Charity Registration No. NIC100773
Company Registration No. N1003511 INorthem Ireland>
THE TOWELL BUILDING TRUST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

THE TOWELL BUILDING TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr D.G. Galbraith
Mr S. DuffieSd
Mr D. Kealey
Mrs M. Guiler
Mrs L. Hyndman
Mr l. Laird
Mrs V. Lapsley
MrA.J. Martin
Mr G.R. McGowan
Mr J.C. Morton
Mr B. Robinson
Mrs J. Whiteside
Secretsry
Mrs J. Brooker
Charity number
NIC100773
Company number
N1003511
Principal address
Towell House
57 Kings Road
Knock
CoAntrim
BT5 7BS
Registered office
4th Fk)or Donegall House
7 Donegall Square North
Belfast
BT15GB
Auditor
Moore (N.I.) LLP
4th Floor Donegall House
7 Donegall Square North
Belfast
BT15GB
Bankers
Danske Bank
Donegall Square West
Beffast
BT1 6JS
Solicitors
Crawford Lockhart Black
Linenhall House
13 Linenhall Street
Betfast
BT2 8AA

THE TOWELL BUILDING TRUST LIMITED
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
How our activities deliver public benefft
Public benefit from our Services is directed at the frail and elderly population aged over 65 yèars or physically
disabled population aged under $5 years irrespecttve of their means. Direct benefits are derived from a number
of our services-
-Provision of accommodation.
-Assessing need and providing care appropriate to these assessed needs-
-Providing an all inclusive facility with a range of activities appropriate to the individual to prevent feelings of
boredom and social isolation-
-Providing an environment th81 promotes improved physical and mental heallh and well being;
-Providing respite care to Ihe frail and elderfy population aged over 65 years or physically disabled population
aged under 65 years, enabling carers to have a break. This provides additional support to carers, assisting ihem
in continuing their Garing role at home with their service user,. and
-Providing stepdown care to hospitalised patients who are elther frail and eldèrly and aged 65 years and above
or physically disabled and aged under 65 years. We assist with the recovery and rehabilitation as a stepping
stone to retuming to their own homes.
Achievements and performance
The operation of the home has rètumed to nomal following the ending of the Covid-19 directives and
regulations. Demand for the type of care we offer rose signrficantly WFth average occupancy of 97Q/o compared to
910/9 for2021.
Financial review
The Trustees believe Ft is very important that the Trust is finanrially secure and that the financial performance is
reviewed regulady. A budget is prepared annualty and is discussed and agreed by the board. In the course of the
discussion the directors consider issues Ihat are likely to impact on the current year and issues that are known
will arise in the future. The key issues that have been identified are the adèquacy of the level of funding paid by
the Health & Social Care Trusts and the cost implications of retaining and recruiting staff in a compelitive labour
market.
The financial performance is reviewed at each board meeting. A report detailing the perforrnance for the previous
month and the year to date relative to the budgel. together with commentary there-on, is circulated in advance of
each meeting.
The Trust's investments are managed on a discretionary basis by Investment Managers who submit a report on
the performance of the investments on a quarterly basis. This is reviewed by the Chief Executive Officer and the
Finance Director and is available to all the Trustees. Meetings are held with the Investment Managers to review
the performance ofthe investments as required.
The Trust recorded a satisfactory financial outcome for the year although this owed much to Covid related
financial support prov5ded by the Government and Health and Social Care Trusts. The operating surplus for the
year was £30,424 as compared with a deficit of £7,511 for 2021. The direclors recognise that, without the support
referred to above, the outcome for the year would have been a significant deficit. This demonstrates that, given
the substantial inflation-driven increases in operating costs that arose in 2022 and are continuing, it is essential
that the Government increases the funding of care for the elderly to a level that adequately reflects the cost of
providing this service.
The Trustees consider it prudenl to hold monies in reserve in the event that unforeseen circumstances should
lead to financial difficulties which might put the future of its trading as a going concem and its employment
capacity, general charitable work and propety in jeopardy. The Trustees believe the strength of the Balance
Sheet has helped maintain the business as a going concem during this year.

