Charity Registration No. NIC100773
Company Registration No. N1003511 (Northern Ireland)
THE TOWELL BUILDING TRUST LIMrrED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

THE TOWELL BUILDING TRUST LIMITED
CONTENTS
Page
Chanty Information
Trustees, report
Stalement of Trustees, responsibilitles
Independent auditorf8 report
8-11
Statement of financial activities
12
Balance sheet
13
Stalement of ¢a5h flows
14
Notes to the financial statements
15-26

THE TOWELL BUILDING TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr D.G. Galbraiih
Mr S. Duffield
Mrs L Foster
Mrs M. GuiSer
Mrs L. Hyndman
Mr D. Kealey
Mr l. Laird
Mr5 V. Lapsley
Mr A.J. Martin
Mr B. Robinson
(Appointed 8 June 20231
Secretary
Mrs J. Brooker
Charity number
NIC100773
Company number
N1003511
Principal address
Towell House
57 Kings Road
Knock
Co Antrim
BT5 7BS
Registered office
4th Floor Donegall House
7 Donegall Square North
Belfast
BT1 SGB
Auditor
Moore (N.I.) LLP
4th Floor Donegall House
7 Donegall Square North
Belfast
BT15GB
Bankers
Danske Bank
Donegall Square West
Belfast
BT1 6JS
Solicitors
Cra￿Ord Lockhart Black
Linenhall House
13 Linenhall Street
Belfast
BT2 8AA

THE TOWELL BUILDING TRUST LIMITED
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their report and accounts for the year ended 31 December 2023. which are a150 prepar8d
lo meet the requirements for a directors, report and accounts for Companies Act purposes.
The accounts have been prepared in accordance with the accounting policies sel out in note 2 to the accounts
and comply with the Trust's Memorandurn ancl Artide ofAssoci8tion. the Companies Act 2006 and "Accounting
and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts
in accordanc8 With the Fin8ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)
leffeclive 1 January 2015).
Objectives and activltles
The Twst'8 objects are set out in the Memorandum and Articles of Association and m8y be 5ummarised as '.
to provlde 8¢commodatlon for older people and people wilh physical di58biliti8s irresp8ctlve of thelr financ181
means;
to care for resldents of such accommodation including the provision of medical care and soclal acuvilies
approprfale lo thelr needs and consistent with their wellbeing and circumstances;
to provide altemalive care to older people and people with physical disabilities irrespectiv8 of their financial
means.
Our aim is to meet th8 needs of our residents for safe accommodation with good quality calerfng, appropriate
activities and care In a manner that reflects Ihelr rights and Is consistent with our obligations lo them, their
famili85 and friends.
Ensurfng our work delivers our alm•
The policies edopled in furtherance of these objects are that we keep our aim and objective5 under continuous
review lo ensure Ihal we meet the needs of our residents and there has been no change in these durlng the year.
In addition thè Trustèes carry monthly telephone reviews with a selection of relatives on the operation of the
home. The Trustees also cary out monthly inspections of the homè which. inter alia. includ8 reviews with a
selection of residents and staff. These reviews are d8slgned lo ensure that any Issues that residents, their
relatives or the staff have may be identified, considered and addressed. Addilionally, a series of internal audits
are Garried out each month. The outcome of all the reviews is documented and reported to the Board each
month. Th8 home is a150 subject to regular inspection by the Regulation and Quality Improvemenl Authority.
Our main objectives for the year continued to be the provision of quality accommodation, care and activities for
both our permanent and re8pile r8sidenls. The strategies that we used to meet our objectives included:
-providing safe accommodatlon for our residents
-focusing on the provislon of qualty catering
-focusing on providing a wide range of actrviti85 and entertainment
The Trtsstees have paid due ￿98rd to guidance Issued by the Charity Commission in deciding the activities the
Trust should undertake.
Informallon on mallers of potential concern lo stsff is given through meetings, infonnation bulletins and reports
which seek to achieve a common awareness on Ihe part of all the Staff of the operation of ell aspects of the home
including economic factors that may impact these operation5.
Applications for employment by disabled persons are always fijlty considered, bearing in mind the aptitudes of
the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that
their employrnenl within the Tru51 Gontinues and that the appropriate training 15 arranged. It is the policy of the
Trust that the training, career development and promotion of disabled persons should. as far as possible, be
Identical to that of other employees.

