Company registration number: NI054265 Charity Number: NIC108542
TRIAX
(A company limited by guarantee, not having a share capital)
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
Claremount FM Limited Chartered Accountants and Statutory Auditors 43 Clarendon Street Derry BT487ER
TRIAX {A ¢ompany Ilmlted by guarnnt¢è, not having a Share capltall CONTENTS Page Trustees, and Other Information Trustees, Annual Report Statement of Trustees, Responsibilities Independent Auditorfs Report 10-12 statement of Financial Activities 13 Balan Sheet 14 Statement of Cash Flows 15 Notes to the Financial Statements 16-21
TRIAX IA company Ilmèt•d by guarantee. havlng • •harn POi•ll TRUSTEES. AND OTHER INFORMATION Trustees George McGowan Donna Mccloskey Gerry Quinn Derek Moore Kyle Thompson Danielle Devine Company registration number N1054265 Charlty Number in Northern Iroland NIC108542 Reglsternd Office Administration Block lona Business Park Southway Derry BT48 9LH Audltors Claremounl FM Limtted Chartered Accounlants and Statutory Auditors 43 Clarendon Street Derry BT487ER Principal Bankers AIB Meadowbank Strand Road Derry BT48 7TN Sollcitorn Hasson & Company Solicitors 3941 clandOn Street Derry BT48 7ER
TRIAX {A cOmY Ilmlt•d by gu•r•nt••, not hthng a •h•rn ¢awtd) TRUSTEES. ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 The trustees pr888nt their TnL8t8es' Annual Report, combining the Directors, Report and Trusteas, Report. and th8 audit8d financial statements for the financial year ended 31 March 2025. The financial statements are prepared In accordance with the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland" and Accountlng and Reporting by Charitles: Statement of Recommended Practice applicable to charities preparlng their flnancial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). The Trustees, Report contains the infomiation required to be provided in the Twstees, Annual Repjrt under the Statement of Recommended Practice (SORPI guidelines. The trustees of the charity are also charity trustees for the purpose of chanty law and under the chanty's constitution are known as members of the board of trustees. In this report lh8 trustees of Triax present a summary of its purpose. governanc8. activrties. achiev8ments and finances for the financial year 31 March 2025. The chaiity is a registered charrty and hence the rewrt and results a presented in a form whlch complles with the requirements of the Companies Act 2006 and, although not obliged to comply wlth the Statement of Recommended Practlce applicabla in the UK and Republic of Ireland FRS 102. th8 organisation has implemented its recommendations where relevant in these financial statements. Mission, ObJoctlv•s and Strategy Objectives TRIAX Partnership currently comprises of 23 members, which include PreSentativeS from local communities, voluntary organisations. elected representatives. private sector and local ststutory organisats'ons. The Partnership has established 5 sub groups to assist them in the identification, development and where appropri8te the delivery of projects which aim to address the programme's 4 strategic objectlves of community renewal, social renewal, economic renewal and physical renewal. TRIAX Is a Nelghbourhood Partn8rship Board that works with DSD North West Development Offlce on the delivery of the Department's strategy for Neighbourhood Renewal over a 7-10 y8ar planning and irnplementatbon timeframe. The Partnership is located in the Southside of the city, which includes within its area of benefit Bogside, Brandyw811. Bishop Street. Creggan and The Fountain comprising a total population of approximately 16,200 residents. The objectives of Trlax Neighbourhood Partnership are: . Develop and agree the Neighbourhood Renewal Action Plan wtth the DepartrnenL The Action Plan must seek to improve the social. economic and environmental conditions of the Triax - Citysbde Nehbourhood Renewal Area by: Identtfying evidence based needs,, Detailing and prlorftlsing the needs of the ar8a that are to be met. Detailing and prioritising the activities to m88t that need., Advising of the needs of the area that ar6 to be met; and Identifying how projects can be best delivered i.e. by statutory, communitylvoluntary sector and private sector bodies. il. Monitor the Actlon Plan on a quart8rly basis against action plan targets and provide an update to the Department.