THE TOWELL BUILDING TRUST LIMITED
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Structure, govemance and management
The Trust is a company limited by guarantee. not having a share capttal. It is registered in Northern Ireland
(registration number.. N1003511) and has obtsined charitable status with The Charity Commission for Northern
Ireland (referen￿ number- NIC100773). It is governed by its Memorandum and Artides of Association. In the
event of the company being wound up and a shortfall ensuing, the members are required to contribute an
amount not exceeding fifty pence.
The Trustees, who are also the directors for the purpose of company law, and who served durlng the year and up
to the date of signature of the financial slalements were:
Mr D.G. Galbraith
Mr S. Duffield
Mr D. Kealey
Mrs M. Guiler
Mrs L. Hyndman
Mr l. Laird
Mrs V. Lapsley
MrA.J. Martin
Mr G.R. McGowan
Mr J.C. Morton
Mr B. Robinson
Mrs J. Whiteside
Mr P.G. Fair
(Resigned 14 April 2022)
Under the lerms of the Articles of Association one third of the Trustees are required to retlre each year but may
offer themselves for re-election at the Annual General Meeting.
The Trustees retiring by rotation this year are:
Mr J.C. Morton
Mr l.J. Laird
Mr G.R McGowan
Mrs J. Vvhiteside
Mr P G Fair relired from the Board on 14 April 2022 having served with great distinction for very many years.
All of the Trustees give their time and skills voluntarily and receive no payments for the services they provide.
The Trustees aim lo ensure that the Board consists of people surtably qualrfied wtth wide experience from
variety of backgrounds so as to bring a broad skills mrx to the management of the company.
The Trustees have established a Risk Register to facilitate the development of the risk management process.
The Register seeks to identify all signlficant risks thal Ihe Home faces along with action to mttigate and manage
each risk that has been identified. The Register is subjecl to regular review and updated as deemed appropriate.
The Board of Trustees, appointed by the members of the Trust, meet regularly throughout the year. The
executive management, in charge of the day-l¢>day operations, reports to the Board on a monthly basis. Sub-
committees which have been established by the Board to deal with specific issues, meet as required and report
to the Board accordingly.

THE TOWELL BUILDING TRUST LIMITED
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
The Trusteès. who are also the directors of The Towell Building Trust Limited for the purpose of company law, are
responsible for preparing the Trustees. Report and the accounts in accordance wtth applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare accounts for each financial year which give a true and fair view of
the state of affairs of the Trusl and of the incoming resources and application of reSoUr￿s, induding the income and
expenditure. of the charitable company for that year.
In preparing these accounts, the Trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Chartties SORP-
make judgements and eslimates Ihat are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed. subject to any material departures
disclosed and explained in the accounts; and
prepare the accounts on the going COn￿M basis unless it is inappropriate to presume that the Trusl will continue
in operation.
The Trustees are responsible for keeping adequate accounting records that disdose with reasonable accuracy at
any time the financial position of the Trust and enable them lo ensure that the accounts comply with the Companies
Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.

THE TOWELL BUILDING TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE TOWELL BUILDING TRUST LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Trust and its environmenl obtained in the course of the audit,
we have not identtfied material misstatements in the directors, report included within the Trustees. report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires
us to report to you if, in our opinion".
adequale accounting records have not been kept. or returns adequate for our audit have not been received
from branches not visited by us., or
the financial ststements are not in agreement with the accounling records and relums. or
certain disclosures of trustees. remuneration spectfied by law are not made- or
we have not received all the infomation and explanations we require for our audtt: or
the Trustees were not enti(led to prepare the finan￿al statements in accordance with the small companies
regime and take advantage of the small companies. exemptions in preparing the Trustees, report and from the
requirement to prepare a strategic report.
Rèsponsibilities of Trustees
As explained more fully in the statement of Trustees, responsibilities, the Trustees, who are also the directors of the
Trust for the purpose of company law, are responsible for the preparation of the financial statèments and for being
satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to
enable the preparation of financial statements that are free from material misstalement. whether due to fraud or
error. In preparing the financial statements. the Trustees are responsible for assessing the Trust's abilily to continue
as a going concem, disclosing, as applicable, matters related to going con￿rn and using the going concern basis of
accounting unless the Trustees either intend to liquidate the charitable company or to ¢ease operations, or have no
alistic alternative bul to do so.
Auditorfs responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance aboul whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditols report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAS IUIQ will always detect a material misstalement when il exisls. Misstatements Can arisè from fraud or
error and are ¢onsidered material rf, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial stalemenls.
The extent to which our procedures are capable of detecting irregularities, induding fraud, is detailed below.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are., to identify and assess the risks of material misslatemenl of the
financial statements due to fraud,. to obtain sufficient appropriate audtt evidence regarding the assessed risks of
material misstatement due to fraud. through designing and implementing appropriate responses to those assessed
risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the
primary responsibility for the prevention and deteGtion of fraud rests with both management and those Gharged with
governance of the charitable company.

