MCCREA WARMSAVE CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Charity Number - 107775
MCCREA WARMSA VE CHARITABLE TRUST FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 CONTENTS Page Contents Officers Trustees, Report Independent Examiner's Report Statement of Financial Activities io Balance Sheet li Notes to the Accounts 12 Page 1
MCCREA WARMSAVE CHARITABLE TRUST FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 OFFICERS CHAIRPERSON B Mccrea TRUSTEES B Carlin Ms I Greenaway Mrs U Mccrea D Minshull INDEPENDENT EXAMINER Mrs N Taylor clo Minshull & Co, Chartered Accountants 19 Crescent Business Park LISBURN BT28 2GN BANKERS Investec Wealth and Investment 5th Floor Centre Point 58-60 Bedford Street BELFAST BT2 7DR HEAD OFFICE 12 Moss Road HOLYWOOD O DOWN BT18 9RU Page 2
MCCREA WARMSA VE CHARITABLE TRUST FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 TRUSTEES. REPORT The trustees present their annual report together with the financial statements for the period to 31 October 2024. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees have elected to prepare the financial statements in accordance with UK GAAP and confirm that they must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the charity's affairs and of the surplus or deficit for that period. The reporting framework that has been applied is the Charities SORP (FRS 102 (January 2015)). The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure the financial statements comply with the relevant legislation. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AIMS AND OBJECTIVES The charity's objects/purposes are to advance the education of the public relating to energy efficiency and renewable resources by (a) environmental preservation and conservation focusing on renewable energy and energy saving measures; (b) research and development relating to energy conservation and renewable energy. to promote sustainable development for the benefit of the public by (a) the preservation, conservation and the protection of the environment and the prudent use of resources; (b) the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities by provision of advice, training and support for the unemployed to advance employment opportunities; (c) the promotion of sustainable means of achieving economic growth and regeneration. to advance the education of the public in subjects relating to sustainable development and the protection, enhancement and rehabilitation of the environment and to promote study and research in such subjects provided that the useful results of such study are disseminated to the public at large. POWERS The charity has the power to do anything which is calculated to further its objects or is conducive or incidental to doing 50 in particular, the charity has power Page 3
MCCREA WARMSAVE CHARITABLE TRUST FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 TRUSTEES, REPORT (continued) POWERS (contd) to raise funds. In doing so the charity must not undertake any substantial permanent taxable trading activity and must comply with any relevant statutory regulations; to buy, take on lease or in exchange, hire or otherwise acquire property and to maintain and equip it for use; to sell, lease or otherwise dispose of all or any part of the property belonging to the charity. In exercising this power, the trustees must comply as appropriate with any provisions of the Charities Act (Northern Ireland) 2008 for the time being in force; to borrow money and to charge the whole or any part of the property belonging to the charity as security for the repayment of the money borrowed. In exercising this power the trustees must comply as appropriate with any provisions of the Charities Act (Northern Ireland) 2008 for the time being in force, if it wishes to mortgage land; to co-operate with other charities, voluntary bodies and statutory authorities and to exchange information and advice with them. to establish or support any charitable trusts, associations or institutions formed for any of the charitable purposes included in the purpoases; to acquire, merge with or to enter into any partnership or joint venture arrangement with any other charity formed for any of the purposes; to set aside income as a reserve against future expenditure but only in accordance with a written policy about reserves. to employ and remunerate such staff as are necessary for carrying out the work of the charity. The charity may employ or remunerate a director only to the extent it is permitted to do so by clause 28 and provided it complies with the conditions in that article; to deposit or invest funds employ a professional fund-manager and arrange for the investments or other property of the charity to be held in the name of a nominee. in the same manner and subject to the same conditions as the trustees of a trust are permitted to do by the Trustee Act (Northern Ireland) 2001; to provide indemnity insurance for the directors in accordance with, and subjett to the conditions in the Charities Act (Northern Ireland) 2008. to pay out of the funds of the charity the costs of forming and registering as a charity; Nothing in this deed restricts or excludes the exercise of the trustees of the powers given by the Trustee Act (Northern Ireland) 1958 or the Trustee Act (Northern Ireland) 2001 as regards investment, the acquisition or disposal of land and the employment of agents, nominees and custodians. Page 4