THE TOWELL BUILDING TRUST LIMITED
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
How our actlvities deliver public benefit
Public benefit from our services is directed at the frail and elderfy population aged over 65 years or physically
disabled population aged under 65 years. irrespective of their means. Direct benefits are derived from a number
of our services..
-Provision of accommodation.
-Assessing need and promding care appropriate to these assessed needs:
-Providing an all indusiv8 facility with a rangè of actyvities appropriate to the individuaj to prevent feelings of
boredom and social isolation;
-Providing an environment that promotes improved physical and mentsl health and well being:
-Providing respite care to the frail and elderly population aged over 65 years or physically disabled population
aged under 65 years, enabling carers lo have a break. This provides additional support to carers, assisting them
in continuing their caring role at home with their seNice user, and
-Providing step-down care to hospitalised patients who are either frail and eideriy and aged 65 years and above
or physically disabled and aged under 65 years. We assist with the recovery and ￿habIlItatIon as a stepping
stone to retuming to their own homes.
Achlevements and perforniance
Demand for the type of care we offer has remained high wth average ocwpancy of 97Q/o (2022 - 97DtsI. There is
still a waiting list for rooms. The building and gardens are maintained to a high standard and improvements are
made when finances allow. The Trustee5 commenced a substanb'al building programme during the year.
Financial revlew
Th8 Trustees believe It is very important that the Trust is financially secure and that the financial perfomiance is
reviewed regularly. A budget is prepared annualty and is discussed and agreed by the board. In the course of the
discussion the directors consider issues that are likely to impact on the current year and known issues that will
arise in the future. The key issues that have been identified are the adequacy of the level of funding paid by the
Health & Social Care Trusts and the cost implications of retaining and recnjiting stsff in a competitive labour
Market.
The financial performance is reviewed at each board meeting. A report detailing the perfomiance for the pr8ViOUS
month and the year to date relative to the budget, together with commentary therevon, is Cifculated in advance of
each meeting.
The TTUSt's investrnents are managed on a discretionary basis by Investrnent Managers who submit a report on
the performance of the investrnents 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 perfonnance of the investments as required.
The Trust recorded a satisfactory financial oulcorne for the year. The operating surplus for the year was £102,789
as compared with £30,425 for 2022. Provided the substantial inflalion-driven increases in operating costs that
arose in 2022 and continue, it is essential Ihat the Government increases the funding of ¢are for the elderly to a
level that adequately reflects the cost of providing this service.
The Truslees consider it prudent to hold monies in reserve in the event that unforeseen circumstances should
lead to financial difficultie5 which might put the future of its trading a5 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 2023
ReseNes
The Trustees have examined the chartty's requirements for reserves in light of the main risks to th8 organisation
and established a formal policy which slipulales that free reserves be maintained at a level which ensures that
the charity's core activity could continue dLsring a period of unforeseen difficulty. Free reserves are defined by the
Trustees as unrestricted income funds freely available for use as the charity 50 determines and thereby excludes
any funds committed, invested in tangible fixed 8S5ets held by the Charity and restricted or designated funds.
The Trustees consider that the most appropriate policy for investing funds continues to be in a balanced portfolio
of investments with a minimum risk mainly quoted on the London Stock Exchange that spread5 the risk and
provides opportunity for income and for captlal growth. This porttolio is managed by an extemal firm of
investment managers.
Rlsk management
The Trustees havè assessed the major risks lo which the Trust is exposed and are satisfied that Systems are In
place to mitigate exposure to Ihe major risks, albeit Ihe current inflationary pressure on costs remains a matter ol
some concern.
Plans for future perlod¥ & factors affectlng the financlal posltlon In future periods
The Trustees wlll continue lo comprehensively revi8w the operats'onal activity of the home. Posltive st6ps are
undemay for the future to establish new links within the local community thereby lifting the charity profile and the
services it has to offer.
Towell House continues to operate successfully and provides high quality aC￿mmodatIOn and care to all
residents. There remains 8 high demand for residents'al care and there is a walting list for rooms. The building
and gardens are maintained lo a high standard and improvements are made when finances allow. The Trustees
commenced a substantial building programme dunng the year. Thls programme will increase the number of
r8sident rooms in thé Home, in¢￿aSe the number of ensulte rooms and upgrade facilities for residents and slaff.
Recent refurbishment works have been financed from internally generated funds bul bank funding will be
required lo complete the development plan. The Trustees are confident that Ihis investment will prove to be self-
funding within a relatively short period of years.
Planning our estat8 mainlenance. trainlng mathx and our staiTing requlrements lor the future wlll ensure w8 keep
ab￿ast of the care Industry standard requirements and ensure we meet organisatsonal goals and targets.
The main factors which are likely to affect the financial perfomiance or position golng fO￿ard are:.
the impact of the substantial annual increases In National Llving Wage on all stsff costs in an Increasingly
competitive labour market
and the related pension costs
the ability to recruit and retain staff
- the demand for appropriate quality residential care in the community
the cost implications of new and onerous regulatory standards imposed in the care industry
- Ihe impact of the currenl inflation8ry pressure on all aspects of costs of operating the home
- the ¢onlinulng inadequacy of the fvndlng provided by the Health and Social Care Trusts
the availability ol bank funding to complete the developrnent prograrnme in a ts'mely manner

