Charity Registration No. NIC100773 Company Registration No. N1003511 (Northem Ireland) THE TOWELL BUILDING TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE TOWELL BUILDING TRUST LIMITED CONTENTS Page Charity Infomiation Trustees, report Independent auditor's report 7-10 Statement of finanaal activities 11 Balance sheet 12 Statement of cash flows 13 Notes to the financial statements 14-25
THE TOWELL BUILDING TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees rilr D.G. Gaibrait Mr S. Duffield Mrs L Foster Mrs M. Guiler Mrs L. Hyndman Mr D. Kealey Mr l. Laird Mrs V. Lapsley MrA.J. MarttrT Mr B. Robinson Mrs A Downey (Appointed 18 September 2024) (Appointed 21 August 2024) Mr M Johnston Secretary Mrs J. Brooker Charity numbeT 14IC100773 Company number N1003511 Principal address Towell House 57 King Road Belfast BT5 7BS Registered office 4th Floor Donegall House 7 Donegall Square North Belfast BT1 5GB Auditor Moore IN.1.) LLP 4th Floor Donegall House 7 Donegall Square North Belfast BT1 5GB Bankers Danske Bank Donegall Square West Belfast BT1 6JS Solicitors Crawford Lockhart Black Linenhall House 13 Linenhall Street Belfast BT2 8A4
THE TOWELL BUILDING TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and accounts for the year ended 31 December 2024, which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The accounts have been prepared in accordance with the acoounting policies set out in note 1 to the accounts and comply with the Trust's Memorandum and Article of AS5Oation, the Companies Act 2006 and "Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)" Objectives and activities The Trust's objects are set out in the Memorandum and Articles ofAssociation and may be summarised a5 '. to provide accommodation for older people and people wilh physical disabilities irrespective of their financial means., to care for residents of such accommodation induding the provision of medical care and social activities appropriate to their needs and consistent with their wellbeing and circumstances.. to provide alternative care to older people and people with physical disabilities irrespective of their financial means. Our aim is to meet the needs of our residents for safe accommodation with good quality catering, appropriate activities and care in a manner that reflects their rights and is conslstent with our obligations to them, their families and friends. Ensuring our work delivers our aims The policies adopted in furtherance of these objects are that we keep our aim and objÈ¢tives under continuous review to ensure that we meet the needs of our residents and there has been no change in these during the year. In addition the Trustees carry out monthly telephone reviews with a selection of relatives on the operation of the home. The Trustees also carry out monthly inspections of the home which, inter alia, include reviews with a selection of residents and staff. These reviews are designed to ensure that any issues that residents. their relatives or the staff have may be identified, considered and addressed. Additionally, a series of intemal audits are carried out each month. The outcome of all the reviews is documented and reported to the Board each month. The home is also subject to regular inspection by the Regulation and Quality Improvement Authority. Our main objectives for the year continued to be the provision of quality accommodation, care and activities for both our pemianent and respite residents. The strategies that we used to meet our objective5 Included.. -providing safe accommodation for our residents -focusing on the provision of quality catering -focusing on providing a wide range of activities and entertainment The Trustees have paid due regard to guidance issued by the Charity Commission in deciding the activities the Trust should undertake. Information on matters of potential concern to staff is given through meetings, information bulletins and reports which seek to achieve a common awareness on the part of all the staff ofthe operation of all aspects of the home including economic factors that may impact these operations. Applications for enwlo¥meTht by disabled persons are always fully considered. bearing in mind the aptitudes of the applicant concemed. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Trust continues and that the appropriate training is arranged. It is the policy of the Trust that the training, career development and promotion of disabled persons should, as far a5 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 2024 How our activities deliver public knenefit Public benefit from our serVIS is directed at the frail and eldedy 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 providing care appropriate to these assessed needs- -Providing an 2Jl inclusive f3ciJity with a ran9e of actiyisies approwiate to the individu31 to prevent feelings of boredom and social i501ation; -Providing an environment that promotes improved physical and mental health and well being.. -Providing respite care to the 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 them in continuing their caring role at home with their service user-, and -Providing stqFdown care to Iwspitalised patients who are either frail and elderly 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 perfomiance Demand for the type of care we offer has remained high wth average occupancy over 970/0 (2023_ 97fk). Vvhen vacated, rooms are refilled quickly. The buildings and gardens are maintained to a high standard and improvements are made when finances allow. The substantial building and refurbishment programme. which commenced in 2023, continued on schedule throughout 2024 and is expected to Complete in July 2025. Disrupts'on to residents has been minimised and new and refurbished rooms have been widely welcomed by residents, families and staff. A new digital care record system, Epiccare, was implemented during the year. This has upgraded the information recorded and enabled better reporting by staff. Financial review The Trustees believe it is very important that the Trust is f nancially secure and that the financial perfonnance is reviewed regularly. A budget is prepared annually 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 recruiting staff in a competitive labour market. The financial