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2020-12-31-accounts

CENTRE FOR HEALTH SCIENCES TRAINING RESEARCH AND DEVELOPMENT [CHESTRAD] INTERNATIONAL

(A registered charity in England and Wales)

TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

Company Registration Number : 03249311 Charity Registration Number : 1058387

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CHESTRAD LIMITED FINANCIAL STATEMENTS For the year ended 31 December 2020

CHESTRAD LIMITED
FINANCIAL STATEMENTS
For the year ended 31 December 2020
CONTENTS PAGE
Charity information 3
Report of the Directors 4
Independent Examiners Report to the Trustees 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 15

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CHESTRAD LIMITED FINANCIAL STATEMENTS For the year ended 31 December 2020

Directors Dr Lola Dare
Samuel Dare
Herbert Dare
Registered office and 27 Tangle Tree Close
Principal address London
United Kingdom
N3 2TR
Company registration number 03249311 (England and Wales)
Charity registration number 1058387
Banker NatWest Bank
Po Box 2
69 Baker Street
London
W1U 6AT
Accounting Services Samie Agiri FCCA
APM Consultants (CA) Ltd
40 Lorne Gardens
Croydon, Surrey
CR0 7RY
Independent examiner Larry Oluwa ACMA, ACA, MBA (Warwick)
LO & Associates
Chartered Management Accountants & Consultants
1a Croham Mount, South Croydon, CR2 0BR

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CHESTRAD LIMITED FINANCIAL STATEMENTS For the year ended 31 December 2020

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The Centre for Health Sciences Training, Research and Development (CHESTRAD) is a non-state development agency established in Nigeria in 1993. Since established, it has grown into a global organization, yet maintaining its operational and implementing activities in Africa. CHESTRAD’s mission identifies it as ‘an African ethical organization that employs evidence based systems focused approaches to advocate for the development of equitable, responsive and sustainable health and development systems accessible to all its communities and households’.

Since its inception CHESTRAD has developed community based health and poverty reduction initiative aimed to strengthen the delivery and sustainable financing of primary care and social development services in Nigeria (Oyo, Ogun, Lagos, Ondo, Kano States) in the award winning ‘Oriade Initiative’. CHESTRAD hosted the pan-African policy dialogue and advocacy network, the African Council on Sustainable Health Development (ACOSHED). ACOSHED enjoys diplomatic status in its host country Nigeria, and is also in relations with the African Union, the African Regional Office of the World Health Organization and other African regional institutions.

CHESTRAD started operations in the UK in 2011, to facilitate good working relationship with our major funders. We work closely with many International organisation including World Health Organisation (WHO), and many European Government agencies. Our office in London facilitates easier dialogue and co-operation with other international agencies.

Structure, Governance and Management

The organisation is a charitable company limited by guarantee, incorporated on 13 September 1996 and registered as a charity on 2nd October 1996. The company was established under a Memorandum Of Association which established the objects and powers of the charitable company and is governed under its articles of association.

The directors of the company are also charity trustees for the purposes of charity law. and under the company’s Articles are known as members of the Management Committee.

Financial Review

CHESTRAD's income generated mainly from grants awarded for advocacy, research and support of Health systems strengthing, and youth empowerment initiatives.

Grants received in 2020 of £118,745 representing a decrease of £47,011 from last year.

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CHESTRAD LIMITED FINANCIAL STATEMENTS For the year ended 31 December 2020

Reserve Policy

The reserve policy agreed by the trustees is to hold in unrestricted funds of between 3 and 6 months of expenditure as reserves.

Risk Management

The major risks to which the company is exposed, as identified by the Trustees, have been regularly reviewed at the Trustee meetings and a full off site strategy day in 2020 where systems or procedures have been established to manage those risks.

Directors’ Responsibilities

The directors are required by Company Law to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the company and of the result of the company for that period.

In preparation of these financial statements, the directors have:

been followed subject to any material departures disclosed and explained in the financial statements;

• prepared the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in operation.