THE TOWELL BUILDING TRUST LIMITED
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Structure, govemanoe and management
The Trust 15 a company limited by guarantee, not having a share capital. It Is registered in Northem Ireland
(registration number: N10035111 and has obtsined charitable status The Charity Commission for Northem
Ireland (reference number-. NIC1007731. It is govemed by its Memorandum and Arkncles of Association. In the
event of the company being wound up and a shortfall ensuing, the membèrs are required to contribute an
amount not exceeding fity pence.
The Trustees, who are also the directors for the purpose of company law, and served during the year and up
to the date of signature of the financial statements were:
Mr D.G. Galbraith
Mr S. Duffield
Mr5 L Foster
Mrs M. Guiler
Mrs L. Hyndman
Mr D. Kealey
Mr l. Laird
Mr5 V. Lapsley
Mr A.J. Martin
Mr G.R. McGowan
Mr J.C. Morton
Mr B. Robinson
Mrs J. Whitesida
Under the terms of the A￿cleS of Association one third of the Trustees a￿ required to retire each year but may
offer themselves for re-electlon at the Annual General Meeting.
(Appointed 8 June 2023)
(Resigned 8 June 2023)
(Resigned 8 June 2023)
{Reslgned 8 June 2023)
The Trustees retiring by rotation this year are:
Mr S. Duffield
Mr D. Kealey
MrA. Martin
Mr G.R. McGowan, Mr J.C. Morton and Mrs J. Whiteside did not seek re*lection at the 2023 annu81 general
m8eting, we Ihank them for their dedicated semce and Insightful contributions to the work of the Board over
many years,
All of the Trustees give their time and skills voluntarily and receive no payments for the services they provide.
The Trustees aim to ensure that the Board consists of people suitsbly qualffied with wide experience from
variety of backgrounds so as to bring a broad skills mix to the management of the company.
The Trustees have estsblished a Risk Register to facilitste the development of the rlsk management process.
The Register seeks to identify all signffjcant risks that the Home faces along wtth action to mitigate and manage
each risk that has been identified. The Register is subject to regular review and up4at8d as deemed appropriate.
The Board of Trustees, appointed by the members of the Trust. meet regulady throughout the year. The
executive management, in charge of the day-to-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 a5 required and report
to the Board accordingly.

THE TOWELL BUILDING TRUST LIMITED
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees, at the board meetings, make all the major decisions, including strategic decisioris, regarding all
aspects of the operation of the Trust. This includes the approval of the budget annually, all significant expenditure
of a capital nature. the level of fees charged to privately funded residenls and any addltional or supplementary
fees that have to be charged lo Trust funded residents. Decisions regarding the day to day running of the Trust
are made by the Chief Executive Officer and the Senior Managernent Team who meet regularly in order to
ensure the 6fficienl management of the operations.
Mrs Jill Brooker is the m8mber of the Senior Management Team to whom the Charlty Trustees d8legate day to
day management.
Most new Trus18es have some knowledge of the work carried on by Towell House before they join the Board. A
'Cooks Tour" of the organisalion is available along with rneelings with the Chief Execulive Officer and the Home
Manager for potentral new direclorsltrustees.
The Trust retains the services of a Humen Resources AdvFsor who provldes infomiation on pay levels for the
S8nlor Management Team as and wh8n required.
The company ha5 no relationshlps wlth third parties that would be consldered to be related undertakings.
The Towell Building Trust holds total unrestricied reseNes of £1,836,238.
Auditor
The auditor, Moore IN.1.) LLP, Is deemed to be r8appolnted under s8ction 487{21 of the Companies Act 2006.
Dlscloxure of Infomiatlon to audltor
Each of the Trustees has confimied that there is no infomiation of which they are aware which is relevant to the
audlt, bul of which th8 auditor is unaware. They have further confirmeLI that they have taken appropriat8 Steps to
identify such relevant information and to estsblish that the auditor is aware of such infomiation.
The Tnjstees, report was approved by the Board of Truste8S.
.G. Galbralth
Daled.. 7 May 2024

THE TOWELL BUILDING TRUST LIMITED
STATEMENT OF TRUSTEES. RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustee5. 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 with applicable law and United
Kingdom Accounting Standards (United Kingdom GenerallyAccepted 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 Trust and of the incoming resources and application of resources. including the income and
expenditure. of the charitabl8 wmpany 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 Charities SORP.,
make judgements and estimates that are reasonable and prudent: and
prepare the accounts on the going concem basis unless it is inappropriate to presume that the Trust will contSnu8
in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at
any time the financial position of the Trust and enable them to 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
TO THE MEMBERS OF THE TOWELL BUILDING TRUST LIMITED
Opinlon
We have audited the financial ststements of The Towell Building Trust Limited (the 'Trust'l for the year ended 31
December 2023 which comprise the statement offinanaal activities, the balance sheet, the staternenl of cash flows
and notes to the financial statements, including 5igntficant accounting policies. The financial reporting framework
that has bèen applied in their preparation is applicable law 8nd Uniled Kingdom Accounting Standards, including
Financial Reporting Slandard 102 The Financial Repothng Standard applicable in the UK and R8public of ireland
(United Kingdom Gènèrally Accepted Accounting Pr8clice>.
In our opinion, the fin8n¢ial statements:
give a true and fair view of the stste of Ihe charitable companls affairs as at 31 Decemb8r 2023 and of its
In¢oming resource5 and application of resources, Including its income and expenditure. for the year then
ended,,
have been prop8ty prepared in accordance with United Kingdom Generally Accepted Accounting Practice.,
and
have been prepared In accordance wlth the requirements of the Companies Act 2006.
Bas18 for oplnlon
We conducted our audit in accordance with Int6maiional Standards on Auditing (UK) (ISAS IUKII and applicable
law. Our responsibilities under thos8 sland8rd5 8re fiJrth8r d8scnbed in the Auditorfs r8sponsibilities ftlr the audlt of
th8 linancial st8tementS 58¢tion of our report. W8 are independent of the Trust in accordance with the ethical
r8quirements that are relevant to our audit of the finanaal statements In the UK, including the FRC'S Ethical
Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Concluslons relatlng to golng concern
In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of
acccunting in the preparation of the financial statements is appropriate.
B8sed on the work we have perfomed. we have nol identified any material uncertainties relating to events or
¢ondilions Ihat, individualty or Gollectively, may cast Significant doubt on the Trust's ability lo continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibllitlas of the Trustees with respect to golng concern are described in the
r8levant sections of this report.
Other Infomiation
The other information cornprises the infornialion Included In the annual report other Ih8n the financial statements
and our auditor'5 report ther8on. The Trustees are responsible for the other infom)ation contained within the annual
report. Our opinion on the financial statemenis does not cover the other Inforniation and, except to the extent
otherwise explicitty slated in our report, we do not express any fomi of assurance conclusion thereon. Our
responsibility is to read the other Information and. in doing so, consider whether the other information is materially
inconsistent with the financial stalements or our knowledge obtained in the course of the audit, or otheNlse appears
to be rnaterially misstated. If we identify such material inconsislencies or apparent Tnaterial mi55tatements, we ara
required to determine whether this gives rise to a material mis5tatemenl in the financial slalemenls th8mselves. If,
based on the Work we have perfomied, we conclude that there is a rnaterial mis51atemenl of this other informalion,
we are requlrèd to report that fact.
We have nothin9 to report in thls regard.
Oplnions on other matters prescribed by the Companle5 Act 2006
In our opinton. based on the work undertaken in ihe course of our audiL'
the Infomal'on given in the Trustees. report for the financial year for which the financial statements are
prepared, which indudes the directors, report prepared for the purpose5 of company law, is consistent with the
financial statements., and
the directors, report induded within the Trustees. report has been p￿pared in 8¢¢ordan¢e with applicable legal
requirements.

