TheTriangleTrust
1949 Fund
REPORT AND FINANCIAL STATEMENTS
FOR YEAR ENDED
31 MARCH 2025
Registered Charity Number: 222860

TheTriavJleTrust
CONTENTS
Page
Trustees. report
Independent audilorfs report
14-16
Statement of finana81 activities
17
Balance sheet
18
Statement of cash flows
19
Notes to the accounts
20-33

TheTriangknTn￿t
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Thg Trustees present theSr report 8nd financlal statements for the year gndgd 31 Marc*b 2025.
Thg financial statements have been prepared in accord8ncg with the aceounling pollcies set out in note 1 to
the financlal statements and comply with the charity's trust de8d, the Charities Act 2011 and °Accounling and
Reports'ng by Chartties,, Ststsment of Recommended Practice applicable lo charities preparing their financial
$tolem8nls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS 102). las amended for accounting period8 commencing from 1 January 2019).
Objectl¥es and aetivrtiès for the public benefit
The Tri8ngle Trust 1949 Fund is a grant giwng tharftable trust that was set up by Slr Harry Jephcott In 1949,
when he was rnanaging director of Glaxo Laboratories Limited. The objects of the Trust as set out in the Trust
Deod are to support..
The education and 811gviabon from poverty of past or pre88nl employees of the phamaceutlcal industy,
and their dependents,,
The promotion of a gocd slondard of health in the communmy. inclLKling recreational fadlltles and
medlcal welfare.,
Such charitsble activities as the Trustse8 may detemiirte.
The Trustees havg adopted a policy of selecting third party organisations lo which they make most of their
grants under thè wider charitable object of the Trust. Small grants are also made to indimduals who have r81ired
from the ph8rniaceulical industy.
I the Triangle Twsl 1949 Fund's grant giving aclivili8s focus on supporting organi$atHJns hglping Ihosg who
arg disadvantaged or in n8gd of speGific help and as such deliver public bengfit. The Trustees ￿nfIrM that
they have ref8rrgd to Ihe Charity Commission's guidance on public benefit when developing the current
misslon, vlslon. 8nd oblèdves for the TnJ8t covering the perlod April 2024 to March 2025..
V181on.' For evary person In th8 UK to have the opportunlty to aGhievg their potential and participate in and
contrlbule to all aspects of life.
Mlsslon." To fund community and voluntsry organisalions provldlng laroeted hIgh￿UalitY support to those in need
and delivering long-tem) impact.
ObJeGtlves:
1. To support organisalions working with young peop16 in contact wlth the crimlnal lustice system, or at high
risk of becoming so, lo enablo Ihgm to move on positively wilh their lives and either avoid reoffending or
receivlng a first conviction.
2. To have a slraighttorward transparent approach lo gr8nt glvlng, maklng it easy for applicants lo apply.
3. To monitor and evaluate to keep our grants relevant.
4. To apply gcrf)d govemance to all th81 we do.
Overview
This has been a busy and excibng year as we entered the second year of our five-year strategy. After detalled
dlscussions Trustees agreed lo focus our assets on supporting work solely around young women and girfs who
are either already involved in the crfmlnal Justice systsm or on the edge of rt. This decislon was reached after
Trustees considgred the gaps in the sgdor for work wtlh young women and glrls Ib8S8d on our own experience of
r8ceSvino limited numbers of appli(slions focused solely on females and sector research) and agreement on
where we could add most value with our limi18d assets. This is in line with Trustee's decision In 202310 have an
annual focus for fundlng.
Funding continued lo be divided be￿en project and strategic grants. wllh a slrateglc grant being awarded to
Agenda Alliance towards their work with glrfs whg are excluded from ￿ucatIOn and Prison Reform Trust for their
work focused on allematlve 8enlenc8s for womgn other than prison.
We 81so began lo work wlth Upshot as part of our Monitoring, Evaluation and Leamlng strategy to provide a
plarform for grantees to report progress towards their project outcomes on as well as providing them with tools to
support their own approach lo understsnding and evidencing th8 dlfference that their work is making. This also

TheTriangleThwst
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2025
contributes to the Trusvs abllty to better understsnd the difference Ihat we are contributing to as a lunder.
We continued running th8 Spark Programm8 With Cranfi'eld Trust, providing grantees with opportunities lo
ne￿Ork, learn from each olhgr and benefit from free consullanGy and mentoring support.
Grant making policy
In line with Objective 1 above, in April 2023, the Trust launched a new five-year slralggy focused on supporting
work aimed al young pgople in ojntact with the criminal justic8 system or those who are highly vulnerable lo
becoming so. In 2023 Truste8s agr8ed that the focus of the funding would be tri support prolecls that used a Sport
4 Development approach, ¥Mlh the focus for 2024 being young women and girls.
The fheory of Change that was devoloped for this strategy is shown below and runs from 2023-2028.
Activity
Outcome
youiirJ ponplo rllQ
reduco
' ￿Wjl￿Jcd
Due to the focu3 of the strategy being on young women and girls. Trustee5 agreed that the annual income
threshold lor applicants that had been in place, and had been £1.5m. should be removed. This was in recognition
of the fact that there are a limited number of players delivering work with young wom8n and girls and sorne of
those organisations who would be likely lo apply eX￿eded that limit.
We a150 revi8W8d our approach lo the type of organisation8 that would be eligible to apply. After the publication of
ROSA'S research report, Alapping the UK Women and Girts Se¢tor and Its Funding." Where Does the Money
Go?. Trustees wer8 ¢oncemed by the findings that highlighted that the women and girls sector is not getting the
investment11 needs or deserves. The research rev8al8d that the women and girts sector in the UK is in urgent
need of investment and support, with the women and girls sector recelving just 1.8 10 of the £4.1 billion worth of
grants awarded to charities in 2021. The additional finding, that one third of all grants for ￿omen and girls,
focused activity (worth £24.7ml went lo organis8b.ons with no specific focus on women and girts, led Trustees lo
decid8 that funding organisations lad 'by and for womgn ond girls, would b8 a key part of the strategy for the year.
Thè first funding round solely funded organisath'ons led by and for women and girfs and the Se￿nd round relaxed

TheTrknngknTrust
I￿19 kuiiLI
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2025
this criteria slightly. in recognition of the faGt that some organisalion$ led by women do work with small numbers of
moles. Therefore, the cdleria was amended to allow organisations, for who al least 800A of their total beneficiaries
were women and girls. to apply.
In recognition of the fact that young women and girfs have a number of unique challenges we adjusted the age
range of the fvnding opportunity lo 11-30 to reflect the fact that projects working wilh young women tend to
support them for longer. Funding was availablo to both support youThJ women and girls who were already fomially
in contact with the criminal justic8 system and those who were on the edge of it, and highly vulnerable to entering.
We w6r8 partfjwlady keen lo receive applications from organisalions working wth car8 experienced young women
and girfs and those from 81ack and minoritizedlracialized communities.
The maximum grant amount available through our open programmes remained al £80,000 over a maximum of 24
months, and all of the grants awarded were for requests for the full Iwo-year pencil. With an annual budget of up
to £1,000,000 available, £800.000 was allocated lo work wth young women and gids through our op8n application
process. arvj £200,IJOO allwaled to support slralegiG work, aimed at $yslemic change.
Due to the size of grants available and because applicants do not have to be a rtgislertd charity, the 8djudicalion
process for applications includes a forynal Trustee review. Here. all 8pplicab.ons meeting the quality threshold are
individually scored by three Trustees lo iderilify which are to be discussed in full al the Trustse meeting. Applicants
shortlisled by Trustees are visited and further assessed by the Director before Trustees make the decision on
which applications to fund. Visits were undèrtaken either vi2 Zoom or in person. Non-charily applicants are
required tr) demonstrate their income is used for charitable purposes and lo also have a stal8menl within their
articles clearly ststing any profits are either investeil back into the organisalion or passed to a named registered
arity. All applicants are required lo have an extemal examiner or auditor report for their annual accounts.
We reekived 102 applications for funding143 in round one and 59 in round Iwo} and eleven org8nisalions were
award8d grants after the ossessment process with funding totsling £766.046.
Examples of fvKJ of th8 grants awarded during Ihg year are below.
Anawlm
Anawim
Anawim- Bimingham's Centre for Women offers gender and Irauma-responsive wraparound support for any
woman in need. We SUPF)Ort more than 2.000 women in Birmingham every year through free therapeutic
ct)unselling. crisis Sntervenlion, holistic and Intenslve long-lerm spedalisl support and other prdctical resources.
both in the community and in prison.
A grant of £80,000 wll be used to transfomi the lives and lrfe chances of vulnerable young women aged 18-24
who are al risk or have been Involved in th6 crimlnal justice system and have a history of offending, through
trouma-informed, age and g8nder sensitive and cutturally responslvg Interventlons IholistiG casework, Venus
programme, counsellingl, leading to effective rehabilitation and reduced re-offending.

TheTrlwlelhst
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Wo
SAY Women is a charty in Glasgow whlch d￿l¢ale$ ils service to supporting young women aged 16 to 25 who
are survivors of sexual abuse, rape or s8xual assault and who are homeless or at risk of homelessness. They
provide safe semi-supported accommodation, crisis intervention and emotional support. The Community JustlGe
Project supports young women as they navigate the criminal jusllce system during their most VLtlnerable lime,
offering support with reporting, court hearSngs and all legal liaisons when they need the guidance the most lo fully
understsnd the legal procedure. Having extra support in place allows the yourrfa women to better cope with trauma
and thange their belief in the lustic8 System as victims.
The project also works a8 an InterVen￿On service for young women who have Gome into conflict with the criminal
justice system Ih8mselves. as a res(Jll of trauma, to meko better positive life choices and support better coping
me¢hanisms. The aim is to support young wcmnen and give them back their power to break the cycle of trauma
and criminality and become a positive and successful individual. Aongside other resources available, the
Comm4Jnity Justice Project form8 part of a wrap-alound service, to ensure all support Is available for y¢yJng
Wcsmen to develop the necessary well-being lo progress towards positive outcomes. A grant of £77.413 was
awarde(I lo Say Womgn.
Slrateglc Grants
Alongside our open grants we also continued lo make strategic grants. Strategic grants are awarded lo
organisalions that we want to support because they are doing work that has the potential to achleve some kind of
Systematic change that aligns with our strategy aims. Thls funding is by invllation only and supports work that
would not bo considored under our open grants programme, which has 8 n￿re front line and l¢xal focus.
ENDA alllan
AGENDA
alliance
Agenda Alliartce exists lo make a difference to Ihe lives of girts and women who are al the sharpest end ofinequalily.
They advocate for those who have multiple, complex needs that are not boing mel by public services, and sometimes
by voluntary sector organisats'ons. Together with over 120 Aliance members. and girfs arKJ women with lived
experignce, they campaign for systems and services which respond appropriately to unmel needs, to end cydgs of
trauma and hami.
Bullding on work warding girl's mental health and young women's 8xperiences of Ihe ￿minal justice system.
Agenda's existing research shows that girfs who are excluded from education often face considerabl8 dlsadvanlage.
Many are struggling wlth poor mental health, abuse, pov8ty and dlscriminatlon, challenges which overlap and
reinforce each other. and ar8 compounded by gender in8quality and Fa¢i$m. Once 8xcluded from education, girls
go on lo face further disadv8ntag8 and increased risks of exploitstlon and crimin811sats'on.

