Company Number:N1637859 Charity Number:NIC107940 Triax Social Economy Proje¢ts Ltd (A company limited by guarantco) A¢¢ounts for thc year ended 31 March 2024
Triax Social Economy Projects Ltd (A company limited by guarantee) Contonts Page Information Directors Report Independent Examiner's Report Statement of Financial Activities Balaiice Slieet Not¢s to tlie accounts 8-12
Triax Social Economy Projects Ltd (A company limited by guarantee) Information Company No: N1637859 Charity No: NICI 07940 Directors Raymond Brown Sean Mc Monagle Oonagh Quigg Eddie Breslin KarerA Cunningham LouiseAnn Kilkie AccountAnts McGroaty Mccaffety & Company Ltd Accountants & Tax Consultants 2 Carlisle Terrace Dery BT48 6JX Registered Office 128 Lecky Road Derry BT48 6NP Page I
Triax Social Economy Projects Ltd (A company limited by guarantee) Report to the Directors for the year ended 31 March 2024 The directors present tlieir report and the financial statements for the year ended 31 March 2024. Our Alms and Objeetivos The Charity is established to promote the benefit of the inhabitants of the Triax Area (which includes 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 a550ciating tlie statutory autliorities, voluntary organisations and inhabitants in a common effort to Combat social isolation and engage tlie beneficiaries in social, recreational, health, support and educational pursuits in order to enhance their quality of life and promote a vibrant and liealthy community spirit. We will achieve tliis by: l. Advancing arts, culture aiid Iieritage by co-ordination and development of festivals, tours, exliibitions and otlier evenls and programines and by encouraging community participation in arts and cultural activities. 2. Advancing community development by providing practical support to community and voluntary organisations in tlie area of benefit so as to increase their efficiency and effectiveness and to encourage such organisations to co-operate to achieve their aims. 3. Proinoting the protection, enhancement and improveinent of the built environment and tlie provision of public ainenities. 4. To advance cducatioii and training aiid promotijig the physical, intellectual and social development of young ¢liildren. 5. Advancing health and promoting physical and mental well-being and participation in healthy recreation. 6. Developing the capacity and skills of residents of communities in the area of benefit that suffer social and economic disadvantage, in such a way that tliey are better able to id¢ntify, and h¢lp m¢et, th¢ir needs and participat¢ mor¢ fully in society. 7. Providing facilities in the interests of social welfare for r¢¢r¢ation and other leisure time occupations with tlie object of improving tlie coiiditions of life for tlie said inhabitants. 8. Promoting equality and diversity and religious and racial harmony by encouraging participation in a ran8¢ of in¢lLlSiVe and accessible 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. l O.Proinoting co-operation and partnership working between cominunity and voluntary groups, public and statiitory agencies and bodies and private seclor organisations to help achieve these Objects. I l.Proinoting and carry out, or assist in promoting and Carrying out research, surveys and investigation and publish the useful results thereof. 12.Organising or assist in organising meetings, lectures, classes and exhibitions, and publish or assist in publishing reports¥ periodicals, recordings, books or other documents or information. Financial Review The financial perfomiance is summarised in the enclosed accounts Structure, Governanee and Management Governin Document The organisation is a company with charitable status. The entity was forn]ed on [5th April 2016. Tlie company was established under Memorandum & Articles of Association which outlined the area of benefit and the objects of the charitable organisation. Page 2
Recrliitmeiit and A ointment of the Board of Directors The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of tlie Board. Under the requirements of the Memorandum and Articles of Association, one third of the members ofthe Board must stand for re-election at the Annual General Meeting. All members of Board give their time voluntarily and r¢ceive no benefits from the charity. Obli ations of tlie Board The main obligation of the Board are to develop and oversee the implementation of policy and to ensure that structures and management complies with legal requirements and good governance practice. The Board meets every second Inonth and reports on past developments and future plans are presented. Risk Mana ement Tlie Project Manager provides a monthly report to the Board whicli includes a financial report and an update on project development. Responslbllltlcs of tlie Board of Directors Iii addition to tlie responsibilities outlined above the Board will prepare financial statements for each financial year which give a fair and true view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure for the financial year. In preparing those financial stateInents, the Board should follow best practice and: select suitable accounting policies and apply tliem consistently. observe tlie metliods and principle5 in the Charities SORP 2019 (FRSI 02). make judgeinents and estimates that are reasonable and prudent; and prepare financial statements on the going coiicerii basis unless it is not appropriate to assume that the company will continue on that basis. state wliether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the finaiicial statements. prepare the financial statemeiits on tlie going concern basis unless it is inapproriate to assume the company will continue in business.. The directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables tliem 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report is prepared in accordance Nvith the special provisions of part 15 of the Companies Act 2006 relating to small companies and in accordance ivith SORP 2019 (FRS102). This report was approved and authorised for issue by the Board on 6 June 2024 and signed on its behalf by. Director Dire Page 3