THE TOWELL BUILDING TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE TOWELL BUILDING TRUST LIMITED
Matters on whlch we are reqUI￿d to report by exception
In the light of the knowledge and understsnding of the Trust and its environment obtained in the course of the audit,
we have not identified material misstatements in the directors. report included within the Trustees, report.
We have nothing to report in resped of the following matters in relation to bthich the Companies Act 2006 requires
us to report to you rf, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been r8ceived
from branches not visited by us: or
the financial statements are not in agreement with the accounting records and retums" or
certain disclosures of trustees, remuneration specffjed by law are not made. or
we have not received all the information and explanations we require for our audit: or
the Trustees were not entl￿ed to prepare the financial statements in accordanc8 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.
Responslbllltles 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 Ihe preparation of the financial staternents and fof being
satisfied that they give a true and fair wew, and for such intemal control as the Trustees dete￿nIn8 is neGe5sary to
enable the preparalion of financial ststements that are free from material misstatement, whether due to fraud or
error. In preparing the financial statements, the Trustees are responsible for assessing the Tnjst's ability to continue
as a going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of
a¢¢ounling unless the Trustees either intend to liquidate the charitsble company or to cease operations, or hav8 no
rèalistic altemative but to do so.
AudStorfs responslbllltles for the audit of the financial statements
Our objectives are to obtsin reasonable assurance about wheth8r the financial statements as a whole a￿ free from
rnaterial misstalement, whether due to fraud or emr, and to issue an auditorf5 report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit ¢onducted in accordance
with ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are Considered material if. individually or in the aggregate, they could reasonably be expected to influence
the economic deci5i0ns of users tsken on the basis of these financial ststements.
The extent to which our procedures are r2pable of detecting irregularities. induding fraud, 15 detsi18d below.
Explanation as to what extent the audit was consldered capable of detecting Irregularltles, tncludlng fraud
The objectives of our audit in respect of fraud, are., lo identify and assess the risks of material misstatement of the
financial statements due to fraud,- to obtain sufficient appropriate audit 8vidence 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 instsnces of fraud or suspected fraud identy'fied during the audit. However, the
primary responsibility for the prevention and detection of fraud rests with both management and those charged with
govemance of the charitsble company.