TheTrlangl•TTh￿t
1949 Wiiiol
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Agenda Alllance wll further this work by tyjilding a Strong coalition of volces on exdusions, absenteeism and
suspensions - including speclalist organisations and girfs and young women with lived experien￿ - lo creats a
compelling shared wslon and c8mpal9n for better gendor, trauma, and culturally responsive support for girls al rlsk
of exclusion.
Prison Ref
PRISON
REFORM
TRUST
There are currently around 3,500 women living in prisons in England and Wales. Many women in prison have
been wdims of more serfous offencos than those they are accused of Gommitting. 53% of women In prison report
exp8ri8nclng emollonal, physlcal or sexual abuse a8 a child. AIn￿st 60¥0 of women who offend hav$ exwrienced
domestic abysg.
The Prf8on Reform Trust is looking al the b8rriers and challenges Involved in significanuy reducing the women's
prlson population. 11 is working Collabora￿VelY ¥￿th key stskeholders. induding data gathering with practitson8rs,
women with lived experience in fhe community and in prlson, and using case study material to highlight good
Practi￿ in order lo sugggst a blueprint for thangg.
The Prison Reform Tw$1 is seging what has worked using a collaiK)ratlve cross-sector approach to investigate
what Ss needed lo increase confidence in aY(emativeB to Custody, such as r8ferrals to women's centres. This
Inciudes revi8wing various slag8s of the ￿Minal ju8llce process lo complete 8 needs assessment and to identify
barriers lo both. ground-levol and syslernatiG thange so that solutions can be considered. Th8 overarching aims of
the programme will impaGt young women in prison, particulady those on remand and those serving short
Senten￿S.
The Tdangle Trust awarded th8 Prl8on Refomi Trust £21,150 tOW8rds this 18-month project which is being funded
in partnarship with Esmeg Falrbaim and Th8 Jabb8 Foundallon for Women and Glrfs.
We also continued with our strategic grant fundlng for Cranfleld Trust and Klnshlp.
Cranfleld Trust
Cranfield
TRUST
This funding links into our wider strategy aims of supporting neiworking opportunities for grantees, supporknng
eapacily building and sharing leaming of what works. The initiative has Iwo maln elements.
1. Consultancy and mentoring support for all new grantees Ilnked lo a speafic project identified by the grantee or a
key m8mber of staff who would benefit from professional development.
2. Peef2Peer Exchanoe8 which are 90-minule fadlltsted sessions involwng a represenlativg from each funded
organisation. These ses￿on8 prowde an opportunlty for grantees to come together with other practitioners worf<ing

TheTrlanglelhtst
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2025
in thè same field and w(¥k Ihelr way Ihrough challenges and sha￿d issues. The sessions lake an action leaming
approach enabllng participants to find Solutions lo problems through discus5iThi and thinking with their peers. The
Spark Programme links to our strategic aim of increasing nefvlorking opportunS1ies belw98n grdntees.
Peer2Peer Exchang06 - Onè leader described their experience ofthe Peerf2Pe8r Exthanges as follows..
"On reflectlon. I definitely fe81 that I gained a lot. I hawo galned some new profeSSIDnal connectlons, wlth
poople whose values 8llgn closgty with my own. l goe to prnGlice • tool that I had hJd very Ilmited ¢ont•¢t
wlth bgftir8 {Actlon Learnlng Sets) that l am looking to brlng Into my own wo￿. I w88 strongly romlndod of
the importance of cre•tlng spo¢• lor havlng these sorts of conversatlons and r••lly lolt the posftlve
ImpaGt olstartln9 a day thls way. l also enloy8dbulldlnq & posllfve qroup dynamlc thrnuph the Pro￿$$.,
Consultancy support- Grant holders Gan also access Intensive 1..1 Supp¢￿ In the fomi of Gonsullancy arKI
mentoring. Through consultancy, gr8nt8es work through the 'Joumey lo Excellenc8' dlagnoslic and impact
assessment framework with a Cranfield Trust Regional Manager. identifying their key prioritigs. The Regional
Manager uses their exp8rienc8 and kn￿edge to identlfy a volunt￿r with the right skills and experience to
support th8 charity and project. The charity then works with a vduntger consultsnl lo address their strategic
challenges and development areas.
Anawim requested support with strengthening Ihelr exlsling fundraising Slratsgy. On completion of the project.
Anna Makanjuola, Anawim's Head of Developmgnl commented that the project would help their corporate
fundraising go from strength lo strength and if successful, would enable them to support more women In thg
future. "Adam Icranfield Trust reglonal managerl added huge value to this procèss. he explalned how It
would all work and was veryp8tlent with us in gathering our ngods and carrying out our assessment. He
also matched u8 wlth a volunteer and closely monltored orprogrnss and off8red addltlonalsupport."
stepping Stones is receiving consultancy support to dev81op a new morkeling and communlcalions strategy. CEO
Charlie Lockley commented, "As o new SL T, w8 laGked m&rkoting and fundrnlslng exporlence, ond Slmon
[volunt8or consultantj's help andsupport wlth that has been a godsend. He Is provldlng dlrecdon and
guldancg whlch 18 holplng us work towards more sustainablo Incom• generntlon and flMncl•l soGurlty
golng forw•rd, whll¥t hdping us to le•m •nd d•v•lop n•w8kllls as •n oryanlsatlon."
Abianda recently completed a mark81in9 and Communica￿onS pL4n to support their training and consultsncy
offers. Founder and CEO, Abi Billinghursl. commented.. "Tho work wlth Rob Ivolunteor con8ultantJ I￿n
golng rnally wo11. H8 has been advlslng us on how to brlng together a markotlng and comms plan Ih•t
supports the promotlon of, and scallng up of, our tr•lnlng progrnrnm￿- èj w• had hoped. Th• MoTr
omms Plan and Jssocl•ted •ctlon plan. •r• n￿rtY Gompl•t• and we wlll ba In 8 brllllant poslelon to push
fonvard our MarThComms efforts wlth clarlty and common 9oal across Ablanda. Rob has been brllllont at
understandlng our culture, our neods and challengos and at Gr•&tlng clarlty for us. Wo he￿ d•llnltely
movgd from on• polnt to another wfth hlm. He s also a thomughly nic8 person, so that h8lpsl"
Abi ￿pOrtS a range of benefi15 for Abianda and Rs beneficiaries through this work.. hlghly effectSve pract*ce In
regard lo strategy and l&adership.' darity. collabor8Jon and culture across the organisation,. and upskllllng 18am
membgrs who are new to lea¢Yership and benefit from learnlng from extemal expert.
Mentorlng - Through mentoring, charity leaders fwus on Ihelr own devglopmenl and prath'ce as leaders. They
are matched with a skilled volunteer mentor, who tskes the time to listen and understand tho outcomes they want
lo achieve. Abianda have also gone on lo start three new mentoring projects supporting senior team members,
working with Cranfield Tmsl volunteers, which is anothèr positive development arising from the Snlllal strategic
support on the Spark programme.
Ten new grantées received intensive 1..1 support during the year alongside the Peer2P8er Exchange$ which all
grantees are required to attend.

Th9TrknghTn￿t
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TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Kinshl
inshlp
Kinship 18 the leading kinship care tharily and main provider of kn'nship care support in England and Wales.
UnSquely, they use their extensive, on-the-ground experience and Connec￿onS ¥Mth kinship care families to
influence pollcy ar￿ change practice. Their mission is lo ensure that kinship carers and th8 children they car8 for
get the support and recognlllon they need.
A £90,000 three-year grant was awarded lo Kinship in 2023 to support them to further build on the
recommendations from the Independent Review of Children's Social Care published in May 2022. The grant wlll
contrfbule to the Salaries of two key staff members, the Head of Policy and Public Affairs and a Medi8 and
Communications Manager. The Head of Pollcy and Public Affairs leads on Kinship's twice-yearfy surveys of
kinship car8rs and is responsible for promoting the results and making recornmend81ions to k8y stskehold8rs,
using this data lo hglp sgcurg significant changes to policy and legislation. The Media and Communications
Manager focuses on securing hlgh impact media cov6rage that will place public attention on kinship care within
the children's soaal care system.
This funding will help Kinship lo amplrfy kinship carers, experfences, expertis8 and aspirdtions for change using
real life'case studies, alongside suNey findings lo develop newsworthy and hard-hitting stories. This grant follows
our one-year grant awarded in 2022 that contributed to work in three key areas,. the salary of a Policy and Public
Aff8irs Manager. media engagem8nl to secure high impact medla ￿Vorage that places public attention on kSnshlp
care famllles in the thlldren's srKial Lxre system, and a Parfiamenlary monitorir￿ system.
Grants to Indfvldual¥
The Trust continues to pay grants lo indiwduals under the firsl object of the Trust Deed.- 'The education and
alleviation from poverty of past or present 8mpioyees of the pharmaceutical industry, and their dependents" Many
of the recipients are in their nineties and engage in regular correspondence telling us how their annual grant
brHJhlens their lives. In 2012, Trustees deaded all ￿rrent individuals re￿Iving annual grants will continue to do
so, howevor no additional individual grant recipients will be sought. This continue5 to be Ihe strategy we follow.
During the year, slx IndI￿d￿alS received grants lotaling £7,000.
Achievements and monltorlng
Progres8 agalnst the four key ObJ8ctlves detalled on pagè 1 are monhored vla a system of key
perfomiance Indlcators. Achlevomonts durlng the year agalnst th¢s9 objectives are summarised below:
1) To Support oryanlsatlon¥ working with young people In contact wlth thg criminal justice system, or at
high risk of becoming so, to enable them to mov• on positively with their Ilves and elther avold
reoffondlng or reGeiving a f5rst Gonvlctlon.. During th8 year we paid grants totaling £792.623 and
con¢Jitionally 8gre8d fifteen new grants, lotsllng £842,134 over 24 rnonths, focused on supporting work with
young pgople in or around the criminal justice syslom. Additionally, we made slrateglc grants as detsiled
above. We also distribute(I funds of £292,409 to existing young carer grantees.
21 To have a 8tralghtfop•vard tran8parent approach to grant glvlngi maklng It easy for appllcants to apply:
General feedback from applicants has been very positive regarding the application process and the
Informatlon provided 10 8UPPOrt the process. We hav8 also signed up to Grant Adviser and encourage 811
applicants to18avo a review about our application process. This is regularly reviewgd lo ensure that any
issu88 with making an application ar8 understood and addressed where possible. Our scores on this are
gxtremety Positive. Our website continue5 to recelve posilive feedback about the overall user experience for

