THE NENO MACADAMIA.TRUST
REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Charity Number:
1184698

THE NENO MACADAMIA TRUST
REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENT8
Page
Report of the Trusle8S
3105
Independenl Exanilners Report
Income and Expendllure Account
Balance Sheet
Notes to the Accounts
91010
Page 2oflO

THE NENO MACBDAMIA TRUST
REPORT OF THE TRUSTEES
FOR THEYEAR ENDED 31 DECEMBER 2023
.The.TYustee9 present thelr annuBI report for the perlod ended 31 Decembtsr 2023.
OBJECTS
The ob5ecls ol Ihe TrLk81 are the alevlalion of PDverty and the Improvement of the condili¢ns ol Ilfe In 8o¢lalty
'and eoonotnl¢ally disadvantaged communltles, in parU¢ular Neno and Iho adja¢ent distric18 In Malawl, Afrlca,
as th'e tiuslee$ n)ay from to tlm6 dlrect.
. PRINCIPAL ACT:IIiITIES
The.￿IncIpal.8￿mlle6 conlhued lo be:
Suppoitlng Qooperallves. smallholder nurseTie5, Infrastniclurè and tralnlnu fodliti@g, Includlng:
Ègtsbllshlng nurseiles, Ire& p18nllng and tree surveys
- the NESMACSLwarelM)use and nursery
the Neno Vocational Trainlng Cenlie
coopeTative warehouse and Indivldual smaltholder d￿nll racks
Fadlitating lo resources for Ihe smaltholder macadamia Industry In Malawl through
HIMACUL, Including..
falrlrade certificallon and 8ecurlng trade finan
blrylng Jnacadafflla from faimeFS (nut In shelll
- sorfngi gradlng and Iran8POrt to macadarrila lactory
falrtrade sales In Europe Ihrough Llberatlon Foods
Developlng e¢onoml¢, soclal and en￿ronmental actiwlles dellvered by HIMACUL for smallholder
acadamia larmer8, Inc￿￿1￿9..
. agrofore8tsy systems
environmonl prolecllon, soll and waler conseN8tlon
buslness plannlng for rural enlerpiises
cooperallve tralnlng, ernployment and ¢ommunlty davelopment
Focused on the serrfices provlded by HIMACUL to smallholdei8, Including:
- elderty farmers growing macadamla a8 a retirement and Inheritance crop
Iralning and nulrltion for ehlldren and young peoplè
rural enèrgy and waste management
environmental setvice paymenl systsms
ORGAN18ATION
,T.hè prlndp&l office L8 42 Harpur Street, Bedford, MK40 2QT.
..OFFIGERS & ¢OUNCIL MEMBERS
, Th8 offloers and counoll member8 who served durlng Ihe year wera:
Chalrman Mr Andrew Emmott
Seorelary Mi St8v&n Goodman
Treasurèr Mr RlchaTd Llndley
Tru8tèes Mr T1￿01hY Emmott
Mr Davld Ascoti
Mr John 48cott
Page3of10

