ChaTity Rfjgistration No. 1161889 Company Registr¥llon No. 9122440 {England and W•lesl fytCoMMuNfj CALPE HOUSE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CALPE HOUSE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Patron The Hon. Sir Joseph B055ano KCMG MP Trustees Rl Hon Sir ￿n￿saY Hoyle MP MrA5bertA Poggio 08E GMH Mr Jose Jullo Pisharello FCCA GMD Mr Edward L Yome QPM CP Commodore Ian McGhie MA FCMI RN {Rld) Mr James John Neish KC Mi Ggorge R Desoisa Mrs Deborah A J Huyley Mr James Andrew Noguera LLB LLM Ichairrnanl IFin8ncial Director) Chaiman MrAlbertA Poggio OBE GMH Charity number 1161889 Company number 9122440 Regislered office 19- 23 Norfolk Square London W2 1RU Auditor Coop8r Your¢g & Partners Ltd Hunter House 109 Snakes Lane Wesl Woodford G￿en Essex IG8 ODY Bankers Natwesl Bank PIC Gibraltar Savings Bank Gibraltar Intem81ional Bank Ltd CALPE HOUSE LIMITED CONTENTS Page Chairman's statement Twslees, report Independent audrtorfs rèport Stslement of financ￿1 activities 8alance sheet 10 Stslement ofcash flows 11 No18S to the financial statements 12-20 CALPE HOUSE LIMITED CHAIRMAN'S sTATEmE￿r FOR THE YEAR ENDED 31 MARCH 2025 As we bring another year lo a close, l arn once again honoured lo $har8 this Chaimian's Statemént for Calpe House Ltd. Reflecting on the past trrfelve months, it is dear that our mission to provide a 'Home away from Home, for the people of Gibraltar continues to thrive, thanks lo thg remarkable cornmitmenl and genorosty of so many. August 2024 rnark8d six yeafs since we opened the doors to our new buildings in Norfolk Square. As part of our ongoing responsibility to preserve and enhance these f8cililiès, we undertook a signifficant programme of refurbishment works. This induded the full replacemenl of carpets. blind5, and curtains throughout the prop&ty￿n essential investment lo ensu￿ that cal￿ House Temains a ￿Mfortable, welcoming, and dwJnffled environment for all who stay with us. Nolle of this would be possible wilhoul the tireless support of the Calpe House farnily. l extend my deepest thanks to my fellow T¥ustee$ for their ongoing PTO-bono servicg. Their collective wisdom, time, and unwaverin9 commitment continue to guidè the chartty and uphold its values al every slep. To our de(licaled staff team.. thank you for your professionalism, care. and ¢xkmp¥ssion. You bring the Trusteès, vision to life each day, transforming Calpe House into more than just a place lo Stsy it becomes a sanctuary during what arè oftèn some of the most dttticull moments in peoplè's lives. We are also enormously grateful lo our Corporate SponsoT5 and to each individual who has ¢onlnbuted finanually, whether through large donations or small acts of generosity. Calpe House exists because of you. As a Charity that belongs to the People of Gibraltsr, not a Government entity, your ongoing support enables us to maintain the highest standafds of care and hospitality. As we Icx)k lo the year ahead, we refflain focused on mainlaining and Improving the environment and seMcEs we offer to our residents. Futur¢ proje¢ls indude the instsllalion of a staidift to improve 8ccessibility and the redecoration of the children's playrotsm lo crèate a more inviting space for our youngesl visitors. Wè do so with the same steadfast belief that has guided us for over three decades-that those in need of m$dical trealmerrt in London should be mel not jusl with a foof ovgl their hgads, but with kindnèss, dignity. and a true sense of home. Thank you once again lo all our supporters, staff, sponsors, and Trustees. Together, we ensure that Calpe House continue$ to stsnd stron9 as a syrnbol of support, cornpassion. and community for the People of Gibraltar. Mr Albgrt A Pogglo O ChaiTman Date.. 18 Septemtxr 2025 CALPE HOUSE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees. present their report and financial slalements ol Calpe House Limited I'CHL. or "the Charity'l for Ihe year ended 31 March 2025. The financial slalem8nls have been prepared in accordance with the accounting policies Set out in note 1 to the finanry81 stslemenls and comply with t h e C h a r i l y, s goveming do¢ument (Articles of A SSOCAationl, the Companiès Acl 2006 and 'A¢¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable lo chafrties preparing their accounts in ￿cOrdanCe with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" {effe¢live 1 January 20191- Obi8ctiv8s and a¢lfviti•s CHL'S objectives are to offer accommodation lo patients and their escorts who have been refer￿d lor Ireatm8nt to the United ￿'ng(loM under the Gibraytar Health Aulhonty IGHAI sponsored patient schème. The Charty is responsible for the wnlrol and adminislralion of funds which may be available together with the administration and control ofthe freehold property at number 19-23 Norfolk Square, Paddington. W2 1 RU, in the London borough of City of Westminster. CHL is actively advancing ils objectNes for the public bènèfrt. Th8 potential benefictaries of the ¢h8rity includè all thos in Gibraltar affected by medical and health conditions and need to come to the UK for medieAI treatment. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what aclivilies the Charity should undertake. U•• of voluntsor8 The volunteers are involved in general management and core actiwties of the Charity. Tho Trustees would like lo aCknO￿edge the tremendous efft)rts of the volunteers and many supporters ol CHL for their continuous support in helping th8 Charity lo achieve ils objectiV8S. Str4teglc report The desuiplion under thè headings "Achievements and perforfflance" and "Financial revlew" meet the company law requirements for the Tru$tee$' lo prèsent g strategic report. Achiev8meits and performance The Truste68 afe ple8S8¢J lo ￿port that the premlses at 19-23 Norfolk Squgre conlinue lo be opgr*ing gxtrèmaty w811. Every year, the Gibraltar Health Authority refers hund￿d$ of people lo stay at Calpe House, induding people diagnosed with cancer, having cardiac operations and rocovering from kidney tiansplants. Calpe House has playod an important role in the lives of many Gibrakarians. Ifs an in$titubon that helps lo support the communty wh8n they are most vulnèrablo. Thè Board is committed to ènsuring that the premises continue lo be of the highest stsndard. During the year further repairs and maintenance amounting lo £73k12024.. £203kl were carried out lo ensure that Norfolk Square refflains in optimum condilicsn. As in 2024, the program was funded from fur￿$ that had been donated by the Friends ol Calpe House for such purposes. Calpe House will continue to WOTk closely with the GHA lo ensure the building's occupancy is managed effJcAently and effectively, and as many pab'enls and carers are able lo stay there as possible. CALPE HOUSE LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Flnancl•l rnvl8w During the year ended 31 March 2025, GHL generated incoming resources of £926.831 12024.. £740,528) and incuThed expenditure of £687,91412024.. £781.2811, r8sults.ng in a SLtrplus of £238,91712024". £40.753 defiall. The surplus was prirnarily driven by a significant increase in donations from the Friends of Calpe House f'The Friendsl, which lotalled £200,836 during the y8ar12024'. £13,281). Ex¢luding this contribution, the underfying surplus would have been £38.081 12024.. £54,034 deficit). The modest undertying surplus iefie¢ts a marked decline in sponso￿d patient rèfèrrals from approximately December 2024 onward, which negatively impact8d income during the fin81 four months of the financial year. Thi5 Ifend of lower occupancy has perslsled into the first quarter of the current financial year. The Charity will be engaging with the relevant authorrties to darify whether this reduction refle¢ts a tomporary fluctuation or a ch8n9e in GHA'S policy regarding the referral of sponsored patients lo London fr)r mèdical tr&atment. Mf(igats'on plans to address the financial and operattonal impact of this trend are Currently being considered by the Trustees and will be finalised once greater clartty 1$ obtained regarding the GHA'S ptslicy on the referral of sponsored patients. Net asset osibon Al the end of the reporting period the Charity reflects 8 nel asset position of £7.928,75812024- £7,189,841). The fair value of 19-23 Norfolk Square stands at £18m, changed from the prior year after revaluation of £5(￿k during the financial year. The direcAors consider that thi5 walue is appropriate as at 31 March 2025. Cash rèsources are managed prudentty lo ensur8 sufficienl liquidity and provide the ability, together with the supwrt of The Friends of Calpe House. lo maintain the prernises at Norfolk Square in an excellent condition. The long-temi, interestfree, loan fom HM Government ofGibraAar {HfvIGOGI stsnds al £11,519,26412024.. £11,519.264}. There was ￿ change during the year. Tho financial controls ofthe Charty are managed and c£Jntrolled by thè trust8es without any remuneration. Reserve pollcy 11 is the policy of CHL that unrestricted funds which have not been designated for a specAffic use should be maintained. as a minimum, at a level equivalent to be￿eefi thrée and six month's expenditure. The Tiuslees, consider that reserves al this level will ensure that, in the event of a signifficanl drop in funding, the Charity will be able to ¢ontinug Its charitable objoctives and activities whil¢ considerali¢)n is given lo ways in whith additional funds may be raised. The trustees are grateful to the Friends of Calpe House for thebr continued support. Risk management The Trustees, hav8 assessed the major dsks lo which CHL is exposed and are satisfied that appropriate syst8ms and controls are in place to rniligate against these risks. Plans for future periods The Trustees will assess whether the loweT occupancy noted above con$tilules a temporary anomaly or indicates a broader change in