TheTriaigleTnL8t
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2025
potential applicants who Say that the information on there is dear and well laid out. The eligibilty quiz is 8ti11 an
effective method lo ensure that applications we receive fil the criteria and are submitted by ellgible
organisatlons. This has helped to reduce the number of applic8tions we recelve that are not wtthin our criteria.
saving lime for the staff team. but also preventing appllcants from spending time on proposals with no chance
of success.
3) To monitor and evaluat• to keep our grants relevant- In 2024 we celebrated our 75 anniversary, and as
Wo look back on what has been achieved during that time. understsnding impact continues to be extremely
important. We have awarded over £9m in funding since 2013 on Devebpment Grants. emergency Cowd
grants. our young people focused programmes that sUPPOrted young earers and young offenders, two rounds
of Sport 4 Development grants and our first two rounds fundlng work with young women and girls. We have
built up a good bank of reports showing the differen￿ our funding has made and some strong ca88 8tudie5
demonstrating the outcomes to whlth we have contributed.
As we nN)ve forward. understanding our ￿ntributIon to this impact more becomes ever important. Part of our
Theory of Change talks about sharing l&aming of what works- this relies on us having b&tt8r evidence and
understanding of what suwess looks like. We aim lo be able lo speak lo other funders and stakeholders about
the type of work that we are supporting and the kind of difference it 1$ rnaking lo thè Ilve8 of the young pèopl8
benefiting from our grants. To this end we are proud memt*rs of the Corslon Independent Funders Coalthon,
bringing together other funders with an interest in women and the crimlnal justice system. We 81so held
special event at the House of L¢xds lo ix)th celebrate the 75th annSversary and shlne B light on the issue of
women and the criminal justice syslom. It was attended by over 100 guests ranging from grantees. sector
8XP8rts, partners and other stskeholders. And P8er2Peer Exchanges that forni part of the Spark Programme,
provide 8 unique opportunity for our grantees lo come together to Share their exp8rUs8, dev6lop networks
build on their leaming about what works.
We conts'nue lo ask grantees lo report back to us every six mnths. completing a refleth've 6-monlh progress
update and then a longer annual Teport al the end of each year. We ask grantees lo identify key tsrgels for
each year of the grant based on a set of soc181 impact areas that we have identified. These were developed
with advice from InFocus and AGENDA alliance. h8lping us lo identify conslslenl factors thal Gontribule to
changes around offending behaviours. We hope that this will enable tsrgets to slay relevant and help us to
build up a clearer piduro of progress. F¢)mial fggdba¢k is prowded to grantees after they submrt their annual
In 2024 we started working Upshot lo enhance our approach to Monitoring. Evaluation and Leaming. We
provided all grantees with 8 license to use UpshoV8 MEL platfom to both record Ihgir dats and lo more easily
provide us wth updates on progress. As part of our commitment to supporting the wider organisali¢)n, we have
also proviijed grantees with the option of uslng Upshot to capture data for all IheSr work. not lust Trfangle Tru81
funded work. We hope that Ihls will provide grantees who have limited capacity wllh regard510 their MEL
apabilities, with thg OPPOrtunily to understand their Work in a deeper way and begin to evidence the impact
they are ma￿ng.
23 of our current grantees have begun to use Upshot {4 organisations already use a dlfferonl system 8nd
download their data onlo Upshot annually). Of these 1.153 Indiwduals. infomiation has been registered onto
their accounts and of these 879 unique individuals have particlpated in s88slons held by grantees. 2,055
sessions have been logged onto Upshot accounts accounting for 3,765 session hours and 37,693 contact
hours with participants. Grantee8 have also logged 150 headcount sessions Iwh8re individual attendees are
not logged) accounting for another 3.171 contact hours of project dellvery. We look forward lo hearing from
grantees how these contsct hours conlrlbute to the soc581 impact argas Ihgy are reporting against.
This all links lo our Monitoring, Evaluation and Learning strategy that Trustees agreed in March 2024.
4) To apply good governance to all that we do: In addition lo the regular cycle of r8viewSng Trfangle Trust
policies, Trustees have continued to Yisil current grantees during the year lo improve their knowledg8 of our
largel sectors. These meetings havg taken plaG8 both in person and via Zoom and provlde a valuable way for
Trustees lo understsnd more aboul tho work we ore funding, the outcome5 and Impact W8 are contributing lo
and increases their knowledge about the issues we 5UPPOrt. They have b88n impressed by the great work
Ihey have seen taking place and the passionate and committed staff they have mel, Trustees produce a report
after eath visit that is shared wrth Trustees al the next Trustee meetlng and Interestsng polnls are dlscu88ed.

1949 FLllI(I
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Tnjstees continue to use the private area on our website lo access documents and review papers, usgful
information, and resources. This has cul down 8lgnificantly on the number of emails and paper copies of
documents and ensured that Trustees havè easy access to important documentation to support their roles.
Our Investment Committee was established in 2022 and continues lo meet four Ilmes a year to ensure Ihat
our financial proGg$ses and forgcasling are robust, 8UPPDrting our inl8ntion to SP8nd more Ihan the income
from oijr endowment. This also enables us lo look more deepty al the perfomiance of the inveslm8nt portfolio
and considor other ways of using our financial assets. such as potsnlially exploring $oGial investing
opportunities in the future. In March 2024 il was agrg8d that the role of th8 Investment Committee would be
expanded to also include responsibllily for the remuneration of staff. To also reflect the broader remit of the
committee Ih8n just looking al investment performance the name was changed to Finance and Inv8stmenl
Committoe.
In January 2024, we recrnited three new Trustees, Lauren Smith, Rhia Canady and Caillln Tao. They were
recruited through an open applicallon process where the vacancies were advertised across a rango of
different platfoms including Clinks, Young Truslegs Movement and Assoclation of Charitable Foundations
vacancy boards on their websites.
Flnanclal rnvlew
The Trust'5 work is entirely reliant on Ino)me from Its exp8ndable endowment. Durfng the year, we r8ceived an
Investment inGome of £846,484 and we committed £1.085,032 to organisation5 for new and ongoing grants. £7,￿0
was paid as grants to irKlividuals.
This resulted In a defKit of £449,650 at the end ofthe year against eamed in¢ome and expenditure12024.' deficlt
£439,422). Th6 valu8 of inVest￿nts saw a £225,442 decrease12024'. Ir￿resSe £1.743,619).
The reseNe8 al the ygar*nd stood al £23,187,059, of whlch £22,855.541 Is the 8ndowmenl fund and £331.518 is
unreslricted reseNes. Ofthe unrestricted res8rves £1,877 is held as office equSpmenl by the charity and so not
availabla for expenditure in th& normal course of operation.
Investment pollcy and p8rf(xmance
During the year the inveslm8nt management of the Trusfs investment portfolio wa5 transferred from Sarasin and
the proceeds divided equally befvleen investment management fimis, CCLA and Quilter Cheviol who hav8
t*8n managiro the Trust's investment portfollos on 8 dSscretionary basis since September 2024.
The inveslmenl objective of the Trust is to ellhance capital value over the longer term and to generate sufficient
In￿Me to contribute lo the Trust's operational and grant making requirements. The inveslrnent mandate is the
same for both firms ond while the porttollo managed by CCLA is invested in ils in house Charities Ethical Fund, the
Qulller Chaviol portfolio Is managed on 8 bespok8 ba&s.
The investment portfolios are invested in 8 we114iversified range of global investments in tho worfd's prindp81
stock. bond and ￿rrencY markets as well as investments in allomatsve assets such as property, infr8slructur8 and
hedge funds.
The Trust's investment polw whlch was revlewed and updated durlng the year doa8 not p8rmil inv8Stmenl in
tobacco, fossll fuels or weapons and d&fense and restricts investment in alcohol, gambling, high interest lending
and aduft entertainment. The Trust's investment managers are encouraged to engage in positive screening to
proactively Invest in companles with good Environmentsl, Social and Govemance r8cords.
The Trust's investment portfolio was valuod al £22,855,541 at 31 March 2025 a fall of £717,519 {3%1 slnce the
beginning of the accounting year.
Since the portfoiS0 was Iransferr8d Imm Sarasin in September 2024, the portfolio manag8d by Qullter Chevlot
produced a total retum of 0.7V¢ arKI CCW -2.7% ￿aInst the benchmark return of 2.1% and Ihe ARC Charity
Steady Growth of 0.70A.