performance is reviewed at each board meeting. A report detailing the performance for the previous month and the year to date relative to the budget, together with commentary therevon, 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 OffIr and the Finance Director and is available to all the Trustees. Meetings are held with the Investment Managers to review the performance of the investments as required. After consideration of the exceptional refurbishment expenditure in 2024, the Trust recorded a satisfactory financial oulcome for the year. The operats'ng deficit for the year was £4,29412023 surplus £102,789). This was within the budgetary limits set by the Trustees at the beginning of the year. Government policy has continued and is continuing to implement above inflation increases to National Living wages and other employer costs and thus it is essential that Government increases the fijnding of care for the elderly to a level that adequately reflects the cost of providing this service.
THE TOWELL BUILDING TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees consider it prudent to hold monies in reserve in the event that unforeseen circumstan$ should lead to financial difficulties which might put the future of its trading as a going concern and its employment capacity, general charitable work and property in jeopardy. The Trustees believe the strength of the Balance Sheet has helped maintain the business as a going concern during this year. Reserves The Trustees have examined the charity's requirements for reserves in light of the main risks to the organisation and established a fomial policy which stipulates that free reserves be maintained at a level which ensures that the charity's core activity could continue during a period of unforeseen difficulty. Free reserves are defined by the Trustees as unrestricted income funds freely available for use as the charity so detennines and thereby excludes any funds committed, invested in tangible fixed assets held by the charity and restricted or designated funds. The Trustees consider that the mosl 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 spreads the risk and provides opportunity for income and for capitsl growth. This portfolio is managed by an external fim of investment managers. Risk managernent The Trustees have assessed the major risks to which the Twst is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. However, conts'nued above-inflationary increases to National Living Wage and the Govemment policy on Employer's National Insurance together with inflationary pressures on operating costs are a matter of concern. Plans for future periods & factors affecting the flnancial position in future periods The Trustees wll continue to comprehensively review the operational actlvlty of the home. Positive Steps are underway for the future to establish new links within the local community thereby lifting the Charity profile and the services it has to offei. Tawell House continues to operate successfully and provides high quality accommodation and care to all its residents. There remains a high demand for residential care. The buildings and gardens are maintained to a high standard and improvements are made when finances allow. In 2023 the Trustees commenced a substantial building programme to increase the number of residént rooms, to increase the number of ensuite bathrooms and to upgrade facilities for residents and staff. This programme has been financed partially by internally generated fund5 and partially by a bank overdraft. This overdraft will be converted to a term loan on the completion of the project in summer 2025. The final additional bedrooms will come online in July bringing the total compliment of resident rooms to 92 and maximising income forthe Trust. Planning our estate maintenance, training matnx and our staffing requirements for the future will ensure we keep abreast of the care industry standard requirements and ensure we meet organisational goals and targets. The main factors which are likely to affect the financial performance or position going foNard are.'- the impact of the substantial annual increases in National Living Wage on all staff costs in an increasingly competitive labour market the related pension costs and national insurance 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 - the impact of the current inflationary pressure on all aspects of costs of operating the home the continuing inadequacy of the funding provided by the Health and Social Care Trusts
THE TOWELL BUILDING TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management The Trust is a company limited by guarantee, not having a share capital. It is registered in Northem Ireland (registration number= N10035111 and has obtained charitable status with The Charity Commission for Northem Ireland (reference number.. NIC100773). It is governed by its Memorandum and Arbcles 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 fity pence. The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the finanaal statements were.. Mr D.G. Galbraith Mr S. Duffield Mrs L Foster Mrs M. Guiler Mrs L. Hyndman Mr D. Kealey Mr l. Laird Mrs V. Lapsley MrA.J. Martin Mr B. Robinson Mrs A Downey Mr M Johnston (Appointed 18 September 20241 (Appointed 21 August 2024) Under the terms of the Articles of Association one third of the Trustees are required to retire each year but may offer themselves for re-eleGtion at theAnnual General Meeting. The Trustees retiring by rotation this year are.. Mrs V Lapsley Mr B Robinson Mrs M Guiler Mr G Galbraith All of the Trustees give their time and skills voluntarily and receive no payments for the SeICe$ they provide. The Trustees aim tD ensure that the Board consists of people suitably qualffied with wide Experience from a variety of backgrounds so as to bring a broad skills mix 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 significant risks that the Home faces along with action to mitigate and manage each risk that has been idents'fied. The Register is subject to regular review and up-dated as deemed appropriate. The Board of Trustees, appointed by the members of the Trust, meet regularfy throughout the year. The executive management, in charge of the day-to-day operations. reports to the Board on a monthly basis. Sul ommittees which have been established by the Board to deal with specific issues, meet as required and report to the Board accordingly. The Trustees, at the board meetings, make all the major decisions, including strategic deasions, 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 residents and any additional or supplementary fees that have to be charged to Trust funded residents. Decisions regarding the day to day running of the Trust are made by the Chief Executive Officer and the Senior Management Team who meet regularly in order to ensure the efficient management of the operatior¥s. Mrs Jill Brooker is the member of the Senior Management Team to whom the Charity Trustees delegate day to day management.