THE NENO MACADAMIA TRUST
REPORT OF THE TRUSTEES
FOR THEYEAR ENDED 31 DECEMBER 2023
CHAIRMAN'S ANNUAL REPORT FOR 2023
Charfloble oblect¥'. The allevlallon of povety and the Improvement of the condltlons ol lile In socially and
economicalty (Jfsadvanlaged communKles. Ir) pailS¢ular Neno and Ihe adjacent districts in mala￿ a8 the trustee8
may from lime lo tlmè dkeol,
Reflectlons on the pa5tyear Malawl
The long-term Impa¢t of muluple global criseg comblned wilh Increa61ngly regular floodg and droughts continue
to ¢reate 8lgnlf￿a￿t challenges for Malawlan farmers and the widèr economy. Hlgh levels of fertllizer and food
prlce Inflallon weTe exaGerbated by further thsrupuon lo global Supply chalns wth shlpplng lanes In tho Red Sea
Impacting Imports and export8 to and from Malaw.
In splte of the economlc challenges laclng the macadamia Industry. the crop ts 8&en to b& of SIg￿riCant
Importan¢0 for mala￿,8 transltion away from rellanoe on tobacco. Thls Is refie¢l¢d by a number of new
Inilalfve8 In tho donor community suoh a$ the FCDO Malawi Value Chaln Prolecl whlch 5$ Io¢uBed on
SUPPDrting medlum sized ma¢adamlH and mango farme￿ to enter èxport value ¢halns. NMT1s WOTklng closely
wSth HIMACUL lo eKplore option8 10 8UPPOrt More smallholdei f8rmer$ b&coMe Mèmbels and receive 9erylces
8uch as CDMC tree carbon payments.
Macadamla conflnues to provlde farmers wlh ftsod and Income seourlty that annual crops don't pro￿de durlng
the hunger months In Malawl. Dls¢usslons vfilh macadamla farmers tell us Ihat not only18 Ihe crop belng sold
into the export markets bui It has beGoffle an Integral patl of Ihg diBt of tho farmlng famllies Ihet grow the ¢rop.
ThLs highly nulrlUou8 food Is supplementin9 0 malze ba8ed diel wlth tho potential for significant Impaels that
need mor6 detallad analy$ls.
NMT A¢tivltle$ 2023
In 2023, NMT made tt5 61h annual Caibon Damage Mlttgallon Ceitifio&le (CDMC> payments to HIMACUL and
Ihe farmers from Its 2022 macadamia tree Burvey and started Et$ 71h (20231 survey.
NMT had a suocesBful year engaging with Indlviduals and partner organlsauons who have commthd to U8e
NMTS CDMC'S lo Millgate their carbon footprint￿th NMT'8 Carbon calculator for alr travel, dom8sllc. v&hld& or
general C02 emlsslons:
http.'Ilnenom8cadamlatmst.co.uklNMTCarbonCal¢t¢lator.hlml .
NMT'S parlnershlp with Profs Who Fly led to OUT firstyear of CDMC purchases￿1h Imperlal Collègè London
8uslness School. During the yegr we also secured support from Ihe Candrlam Inslilulè whleh wts hope wll lead
to a long-leTm partnershl) whi¢h In part wll support NMT'S appll¢alion to Plan Vivo.
NMT Is pleased to report that Emmanuel Zuza, the Open Unlverskty GDRF PhD sludent su¢¢essfully defended
hls PhD Ihesis whlch sludled the Impact of different agroecological zones on ffve ma¢adamla cullwots grown by
smallholder farmers.
NMT'S partnershlp conlnued Trmlh the Open Un￿erSIty course SDT306 Envlronmenl.. Responthng to Change
(hltp'.Ilvhw.open.ac.ukJcourseslmodule818d1306). And. the OU Post Graduate Offl¢e's proJe¢t wlth Marslon
Vele Communlty Forest to plant trees In the UK and Malawi In re¢ognlUon of graduating PhD students
(htlp8JlvwM.open.a¢.ukJresearchln8wslou-¢elebrale8-POgtgraduale-regoarch-sb]dents-planttng4fees).
The ongolng Support from IndMdual$ and from partnèr organlsattons continues to be gralgfuty recelved and we
are encouraged by an increase In tho rbumber of rogular donatiorbs. Desplle the uncertalntles of tha past ye8r,
NMT'S finances including CDMC paymerbts have remalned se￿re. NMT looks foThvard lo worklng wlth
HIMACUL and our partners to be even more focused on how farmers In Malawl can become re8lllent to dlmat8
shooks.
Poge4of 10

THE NENO MACADAMIA TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
TRANSACTIONS AND FINANCIAL POSITION
The Income and Expeiidllure Accounl shows & nel surplus for the year of £677 (2022 £1,299). Tho Balanc
Sheet shows total funds of £5,806. The cash at bank shows a balance of £5,80fj.
RESERVES AND RISK MANAGEMENT
The present level of fundlng l*'.¢onsldered adequate lo support the conlinulng opgrallons, and the Trustees
consld8rth6 fln8nclal posltion to bg sAllsfaclory with £4,006 01 unreslrfcled r8s8rves.
The Tnislees 8ollvgly revlew as part of Ihelr regular board meellngs all potènllal areas of risk faced.
ProGedures are In ￿￿ce to Idenllfy and fftllloEtle risks arlslng from adverse condlllons.
Page S of 10

Independent examlnerfs reportto the Trustees of The Macadamla Trust
I report on the aceounts of the Trust for the perlod ended 31 December 2023, whlch are set OLFt on pages 7 to
io,
Respective re$ponslbllltles of the Trustees and the exgmlner
The Trustees are responslble forthe prep4ratlon of the accounts. The Trustees conslder that an Independent
examlnation is needed.
It Is my responslbllltyto:
examine the accounts.
to state whether partlcular matters have come to my attention.
Basls of Independent Èxamlnerfs report
An examination It)cludes a revlew of the accountlng records kept by the assoclatlon and a comparlson of the
accounts presented wlth those records. It a150 includes conslderation of any unusual Items or dls¢losures In
the accounts, and seeklng explanatlons from you as commlttee members COn￿rnIng any su¢h matters, The
procedures undertaken do not provlde all the evldence that would be requlred In an audlt and consequently
no opinion Is glven as to whether the accounts piesent a'true and fair vlew. and the report is limited to
those matters set out In the statement below.
Independent examlnerfs statement
In connection wlth my examlnatlon, no matter ha5 come to my attentlon:
111 whlch glves me reasonable cause to belleve that In any materlal respectthe requlrements:
to keep accountlng record,. and
to prepare accounts whleh ae¢ord wlth the accountlng records and Comply wlth the
accuuntlng requlrements
have not been met; or
121 to whlch, In my oplnion. attentlon should be drawn In order to enable a proper understandlng of
the accounts to be reached.
Colln Rawllng
65 Water Lane, Wo
Date-
1> , 8.
on. Northampton, NN4 6HH
Page6 of 10