TheTrknghTrust
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Portfollo valu8llon8 are arcul8te(J quartedy lo Trustees and the Investment Gommittee is responslble for
undertaking detsiled monlloring and rgvi8ws of the Tfust portfolios the investment manag9r5 QUtsid9 of
Tnjslees meetings.
Risk management
The Trustees are responsible for the management of risks faced by the charty. The Tnjstees agr8e the r18ks
annually. Procedures have been pul in place lo manage any risk identrfied, includlng preventing fraudulent
applications.
The fluctuation of investmènt retums on the capital held by the charity poses the risk that gr8nt making may be
limited in any on8 year. However. as both the capital and Sncome of Thè Triangle Trust 1949 Fund are
expendable in line with th8 objects of the Trust, the Trusts88 do not see minor stock market fluclualions as
major risk. Despite significant global events, th8 portfolio continues lo be managed by specialist investment
managers and has benefitted from diversification away from th8 UK and in particular into the US and Europe.
Nevertheless, Trustees will continue lo review all the risks to the organlzation on a slx-monlhly basis, and the
Director and Chalr will also review risk ratings on a monthly basls.
Reserv•s poll
It has been the policy of the Trustees lo dlstribule th8 annual n81 income from its endowment each y6ar in the
form of grdnls lo not-for-profil ¢xganisations and a small percentage as hardship grants to P8nsloners. However,
In reccx3nillon of the increase in the value of the portfolio over recent years and Ihe current challenges fadng many
charities, Trustees made the decision in 2022 to distdbute up lo £1 m annually. We will supplement our income
through a discretionary withdrawal of capital if requlred. The whole endowment 1$ therefore available as
r8serve. overseen by the Inveslm8nl Committ88.
A balance approximately equivalent to at least slx months. forecast expenditure 58 held as a cash deposlt In the
bank account with the Charities Aid Foundation Bank and as cash with our Investment Managers. This allows
u s lo m a ke regular payments of grants and Involces easily and ensures all financial commitments for a
slx-month period could ba m81 in the unlikely event of the quarterly investM￿t income recelpl being delayed
or not receSv8d. Grant payments are made on a six-monthly basls, rather Ihan annual, so this helps to ease cash
flow further. A cash flow forecast that details the full financial year and then SIX monthly for a further 18 months
has beon developed lo highlight points when addilitinal funds will need to be requested from th8 Investment
portfolios.
Plans for ¢hg futur•
On 31 Marth 2025. Trustee$ have provI8ionally allocated grant payments to organSsations lo the value of
£1,171,533, to be funded by lulur8 Income over the coming two years. The payments are all subject to
satisfactory progress of the fundgd work.
As detsiled above. a five-year strategy starNng In &orll 2023 was agreed by Trustees ￿Using ort sUppO￿n9 work
in the young people and criminal justice system space, aimed at those both already in contact ¥Mlh the criminal
justice system and thosè al high risk of becoming so. Aft6r focusing funding in the flrsl three years of th8 strategy
or¢ Sport 4 Development approaches and young VKJm8n and girls, Trustee8 agreed Ih81 the focus for 2026-28
would continue to be on young women and glds aged 11-30 to build on th8 work that has done to date.
Stru¢ture, 9overnanGg and management
The tharity is endowed with a Trust Fund, the income from which is distributed In acccKdance wllh the object8 of
the Trust. The Trust Deed albws thg capital of the Fund lo be similady applied if reqLFlred.
The Trust is managed by a Board of Trustees ￿MprISIng a chairperson and nlne other Tru$le8s as detslled
on page 10. Trustees are supported by a part-lime Director and a part-time Gr8nts Assistant.
Existing Trustees appoint new Trustees ensudng there Is a mix of skllls on th8 Board a5 idonlifigd by the
10

TheTrlan*Tn
1949 Fuiid
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2025
TnJstee Board skills assessment and audit whSch we regularfy undertake. We f o I l o w our policy for Trustee
Recrultm8nl which indudes open adv6rtisement of any vacanaes. There are job descriptions for Trustees,
Chair and Vice Chair whlch we regulaAy review. The maximum term of office for an ordinary Trustee is
initially five years with an 8Xt8nsion of a further fiv8 years, bul this can be ext8nded if the Trustee is holding
the posib'on of Chair or Vice Chair when they rgath the end of their 10-year temi lo allow them lo complete
five-year term as Chair or Vice Chair li.e. up to a maximum of 15 years in totsll. This is due lo change to
Trustees serving up to th￿e temis of three years.
An illduction process for new Trustees is In place whlch includes a meeting with the Chair or Th'rector. 8 visII
to a current grant holder, key docurnents to read, access lo online resourGes for background informatlon and
8tt8nd8nce al relevont oxtemal training courses dependent on the skills and experien￿ of the new Trustee.
We allocate grants and regularfy monitc* the Tnjsl's resources agains18n annual incom8 and expenditure budget.
Trusle8s consider grant applications that meet our funding pgli¢y at quartorfy meetings. The day-to-day
administration of grants and processing of applications prior lo consideration by the Board is delegated to the
Director. Progress of funded projects and development work is appraised regulady, through written reports from
the grant recipients and periodic visits by Ihe Director or Trustees.
The charity is a member of the Association of Charitable Foundations {ACFI- Th8 ACF provides useful
lnfrjrniat￿n on good practice and changes in law affocting charities, and acts as an aulhorilative lobby on
behalf of charitable foundations wllh the government and regulators. The charity is also o member of Clinks and
part of the Corston Independent Funders Coalition.
The Trust follows the Charity Govemanc8 Code for small charitles, published by the Charity Commission. and
Trustees are satisfied the governan￿ proceduros in place in all areas adhere to this Code.
Kèy management personnel remuneratlon
The Trustees consider the Board of Trustees arKI the Director as comprising the key management personnel of the
charity in charge of directing and controlling the charity and runnlng and operating the charity on a day-IIHlay basis.
All Trustees give their lime freely and no Trustee remunerakn'on was paid in the year. Delai18 of Trustee expgnses
and related party IransaGlions are disclosed in not8s 6 and 19 to th8 financlal stat8ments.
Trustees are required lo disclose all rel8vanl inl8r8sls al the stsrt of each Board meeting and withdraw from
decisions where a conflict of interest arises.
A policy for the payment of staff Is in plac* which adheres lo the principle that staff should be paid a fair salary that
ig cornpelitive within the charity sector, propoitionale lo the complexity and respon5ibilily of each role in line wllh the
Tnjsl's eharitable objectiv88. Al Salaries are benchmarked against comparable roles in the tharity sector at least
every 5 yeers and a pay increase May b8 awarded annually dependent on an Individual $18ff memberfs performance.
Charltles (Protection and Social Invgtytmentl kn12016
The Triangle Tru81 receives income from investments and does not fundraise for donations and grants. As a result.
the Trust does not employ any fundraisers. has not signod-up lo any fundraisng regulatory standard and has no
ongoing monitoring in placè. The charity has not received any comp18inls with regards to fundraising during the year.
but in the unlikely event that fundraising commences will take steps tsken to make Sufe vulnerable people are
protected.

TheTriangleTnBt
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Legal and admlnl8tratlve Informatlon
Reglstergd Charlty Number: 222860
Trustees
The Trustees who served IhroughoLrt the year were..
Ms Karen Drury- Chair
Ms Allson Hope- Vlce Chair
Mr Hindpal Bhul
Ms Clio Carpenter
Ms Doreen Foster
Mr Dawd Loudon
Mr James Marshall
Ms Lauren Smith tioined January 20251
Ms Rhia Canady O'oined January 20251
Ms Caitlin T80 (J'oined January 2025}
Staff
Ms Vlctorf8 SoLrthwell - Dlreclor
Mrs Frances Harding- Grants Admlnlslrator
Office
Brighton Eco Cent￿. 3941 Sufrey Street. 8rfghlon BN13PB
Webslte
www.triangletrusLorg.uk
Auditors
Begbies, 9 Bonhill Street, Lond¢)n, EC2A 4DJ
Bankers
Cafcash Ltd, KlThJs Hill, West Malling, Kent, ME19 4TA
Investment Managers
Sarasin & Partners LLP. Juxon House, 100 St Paul's ChLtrchyard, London, EC4M 88U
The tru51ees' r8POrt w88 approved by Ihe Board of Trustees.
Ms Aliso
Datsd".
Hope- Chalr
12

TheTriangleTrust
1949 Fur
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2025
The tnJsiees ar* r*sponytAe for PfepJnng th* Tru5tee5' Report and the financial SLitem￿t$ 5ft 3tt-ordance wilh
3pp&cablÈ law and UnrtÈd KITr9d￿ A¢ownbn9 Standatds Iunrted Generalty A¢¢*pted Accotsniin9
Th+ L•w appI￿able to In Erwnd and Wa￿5 requ*￿ th• ltu$t•￿ to p￿pa￿ finJnTral s￿lem•￿￿ for eacb
finan*)l yèar whth give a 131r of the state of Jffai(s of th• chanty •nd of the int￿1n9 resour¢￿ )nd
JpphcJtton of ￿sourCeS of th• c*anty for thal ytjr
In pr•panng th*se finanual sial+m￿ts, th• tfU5tees required to..
. se*¢t suiubl• ac¢wnling PD1￿￿5 and appty ttlem ¢%￿￿51en￿Y.
. otysw￿ tht methods and pnnc*plts in the ChafdJe5 SORP:
. mak* pJdo*m*nts and e51imw•s that &r* W$onab￿ P￿d￿l..
- State wthether apwicable accwntin9 Standart5 ha¥e been folluwed. subitct lo any mJtenJl d•pJrnirè5 disd05ed
Jnd explair￿d Tn the financial sui•m•nts'.
- preparp the f*r+)ntyal stai•ments on Ihe corwn basis unless rt is Inappropftatt io pre511me thJt ihè ehar
11 *>Jnbnuè In •wf31x>n.
Th• irustees ar• r•5ponsrfole for kèèping SUTr￿1 accounting r•cor(1s thai dYs¢los• Wilh reJsonable a¢wrJ¢y Jt
any tjme the finantsal posityon ol the chanty and en4b* them ￿ *nsure tha¢ the finJnoal slJternenis ¢x)mply wi
Charrt￿5 A￿ ?011. thè Chanty (Accwnts ané Reportsl Re9utsI￿rIS ?IJO8 )nd the provop)ns ol Ihe Iru5t
Th•y Jr* •lso responsible lor saf*guar¢lir*y the è55ets of the charity and henc* for takino r•asonJble sieps for the
preVen￿fi det*L#￿ of fraud Jnd oth•r ffr•gutarrti•s.
13

