**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**
**----- Start of picture text -----**
George McGowan
Trustee
**----- End of picture text -----**
**----- Start of picture text -----**
l
1°< Nl Cos.9
Donna McCloskey
Trustee
**----- End of picture text -----**
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