THE TOWELL BUILDING TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE TOWELL BUILDING TRUST LIMITED
Use of our report
This report is made solely to the charitable company'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 state to the charitable company'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 responsibilty to anyone other than the charitable
company and the charitable company's membèrs as a body. for our audit work. for this report. or for Ihe opinions we
have formed.
k.s,JX 4
Dr R I Peters Gallagher OBE FCA (Senior Statutory Auditor)
for and on behalf of Moore IN.I.I LLP
Chartered Accountants
ststutory Auditor
4th Floor Donegall House
7 Donegall Square North
Belfast
BT15GB
11

THE TOWELL BUILDING TRUST LIMITED
BALANCE SHEET
AS AT31 DECEMBER 2022
2022
2021
Notes
Fixed assets
Tangible assets
Investments
12
13
1.545.679
415,252
1,618,500
441,831
1,960,931
2.060.331
Current assets
Debtors
Cash at bank and in hand
14
63,802
292,616
70,705
273.477
356,418
344,182
Creditors: amounts falling due within
one year
17
{395.448)
(423,731)
Net current liabilities
(39,0301
(79,549)
Total assets less current liabilities
1,921,901
1,980.782
Creditors: amounts falling due after
more than one year
{74,742)
(148,002>
Net assets
1,847,159
1,834,780
Income funds
Restricted funds
Unreslricled funds - general
117,019
1,730.140
121.584
1.713.196
1,847,159
1,834,780
These financial slatements have been prepared in accordance with the provisions applicable to companies subject
to the small companies regime.
The accounts were approved by the Trustees on ........ . ........
Lkn
Mr D.G. Galbraith
Trustee
Mrs M. Guiler
Trustee
Company Registration No. N1003511
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THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting policies
Charity information
The Towell Building Trust Limited is a private company limited by guarantee incorporated in Northem Ireland.
The registered Offi￿ is 4th Floor Donegall House. 7 Donegall Square North, Belfast, BT15GB.
1.1 Aecounting convention
The accounts have been prepared in accordance with the Trusl'5 Memorandum and Articles of Association,
the Companies Act 2006 and "Accounting and Reporting by Charities- Slatemenl of Recommended Practice
applicable to ¢harities preparing their accounts in accordan￿ with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 102)° (as amended for accounting periods commencing
from 1 January 2016). The Trust is a Public Benefft Entty as defined by FRS 102.
The financial stslements are prepa￿d in sterling, which is the functional currency of the Trust. Monetary
amounts in these financial statements are rounded to the nearest £.
1.2 Going concem
At the time of approving the financial statements. the Trustees have a reasonable expeclalion that the Trust
has adequate resources lo Continue in operational exislence for the foreseeable future. Thus the Trustees
Continue to adopt the going concem basis of accounting in preparing the financial statements.
1.3 Charitsble funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable
objective$.
Restricted funds are subject to specific ¢onditions by donors as to how they rnay be used. The purposes and
uses of the ￿strIcted funds are set out in the notes to the financial statements.
Endowment funds are subject to spectfic conditions by donors that the capital must be maintained by the
Trust.
1.4 Incoming resources
Income is recognised when the Trust is legally entitled to it after any perfomian¢e Conditions have been met,
the amounls can be measured reliably. and il is probable that income will be received.
Cash donations are recognised on receipt. Olher donations are recognised once Ihe Trust has been notified
of Ihe donation, unless perfomiance conditions require deferral of the amount. Income tsx recoverable in
relation to donations re￿iVed under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on re￿ipt.
15-