TheTr1angI•Tn￿t
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE TRIANGLE TRUST 1949 FUND
Op•fv•n
Wè have 3varted Ihe finjneial sta*ments of The Tr¥3nyle Tryst 1•49 Fynd ltrè 'tharty'i IDr tho ￿ar eVrt￿ 31
ar¢Th *?**. ¢ompns+ th* •lJl•ffl•*lt ol Fin￿￿41 ArtIWtsS. ihe 831ance aheèi. th+ St•tem*m ol Cash Fl
ano ',be notès ro th• finanoal sta￿nIs. iTrduding ) Swmm3ry of $19nhSc3nt acc￿￿￿ ￿1￿1*5 The firancial
r•pot*no fvamewoth Inal 3ppl*d fft their prepar3ts0n ￿ ap￿￿)￿1• l•w and Unjied kJngdEth A¢wun￿O
Jundartls. Ineiuding Fin4n￿l Reporbng aiandard 102 Tjre R+P￿ Stand•rd thè UK and
RepublK of Irethnd (Linthd ly Ingkn fJener)Ily A¢e*ptèd A¢¢ovDMg Pixtycel
In tsur owryw. the finan¢1•1 stsiéft*rrts
9rwe 3 vue 3rd faK we* ol irLe of the ¢h•rrty's atsrs 45 • 31 Maroh 20?5 and of rts IrKI￿ r•$ourt*s
nd )ppI￿atron ot rtsourees. for thè year then eTrJed..
and
have been prepared in th• ch•Th￿A￿ 20tl.
Basis lor opinion
Wè etsid￿lled our audit In ￿￿Or£I3￿Ce *ith Intemational aund&fOs ￿ AU￿rti￿d (UKI {liAs I￿1) Jppt*ab*
taw Our Fesponsibilites unoer those 5a￿dardS •rE dwbed ￿ ihè ALrd￿= for &)é aualif ol
finanoal :f•rements settion ol w rèF4rt 4Ye ir* Ind*wrnOvrt ￿ the c*anty In a¢**rda•¢• lh+ •lh*c
requirenwnts thjv >r+ rd*4ant the finar￿al 5tJi•rn•nts In tm UK. WK4udiry FRC'5 Eihic
J**ft4•ra *e hJfjlSèd OLyr other eth.￿4 re5FWSts1￿5 In ￿¢￿1ft¢* these rty*n￿. W* bek*
IhJi thè audit evi(l*nce *e h*¥t •b(akr•d is Slkffi￿n1 and Appropna￿ • b•s6 for (w wTh¢)n
Con¢bJs*i¥r>s ￿lAtIng to going ￿nCern
In a￿￿1￿n9 tnè finanoal ststtments. wt hav• I1* tntstets, us• of th• wt•rn ot
le￿￿nting In ih* pr•p•r•on of t￿ financial stare1n￿￿ Is approwi*i•.
c•y￿l￿on5 Ihai Indi¥hdu¥ty or ¢¢Me¢trvely. mjy ￿5¢ 54fiffi￿t Or*Jbl oft tr* ¢h¥ty'$ cw••nue as a 90ry
¢¢n¢ern for 3 per￿￿ ol at1é351 mtsnths from finan&al staterwts w• 4uthorfj•d f(¥ 1SSUè.
re￿ant seL*tons ofthis r•port
Other inf0m￿lI0￿
The o%h*r Inftsmjrion ¢om¢fts*s the InfornabDn ift th• 4nnval other than th* fmanek•l si*wn+nts
ancl 04tr audriorfs repon th*reoft Tht tyusièes ale re5ponsde fLK th* cth+r Inlpmw ¢or5taJned the ar*Trual
rtrpor. Our opin￿Th on fin3noJ stat￿ents do•$ nc4 covw the othw iTrforna￿ and w• 410 not èwèss any form
ol aSSUfance ￿ne￿5￿n ther￿n Our rtrsp0ng￿rty ￿ to read the olhw Inrormatytyi and. In doffig so. c4nsid¢f
whethw oth*r infofrnatron ES maEènaUy Incon515*ni ttte st3teff￿ts •y our kswwl+do• obt)In•d In
tr* course ol the 3usJil. or Olhervffj5* &pp+ars TO ￿ matenaily m155¢ateLI If wt rn3r•ibl Inc￿6￿4￿}c1é9
ar app3￿￿t m3tèll>l rniSStJttments we required tr) deterrntne wheth*r gr*es rsè to a matsr& misststtrr*Trt
fft %b* f5naticiJI statsrnents thwngtlves. 11. bas•d OTh th* lwrk wè ha￿ ?erfprn￿. we tslai It** ￿ a
maienjl m5$%￿leM￿t of th15 *Xher irrfofmarx>n t*e ai• re4￿￿ed to reFAYt fact
Wé have 10 rew¢1 rhis rea*.
M3tters on t*rtTrich t¥* ar+ 1•4u•r•d to report by •yrc•pts"on
'& n3*? nothing ￿ r*F4)n *n of the in *> th• Clwths {A¢￿u￿1•
Reportsl RegL¢l3ton5 7008 wuir*s us to ￿port ty you rf. m our cyi*¢
the Inforn)tion Oivèn ffj trfe financ131 siatemenr5 15 Incw*st•nt in any matenal rnsp•ci th+ tyvst¢e5'
Tewpt or
syffitsént 3¢￿Uncrn9 ￿OrdS have not been kepl ty
the Iip.3nei31 statsment$ rvn In 4gfe*m•nt wrth th* accoLm*ry rewrf%.
wè h3¥e not réceived al th* •Aplanakns we f•qVV br wr •ud
14

TheTrlan*Trust
194Q kiind
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE TRIANGLE TRUST 1949 FUND
Rèsponsibi1#*s of InJ5*es
As e*pL4inetl more fijlly In the State￿nI tsl tru$t••s' r*w&biliti*s. thè ￿$t￿+S Jrt r*sptsnubl• for;h+ pfepJratrJn
of the fin•nv315ts1ew*nt5 ar+d for being satisfjed ihai gw• A tru• and fJw Yie*. Jnd for such Intèmtsi fQmfpI Js
th* trusttrs deiermine Is necessary ￿ enab￿ ihe prepar3t+Dn ot finJ•t411 starements tnJi a￿ freé from mjitnal
missiatémèni wh*thw (XL¢e tt> fvaud or *ff¢( In pwanng the fiTranciJl stJ*ments. the wsiees Jrfr rèsponsibltr ltsf
4sse551nq the chJftys lo Cènti￿• )s a g(yng o)r**m. (bsdts*no. Is 4ppleab￿. Mjtte￿ rélat*d Ip gofflq
c&￿￿eM and Ihe fI￿r￿￿ basis ot a¢cr•JMV¥ irustws •ther int•nd 10 e•as• op•rJt•JnS. 01
h*¥• no ￿￿115￿¢ Jllwrwti￿ but to th) so.
Audilorfs rn5ponsibilllitrs tor th* *udSt ol 1kna￿la1 5ts1em•nts
We h3ve been apwntèd as aud51)r Ltnder srttK>ll 144 of ChJnu•s Acr &OI l •tKI r•port in 40¢or0￿ce wth the
Au ano le9￿a￿D￿$ made e* •ffeet Ih*r+un¢•r
l)Jr obJ•etT4f*S Jr• ￿ obt•m reasonab￿ Jsswance thbo￿ whether the swwTrents Jg a Who￿ ff￿e f¥om
mJiènJl misstat*ment. t*herher lo fraud or wror. and ￿ Issu+ Jn .iudrtort5 report that our OP¢nion
Rea50n)l)te a55uranc* is • of assufanc* but Is ntyt a guar&ntte that an audrt conducted In acto￿an¢t
l•A5 IUKI ￿11 always detect a mJi*nJl m+sststèmvi It oxisis PA15SL3iements can •rise trom fr)ud ot
wtot at* wn5thred malen3J rf. rdiw*Jually or In ihè ￿1￿931*. tbey could ie35onJtsy be eippued ￿ Influ•ne+
thlè èc•nom*¢ tlwsw< vt Us0￿ ￿￿en Ihe bay5 01 these fin3nciJl 5ts1wTrents
Tho •xtent b) ¢ui yo¢*dur•s •r+ Gwaty• Ofdele¢￿g iryeoLdanbe5. IndpJth9 d*twl*d b•knw.
Ejtttrnt to which th• audit wa5 capable of dele¢ling WTeoularilies. Inolvding fr•vd
lrnvBulaniie5. Induding fraud, 3r* Instsnces of DOn-CO￿l￿n¢+ *ith laws and wulatsons. We deg9B ￿￿edul•S
tsur r*spw5ts1itye5. ouuined above. 10 delect matenal mrsstsiemenis in resFW of Irwulanoe5. Inclvdmg
fraud Thè eKl•nt lo our procedufes are cap3bl• ol ¢Jeiectirp4 IrregulanDe5. Includin9 Iravd is del¥￿ trekn*.'
-Agr*wi)ent ofth• finanaal stJt•m*it d1s¢40sur*5 ty) supporriw do¢um*niatson.
- En4ur*s C￿fi￿a￿On ol rnana9￿￿nI and ihe truste*s as b) th•t of •ny non4￿pI￿ne* ¥Jsth
4W5 ty w•gul•iion5. w any actual or po¢enW darn¥.
- R*vi•* ol mmut*s ￿ ODard meetyTrJs IIvDughwi the penDd..
- 5n¢•tyOt)tng unwed￿￿tIry fflo the paiLKe. wmry andlor *￿ent ol les￿n9
~ E¥Jluathon of the Seb￿ •nd olthe xcounting Pouc￿ ¢*￿seft by Ihe chanty.
In tg th• risk vt m&nagerr*nt o¥tmde of Iniernal mntrob. by underuking pr¢r*dur*s tr review
entnes Jftd ev>￿3￿n9 t*h•th*r ihere wa5 e¥￿tr￿¢ of that repres￿¥*d J nsk tsf mJtrnJl misstat*rnertt due to
fraud. and
- We 355es5ed the su5CePtthIty ol thè ehanty'5 finantsal stateménts to mai*ftal mssuterneni. Incjudino ftjud
mlghl omir by o)n511Jenng M*y nsks Impathifig stJtèrftents
r audil dewdned to re¥wd V) n5k5 of fflatenal ff455taiw*nl th• finJn¢wl 5ts1ernènis.
rewgnt5iry ihJt th• ns* of noi deMc)nq a mater414 fllisststerneni iv fraucl 15 hi9her tran the risk of not deieamg
on* ￿5￿1*r4 frvm effor. a5 fraud m3y In￿fve dehberate eone*alment by. lor e*aryle. fofgery. m15repfesepiJDOA5
or thrrJuqh colh￿1)n.
Thère are inhef*nt Iimitjbtsns ￿ Ihe Judrt ptc<edyr*5 perfonntd Jnd fvrther ￿mOVed Thon-wn￿l&nC* Wtt￿. 13W5
and Y*gulJtons 15 trt* *￿￿15 aftd irafisadWS r*flect*d In th* finJn¢iJl 513twr•n15. i*$s likely we 31e
A ljnher des(*PtrJn ot Out TrSPon*lbtht*S 15 •v•ik4bl• on the Reprytyng Coupofs at.. ttllP5JJ
15

TheTrlangl•Trust
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE TRIANGLE TRUST 1949 FUND
Llg• of our f*Wt
Th15 report is rnJde 50t*¥ry to thè ¢h&nty S TIUSTeeS. •$ a body. In accordance with Part 4 of th+ Chantr*s (Accoun
antt Rèo0rt51 RegLdatwts 2￿8 Our audi has t>een un¢J•rtath•n w th*t we mgh* SL*è ￿ the chatys trust**s
ih05e mJners Jr* requir•d w SL￿• to Ihtm audrtor's reptyt and for no other Wrpose To th• fiJlf•sT eAtent
ptmiitted by law *e do not aecèpt a55urne responybiity to arnyofiè other than the chanty the chanty's
trusiees 3S 3 boty. for Dur audrt *Ofk. this ￿p￿. or ts the Op￿￿¢$ we havè lorme
K3thèrinè Oé* FCA ISÈnior Statutory Aud•torl
For Jnts on bèhaii of B*ob￿s. JlatLrtory Audrtor
Chartèrèd AccotsrrtJms
9 gonhill aireei
LoThlon
EC2A 40J
Begb4*S Is elbQ..b* for 3ppJinvDeni as audrtor of the chaiity by ol rts as of J
-.pJny Uthder ts•¢bon 1& 12 of th• Cfympaniès Aei 2DD8
16