TRIAX IA company Ilmltod by guarantee. not havlng a sharn capilall TRUSTEES. ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 iii. Review the Action Plan annually and present to the Department for acceptance. In doing so the Partnership will: S8cure a balanced representation in respect of th8 Neighbourhood Renewal ar8a' Liaise with the Department. other Neighbourhcmjd Partnerships and relevant bodres to ensure the interests of the local community are properly and fully reflected including promoting good community relations and avoiding duplication of servi5,. Only make changes to the Code of Practice with the consent of or by instruction of the Department., Not have any direct funding responsibilities- the Partnership will focus on identifying local priorities and will worf< to influence and contribute to the determining of Government spending priorities for their neighbourhoods, and act as a vehicle for local planning and implementation- Consent to the publication by internet and other media of th8 details of the Partnership membership to ensure openness and transPancY. The TRIAX Cityside Neighbourhood Renewal Partnership also work in line with the aims and obj8CtiV8s of the One Regeneration Plan for the City which has been agreed in response to the Mlnisterial call 'to create and promote a deliverable vislon for regeneration of the Derry City Council area. to secure the MmItMent of all stakeholders to that vision and to pursue single-mindedly its implementation" Importantly, it represents an opportunity to move towards a joint economic development and regen8ration strategy for all sectors in the North W8St. Th8 mission of th8 Plan is: 'To deliver renewal - economic, physical and social, building stronger and more vibrant economy with increased prosperity for our City and Region. in ways which 8nsure that opportuniti8s and benefits from regeneration are tsrgeted towards the most d&prived groups in our communities.. Structure, Governance and Management Structure The organisation is a charitable company Ilmlted by guarantee, incorporated on 10 March 2005 and registered as a charity on 10 March 2005. Th8 ¢ompany was established under a Memorandum of Association which estsbllshed the objects and powers of the charitable company and is govemed under it Articles of Association. Recruitment and appointment of management committee (Board of Directors) The Directors of the company are also charity trustees for the purposes of charity law and under the companvs artides are known as members of the Management Committee. Under the requirements of the Memorandum and Articles of Association the members of the Management Committee are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. All members of the Management Committae give their time voluntarily and received no benefits from the Charity. A number of Directors will retire by rotation and. being eligible, offer themselves for re-electlDn. Directors Induction and Training ASI Directors are already familiar with the pr8CtiC81 work of th8 Charity having been involved in a range of activities and events over sev@ral years. All directors are employed full time in the voluntary and community sector and have a high degr88 of comp8tenc8 and skill in running a community and voluntary organisation. Rlsk Assessment and Management The Board of Directors is duty-bound to review the major risks to which the charity is expos8d. Two staff members attended a NICVA training s8ssion in order lo begin the prttess of developing a risk register to
TRIAX (A company Umit•d by guar4ntso, not h•ving a $hare capitsll TRUSTEES. ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 help devlse approprlate systems and procedures to mitigate the risks the charity faces. Intemal Financial Risks are aladY minimised by the authorisation of all transactions for project expenditure. produreS are in place to ensure compliance with health & safety of stsff, volunteers and SeiCe users. Organlsatlonal Structure The organisation ha5 a Board of up to 6 Directors who meet at least four time5 a year to receive Progress Reports from the strategy board relative to the various projects. The Board is responsible for ensuring the strategic direction and policies of the Charity. At present there are 8 Directors on the Board from a range of backgrounds. In an effort to maintain a good skills mix. Directors are requested to provide a list of their skills (and update it each year)- A system of delegation is in place whereby day to day responsibilty for the strategic and full operational development of the charity rests with the Strategy Manager who in turn provides line management to all employees of Triax. The Strategy Manager is responsible for ensuring that the charity delivers the projects and services specified and that key perforniance indicators are metthrough a Continuous system of personal action plans. lin8 manag8m8nt. Manag8rs meetings. staff meetings and annual appralsal. Review of Activities, Achievements and Parfomiance 1. Triax Ltd - Triax Neighbourhcod Partnership Technical Assistan Thls project provides the Technical Assistance required for the Triax Neightmjurhood Partnership Board to tsk8 th8 188d in managing th8 Neighbourhood Renewal process in the Triax ~ Cityslde NRA and to implement the Triax Neighbourhood Renewal Action Plan, which addresses all 4 strategic objectives of Neighbourhood Renewal. The Triax Action Plan is being deliveredldevetoped as a working document and the action priorities are delivered to assist in closing the gap between those living in the Triax Cityside NRA and the rest of society. where possible. The Triax Cityside NRA now has a strong community and voluntary sector with many projects in place to actively improve the social, community, economic and physical renewal in this area and work through the Sub Groups is ongoing to address priorities that need developed. Triax has been working very closely with Derry City & Strabane District Council on the development of the Communty Planning process and the Local Strategic Growth Plan forthe Moor DEA. giving people a greater say in how services are delivered in their local area. Triax are contributing to the