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances. are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method unless the arrangement constitutes a financing transaction. where the transaction is
measured at the present value of the future receipts discounted at a market rate of interest. Financial asset5
classifsed as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including credttors and bank loans are intlially recognised at transaction price unless
Ihe arrangement constitutes a financing transaction. where the debt instrument is measured al the present
value of the future payments discounted at 2 market rate of interest. Financial liabilities classified as payable
within one year are not amortised.
Debt instruments are subsequently carrted at amortised cost, using the effective interest rate melhod.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognitlon of financial liabilities
Financial liabil¢lies are derecognised when the Trust's contractual obligations expire or are discharged or
cancelled.
1.11 Employee benefits
The cost of any unused holiday entttlement is recognised in the period in which the employee's services are
received.
Temination benefits are recognised immediately as an expense when the Trust is demonstrably committed to
terminale the employment of an employee or to provide temination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefft s¢hemes are charged as an expense as they fall due.
Crltical accounting estimates and judgements
In the application of Towell Building Twst Limtted's CThe Trusfs,) accounting policies, the Trustees a
required to make judgements, estimates and assumptions about the carying amount of assets and liabilities
thal a￿ not readily apparent from other SoUr￿s. The estimales and associated assumptions are based on
hislorical experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimales and underlying assumptions a￿ reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both ¢urfent and fvture
periods.
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THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Investmentslincome
Unrestricted Restricted
funds
funds
general
Totsl
2022
Total
2021
Dividend income
Bank interesl receivable
13,727
919
4,596
18,323
919
21,225
967
14,646
4.596
19,242
22,192
For the year ended 31 December 2021
17.898
4,294
22,192
Charitable activtties
Provision of
charitable
serrfices
Support
costs
Totsl
2022
Total
2021
Staff costs
Depre¢ialion and impairment
Other direct costs
other overheads
Audit & accountancy
Bank interest and charges
1,764,180
126,883
249,426
549.293
6.400
10,728
673,998 2,438,178
126,883
249,426
549,293
6,400
10,728
2,277,252
159.062
218.517
510,782
5,850
18,692
2,706,910
673,998 3,380,908
3,190,155
2,706,910
673,998 3,380,908
3,190,155
Net movement in funds
2022
2021
Net movement in funds is stated after chargingl(crediling)
Fees payable to the company's auditor for the audit of the company's financial
statemenls
Depreciation of owned langible fixed assets
5,850
126,883
5.850
159,062
Trustees
None of the Trustees (or any persons connected with them) re¢￿1Ved any remuneration or benefits from the
Trust during the year. (2021 none.)
19-

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
11
Net gainsl(losses) on investments
Unrestricted Restricted
funds
funds
general
Totsl
2022
Total
2021
Revaluation of investments
Loss on sale of investments
(14,436)
(3,3391
(271
(14,7071
13.3391
31.409
1,136
(17,775)
(271)
{18,046)
32,545
For the year ended 31
De¢ember 2021
23,803
8.742
32.545
12 Tangible fixed assets
Freehold land Fixtures and
and buildiny$
rittings
Sensory
Garden
Caphal
Total
Cost
At 1 January 2022
Additions
2.195,522 1,728,936
22.969
31,094
57,307
3,981,765
54,063
At 31 De￿rnber 2022
2,218.491
1,760,030
57,307
4,035,828
Depreciation and impairnient
At 1 January 2022
Depreciation charged in the year
764,642 1,541.317
43,370
83,513
57,307
2,363,266
126,883
At 31 December 2022
808,012 1,624,830
57,307
2,490,149
Carrying amount
At 31 De￿mber 2022
1,410,479
135.200
1,545,679
At 31 December 2021
1.430,880
187.620
1,618,500
21

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
15 Financial instruments
2022
2021
Carrying amount of financial assets
Debt instruments measured at amortised cost
Instruments measured at fair value through profit or loss
32,181
415,252
46,245
441.831
Carrying amount of financial liabilities
Measured at amortised cost
422,301
507,562
16 Loans and overdrafts
2022
2021
Bank overdrafts
Bank loans
3,107
145,944
4,173
214,350
149,051
218,523
Payable within one year
Payable after one year
74,309
74,742
72,521
146.002
17 Creditors: amounts falling due within one year
2022
2021
Notss
Bank loans and overdrafts
Other taxation and social security
Trade creditors
Other creditors
Accruals and defer￿d income
16
74,309
47,889
80,599
4,538
188,113
72,521
62,171
162,207
1,415
125,417
395,448
423,731
18 Creditors: amounts falling due after more than one year
2022
2021
Notes
Bank loans
16
74,742
146.002
19 Retirement benefit schemes
Defined contribution schemes
The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the
scheme are held separately from those of the Trust in an independenily administered fvnd.
The charge to profft or loss in respect of defined contribution schemes was £91,402 (2021- £82,600).
-23-

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
24 Cash generated from operdtions
2022
2021
Surplus for the year
12.379
25,034
Adjustments for-.
Investment income recognised in statement of financial activities
Lossl(gain) on disposal of investrnents
Fair value gains and losses on inveslments
Depreeiation and impairmenl of tangible fixed assets
{19.242)
3.339
14,707
126,883
122,192)
(1,136)
{31,409)
159,062
Movements in working capitsl:
Decrease in debtors
{Decreasel in creditors
6,903
130,D71)
31,876
119,694
Cash generated from operations
114,898
280,929
25 Auditors. Ethical Standards
In common with many businesses of our size and nature we use our auditors to assisl with the compilation of
the statutory financial statements.
-25-