ThaTr￿n￿TrUSt
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025
q1fft5tricted Endo*mMt
funds
funds
20215
2(125
Total Vnrestr￿￿d Enduwment
ds
Toui
2015
2024
2024
-ty0*4
840.484
728.485
en
iture on:
Raisiny knds
12.
20.533
33.453
Chanlablo acM*5-
grant WV4ramm
Youn9 Carw5
251.523
251.523
381.288
381.288
Cnminal conv￿￿$
Rel￿1 ol Pov•rty
1.003.004
8.094
1.003.064
TT2.770
11.849
11.849
Total ¢harftabl* expndknr•
t.262.081
1.202.881
1.185.gD7
1.185.907
Total rnsouroes
em￿nded
1.275.581
2D,553
1.290.f34
1. ie5.907
1.165.907
N•t In¢omW[•xpend￿r*)
1429.0071
120.5531 1449.S50) 1439.4221
1439.4*21
Nèt gaIn￿l￿SseS1 on
inV•slrn•nts
1225.4431 1225.4431
1.743,019
1.143.819
l•uty¢*In9￿lnC0rnl
sourw b•lor•
1429.D&71 (245.9961
1075.0931
143P.4221 1.743.019
1.3D4.197
nds
473.231
1473.2311
279.065
1279.0651
et incwi•nWloidg•kn91
44.134
(719.2271 {075.0931 (100.3571 1.404.554
1.304,197
O¢hv f•¢4¥nfjsed gains and las￿$
12
1.708
1.708
44.134
1717.5191 1873.3851
118D.3571 1.484.554
1.304.197
Furld browhl
ID￿ard
287.385 23.573.080 23.880.445
447.740 22, 108.508 2? 550.248
Fund b•lanoes urried
fornard
331.518 22.855.541 23.187.059
?87.383 23.573.080 ?3.8￿.4￿)
Th• si3￿m+nt ol financÉJl actiWtiÈs *7¢14th3 411 @a￿$ 4Ad los%*s r•c￿nISed in ihe ￿ar. mcorne and +Mpettdrtur•
dèlwe frorn ￿n￿llyIn9 •divrt￿5.
17

TheTrknnghTrust
l (J4fj Pui
BALANCE SHEET
ASAT31 MARCH 2025
2020
2024
Tang￿e assets
i¥esim8nls
13
14
1.877
22.855.511
23,573,060
22.857.418
23.576.042
Cufr•nt alsets
Debtors
Cash ai bfink 8nO in hand
Fufv18 lundmAnager
124.086
69.219
307.e
I￿14
253.759
209.918
500.gll
485.491
Cr•dllorJ: amoun1• l•lHng du• T*lthln
one ye•r
(181.0￿>
Net c￿￿ent assets
329.841
284.401
Total iss•t• cuff•nt Il•bllltl•s
23.187.059
23,660.443
Caplial lund•
Expendable en<kn¥mènl
22.865.$41
TJ.573,L
Income lund
Unrestricied ￿nd$
331.518
287.383
ZJ,187.059
23.860.443
T1￿ financial sfalemenls Wffjf• apwo4ed by Ihe ..,...
11 12.25
Ms Alison Hope
18

I C149 kLind
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
2024
Cash 110￿ from gp•railng adlvhl•s
{1,425.3521
{1.140.970)
Inv•silno a¢iMIl•s
Purctsse d ta[￿lble fixed as*s
Pwclkw of investments
Proceeds IrrAn di¥n)sal ol InVeSth￿lS
Investment mccrfne receNed
11.450)
(24,546,W)
25,233,654
846.484
279,Cffj5
n6.485
N•t Cash g•n•rat•d from Inv•sllng a¢tivilb%
1, &34.058
1,1))4.1
N•t ¢ash g•n•raMd Irom a¢tlvlil•s
Incr•as•lld•crnas•) In cash and ¢ash
•qulvJl•nls
108.706
1136.87D>
Cash cash e¢wNalenls al te￿wva ￿Y
463,677
600.547
Cash and Cash •qthal•nts at •nd ol y•aT
572.383
463.677
R•latlng to:
Cash at bank and in hand
FuTrJ5 with man
Cash experKlable
69,219
307,666
195,498
253,759
209,918
5n.383
463,677
19

TheTrlwl•Trust
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Charity ¥nloFmation
oèe*rn￿ff 1949 amefi￿ kn 1999 and 2015.
1.1 Ae¢ourtthig ¢on¥¢nti
The finanoal staremènis have prwred ￿ 3ccordarKe *>th the tharrtfs irust deed. cha￿+$ A¢t
2011 and "Accountsn9 afid Report￿9 by Ch•rths Stst*mtnt ol Reeornmwbd￿ Praebee applKJble to
cbantsès preparing their ac¢tyJnts ￿ aC￿rdanCe **th ttle Finanual RepNing Standard apphcable in th* U
ano R&public ol Ireiantt IFRa 1021 rfeff•aN* 1 Januèry 2Q1&1" The cbanty s a Pkbthc Enbty 45
defined by FAS 102.
Thé finJn¢131 Statèm￿1$ h•v• d•part*d from th* Chants+s antt ReautabMs 2QO8
lh* ex￿nI rèquifed to provth a and laiff VleaT. Th15 deparnire has Wb¥olvod lolltrffji ol
RecommerTraèd Pr3e4Ke for ch3nbes appl￿09 FR& I0* rather ihan the v*r5itsn of the ataienxni
RecofflmenOè¢l PfWCe relorfed tho Regul￿￿5 but *WI wnc• boen Wiihdf•*Yt.
The f naneJ31 St3Tements a￿ ir¢ stw1￿g. wttith ts the fvnCts￿ ol the chanty Mon•tsry
amwnts In Ihese ffinan¢￿t slatwnents afe rwnded w the nearesi £.
Thè fin3n031 siat*rpènts have been prepared under the htstsncal c05t rThxlffjed to ￿Clude thè
re¥aluatioD c• certJffl finJncd in5trum*nts 21 f3lr value. The pn￿PaI acKounbng policses a($￿trd Jre stt out
below.
At ine rirr* o13pprowng Ihe financial staiemenis. ihe TN5ttt5 hav* a reasofioblé oxpo¢ia*M fh3t c*Anty
h>$ 3dtquat* r•y>ur¢*s to agwatyMJl •XkSt*n¢* Ic* lh* foTtseeibW fvtUf*. Thu* th* Tr￿¢•￿5
¢4)rtDn¥+ io 3dtsPi thè gthr*V e4¥￿￿ basis ol ¥¢¢oufttyn9 in pr*panN4 the st•¥mwts.
IJ Charitabl*
'nr*s￿￿ *Jnds a￿ •v*lable li¥ usé at the d￿l•t￿ of th• hi￿#•* m ¢1 tr*r
objwives.
Th* Cpiairfy PS lund•d tyy an •*pwd•b￿ lyrrfl. kny traTr5f•r5 or * trT• l￿d ao sh¢y*n on th•
SLa?*rn*ni of fman¢ial as transftrs bww*eh l￿dI Th• from lfv• FS us*0 ty m••t the
obje￿ 91 th• ehaaty.
1.4 lTrcrAniTrJ resOWC•5
Income k5 rwn15ed Iht tharty Is Ivgally tntthd to ￿ th• anbjunts ¢￿ bè me•wr•d reh•bfy, Il
Ine¢m* from fftv*wn•nts L* th• 4f fin•nty41 •¢bvrt*s In I￿ y*ar rt is r•¢*1¥•￿.
1.6 Re50urc•s •xpenrfwl
11 *¥pendthre Is Indud*d on an xvu*5 ba5 ** wlwn t•Èr• is a legal or ¢4n*trLK
The cbjrty makes gf4nt5 .0 and In5trtutrOnS ￿ meétsng A5 charLible *)bJvts In accordance
the JORP p￿v..$10th Is made lor •1 OTants auth¢nsed by the Board ofTrtsstèes '.n the year Vthere Instalmen
of grJnt5 3re wnditorial only Ihtsst grant 1rtStalrrwls all thé eondtyc￿S have been at th+ yeat end
3no the Instalments h3vÈ been approved to be ma<le afe recogn15ed In the finanGs•l stMemen15. The
eAperse for thè per￿ Is reduced by any cancdlatyM ofgrnrts authon5ed i￿1 not subsegu•nty requifed.
20