MCCREA WARMSA VE CHARITABLE TRUST FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 TRUSTEES. REPORT (continued) POWERS (contd) In addition to their statutory powers the trustees may delegate any of their powers or functions to a committee of two or more trustees. A committee must act in accordance with any directions given by the trustees. It must report its decisions and activities fully and promptly to the trustees. It must not incur expenditure on behalf of the charity except in accordance with a budget previously agreed by the trustees. The trustees must exercise their powers jointly at properly convened meetings except where they have delegated the exercise of the powers (either under this provision or under any statutory provision) or made some other arrangements, by regulations under clause 22 of the trust deed The trustees must consider from time to time whether the powers or functions which they have delegated should continue to be delegated. APPLICATION OF INCOME AND PROPERTY The property of the charity must be applied for purposes in accordance with section 2 of the Charities Act (Northern Ireland) 2008. APPOINTMENT OF TRUSTEES There must be at least five trustees. Apart from the first trustees, every trustee must be appointed by a resolution of the trustee5 passed at a special meeting called under clause 15 of the trust deed. In selecting individuals for appointment as trustees, the trustees must have regard to the skills, knowledge and experience needed for the effective administration of the charity. The trustees must keep a record of the name and address and the dates of appointment, re-appointment and retirement of each trustee. The trustees shall enter into a deed of appointment and/or retirement as appropriate as soon as practicable following the passing of the resolution at the special meeting ferred to above. The trustees must make available to each new trustee, on his or her first appointment a copy of the trust deed and any amendments made to it; a copy of the charity's latest report and statement of accounts; a copy of the charity s minutes covering the previous year's meetings; The trustees may not directly or indirectly alter the rights or obligations attached to a class of membership. No one must be appointed as a trustee if he or she is under 18 years or if he or she would at once be disqualified from office under the provisions of the termination clause below. No one will be entitled to act as trustee whether on appointment or on any re-appointment until he or she has expressly acknowledged in whatever way the trustees decide, his or her acceptance of the office of trustee of the charity. TERMINATION OF TRUSTEESHIP Trusteeship is terminated if he or she is disqualified from acting as a trustee by virtue of section 86 of the Charities Act (Northern Ireland) 2008 or any statutory re-enactment or modification of that provision; Page 5
MCCREA WARMSAVE CHARITABLE TRUST FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 TRUSTEES. REPORT (continued) TERMINATION OF MEMBERSHIP (contd) in the written opinion, given to the trustees, of a registered medical practitioner treating that person, has become physically or mentally incapable of acting as a charity trustee and may remain so for more than three months; is absent without the permission of the trustees from all their meetings held within a period of six monthsand the trustees resolve thst his or her office be vacated or notifies to the trustees a wish to resign {but only if enough trustees will remain in office, when the notice of resignation takes effect, to form a quorum for meetings). VOTING At meetings, decisions must be made by a majority of the trustees present and voting on the question. The person chairing the meeting has a casting vote whether or not he or she has voted previously on the same question but no trustee in any other circumstances must have more than one vote. CHAIRING OF MEETINGS The trustees at their first ordinary meeting of each year must elect one of their number to chair their meetings. If that person is not present within ten minutes after the time appointed for holding a meeting or if no one has been elected, or if the person elerted has ceased ot me a trustee, the trustees present must choose one of their number to chair the meeting. He or she must have no other functions or powers except those conferred by the trust deed or delegated by the trustees. QUORUM No busine55 must be conducted unless at least the greater of one third of the total number of trustees or two trustees are present througout the meeting there may be differing quorums for different business. PUBLIC BENEFIT l. a) The benefits which flow from this purpose include increased knowledge, awareness and understanding of the public about the protection of the environment. b) The benefits which flow from this purpose include irnprovement in the quality of the environment leading to enhanced health and quality of life for the public. 2. a) The benefits which flow from this purpose include promotion of economic growth, social cohesion and employment opportunities. b) The benefits which flow from this purpose include the protection of the landscape and better farming methods to ensure resources are put to best use, promotion of new skills and increased confidence of the unemployed to enable them to seek job opportunities; c) The benefits which flow from this purpose include promotion of the quality of life of those communities overseas. 3. The benefits which flow from this purpose include increased knowledge and awareness about sustainable development and protection and rehabilitation for the environment improving the future of Society. Benefits are evidenced through feedback from beneficiaries, stakeholders and funders. This purpose does not give rise to any harm. The beneficiaries of this purpose are people living in Northern Ireland, Namibia and elsewhere overseas. The benefits will be demonstrated by evidence through feedback from beneficiaries, stakeholders and funders, the public in Northern Ireland, Namibia and overseas. A private benefit to trustees may arise from attending conferences and site visits as trustees gain skills and experience which are transferable to other settings. These skills are incidental and necessary to ensure the benefit is provided to the beneficiaries RESULTS The Net Incoming Resources for the year amounted to £126,673 Page 6
