Charity Registration No. NIC100773 Company Regl$trallon No. N1003511 (Northèm Ir•landl THE TOWELL BUILDING TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
THE TOWELL BUILDING TRUST LIMITED CONTENTS Pag• Legal and administrative information Trustees, report Slalement of Trustees, responsibilities Indgpendenl audlto¢s pOrt 8- 11 Statement of financial activities 12 8alance Sheet Statement of cash flows 14 Notes to the financsal statements 15-26
THE TOWELL BUILDING TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trust Mr S Duffield (chairy)ers} Mrs L FosteT Mr D Galbraith Mrs M. A. Guiler (Treasurer) Mrs L Hyndman chain) Mr D. Kealey Mr l.J. Laird Mrs V. Lap51ey MrA.J. Martin Mr 8. Robinson Mrs A Downey Mr M Johnston sretary Mrs J. 8rooker Charlty number NIC100773 Company numbor N1003511 Pr5nclpal addre TO11 Hous• 57 King Road BeNa¥t BT5 7BS Regl¥tèr•d offlc• 4th Floor Donegall House 7 Doftegall Square North Belfast BT1 SGB Audltor Moofe IN.1.) LLP 4th Floor Donegall House 7 Donegall Square North Belfast BT15GB Banker Danske 8ank Donegall Square Bewast BT1 &JS Sollcitor5 Cravhord LLx*hart Bla¢ Linenhall House 13 Linenhall Street Belfast BT2 8AA
THE TOWELL BUILDING TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees present their report and accounts for the year ended 31 DecembeT 2025, which are also prepared to meet the requiremet)Is for a directors, report and aCrUts for Companies Ad purposes. The accoun15 have been prepared in aCCOTdance wth the accounting poliues set out in note 1 to the acwijnts and comply with the Trusvs Memorandum and Artide of Assoriab"on. the Companies Act 20[ and 'Accounb"ng and Reporting by Chanties." Slalement ol Recommended Practice applicable to charib.es prepanng their accounts in accordance wth the Finanual Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191" Obje¢tlvg¥ and activitie¥ The Tnjsys objects are set out in Ihe Memorandum and Arbde8 OtAssorialion and may summarised as '. to provide accommodation for older peoF4e and people with physical disabilities irrespective of their finantyal means., to care for residents ol such accommodation indvding the provision of medi¢al Care and social activities ppropriale lo their needs and Consistent wth their wellbein9 and urcumstances., 1¢ provide ¥ti•rnabve ¢are to older people and people physical di5atslilie8 irrespective of their finanaal means. Our aim is to rna the needs of our rasidents for safe acconwnodation th good quality ¢alering, appropriate activities and care in a manner that reflects their right8 and is consistent wth our obligations lo them, their families and friends. Ensurlng our work dollvers our alms The policie5 bdopled In furtherance of these objects are that we keep our aim and objects'ves under continuous review to ensure that we meet the needs of our residents and there has b8&n no change in these during the year. In addition the Trustee8 carry out monthly telephone reviews with a selethon of relatives on the operation cif the home. The staff and Trustees also carry out 5epar¥le monthly inspecb'ons of the hcrne which. inter alia. in¢ludo reviews with a selection of residents and staff. These reviews ale designed to ensure that any issues that residents, their relatives or the staff have may be identified. considrd and addressed. Additionally, a 5erie8 of inlemal audits artr ¢arri•d out aach nTrJnth. The outcome ol all the remews 1$ d¢xum•nt•d and reported to the eoard each month. The home 1$ also subject to regular inspection by the Regulaiion and Quality Improvement Authority. Our main objectives for the year eonlinued to be the provision of qLtalty aco7mmodalion, Ca and activities for both our pemianenl and re$yie residents. The strategies that we used to meet our objectives induded.. -providing safe aeeommodalion for our residents -focusing tsn the PrO$10n of quality Catering -focusing on prowding a wide ran9? of •th"tiÈs and entertainment The Trustees have paid due regard to guidanee issueil by the Chanty Ccrfnmission in detiding the activffjes the Trust should undertake. Information on matters of potential ccreM lo staff is given through meth'ngs, Ihe monlhly stsff neWtter and reports which seek to achieve a common awareness on the part of all the staff of the operation of all aspects of the home Including economic factors that rnay impact these operatsons. Applications for emkloyment by disabled persons are aN¥3ys fully considered, bearing in mind the apliludes of the applicant concerned. In the event of mernbers of staff becoming disabled, every effort is made to ensure that their employwent wrthin the Trusi continues and that the appropriate training is aTrangeil. 11 is the policy of the Trust that the training, career development and PTomobon of disabled pèrsons should, as far as possible, be identical lo that of other employees.