GHA policy regarding the relerral of sponsofed patients to London. This evaluation will form the basis of any necessary changes lo rts operational plans in the short to medium lemi. CALPE HOUSE LIMITED TRUSTEES, REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 stmcture. goveman¢e and m?nJgemgnt CHL is a company limited by guarante8 without share caixlal conslilutod under it5 Arbcles of Assoriation. The company was $91 up on 09 July 2014 and registered as a ¢harily on 28 May 2015 with re9istration number 1161889. The Charity consists of nine Trustees who manage the activities of CHL. The Trustees form the Board of Management IBOM). The Tru$18es meel togetheT a5 a Mdy regularty and ar8 responsible foi all decK%igns taken in rèlation to Djnning CHL. The number of members of the Bom shall never be less than Ihreo. The Tru8tees', who are also the dlrectors for the purpose of company law, 8nd who so￿d during the yearwere.. Rt HDn Sir Lindsay Hoylè MP MrAlbertA Poggio OBE Mr Jose Julio Pisharello FCCA GMD - Mr Edward L Yome QPM CPM - Commodore lan McGhie MA FCMI RN (Rldl - Mr James Neish KC - Mr Georgts R Desoisa Mrs Deborah A J Huxley - Mr James And￿W Noguera LL8 LLM Ichainnanl (Flnancial Director) When appointing new trustees to CHL, the board of Truste85 consider tho skills, knt)wledge and experienc* of Ihe indiwdual in making the appointment. Notsvrthslanding this, th• trust88s acknowledge their collective responsibility over the strategic direction, governance and operations of the Ch8rity. None of the Trustees, has any benef4¢ial interest in the company. All of the Trustees are membeTS of the company and guarantee to contribute £1 in the event ol a winding up. The namgs of the current Diwlors and those who held office during the financial yea¥ are set oth above. The Di￿¢1015 who arè Charity Trustees for the purpose of the Charities Act 2011, conduct the operation of the CHL. The board of Directors meets regularly to discuss the affaiis of the Charrty as a whol8. None of the Trustees receive ￿MUneration or other bgnefit from th8ir work wilh CHL. Tha Friends of Calp• Hou$• All donations are held by ihe Frlends of Calpe House al the disposal of CHL. The Friends ol Calpe House is a Gibraltar registered charity, whith 18 subjÈd to indèpèndent èxamination, with the annual accounts ffiled wfth the Gibraltar Ch4rity Commission. Disclosure of Information to audltor Each of Ihe directors has confimied that there no infomiation of whiGh they are aware whiGh is relevant to the audit, but of which the charitable Qompany's auditor is unaware. Thèy have further confirmed that they have taken all appropriate steps to identify Such relevant information and lo estsblish that the audrtor is aware of suckn infomiation. CALPE HOUSE LIMITED TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 ststement of Trustees, responsibilities Thé Trust8es', who arè also the directors of CHL for Ihe purposè of eompany law, are responsible for preparfng th8 Trustees, Report and the financial statements In accordance with applicable law and United Kingdom A￿oUntIng Standards (United Kingdom Generally Accepted Accounting Praclic¢l. Company Law requi￿$ the Trustees, to prepare financAal statèments for each financial year which give a tfue and fair view ol the state of affairs of CHL and of the incorning resources and application of resources. induding the income and expendilufe, of the tharitable company for Ihal year. In preparing these financial st*8ments, Ihe Truslee5' are required to". selgct suitable accounting policies and then apply them con*stently-, . observe the methods and prin(iples in the Charitl8s SORP., make judgements and estsmates Ihat are reasonable 8nd prudent. aThJ preparelhefinancial statements on the going concem basis unless it is inappiopriate lo presijme that CHL will continue in operation. The Trustees, 8￿ responsible for k$8￿.ng adequate atxounting records tho1 disclose with reasonable accuracy al any timg the finanual position of CHL and enable them lo ensure that the financial stslemÈnts comply with the Companies Act 2￿8. They are also responsible for safèguarding the assets of GHL and hence for taking asonable steps for the prevention and detection of fraud and other irregulaiTtles. Auditor In accordan￿ with the company's articles. a resoluiion proposing that Cooper Young & Partners Ltd be reappointed as auditor of ihe company will be pul al a Gèneral Mèeting. The Trustees, report. in¢luding th8 strategic report, Was 8pprov8d by the Board of Trustees.. Mr Alb•rt A Pogglo Chairman EGMH Mr Jose Julio Pi#harello FCCA GMD Financial Director Date.. 18 September 2025 CALPE HOUSE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES. OF CALPE HOUSE LIMITED Oplnlon We have 8udlled the financial Statements of Calpe House LimSleiJ Ithe'calpe House LimrteL1'1 for the year ended 31 March 2025 which comprise the statement of finanoal actiw"lies, the tsalan￿ sheet and the notès to the financial statements, induding a summary of signfficanl accounting policies. The financial reporting framework that has been appliad in their preparation 18 applicable law and United Kingdom Accounting Standards, including Finanual Reporting Standard 102 T17e Finanual Rewrting Sts1￿artI applicable in the UK and Republic of lTrland (Unsted Kingdom G8n8rally A￿pted Accounting Pradic81. In our opini¢)n. the financAal ststemenls". glve a Inj8 and fair vièw of tha slate of the charitable company's affairs as at 31 March 202S and of its incoming resources and appli¢atson of r8sources, for the yoar then ended., have been property PTepared in accordance with United Kingdom Gen8rally Accepted Accountirtg Practice". and hav8 been p￿pared in accwdance with the requirements of tha Companies Ad 2CN)6. Basis for ¢)pinion Wg conducted our audit in aC￿rdance with Intemational Standards on Audiling (UK) IISAS IUKII and applicable law. Our responsibilities undef those standards are further described in the Auditorfs r8sponsibilities for the audit of the 8¢¢ounls section of our report. We are independent of the Calpe House Limited In accordance wtth the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Stsndard, and wè have fulfilled our other ethical respon$ibilitie5 in accordance with these requirements. We believe th81 the audit evidence we have obtsined is suffiuent and appropriate lo prowde a basis for our opinitin. Conclusion$ relatlng to golng conc•m In auditing the financial stslemonts. wa havè concluded that the dlrectors. use of the going concem basis of èccounling in the preparation of the financial stalemenls is appropfiale. Based on the worf( we have perfomied, we have not identified any material uncertainties relating to events or conditions that. individualty ￿ collectwely, may cast significant doubt on tha éntity's abilty to continue as a going coneem for ¥ peri￿ of at leasl Iwelvè months from when the financial statements are aulhorised for issue. Our re8ponsibililies and tho responsiblllles ofthe direcl¢ys with re3pect lo going concem are des￿Ibed in the r818vanl sections ofthis re￿rt. Other infonttation The other information comprises the infomation Included in thg annual report, other th8n the financt81 statements and OUT audilorf$ roport thèreon. The dire¢tors ara rasponsible for the other inform8tTron eontain8d within the ann￿81 report. Our opinion on the financAal statements does not coverthe other intomiation and we do not express any form of assurance condusion Ihereon. In conneclion with ouraudil of the financial stslements, our Tesponsibility is lo read the olhor inft)rmation and, in doing so, consider whether the other infom)alion is materially inconsistent with the financial slatgmenls or our knOW￿dg oblaineil in the audit or otherwise appears to be materially misstated. If we idenlfy such materlal in¢onsislenue$ or apparent material mlsstalements. we are required to delemiine whether there is a material misststemenl in the financial statam8nts or a material misstatement of the olher information. 11, based on the work wg have perfom19d, we condude that there is a material misstatement of this other infomalion, we arè rèquired to report that fact. We have nothing to report in this regard. Opinion$ on Othor matters pro$¢rib￿ by th• Companlg5 Act 2008 In our opinion. based on the work undertaken in the course of our audit.. the information given in the Trustees. Report. which indL*des the directors, report and the strategic roport prepared forthe purposes of company law, for the finanaal yearfor which the financial slatements are prepared is consistent with the finan¢ial $ts1gments', ond the strategic report and the directors, ￿pOrt induded within the Trustees. report have been prepared in accordanc8 with applicable leg81 requiiements. CALPE HOUSE LIMITED INDEPENDEKf AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES. OF CALPE HOUSE LIMITED Mattors on which wo aro required to ieport by exception In the light of the knowledge and understanding of the company and its envimnmenl ct*lained in the course of the audit, we havg not idonlified material mlsslatemenls In strat¢9i¢ report and the diredors, Teport. We have nothing to report in respect of the followirwJ matters in ￿latiOn lo which the Companies Act 20(hS requires us to report lo you if. in our opinion: adequate accounting roo)rds have not been kepl. or relums adequate for our audit have nol been received from brdnches not visited by us., or the financial statements are not in agreemant with thè accounting records and relu¥ns,' or Cortain disdosures of directors. remuneration sperAfied by law are nol madè.. or we have not iecewed all the infomalion and frxplanations we require for oui aud¢t. R•spon8lbllltl•8 ¢t Tru$ts¢s' As explained morè fvlty in the $latement of Trusteè8' responsibilit￿s. the Trustees., who are also the diieclors of the Calpe House