emerging Strategic Community Plan and have been Gentral to the development of the Moor DEA LoGality Plan and helping to shape the long-temi social. economic and environmental regeneration of the Council area. Govemance arrangements are currently being finalised in relation to how the Local Growth Plans for the 7x DEAS and Strabane Town will be managed. Work on the £9 million regeneration of the iconic Brandywell Football. Greyhound stadium and new Playpark was completed and officially reopened last year. The regeneration project sees the completion of a new 955 seater stand that incorporates new Ghanging rooms. media facilities. meeting spa, safety control centre, along with standing accommdation for 270 spectators adjoining the new stand that will bring the existing capacity for the ground to approximately 3.700. In addition to the stand. the project includes a synthetic turf pitch. a standalone dog track and state of the art Ghildren's IaY park. Triax has worked tirelessly with numerous partners over the past eight to ten years to S88 this project developed and Gompleted. 2. Bogslde & Brandywell Initlative - Trlax Neighbourhood Management Team The aim of the Bogside & Brandywell Initiative - Triax Neighbourhood Management Team ITNMT) is lo provide a strategic development team within the Triax- Cityside NRA as an integrated unit designed to plan, develop, implement, monitor and review k8y activities and programmes that will facilitate the achievement
TRIAX (A company Ilmlted by guarant¢•, not having a $h•re capStall TRUSTEES. ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 of the strategic objectives of Neighbourhood Renewal (NRI. Thts team co-ordinates and facllltstes the inclusion and participation of local residents, community groups and stsbjtory agenci88 to address and resolve community issues, to promote NR. to assist in the delivery of the Neighbourhood Renewal Action Plan (NAP) priorities therefore improving the qualty of life for residents living in the Triax - Cityside NRA. TNMT Continues to lead the way in developing communty and social economy initiatives in the area. Tus Maith, the Ballymagowan Allotments, Tuming Triax Green. the Bogside Residents Parking Scheme and various interface projects have and will continue to make a differenGe to the lives of local people. TNMT are central to ensuring that residents are engaged and infomied of local developments and initiative5. TNMT have also been raising awareness of many communty issues such as dog fowling. fireworks and Itttering. 3. Creggan Country Park Enterprrses Ltd - Neighbourhood Renewal Support Project The aim of Creggan Country Park - NeighbourhcM)d Renewal Support Project is to assist in the provision of a key environmental and social economy organisation-county Patk & Activity Centre within the Triax Cityside NRA with the core function of delivering a range of services and actNities, such as. provision of outdoor activities and facilities to promote active lrfestyle and healthy living, proviston of volunteering and training projects to enhance skills and employability inGluding placement based training. environmental improvement projects to enhance local green space. environmental projects and programmes including environmental education. to promote volunteering and to deliver youth initiatives linking education with activity all of which advoe2te community involvement, healthy lrfestyles and environmental friendly initiatives to improve the quality of lrfe within the Triax Cityside NRA. During the year Cr&ggan County Park increased its fooffall and @ngaged with numerous groups, school and residents from across the Triax area and further afield. Much of th8 work is through environmental education, volunt88ring and public events. We are able to engage SIdentS and schools from a¢ross the area in v8rious activities including planting, dean ups, Halloween, Christmas and St Patrick's Day themed 8v8nts whilst using the environment and recreation as the maln tool. 4. Creggan Pre-school & Training Trust - Family Support Project Ctsgg8n Pre-school & Training Trust {cpfD is a neighbourhcM)d based project offering family support services, designed to enhan the lives and well being of residents in the TRIAX area. This year they have continued to work in partnership wrth the sIdentS, statutory and community and voluntsry ag8n¢ies to provide aGcessible and effective seNices addressing social, educational and health inequalities. With the vital funding bodies continuing to support the project they have been able to offer a range of childcare. youth and family initiatiV8s and also a full programme of educational activitles addressing adults and the older generation's needs. Creggan prSchOol Training Trust (cprr) has worked in partnership with a number of organisations including Old Library Trust, Surestsrt, Family First Hub and NWRC to deliver a wide range of health. training and education projects to parents. carers and families across the Triax area. These courses Include accredited and non - accredited courses e.g. essential skills. IT and retum to leam programmes. GCSES Maths & English. ECDL. RSA Stages 1. 2 & 3, healthy lrfestyle training I programmes, parenting programmes etc. 5. Fountain Primary School - Transport Links for Fountain Cornmunty The aim of the project is to provide Social. recreational and cross Gommunty activities for pupils, parents. residents and senior citizens including judo, swimming. gardening, music and dance, healthy lrfe style activities. library visits. outdoor play activities. Senior Citizens, lunch. 'Cook-It' and 'Time for Me, programmes. The project will continue to develop a confident community and allow members of the community to connect to the wider community within the City, ensure pupils feel that the City is a Shared City and allow parerrts to develop cross community contacts. Fountain Primary School and Nursery unit work with numerous education, youth and community partners across the Triax Area. During the year pupils have 8ngaged in a number of programmes includlng the Urban Village Funded Resilience Programme dellvered by the Bogside and Brandywell Health Forum and local youth providers.