THE TOWELL BUILDING TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 How our 3¢tivitie5 deliv•r public b8n•fit Public benefit frorn our serwces 15 direded al the frail and eldedy population aged over 65 years or physically disabled population aged under 65 years. irrespective of their means. Direct benefits are derived from a number of our serwices.. .ProMsion of accommodation." .Assessing need and providing c3r• appropriat& to these ass¢ssed needs. -Pr¢wding an all indusive facilty wth a rnnge of activities approwate to the individual to tyevent feelings of boredom and social isolation., .Prowding an environment that promotes improved physical and mentsl health and well being., -ProMding re$'te care to the frail and elderty populab.on aged ovw 65 y•ors or phy$i¢ally disabled population aged under 65 years, enabling carers to have a break. This provide5 addits.onal supwt to ¢8or8, assisting Ihern in continuing Ih&r caring role at ht)me 4wlh Ihwr service user, an -Prowding stepdown care to hospitalised patients are either froil and dd•rfy and 8ged 65 yearG and abov• or physically disabled and aged under 65 years. We assist with the recovery and Tehabilitation as a Stepping stone to retuming to their own homes. Achlevements and rf0Mlane• Demand l¢r th typè of care we offer has remained high with average occupancy over 97%12024- 97%). ven vacaled, room$ ar refilled quickly. The buildings and gardens are maintained to a high standard and improvement$ ar• mad• when finances allow. The substantial building and refvrbishmenl programme. which commenced in 2023. was ¢pleted in July 2025. Disnjptson to residents was minimised and new and refurbished rooms were wldely welcomed by re$id•nl$, families and staff and gfeaily enhanced the ambiance of the horne. Flnancial rev5ew The Trustees believe r( is very impartanl that the Trust 1$ financially secure and that the finanaal yrfoMian Is rèviewed rtsgularty. A *Judget IS Prepared annualty and is diycvs¥ed and agreed by thè board. In the course of thè discussion the directors consider issues that are likely to imp8¢t on th¢ current year and known issuès that will arise in the lulure. The key issues that have been identified are the adequary of the level of funding paid by the Health & Sorial Care Trusts and the $1 implieab"¢)ns of retaining and recruiting staff in a competitive labour market. The financial performance is reviewed at each board meeting. A report detailing the p&rfom)ance for the pr&wous month and the year lo dale relab've to the budget. together with ojmmentary ther. 1$ arculaled in advance of each meeting. The Trust's investments are managed on • dis¢rÈtionary basis by Investment Managers who submit a report on the performance of the investments on a quarterly ba515. This is eWed by the Chief Executive Officer and the Finance Direetor and is available to all the Tnjstees. Meetings are held with the Investment Manager5 to review the perfomance of the investments as required. After consideration of the exceptional refUiShment expenditure in 2025. the Trust recorded a sth'sfaciory financial outcome lor the year. The operating surplus for the year was £66.640 12024 defiat £4,294). This was within the budgetary limits set by the Trustees at the beginning of the year. Government policy has conlintjed and is continuing to implement above irfab.on inueases to National Living wages and other employer costs and thus 1115 essents'al that Government increases the fijnding of care for the elderfy to a level that adequately reflects the cost of providing this service. The Trustees consider it prudent to hold monies in reserve in the event that unforeseen circumstances should lead to financial difficulties which might put the ftrture of its trading as a going concem and its efnploymenl capaoty, general charrtable work and woperty in jeopardy. The Trustees believe the strength of the Balan¢ Sheet has helped maintain the business as a going concern during this year.
THE TOWELL BUILDING TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 R•$ervgs The Trustees have examined the charity's requirements for reserves in light of the main risks to ihe organisation and established a fomal policy whith sb"pulales that free reserves be maintained al a level which ensures that thè charity's core activity could continue during a period of unforeseen diffiujlty. Free reserves are defined by the Trustee5 as unrestricted income funds freely available for use as the chaflty so detefmines and thereby exdudes any funds committed, invested in tangible fixed assets held by the charity and re5tncted or designated funds. The Trustees consider that the most appropriate policy for invests.ng lund5 continues to be In a balanced portfolio of investments with a minimum risk mainly quoted on the London Stock Exthange that spread5 thè risk and prowdes opportunity for in¢ome and fN capital grovrth. This portfdio is managed by an external firm ?f investment managers. Rlsk management The Trustees have assessed the major risks to which the Tnjst is exposed and are satisfied that systems are in place to mitigate exposure to the major ri5k5. However. confLnued above-inflationary increases to Nab'onal Living Wage and the Government poli¢y on Employer's National Insurance together wth inflats'onary pressures on operating costs are a Matter of concEm. Plans for future perfods & factors affKtlng the financlal posltion in future p8rfod• The fruslees will continue to comprehensively review ihe operats'onal activity of the home. Positive steps are underway for the future to establish new links wthin the local community thereby lrfting the charity profile and the 8eNces it has to offer. Towell Hous& continues lo operate successfulty arbd provides high quality accommodation and care lo all rt$ residents. There remains a high demand for residential care. The buildings and gardens are maintained lo a high standard and improvements are made vthen finances allow. The SLtbstantial building programme commenced in 2023 was completed during the year. The number of redent rooms 1$ now 92. wth 50% ensuite and facilities for residents and staff have been upgraded lo a hbgh stsndar¢J. thu8 maximi$ing income for the Trust and prowding good working environment. Planning our estate maintenance, training matrix and our staffing requirements for the fvIuTe will ensure we keep abreast of the cart industry standard requirement$ and sUre we meet organisational goals and tsrgels. The main factors which are likely to affect the financial performance or position going loard are:. the impact of the substantial annual increases in National Living Wage on all Staff c4)yts in an intreasingly competitive labour market the related pension costs and national insurance the ability lo rec¥uit and retain staff - the demand for appropdale qualty SidentIal care in the ¢ObY*nunty - thè cost Impli¢alions of new and onerous regulatory Standards imposed in the care industry - the impad of the current inflationary pres$LFre on all aspeds of costs of operating the home. induding those resulting from ongoing-geo pol¢tical events. - the continuing inadequacy of the fvnding provided by the Heallh and SOCI Care Trusts
