a view to remove inconsistencies and clarifying wording

beginning on or after 1 July 2014

Amendment to different standards

Improvements to IFRS (2011-2013 Cycle)-resulting from the annual improvement project of IFRS (IFRS 1, IFRS 3, IFRS 13 and IAS 40) primarily with a view to remove inconsistencies and clarifying wording

annual periods beginning on or after July 1, 2014

2.2 Standards and interpretations in issue not yet effective In these financial statements the following standards, revisions and interpretations were in issue but not yet effective: STANDARD

DESCRIPTION

EFFECTIVE DATE

IFRS 1

Amendments resulting from Annual Improvements 2014–2016 Cycle (removing short-term exemptions)

beginning on or after 1 January 2018

IFRS 2

Classification and Measurement of Sharebased Payment transactions

beginning on or after 1 January 2018

IFRS 3

Amendments resulting from Annual Improvements 2015–2017 Cycle (remeasurement of previously held interest)

beginning on or after 1 January 2019

IFRS 9

Finalised version, incorporating requirements for classification and measurement, impairment, general hedge accounting and derecognition.

beginning on or after 1 January 2018

IFRS 9

Amendments regarding prepayment features with negative compensation and modifications of financial liabilities

beginning on or after 1 January 2019

IFRS 11

Amendments resulting from Annual Improvements 2015–2017 Cycle (remeasurement of previously held interest)

beginning on or after 1 January 2019

IFRS 15

Clarifications to IFRS 15

beginning on or after 1 January 2018

IFRS 16

Leases

beginning on or after 1 January 2019

IFRS 17

Original issue

beginning on or after 1 January 2021

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NOTES TO THE FINANCIAL STATEMENTS For the year ended December 31, 2018

-

Continued

STANDARD

DESCRIPTION

EFFECTIVE DATE

IAS 12

Amendments resulting from Annual Improvements 2015–2017 Cycle (income tax consequences of dividends)

beginning on or after 1 January 2019

IAS 19

Amendments regarding plan amendments, curtailments or settlements

beginning on or after 1 January 2019

IAS 23

Amendments resulting from Annual Improvements 2015–2017 Cycle (borrowing costs eligible for capitalisation)

beginning on or after 1 January 2019

IAS 28

Amendments resulting from Annual Improvements 2014–2016 Cycle (clarifying certain fair value measurements)

beginning on or after 1 January 2018

IAS 28

Amendments regarding long-term interests in associates and joint ventures

beginning on or after 1 January 2019

IAS 40

Amendments to clarify transfers or property to, or from, investment property

beginning on or after 1 January 2018

The organization has elected not to adopt these standards, revisions and interpretations in advance of their effective dates. The entity anticipates that the adoption of these standards, revisions and interpretations will have .no material impact on the financial statements of the entity in the period of initial application

3.

BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

3.1 Basis of preparation Financial Statements are prepared for reporting purposes in accordance with applicable laws of Kosova, and represent the entire picture of economic events that occurred in “Foundation BONEVET - Prishtinë” during the year 2018.

The financial statements are prepared on the basis of cash, on the basis of which the income and expenses are recognized at the time when they have occurred or are paid. The organization uses the Quickbooks application to prepare financial statements.

3.2 Currency of presentation The reporting currency of Foundation BONEVET -Prishtinë is the European Union currency unit Euro (“EUR”).

3.3 Significant accounting policies A summary of the most significant accounting policies adopted in the preparation of the financial statements is presented below:

3.3.1 Cash and cash equivalents For the purpose of the statement of cash flows, cash and cash equivalents are considered to be cash on hand and at banks and in operating accounts at banks with an original maturity of three months or less.

3.3.2 Revenue recognition Revenues from grants are recognized as income on a straight-line basis over the period of the operation.

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NOTES TO THE FINANCIAL STATEMENTS For the year ended December 31, 2018

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Continued

3.3.3 Expenses recognition Expenses incurred for generation incomes are recognized in that period with the historical costs.

3.3.4 Taxation The BONEVET Foundation - Prishtinë was founded as a non-governmental organization, therefore it has responsibility and acts as an NGO according to the laws in force in Kosovo.

4. PROPERTY AND EQUIPMENT Based on the application procedures of the Foundation BONEVET - Prishtinë, all acquisitions for the property and equipment category are capitalized and accumulated amortization is calculated based on applicable local laws.