TRIAX IA company Ilmlt•d by gu•r•nt••. not hrring * share cawtal) TRUSTEES. ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 6. Pink Ladl89 Breast Cancer Support Group - Community Cancer Support This project Is focused on delivering counselling. compllmentary therapies. listening ear services. individual and group support. slgn posting, positive living programm8s, health promotlon and education. awareness campaigns, accredited counselling training for ressdents. etc. for cancer support. Th8 project will be delivered in community settings in each of the NR areas across the City and will address the implementation of Neighbourhood Renewal Action Plans Scross the City. The Plnk Ladles Cancer Support Group hav8 had a very successful year alongside man Financial Reviow The results for the financial year are set out on page 13 and additional notes are provided showing income and expenditure in greater detail. Financlal Results At the end of the financial year the charity has assets of £493.647 (2024- £656,963) and liabilities of £16,005 12024 - £76.493). The net assets of the charity hav8 decreased by £(102,828). The Company plans to continu8 the adivrties as outllned above in the forthcomirw years subject to continuing satisfactory funding arrangements. Trustees The trustees who served throughout the financial year. except as not8d, were as follows.. George McGowan Donna McClosk8y G8ry Quinn Derek Moore Ky18 Thompson Danielle Devine In accordance with the Con5titutKJn, the Iru5tees retire by rotation and, being eligible, offer themselves for election. Complianc• with Sector-mde Leglslation and Standards Th8 charity 8ngages pro-actively with legislation, standards and codes which are developed for the sector. Triax subscribes to and is compliant wtth the following: The Companie5 Act 2006 The Charitles SORP IFRS 102) The Audltors The auditors, Claremount FM Limited. (Chartered A(Lountants) have indicated th8ir willingness lo continue in office in accordance with the provisions of Section 485 of th8 Companies Act 2006. Approved by th• Board of Trusteos on 16 Septsmber 2025 and signad on Its bohalf by: Goorge M¢G¢wan Truste• Donna McClosk•y Trustee
TRIAX IA company limited by guarantee. not having a sharn capltall STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 The tnjstees, who are also directors of Triax for the purposes of company law, are responsible for preparing the financial statements in accordance with applicable law and regulations. Company law requires the trustees as the directors to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally AGGepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl including FRS102 "The Financial Reporting Stsndard applicable in the UK and Republic of Ireland". Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the net income or expenditure of the charity for that period. In preparing these financial stat8m8nts. th8 trust88s are required to: select suitable accounting policies and apply them Consistently., observe the melhods and principles in the Charities SORP make judgements and accounting estimates that ar8 reasonable and prudent., state whether the financial statements have been prepared in accordance with applicable accounting standards, id8ntify thos8 Standards. and note the effect and the reasons for any mateAal departure from those stsndards- and pr8par8 th8 Financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are sponSible for keeping adequat8 accounting records that are sufficient to show and explain the charily's transaGtions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act2006 and. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other iwularities. In so far as the trustees are aware-. there is no relevant audit information (infomiation needed by the charity's auditor in connectton with preparing the auditors report) of which Ihe charity's auditor is unaware. and the trustees have taken all the steps that they ought to have taken as trust&8s in order to make thems8lves aware of any relevant audit information and to establish that the charity's auditor is aware of that infonnation. Approved by the Board of Trusto08 on 16 September 2025 and signed on Its behalf by: n1co George McGowan Trustee Donna Mccloskey Trustee
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRIAX IA ¢ompany Ilmit•d by w•rant¢o, not having a share caplLIl} Report on the audit of the financial statements Oplnlon We have audited th8 charity financial stat8ments of Triax {'the charity,) for the financial year ended 31 March 2025 which comprise the Statement of Financial Activities (incorporating an Incom8 and Expenditure A¢¢ount}. the Balance Sheet. the Statement of Cash Flows and notes to the financial statements, induding the summary of significant accounting policies set out in note 2. The financial reporting frameworf( that has been applied in their preparation is appllcable law and United Kingdom Acu)unting Standards, including FRS 102 'Th8 Financial Reporting Standard applicable in the UK and Republic of Ireland. and Accounting and Reporting by Charities: Statement of Recommended PractlC8 applicable to charities preparing their accounts in accordance with FRS 102. In our opinion, when reportlng in accordance with a fair presentation framework the