THE TOWELL BUILDING TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Strueturè, govemance and manag•mont The Trust is a cornpany limited by guarantee. nol having a share capital. It is registered in Northern Ireland (registration number.. N10035111 and ha$ obtsined tharrtable stslus wrth The Charity Commission for Northern Ireland (reference number.. NIC1007731. 11 is governed by its Memorandum and Artides of Associats'on. In the event of th8 company being wound up and a shortfall enswng. the members are required to eontribute an amount not exceeding fifty pence. The Trusl&&s, are also the direclors for the purpose of cg)mp3ny law. and who seryed during the year and up lo the dale of signature of the finandal statements were.. Mr S Duffield Ichairperson) Mrs L F¢slèr Mr D Galbraith Mrs M. A. Guiler reaSltr8TI Mrs L Hyndman (Vice chairperson) MT D. Kealey Mr l.J. Laird Mr8 V. Lapsley Mr A.J. Martin Mr B. Robinson Mrs Aoowney Mr M Johnston Under the term5 of the Artides of Association one third of the Trustees are required to retire ead) year bul niay offer themselves for r&velection at the Annual General Meets'ng. All of the Trustees give their time and skills Voluntarily and receive no payments for th• wvi¢¢¥ they Provide. The Trustees aim to ensure that the Board ¢on$i$l$ of suilatrAy qualthed wlh wde experience frorn variaty of backgrounds so as to bdng a broad skills mix to the management of the company. The Trustees have established a Risk Regisler lo f¥ililale the development of the risk management process. The Register seek5 10 identify all significant ri5k5 that the Home faces along wth action to mitigate and man8ge each iisk that has been identified. The Register is subjed to regular review an(J utrdaled as deemed appropriate. The Board of TTUSlee5. appointed by Ihe members of the Trusl, meet regularty throughout the year. The executive management. in charge of the day-to-day operations, reports to the Board on a mtsnlhly basis. Sutr committees which have been established by the Board to deal wth specific issues, m&&1 as required and report to the Board accordingly. The Trustees. at the board meetings, make all tr)e major deusions. including strategic decisions, regarding all aspects of the operation of the Trust. This includes the approval of the budget annually. all SignifinI expenditure of a capital nature, the level of fees charged to privately fundeil residents and any additional or supplementary fees that have lo be charged lo Trust fvnded residents. Deusons regarding the day to day running of the Tru51 are made by the Chiel Executive Officer and the Senior Managernent Team vtho meet regularfy in order to en3ure the efficient management of the operatsons. The CEO is the member of the Senior Management Team to whom the Charity Trustees delegate day to day management. The other members of the Senior Management team are a5 fo51ows". - Home manager Depuly home manager Support service rnanager Executive chef - Training manager - Assistsnt manager Night service manager
THE TOWELL BUILDING TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Most new Trustees have some knovAedge of the work caTried on by Towell House before they join the Board. A "Cooks Tourf. of the organisation is available along vthh meetings with the Chief ExecAJtive Offic£r and the Home Manager for potential new directorsltrustees. The Trust retains the servic•s of a Human Re$our¢es Ath"sor who provides infomiation on pay levels for the Senior magement Team a3 and w)aen requid. The company has no relationships third parties that would bts considered lo be related undertakings. The Towell 8uilding Trust holds total unre51ricted reserves of £1.928.570. Audltor The auditor, Moore IN.I.I LLP, is deemed to be reappointed und•r section 487{2> of the Companies Act 2008. Dlscl¢Yaur• of Informatlon to oudltor Each ol the Trustees has confimed that there is no irtformaty.on of whith they are aware whith is relevant lo the audit, but ol which the auditor is unaware. They have fijrther confirmed that they have taken appropriate steps to identify such relevant information and lo estsblish that the auditor is aware of such informab'on. The Trustees, wport was approved by the 8oard of Truslee& MrSDuffl Id Ichalrpersonl
THE TOWELL BUILDING TRUST LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees, who are also the director3 of The Towell Building Trust Limitèd for the purpose of eompgny law, are responsible for preparing the Trustees. Report and the finanual statements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Ac£epted Aeeounbng Practice). Company law requires the Twstees to pTrp8re )Inanci81 ststement8 for eath ffinan(>al year which give a true and fair VI of the state of affairs of the Trust and of the incoming resources and application of resources, induding the income and expenditure, of the charItae cunpany for that year. In preparing these financial statement5. the Trustees are required to. select suitable accounting policies and then apply them consi5tenlJy; observe thè methods and prinaples in the Charities SORP., make judgements and esbmale5 that are reasonable and pru<Jenl'. and - prepare the finanoal statements on the going concern basis unless it is inappropriate to presume that the Tnjst will continue in operation. Th• Tru8lee$ ar r•$pon$ibl• for keeyng adequate accounts'ng records that disdose wth reasonable accuraey al any time the financial ptssilion of the Trust and enable them lo nsure that the finan¢ial $talem&nls comply wllh the Companies Act 2006. They are also Tesponsible for safeguarding the as6els of the Trust and hence for taking re8sonable steps for the prevention and detection of fraud and other iThegularibeB.