THE TOWELL BUILDING TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Most new Trustees have some knowledge of the work carried on by Towell House before they join the Board. A "Cooks Tourf, of the organisation is available along with meetings with the Chief Executive Officer and the Home Manager for potential new directorsltNstees. The Trust retains the service5 of a Human Resources Advisor who provides infomiation on pay levels for the Senior Management Team as and when required. The company has no relationships with third parties that would be considered to be related undertakings. The Towell Building Trust holds total unrestricted reserve5 of £1,827,740. Statement of Trustee5' responsibilities The Trustees, 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 Generally Accepted Accountr'ng Prarticel. Company Law requires the Trustees to prepare accounts for each financial year whith give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, 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 nsIStentIy', observe the methods and principle5 in the Charities SORP., make judgements and estimates that 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 concern basis unless it is inappropriate to presume that the Trust will continue 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 A¢t 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. Auditor The auditor, Moore (N.I.) LLP, is deemed to be reappointed under section 487(2) of the CompaniesAct 2006. Disclosur8 of infomiatlon to auditor Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have takèn appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The Trust8es' report was approved by the Board of Trustees. Mr D.G. Galbralth Dated..
THE TOWELL BUILDING TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TOWELL BUILDING TRUST LIMITED Opinion Vve have audited the financial statements of The Towell Building Trust Limited (the 'Trust') for the year ended 31 December 2024 whith comprtse the statement of financial activities, the balanTr sheet, the statement of cash flows and notes to the financtal statements, including significant accounting policies. The finanaal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pradice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance wwth United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We Conducted our audit in accordan with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for Ihe audit of the financial statements section of our reporL We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in aOrdanCe with these requirements. We believe that the audit evidence we have obtained is suffictent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees. use of the going concem basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collect5vely, may cast significant doubt on the Trust's ability to 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 responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the infomiation induded in the annual report other than the financial statements and our auditorfs report thereon. The Trustees are responsible for the other information contained wwthin the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othenmse expliatly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing $0, consider whether the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the Course of the audit, or othemise appears to be materially misstated. If we identify such material inconsistenaes or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a Material misstatement of this other infomation, we are reouired to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit-. the information given in the Trustees, report for the financial year for which the financial statements are prepared, which includes tlie direetors, report prepared for the purposes of company law, is consistent with the financial statements., and the directors, report induded within the Trustees, report has been prepared in accordance 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 which we are required to report by exception In the light of the knowledge and understanding 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 respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate 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 statements are not in agreement with the ac¢ounting records and retums., or certain disdosures of trustees, remuneration specified by law are not made., or we have not received all the infomation and explanations we require for our audit., or the Trustees were not entitled to prepare the financial 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. Responsibilities of Trusteès As explained more fully in the statÈment 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 statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detemine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Trustee5 either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 (UK) will always detect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influen the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Explanation as to what extent tha audit was consSdeTed capable of detscting irregularities, including fraud The objectives of our audit in respect of fraud, are; to identify and assess the risks of malerial misstatement of the financial statements due to fraud., to oblain Sufficient appropriate audit 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 detection of fraud rests with both management and those charged with govemance of the charitable company.
