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 AS5O￿ation, 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 objȢtives 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 serVI￿S 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 OffI￿r 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 Se￿ICe$ 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 a￿OrdanCe 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 Gon￿rn 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 ex￿pt to the extent that a gain reverses a loss previously recognised in net
income expenditure, or a loss eX￿ed$ 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
re￿ived.
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 re￿Uneration 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 De￿mber 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-