THE TOWELL BUILDING TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TOWELL BUILDING TRUST LIMITED Opinion We have audited the finanaal statements of The Towell Building Trust Mited (the 'Trust'l foi the year ended 31 Oecember 2025 which comprise the statement of finanoal acti"e$. the balance sheet. the statement of cash flows and note5 to the financial Statements. Induding significant accounting pdicies. The finanoal reporting frarnework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Finanual ReportirKJ Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted A¢¢ounb"ng Pra¢ti¢el. In our opinion, the financial statements.. give a true and lair ol the $tat• of the tharitable ¢ompany'$ affairn as al 31 Dec•mber 2025 and of its incoming reswrces and appllcatlon of resources, Induding its income and expendlture, for th• year th¢n nded", have b&•n property prepared in èccord8rKe wth United Kingdcffi Gen¢r81ty Apted Accounting practi.. and have been wepared in accudance vh the requirements ofthe Companies Ao# 2006. B881$ for oplnlon We conducted our audit in accordance wlh Intemational Stsndards Auditing IUKI IISAS IUKII and applicable law. Our responsibilitios under tho$• Standards are ILther described in the Auditorts msponsibilities for Ilie audit of th6 fingnci81 st818menls sethon of our report. We are independent of the TrtJ8t in accordance with the ethical requirement5 that are relevant to our audit of the finanaal statements in the UK, induding the FRC'5 Elhic31 Standard, and we havè fulfillèd our othèr thi¢al responsibilib'ès in accordance wth these requirements. We believe that the audit evidenetr w h8v obtsind is suffi¢4¢nl and appropriate to provide a basis for our opinion. Concluslons relatlng to golng eoneorn In auditing the financial statements, we have conduded that the Trustee8' U8e ol the golng Concern ba81s of accounting in the preparation of the financaal statements 1$ approwale. Based on the work we have performed. we have not idenlifie(l any material UnrtaIntieS relating to events or conditions that, individualty or collectivety, may cast significant doubt on the Trust's ability to continue as 8 going concern for a period of at least tsvelve months from vthen the finanty slatemenl$ 8re authorised for issue. Our re¥pon$ibilities and the responsibilities of th Tw$lee$ with respect to going cL)rlM are described in the relevant 8ection8 of thi8 report. other information The other infom¥lion ¢ompris¥$ th¢ inlomation induded in Ihe annual report other than the ffnancial slalemenl8 and our auditorf5 report Ihereon. The Trustees are resp¢)n$ible for the other infomation contained within Ihe annual report. Our opinion on the financial statements does not cover the other infomiion and, except to the extent otherwise explicitly slated in our r*port, we do not express any fomi of assurance condusion there, Our responsibility is to read the other information and, in doing so. con51der whether the other infomiation is materially inconsistent wth the financial statemerts or our knowledge obtained in the course of the audit, or otherwise appears t¢ be materially misslaled. If we irjenttfy such material inconsistenae5 or apparent matenal misslatemenl$. we are required to determine whether thi5 gives rise lo a matenal mis5tatemenl in the financial statements themselves. If, based on the work we have perfomed, we condude that there is a material misslalement of this other information, we are required lo report that facL have nothing to report in this regard. Opinions on other matters prescribed by the Companl•s 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 finanrAal ye8T for whid) the finanaal ststements are prepared, which includes the directors. report prepared for the purposes of company law. is consistent with the finanaal statements., and the directors, report induded wthin the Trustees. report has been prepared in a0rdance wf(h 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 115 environment obtained in the course of the audit, wè have not idents'fied material misstatements in the directors, repcrt induded wthin the Trustees, report. We have nolhlng to report In re$pe¢t of the followng mattets In relation to whlth the Companle$ A¢t 2006 requlres us to report to you if, in our ownion.. adequate accounting records have not been kep( or retums adequate for our audit have not been received from branches not visit&d by us., or the financial statements afe not in agreement the accounting records and retums.. or certain disclosures of Irvstees. remunerab.on 5peafied by law arè not mad•,' or we have not received all the Infomiation and explanation$ we lre for our audit., the Trustees wtrre ntst ?nlilled to ppa the finantial statements in accordance with th• small companies regime and take advantage of the small ojmpwies. exemptrons In Preparing the TnJ8lees' report and from the requirem&nl lo prepare a strategic report. Responsibllltles of Tru¥ts As explained more fully in the 8talemenl of Trustees, r¢sponwts"lÉb"e$, tho Tru$lee$. who are al the director8 of the Trust for the purpose of company law. are responsible for the preparation of the finanryal statements and for being satisfied that they give a true and fair view. and for such inlemal Control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstaternent, whether due to fraud or error. In preparing the flnancial statements, the Twstees are responsible lor assessing the Trust's ability to continue as a goin9 Concern, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unle$$ the TNsl&&$ either inlond to liquidate the charrtable company or to c£ase operations, or have no realistic alternative but to do so, AudItol r¢8pon$lbSlltl•s for th• audlt ol th• Ilnanclal statfrrnents Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due to fraud or errty, and to i$we an auditorfs report that ineludeg our oplni¢n. Reasonable assurance is a high level of a3surance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi35tatement when it exist5. Mi55tatemenls can arise from fraud OT error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the èconomic decisions of ugers taken on the basis of these financial statements. The extent to which our procedures ar• Cap9b of det•cling irr•gulartb8s. induding fraud. is detail•d bllow. Explanation as to what •xtsnt th¢ audlt was consld•r•d eapable of d•tsctlng Irr¥gularftlès, Ineludlng fraud The objectives of our audit in respect of fraud. aTe." to identify and assess the nsk5 of material missiatement of the financial slaiements due to fraud,. lo obtain SLrffiuent appropriate audit eviden regarding the assessed risk$ of material misstatement due to Iraud. Ihrovgh designing and implemènting appropriate rè$pon$es to those as3e5Bed risks,. and to respond appropriately to instances of fravd or 3U5pected fraud identy.fied during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with govemance of thè ¢haritable eompany.