MCCREA WARMSAVE CHARITABLE TRUST FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 TRUSTEES. REPORT (continued) FINANCIAL REVIEW AND RESERVES POLICY Reserves at 31 October 2024 were £131,247 all of which are readily available funds which are retained towards future activities and costs. Currently core costs are funded by the surplus of income raised over the direct costs. Expenditure is planned to provide services to support the company's objectives therefore most expense is directly for the charitable purposes. General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements if identified as such. Restricted funds are funds which are to be used in accordance with specific restrictions imposd by donors or which have been raised by the charity for particular purposes. The cost of raising and administrating such funds are charged against the specific fund. FUTURE PLANS The charity's current funding and cost structure is yet to be fully established however it intends to make such plans in the very near future so that the its services can commence being offered where needed. There are current plans to fund significant well drilling in West Africa. RELATED PARTIES Two of the charity's trustees are currently the main donors. All donations are made at arm's length. IMPACT OF COVID-19 The impact of coronavirus restrictions has now ceased. There has been no material impact on the charity's sustainability due to the low overhead model and healthy reserves. The trustees are satisfied that the charity can continue to endeavour to achieve its objectives. GOING CONCERN The trustees, having considered the charity's income streams, financial means and strategy for dealing with issues such as the impart of Covid-19, over the next 12-18 months, are satisified that the going concern basis is appropriate. Page 7
MCCREA WARMSAVE CHARITABLE TRUST FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 TRUSTEES, REPORT (continued) AUDIT EXEMPTION In accordance with the provisions of the Charities Act (Northern Ireland) 2008 the charity is exempt from the statutory audit requirement. TAX STATUS The charity is registered with the Charity Commission for Northern Ireland at reference No.107775 and is now registered with H M Revenue and Customs at reference N101405. SMALL COMPANY RULES This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 (c46) relating to small companies and in accordance with the Financial Reporting Standard 102 Section la Small Entities. INDEPENDENT EXAMINER The independent examiner, Nicola Taylor FIATI of Messrs Minshull & Companyi Chartered Accountants and Registered Auditor, offers herself for re-appointment as independent examiner. BY ORDER OF THE BOARD B Mccrea Chairperson Date 23 July 2025 Page 8
INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF MCCREA WARMSAVE CHARITABLE TRUST I have examined the financial statements, on pages 10 to 15, which comprise the Statement of Financial Activities, Balance Sheet and related notes of Mccrea Warmsave Charitable Trust for the year ended 31 October 2024. The financial reporting framework that has been applied in their preparation is applicable law and Financial Reporting Standard 102, Charities SORP (FRS102) and the accounting policies set out therein, Respective responsibilities of trustee5 and examiner The charity's trustees are responsible for the preparation of accounts. The charity's trustees consider that an audit is not required for this year under section 65 of the Charities Act (Northern Irelansd) 2008 and that an independent examination is needed. It is my responsibility to examine the accounts under section 65 of the Charities Act follow procedures laid down in the general directions given by the Charity Commisssion for Northern Ireland under Section 65(9){b) of the Charities Act state whether particular matters have come to my attention. Basis of independent examiner's statement My examination was carried out in accordance with general directions given by the Charity Commission for NI, as required under section 65(9)(b) of the Charities Act (Northern Ireland) 2008. 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 the 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. My role is to state whether any material matters have come to my attention giving me cause to believe: l. That accounting records were not kept in accordance with Section 63 of the Charities Act 2. The the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounting requirements of the Charities Act 4. That there is further information needed for a proper understanding of the accounts to be reached. Independent examiner'5 Statement I have completed my examination and have no concerns in respect of the matters l. to 4. listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. N Taylor FIATI - Independent Examiner Date 23 July 2025 Page 9
MCCREA WARMSA VE CHARITABLE TRUST FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024 2024 2023 INCOMING RESOURCES Note Unrestricted Grants and Donations Investment Income 126,512 2,860 1,152 213 129,372 1,365 RESOURCES EXPENDED EXPENDITURE ON CHARITABLE ACTIVITIES Direct Costs Restricted Fund Activities Contribution to Overheads Total Total Income less Direct Charitable Expenditure 129,372 1,365 GOVERNANCE AND SUPPORT COSTS Bank Charges Impairment of Investments Accountancy & Examination Fees 515 672 1,512 35 2,497 1,152 Total (2,699) (3,684) Net Income(Expenditure) for the Year 126,673 (2,319) Total Funds Brought Forward at l November 2023 4,574 6,893 Total Funds Carried Forward at 31 October 2024 131,247 4,574 The notes on pages 12 to 15 form part of these accounts Page 10
MCCREA WARMSA VE CHARITABLE TRUST FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 BALANCE SHEET AS AT 31 OCTOBER 2024 Note 2024 2023 Fixed Assets Fixed Asset Investments 3,424 4,096 Current Assets 4 127,863 482 Current Liabilities (amounts falling due wlthln one year) (40) Net Current Assets 127,823 478 Net Assets 131,247 4,574 FUNDS Unrestricted Funds 131,247 4,574 Restricted Funds Balance at 31 October 2024 131,247 4,574 The trustees acknowledge their responsibility for complying with the requirements of the Act with respect to the accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Approved, and authorised to be issued, by the Board of trustees on the date below and signed on its behalf by B Mccrea Chairperson Date 23 July 2025 The notes on pages 12 to 15 form part of these accounts Page11