RESTAURATION

OTHER

EQUIPMENT

FURNITURE

INCESTMENTS

EQUIPMENT

TOTAL

(in EUR)

(in EUR)

(in EUR)

(in EUR)

(in EUR)

-

-

-

-

-

Additions

40,054

16,178

7,603

-

63,835

Disposals

-

-

-

-

-

On December 31, 2017

40,054

16,178

7,603

-

63,835

On January 01, 2018

40,054

16,178

7,603

-

63,835

Additions

46,516

-

-

61,549

108,066

Disposals

-

-

-

(1,280)

(1,280)

86,571

16,178

7,603

60,269

170,621

On January 01, 2017

-

-

-

-

-

Charge for the year

4,005

1,618

380

-

6,003

On December 31, 2017

4,005

1,618

380

-

6,003

On January 01, 2018

4,005

1,618

380

-

6,003

Charge for the year

16,263

3,236

760

7,895

28,154

On December 31, 2018

20,268

4,853

1,140

7,895

34,157

On December 31, 2018

66,303

11,324

6,462

52,374

136,464

On January 01, 2018

30,049

14,560

7,223

-

57,832

On December 31, 2017

36,049

14,560

7,223

-

57,832

-

-

-

-

-

COST On January 01, 2017

On December 31, 2018 DEPRICIATION

NET VALUE

On January 01, 2017

24

Content

NOTES TO THE FINANCIAL STATEMENTS For the year ended December 31, 2018 5.

-

Continued

CASH AND BANK BALANCES DECEMBER 31

DECEMBER 31

2018

2017

(in EUR)

(in EUR)

Cash on Hand

18,638

654

Cash on Bank

815

10,086

19,453

10,740

Total Cash

During the audited period Foundation BONEVET - Prishtinë had only two bank accounts opened in Reiffeisen .Bank Kosovo

6.

ACCOUNT RECEIVABLES

Account Receivables Total Receivables

7.

DECEMBER 31

2018

2017

(in EUR)

(in EUR)

128

80

128

80

PAYABLES AND OTHER LIABILITIES DECEMBER 31

DECEMBER 31

2018

2017

(in EUR)

(in EUR)

Other Liabilities

688

-

Payables

745

938

1,434

938

Total Payables and Other Liabilities

8.

DECEMBER 31

BORROWING

Borrowing that the Foundation BONEVET – Prishtinë has received for operations during the first year, during .2018 are completely closed

DECEMBER 31

DECEMBER 31

2018

2017

(in EUR)

(in EUR)

Borrowings

-

68,000

Total Borrowings

-

68,000

25

Content

NOTES TO THE FINANCIAL STATEMENTS For the year ended December 31, 2018

9.

-

Continued

DEFERRED REVENUES DECEMBER 31

DECEMBER 31

2018

2017

(in EUR)

(in EUR)

EYE-Makerkids

11,432

15,018

EYE-Mechanic

1,208

4,182

EYE-Electronic

7,090

8,344

EYE-Workshop

813

10,920

10,702

-

-

3,408

31,245

41,872

DECEMBER 31

DECEMBER 31

2018

2017

(in EUR)

(in EUR)

222,000

-

EYE-Makerkids

3,586

4,887

EYE-Electronic

1,253

16,430

EYE-Mechanic

2,974

20,972

EYE-Workshop

10,106

-

IPKO Foundation

19,980

-

Rudolf und Romilda Foundation

3,408

694

USAID Empower

48,925

1,098

US Embassy

4,285

-

Raiffeisen Bank

25,000

-

IPKO Telecomunications

10,000

-

4,150

-

150

950

355,818

45,032

GIZ Rudolf und Romilda Foundation Total Deferred Revenues

10. INCOME FROM DONATIONS

Unë e Du Kosovën

Prishtina Municipality Other Donations Total Income from Donations

26

Content

NOTES TO THE FINANCIAL STATEMENTS For the year ended December 31, 2018

-

Continued

11. INCOME FROM ACTIVITIES DECEMBER 31

DECEMBER 31

2018

2017

(in EUR)

(in EUR)