Limlted for the purpose ol company law, are responsible for the preparation of Ihe finarKial statements and for being saknsfied that they give a true and fair view, and for such intemal conlrol as the TFuslees' de18miine is necessary lo enable the prepar8tion of fin8n¢ial stalemonts that are free from material misstatement. whether dLte to fraud or error. In preparing the financial stalemenls, the Trustees, are responsib5e for assessing Calpe House Limited's abilty to ¢onliTrue as a going con￿M. disdosing, a5 appI￿able, matters related 10 90ing concem and using the going concern basis of accounting unless the Trustees. either intend lo liquidate the Charitable company or to cease operations, or havo no realistic altemative bul to do $0. AudltoV• r•8ponslbllltles for the audlt of tho flnanclal ¥l#tsm•nts We have been appointed as auditor under section 144 of the Charttie8 Act 2011 and r9POrt in accordance with the Acl and relevant wulalions made or having effect thereunder. Our obiectives are lo obtain reasonable assuianee about whethe¥ the financial slalements 88 a whole are f from material misslatemenl, whethef due lo fraud or error. and to issue an audilorfs report that indudes our opinion. Reasonable assuranix is a high level of assurance but is not a guarantee that an audll ￿ndUcted in a￿rdance th ISAS (UK) wlll always detect a m*erial misstatement when it exists. Mtsststements can arise from fraud or error and are Considered material if, individualty or in the aggregate, they could reasonably be expected lo infiuence the economic decisions of useis 18ken on the basss of these financial slalemenls. A further description of our re8ponsibilrties for the audit of the finanual stslements is located on the Financial Reporting Council's webs¢te at.. ht1p'.1h￿I.frc.Org.￿klOUd1tQr5fesp)n8lbllllleS. This ￿e$￿iPl10n fomis part of our audilotrs report. Extent to which tho audit was cOn¥1d•r￿ capabl8 of detecting irregularities. in¢ludlng fraud Irrggularities. including fraud. are in81an¢es of non-¢omplian¢e with laws and regulations. We design procedures in line with our responsibilities, outlined abovtr, to delecl mat8rial misstatements in ￿Sp￿¢t of irrègularities, induding fraud. The extent to which our pro¢edU￿S arè capable of delect¢ng irregularilles, induding fraud, is detailed below. We planned our audit so that we have a reasonable expecL2tion of detecting material mis$tat¢m8nt3 in the financial statements resuhing from irregularittes, fra(td OT non-compliance with law or regulations. In idenlifyirwJ and a8sessing fisks of material misslalement in respecl of irregularities, including fraud and non- compliance wrth laws and regulations, our procedures induded the following". The engagement partnei en¥ureiJ that the engagement leaffl collectively had the appropriate competence, Capabilities and skills lo identfy or recognise non-compliance with applicable laws and regulations. Enquiring of management of whether they ale aware of any non-compliance vrith laws and r8gul*ions. Enquiring of management whether they have knowlèdge of any actual. suspected or alleged f¥aud. Enquiring of management Ihoir inlemal controls estsbli5hed to mibgate risk related lo fraud OT non- Compliance with laws and regulatsons. Dtscussions amongst the engagement team on how and wherts fraud might otsojr in the financial statements and any potential indicators of fraud. AS part of this discussion, we identified thè potential for fraud in posllng f the unusual ioumals. CALPE HOUSE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TOTHE TRUSTEES. OF CALPE HOUSE LIMITED Obtaining understanding of the legal regulatory framework the group 0￿rateS in focusing on those laws and regulations that had a direct effect on the financi81 $18t8ments or that had a lundamental effect on the opèrations. The key laws and regulat￿nS we con*dered in this (x)nlext included UK Companios Act, tax legislation. employment18W and health and safety law. To add￿sS the risk of fraud through management bias arvj oveThide of Controls, we." Performed analytical procedures lo identfy any unusual or unexpected rolalionships or transactions. Discussion with trusleas and management as to where they considered ther8 was susceptibilty to fraud, Iheii knowledge of acttjal. suspected and alleged frayd. Confimiing our understanding of controls by perfotrning a walk-through test or observation 8nd enquiry. Audi18d the risk of management override of ￿nI￿oIS, induding through testing journal entries for appropriateness and reviewing large and unusual bank transactions. In response io the risk of Irregularities and non-compllanGe with laws and regulations fequiremenls, we designed procedures whi¢h induded, but a￿ not limited lo.. Agre8ing fin8nu81 stslement disclosures to underlying supporttng dOcuMet￿all0n. Enouiring of management as to adual and potential liligaty'on daim8. Reviewing latest profft and loss at￿Unt fiems