financial stat8m8nts: give a true and fair view of the stste of the charity's affairs as at 31 March 2025 and of its deficit for the financial year then ended; have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with Ihe requirements of the Companies Act 2006 and the Chariti88 Act (North8m Ir81and) 2008. Basls for oplnlon We conducted our audit in accordanc8 With International Standards on Auditing (UK) (ISAS (UK)) and appllcable law. Our responsibilities under those standards are further d8scrib8d in the Auditorfs r8sponsibiliti8s for th8 audit of the financial statements section of our report. We are independent of the charity in accordance with &thical requir&ments that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fijlfilled our other ethical responsibilrties in accordance with these requirements. We believe that the audit evidenc8 we hav8 obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing th8 financial stat8m8ntS, W8 have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going conc8m for a period of at least twelve months from th8 date when the financial statements are authorised for issue. Our responsibilities and the responsibiliti8s of the trustees with respect to going concern are desuibed in the relevant sections of this report. Other Infomiation The other information comprises the infomation included in the annual report other than the financial statements and our Auditorfs Report thereon. The trustees are responsible fr)r the other infomiation contsined within the annual report. Our opinion on the financial staternents does not cover the other information and. except to the extent otherwise explicitly ststed in our report. we do not 8xpr8ss any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider wheth8r th8 Other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If w8 id8ntify such material inconsistencies or apparent material misstatements, we are required to detemiine wh8ther this gives rrse to a material misstatement in the financial statements themselves. If, based on the work we have perfomed, we conclude that there is a material misstatement of this other information, we are requir@d to r8POrt that fact. We have nothing to report in this regard. 10
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRIAX IA cornpany Ilmll•d by gu•r•nts•, not h•vlng a •harn capital) Opinion on other matter prescribed by the Companles Act 2006 In our opinion, based on the work undertaken In the course of th8 audit: the inforniation given in th8 Trust888' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial ststements. and the Trustees, Annual Report has been prepared in acwrdance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charlty and its environment obtained in the course of the audit, we have not identified material misstatemants in the Trustees, Annual ReporL We have nothing to report in respect of the following matters where the Companies Act 2008 r8quir8S US to report to you if, in our opinion: adequate accounting records have not been kept; or the financial statements are not in agreement with the accountlng records and retums., or certain disdosures of trustees. remuneration spectfied by law are not made. or the trustees were not entiued to prepare the financial statements in accordance with th8 small companies regime and tak8 advantag8 of the small companies, exemption in preparing the Trustees, Annual Report. Responslbllltles of trustees for the flnancial statements As explained more fully in th8 Stst8m8nt of Trustees. Responsibilities set out on page 8, the trustees are responslble for the preparation of the financial statements and for being satisfied that th8y give a true and fair view. and for such internal control as they determine is necessary to enable the preparation of financial ststements that are free from material misstatement, whether due to fraud or error. In preparing the financial stat8ments, the trustees are responsible for assesslng the charity's ability to contlnue as a going concern, disclosing, as applicable, matters related to going conc8m and using the going concern basis of accounting unless management either intends to liquidste the charity or to cease operations. or has no realistic alternativ8 but to do so. Auditorfs responsibilities for the audit of the flnanclal statements Our objectives aro to obtsin reasonable assurance about whether the financial statem8nts as a whole are free from material misststement, wh8ther du8 to fraud or error, and to issue an Audltols Report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conduct8d in accordanc8 With ISAS (UK) will always detect a matertal mlsstatement when it exists. Mlsstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the enOMiC declsions of users taken on the basis of these financial ststements. Irregularities, including fraud, ar8 instances of nonwcompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the prtmary responsibility for the preventlon and detection of fraud rests with both management and those charged with govemanc8 of the charitable company. 11