Course - LittleBits

4,816

2,128

Course - Scratch

2,472

1,744

Course - Lego Robotics

2,832

2,456

Course - Arduino

1,320

1,008

Minecraft

3,556

464

732

-

2,552

-

3D Printing

360

-

Course - Puppet Theatre

1,374

480

Interactive Course for English Language

1,328

-

Course for German Language

1,348

392

Course - Inspiring Maths

558

80

Course IOT

312

-

Summer Camps

5,930

2,060

Chess Course

1,520

-

Other Activities

5,936

-

36,945

10,812

DECEMBER 31

DECEMBER 31

2018

2017

(in EUR)

(in EUR)

75,524

15,270

Pension Contribution

3,735

764

Total Salaries and Benefits

79,258

16,034

DECEMBER 31

DECEMBER 31

2018

2017

(in EUR)

(in EUR)

53,938

20,353

53,938

20,353

Electronics Course CNC Mechanics

Total Income from Activities

12. SALARIES AND BENEFITS

Gross Salaries

13. RENT

Rent Total Rent Expense

27

Content

NOTES TO THE FINANCIAL STATEMENTS For the year ended December 31, 2018

-

Continued

14. ADMINISTRATIVE EXPENSE DECEMBER 31

DECEMBER 31

2018

2017

(in EUR)

(in EUR)

10,331

14

603

-

Hygenic Material

99

154

Phone Expense

40

75

Office Supplies

3,778

3,045

Maintenance

3,474

1,652

Food and Dring

5,715

829

Bank Charges

846

563

-

14

Auditing

1,770

-

Material for Classes

13,039

6,265

200

-

Web-Page Maintenance

65

-

Issurance

140

100

40,099

12,711

DECEMBER 31

DECEMBER 31

2018

2017

(in EUR)

(in EUR)

1,436

494

Water

132

50

Waste

29

-

Heating

1,943

830

Total Utilities

3,541

1,374

Printing and Copying Postage and Deliveries

Expenses for Legal Issues

Membership

Total Administrative Expense

15. UTILITIES

Electricity

28

Content

NOTES TO THE FINANCIAL STATEMENTS For the year ended December 31, 2018

-

Continued

16. EQUIPMENT EXPENSE DECEMBER 31

DECEMBER 31

2018

2017

(in EUR)

(in EUR)

Equipment for Activities

2,731

36,976

Transport Expenses

388

399

3,119

37,375

DECEMBER 31

DECEMBER 31

2018

2017

(in EUR)

(in EUR)

11,570

1,829

113

201

1,342

385

177

214

Custom Expenses

2,290

1,974

Other Expenses

3,639

653

Total Other Expenses

19,131

5,257

Total Equipment Expenses

17. Other Expense

Marketing Accomodation Travel Inside Country Travel Outside Country

29

Content

NOTES TO THE FINANCIAL STATEMENTS For the year ended December 31, 2018

-

Continued

18. RELATED PARTY DISCLOSURE For the purposes of these financial statements, parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions as defined by IAS 24 “Related Party Disclosures”. In considering each possible related party relationship, attention is directed to the substance of the relationship, not merely the legal form.

18. RISK MANAGEMENT Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Foundation BONEVET - Prishtinë is exposed to credit risk in respect of Grant receivable from its Donors.

Interest rate risk The Foundation BONEVET – Prishtinë currently is not exposed to the interest rate risk.

Foreign exchange risk Foundation BONEVET - Prishtinë is exposed to foreign exchange risk as transactions are undertaken both in local and foreign currency. Management monitors and sets limits on the level of such exposure by currency and in total. The Foundation BONEVET - Prishtinë does not speculate in or engage in the trading of derivative financial instruments.

Liquidity risk Liquidity risk is defined as the risk when the maturity of assets and liabilities does not match. The Foundation BONEVET - Prishtinë is committed monitor its liquidity on a periodic basis in order to manage its obligations as and when they shall become due.

Fair value of financial instruments The carrying value of all financial assets and liabilities reflected in the financial statements approximate their fair values.

OUR SPONSORS

Dear donors and sponsors, we are very proud for your ongoin BONEVET become a success story not only for

We are proud for having you as our supporters, we take engagement will continue to generate new ideas and creative

On behalf of our staff and mentors we thank you

S AND DONORS

ng support and we appreciate your support in helping us make Kosovo but also for our neighbouring countries.

e full responsibility and we assure you that our effort and e solutions to enhance our dedication until we reach our goals.

u for your continuous moral and financial support.