THE TOWELL BUILDING TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE TOWELL BUILDING TRUST LIMITED
Our approadi was as foll¢Jv5".
We obtainèd an understanding of the legal and regulatory requirements applicable to the charitable company and
considered that the most significant are the Companies Act 2006. the Charitses Act {Nl) 2013. the Charity SORP, UK
financial reporting standards a5 issued by the Financial Reporting Council, the Health and Personal Social Services
(Quality, Improvernent and Regulation) (Nothem Ireland) Order 2003. and the Safeguarding Vulnerable Groups
(Northern Ireland) Order 2007.
We obtained an understanding of how the Gharitable company compSles these requirernents by discussions
with management and those charged with govemance.
We assessed the dsk of material misstatement of the financial statements. including the rlsk of material
mlsstalement due to fraud and how it might occur, by holding discussions with management and Ihose charged with
governance.
- We inquired of management and those charged wilh governan¢8 8S to any known Instances of non-cornpliance or
suspected non-compliance wilh laws and regulations.
Based on this understanding, we designed specific appropriate audit pra￿dureS to identify instances of non-
compliance with laws and regulations. This included making enquines of management and those charged with
govemance and obtaining additional corroborative evidence as required.
As part of en audit in accordance with ISAS (UK} we exercise professional ludgem8nt and maintain professional
sceplicism throughout the audil. We also:
Identify and ass8ss lh8 risks of material misstatement of ihe financial Statements, whether due to fraud or error,
design and perfom audit procedures rèsponsive to those risks. and obtain audit evidence that is sufficient and
appropriate to provide a basis lor our opinion. The risk of not delecting a material misstatement resulting from fraud
is higher than for one resulling from error. as fraud may involve collusion, forgery, Intentlonal omissions,
misr8presenlalions, or the override of intemal control.
Obt8irs an und8rslanding of inlemal control relevant to th8 audit in order to design audit procedures that are
appropriate In the circumslances, but not lor the purp06es of expressing an opinion on the effectiveness of the
charitable company's internal control.
Evaluate the appropriateness of accounting policies used and the rea50n8bleness of accounting estimates and
rolated disclosures made by the trustees.
ConGlude on the appropriateness of the tru5tee5' Use of the golng conc8m basls of accountlng and, based on the
audit evldence obtained, whether a material Ljncertainty exists related to events or conditions that may cast
significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are reouired to draw attention in our audilor's report to the related disclosures in the financial
statements or, if such disclosures are irsadeqLtale. to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the dale of our auditor's report. However, future events or conditions may cause the
charitable company to cease lo conlinue as a going concem.
Evaluate th6 over811 presentation. structure and Gontent of the financial statements, including th8 disclosures, and
whether the financial statements represent the underlylng transadions and events in a manner that achieves fair
presentation.
We communicate with those Charged with govemance regarding. among other matter5. the planned scope and
timing of the audit and significant audit findings, including any significant deficAencies in inlernal control that we
identify durin9 our audit.
A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11
www.frc.org.uklauditorsresponsibilities. This descripts'on fomis part of our audiloffs report.
10-

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 company's members, as a body. in accordance with section 391 of the Companies
Act 2014. Our audit work has been Undertaken so that we might state to the company's members those matters we
are required to stste to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law,
we do not accept or assume responsibility to anyone other than the company and the company's members as a
body. for our audit work. for this report, or for the opinions we have formed.
&.9.fx 4Nk-
Dr R I Peters Gallagher OBE FCA (Senior Statutory Auditor)
for and on behalf of Moore (N.I.) LLP
7 May 2024
Chartered Accountants
Statutory Auditor
4th Floor Donegall House
7 Donegall Square North
Belfast
BT15GB
11

THE TOWELL BUILDING TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestricted
funds
2023
Restricted
funds
2023
Total
Total
2023
2022
Not
Income from:
Donations, legacies and govemment support
grants
Charitable activrties
Other trading activities
Investments
86.761
3,424,207
12,621
18,862
86,761
3,424,207
12,621
23,826
180,059
3.200,760
11,272
19,242
4,9fA
Total Income
3,542,451
4,964
3,547,415
3,411,333
Charitable activities
3,439.662
4,964
3,444,626
3,380,908
N8t gainsl{Ios5esl on inv8slments
12
3.309
3,984
7.293
118.0461
Not Incom•
106,098
3,984
110,082
12,379
Net movement In fundg
106,098
3,984
110,082
12.379
Reconcillation of funds:
Fund balanc85 at 1 January 2023
1,730,140
117,019
1,847,159
1,834.780
Fund balan¢e$ at 31 Decèmbor 2023
1,836,238
121,003
1,957,241
1,847,159
The statement of finan¢ial actlvilies includes all galns and losses recognlsed Sn the y88r. All Income 8nd expenditure
derive from Continulng acllvlties.
12-

THE TOWELL BUILDING TRUST LIMITED
BALANCE SHEET
ASAT31 DECEMBER 2023
2023
2022
Notes
Flxed assets
Tangible assets
Inv8Stments
13
14
1,615,268
415,562
1,545,679
415,252
2,030,830
1,960,931
Current assets
Debtors
Cash at bank and in hand
15
75,903
301,512
63,802
292,616
377,415
356,418
Creditors: amounts falllng due within
one year
18
1451,004)
(395,448)
Net current liabilities
(73,589)
139,030)
Total assets less current Ilabllities
1.957,241
1,921,901
Creditors: amounts falling due after
more than one year
19
(74,742)
Net assets
1.957.241
1,847.159
Income funds
Restricted funds
Unrestricted funds - general
21
121,003
1,836,238
117,019
1,730,140
1.957.241
1,847,159
These financial ststements 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 7 May 2024
Mr D.G. Galbraith
Trustee
Mrs M. Guiler
Trustee
Company Registration No. N1003511
13-

THE TOWELL BUILDING TRUST LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Notes
Cash flows from operating activittes
Cash generated from operations
28
234,033
114,898
Investing actlvitie5
Purchasè of tangible fixed assets
Purchase of investmenls
Proceeds from disposal of investments
Investment income received
1184.769)
(14.565)
21,548
23,826
(54,0631
(12,010)
20,544
19,242
Net cash used In Invostlng actlvltlg8
(153,960)
126,2871
Flnanclng activltl8s
Repayment of bank loans
171.418}
168,4061
Net cash used In Ilnan¢lng actlvltles
(71,418
168.406)
Not Incr•a¥e In cash and cash equlvalents
8.655
20,205
Cash and r2sh equiva18nts al beginning of year
289,509
269,304
Cash and cash equlvalents at and of yoar
298,164
289,509
Rèlatlng to..
Cash al bank and in hand
Bank overdr8fts included in credltors payable
within onè year
301,512
292,616
13,348)
(3,1071
14-