for ev7dence of liligation. The lest nature an(J other Inherent limitations of an audit, together with the Inherent limitations of any accounting arKI internal control system, moan that there 15 Sn unavoidable risk that som8 material misslatemenls in respect of irT8gularities may remain undiscovered even though th8 audit is properfy planned and perforrned in accordanc8 wrth ISAS IUKI. Furthernore, the further ￿MOVed those laws and regulations are from fin8n¢ial Iransaclions, the less likely 11 is Ihal we would become aware of non-compliance. Our examination should therefore not be relied upon to disclose all such material mlsstatemenls or frauds, errors or in8tsnces of non- c¢Jmpliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and deleclion of fraud, error and non-complian¢e wrth law or r•gulations rests with the direct¢ys. Use of our report This rewrt is made solely to the charrty'8 trustses, as a boty. In acgordance with part 4 of the Charities IA¢¢ounts and Reports} Regulations 2008. Our audit work has been undert8k8n sc* that we might 5ts1e lothe charity'$ trustees those matters wè are required to slalg lo them in an auditors. report and for no other purpose. To the full9$1 extent permttted by law. we do not accept or assume responsibility to anyone other than the chaTity and the charty's trustees as a body. for our audbt work, ftsr this report, OT for the opinions wa have forrned. Cooper Young & Partners Ltd is eligibl& lo act as an auditor in teTmS of s8ction 1212 of the Companies Acl 2(¥J6. Manl$h Sangani (Senlor Ststutory Audltor) for and on behalf of Cooper Young & Path•r¥ Ltd 18 September 2025 Ch•rt•r¢d A¢¢ounlants statutory Auditor Hunter Hotjse 109 Snakes Lane West Woodford G￿en Essex IG8 ODY CALPE HOUSE LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unmtricttrd Restrict funds nd8 2025 2025 Total funds 2025 Total R8strict8d fvnds fiJnd$ 2Q4 2024 Total fijnds 2024 Donations and grants Charitsblg ac*vitigs Investments 2O),836 678,480 47,515 2(X),836 678.480 47,515 13,281 692.345 34.902 13,281 692.345 34,902 Total Incomg 926.831 926,831 740,528 740,528 Charitable actwrties 687,914 687,914 639,507 141,774 781,281 Ngt Income for the yoarl N•t moY•m•nt In fund# 238,917 238,917 101.021 1141,7741 140.7531 Fund balances at 1 April 2024 Transfer of Funds Revaluation Reserve 7,189,841 7.189.841 7.030.594 58,226 200,000 (58,2281 7,230,594 15 18 S00,OC 51JO,000 Fund balanc•¥ at 31 Mar¢h 2026 7,928.758 7,928,758 7,189,841 7,189,841 The Statement of financial acaivities indudes all gwns and105ses recognised in the year. All irwme an(J expenditure derive ftom continuing activitle6. The statement of financial aclivities also complies with the requirements for an income and expenditure account under the Companles Act 20Q6. CALPE HOUSE LIMITED BALANCE SHEET ASAT31 MARCH2025 2025 2024 Noto1 Flxèd ass•ts Tangible assets 10 18,042.626 17,584.939 Currgnt assots Debtors Current asset investments Cash al bank 8nd in h￿d 11 12 57,199 1,262.406 132.667 80,300 810,113 272,226 1,452.272 1.162,639 Cr•dlt¢rs: amounts fallin9 due wlthln one year 13 146,8761 138,4731 Not current ass•ts 1.405,3 1.124,166 Total assets le*J Current li•bHltle¥ 19,448,022 18,709,105 Credltors: amounts falllng due aft•r morè than ¢nè y•ar 14 {11.519.264) 111.519.2641 7,928,758 7.189.841 In¢om• funds R¢slricled funds General unrestricted funds Revaluation ieseNe 15 1S 7.196.129 732,629 6.957,212 232,629 7,928.758 7,189,841 the notes on page 12 10 20 form part of these finanaal statements. These financial statements have been prepared in accordance with the provisions applicable lo companies subject to the small companies regime. Tho financial statements were approved by the Directors on 18 September 2025. Mr Al￿rt A Pogyio O Chairman EGMH r Jose Julio Pisharello FCCA GMD Financial Director Company Roglstration No. 9122440 io- CALPE HOUSE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notss C¥sh flow$ from operating actlvltlo5 Net cash generated from operations Net Cash gènerated from operating actsw.lies 334,747 334.747 46,802 46,802 Cash flows from Invgsllng adivitlo$ Purchase of tangible assets 122,0131 19491 Increase in cash and Ga$h equivalent$ 312,734 45,853 Cash and cash equlv81ents at beginnirbg of year 1.082,339 1,036,488 Cash and cash equivalents al and of y8ar 1,395,073 1.082.339 1 . R•con¢lllatlon of profiV(lo$sl for th¢ flnan¢lal year to ¢a$h gen8ratsd from operation• 2025 2024 Nel movement in funds Adjustments lor.. Depreciation of tangible 8ssets Movements in working capital.. Decrease in trade and other debtors Ine￿ase in trade and other creditors 238,917 (40,7531 64,326 61.025 23,100 14,594 11.936 Net cash generated from op8rations 334,747 46,802 2. Cash and caBh equlvalents Cash and cash equivalents, as slated in the Stslement of Cash Flows, relates to the following items in the Balan¢8 Sheet". 