MCCREA WARMSAVE CHARITABLE TRUST FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 NOTES TO THE FINANCIAL STATEMENTS I. ACCOUNTING POLICIES The following accounting policies have been used consistently in dealing with items which are considered material in relation to the charity's financial statements. (a) Basis of Preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities,. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 Section la){effective l January 2015), (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The company meets the definition of a public benefit entity under FRS 102. Assets and liabilities a inltially recognised at historical cost or transacton value unless otherwise stated in the relevant accounting policy note. (b) Reconciliation With Previous Generally Accepted Accounting Practice In preparing the accounts, the trustees have decided that in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 no restatement of comparative items was required. (c) Preparation of the Accounts on a Going Concern Basis The company reported £126,673 cash inflow for the year and the trustees have formulated a strategy that will secure the immediate future of the company for the next 12 to 18 months and on that basis the charity is a going concern. (d) Income Income is recognised when the company has entitlement to the funds, any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. Income from government and other grants, of a revenue nature, is recognised when the company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not repayable to the funder. Capital grants are amortised in line with the depreciation of the associated assets, the purchase of which has been, funded by said grants. (e) Donated ServÉces and Facilities Donated professional services and donated facilities are recognised as income when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the item by the charity is probable and the economic benefit can be measured reliably. In accordance with the Charties SORP (FRS 102) general volunteer time is not recognised. On receipt. donated professional servlces and donated facilitie5 are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain Services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. (f) Interest Receivable Interest on funds held on deposit is included when recelvable and the amount can bemeasured reliably by the company, normally upon notification of the interest paid or payable by the financial institution. Page 12
MCCREA WARMSA VE CHARITABLE TRUST FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) (g) Fund Accounting Unrestricted funds are available to spend on activities that further any of the purpoes of the company. Designated funds are unrestricted funds of the charity that the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the company's work. (h) Expenditure and Irrecoverable Value Added Tax Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be requireed and the amount of the obligationcan be measured reliably. Expenditure is classified under the following activity headings: costs of raising funds comprise the costs of commercial trading expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the company governance and support costs include all other costs Irrecoverable Value Added Tax is charged as a cost against the activity for which the expenditure was incurred. Support Costs Support costs are disclosed separately in the Statement of Financial Activities. (Ji Tangible Fixed Assets and depreciation Tangible fixed assets costing £200 or more are stated in the accounts at original cost less depreciation in order to write off the cost of fixed assets, over their estimated useful lives, using the following annual rate Fixtures, fittings and equipment 200/0 Straight line {k) Debtors Debtors and accrued income are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid. Cash at Bank and in Hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or simialr account. (m) Creditors and Provisions Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after any discounts. (n) Financial Instruments The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instru ments are initially recognised at transaction value and subsequently measured at thei r settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 13
MCCREA WARMSAVE CHARITABLE TRUST FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) (o) Charity status and members liability The charity is unincorporated. 2. YEAR'S SURPLUS IS STATED AFTER CHARGING(CREDITING): 2024 2023 Accountancy Fees Examination Fees 574 938 576 576 3. FIXED ASSET INVESTMENTS TOTAL COST at l November 2023 Additions 11,576 at 31 October 2024 11,576 PROVISION FOR IMPAIRMENT at l November 2023 Charge for the Year 7,480 672 at 31 October 2024 8,152 BALANCE SHEET VALUE at 31 Ortober 2024 3,424 The value of the above investments had not recovered by the date of approval of the financial statements therefore further provision for impairment of £672 has been made reducing the carrying value to the market value at the date of signing these financial statements. 4. CURRENT ASSETS 2024 2023 Gift Aid Receivable Cash at Bank and In Hand 25,000 102,863 482 127,863 482 5. LIABILITIES (Amounts falling due within one year) 2024 2023 Accruals and Deferred Income 40 40 Page 14
MCCREA WARMSA VE CHARITABLE TRUST FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) 6. FUNDS Unrestricted 2024 Restricted 2023 2024 2023 Balance at l November 2022 (Deficit)Surplus for the Period 4,574 126.673 3,858 716 Funds at 31 October 2023 131,247 4,574 7. TRUSTEES The trustees received no emoluments or expenses payments during the year. 8. EMPLOYEES Number of employees There are no persons employed by the charity during the year. 9. CORPORATION TAX The company is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Att 1992 to the extent that these are applied to its charitable objects. Page 15