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ICgntinu*di
lfi¥*strwwt mana9•m*ni fws in ￿Sp*¢I of the in¥e5thients d*Ou¢*ed 4Jiiecrtty from those
InVestri￿lS and not Invoiced 5eparaièly kn the charty. A5 311u**d by the JORP the share ol tttÈs+ ¢ost5
whith would r•late io s unrts has noi bèen rEcc¥nr5ed a5 an ex*ftse In thesè fin&ftcaal st3iement5
Inv*sirrent Incorne In¢orporJt*s MaTh1￿meThi l*t retyty*s wh*r* rè¢eivt(I diro¢Uy by lh* cknanty
G0vw￿net costs are wrely th0￿ ne¢￿s•ry lor thè ¢hanty to me•t thè adm%nisiratyv* r•qu4rements of ihe
Charrty Comrnis%on. In acc¥y¢arKe the SORP ihesè a￿ )1$￿tt￿ a¢mss tht ¢hJntablt Jttviti*s The
bay5 Ofall￿￿.0￿ 15 caknÈlated by the pei¢enla9e ol total 9r4nts p•d tn that ¢at*gwtr.
Support costs Jr• Jppmn•d b) th• c*ariiabl• by prr*m49• of tstal grants paid Én thai
1.6 Tan01b￿ fixed a55•ts
Tangl￿* fixed J55ets are Innjaty meJsvr•d Ji cosi and subs•qu•ntty m••SUf•d at ¢051 or Y•luaiwi. net ol
depr*￿a1)0n and any wnpainnent fosse5.
DepreLyalw 15 rKoOn￿*￿ so as to writ* off thè eost or Yaluabon ol assèts I￿$ thwr r•gdual ¥a￿e5 ovèr their
us•frJl livès on thè follt7Wfft9 ba5•5'.
OffKeflb'ro45 arrfl •wipfflert
The qaln OT Jrb*ig on Ihe disposal ol an assèt Is dèternin￿ 35 thè drfferw¢e be￿•*fi thè 531E
o¢*ed5 Jnd The carynq value of Iho Jssei. Is wnisè<l ￿ the s*JtÈmènt of fin3noal acti%7￿5
1.7 Fixed and ¢￿rr￿￿ ￿$•1 Inv•strbwib
Fixed and eurr*nt 4ss•t Investyrt￿￿ •rè mèavJr•d JI transaG*On pric* èx¢lud1ft0 tranMctyon costs.
Jnd &T* 5ub5equently Measur￿ ai v•lu• Ji •4¢** rwtyting dats. Chang•s In lair valu? 3r* r•¢¢)gn15èd In
n•t In￿rn¥(*￿pendroJ￿I lor the yeJr
1.8 Cash ¢ash equfva*fits
Cash and oa5h oquNalents inclihl• cash in hand. d•posAS h&J at ¢all b4nk5. ¢)th•r short-tèfm liquid
¥nth original ma￿1￿1￿5 of three months or knss. and bank overdraft5 Ba13nces held by ihè
chJftVs Invèstment managw I￿￿1n the investmènt p)frfolio Jnd the Bla¢%fo￿ Siertin9 LNuidity units Jrè
Induded within thè calègory ol investmènts. howeverihe curni and income accounts hekl by the In¥pstmeni
marka9èr are recorded a5 cash and ¢ash •quival*nts.
1J Financial iThstruments
The c*anty has elt¢t•tt w Jppty th• prowsions of S*c￿n 11 "Bas* Finafi¢bJl InstsNm•nts" Jnd oèetK>n l=
'Otr*er Fina￿1￿1 In51wrn•nts lssuos. of FRS 102 lo all ol its fiThani>Jl In$vun￿nl￿.
Finanual instWff￿is •r* rew1￿0 in the c*aitys balaneé thoèt when thè ehanty b•¢>)mè5 pariy to the
Finan¢441 ass*t5 and lia￿"1￿5 are offs•L wth thè net 31MUlbt% prnsonted in th• financ*Jl stJi•ffl*nts.
I￿r* Is a lègalty nghl 10 set off th* rtcopnis*d Jm04Jnts Jnd Is Jn ¢nt*ntKJn TO 5et¥e on J
n?t basr4 or ￿ rnalim ihe a55et and settle the habil￿ Simu￿aneouSlY
f￿a￿e1a1 assets
8Js* financaal a55eis. *hKh Indu0* +J•blm. cJgth &n¢J bank b•lanc*s. arè Inth&lly rn••sur￿ ai irJnsJction
pIK&. Finan￿al assets dassdled as r•c*wabl• Wlhin on• Jwf af• not amortis•d.
21

TheTrlan￿•Tn￿t
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PJSIC fin3noal 1ka￿li￿e5. Inckndin9 uediiors xcrua15 Ini￿lty aiiransx*•n wc*. Firtènoal
Iiabilrties ¢lassthéd 3s pkny3b￿ ￿thin onè year are am(rtisèd.
Only those grants which are al1th￿sed. uncOndrt￿ryal >r4J unp•id at the yeJr end ar* PfovOe4 in the fn>ntsJl
513&emènis. Grants still subiett to unfv1fi4ed LI￿￿rt￿￿5 at the balanet shéet ttaiè are d$sC￿e￿ &5
¢ontywent li•tstilies.
Oere¢o9nirwn of finan¢ial liabilitiel
Fin3ntsJi likn1￿•s ar* d*t•cow41sed T•Jh•n lh• ch¥rf¥'s c•TrtraL*ul Obli￿&0￿5 •xw• or x• di%ch&rged or
¢afieel￿.
1.10 Employee ￿n￿rts
Th* cct5t CTI 3ny untssed holrttay •n1th￿l is r•¢wnised in the perK)d in *mptoytt's
Terminat￿ benefits are recogn*sed Immediately as an expense Wh￿ the der￿￿$trab1Y
to *mploynwt ol an employ•• ty to provAY• trnninakn l)enefits.
1.11 R+iir*meni bmrfrts
Payrmnts to defjn•O rt¢ntr6bLrt*￿ r•tir+m•nt b*nefft s¢heffl*s ¥• c*argod as an •*p•ft%• M Ih&y laN du•.
In th• applicaton ol the thanvs acf4xntsry po*tye5, the tnsst•*5 af? wuired ro ma*• luaq•menty. ¢spm•*s
ass￿MPli0ns al>out the ¢arryin9 aMC￿mI of assets and liabikn*s tr*ai a￿ readity appw￿l from other
Sour￿5 The ewmaies and 455wated 3S5UmPtion5 arè b¥￿ ￿ h1str)n￿l em￿nenCe Jnd other fadors thar
ar+ 0)n$￿ere￿ 10 l>* relevant Acknal re5ts1ts may drter from Ih•5• •5Vrn•tQS.
Thé and uTrJ*ilyv41 are rev*W￿ M ¥• owth.ng b•ws Revkssc*75 to ￿￿unt￿
mat•s >r• r•¢oGniS•d ln the per*)d the e5Urnat• Is r•vts•d *htr• thè rèwsiw •IFeas only thji
Per￿$. or *n the penod ol Ihe iewsw and luture **trt It* few51W al1￿$ t¥)th ¢urneni an<1 futyrt
per•Jd5.
tund5
2025
fvnds
2024
Inuff.e trom Inw•5bm•nts
Ini¢r*5t recwwatsle
810JSD
30.134
713.418
13.009
840.484
726.485
22

TheTrknryhTrust
194Q l-Lirid
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
EXP￿dIt￿l* on tatslhg Ivnd5
Un￿5111¢¢*d Ettdo¥Jm*nt
htnd5
nds
Total Unrnsll¥et•d End*xm*ni
lunds
lunds
To¢•1
2025
2025
2025
2024
2024
2024
X4S3
Tht £1? goo vnresmethd I￿*￿M*￿t man•g•rft•fti tt•S ¢th￿p￿S•s lh• in¥éSbr•nt manwm*nt r*¥i•w c0515
£.￿.553 •llDCJtod to th* endwnpni 15 the Quilw Che￿1 prytfVI￿ managwrent fee
23

TheTrlan*Trust
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

TheTrlangleTnot
1919 kijiid
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Grants pay•b
2025
Xb?4
Youw C*m
Grnnts lu ￿9￿Ul10￿$ 11 w•n*•s (20￿.. 171
Awus Centre
Br•M C•ws cenl
n*Jg*s Profft¢t
Carer5 Tru51 Tyne and Vlear
Cr￿fi*1d Tnjst
Glouce5tW5hir* y￿n￿ C¥ers
H￿l￿9dOn CJr•
15.000
29.449
14.SQO
29.305
7,500
15.1)00
15.000
15.000
14.000
14.525
29.190
14.652
7.50D
PIYTIME Youry Carers
C&rèr5 SeT¥Ke
SJndw•ll Youno CJrer5
Sèfton Carers Centre
Siwpost Jlockport for C
SohltuII Carets Cthtrè
oef* Fknan¢*
St Caror4 Cw
Carers Centre
The Foundaiion
14.&73
13.552
27.59e
9.785
30.000
15.ODO
iJ.£oo
29.500
14.1199
20.188
13.138
217.530
337.856
25

TheTriangl•Trust
19191 UIYJ
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
anls payabl•
Grants payablè Young People with Cr¥Trinal Convictions
Gr•nt5 to In5trtUl￿l4s 38 gr￿l￿s12024-37
3Pllar5 ProJeei- 2 gr*its
20.wo ￿.ac0
26.rmjo
Xl.011
17x9
Aeuofi Ye4rth Boxing Int￿￿￿)n CIC
Allenda
Al-Hufraya
29.521
25.rffjo
24.Wl
IOAKKJ
15.000
8ass Yor*shif*
9udd A GIFI CIC
Catzem L
cl￿1•5
gr•ak T￿￿[r+ Ctympany
Cr&fifièkl Trust
Exil F￿pi￿AtrI
15.000
13271
24
7.000
19.*89
21.173
Ftham Reaeh Cèd>
GROW
14.797
24.500
Hutld&rsfi•i¢Y Ttr*r Foundati
Ingde cOM*c￿On5
Konnect CobTffiun•3 CIC
•r>+ywtt* Hoftzonts
New Dawn New Day
On th* Oul
Len5 Iletha
Opponuft4E* -aPOrts
PJw5 for pro9￿$5 CIC
Placè2Bè
Prtson R•d•) A5$¢￿th
pfism Refomi Twsi
Rèasffis Why F(*w¥lallun
R*¢ocy
Riyn9 ￿a￿S Jwppon CIC
ROChda￿ AFC
•a￿lS Foundat
301￿0
15.iK(I
30.1100 f5.000
24.888
10.000
13J10
14.820
25.000
30JJW 30.000
27A33
29fy40
10.573
21.0(JO
7.000
11.945
30.INJO 15.DOO
18.178
10.800
24.290
13225
pap* Insid&
•P2rt 4 Life UK
13225
13207
14.17)
19.
24.300
39.997
t. IAary'5 fouth Club
tsfepping
Pxihway•
30.tyJo i5.w)
30.￿0
S*ich Up
T*mpus
Thtr leo PrLyamme CIC
DJdtye55 Dauglrtev5 Proftet
Th• N+* F¥tyr•s PID￿¢1
Trail-glazers Mernrhig
TA aport5 and CIC
15.430
18.805
17.810
24.000
lJ.000
20.000
26

1949 kuiid
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Grants payabl•
Iconlthued
29.888
WIAITS
887.X12
e84.744
R•li•l of po¥•rty
Grants #> 0gr•ntees 12024: 71
7.￿¥0
10.500
?.Dg? 03? 1.Q33.100
Carw5
y￿ e•rers- grants 5uppM iffw¥•d •dL*athin rArtcomes lor ywn9 ¢ares young Jdull carer5.
Ytyj
Young oople Jnd the ¢r•Yiin>l just￿ Sy5tWn - 9rJnts jypport 4*udv•nwieil PeDple at nsk ot h•wit
Ihew dwupi•d by th• rrniin•l jusbce systsm.
Rel￿*0* Povwty
pa￿r￿n1 lor the JIl•WalK￿ of poverty arn Jwarfed or pmseni employees gf the pharm￿￿ts￿ indusrry.
and th•r dwndents.
ommivwrts
The chanty awards multi-year qrants. subJ•ci t* the reF¥)rtinq of the outcom• ol ••c* fftstslment. Whèn th•
¢ondrtion5 ft>r the next Ir6ialment are mel thè grant ts In th* fi9ur• fty Ii•k*liie5.
In Jddiiw) to
¢omrnrtted granis Indu¢J*l In th• has granted fiJnd5 Ot £1. 171.533 1?0?4 £1 ?1 I
.844 1 whic*
ale subpet ID condrtws thji ww* ￿ tA> be at the ￿•r*c* sh**t dat• and •trxvth"ngty not
these finaTrc¢¥&l $t&￿￿ents
Trn5t••s
NoThe rf the rrustees lor any ￿rSon3 oJnne¢ied with th*mi r*£e￿d any remur*watson or bentflls ftom
rhanty the y*ar. tyus1** trJvel èApense5 paid to nine tnJst*es tQUll*d £4 1 ?0?4
t1.992.. 5 Inj￿￿1. No insUrar￿* lirnityng trusl*èS' fv'ats"Iiles was ￿￿chased during thè yeJr12024". nill.
27