The directors are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time, the financial position of the company and to enable it to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In determining how amounts are presented within items in the income and expenditure account and balance sheet, the directors have had regard to the substance of the reported transaction or arrangement, in accordance with generally accepted accounting principles or practice.

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CHESTRAD LIMITED FINANCIAL STATEMENTS For the year ended 31 December 2020

Public Benefit Statement

In line with its purpose and objectives, CHESTRAD has engaged in the following activities in the period under reference

(a) A focus on improved operational effectiveness and compliance was key for 2020. This includes strengthened governance to improve the reach and impact of our work. In this year, CHESTRAD International signed the network member declaration and memorandum of agreement, formally becoming a network member of Chestrad Global. Chestrad Global is a UK based holding organization that consolidates the work of Chestrad and its country partners in Africa and the Middle East, with its headquarters in Ibadan, Nigeria; Europe, Asia and the Pacific (with its registered offices in London, United Kingdom) as well as in Americas, Mexico, Canada and the Caribbean Islands (the American Friends of CHESTRAD LLC3 with its registered offices in Delaware, United States of America). This process which commenced in 2015 as a key part of improving organizational effectiveness and leveraging partnerships to achieve the Sustainable Development Goals (SDG17), was completed in July 2019. CHESTRAD International is a foundational network member for CHESTRAD Global. CHESTRAD International will support the establishment of the operations of Chestrad Global in the United Kingdom. www.chestradglobal.org

(b) Our activities have begun to respond to the governance shift as a network member of Chestrad Global. This has included engagement as a Technical Resource Partner of the Health and Social Protection Programme (HSP) of the Developing-8 Economic Cooperation (D-8). The Chatham House is also a Technical Resource Team of the D-8 HSP.

(c) With support from the Global Primary Health Care Strategy Group hosted by PAI, USA, funded by the Bill and Melinda Gates Foundation (BMGF), CHESTRAD along with other partners in Ghana, Kenya, Liberia, Malawi, Rwanda, United Kingdom, United States of America and Zimbabwe played in key role in civil society consultations towards the UN high level meeting and political declaration on Universal Health Coverage (UHC). This contributed significantly to inclusion of country context and priorities in the declaration.

(d) As a part of process (b) above, CHESTRAD International has established, in partnership with CHESTRAD in Nigeria, a regional advocacy programme ‘Essential Health Services, Public Budgets and More’. Although global facing, our key country foci are Nigeria and Ghana in the first instance. The Nigerian programme is currently active engaging across several states and inclusive of other CSO advocacy networks (Education as a Vaccine, Health Reform Foundation of Nigeria, Health Sector Reform Coalition (HSRC), Network for Health Equity and Development (NHED), Nigeria Health Watch (NHW), Pan African Centre for Social Development and Accountability (PACSDA) and the Nigeria Country Office of the White Ribbon Alliance.

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CHESTRAD LIMITED FINANCIAL STATEMENTS For the year ended 31 December 2020

(e)�Our European advocacy had a boost with participation of African delegates coordinated by CHESTRAD at the annual summit of the UK based Game Changers Women's Leadership Network held in the House of Commons. CHESTRAD led women from its newly established platform, Bold Powerful Women of Africa (BPaWa) to the one-day summit in the House of Commons. Delegates included participation from Nigeria, Ghana, Kenya and South Africa.

(f) Our domestic resource mobilization advocacy and technical assistance programme, I Will Give Africa (IWG) consolidated on previous gains and has expanded its partnership network has expanded to include membership of other global CSO networks. As our initiatives respond to novel directions in innovative and sustainable financing, we expect engagement with private sector, social impact investment and other social enterprise platforms.

(g) In collaboration with other network members, we have launched a call to action for broader engagement in Tariro. Tariro is a multi-sector partnership project that seeks to leverage financial inclusion/services and digital technology to provide global public goods in health, nutrition, early learning, and sustainable livelihood. Interventions have commenced in Nigeria where our overall goal is to support 500,000 women, and through them 2 million children to survive, thrive and excel in 2.5 years. Other African countries participating in Tariro include Ghana, Kenya and South Africa.

