2024-12-31-accounts - The Neno Macadamia Trust (Malawi)

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THE NENO MACADAMIA TRUST

REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Charity Number: 1184696

THE NENO MACADAMIA TRUST

REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

CONTENTS	Page
Report of the Trustees	3 to 5
Independent Examiners Report	6
Income and Expenditure Account	7
Balance Sheet	8
Notes to the Accounts	9 to 10

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THE NENO MACADAMIA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report for the period ended 31 December 2024.

OBJECTS

The objects of the Trust are the alleviation of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities, in particular Neno and the adjacent districts in Malawi, Africa, as the trustees may from time to time direct.

PRINCIPAL ACTIVITIES

The principal activities continued to be:

Supporting cooperatives, smallholder nurseries, infrastructure and training facilities, including:

establishing nurseries, tree planting and tree surveys - cooperative warehouse and individual smallholder drying racks

Facilitating access to resources for the smallholder macadamia industry in Malawi through HIMACUL, including:

fairtrade certification and securing trade finance
buying macadamia from farmers (nut in shell)
sorting, grading and transport to macadamia factory - fairtrade sales in Europe through Nutcellars

Developing economic, social and environmental activities delivered by HIMACUL for smallholder macadamia farmers, including:

agroforestry systems
environment protection, soil and water conservation
business planning for rural enterprises
cooperative training, employment and community development

Focused on the services provided by HIMACUL to smallholders, including:

elderly farmers growing macadamia as a retirement and inheritance crop - training and nutrition for children and young people
rural energy and waste management
environmental service payment systems - Plan Vivo Certification

ORGANISATION

The principal office is 42 Harpur Street, Bedford, MK40 2QT.

OFFICERS & COUNCIL MEMBERS

The officers and council members who served during the year were:

Chairman Mr Andrew Emmott

Secretary Mr Steven Goodman

Treasurer Mr Richard Lindley

Trustees Mr Nick Emmott Mr Martin Hamilton

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THE NENO MACADAMIA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

CHAIRMAN'S ANNUAL REPORT FOR 2024

Charitable objects: The alleviation of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities, in particular Neno and the adjacent districts in Malawi as the trustees may from time to time direct.

Reflections on the past year Malawi

The long-term impact of multiple global crises combined with increasingly regular floods and droughts continue to create significant economic and climatic challenges facing farmers in Malawi and the wider economy continued through 2024. Our long term conviction, based on anecdotal feedback, has been that farmers growing macadamia are buffered to some extent from food and income shocks that annual crops don’t provide during the hunger months in Malawi. With macadamia becoming integrated into farming family diets and the provision of a new income stream was a priority for NMT and HIMACUL to understand better.

NMT Activities 2024

MT’s partnership continued with the Open University course SDT306 Environment: Responding to change (http://www.open.ac.uk/courses/modules/sdt306). And, the OU Post Graduate Office’s project with Marston Vale Community Forest to plant trees in the UK and Malawi in recognition of graduating PhD students (https://www.open.ac.uk/research/news/ou-celebrates-postgraduate-research-students-planting-trees).

In Q4 of 2024 NMT with Nutcellars secured a Societal Challenges Project with the Open University which will help us better understand the farmer’s perspective of the climate mart Macadamia Agroforestry system HIMACUL is developing with its farmer members. NMT also secured support for the 2[nd] year from the Candriam Institute to support our tree planting and development of the our Carbon Damage Mitigation pilot alongside our partnership with Profs Who Fly and Imperial College London Business School. In September 2024 NMT and HIMACUL joined the Plan Vivo (PV) Foundation Accelerator program which is designed to provide small projects like ours develop a Project Design Document in the lead up to international accreditation under the PV voluntary carbon standards.

In June NMT and Nutcellars visited Malawi and had the opportunity to engage with the FCDO Malawi Macadamia Value Chain (MVC) project managed and the USAID Growth Poles (GP) project. This lead NMT, Nutcellars and HIMACUL establishing and MOU with GP and to explore potential technical support from MVC.

In 2024, NMT made its 7[th] annual Carbon Damage Mitigation Certificate (CDMC) payments to HIMACUL and the farmers from its 2023 macadamia tree survey and started its 8th (2024) survey.

NMT continued to engage with individuals and partner organisations who have committed to use NMTs CDMC’s to mitigate their carbon footprint with NMT’s carbon calculator for air travel, domestic, vehicle or general CO2 emissions: http://nenomacadamiatrust.co.uk/NMTCarbonCalculator.html .

The ongoing support from individuals and from partner organisations continues to be gratefully received and we are encouraged by an increase in the number of regular donations. Despite the uncertainties of the past year, NMT’s finances including CDMC payments have remained secure. NMT looks forward to working with HIMACUL and our partners to be even more focused on how farmers in Malawi can become resilient to climate and economic shocks.