THE TOWELL BUILDING TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE TOWELL BUILDING TRUST LIMITED Our approath was as follows.. We obtained an understanding of the legal and gUlatOry requirements applicable to the charitable company and COndered that the most significant are the Companies Act 2006, the Charities Act INI) 2013. the Charity SORP. UK finanoal reporting standards as issued by the Finanryal Reporb"ng Coun(il. thè Health and Personal Social Setvices (Quality, Improvement and Regulation) INc¥them Ireland) Order 2003. and the Safeguarding Vulnerable Groups (Northem Ireland) Order 2007. - We obtained an understsndtng of how the tharitsble c£Jmpany com5 wrth these requirements by discussons th management and those charged governance. We assessed the risk of material misstatement of the finanrjal statements. induding the risk of mateiial misstat&menl lo fraud and how rt mi9ht occur, by holding discusOnS vth management and those charged with governan¢e. - We inquired of management and those charged wth governan¢e as to any known in$tanco$ ol nonwcompliance or suspected nonwcompliance with laws and regulations. Based on this understanding, we designed speafic appropnate audit procedures to identify instances of non- compliance with laws and rtgulalions. This Induded makin9 enquiries of management and thoBe charged with governance and obtaining additional corroborative evidence as required. As part of an audit in aecordanco wtth ISAS IUKI we exerase professional judgement and maintsin professional s¢eplity$m throughout the audrt. We also.. Identify and assess the risks of material misstslement of the finanual stslements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtsin audit evidence that 1$ suffiaent and appropriate to provide a basis lor our tspinion. The risk of not deteth'ng a material misstatement resulting from fraud is higher than for one resulting from err, 89 fraud may invofve collusion. forgery, intentional omissions, misreprosntation$, or th overridè of internal control. Obtain an understanding of intemal control relevant to the audit in ttder lo design audtt procedures that are appropriate in the circurnstances. but not for the purposes of expressing an 0.nIon on the effectiveness of the d)aritabl• company's internal control. Evaluat¢ the appropriateness of accounting poliaes used and ihe asOnablentY3 of accounting estimates and relaled disclosure5 made by the trustees. Conclude on the appropriateness of the trustees, use tsf Ihe going ¢oncem bags ol acLounting and, based on the audit evidence obtained. whether a matèrial uncertainty exists related lo events or condib'ons that may cast significant doubt on the chaTltable company's ability lo ntInue as a going concem. If we condude that a materi81 uncertainty ¢xists, we are required to draw attents'on in our auditor's report to the related disclostsres in the financial 5tatement5 or, if such disdosures are inadequate. to modify our opinion. Our condusions are based on audit evidence obtained up to the date ol our audilor's report- However, fviure avents or conditions may cause the charitable company to cease to continue as a yoing concem. Evaluate the overall PTesenlab'e4), stnjcture and contenl of the finanaal statements. induding the disdosuTe5, and whèther thè finanaal stat•mènts represenl the undertying transaction5 and evenl$ in ¥ mann•r that achieves fair presentation. We communlcate with those tharged with governance regarding, among other rnatter5, the planned scope and liming of the audit and significant audrt findings. induding any significant defiuenae5 in inlemal control that we identify during our audit. A further descripbon of our responsibilib.es is availale on the Finanaal Reporting CoUn1,S website al.. httpg".11 wvw.frc.org.uklauditorsresponsibilities. This dep.0 f[M3 part of our auditorfs rewt. io-
THE TOWELL BUILDING TRUST LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF THE TOWELL BUILDING TRUST LIMITED Us• of our raport This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companiès Act 2006. Our audTrt work has t*en undertaken so that we might stste to thè ch8rrtable company'5 members those matters we are required to state to them in an audrtor's report and for no other purpose. To the lullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charrtable company's member5 as a body. for our audit work. forthis report, or for the opinions we have lormed. Dr R I Pet8rs Gallagher 08E FCA Isenlor Stattrtory Audltor) For and on behalf of Moore IN.I.I LLP. Ststuiory Auditor Chartered Accountants 4th Floor O¢n¢gall Hou$• 7 D¢negall Square North Beltsst BT1 5GB 11
THE TOWELL BUILDING TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestrlcted RestrTrcted funds funds 2025 2025 Total UnTestricted Rgstrlcted funds funds 2024 2024 Total 2025 2024 Notss Income from: Donation5. legacies and governrnent support grants Charitable activities Other trading activities Invesfmenls 10,410 4.129,521 9,383 13,317 10,410 4,129.521 9,383 19,029 12,466 3,696,813 8,928 15,055 12,466 3,696,813 8,928 20,352 5.712 5,297 Totsl Ineomè 4,162.631 5.712 4.168,343 3.733,262 5,297 3,738,559 Expèndlturn on.. Charitable activities 4.095.991 5.712 4101.703 3,737,556 5.297 3,742,853 Total expenditure 4.095.991 5,712 4,101,703 3.737,558 5,297 3,742,853 Net gainglllos$e$l inv&slmenl$ 11 34,190 22,250 14,2041 13.470 9.266 N•t Incom• and mov•m•nt In lund8 100.830 22.250 123.080 18,4981 13.470 4,972 Reconciliation of funds: Fund balances at 1 January 2025 1.827.740 134.473 1,962,213 1.836,238 121,003 1,9S7,241 Fund balan¢M at 31 Decèmber 2025 1,928,570 156.723 2.085.293 1.827,740 134,473 1,962,213 The statement of financial a¢bMlie$ indudes all gains and losseg recognised in the year. AJI income and expenditure derive from continuiThJ aciivities. 12-