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRIAX {A company limited by guorant6e. not havlng a 8har• caprtall Further infomiatlon regarding the scope of our responslbllltiès as auditor As part of an audit in accordance with ISAS (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting frorn error, as fraud may involve Gollusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit prOdre5 that are appropriate in Ihe circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control. Enquire of management, those charged wrth govemance and the Charity's solicitor around actual ar potential litigation and clairns. Perfom analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Fieview minutes of meetings of thos8 charged with govemance. Evaluate the appropriateness of accounting policies used and the reasonableness of accounts'ng estimates and related disclosures made by trustees. Conclude on the appropriateness of the trustees. use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ablllty to conlinue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in ourAuditor's Report to the r8lated disclosures in the financial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusions ar8 based on the audit evidence obtained up to the date ofour Auditorfs Report. However, future events or conditions may cause the tharity to cease to continu8 as a going concem. Evaluate the overall presentation, structure and content of the financial statements, includlng the disclosures, and whether the financial ststements repsent the underlying transactions and events in a manner that achieves fair presentation. We communicate wth those charged with g0Veman regarding, among other matters, the planned Scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identify during our audit. The purpose of our audlt work and to whom we owe our responsibilities This report is made solely to the Gharity's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste to the charity's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the Charity's members as a body, for our audit work, for this report, or for the opinions we have fonned. G G Heaney (Senior Statutory Audttor) for and on behalf of CLAREMOUNT FM LIMITED Chartered Accountsnts and Statutory Auditors 43 Clarendon Strget Derry BT487ER 16 Septsmber 2025 12
TRIAX IA cOMpY Ilmlt•d by guarants¢. not havlng • •har• Gapltsll STATEMENT OF FINANCIAL ACTIVITIES ncorporatlng an Incom? and Expendltur• Account) FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 Unrnstricted Restricted Funds Funds 2025 2025 Total Unrestricted Restricted Funds Funds Fund8 2025 2024 2024 Total Funds 2024 Note8 Income Charitable activities Grants from governments arKI other co-funders 845 1,163.605 1,164,450 1.121.818 1.121,818 Expondlture Charitable activities 1.267.278 1.267,278 978,230 978,230 Net Incomel(expenditure 845 (103,673) (102,828) 143,588 143.588 Transfers b8tween funds 47,186 147.186) (6.883) 6.883 Net movement in funds for the flnanclal year 48,031 (150,859) {102,828) (6,883) 150,471 143.588 Reconcillatlon of funds: Total funds beginning of the year 12 429.611 150,859 580,470 436.494 388 436,882 Total funds at the end of the year 4TT,642 477.642 429,611 150,859 580,470 The Slatement of Financial ActYVTtles includes all gains and losses recognised in the financlal year. All income and expenditure relate to contlnulng activittes. The reS on pag85 16 10 21 fom part of the financial stat8ments 13
TRIAX
(A company limited by guarantee, not having a share capital) Company Number: NI054265 BALANCE SHEET AS AT 31 MARCH 2025
| (A company limited by guarantee, not having a share capital) Company Number: NI054265I054265 BALANCE SHEET AS AT 31 MARCH 2025 |
(A company limited by guarantee, not having a share capital) | ||
|---|---|---|---|
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Fixed Assets | |||
| Tangible assets | 7 | 193 | |
| Current Assets | |||
| Debtors | 8 | 76,634 | 89,615 |
| Cash at bank and in hand | 9 | 417,013 | 567,155 |
| 493,647 | 656,770 | ||
| Creditors: Amounts falling due within one | 10 | (16,005) | (76,493) |
| year | |||
| Net Current Assets | 477,642 | 580,277 | |
| Total Assets less Current Liabilities | 477,642 | 580,470 | |
| Funds | |||
| Restricted trust funds | 150,859 | ||
| General fund (unrestricted) | 477,642 | 429,611 | |
| Total funds | 12 | 477,642 | 580,470 |
These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
Approved by the Board of Trustees and authorised for issue on 16 September 2025 and signed on its behalf by
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George McGowan
Trustee
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l
1°< Nl Cos.9
Donna McCloskey
Trustee
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The notes on pages 16 to 21 form part of the financial statements
14
TRIAX STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 2025 2024 Not9$ Cash flows from operating activities Net movement in funds Adjustments for.. Depr8ciation (102,828) 143,588 193 195 (102,635) 143,783 Movements in working capital.. Movement in debtors Movement in creditors 12,981 (60,488) 124,035 {45,772) Cash (used inygenerated from operations (150,142) 222.046 Net (decrease)lincrease in cash and cash equivalents Cash and cash equivalents at the beginning of the year 1150.142} 567,155 222.046 345,109 Cash and cash equivalents at the end of the year 10 417,013 567,155 15
