Docusbjn Enpe ID.. 9B693D8Q-104C4CC2-B85D488B80C02D88 Crthpary registered numbor.. 10776281 Charity number: 118405 CALVARIO LIMITED IA company limStsd by guarantee) DIRECTORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
rA)r4Jslan ID.. SB693D8r10Ic4CC2.B85[B8BBeocO2DB8 CALVARIO UMITED {A ¢ompany Ilmlt•d by guarants•l CONTENTS Page Reférènce and Admlnlstrnllve Inlomiatlon Dlrectors. Report Dlr•ctorn' Rèipon6lblllti•s Ststsmont dOndOnt audltof$ Mport on th• flnanclal $tstsm•nts 9-12 Statem•nt of Fin4n¢i•l A¢tivtlio$ Stat•m•nt of Flnanclal Posltlon 14 Cashfiow Stst•mgnt 15 Notgs to thg Flnanclal Statgmgnts 16-25
DU5vJn Envek>pe ID.. 9B693D80-104C4CC2-B85LiB88B8OG02DB6 CALVARIO LIMITED {A ¢ompany Ilmltsd by guarants•l REFERENCE AND ADMINI8T14ATIVE INFORMATION Dlrectors Joseph O'Reilly. Chairperson Antonio Belwfo Peter Mullen Phillp Salnter Tom Thomas lappointed 6 January 20251 Christrtpher Fuse ITesigned 6 January 20251 Company regl$tered numb¢f 10776281 charlty regl$tered number 118405 Regi¥t•rnd offie• Si, Marie's Oak Street Rugby CV22 SEL Company $8crotary L&P Trustee Sery1$ Limited 23 St Stephen'8 Green Dublin 2 Ireland D02 PRSO Ind•p8nd•nt auditor RBK Audil UK Limited Chartered Ac¢ountsnt$ Slatulory Audit Firm Termini 3 Are Road Sandyfoid Dublin 18 Iielan 018 CSC5 Prlnclpal bank•rs Royal Bank of Scodand Stephenson Way Wavertree Liverpool L13 1HE Invè•tm•nt advl*•rn Barelays 6th Floor 5 Callaghan Squarè Cardrff CF10 5BT Page 1
Do¢w$ign ID.. 9&693D8lo4C4CC2-B85$BB8oCO28 CALVARIO LIMITED IA company limit•d by ouarant••l DIRECTORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Directors present their report and the audited financial ¥tatements for the year ended 31 December 2024 and confimi that il ¢omplies wth current statutory requirements, and with the requiiements ol the Charrty'$ goveming instrument INTRODUCTION CalvarKJ Limited fTht CharfWI was Incorporated on 17 May 2017 and registered 08 a Chanty on 24 June 2019. Its purpose is to advance the Roman Catholic religion lor the public benefit Ihrough the Soci and Charttable work cawried on by Ihe Institute ¢1 Charity (Rosminiansl in England and throughout the wotld in accordance with Ihe mission and charism of Anton Rosmini. OBJECThIES. AIMS AND ACTIVITIES Obbgctive$ and Aetiviti•$ The Charty's main objective is 8pecifie8lly unrestricted, so lar 35 the same is legally Charilabl•, to advance the Chrisian Religion through the support ol the soci31 and Charitable misshJnwy works tarried out by the Institute of Charlty (Rosminiansl throughout the Vrtd, in accordance wth Ihe mission and ¢harl$m of the Iwnder Antonlo Rosmini. The Charrty ¢arrie$ Out its Charftablé a¢tlvlties through •ducation and training of fvture catholic leaders from Tanzania. Kenya, Uganda. India. Venezuela, Colombia. Vietnam Iwherever the Insbtute of Charity is a¢tive>, Ihrough Ihe rdief ol poverty, through various pastoral and social ministries and IhroLtgh assistsnce in those countries in hme of natural disasters and soaal drfficulties. Durlng the year the Company made the following donation¥." EducatOonlFormation- The Charlty dgnated £5,19412023.' £39.7791 to the Institute of Charity lor the educaty'on and training of fvture leaders. Durlng the year 2024 th* Charfty transferred £534,362 12023.. £504.7551 to various developing areas of the Worfthide Congregation Of the Institute of Chartty primarily to provide for the education and training of those vtho are seeking lo join Ihè Institute ol Charity or arè in the earfy stsges of living theSr religious life in the In8titLrte of Charity- These students are typicalty from East Africa (Tanzania, Kenya and Ugandal In¢Jia, venezue I Colombia and Vtnam. In India and East Africa in particular the Rosminlans are engaged in pastoral artd developmènt work that is making a po$ilive contribution to the local Communit9. EduCa.0n is bèing provided I both prlmary and secgndary level to boys and girls. tty Christians and Muslim5'. mèdical seN¢ces are provided to men. womèn and children often In dirè need, and the leaders ol th•se pastoral and developrnant wo projeds are Rosminians who havè avalled of the education and tralning provided for by Calvario Ltd, Pa9e 2
Oor¥JshJt) En¥ebp8 ID.. 9B893D8lo4C4CC2.B8B8BB8oCO2DB8 CALVARIO LIMITED IA cornpany Ilrnlt•d by guaranl••l DIRECTORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTIVES. AIMS AND ACTMnES l¢ontinutd) 4 new Piiests in E8St AfiK8 FrJo8 ORelty IChaKpetson) wkh new Viftln8mgs9 IOG studgnts Page 3