THE TOWELL BUILDING TRUST LIMITED BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Nates Flxad assèts Tangible assets Investments 12 13 2.047.643 496.502 1.893,459 440,013 2,644.145 2,333,472 Current a88ets Debtors Cash at bank and in hand 14 67.026 340,324 S8,135 141,047 407.350 199,182 Creditors: amounts falling due wlthln on& y8ar 1376.6101 1267,9101 Nel current a$$elsllllabililitg) 30,740 168,7281 Total asséts l•ss curront1Sabllltl•s 2.574.885 2,264,744 Crndltors: amount• lalllng du• aft•r more than on? year 17 1489.S921 1302,5311 Nèt ¥8$•ts 2,08S,293 1,962,213 Incomè fund• Restricted funds Unrestricted funds. general 20 156,723 1,928,570 134,473 1,827,740 2.08S,293 1.962,213 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companie3 regime. The accounts were approved by the Tw$tee$ on ......-......-........... Mr S Duffield (Chairperson) Trustee Mrs M. A. Guiler (Treasurer) Trustee Company Registration No. NIQ03S11 13-
THE TOWELL BUILDING TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Notes Cash flows fmm operating activitt•$ Cash generated fromllabsort)ed by) operations 27 191.835 128,6771 Invèstlng acllviti Purchase of tangible fixed assets Purchase of investments Proceeds from disposal of inveslm•nts Investment income received 1290.2901 132,3581 32,309 19,029 {363.9401 1118.7821 103,597 20,352 Net cash us•d In Investlng activitles {271,310) 1358,7731 Flnanelng actlvltlgs Net proceeds from bank loans 276,469 228,005 Net cash g•n•rat•d from flnanclng a¢tlvltlt¥ 276,469 228,005 Net Increas•llde¢r•a$•l In ¢a$h and ¢*$h oqulvalonts 196,994 11 Sg,4451 Cash and eash aquival•nts at Wlnning of yo•r 138,719 298.164 Ca8h and cash equivalents at •nd of year 335,713 138.719 Relatlng to.. Cash at bank and in hand 8ank overdrafts induded in uedilors payable within one year 340.324 141,047 {4,6111 12,3281 14-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEhlBER 2025 Accounting policies Charity inforniation The Towell Building Trust Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 4th Flw Donegall House. 7 Donegall Square North, Bellast, BT1 5GB. 1.1 Accounting convention The accounts have been prepafed in accordan with the Trusys Memorandum and Articles ol Association, the Companie5 Act 20Cfj and "Accounb"ng and Reports'ng by Charitie5". Statement ol Recommended Practice applicable lo charitie5 preparing their account5 in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {as amended for accounting periods ¢omm8nang from 1 January 20161. The Trust is a pu1¢ Benefft Entity as defined ty FRS 102. Th& financial statements are prepared in sterting, vthich is the fiJnctional cJJrrency of the Trust. Monetary m¢unl$ in these fin¥nci•l statements are rounded lo th• Mare$l £. 1.2 Going con¢em At the time of approving the flnanaal statements, the Trustees have a reasonable expectation that the Trust has adequate re50urce5 to continue in operational existence lor the foreseeable future. Thu5 the Trustees ¢ontinue to adopt the going conc&m basi5 01 accounting in preparing the financial statements. 1.3 Charitabl• funds Unrestricted funds are available for uye at the iliscretion of the Trustees in furtherance of their charitable objectives. Restrlcied funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and u8es of the reslrided fvnds are sel oul in the notes lo the financial slalemenls. End¢wm•nl funds 8re 8ubie¢t to conditions by dMoTS that the capitol must b• mainlalned by the Trust. 1.4 Incoming r850ur¢e Income is recognised when the Trust 1$ le9ally enb.lled lo il aftr any prfc¥man¢e ¢ondilion$ have been met, the arnounts can be measured reliably, and it 1$ probab that ineamtr 7MII r•e•iv•d. Cash donations are recognis8d on r1p1. Oiher donations are recognised onco the Trust has been notified of the donation. unless performance condib"on3 require deferral of the amount. Income tax recoverable in rèlation to donations received under Grfl Aid or deeds of covenant is recognised at the time of thè donstion. Legaues are recognised receipL 15-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies (Continued) 1.$ RÈsour¢e$ ¢xpgnded Expenditure is recognised on an accrua15 basis as a liabilty is inc#Jffed. Funding provided through contractual agreements and perfomiance lated grants is re¢ognised as goods or seMce$ are Supplied. Other grant payments are recognised ¥then a constnJcve obligation arises that slIS in the payment being unavoidable. Costs of generating fiJnds are those costs InCrTed in attracting voluntary income, and those incurred in trading activity'es that rais$ fvnds. Gov¥mance cos15 include those incurred in the govemance of it3 assets and are primarity assorAaled w((h constilulional and statutory requirements. 1.6 Tangiblo fixéd assets Tangible fixed assets art in.311Y me¥Gur•d ¥1 cost and $ub8•qu&nYy m•asurod at $t or valuation, n•1 of depreaation and any impaim)ent losses. Depreciation is recognised so as to write off the rst or valuation of assets less their redUal values over their useful lives on Ihe following bases. Freehold land and buildings FIureS and fith'ngs Sensory garden capital 2%-20% straight line 15% straight line 20% straight line The 90in or 108$ 8ri8ing on the disposal of an a$set 1$ delemined as the differ8ne• beNveen the sale proceeds and the carying value ol the asset, and is recognised in the ststemenl of finanrAal activities. 1.7 Flxed a8$•t Investmtrnts Fixed ass•t invstment$ ar• inity'ally rn•a$ured at Iransacts'on pric• exduding transaction cnsts, and are subsequently measured at fair value at eath reporting date. taken as the quoted market Pri on the stock Trrket. Transaction costs are expen$eLI as incurred. Changes in fair value are recognised in olheT recogni5ed gains and losses except to the exterrt that a gain reveTse5 a 109$ previ¢u81y reCOgnSed in nel income expenditure. or a loss exceeds the accumLtlated gains rewnised in equity". gueh gains and loss are recognised in nel incomellexpenditurel for the year. 1.8 Impalmient ol flxed assets Al each reporting end dal&. the Trust r&wews the carrying amounts of its tangible assets to determine whether there Is any indication that those 8&8els have suffered an impaimient loss. If any suth indication exists. the recoverable amount of the asset is estimated in or(ler to determine the extent of the impaiment loss lif any). 