TRIAX IA company Ilmlted by guarants•, not havlng a sharn capltal) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 GENERAL INFORMATION Triax is a company limited by guarantee incorporated in Northern Ireland. The registered office of the charity is Administration Block, lona Business Park, Southway, Dery, BT48 gLH which is also the principal place of business of the tharity. The financial statement5 have been presented in Pound (£) which is a150 the functional currency of the charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitls financial statements. Basis of preparation The financial statements have been prepared on the going concem basis under the historical cost convention, modified to include certain items at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland FRS 102" As permitted by the Companies Act 2006. th8 charity has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from th8 Standard formats are to comply with the requirem8nts of the Charities SORP and are in compllance with section 4.7, 10.6 and 15.2 of that SORP. SLornent of compliance The financial statements of the charity for the financial year ended 31 March 2025 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practi (SORP) 'Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland FRS 102.. Fund accounting The following are th8 categories of funds maintained: Restricted funds Restricted funds represent incoma received which can only be used for particular purposes, as specified by the donors. Such purposes are wlthin the overall objectives of the chartty. Unrestricted funds Unrestricted funds consist of General and Designated funds. General fund5 represent amounts which are expendable at the discretion of the board. in furtherance of the objectives of the charity. Designated funds comprise unrestricted fvnds that the board has, at its discretion, set aside for particular purposes. These designations have an administrative purpose only, and do not legally restrict the board's discretion to apply the fund. Income Income is recognised by inclusion in the Statement of Financial Activities only when the charity is legally entitled to the income, performance conditions attached to the item(s) of income have been met, the amounts involved can be measured with sufficient r8liability and it is probab18 that the incom8 will be received by the ¢harity. Income from charitable actlvltles Income from charitable activities include income eamed from the supply of servic8s under contractual arrangements and from perfonnance related grants which have conditlons that specify the provision of partlcular services to be provided by the charity. Incom8 from gov8rnment and other co-fijnders is r8cognised when the charity is legally entitled to the income because It is lfIllIng th8 conditions contained in th8 relaled funding agreem8nts. Where a grant is received in advance, its 16
continued TRIAX IA ¢ompany Ilmltsd by guarantee, not havlng a shar• capltsll NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 recognition is deferred and included in creditors. Where entitlem8nt occurs before income is received, it is accrued in debtors. Grants from governments and other co-fijnders typically include one of the following types of conditions: • Performance based conditions". whereby the charity is contractually entitled to funding only to the extent that the core objectives of the grant agreem8nt are achieved. Where the charlty is meeting the core objectives of a grant agreement. It recognises the related expenditure, to the extent that it is reimbursable by th8 donor, as incom8. •Tim8 bas8d conditions= whereby the charity is contractually entitled to funding on the condition that it is utilised in a particular period. In these cases th8 charity recognises the income lo the extent it is utilised within the period specffied In the agreement. In the absence of such conditions, assuming that receipt is probable and the amount can be rellabty measured. grant income is recognised once the charity Is notified of entillement. Grants received towards capitsl expendtture are credited to the Statement of Financial Activities when received or receivable. whichever is earlier. Expenditure Expenditure is analysed between costs of charttable activities and raising funds. The costs of each activty are s8parat8ty accumulated and disclosed, and analysed according to their major components. Expenditure is recognised when a legal or constructive obligation exists as a sU[t of a past 8V8nt, a transfer of economic benefits is reqUId in settlement and the amount of the obligation can be reliably measured. Support costs ar8 those functions that assist the work of the charity but cannot be attributed to one activity. Such Costs are allocated to activtties in proportion to staff time spent or other suitab18 measure for each activty. Tanglble flxed assets and depreciation Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to writ@ off th8 original cost or valuation of tsngible fixed assets, less their estimated residual value, over thelr expected usefijl lives as follows.. Fixtures, fittings and equipment Motor vehicles 15¥0 Straight line 25 % Straight line Debtors D8btors ar8 recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Income recognised by the charty from government agencies and other co-funders. but not yet received at financial year 8nd, is included in debtors. Cash at bank and In hand Cash at bank and in hand comprises cash on deposit at banks requiring less than three months notice of withdrawal. 17