Signed by order of the board of trustees

Herbert Dare

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CHESTRAD LIMITED FINANCIAL STATEMENTS For the year ended 31 December 2020

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF CENTRE FOR HEALTH SCIENCES TRAINING RESEARCH AND DEVELOPMENT [CHESTRAD] INTERNATIONAL

I report on the accounts of the company for the year ended 31 December 2020, which are set out on pages 10 to 15.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

• to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

Basis of independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements:

• to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Larry Oluwa ACMA, ACA, MBA (Warwick)

LO & Associates

Chartered Management Accountants & Consultants 1a Croham Mount, South Croydon, CR2 0BR

Date: 31st October 2021

Page 8

CHESTRAD LIMITED FINANCIAL STATEMENTS For the year ended 31 December 2020

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT)

Notes
INCOMING RESOURCES
Incoming Resources from generated funds
Voluntary income
Investment income
2
Incoming resources from Charitable Activities
3
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Charitable activities
Charitable expenditure
5
Governance costs
4
TOTAL RESOURCES EXPENDED
Net income/(expenditure) for the year/ Net movements
in funds
Fund balances at 1 January 2019
Balances carried forward		 Unrestricted
funds
Restricted
funds
Total 2020
Total 2019
£
£
£
£
-
-
100
100
-
-
-
-
118,745
-
118,745
165,756
118,745
-
118,845
165,856
125,734
-
125,734
142,772
650
-
650
50
126,384
-
126,384
142,822
(7,639)
-
(7,539)
23,034
40,319
-
40,319
17,285
32,680
-
32,780
40,319

All recognised gains and losses are included in the above Statement of Financial Activities. All incoming resources and resources expended derive from continuing activities.

The notes on pages 9 - 13 form part of these financial statements.

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CHESTRAD LIMITED FINANCIAL STATEMENTS For the year ended 31 December 2020

BALANCE SHEET AS AT 31 DECEMBER 2020

Notes
Fixed Assets
Current assets
Debtors
7
Cash at bank and in hand
Creditors:Amounts falling due within one
year
8
Net current assets
Total assets less current liabilities
Creditors:Amounts falling due after more
than one year
9
Accruals and deferred income
10
Net assets
Funds
11
Restricted
Unrestricted		 £
59,449
1,076
60,525
28,543		 2020
£
1
89,068
89,068
(61,350)
-
27,718
-
27,718
27,718		 £
147,202
1,059
148,261
-		 2019
£
1
148,261
148,261
(129,892)
-
18,369
-
18,369
18,369

These financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime and with the Financial Reporting Standard for Small Entities (effective April 2008).

These financial statements were approved by the Board of Trustees and signed on their behalf by:

Herbert Dare

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CHESTRAD LIMITED FINANCIAL STATEMENTS For the year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

1.1 Basis of preparation

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP2005) issued in March 2005, the Charities Act 2011 and with the special provisions applicable to companies subject to the small companies regime and Financial Reporting Standards for Smaller Entities (effective April 2008) (FRSSE) and the Companies Act 2006.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

1.2 Incoming resources

Grants are recognised in the accounts when receivable and allocated to restricted or unrestricted funds as specified by the donor.

1.3 Resources expended

Expenditure is recognised on an accrual basis when a liability occurs.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities. It includes both costs that can be allocated directly to these activities and indirect costs which are necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity.

1.4 Accumulated funds

Restricted funds are used for the specific purpose laid down by the donor. Expenditure which meets these conditions is charged to the fund.

Unrestricted funds are other incoming resources receivable or generated for the objectives of the charity without further specified purpose and are available as general funds.

1.5 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.