1.9 Cash and cash equ5valents Cash and cash èquivalènts 1ndLe cash in hand. deposits held at call wth banks, other 5hort-lerm liquid inve5tmen15 wilh OTlginal maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowngs in current liabilities. 1.10 Flnanc5al instruments The Trust has elected to apply the provi5ion3 of Section 11 '8a$i¢ Finanaal Instruments, and Section 12 'Olher Fin8noal Instruments Issu&$' of FRS 102 to all of Its finanoal inslruments. Finanaal instrument5 are recognised in the Trusfs balan sheet when the Trust becomes party to the contractual provisions of the instrument. Financial a55et5 and liabilities are offset. 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 inten.0 to settle on a net basis or to realise the asset and setue the liabilty simultaneously. 16-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies Icontlnuèdl Basi¢ financial assets Basic financial a55ets, which include debtors and cash and bank balances, are inits'ally measured 81 transaction price including transaction costs and are subsequentty carried at amortised cost using the effective interest method unless the arrangement constitutes a finanung transaction, where the tran5adion is measured al the present value of the future receipts discwnled at 8 market rate of Interest. Financial assets classified as receivable wilh&n one year are not amortised. 8aslc flnpnclal Ilabillties Baslc financial liabilities, induding treditors and bank loafts are inity.ally recognised at transaction price unless the arrangernent constitutes a financing transaction. where the debt instrument is measured al the present value of the future payments discounted at a market rate of interest. Finanaal liabilities da$$ified a5 payable thin one y•ar are not aM0se. Debt inslrL¢ments are sub5equentty carried at amcffb'sed cost, uwg the effecb've interest rate method. Trade ¢dItorS are obligali¢)ns lo pay fc gOC•y$ or services Ih¥l h¥ve been wuired in the ordinary course of operali¢ns from Suppliers. Amount$ payabl are da$$ified a$ ¢urr¢nl liabilities il payment is due wlhin one year or less. If not. they are presented as noTrcurrent Iiabilib"es. Trade creditors are Tecognised initially al Iransactlon price and subsequentty measured at amortised cost using the effective Inte81 method. Derecognttlon of flnanclal Ilabillties Financial liabilitie3 are derecognised when the Tnjst's contractual obligats'on8 expire or are discharged or cancelled. 1.11 Employtt b•n•flts The c05t of any unused holiday enb"doment is r¢¢ognis¢d in the period In vthith the omployee's services are received. Temiination benefits are recognised immediatdy as an expense when the Trust is demonstrably committad lo tomiinate the employment of an employee or to prowde temiinab'on beneffts. 1.12 RotSr8m8nt b•n8fits P?ym¢nls to defined conlribvlion fetirement benefft $¢hemes Charged as an expense a$ they fall due. Donations. legacles & governrnent support grants Unrnstrlct•d Unr•8trlctsd funds fund¥ g•noral general 2025 2024 Donations 10,410 12.466 17-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Income from charitabl• a¢tlvltles Unr•$trlct•d funds 2025 Unrestri¢tgd funds 2024 Income from care semces 4,129,521 3,696,613 4,129,521 3,696,813 Other tradlng actSvltlè8 Unrestrlcted Unre8trfcted funds funds general general 2025 2024 Other tra¢Jing 8dvilie8 9,383 8,928 Incom• from Investment• Unrestrictsd Restrictsd funds funds 2025 2026 Total Unr•8trlct•d R•strfct•d fvnd$ fund8 2024 2024 Totsl 2026 2024 Income from unlistgd investments Interest receivable 9.290 4,027 S.712 15,002 4,027 11.724 3,331 5,297 17,021 3,331 13,317 5,712 19,029 1 S.055 5,297 20,352 18-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Charitable activitigs 202S 2024 Staff costs Depreciation and impaimient Other direct ¢gsls Other overhead5 Auditors remuneration 8ank interest and charges 2,987,535 136,106 194,969 740,653 6,000 36,440 2.653.705 85.749 194.383 769.753 6.000 13,283 4,101,703 3,742,853 4.101,703 3,742,853 Net movemént In lund• 2026 2024 The nel mov•m&nl in fvnds 1$ ststed after thargIn{Cleitin91.. Fees payable lor the audr( of the thaTity'5 finanrAal statements Deweclatlon of owne{1 tanglble fix•(J assets 6,000 136,106 6.000 85,749 Trust•OS None of the Trustees lor any persons eonn•d•d with th•m) f8¢eived any remuneratson or benefits from th Trust during the year. 12024- none.) 19-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 Analysis of stsff costs. Trustee remunerntion and •xp•nkns and ¢ost of key management and personnel Number of employee5 The average monthly number of employees during the year was.. 2025 Numbor 2024 Numbèr Management and supervisory Operational staff 89 93 96 100 Employment costs 2025 2024 Wages and salaries So¢i¥l security costs Other pension costs 2,600,071 266,801 114,951 2,336,957 194,222 117,229 2.981.823 2,648.408 Tha total remuneration ofthe senior management l•am was £431,00312024- £385,774) The number ol employees whose annu remuneration was £60.000 or more were.. 2026 Numbor 2024 Numb•r 75,001 to 60,000 80,001 to 90,000 10 T•x•tlon The charity is exempt from laxatiw on its acliwties becau all 11$ income is applied for tharitsble purposes. 11 Gains and losses on Investm8nts Unrestrtcted Restricted funds fundB 2025 2025 Total Unrestrtcted Restricted fund5 funds 2024 2024 Total 202S 2024 Gainslllossesl arising on.. Revaluation of investments Sale of investments 34,679 13891 22.250 56,829 13891 13,470 15,416 18,1501 16,1501 34.190 22.250 56,440 14.204) 13.470 9.266 20-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 12 Tanglble fix•d ass•ts Frtthold land and and buildin95 fittings Sensory Garden Capltal Total Cost Al 1 January 2025 Additions 2,730.160 1,797,070 290.290 57,307 4,584,537 290,290 Al 31 December 2025 3.020,450 1,797,070 57,307 4,874,827 D&pr&¢latlon and impalmient At 1 January 2025 Depreciation charged in the y•ar 905,091 111,789 1,728,680 24,317 57,307 2,691,078 136,106 At 31 DoeAryrnber 2025 1,018,880 1,752,997 57,307 2.827,184 Carrylng amount At 31 Oec£mb8r 2025 2.003.570 44,073 2,047,643 Al 31 December 2024 1.825.069 68,390 1.893,459 Freehold land and buildings with a carying amount of £2,003,57012024 - £1,825,069) have been pledged to secure borrowings of the Trust. The Trust is not allowed to pledge these assets as security for other borrowings or to sell them to another entity. 21
