Company Number:N1637859 Charity Number:NIC107940 Triax Social Economy Projects Ltd (A ¢ompony Ilmlted by guarant¢¢) Accounts for the year ended 31 March 2023
Triax Social Economy Projects Ltd (A company limited by guarantee) Contents Page Information Directors Report Independeiit Examiner's Report Stateinent of Financial Activities Balancc Slieet Notes to tlie accounts 8-12
Triax Social Economy Projects Ltd (A company limited by guarantee) Information Company No: N1637859 Charity Iyo: NIC107940 Directors Raymond Brown Sean Mc Monagle Oonagh Quigg Eddie Breslin Karen Cunningham LouiseAnn Kilkie Appointed 30111122 Appointed 30111122 Appointed 23111122 AccountAnt$ McGroaty Mccafferty & Company Ltd Accountants & Tax Consultants 2 Carlisle Terrace Derry BT48 6JX Registered Office 128 Lecky Road Derry BT48 6NP Pagc I
Triax Social Economy Projects Ltd (A company limited by guarnntee) Report to the Directors for the year ended 31 March 2023 The dircctors present their report and the financial statements for the year ended 31 March 2023. Our Alms and Objectivcs The Charity is established to promote the benefit of the inhabitants of the Triax Area (which in¢ludes Creggan, Bishop Street, Fountain, Bogside and Brandywell) and the immediate environs (the "area of benefit") without distinction of sex, sexual orientation, age, race, ethnicity, disability or political or religious opinions by associating the statutory authorities, voluntary organisations and inhabitants in a common effort to combat social isolation and engage the beneficiaries in social, recreational, health, support and educational pursuits in order to enhance their quality of life and promote a vibrant and healthy community spirit. We will achieve tl)is by: l. Advancing arts, culture and heritage by co-ordination and development of festivals, tours, exliibitions and otlier eveiits and programmes and by encouraging community participation in arts and cultural activities. 2. Advancing community development by providing practical support to Community and voluntary organisations in Ilie area of benefit so as to increase their efficiency and eff¢ctiv¢ness and to encourag¢ such organisations to co-operate to achieve tlieir aims. 3. Promoting the protection, enhancement and improvement of tlie built environment and the provision of public amenities. 4. To advance education and training and promoting tlie physical, intellectual and social d¢velopment of young cliildren. 5. Advancing health and promotiiig physical and mental well-being and participation in healthy recreation. 6. Developing the capacity and skills of residents of communities in the area of b¢n¢fit that suffer social and ecoiioini¢ disadvantage, in sucl) a way that they are better able to id¢ntify, and help m¢¢t, their n¢¢ds and participate Inore fully in society. 7. Providing fa¢1 Iities in tlie interests of social welfare for recreation and other leisure time occupations with the object of improving the Conditions of life for tlie said inhabitants. 8. Promoting equality aiid diversity and rellgious and racial harmony by encouraging participation in a range of inclusive and a¢¢es5ible programmes wliicli strive to bring together all sections of the community. 9. Promoting social enterprise and such other charitable purposes as may from time to time be detennined. 10.Proinoting co-operation and partnership working between community and voluntary groups, public and statutory agencies and bodies and private sector organisations to help achieve these Objects. I l.Promoting and carry out, or assTSt in promoting and carrying out research, surveys and investigation and publish the useful results thereof. 12.Orgaiiising or assist in organising meetings, lectures, classes and exhibitions, and publish or assist in publishing reports, periodicals, recordings, books or other documents or infonnation. Fillancial Review The financial perforiiiance is summarised in the enclosed accounts Structure, Governance and Management Governin Document Tlic organisation is a company with charitable status. The entity was formed on 15th April 2016. The company was eslablislied under Memorandum & Articles of Association which outlined the area of benefit and the objects of the charitable organisation. Page 2
Re.cruilment and A ointment of the Board of Directors Tlie directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as meinbers of the Board. Under the requirements of the Memorandum and Articles of Association, one third of the members of the Board must stand for re-election at the Annual General Meeting. All In¢mbers of Board give their time voluntarily and receive no benefits from the Charity. Obli atioii of the Boar The main obligation of the Board are to develop and oversee the implementation of policy and to ensure that structures and Inanagement Complies with legal requirements and good governance practice. The Board meets every second Inonth aiid reports on past developments and future plans are presented. Risk Mana ement The Project Manager provides a monthly report to tlie Board which includes a financial report and an update on project developinent. Responslbilities of thc Board of Dlrcetors In addition to the responsibilities outlined above the Board will prepare financial statements for each financial year ivliicli give a fair and true view of the state of affairs of the charitable company as at the balance sheet date and of its iiicoming resources and application of resources, including income and expenditure for thc financial year. In preparing Iliose financial slatements. the Board should follow best practice and; selecl suitable accounting policies and apply them consistently. observe the melliods and principles in the Charities SORP 2019 (FRS102). make judgements and estimates that are reasonable and prudent; and prepare financial statements on the going Concern basis unless it is not appropriate to assume tliat the company will continue on that basis. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare tlie financial statements on tlie going concern basis unless it is inapproriate to assume the company will continue in business.. Tlie directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time tlie financial position of tlie charity and enables them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the charity and lience for taking reasoiiable steps for the preventlon and detection of fraud and other irregularities. This report is prepared in accordance ivith the special provisions of part 15 of the Companies Act 2006 relating to small companies and in accordance with SORP 2019 (FRS102). This report was approved and autliorised for issue by he Boar on and signed on its behalf by. Dire tor Director Louise IL&Lfi £ IGlql23 Page 3 2blq 123
Triax Social Economy Projects Ltd (A company limited by guarantee) Independent Examiner's Report on the unaudited financial statements to the directors of Destined Ltd We report on the accounts of the charity for the year ended 31 March 2023. Rcspcctive responslbilities of charlty committee members and examiner As the charity's directors you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Flaving satisfied ourselves that the charity is not subject to audit uiider compaiiy law, and is eligible for independent examination, it is our responsibility to: examine tlie accounts under Section 65 of the Charities Act; follow tlie procedures laid dowii in the general Directions given by the Commission under Section 65(9) (b) of the Cliarities Act. state whether particular matters have come to our attention. Basis of Independent examiner's report We have examined your charity accounts as required under Section 65 of the Charities Act and our examination was carried out in accordance with the general directions given by the Chkrity Commission for Northern Ireland under Section 65 (9)(b) of the Charities Act. The e.xamination included a review of the accounting records kept by the charity and a comparison of the accounts preseiited with those record5. It also included consideration of any unusual items or disclosures in the accouiits, and seeking explanation from you as charity directors concerning any such matters. Our role is to state whether any mat¢rial matters liave come to our attention giving us cause to believe: l.That accounting records were not kept In accordance with S¢ction 386 of th¢ Companies Act 2006. 2.Tliat tlie accounts do not accord witli those accounting records. 3.That ihe accounts do not coinply with the accounting requirements of section 396 of the Companies Act 2006 and witli the metliods and principles of the Cliarities Statement of Recommended Practice applicable to cliarities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Repliblic of Ireland. 4.Tliat there is further informaiion needed for a proper understanding of the accounts to be reached. Indepcndent Examlner'$ Statement We can confirm we are qualified to undertake the examination and ar¢ regulated and a member of Chartered Accounlaiits Ir¢laiid, which is on¢ of the listed bodi¢5. We have completed our examination and liave no concerns in respect of the matters 1 4 listed above and, in connection witli the following Directions of the Charity Commission Northern Ireland; we have found no matters that require drawing to your attention. Mccroarty Mccaffe & Company Limited Accountants & Tax Consultants 2 Carli51e Terracc Derry B T48 6JX Page 4
Triax Soclal Economy Projects Ltd (A company limited by guarantee) Statement of Financial Activities for the year ended 31 March 2023 Unrestricted Funds Restrlcted Funds 2023 2022 Income and Expenditure Incoming Resources Grants & Sundry Income 41,134 61,048 102,182 101,729 Total Incomlng Rosources 41,134 61,048 102,182 101,729 Resources Exponded Cliaritable activities Goveriiaiice costs 14,184 1,068 61,121 75,305 1,068 71,377 1,167 Total Resources Expended 15,252 61,121 76,373 72,544 Net Incoming / (Outgoing) Resources 10. 25,882 (73) 25,809 29,185 Balances brougllt forward l April 2022 46,157 46,174 16,989 Balanccs carried forward 31 March 2023 72,039 (56) 71,983 46,174 Tlie above amounts relate to continuing operations of the company. Tlie Company has no recognised gains and losses other than those included in tlie results above and therefore no separate statement of total recognised gains and105ses has been presented. There is no difference between tlie net inroming rcsources for the year stated above and tlieir historical Cost equivalents. Page 5
Triax Social Economy Projects Ltd (A company limited by guarantee) Balance sheet as at 31 March 2023 2023 2022 Notes Fixed assets Tangible assets 2,097 656 Current assets Debtors Cash at bank aiid in hand 15,000 58,994 39,546 33,006 73,994 72,552 Current IIAbllities Otlicr creditors Aceruals 1,804 2,304 8,058 18,976 4,108 27,034 Net current assets 69,886 45,518 Total assets Icss current liabilities 71,983 46,174 Reserves (note ) Unrestricted Restricted 72,039 (56) 46,157 17 71,983 46,174 Page 6
Triax Social Economy Projects Ltd (A company limited by guarantee) (continued) In approving tliese financial statements as directors of the company we hereby confinn: The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small comapnies. Tlie members have not required the company to obtain an audit in accordance witli section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 witli respect to accounting records and preparation of ac¢ount5. These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small coinpanies regiine in accordance with Charities SORP (FRSI 02). Tlie financial statemcnts were approved and authorised for issue by the Board on and signed on its behalf by; Dlrector k2oL401 Director Date . 2bloq12023 Date . Registratlon number: N1043863 Page 7
