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2022-08-01-accounts

CHAITECH

Reg. UK Charity No. 1191814

https://chai.technology Instagram: @chaitech_ LinkedIn: Chaitech

TRUSTEES’ REPORT 2[nd] AUGUST 2021 – 1[st] AUGUST 2022

Objectives and activities

The purpose of Chaitech is to advance education in Artificial Intelligence (AI), Internet of Things (IoT) and mobile communications by means of providing assistance to children and other young people in the Eastern Caribbean who wish to start their own technology-based startup businesses or direct their technology skills towards improving services relevant for the general public, through mentoring, primarily by UK-based technology entrepreneurs and academics, and providing grants for software and hardware required to develop prototypes and proofs of concepts for their proposed solutions.

In pursuit of the above purpose, Chaitech in the year 2021-2022 performed the following activities:

The trustees have had regard to the Charity Commission’s guidance on public benefit. We continue to regard the above purpose as publicly beneficial in terms of helping improve opportunities for youth technology-based enterprise in countries where resources in that area are limited. We could not identify any detriments arising from our pursuit of the above purpose.

Achievements and performance

Chaitech paid a non-refundable grant of £565 to the members of the Cognizant Catalog Sandbox team working on an app to project-manage environmental- and other project of public significance. Chaitech further awarded a non-refundable grant to HerAid team working on an app to help the victims of gender-based violence. The funds were due to be paid to the team upon the milestones passed in the next accounting period. We note that both teams were awarded funding based on the trustees’ decision following Chaitech Sandbox publicly advertised application processes based on the projects meeting the requirements.

Financial review

Chaitech received a donation of £3,000 from Aphaia Ltd.

Chaitech paid a non-refundable grant of £565 to the members of the Cognizant Catalog Sandbox team working on an app to project-manage environmental- and other project of public significance. Chaitech further awarded a non-refundable grant of £2,232 to HerAid team working on an app to help the victims of gender-based violence. The latter grant was due to be paid to the team upon the milestones passed in the next accounting period.

At the end of the accounting period, Chaitech was left with the amount of £1,397. This amount primarily expected to be used for Sandbox project funding that would become due based on the Sandbox grant recipients in the next accounting period.

Structure, governance, and management

Chaitech is a Charitable Incorporated Organisation and is governed by the Constitution of a Charitable Incorporated Organisation (CIO). New trustees may be appointed by the vote of the existing trustees, according to the CIO Constitution: “In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.” The aim is therefore to appoint trustees that represent a mixture of technology and business expertise, and that ensure a connection between the knowledge and experience base in the UK and elsewhere, and the community of aspiring young tech entrepreneurs in the Eastern Caribbean.

Reference and admin details

Name: CHAITECH Company Registration No. CE024112 (England and Wales) Reg. UK Charity No. 1191814

Registered address and principal office: Eagle House 163 City Road Shoreditch London EC1V 1NR United Kingdom

Trustees: Dr Andrej Bostjan Makarovic (Chair) Katya Eileen Dawes-Mathurin Horlane Mbayo Barrington Dolcie (trustee during the reported period) Borut Kumperscak Jade Matthew Jr Hutchinson Stefania Bona Maliththa Sahan Sarojan Bulathwela Jordyn Desir Maurice Savery (trustee at the time of reporting) Vigna Kumar (trustee at the time of reporting)

Exemptions from disclosure: N/A Funds held as custodian trustee on behalf of others: N/A

Company Registration No. CE024112 (England and Wales) Reg. UK Charity No. 1191814

CHAITECH

ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 1 AUGUST 2022

CHAITECH ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 1 AUGUST 2022

CONTENTS PAGE
Company information 3
Trustees'report 4
Accountants' report 5
Income statement 6
Statement of financial position 7
Detailed income statement 8

CHAITECH C IO INFORMATION FOR THE YEAR ENDED 1 AUGUST 2022

Chair of Trustees

Company Number

Registered Office

Accountants

Andrej Bostjan Makarovic

CE024112 (England and Wales)

Eagle House 163 City Road London EC1V 1NR

Pollard & Co Accounting Services Ltd 26b Bradford Road Guiseley LEEDS LS20 8NH

CHAITECH DIRECTOR'S REPORT FOR THE YEAR ENDED 1 AUGUST 2022

The Chair of Trustees presents his report and accounts for the year ended 1 August 2022.

Chair of Trustees

Andrej Bostjan Makarovic held office during the whole of the period.

Statement of trustees ' responsibilities

The trustees are responsible for preparing the report and accounts in accordance with applicable law and regulations.

Company law requires the trustees to prepare accounts for each financial year. Under that law, the trustees have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charirty 's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They 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.

Small company provisions

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Signed on behalf of the B oard of Trustees

............................................................................

Bostjan Makarovic Chair of Trustees

Approved by the board on: 27th May 2023

CHARTERED MANAGEMENT ACCOUNTANTS' REPORT TO THE BOARD OF TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF CHAITECH FOR THE YEAR ENDED 1 AUGUST 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of CHAITECH for the year ended 1 August 2022 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Membershandbook/Licensing-and-monitoring/Members-in-practice/

Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com.

Pollard & Co Accounting Services Ltd Member in Practice

26b Bradford Road Guiseley LEEDS LS20 8NH

14 March 2023

CHAITECH INCOME STATEMENT FOR THE YEAR ENDED 1 AUGUST 2022

Turnover
Other income
Other charges
Profit		 2022
£
-
3,000
(1,603)
1,397		 2021
£
-
2,000
(876)
1,124

CHAITECH STATEMENT OF FINANCIAL POSITION AS AT 1 AUGUST 2022

Current assets
Net current assets
Total assets less current liabilities
Accruals and deferred income
Net assets
Capital and reserves		 2,971 2022
£
2,971
2,971
(450)
2,521
2,521		 1,574 2021
£
1,574
1,574
(450)
1,124
1,124

NOTES TO THE ACCOUNTS

1 Statutory information

CHAITECH is a CIO, registered in England and Wales, registration number CE024112. The registered office is Eagle House, 163 City Road, London, EC1V 1NR.

2 Average number of employees

During the year the average number of employees was 0 (2021: 0).

For the year ending 1 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The Chair of Trustees acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and FRS 105, The Financial Reporting Standard applicable to the Micro-entities Regime.

Approved by the board on 27 May 2023

Andrej Bostjan Makarovic

Chair of Trustees

Company Registration No. CE024112

CHAITECH DETAILED INCOME STATEMENT FOR THE YEAR ENDED 1 AUGUST 2022

This schedule does not form part of the statutory accounts.

2022 2021
£ £
Other income
Other operating income 3,000 2,000
Other
Stationery and printing - 426
Software 158 -
Donations 565 -
Accountancy fees 700 450
Advertising and PR 140 -
Other legal and professional 40 -
1,603 876
Profit on ordinary activities before taxation 1,397 1,124