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 13 Fixed asset Smiostm•nts Unrostrict•d Rostri¢tod listed listed Invèstments Invèstments Total Cost or valuation At 1 January 2025 Additions Valuation changes Disposals 304.750 32.358 34,579 (32.6981 135,263 440,013 32,358 56,829 132.6981 22,250 At 31 December 2025 338,989 167,513 496,502 Carrylng amount Al 31 Dectrmber 2025 338,989 157,513 496,502 Al 31 December 2024 304.750 135,283 440,013 The investments held are all United Kingdc¥n listed irwestments. The following represent holdings of greater than 5% of the lotsl portfolio value. Fund nam• % Hold M&G Securities Ltd City of London Inv•$lm•nl Trust Temple Bar Investment Trust 13.09 9.58 5.72 Flxed asset Investments revalued The investments are held on the balanc* sheet at market value. The historical cost of the portfolio 1$ £338,94312024.. £338,926). 14 Oebtorn 202S 2024 Amounts falling due wthin one ye4r: Trade debtors Other debtors Prepayments and accrued income 26,922 5.340 34,764 22,890 3,393 31,852 67,026 58,135
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 15 Financlal Instrum•nts 2025 2024 Carrying amount offinancial assets Debt instruments measured at amortised cost Instruments measured atlwr valve through profft or1088 32,262 496.502 26,283 440,013 Carrylng amount of flnanclal Ilablllt Measured at am0Sed cost 794,412 514,185 16 Loans and ov•rdrafts 2025 2024 Bank overdrafts Bank loans 4,611 579,000 2,328 302,531 583,611 304,859 Payable wthin one year Payable aft•r one year 94,019 489,692 2,328 302,531 The bank borrowings are secured as follows:. A fixed tharge over the Book Debts of th* company.. Floating tharge Mortgage on Property at Kings Road. BeW3st 17 Cr•dltor8: amounts falllng du• aft•r morn than one yr 202S 2024 14ot•g 8ank loans 16 489,692 302,531 18 Cradltors: amounts falllng due one year 2025 2024 Note BBnk loans and overdrafts Other taxation and swal secunty Trade creditors Oiher creditors Accruals and deferred income 16 94,019 71,790 79,110 38,15S 93,536 2.328 56,256 96,930 18,830 93.566 376,610 267.910 23-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 19 Rètirèmènt benefit 8ehgm¢¥ 2025 2024 Dèfinèd contrfibution schemes Charge to profit or loss in respect of defined Contribution 114,951 117,229 The Trust operates a defined contrtbution pen$ion scheme fry all qualifying employees. The assets of the scheme are held separately from those ofthe Trust in independenuy administered fund. 20 R•strICt funds The Testricted funds of the tharity ¢omprise the Ltnexpended balanctt of donations #nd grants htrld on trust subject to spetific conditions by donors as to how they may be u8ed. At 1 Janu•ry 2025 In¢omlng Ro$our¢•s resources expended Goln$ and losses At31 Oecember 2025 R•$lricted fund$ 134,473 5,712 {S.712) 22.250 156,723 Prevlou8 yoar: At 1 January 2024 Ineomlng resources R•sourc•8 expended Galn8 and losses At31 December 2024 Reslrictod lynd$ 121.003 5,297 15.2971 13.470 134,473 21 Unr88trlct•d lund8 The unrestricted fvnds ol the charity compnse the unexpended bal8n¢e$ of don8lion$ and grants whi¢h are not subject to speafic conditions by donors and grantors as to how they may be used. These indude designale<l funds which have been set aside OLrt of unresth.cted fvnds by the trustees for speafi¢ purposes. At 1 January 2025 Incoming resources Resources expended Galns and 1055e8 At31 Dècember 2025 General funds 1,827,740 4.162,631 {4.095.9911 34,190 1,928,570 Prèvlou$ y¢ar'. At 1 January 2024 Inc¢Milng ources R•sourc•s expended Galns and losses At31 December 2024 General funds 1.836.238 3.733,262 {3,737,5561 14,2041 1,827.740 24-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 22 Funds The General reserve is an unrestricted fund and incwrates revaluations of invesbments. The restricted fund 15 composed of the McKennan Bequest a5 well a5 the net book value of the Sensory Garden. the con51rudion of which was supported by Belfast City Counal. McKennan Btrquest inrne is to be distributed #nnually between the membor3 of staff of Towell House. 23 Analysis of net assets between fund8 Unmtrlcted funds 2025 Restrlctgd funds 2025 Total 2025 At 31 December 2025: Tangible asset5 Invèstménts Current assetsloiatitlitiesl Long temi liabilities 2,047,643 338,989 31,530 1489,5921 2,047,643 496,S02 30,740 1489,5921 1S7,513 17901 1.928.570 158,723 2,086,293 Unrestrlcted fundy 2024 RtrICt•d funds 2024 Total 2024 At 31 D&¢¢mb•r 2024: Tangible a58els Investments Current assetsllliabilities) Long term liabilities 1,893,459 304.750 167.938) 1302.5311 1,893,459 440,013 168,7281 1302,5311 135.263 17901 1.827.740 134,473 1,962,213 24 Related party transactions There were no disdosable related paty transactions during the year12024- rne). 25-
THE TOWELL BUILDING TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 25 Analysis of changes in net Idebtvlunds Al 1 January 202$ Cash flow& At 31 Dècèmbèr 2025 Cash at bank and in hand Bank overdrafts 141,047 {2.328) 199,277 12,2831 340,324 14.6111 138,719 196.994 335,713 Loans falling due within one year Loans falling due after more than one year 189,4081 1187,0611 189,4081 1489,5921 1302,531) 1163,812) (79,4751 {243,2871 26 AudltorB' EthScal Standard8 In common wth many bu$ine$$es of our size and nalure we u¥e our auditors to assist with the compilats'on of the slalulory financial slatemenls. 27 Cash g•n•rat¥d from op•ratlon• 2026 2024 Surplus for the year 123,080 4,972 Adjuslmenls for.. Investment income recognised in ststemenl of finanoal octiwties Loss on disposal of investments Fair valLJe gains and10sge$ on investments Depreciation and impairment of tangible fixed assets {19.0291 389 {56,8291 136,106 120,3521 6,150 115,4161 85,749 Movements in working capital.. Iln¢reasellde¢rease in debtor8 Iner•as• in ertdrtor$ 18.8911 17.009 17,768 1107,5481 Cash gèngratèd fromllabsortl by) operatlons 191.835 128,6771