continued TRIAX (A company Ilmlt•d by guarant••, not havlng a shar• ¢apltall NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 Taxatlon and deferred taxation No current or deferred laxation arlses as the charity has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred. Deferred tax is recognlsed In respect of all timing dIffenS that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future. or a right to pay less tax in the future. Timing differences are temporary dIfferenS between the charitys tsxable income and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tsx rates and laws that have been enacted or substantively enacted by the balance sheet date. INCOME 3.1 CHARITABLE ACTIVITIES Unstricted Restricted Funds Funds 2025 2024 Grants from governments and other ¢o- funder8: DLUHC - Shared Prosp8rity Fund DFC Technical Assistsnce The Executive Office DCSDC Donations and Sundry Income 986,134 74,126 25,000 78.345 986,134 74,126 25,000 78,345 845 990.190 63,716 39,961 27,951 845 845 1,163,605 1,164,450 1.121,818 EXPENDITURE CHARITABLE ACTIVITIES Skllls Northwèst Support Costs 2025 2024 Triax Wages and Salaries Employers NIC Pension costs SNW Partner payments SNW Training costs Fountain older people project DCSDC Programme expenses Depreciation Rent Insurance Other Office costs Travel and subsistence Bank charges Audit and Accountancy Telephone and Internet Printing. postage and stationery IT and SOfare The Executive office 134,741 8,832 5.489 638.144 318.017 134,741 8,832 5,489 638,144 318,017 6,059 72,465 193 33.953 164,433 10.329 5,569 490,564 169.468 6.059 26.271 195 19.598 1.009 10.220 587 295 4,800 (fA4) 19.844 7.808 41.825 6,059 72,465 193 33,953 16,508 2,845 518 8.400 4,135 9,902 5,191 16,508 2,845 518 8.400 4,135 9,902 5,191 1,402 1.402 1,106,625 78,717 81.936 1,267,278 978,230 18
continued TRIAX {A Company limltsd by guarant80, not having o $hare capltsll NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 4.2 SUPPORT COSTS Charitable Activities 2025 2024 Travel and subsistence Telephone and Internet IT and Sofvare Accountancy and Audit Printing, postage and stationery Rent Bank Charges Office costs Insurance 2.845 4.135 5,191 8,400 9,902 33.953 518 16,508 484 2,845 4,135 5,191 8.400 9,902 33.953 518 16,508 484 587 (644) 7,808 4.800 19,843 19,598 296 10,221 1,009 81,936 81,936 63,518 NET INCOME 2025 2024 Net Income is stated after Chargin{crediting). Depreciation of tangible assets 193 195 EMPLOYEES AND REMUNERATION The staff costs comprise: 2025 2024 Wages and salaries Social security costs Pension costs 134.741 8,832 5,489 164,433 10,329 5,569 149,062 180,331 TANGIBLE FIXED ASSETS Fixtures, fittings and equipment Motor vehicles Total Cost At 31 March 2025 218,391 24,993 243.384 Depreciation At 1 April 2024 Charge for the financial year 218,198 193 24,993 243,191 193 At 31 March 2025 218,391 24,993 243,384 Net book value At 31 March 2025 At 31 March 2024 193 193 19
continued TRIAX IA company Ilmitad by guarante•. not havirbg a share capltsll NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 DEBTORS 2025 2024 Trade debtors Other debtors 25,634 51,000 38,615 51,000 76.634 89.615 CASH AND CASH EQUIVALENTS 2025 2024 Cash and bank balances 417,013 567,155 10. CREDITORS Amounts falling dug wlthln one year 2025 2024 Taxation and social security costs Accruals and deferred income 4,322 11.683 4,526 71,967 16,005 76,493 11. RESERVES 2025 2024 At the beginning of the year (D8ficit)ISurplus for the financial year 580,470 1102,828 436,882 143,588 At the end of the year 477,642 580,470 12. FUNDS 12.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestrlcted Restricted Funds Funds Total Funds At 1 April 2023 Movement during the financial year 436,494 388 (6,8831 150,471 438,882 143,588 At 31 March 2024 Movement during the financial year 429,611 48,031 150,859 580,470 1150,859) (102,8281 At 31 March 2025 477,642 477,642 20
continued TRIAX IA company Ilmitod by guarantee. not having a shar• capital) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025 12.2 ANALYSIS OF MOVEMENTS ON FUNDS Balance 1 Aprll 2024 IncomeExpenditure Transfor8 between funds Balance 31 March 2025 Restricted Unrestricted funds Unrestrtcted General 150,859 1,163,605 1,267,278 (47.186) 429,611 845 47,186 477,642 Total funds 580,470 1,164,450 1,267,278 477,642 12.3 ANALYSIS OF NET ASSETS BY FUND Current assets Current liabilities Total Restricted trust funds 493,647 {16,005) 477,642 493,647 (16,005) 477.642 13. STATUS The Charity is a company limFted by guarantee not having a Share capital. The liabilty of the members is limited. Every member of the company undertakes to contribute to the assets of the company in the event of its being wound up while they are members. orwithin one financial yearthereafter, forthe payment of the debts and liabilities of the company contracted before they ceased to be members, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, 5uGh amount as may be required. not exceeding £ 1. 14. POST4ALANCE SHEET EVENTS There have been no significant events affecting the Charity since the financial year-end. 21