TheTr1an￿Tru$t
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARGH 2025
Support ¢Q5ts
2026
2024
¢osts
ataff
D•préci•
Reni, Insurjnee an¢J 5eM£* ¢harpes
Pftnbng. 90Sla9e. telèplsone And 513ponery
taff train￿9 and fe¢Nityment
Corvputw supWit5 V4+bSrt• •nd supp
Jrani monrtonffl9 and staff travel exF4ns•s
gD.978
90.978 74.488
7.8OJ
453
453
854
301
8,047
8.647
31.571
31J71
2.002
3.080
20.748
her gtnerèl 5uppon costs
Cor.stsiiJncy. 1KJokheep￿9 and iemp staff
3,060
8.SQ5
Audn fees
Trustee travel and mie*ng5
traini
4,828
IP,912
20D
4.826
19.912
200
4.800
4.87¢
145,70•
770.049 132.ao7
Support and goY*martL* ewts ro th* t*vds of orant In
Gram mcfflffonng ¢osts ffichJd* £4.110 ￿grac￿￿O th• orn7ty d•thbJse al￿ £21.ieo oft lY￿r￿1
)￿m￿ne* eosts Indude5 pa￿15 * tre of £4.800 Q024. £42CQI for lo•s.
Gains and lossè6 on
fvff
fvnds
2024
Gainstlbs￿j arising on"
Revaluaii*Jn ol irivtsiwls
Jajp of Inv•5th*tllS
IW.323)
418.88D
1,743.019
1,742.81
28

TheTrlangkTrust
1949 kliiid
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
lo Employe*5
Numb•r ot •mployw5
The avera9e monihty numbw of *mploy•es d￿Ing Ihe was. 2
2D24
Number
Numb•r
Grant admnigtrawjn and suppon
Empk*ym*Tht ¢osts
2024
W•￿$ Jrnd gJtsr*s in¢luding s•tary &Knfi¢• l>w•fits
ocjal secuiity costs
Employèrf5 pèn5￿￿ <0515
&5.180
70,D71
2.514
1.ge3
00.978
74.488
Th•t• wèr* on *¥eray two part lime •mPb)Y￿S dumg th• y•ar120?4. r*0 part umel.
rhe rHJmt*r ol eMp￿yeeS w￿)Se annual remunèraith Wa5 £00.000 or morè
2D25
Nwnb•r
2024
Numl
£OD.QOI w £70.000
t70.￿1 to£aO.IXKI
Empby•r wfi5ion ¢ontythJb)n5 mad• rn5p•d ol th• hv4hor paid •rnpboyee wel¥ £1.327 12024. £1.8931.
11 Taxalioib
Th• ehènty is •xempt Irrxn taxabofi on ts aC￿th5 b￿￿%+ Y QS applied fof charitsble purFw*5.
12 Other qains and ￿$Se5
Efvdowment EndoTA•hènt
fund4
futhds
2025
Xl24
G￿&1{10￿$*5l upry¥'.
For•lqn +￿th￿0•
11.7D81
29

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13 Tanoiblè fix*d a%5éts
Cost
At I Wl 2024
5.530
At 31 Mafch 2025
5.530
D•pr•¢iakn and inpainnenf
At l A￿1 2D24
D*prÈts3tsopI charged year
2.547
1.100
At 31 Warch 2025
3.653
Carryin¥ amoutrt
At 31 klarch 2025
1.877
At 31 Mirth 2024
2.fr82
14 Fix•d asset in¥eslments
S*rnsln
cc
Tolal
Chèvio¢
Qublt•r
Valualion
A1 31 March 202
AddibDns
V•iu*ion c*anqes
Man4grner¥t fees and other n
casb rnowpmems
Transfers gLrt
5pos*5
23.573.OOD
23,573
24.YO.080
(225.443)
12.101,270
105.5831
11.W.810
1449.5841
28D.724
345.4
1150,0001
345.498
1472.0081
124,910.886Tr
27.032
123.8èf•.81fll 11,020A7DI
{351J.fXKI}
At31 2025
11.514,817
11.145.22e
22,815.541
Cafryiry ￿￿1n¢
At 31 lljxch 2025
11.514,817
11. 145.220
195.408
22.855.$41
At 31 Itaf¢tt 2024
23.573.000
23.573.De4)
Flxed a55el invesbswnt5 re¥ah*d
The Qudter C￿¥1￿$ Iisi*d Investrments 4r¢ 51vwn at the rNI as prov%led by In*rx*¥• Dala
IEurop*i ¢r the last clogng deal*ng pr￿￿ a5 at ba147n¢* sttetl dare CCLA IA¥•sthients Jre shcthm at the
Ouoiea dJily uni* pnce. The his￿¢ C4>51 thv•strnents ￿ QvAEer Is £17.OQ8.645 and CC
£11 594.810 17024. Th•rth•r t¢•bJl.
30

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14 Fixod assèt invèstrnurts
IContiTru*dl
Dumg 2024 th• portf¢4￿ was splii b•M••n Qwher Che¥￿1 and CCLA.
The Quiller CheY￿t portrth is in¥ested in a TaFye ofèq¢Jrti•s •nd bond5. At the 315t March ￿?$ the
porfglvJ a55et alloc&bon wa5 a5
Fixed Inujmt
Eguib*5
19.04%
88 84%
1.05%
8.07%
320%
A￿rnat￿• Assws
Ltwid A55•ts
The CCLA port1￿1¢ 15 In 4 rang• ol •quib"es and bonds. At th* 31s1 Mar¢h 2024 Ihe ponfyllo Jsset
alktaw) was as kn11
Fi¥ed Ir•co
090%
e352
4.53
13.00
Property
L￿￿1¢1 Ass•ts
10096
Deta115 of thè IAv*stmMt ￿lL￿e$ and perforrnaf￿e Jtong With risk m•nagem•nt poFicy &r• coniJin*d
In the trustees. Teport The chanty seeks to minirnt5è njks of holding inv+5t￿￿￿tS, which compn5e mainly
market. yield Jnd hqui¢ity n5ks. throy9h apPo￿t￿*￿T ol an In¢J+pendent Inv*stm•nt M3n4g•rs. who Inv•s1
a ￿mmon In￿sIM￿ni funds specsfically tsilored for ch3ritrè5 01 th15 n4ture or dire¢t hol4in95 Iri 4
diw*r5ified portloho.
IS Debtorn
2025
X124
122.679
1.407
400
1.414
174.088
1.814

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
16 Crediiws. *Do￿¢S laNing wilh•n year
2tr24
Other ramat￿n and 5rthil sew*y
Tra£le co0ty5
A¢tw15 ano deterred
2,151
3739
175.*00
1,Ig8
187.847
171,330
181.Llg0
Gfan:s p)yabk c(oi¢ain$ £ 183.358 al w1twdrt￿%Jj commthd yants 1?024 È170.5441 &*rrts * the ¥alve 0¢
-1.533 IW24 £1 417,8451 have t>èen 3*3rde*l *thich bre Sub￿Cl w iJxdiiÉ>ns yd x+ bé the
17 Retirtmwrt bertrfrt s¢h*mès
2024
Charge ro profit or 1055 In respe¢t crf defined 5¢heffl•s
1.gfj3
Tbe charity opef3tès J defined COntr￿u¢l0n pen51oft s¢hem* for *1 qu$ifyry ernpwes The a55*ts 01
scherne 3rè hèld sep3r3rety thos* o! th* th3r¢y indeF*ndenty athTh51efed fuod
l• An*sls of n•t assets between fvnds
UN*Styi¢¢tr¢l Er•do*m•rt
fund5
2025
Totsi Unrestncteo ETrO*y•rnI*
thmd5
runds
2024
2024
T*xal
2D24
Fund b•i*)¢es are
Tangible a$5e
In¥ésvné
Currèni a￿￿,1*abill&'•51
1.877
1,877
23.780.291 21855.541
32Q.641
2.982
23.873,080 23,573.000
284.401
329.041
284.401
331.518 23.780.291 23. 187.059
287.3e3 23,573.0111 23,801J.443
32

TheTriangleTn
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
19 Operating lease commilm*nts
Ai the r•poth9 dat* thè c*anty had ￿t%￿nding ¢¢ynmArTrEnts for Trwnimum p)ym•nts r•lJbng IO the
offi1￿ lèase. lall due as fDIIo*s".
2025
2024
Wthin rm ￿ar
334
334
Rwnune¥atk>n ol k•y managemnt person￿1
The ￿￿￿￿¢r￿li￿n of key Mar￿9*m+nI P•1￿￿￿ was ag fokn•5.'
2025
2024
Aguwalp wmpensal
81.054
73.1QO
Agortya￿ cl￿n531K>n ￿￿60S gross salary and •ll •wJtoy•* ￿?￿fitS indudin9 *mployerf5 naI￿n31
Insurall￿￿ liatiiNIi•
Oetat15 01 tnt5tw *xp•n5e5 are diwk>sed in 8. There ¥rtr* no other irJn5xtsons Mv0￿1￿9 r*lated
partes.
21 ATh•ly5is ol ¢h•ny*s In Mt funds
The had no m•t•ri41 d•bt during lh* year.
Cash g•n•tat*d from op•rntitins
2025
2024
IW¢>tthWis lorthe y￿1
1675.093
1.3C4,1fr1
Adju51ments fvr..
Invèstmenl income recoJnised in slatemÈnt of f￿a￿¢SaI aar¥tseS
Foreign exthan9o differnnc*5
Ga￿ on diswsal of inv•sth)•nts
F•'r ¥alu• g*n5 and los￿$ (m Y•V•5trMnts
r*(iakn and iTrwaThenl oftangible fixe¢l assets
1848.4841
1.708
1418.8801
W.323
1.100
1720.4851
11.743.0191
1.008
Mov•m•nts in
lIn￿EaseYdeCr￿ase In d•btors
IDe(xea5evin￿j5e in cr•drt
1122.2721
19.78DI
808
11.425.352)
11. 140.9701
33