2025 2024 Cash al bank and in hand Current assets investments.. cash deposits Total cash and cash equivalents 132,667 1,262.406 1,395,073 272,226 810,113 1,082,339 3. Analysis of changes in net debt Asat1 April 2024 Cash flows A$at31 March 202S Cash at bank and in hand Dtrbts fallsng du8 after more than one year 1,082,339 111,519,264) 312.734 1,395,073 111.519.2641 110,436,925) 312,734 {10,124.191} 11 CALPE HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng polici•9 Charlty infornmlion Calpe House Limfted {'CHL" orthe Charity") is a private company limited by guarantee incorporaled in England and Wales. The registered office is 19- 23 Norfolk Square, London, W2 1RU_ 1.1 Basis ol preparatlon and accounting conv•ntlon The financial statements have been prepared in accoTdan¢e wllh the Charty's articles of association, the Companie5 Act 2006 and "Accounting and Reporting by Challlies.. Ststem8nt of Recommended Practice applicable lo d)ar¢bes preparing their accounts in accordance with the Financial Reporting SlarKlard applicable in the UK and Republi¢ of Ireland IFRS 102)° (effective l January 2019). CHL is 8 Public Bènefit Entity as dèfined by FRS 102. The financial ststsmenls are prepared in slerfing, whtch is the ￿nctIonal Currency of CHL. Monetary amounts in these finandal slalements are rounded lo the neargst £. The finanryal statements have been prepared under the historical cosl L¥Jnvention, modrfied to indude the revaluallon of the Charity's freehold property in Norfolk Square (see note 1.8 below) and cèrtain linarrial instruments at fair valLte. The principal a¢¢ounting policies adopted are set out below. CHL meets the definition of a publ1¢ benefft entity under FRS102. Assets and liabilities are Inillally recognised as historical cost or transactions value unless otherwise stated in the relevant accounting policy nolelsl. 1.2 Going concem At the tim8 of approving the financi81 statements. the Tnjslees, have a reasollable expectation that the Charity has 8dequate resources to continue In operational existence for the foreseeable future. Theiefore, the Trustees continue lo adopt the going con￿rn basis of acLounling in preparing the financk21 statements. 1.3 Incoming rnsources Income is iecognised when CHL is legally entitled to it after any performanee conditi'ons have been met, If¢e amounts can b8 m8asured reliably, and it is probable that In￿Me w511 be re￿ived. Incorne from room charges is accounted for on an accrual's basis. Contributions and grants are recognised oncè the ChaTrty has bean nofjfied of the grant and receipt is expèdèd. unless performance or designation conditions require delerr81 of the arnount. 1.4 Rg$ourcgs expended ExpendTture is reLxtrgnised when it is incurrgd.11 is r8tr)gnlsed once there is a legal or ¢onslructive obligation lo make a payment to 8 third party,11 is probable that settlement will be r8quired, and the arnount of the obligation can be measured reliably. Expenditure is reported gross of related in￿me. 12- CALPE HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ounllng poll¢les (Continued) 1.5 Fynd atcounling Unrestr1d￿ funds are avaSlable to spend on activities that fijrther any of the purposes of CHL_ Designated lunds are unrestricted funds of the Charily which the Iruslees have decided at their di$¢￿tIOn to set aside to use for a speofic purpose. ReslriGled fvnds relate soldy lo grants received from the Friends of Calpe House which have been spectffed to be solely used for a particLtlar purpose. Unrestrict8d fvnds include a revaluation reserve representing the restatement of freehold propèty at marf(el value. 1.8 Tangible fixed a$￿ts Tangible fixed assets are initially measuied al ￿5t and then subsequendy mea$ured at cost or valuation, nel of deprecration and any impairrnenl losses. Depieciation is recognised so 8$ lo write off Ihe cost or valuation of assets less their residual values over Ihelr useful lives on the following bases". Fumiture. fixtur8s, filtings & equipment IT and other aquipment 15% straigm line basis 15% 5traighl line basis The gain or loss arising on the dispts881 of an asset is (fetemiined as difference be￿een the sale Proceeds ond the carrying value of the asset and is re¢x)gnised in nel incomellexpenditLtrel for the year. Fixed assets ar8 held at historic cosl18ss a￿Mulated deprecation and impaimienl ¢harg8s. 1.7 Frnehold propety F￿ehOld propety solèly Consists of the propety at Norfolk Square. The property W8s initially recognised at cost. which indudes the purchase cost and any directly attributable expenditure. Freehold property is held under th8 rèvaluation model and is carried at a rev81ued amount, plus any additions after the last obtained professional valuation. The fair value is reviewed on an annual basis by the directors. The surplus or defficit on revaluation is recognised in Statement of Financial AeAivrties. Depreciation is not piowded on the propèrty as the residual value is not expected lo be signfficarbtsy different to Ihe Carrying value. 