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CHESTRAD LIMITED FINANCIAL STATEMENTS For the year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

2
Investment income
Unrestricted
funds
£
Interest receivable
-
3
Incoming resources from charitable activities
Unrestricted
funds
£
Grants - Trusts and Foundations
118,745
Income - Trading
-
Income - Mixed purpose Trading
118,745
4
Governance costs
Unrestricted
funds
£
Governance costs
Accounting Fees
650
Total Governance costs
650		 Restricted funds
£
-
Restricted funds
£
-
Restricted funds
£
-		 2020
£
-
2020
£
118,745
-
-
118,745
2020
£
650
650		 2019
£
-
2019
£
165,756
-
-
165,756
2019
£
50
50

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CHESTRAD LIMITED FINANCIAL STATEMENTS For the year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

5
Activities undertaken directly
Salary - Basic Pay
Consultant - per diem
Utilities
Other Premises Costs
Email & Internet
Telephone & Facsimile
Website Hosting
Mail
Promotions and Print
Stationery
Nigeria expenses
Travel & Subsistence Costs
Office - sundries
IT / Equipment / Software and Services
Other Professional Fees
Bank Charges & interest payable
Insurance
Accountancy
Total expenditure		 Unrestricted
funds
£
2,260
8,000
1,539
1,928
-
1,989
-
63
225
27
74,034
22,458
1,701
2,106
6,890
1,736
778
125,734
650
126,384		 Restricted funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2020
£
2,260
8,000
1,539
1,928
-
1,989
-
63
225
27
74,034
22,458
1,701
2,106
6,890
1,736
778
125,734
650
126,384		 2019
£
2,260
7,100
1,510
1,673
-
2,014
-
42
218
18
78,884
34,983
1,636
1,956
7,340
2,360
778
142,772
50
142,822

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CHESTRAD LIMITED FINANCIAL STATEMENTS For the year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

6 Remuneration of Trustees and Related Parties

Trustees

Trustees received no direct payments in relation to performance of their role as trustees, but small gifts were given to them, each with a value of less than £100

Dr Dare is the principle resource that has been used by the charity in the delivery of the charitable objectives and in performing that role travel and accommodation costs have been met by the charity and a per diem payment made. We have not been able to substantiate that there have been no gifts / payments to trustees above £100 but that is what was stated in previous year accounts.

Travel, subsistence and accommodation costs:

Per Diem payments:

£ 22,458
£ 8,000

All payments made to Trustees and Related parties were approved internally and agreed by the board of trustees, who determined them to be in the best interests of the charity.

Debtors
Accounts receivable
Other debtors
Creditors:Amounts falling due within one year
Accounts Payable
Taxation and social security
Creditors:Amounts falling due after more than one year
Director's loan account
Other creditors		 2020
£
59,449
-
59,449
2020
£
(18,281)
(10,262)
28,543)
(
2020
£
24,622
39,751
64,373		 2019
£
158,581
(7,586)
150,995
2019
£
-
-
-
2019
£
64,622
65,270
129,892

7 Debtors

8 Creditors: Amounts falling due within one year

Page 14

CHESTRAD LIMITED FINANCIAL STATEMENTS For the year ended 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

10 Restricted funds

The income funds of the charity include restricted funds comprising the following balances of donations and grants held for specific purposes:

Balance at
01/01/2020
£
-		 Incoming
resources
Resources
expendedted
Transfers
Balance at
31/12/2020
£
£
£
£
Restricted funds
-
-
-
-
Movement in funds		 Incoming
resources
Resources
expendedted
Transfers
Balance at
31/12/2020
£
£
£
£
Restricted funds
-
-
-
-
Movement in funds
-
-

DETAILS OF RESTRICTED FUNDS

No grants or donations received in the year were found to place a restriction on how they could be spent. Each donaton was in support of general activity of the charity and made reference to specific activities.

11 Analysis of net assets between funds

Fund balances at 31 December 2020 are represented by:
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year		 Unrestricted
funds
£
60,525
28,543
-
89,068		 Restricted
funds
£
-
-
-		 Total
£
60,525
28,543
89,068

12 Company Limited by Guarantee

In the event of winding-up of the company the liability of each member is limited to £10.

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