THE TOWELL BUILDING TRUST LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Critical accounting estimates and judgements
In the application of Towell Building Trust Limlted's (The Trust's") accounting poliaes, the Trustees are
required to make judgements, estimates and assumptions about the carying amount of assets and liabilities
that are not readily apparent from other SoUr￿s. The estimates and associated assumptions are based on
historical experience and other factors that are considered to be relevanL Actual results may differ from these
estimates.
The estimates and underfying assumoions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised Whe￿ the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.
Accounting policies
Charity infonnation
The Towell Building Trust Limited is a private company limited by guarantee incorporated in Northem Ireland.
The registered office is 4th Floor Donegall House. 7 Donegall Square North, 8etfasL BT1 5GB.
2.1 Accounting convention
The accounts have been prepared in accordance wth the Tmsfs Memorandum and Articles of Association,
the Companies Act 2006 and "Accounting and Reporting by Charits'es: Ststement of Rernmmended Practice
applicable to ch8rities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 1021. las amended for accounting periods commencing
from 1 January 2016). The Trust is a PubliG Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling. which is the functional currency of the Trust. Monetary
amounts in these financial statements are rounded to the nearest £.
2.2 Going concern
At the time of approving the financial ststements. the Trustees have a reasonable expectstion that the Tnjst
has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees
continue to adopi the going con￿rn basis of accounting in preparing the financial statements.
2.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtheran￿ of their charrtable
objectives.
Restricted funds are subject to spectfic conditions by donots or grantors as to how they may be used. The
purposes and uses of the restrirted funds are set out in the notes to the financsal statements.
Endowment funds are subject to sperific conditions by donors that the capital must be maintained by the
Trust.
2.4 Incoming resources
Income is recognised when the Trust is legalty entiUed to it after any performance conditions have been met,
the amounts can be measured rdiably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are reC￿gnIsed once the Trust has been notified
of the donation. unless performance wnditions require deferral of the amounl. Income tax recoverable in
relation to donations received under Gtft Aid or deeds of covenarrt is recognised at the time of the donation.
Legaaes are recognised on receipL
15-

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng pollcles
{Contlnued)
2.5 Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Funding provided through contractual
agreements and performance related grants is recognised as goods or services are supplied. Other grant
payments are recognised when 8 constructive obligation arises that results in the payment being unavoidable.
Costs of generating funds are those cosls incurred in attracling voluntsry income, and those incurred in
trading activities that raise funds.
Governance costs include those incurred In the goveman¢e of Its assets and are primarfly assoclaled with
constitutional and statutory requiremenls.
2.6 Tangible flx•d as4ets
Tangible fixed assets are initially measured at Cost and Subsequently measured at cost or valuation, nel of
depreciation and any impairment Ioss8S.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their
useful liv85 on th8 following bases;
Fr8ehold land and buildings
Fixtures and fittings
Sensory garden capltal
2% straight line
15% straight line
20% straight line
The gain or 105s arislng on the disposal of an asset is determined as the dlfference betwe8n th8 sale
proceeds and the carrying value of the assel, and is recognised in the statement of finandal activities.
2.7 Flxed asset Investments
Fixed asset Inv8slments are initially measured at transaction pdce 8xcluding transactlon costs, and are
subsequently measured al fair value at each reporting dale, takèn as th8 qUOt8d market price on the stock
market. Transaction costs are expensed as incurred. Changes In falr value are recognised in other
recognised gains and losses except to the extent that 3 gain reverses a loss previously recognised in nel
income expenditure. or a loss exceeds the accumulated gains recognised in equity; such gains and loss are
recognised in net incomel(8XP8nditUfel for th8 year.
2.8 Impalmient of flxod assets
At each reporting end date, the Trust reviews the carying amounts of its tsnglble Bssets to determine whether
there is any indicatlon that those assets have suffered an impairment loss. If any such indication exists, the
recoverable amount ol the asset is estimated in order to detemiine the extent of the impalrment loss (if any).
2.9 Cash and cash equlvalents
Cash and cash equivalents indude cash in hand, deposits held at call with banks. other short-term Ilquid
investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
2.10 Financlal Instruments
The TrLtst has elected to apply the provisions of Section 11 'Basic Financi81 Instruments. and Section 12
'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial inslrurnents are recognlsed in the TTUSts bal8nce sheet when the Trust becomes party to the
ontraclual provisions of the instwment.
Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised arnounts and there is an intention to settie on
net basis or lo realise the asset and settle the liability simultaneously.
16-