THE NEt40 IIAGAOAMIA TRUST
INGQME AND EXPENDITURE ACGQUNT
FOR THE YEAR ENDED 31 OECEMBER2028
31
Dec4mbBr
2023
$1
Deeember
2022
NOT&S
UTrré51rfcle
Unre5tr1cte
Restslcied
Total
Restrtcted
Tot41
IN¢OMF
C*niUonslncludlw tsIAA
14,634
14,
13W5
13F
CaiF4Jfi Damage MNIBoUon CoMco10S
5,017
5,017
6.240
6.24Q
Rostricied d(￿all￿￿-{T pr¥lq¢t$
Nur8£￿￿5 Ptoled
grlrbwè
81
948
TOTAL
1,000
19,718
20,718
7,Q4
13P99
20P¥¥
EXPENDITURE
DthaUoRlo HIMACL
15,375
15,375
11.$50
11,SYJ
Corbon D8*ragg M￿g￿lI)nc8rI￿Cat4s disbuTsgn￿nI
3,314
3M14
6,282
6,845
Bankchargèsand Fws
216
218
327
327
Ir80Nke• LI￿nCeS
1.101
1.1C11
CtherExpensos
4S
44
44
TofAL
20.0ts1
2D,062
6,282
19,852
19.684
Surplu$lDeficltl lOr￿&r
00
333
768
84f
1,299
Pao9 70110

THg MFNO MACADAMIA TRUST
BALANCE SHEET ASAT 31 DE¢EMPER 2023
A8 al 81 De¢
2023
As at31 Dec
2022
NOTES
CURREIIT ASSETS
ank balance
5.139
5,806
139
¢ftEOITORS: AMOUNTS FALLIKG DUEWITrtIN ONE YEA
NET CURRENT ASSETSIILIABILITIESI
5.139
NET ASSETSI(LIABILITIESI
4139
Flnlnced by.,
RESERVES
Genoral r66eN6
Rwtrf¢ted re$erve. Nur$eDg0 ProléGts
Re8trl¢ted re¥eNe- IT Pr¢Je¢t
BO￿nCe atend gfye8r
806
5.139
Andrew Emmo
chalrfflgn
Rl¢hard Llndl
Trea8ixe
Paoe 80110

THE NENO MACADAMIA TRUST
NOTES TO AGCOUNTS
FOR THEYEAR ENDED 31 DECEMBER 2023
I, Accoyntlng Pollcles
cvunllng ¢onventlon
Tha 8(wunls have been prepar8d underlh& hlsloric81 cost cenvèntlon.
In¢omè
Donauons are 8c¢ounled for on a recelpts ba81& In re8pèd o101hèr Incomè accounlls taken ol knovm aniount8 due but
UIW'81d.
Expenilllure
Expenditure Is ac¢ounted for on a cash a¢couTrting bas(s 2nd has been class5fi8d under headlngs that 8ggr¢gats all cost re18ted
te th& cateutrry.Whgre cannot bg direcuy attr[￿ted Io particular h6*dings Ihey have been allocatsd lo a¢b*ib¢s Qn a ba￿S
con61stsn¢Yfith lh8 Use of r8sources.
Taxatlon
Tho charity18 8xempt from lax on tts charft8ble activSties
Fund accountlng
The charlty has bolh r&tslri¢ied and unrostrKled reserves. Restricted reseNes can onty be used forthe purpo80 kndsYier6
donoted for, %thile unrestrlclted funds bo usgd In a¢cordanc8 I4￿th th6 ehsritablo oblectmes ol tho trust al thu dTrsGretlon of
th? twslees.
2. Tiustees, RemungTatlon and Bentflts
The trustee's dld not receiva any r6m¢jnèra￿fjn or benefftsfor thelr role 881wstèe durfng the year endgd 31 December2023 nor
forlhg y68r ended 31 December 2022.
3. Dgbtoi$
The only assots ofthg tnJ$l 8r8 bank acuunts.
4. Gredllor5
Thè trust doss hot have any¢uMent Ilabllitios12022 £Nill.
P&g89of10

THE NENO MACAOAMIA TRUST
NOTES TO ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
S, Movement offund8
A8 at 31 Movoment
Dec 2022 In funds
Asat31
Dec 2023
Re$¢ivos
General reserve
Reslri¢led re8eNe- Nur8eries Projects
Reslilcled reseNe- IT Prole¢l
4.339
800
13331
4.Th)6
1,0
1,(M)O
Totsl fundg
S,139
667
Nel Movemant In lund4 Included In the above 8r6 a8 foll
rranÈfer
In¢omlng Re60urces befv¢een
resour¢es expendeil
reserves
Movement
in funds
Reserves
Gene￿4 r¢sewo
Restricted resetve- Nur8erle8 Projects
Reslricled resetve- IT Piolecl
19,718 120,051)
13331
1,000
1.000
Total lunds
20,718 120,0511
667
Page 100110