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 tlie charity for the year ended 3 l March 2024. Respective responsibilltles of charity committee members and examiner As the charity's directors you are responsible for the preparation of the accounts in accordance with the requireinents of the Companies Act 2006. Having satisfied ourselves that the cliarity is not subject to audit under company 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 down in tlie general Directions given by the Commission under Section 65(9) (b) of the Charities Act; state wlietlier particular matters have come to our attention. Basis of Independent examlner's rnport We have e,xamined your charity accounts as required under Section 65 of the Charities Act and our exaInination was carried out in accordance with tlie general directions given by the Charity Commission for Nortliern Ireland under Section 65 (9)(b) of the Charities Act. The exainination included a revieiv of the accounting records kept by tlie charity and a comparison of the accounts presentcd with those records. It also included consideration of any unusual items or disclosures in tlie accouiits. and seck-iiig explanation from you as cliarity directors conceming any such matters. Our role is to stat¢ wlietlier any Inaterial matters have com¢ to our attention giving us cause to beli¢ve: l.Tliat accounting records were not k¢pt in ac¢ordanc¢ with S¢¢tion 386 of the Companies Act 2006. 2.That the accounts do not accord witli those accounting records. 3.That tlie accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and witli the metliods and principles of the Charities Statement of Recommended Practice applicable to cliarities preparing their accouiits in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. 4.Tliat there is further infomiation needed for a proper understanding of the accounts to be reached. Independent Examlnerls Statement We can confimi we are qualified to undertake the examination and are regulated and a member of Chartered Accountants Ireland, which is one of the listed bodies. We have completed our examination and have no concerns in respect of the matters 1 4 listed above and, in coniiection with tlie following Directions of the Charity Commission Northern Ireland; we have found no Inatters tliat r¢quir¢ drawing to your attention. McGrourty Mccafferty & Compatty Accountants & Tax Consultants 2 Carlisle Terrace Derry BT48 6JX Date: 6 June 2024 imited Page 4
Triax Social Economy Projects Ltd (A company limited by guarantee) Statement of Financial Activities for the year ended 31 iVlarLh 20?4 Unrestricted Funds Restrlcted Funds 2024 2023 Inconie and F.xpendlture Incoming Resource5 GrÉints & Sundry Income 165 ?84 6.689 171,973 102,18? Total Incoming Resources 165,284 6,689 171,973 102,18? Resoureos Expended CharitablL activities Governance costs 13? 139 1.310 138,679 1,310 75,305 1.068 Total Resources E.¥pended 133,449 6.540 139.989 76,373 Net Inconiing l (Outgolngl Resources 31,835 149 31,984 25,809 BalLince8 brought torward l April 2023 72,039 (56) 71,983 46,174 Balances carried torward 31 March ?0?4 10. 103,874 93 103,967 71,983 The ubove amounts relatc to cnntiiiuing operations of the compuny. The company hèis no recosnised gains and losses other thon th08e included in the resulib abovL and therefore no sepurule slaiemenl of toial recognised suins and losses has been presented. There is no difference between the net incoming resources for the year staled above and their hi.%torical cost equivalents. Page 5
Triax Social Economy Projects Ltd (A company limited by guarantee) Balance sheet as at 31 March 2024 2024 2023 Notes Ffxed assets Tangible asbets 1,553 2,097 Current assets Debtors Cash at bank and in hand 36,412 90,604 15.000 58,994 127.016 73,994 Current Ilabllltles Otlier creditors Accruals ?3,498 1.104 I,804 ?,304 24.60? 4,108 Net current Assets 102.414 69,886 Total assets less current 103.967 71.983 Reserves Unreslricled Restricted 103,874 93 72,039 (56) iu 103,967 71.983 Pdgye 6
Triax Social Economy Projects Ltd (A company limited by guarante¢) (continued) In approving tliese financial stateinents as directors of the coinpany we hereby confirni: The coinpany was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small comapnies. Tlie members have not required tlie coinpany to obtain an audit in accordance witli section 476 of the Companies Act 2006. The direciors ackiiowledge tlieir responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of accounts. Tliese accounts have been prepared in accordance with the provisions applicable to small companies subject to tlie small coinpanies regime in accordance with Charities SORP (FRSI 02). The financial statements were approved and authorised for issue by the Board on 6 June 2024 and signed on its bchalf by; O,Thq Dlrector Dlrector Date . 6 June 2024 Date . 6 June 2024 Registration number: N1043863 Page 7