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policles
(Continued)
Basic financial assets
Basic financial assets. which indude debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequenuy carried at amortised cost using the
effective interest method unless the arrangement constitutes 8 finanung transaction, where the transaction is
measured at the present value of the fijture receipts discounted at a market rate of interest. Financial assets
classrfied as receivable within one year are not amortised.
Basic financlal Ilabllities
Basic financial liabilities, including creditors and bank loans are initially r8cognis8d at transadion price unless
the arrangement constilules a financing transadion, where the debt instrument is measured at the present
valuè of the future payments diswunted at a market rate of interest. Financial liabilities classified as payable
within one year are not amortised.
Debt instruments are sUbseqUen￿Y carried at amortised cost, using the effecttve interest rate method.
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 presenled as non-current liabilities. Trade creditors are recognised initially at
transadion price and subsequently measured at amortised cost using the effectrve inlerest method.
Derecognltlon of flnanclal Ilabllltles
Financial liabilities are derecognised when the Trust's contraciual obligations expire or are discharged or
can￿lled.
2.11 Employee benefits
The cost of any unused holiday entitiem8nt is recognised in the period in which the employee's services are
received.
Termln8tion benefils are recognised immediatety as an expense vthen the Trust is demonstrably committed to
terminate the employment of an employee or lo provide termination benefits.
2.12 Retirement benefits
Payments to defined conlribution retirement benefit schemes are charged as an expense as they fall due.
Donations, legacies & government support grants
Unrestricted Unrestrlcted
funds
funds
general
general
2023
2022
Donations
Legacies
Government support grants
317
77
86,444
179,982
86,761
180,059
17-

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Income from charltable actlvltles
Unrestricted Uhrestrlcted
funds
funds
2023
2022
Income frorn care seNices
3,424,207
3,200,760
Other tradlng activities
Unrgstrlcted Unrestrlcted
funds
funds
general
general
2023
2022
Other trading actlvitles
12,621
11,272
Investment8llncom•
Unrestrl¢ted R68trl¢t8d
fund5
funds
general
Total
2023
Total
2022
Dividend income
Bank inl8resl receivable
13,417
5,445
4,964
18,381
5,445
18,323
919
18,862
4,964
23,826
19,242
Forthe year ended 31 Decombor 2022
14,646
4,596
19.242
18-

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Charitable activities
Provision of
charitable
services
Support
costs
Total
2023
Total
2022
Staff costs
Depreciation and impaimient
other direct costs
Other overheads
Auditors remuneration
Bank interest and charges
1.737,731
115,180
316,340
533,988
5,850
7.197
728,340 2.466,071
115,180
316,340
533,988
5,850
7,197
2,438,178
126,883
249,426
549,293
6,400
10,728
2,716.286
728,340 3,444,626
3,380,908
2,716,286
728,340 3.444,626
3,380,908
Net movement In funds
2023
2022
Net movement in funds is stated after chargingl(crediting)
Fees payable for the audit of the charity's financial statements
Depreciation of own8d tangible fixed assets
5,850
115,180
6,400
126,883
Trustees
None of the Trustees (or any persons connected with them) received any remuneratlon or benefits from the
Trusl during the year. {2022 - none.)
19-

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10 Analysls of stsff costs, Trustee remun•ratlon and expenses and cost of key management and
personnel
Number of employees
The average monthly number of employees during the year was,
2023
Number
2022
Number
Management and supeNisory
Operational staff
93
93
99
100
Employment costs
2023
2022
Wages and salaries
Social security costs
Other pension costs
other staff benefits
2,140,821
184,783
135,503
2.120,271
186,137
91,402
35,772
2,461,107
2,433,582
Th8 total remuneration of the senior management team was £364,023 {2021- £347,884).
The number of employees whose annual remuneration was £60,000 or more
were..
2023
Number
2022
Number
70,00110 75,000
11 Taxatlon
The charity is exempt from taxation on its activities because all its income is applied for charilable purposes.
-20-

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12 Net gainsJ(losses) on investments
Unrestricted Restricted
funds
funds
general
Total
2023
Total
2022
Revaluation of Investments
Loss on sale of investrnents
4518
11,209>
3,984
8,502
(1.209)
(14,707)
(3,339)
3,309
3.984
7,293
(18,0461
For the year ended 31
December 2022
117,775)
(271)
118,0461
13 Tangible fixed assets
Fr•¢hold land FlxtUf•$ and
and buildSng$
frttings
Sensory
Garden
Capltal
Total
Cost
At 1 January 2023
Additions
2.218,491
150,831
1.760,030
33.938
57,307
4,035,828
184,769
At 31 December 2023
2,369,322 1,793,968
57,307
4,220.597
Depreciation and impainnent
At 1 January 2023
Depreciation charged in the year
808,012 1,624.830
46,386
68,794
57,307
2,490,149
115,180
At 31 December 2023
854,398 1,693,624
57,307
2,605.329
Carrying amount
At 31 December 2023
1,514,924
100,344
1,615.268
At 31 December 2022
1.410.479
135,200
1,545,679
21