THE TOWELL BUILDING TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE TOWELL BUILDING TRUST LIMITED OUT apprDach was 2s follows." We obtsined 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 Charities Act (Nl) 2013, the Charity SORP, UK financial reporting standards as issued by the Financial Reporting Council, the Health and Personal Social Services (Quality, Improvement and Regulation) (Northern Ireland) Order 2003, and the Safeguarding Vulnerable Groups (Northern Ireland) Order 2007. We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with goverr(an. We assessed the risk of materlal misstatement of the finanaal statements, induding the risk of material misstatement due to fraud and how it might occur. by holding discussions wth management and those charged with govemance. We inquired of management and those charged with govemance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on Ihis understanding, we designed specific approwi3te audit proce(iures to idenb'fy instsnces of non- compliance with laws and regulations. This included making enquiries of management and those charged with governan and oblaining additional corroborative evidence as required. 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 perform 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 from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentstions. or the override of internal control. Obtsin an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the c1rcumstsn$, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going Gonrn basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significanl doubt on the charitable company's ability to continue as a going concern. If we condude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concem. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the undertying transactions and events in a manner that achieves fair presentation. We communicate wtth those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficienpies in intemal control that we identify during 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 description forms part of our auditols report.
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 wth 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 state to them in an auditovs 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have fomied. Dr R I Peters Gallagher OBE FCA (Senior Statutory Auditor) for and on behalf of Moore (N.I.) LLP Chartarèd Accountants Statutory Auditor 4th Floor Donegall House 7 Donegall Square North Belfast BT15GB 10-
THE TOWELL BUILDING TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Restricted funds 2024 Total Total 2024 2023 Notes Income from: Donations, legacies and government support grants Charitable activities Other trading activities Investments 69,675 3,639,604 8,928 15,055 69,675 3,639,604 8,928 20,352 86,761 3,424,207 12,621 23,826 5,297 Total income 3,733,262 5,297 3,738,559 3,547,415 Expenditure on: Charitable activities 3,737,556 5,297 3,742,853 3,444,626 Net gainsl{losses) on investments 12 (4,204) 13,470 9,266 7.293 Net incomel(expenditure) and movement in funds (8,498) 13,470 4,972 110.082 Reconciliation of funds: Fund balances at 1 January 2024 1,836,238 121,003 1,9S7,241 1,847,159 Fund balances at 31 December 2024 1,827,740 134,473 1,962,213 1.957,241 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 11
THE TOWELL BUILDING TRUST LIMITED BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Investments 13 14 1,893,459 440,013 1,615.268 415,562 2.333,472 2,030,830 Current assets Debtors Cash at bank and in hand 15 58,135 141,047 75,903 301,512 199,182 377,415 Croditors: amounts falling due within one year 18 {267,910} {451 ,004) Net current liabilities (68,728) (73.589) Total assetsloss current liabllit195 2,264,744 1,957,241 Creditors: amounts falllng due after more than one year 19 (302,531) Net assets 1,962,213 1,957,241 Income funds Restricted funds Unrestricted funds - general 21 134,473 1,827,740 121,003 1,836,238 1,962,213 1,957,241 These financial statements have been prepared in acwrdance with the provisions applicable to companies subject to the small companies regime. The accounts were approved by the Trustees on tA)L> r D.G. Galbraith Trustee Mrs M. Guiler Trustee Company Registration No. N1003511 12-