Triax Social Economy Projects Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2024 Accounting policies The charity is a private limited company by guarantee, registered in Nortliern Ireland and a registered charity in Nortliern Ireland. The address of the registered office is 128 Lecky Road, Dery> BT48 6NP. Accounting ¢onY¢ntion The significaiit 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 cliarity constitutes a public benefit entity as defined by FRSI 02. The financial statements have beeii prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with tlie Financial Reporting Standard applicable in 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 value. The financial statement5 are presented in sterling which is the functional currency of the charity. Incoming rcsources All incoiniiig resources are included in the statement of financial activities when tlie charity is entitled to tlie income and tlie amount can be quantified ivith re&Lsonable accuracy. The following specific policies are appli¢d to parti¢ular ¢ategori¢s of in¢oine: Voluntary income is received by way of grants, donations and gifts and is included in full in the stateinei)t of fiiiancial activities when receivable. Grants where entitlement is not conditional on tlie delivery of a specific perfonnance by the charity, are recognised when the charity becomes uncoiiditioiially entitled to the grant. Donated services and facilities are included at tlie value to the cliarity wliere this can be quantified. The value of services provlded by volunteers has not been included. Gifts donated for resale are included as incoming resources witliin activities for generating funds when tliey are sold. 1.3. Re¥ourees expended Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to whicli it relates. Cliaritable expenditure coinprises those costs incurred by the charity 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 indirect nature necessary to support them. 1.4. Tangible fixed assets and depreciation Tangible fixed asset5 are stated at cost less depreciation. Depreciation is provided at rates calculated to write off tlie cost or valuation less residual value of each asset over its expected useful life, as follows: Equipment 150/0 Straight Line Page 8
Triax Social Economy Projects Ltd (A company limited by guarantee) Notes to the accounts for th¢ year ended 31 March 2024 Income 2024 2023 Rcstrieted Income Big Lottery - Awards for All NIHE Frog Pond-Big Lottery Planet Together Halif&x 385 5,249 5,054 3,058 3,196 1,055 6,689 11,308 Unrestrlcted Income Oilier Iiicome Social Economy Income Apex Housing 76,332 26,212 71,740 41,134 49,740 174,284 90,874 Total Income 180,973 102,182 (i) Restricted Funds Funds rec¢iv¢d which are earniarked by the Fuiider for specific purposes. Such purposes are within the overall aims of the orgaiiisation. (li) Unrestricted Funds Funds whicli are expendable at the discretion of the company in furtherance of the aims of the charity. In addition funds may be lield in order to finance capital investment ai)d working capital. Page 9
Triax Social Economy Projects Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2024 Resources Exponded Unrestricted Funds Restrlctod Funds Total 2024 Total 2023 Management & Administration Halifax project Big Lottery-Awards for All Social ecoiiomy expenses Ballyinagowan project Project expenses Planet Togetlier Donations Suiidry expeiises NIHC Project Accountaiicy Frog pond-Big Lottery Bank charges Project expenses unrestricted Depreciation 1,055 385 1,055 385 19,615 19,615 887 54,792 3,196 1,300 901 110,893 110,893 400 400 5,100 5,100 1,310 1,310 1,068 3,133 295 10,257 544 687 687 544 544 133,449 6,540 139,989 76,373 Governance Costs Unrestrlctcd Funds Restricted Funds Total 2024 Total 2023 Accountancy Fees 1,310 1,310 1,068 Net (outgoing)l incomlng resourcos for the year 2024 2023 Net (outgoing)l incoining resources is stated after charging: DepreciRtion and other amounts written off tangible fixed assets Accountancy fees 544 1,310 544 1,068 Taxation As a cliarity, Triax Social Economy Projects Ltd is exempt from tax on income and gains falling within section 505 of tlie Taxes Act 1988 or s256 of the TatIOn of Chargeable Gains Act 1992 to the extent that these are applied to its chargeable objects. Accordingly, no tax charges have arisen in the charity. Page 10
Triax Social Economy Projects Ltd (A company limited by guarantee) Notes to the accounts for th¢ year ended 31 March 2024 Tangible assets Equlpment Total Cost At l April 2023 3,625 3,625 At 31 March 2024 3,625 3,625 Depreclatlon At l April 2023 Charge for the year 1,528 544 1,528 544 At 31 March 2024 2,072 2,072 Net book valucs At 31 Marcli 2024 1,553 ,553 At 31 March 2023 2,097 2,097 Debtors 2024 2023 Grants receivable 45,412 15,000 Creditors: amounts falling due within one year 2024 2023 Bank loans and overdraft Deferred iiicome & other creditors Accruals 11,838 11,660 1,104 1,804 2,304 24,602 4,108 Page 11
Triax Social Economy Projects Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2024 10. Movements in Funds At At l April Incomlng Outgolng 31 March 2023 resources resourccs 2024 Restricted funds: Total restricted funds Unrestrlcted funds: Total uiirestricted funds (56) 6,689 (6,540) 93 72,039 174,284 (133,449) 112,874 Total funds 71,983 180,973 (139,989) I 12,967 Purposes of Restricted Funds Restricted grants awarded to the charity is provided to cover the Core objects as explained in directors report. 11. Related Party TransACtions There were no related party transactions during the year. 12. Limited by Guaranteo Tlie company is limited by guarantee and does not have a share capital. 13. Post Balance Sheet events No significant events have taken place since the year end that would result in adjustments to 2024 financial infonnation or inclusion of a note tliereto. Page 12