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14 Flxed asset Inv•stmonts
Unrestrlcted
Restricted
Ilsted
listed
Investments Investments
Total
Cost or valuatlon
At 1 January 2023
Additions
Valualion changes
Disposals
297,442
14,565
4.519
(22.757)
117,810
415,252
14,565
8,502
(22,757)
3,983
At 31 D8c8rnber 2023
293,769
121.793
415,562
Carrylng amount
At 31 December 2023
293,769
121,793
415,562
At 31 December 2022
297,442
117,810
415,252
The investments held are all United Kingdom listed investments. The following represent holdlngs of greater
than 5Qh ol th8 total portfolio value.
Fund name
/• Held
M&G Securities Ltd
City of London Investment Trust
11.78
8.53
Flxed afys￿ Inv88tments rnvalued
The investments are held on the balance Sheet at market value. The historical cost of the portfolio Is
£288,40412022: £299,181).
15 Debtors
2023
2022
Amounts falllng duo wllhln one year.
Trade debtors
Other debtors
Prepayments and accrued income
10,835
19,309
45,759
20,152
12,029
31,621
75,903
63,802
-22-

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16 Financial instruments
2023
2022
Carrying amount of financial assets
Debt instruments measured at arnortised cost
Instruments measured at fair value through profit or loss
30,144
415,562
32,181
415,252
Carrying amount of financial liabilities
Measured at amortised cost
398,550
422,301
17 Loans and overdrafts
2023
2022
Bank overdraft5
Bank loans
3,348
74,526
3,107
145,944
77,874
149,051
Payable within one year
Payable after one year
77,874
74,309
74,742
18 Creditors: amounts falling due within one year
2023
2022
Notes
Bank loans and overdrafts
Other taxation and social security
Trade Gredilors
Other creditors
Accruals and deferred income
17
77,874
52,454
159,359
8,566
152,751
74,309
47.889
80.599
4,538
188,113
451,004
395,448
19 Creditors: amounts falllng due after more than one year
2023
2022
Notes
Bank loans
17
74,742
20 Retirement benefrt 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 th8 Trust in an indepersdenuy adrninislered fund.
The charge to profit or loss in respect of defined contnbution schemes was £135,503 (2022 - £91,402).
-23-

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21 Restrlcted funds
The rastricted fiJnd5 of the charity comprise the unexpended balances of donations and grants held on trust
subject to 5peofiG conditions by donors as to how they may be used.
At 1 January
2023
Incoming
resourc•s
Rèsources
expended
Transfers
Galns and
losses
At31
December
2023
117,019
4,964
14,9641
3,984
121,003
Provlou8 year: At 1 January
2022
Incomlng Resource5
resourcès
expend¢d
Transfers
Gains and
losses
At31
Decernber
2022
121,584
4,596
(4.5961
(4.2941
(2711
117,019
22 Unrostricted fund•
The unrestricted fund5 of the charity comprise the unexpended balances of donations and grants whiGh are
not subject to specific conditions by donors and grantors as to how Ihey may be used. These include
deslgnated funds which have been set aside Out of unrestricted funds by the trustees for specific purposes.
At 1 January
2023
Incomlng R•sourc•s
resources
Oxponded
Transfar8
Galn• and
105888
At31
December
2023
General funds
1,730,140
3,542,451
13,439,662)
3,309
1,836,238
Prevlous year: At 1 January
2022
Incomlng Resources
resources
expended
Transfers
Galns and
losses
At31
December
2022
General fund5
1,713.196
3,406,737
{3,376.312)
4,294
(17,775)
1.730.140
23 Funds
The General reserve is an unrestrlcted fvnd and incorporates revaluations of investments.
The restricted fund is composed of the McKennan Bequest as well 85 the net book value of the Sensory
Garden, the construction of which was supported by Belfast Cily Gouncil. McKeenan Bequèsl income is to be
distributed annu811y between the members of staff of Towell House.
-24-

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
24 Analysis of net assets between funds
Unrestricted Restricted
2023
2023
Total
2023
Total
2022
Fund balances at 31 December 2023 are
represented by:
Tangible assets
Investments
Current assetsllliabilities)
Long lerm liabilities
1.615,288
293,769
(72.799)
1,615,268
415,562
173.589}
1,545,679
415.252
(39.Q30)
174,742)
121,793
(790)
1.836,238
121,003 1,957,241
1.847,159
25 Related party transactions
There were no disclosable related party transactions during the year (2022- none).
26 Analysis of changes in net funds
At l J•nuary
2023
Cash flows At 31 December
2023
Cash at bank and In hand
Bank overdrafts
292,616
13,107)
8,896
(241)
301,512
(3,348)
289,509
8,655
298,164
Loans falling due within one year
Loans falling due after more than one year
(71.202)
(74.742)
(3.324)
74,742
174,526)
143,565
80,073
223,638
27 Auditors. Ethical Standards
In common with many businesses of our size and nature we use our auditors to assist with the compilation of
the statutory financial statements.
-25-

THE TOWELL BUILDING TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
28 Cash generatad from operatlons
2023
2022
Surplus for the year
110,082
12,379
Adjustments for.
Investment income recogni5ed in statement of financial activities
L08s on disposal of inveslments
Fair value gains and losses on investrnents
D9pr8ciation and impairment of tangible fixed assets
(23,8261
1,209
(8,502)
115,180
{19,2421
3,339
14,707
126,883
Movements in working capftal:
(Increase}Idecreas8 in debtors
Increase in creditors
(12,101)
S1,991
6,903
{30,0711
Cash g•neratsd from operatlons
234.033
114,898
-26-