THE TOWELL BUILDING TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash (absorbed byllgenerated from operations 28 {28,677) 234,033 Investing activities Purchase of tangible fjxed assets Purchase of investments Proceeds from disposal of investments Investment income received (363,940) (118,782) 103,597 20,352 {184,769) 114,565) 21,548 23,826 Net cash used in investing activities 1358,773) (153,960) Financing activities DrawdownlRepaynient of bank loans 228,005 (71,418) Net cash generated fromllused in) financing activities 228,005 (71,4181 Net Idecreasellincrease in cash and cash equivalents (159,445) 8,655 Cash and cash equiv21ents at beginning of ye3r 298,164 289,509 Cash and cash equivalents at end of year 138,719 298,164 Relating to". Cash at bank and in hand Bank overdrafts included in creditors payable within one year 141,047 301,512 {2,328) (3,348) 13-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollclès Charity information The Towell Building Trust Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered offsce is 4th Floor Donegall House, 7 Donegall Square North, Belfast, 8T1 5G8. 1.1 Accounting convention The accounts have been prepared in accordance with the Trust's Memorandurn and Artides of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (a5 amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS 102. The finanaal statements are prepared in steding, 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 expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objedives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment fvnds are subject to specific 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 performance conditions have been met. the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt. 14-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.5 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 seNices are supplied. Other grant payments are recognised when a constructive obligation arises that results in the payment being unavoidable. Costs of generating funds are those costs incurred in attrading voluntary income, and those incurred in trading activities that raise funds. Governance costs include those incurred in the governance of its assets and are primarily associated wth constitutional and statutory requirements. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequendy measured at cost or valuation, net of depreaation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their usefvl lives on the ft)Ilowing bases". Freehold land and buildings Fixtures and fittings Sensory garden capital 20A straight line 15 % straight line 20°/0 Straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price exctuding transaction wsts, and are subsequently measured at fair value at each reporting date, taken as the quoted market Pri on the stock market. Transaction costs are expensed as incurred. Changes in fair value are recognised in other recognised gains and losses expt to the extent that a gain reverses a loss previously recognised in net income expenditure, or a loss eXed$ the accumulated gains recognised in equity- such gains and loss are recognised in net incomellexpenditure) for the year. 1.8 Impairnient of fjxed assets At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impainTient loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemiine the extent of the impairment loss (if any). 1.9 Cash and Gash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Trust's balance sheet when the Trust becomes paty to the contractual provisions of the instrument. 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 amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 15-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Baslc flnancial 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 assets classified as receivable within one year are not amortised. Basic financlal liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, Using the effective 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 Classified 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 methad. Derecognition of financial liebllltles Financial liabilities are derecognised when the Trusys contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entillement is recognised in the period in which the employee's services are reived. Termination benefits are recogni5ed immediately as an expense when the Trust is demonstrably committed to teminate the employment of an employee or to provide temiinatian benefits. 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the application of Towell 8uilding Trust Limited's C'The Trust's") accounting policies, the Trustees are required to make judgernents, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are 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 Current and future periods. 16-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donations, legacies & government support grants Unrestricted Unrestricted funds funds general general 2024 2023 Donations Legacies Government support grants 12,466 317 57,209 86,444 69,67S 86,761 Income from charitable activities Unrestricted funds 2024 Unrestricted funds 2023 Income from care seNices 3,639,604 3,424,207 Other trading activities Unrestricted Unrestricted funds funds general general 2024 2023 Other trading activities 8,928 12,621 Investmentslincome Unrestricted Restricted funds funds general Total 2024 Total 2023 Dividend income Bank interest receivable 11,724 3,331 5,297 17,021 3,331 18,381 5.445 15,055 5,297 20,352 23.826 Forthe year ended 31 December 2023 18,862 4.964 23.826 17-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charltable actlvities Provision of charitable sarvices Support costs Total 2024 Total 2023 Staff costs Depreciation and impaimient Other direct costs Other overheads Auditors remuneration Bank interest and charges 2,633,807 85,749 194,383 789,753 6,000 13,263 19,898 2,653,705 85,749 194,383 789,753 6,000 13,263 2,466,071 115,180 316,340 533.988 5.850 7.197 3,722,955 19,898 3,742,853 3.444.626 3,722,955 19,898 3,742,853 3,444,626 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl{¢rediting).' Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 6,000 85,749 5,850 115,180 Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year. (2023 - none.) 18-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Analysis of staff costs. Trustee reUneration and expenses and cost of key management and personnel Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Management and supeNisory Operational staff 93 93 100 99 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 2,336,957 194,222 117,229 2,140.821 184,783 135,503 2,648,408 2,461,107 The total remuneration ofthe senior management team was £385,774 {2023 - £364.023) The number of employees whose annual remuneration was £60,000 or more were.. 2024 Number 2023 Number 75,001 to 80,000 70,001 to 75,000 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 19-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Net galnsl{lossesl on Investments Unrestricted Restricted fund8 fund3 genèral Total 2024 Totsl 2023 Revaluation of investments Loss on sale of investments 1,946 {6,150) 13,470 15,416 {6,150) 8,502 (1,209) {4,204) 13,470 9,266 7,293 For the year ended 31 December 2023 3,309 3,g84 7,293 13 Tangible fixed assets Froehold land Flxtures and and buildings fittings Sensory Gard6n Capltsl Total Cost At 1 January 2024 Additions 2,369,322 1,793,968 360,838 3.102 57.307 4,220,597 383,940 At 31 December 2024 2,730,160 1,797,070 57,307 4,584,537 Depreclation and impairnient At 1 January 2024 Depreaation tharged in the year 854,398 1,693,624 50,693 35.056 57.307 2,605,329 85,749 At 31 December 2024 905,091 1,728,680 57,307 2,691,078 Carrying amount At 31 December 2024 1,825,069 68,390 1,893,459 At 31 Dember 2023 1,514,924 100,344 1,815,268 -20-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Fixed asset investments Unrestricted Restricted listed listed investments investments Totsl Cost or valuation At 1 January 2024 Additions Valuation changes Disposals 293,769 118.782 1,946 (109,747) 121,793 415,562 118,782 15,416 1109,747) 13,470 At 31 December 2024 304.750 135,263 440,013 Carying amount At 31 December 2024 304,750 135,263 440,013 At 31 December 2023 293,769 121,793 415,562 The investments held are all United Kingdom listed investments. The following represent holdings of greater than 50/0 of the total portfolio value, Fund name /0 Held M&G Securities Ltd City of London Investment Trust 11.78 8.79 Fixed asset investments revalued The investments are held on the balance sheet at market value. The historical cost of the portfolio is £338,92612023.' £288.404). 15 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accNed income 22,890 3,393 31,852 10,835 19,309 45.759 S8,135 75,903 21
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Financlal Instruments 2024 2023 Carrying amount of financial assets Debt instruments measured at amortised cost Instruments measured at fair value through profit or loss 26,283 440,013 30,144 415,562 Carrying amount of financlal Ilabilltles Measured at amortised cost 514,185 398,550 17 Loans and ovordrafts 2024 2023 Bank overdrafts Bank loans 2,328 302,531 3,348 74,526 304,859 77,874 Payable within one year Payable after one year 2,328 302,531 77,874 The bank borrowings are secured as follows'.- A fixed charge over the Book Debts of the company,. Floating charge Mortgage on propety at Kings Road, Belfast 18 Creditors: amounts falling due wlthln one year 2024 2023 Notes Bank loans and overdrafts Other taxation and social security Trade creditors Other creditors Accruals and deferred income 17 2,328 56,256 96,930 18,830 93,566 77,874 52,454 159,359 8,566 152.751 267,910 451.004 19 Creditors: amounts falllng due after more than one year 2024 2023 Notes Bank loans 17 302,531 -22-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 117,229 135,503 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 independenliy administered fund. 21 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to speafic conditions by donors as to how they may be used. At 1 January 2024 Incoming resources Resources expended Gains and losses At31 December 2024 121,003 5,297 (5,297) 13,470 134,473 Previous year: At 1 January 2023 Incoming resources Resources expended Gains and losses At31 December 2023 117,019 4,964 (4,964) 3,984 121.003 22 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to spectfic conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incoming resources Resources expended Gains and losses At31 December 2024 General funds 1,836,238 3,733,262 {3,737,5561 {4,204} 1,827,740 Previous year: At 1 January 2023 Incoming resources Resources expended Gains and losses At31 December 2023 General funds 1,730,140 3,542,451 13,439,662) 3,309 1,836,238 -23-