Triax Social Economy Projects Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2023 Accounting pollclos The charity is a private limited company by guarantee, registered in Northern Ireland and a registered cliarity in Nortliern Ireland. The address of the registered office is Foyle Valley Railway Museum, I royle Road, Derry, BT48 6SQ. Accounting convontion Tlie significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Tlie charity constitutes a public benefit entity as defined by FRS102. 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 ac¢ordan¢e with the Financial Reporting Stllndard applicable iii the UK and Republic of Ireland Charities SORP 2019 (FRS102) and the Companies Act 2006. The financial statements are prepared on a going concern basis under the historical cost convention, Inodified to included certain items at fair valuc. The financial statements arc presented in sterling wlii¢h is the functioiial currency of the charity. 1.2. Incoming resources All incoming resourc¢s are included in tlie stateinent of financial activities when the charity is ¢ntitled to the income and the ainouiit can be quantified with reasonable accuracy. Tlie following specific policies are applied to parlicular categories of income: Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific perforinance by the charity, are recogni5ed when the charity becomes uncondilionally entitled to the grant. Donated services and facilities are included at tlie value to the charity where this can be quantified. The value of scrvices provided by volunteers has not been included. Gifts donated for resale are included as incoming resources within activities for generating funds when tliey are sold. 1.3. Resourcos expended E,xpeiiditure is recognised on an accrual basis as a liability is incUrd. Expenditure includes any VAT which cannot be fully recovered, and is report¢d as part of the expenditure to which it relates. Charitable expenditure comprises tliose costs incurred by the cl)arity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indir¢ct nature necessary to support them. Page 8
Triax Social Economy Projects Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2023 1.4. Tangible fixed ass¢ts and depreclation Tangible fi.xed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over it5 ¢,xpected useful life, a5 follows: Fixtures & Fittings 150/0 Straight Line Income 2023 2022 Restrlcted Income NIHE DCSDC Grassroots DCSDC Good Relations Apex Housing Frog Pond-Big Lottery Planet Together Coinmunity foundatioii-ULTACH 5,054 1,760 1,500 49,740 49,740 3,058 3,196 1,330 61,048 54,330 Unrestrieted Income Otlier Inconie Feile Iiicome 4l,134 44,349 3,050 41,134 47,399 Total In¢ome 102,182 101,729 (i) Restricted Funds Funds reccived whicli are earmarked by the Funder for specific purposes. Such purposes are within the overall aims of the organisation. (11) Unrestricted Funds Funds which are expendable at the discretion of the company in furtherance of the aims of the charity. Iii addition funds may be held in order to finance Capital investment and working capital. Page 9
Triax Social Economy Projects Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2023 Rcsources Expcnd¢d Unr¢$tri¢ted Funds Restricted Funds Total 2023 Total 2022 Management & Admlnlstratlon DCSDC Grassroots Planet Together Ballymagowan project Projcct cxpenses DCSDC good relations Donations Sundry expenses ULTACH Project Accountancy Frog pond-Big Lottery Bank charges Dcpreciation 1,760 3,196 3,196 887 65,049 887 10,257 12,658 52,662 1,483 54,792 1,300 901 1,300 901 922 1,330 1,167 1,068 1,068 3,133 295 544 3,133 295 544 316 246 15,252 61,121 76,373 72,544 Governance Costs Unrestrlctcd Funds Rcstrictcd Funds Total 2023 Total 2022 Accountancy Fees 1,068 1,068 1,167 Not (outgoing)/ in¢oming resour¢es for the year 2023 2022 Net (outgoing)/ incoming resources is stated after charging: Deprecialion and otlier amounts written off tangible fixed assets Accountaiicy fees 544 1,068 246 1,167 Taxatlon As a charity, Triax Social Economy Projects Ltd is exempt from tax oli income and gains falling within sectioii 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its chargeable objects. Accordingly, no tax charges have arisen in the cliarity. Page 10
Triax Social Economy Projects Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2023 Tangible assets Equipment Total Cost Al l April 2022 Additions 1,640 1,985 1,640 1,985 At 31 March 2023 3,625 3,625 Depreciation At l April 2022 Cliarge for the year 984 544 984 544 At 31 March 2023 1,528 1,528 Net book values At 31 March 2023 2,097 2,097 At 31 March 2022 656 656 Debtors 2023 2022 Grants receivable 15,000 39,546 Credltors: amounts falling due within one year 2023 2022 Bank loans aiid overdraft Deferred income & ollier creditors Accruals 1,804 2,304 8,058 18,976 4,108 27,034 Page 11
Triax Social Economy Projects Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2023 10. Movements In Funds At At l April Incoming Outgolng 31 March 2022 resources resources 2023 Restricted funds: Total restricted funds Unrnstricted funds: Total unrestricted funds 17 61,048 (61,121) (56) 46,157 41,134 (15,252) 72,039 Total funds 46,174 102,182 76,373 71,983 Purposes of Restrlcted Funds Restricted grants awarded to the charity is provided to cover the core objects as explained in directors report. 11. Related Party TrAnsACtlons There were no related party transactions during the year. 12. Limited by GuarAntcc The company 15 limited by guarantee and does not have a share capital. 13. P05t Balance Sheet evcnts No significant events have taken place since the year end that would result in adjustments to 2023 financial infomiation or inclusion of a note thereto. Page 12