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THE NENO MACADAMIA TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2024

TRANSACTIONS AND FINANCIAL POSITION

The Income and Expenditure Account shows a net surplus for the year of £10,893 (2023 £667). The Balance Sheet shows total funds of £16,999 (2023 £5,806). The cash at bank shows a balance of £ 16,999 (2023 £5,806).

RESERVES AND RISK MANAGEMENT

The present level of funding is considered adequate to support the continuing operations, and the Trustees consider the financial position to be satisfactory with £15,899 (2023 £4,006) of unrestricted reserves.

The Trustees actively review as part of their regular board meetings all potential areas of risk faced. Procedures are in place to identify and mitigate risks arising from adverse conditions.

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Independent examiner’s report to the Trustees of The Macadamia Trust

I report on the accounts of the Trust for the period ended 31 December 2024, which are set out on pages 7 to 10.

Respective responsibilities of the Trustees and the examiner

The Trustees are responsible for the preparation of the accounts. The Trustees consider that an independent examination is needed.

It is my responsibility to:

examine the accounts;
to state whether particular matters have come to my attention.

Basis of independent examiner’s report

An examination includes a review of the accounting records kept by the association 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 committee members 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 keep accounting record; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements

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.

Colin Rawling

65 Water Lane, Wootton, Northampton, NN4 6HH Date: 25 August 2025

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THE NENO MACADAMIA TRUST

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES INCOME Donations including Gift Aid 1 Carbon Damage Mitigation Certificates Restricted donation - IT projects Other Income TOTAL EXPENDITURE Donation to HIMACUL Carbon Damage Mitigation Certificates disbursement Consultancy fees Other Expenses TOTAL Surplus/(Deficit) for year	31 December 2024 Restricted Unrestricted Total £ £ £ - 18,496 18,496 - 23,434 23,434 - - - - 720 720 - 42,650 42,650 - 22,809 22,809 - 4,775 4,775 - 1,500 1,500 1,000 1,673 2,673 1,000 30,757 31,757 (1,000) 11,893 10,893	31 December 2023 Restricted Unrestricted Total £ £ £ - 14,634 14,634 - 5,017 5,017 1,000 - 1,000 - 67 67 1,000 19,718 20,718 - 15,374 15,374 - 3,314 3,314 - - - - 1,363 1,363 - 20,051 20,051 1,000 (333) 667

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THE NENO MACADAMIA TRUST

BALANCE SHEET AS AT 31 DECEMBER 2024

NOTES CURRENT ASSETS Bank balance CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 4 NET CURRENT ASSETS/(LIABILITIES) NET ASSETS/(LIABILITIES) Financed by: RESERVES General reserve 5 Restricted reserve - Nurseries Projects 5 Restricted reserve - IT Project 5 Balance at end of year Andrew Emmott Chairman Richard Lindley Treasurer	As at 31 Dec 2024 16,699 16,699 - 16,699 16,699 15,899 800 - 16,699	As at 31 Dec 2023 5,806 5,806 - 5,806 5,806 4,006 800 1,000 5,806

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THE NENO MACADAMIA TRUST

NOTES TO ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting Policies

Accounting Convention

The accounts have been prepared under the historical cost convention.

Income

Donations are accounted for on a receipts basis. In respect of other income account is taken of known amounts due but unpaid.

Expenditure

Expenditure is accounted for on a cash accounting basis and has been classified under headings that aggregate all cost related to the category.Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The charity is exempt from tax on its charitable activities

Fund accounting

The charity has both restricted and unrestricted reserves. Restricted reserves can only be used for the purpose the funds were donated for, while unrestricited funds can be used in accordance with the charitable objectivies of the trust at the discretion of the trustees.

2. Trustees' Remuneration and Benefits

The trustee's did not receive any remuneration or benefits for their role as trustee during the year ended 31 December 2024 nor for the year ended 31 December 2023.

3. Debtors

The only assets of the trust are bank accounts.

4. Creditors

The trust does not have any current liabilities (2023 £Nil).

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THE NENO MACADAMIA TRUST

NOTES TO ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5. Movement of funds

Reserves General reserve Restricted reserve - Nurseries Projects Restricted reserve - IT Project Total funds Net movement in funds, included in the above are as follows: Reserves General reserve Restricted reserve - Nurseries Projects Restricted reserve - IT Project Total funds	As at 31 Dec 2023 Movement in funds As at 31 Dec 2024 £ £ 4,006 11,893 15,899 800 - 800 1,000 (1,000) - 5,806 10,893 16,699 Incoming resources Resources expended Transfer between reserves Movement in funds £ £ £ £ 42,650 (30,757) - 11,893 - - - - - (1,000) - (1,000) 42,650 (31,757) - 10,893

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