1.8 Impairnient of fixed assets At each rèporting er￿ datè, CHL reviews the carrying amounts of ils tsngible assets to determine whetherlhere Is any indication that those assets have suffereij at) impaimenl loss. If any such indication exists, the rernverable amount of the asset is 8slimaled in order lo determine Ihe extent of the irnpairrnenl loss lif any). 1.9 Cash and ca$h equNalents Cash and cash equivalents indude cash Tn hand, d&posils held at call with banks, othèr short-term liquid investments with origi￿1 malunties not more than ￿e1ve months. less any bank overdrafts. Bank overdrafts would be shown within borrowings in curTent liabilrties. 1.10 Inv•stsMnts Fixed assat investments are investments with a maturity of more than one year. Current asset investments ate investments with a maluiity of le58 than one year held lor investment purposes rather than to meet short term cash commilmetits as they fall due. 13- CALPE HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies IContlnued} 1.11 Fln4n¢l•l Instruments CHL only has financjal assets and financial Ilabililies of a kind that qualify as basic financial instruments. The Charity has elected to apply the provisions of Section 11 '8asic Fin8ncial Instruments, and Seclion 12 'Other Financlal Inslruments Issues, of FRS 102 lo all of its financial instnJmenl8. Financi81 instruments aTe recognlsed in the Charty's balance sheet when CHL bgcomes party lo thg contractual proMsion8 of the inslrumenl. Financial ass8ts and liabilities are offset, with the net amounts presented in the fin8nci81 slatemenls. when the IS 8 legally enforceable right to sel off the ￿cognISeunts falling due within one ye•r 2025 2024 oth￿ taxation and social security Oue to Friends of Calpe House Accruals and deferred income 8,128 115 7,574 436 30,463 27,535 11.098 Other Creditors 38,473 18- CALPE HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Creditorn: amounts falling du• aftor moro than one year 2025 2024 Long term loans - HM Govemmgnl of Gibraltar fHMGoG') 11,519,264 11,519,264 The long-tèrm loan repras8nts inlerestfree advance8 from 8 HMGOG controlled company forlhe purchase and relurbishments costs of 19-23 Norfolk Square. These advances arg repayable, although HMGOG have indicated their support for thg Charity and that they wlll not seek repaymgnl of the advances for the foresaeable lulurg. 15 Unre•tri¢t•d funds The unrestricled funds of the d)arty comprise the unexpended bal8n¢e of donations and grants which a￿ not sufjjeot lo specific conditions by donors and grantors as lo how they may be used. These include deswnated funds which have been set aside oui of unrestricted funds by the Iru$tees for any sperAfic purpose. Charity Funds At 1 April 2024 Incomlng resources R8sourc•s expended At31 March 2025 Tran￿er9 General funds 6,957.212 926.831 {887,914} 7,1￿.129 Revaluation reserve$ 232.629 500,fYJO 732,629 7.189,847 1.426,831 1687,9141 7,928,758 Prevlous year. Resources expgndod At31 March 2024 CharltyFunds At 1 Aprll 2023 Incomlng re8ources Transfers General fijnds 6.797,965 200,O¢J) 740,528 {639,5071 {141,774) 58,220 (58,226) 6,957,212 Restricted funds Revaluation reserves 232.629 232,629 7.230,594 740,528 1781,2811 7,189,841 19- CALPE HOUSE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 18 Analys1¥ of not ••i•ts b•t¥Yeen fund• Unrn8trict•d Rostrictsd Total funds fundi fund8 202S 2025 Unrestricted Rèstricled fur￿8 ftjnds 2024 2024 Total funds 2025 2024 Fund balaft¢es al 31 March 2025 are represented by: Tangible as8815 Net Cur￿nt assetsl Oiabilitles} Transfer of funds 18,042.626 18,042,826 17.584.939 17,584,939 1.405,396 1,405.396 1.124,1e8 58,226 {58.226) 1,182,392 158.2261 Long temi liabilitES 111.519,2e41 (I t.519,2841 (11.519.284) (11,519,284) 7,928,758 7,928,758 7,189,841 7,189,841 During the year extensive repairs and maintenance amounting to £73k wèrè earrK8d OLrt to ensure that Norfolk Square remains in optimum condition. The program was funded from the £73k unrestrlcte(I funds Ihat had been donated by the Friends of Calp8 House lor such purposes. 17 Rolated party tran￿¢tiOn8 There were no disdosable related paty transactions during the year(2￿24- none). 18 Pen¥ion commltsnents Thg company opgrales a defingd contribution pension $¢hgme. The assets of the scheme are held sgparatety from those of the company in an independent(y administered fvnd. During the year the charge to the income and expenditure account in respect of pension contribuiion was £4,77212024-. £4,729). At kh8 balarKe sheet date contributions of £1.03712024.. £1,040). relatsn9 to March 2025 d8ductlons, Wefg due to tho fund and are included in creditors. 19 Company limltod by guarant The company is limTted by guar#Atee antl h81 no share caprtal. Every member olthfj wmpany undertak¢s to ¢ontribute lo the assets of the company. in th8 event of a windin9 up, such an amount a5 may be required not exceeding £1.