Docusion Env¢l)pe ID.. gB693D80-104C4CC2.B85LiB8BB80C02DB8 CALVARIO LIMITED IA ¢ompany Ilmlt•d by guarants•l DIRECTORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 OBJE¢TIrfES. AIMS AND A¢ThiillES IMnWnu•dl Publ1¢ B¢nefft The Dire¢tors consider that Ihe aclivilies and 8chlevements ¢f the Charfty illustrate that the 8lm8 of the Charity ar• tarried out for the Pul1¢ benefit. The Directors confimi that they have iaken into account the best practice guidance on public benefit when dedding tht aCtIve8. the Charity vndertake8. The benefits of the advancement of the Roman Catholic faith and the womotion of tts Chrisban values. through various Charitable works of thè organi$8bon, are demonslralèd by a genèral mora and social irnprovémènt lli soaety. The benefits are further demonBtrated through.. the promsion of funds and personnel towards the irnprovement of the fves of the most vulnerable and disadvantaged. the healing atKI empowemient ol those suffering from poverty and educational disadvanlages. helping Ihose in need is a demonstration of ourfaith, thmugh the provision of missionary and outreach work in Kenya, Tanzania, Uganda, India and Venezuela %%there the Chaiity supports cornrnunty developrnent, ygulh and adult ¢du¢ation, intsrfaith ¢gllaboration, e¢ologi¢al awaien¢$$ and tr¥ining in organic faming and Sustsinable living. An Institute olchaty Missionary wilh Ih8irpeople. rh8 Gofftpany funds thts mi$sbn4ry work. Page 4
Oo(w&on Envelope ID.. 9B693D80.104C4CC2.B85(kBeB880CO20B8 CALVARIO LIMITED {A company Ilmltsd by 9uor4nt••l DIRECTORS. REPORT ICONTINUEDI FOR THEYEAR ENDED 31 DECEMBER 2024 OBJECTIVES, AIMS AND ACTWITIES Icontlnuodl the promotlon of Chrfstian valu•s through pray*r and Spirituality. Beneffts fl¢)w from Ihe vuntary wrjrk of mernbers of th? Charity and frorn 8ervice8 they prowde, offerfng Opportunie$ fcf Indivi81 and group prayer, retreats and spiritual guidance. Such a¢livits'es take place at Rosminian Houses at Mwambani Tanga Tanzania, Ngong Kenya. Porta Latina Rc+me, Venezuela and in varfous parfshes In Tanzania, Kenya, India and Venezuela. Caring for members of the Charity to promote their educatlon, heath and we14)eing so that th8y contint thelr commltment to the purpose$ ol the Charity. Helping ft) ifflpffjvs th• INès Orothe thffjiigh Duts8aGh 8ducalion support ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR J aspeets ol Ihe Charitys work involvè the advancement of rèligion, vthèthèr it is international Charitable work, education and training or in Ihe field C+1 care wellare of the poor and marginalised. The Charitable purpose of the Charity includes the foll0vng actimties.. A$sislan¢e in the relf of povety and its Consequences in the areas of mission of the Inslitule of Charity (Rosminiansl and in areas ef natural disaslers,. The edueab.on of future leadets in the Instrtute of Ch#TIty. The assistance of the poor Y', Pastoral arKI soual ministry.. Assislance in the protection of the natural environrrenl through promoting and encouraging publlc awareness of the importanca of cons8rving land and protacting th8 •nvlronm•nt in al ministrits and activit$ earried out by the Instrtute ol Charrty (Rosminiansl throughout the world,. and The religious formath'on and Spiritual and t•mpor81 ¢or¢ of member¥ of the Congregation. Page 5
Ll)oJsvJn E1)Vepe ID.. 9B693D8[1O4C4cC2aSD¥8BB80cO2DB8 CALVARIO UMITED IA company Ilrnttod by guarantgel DIRECTORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCL4L REVIEW Dumg the year, thè Char5ty rttFId ineome 01 £1,502,992 12023.. £552.3461, con$i$lin9 of inveslmeni ineome of £37,112 12023.. £34,189) w)d unrestricted donation income of £1,465.880 12023.. £518,157>. Total èxpèndilure of £664.907 12023.. £645.7461 consisted of èxpènditur¢ on charitable activities and the eost of raising fijnds. At 31 DeterTi)er 2024 Ihe Charity had fur¥Js of £2.241,952 {2023.- £1,362.4181 all were unre$tri¢ied. Roser4es pollcy The Charity's financial reserves aim to generate a level of income to matth it5 tsrgel for donation5 and cost of Charitable activities. This approach is intended to ensure Ihat the level of reserves is maintained. In 2024 expenditure on charitable activities tOtald £660.638 12023=£642.4191 which equates to 99% 12023.. 99QAlof total expendrture in Ihe year. At 31 December 2024 the Charity had tolal funds of £2,241,952 12023.. £1,362.41813l of which are considered to be unrestricted. The Diredors of the Charity re9ulaty review the amount of funds that the Charity requires to gnsure they are adequate tts fulfll the Chatltys continuing obligakns. Post Balaneo Sh••t Ev•nts There have been no events slnce Ihe year end l)leh required adjustment to. or dlscbsure in the lknancial 8talement$. The Directors are satisfd Ihat they can continue to operate as a 9dng ¢onc8m d•spite Ihe current chalknge8 facing Ihe Charity yector. the wuntry. and the worfd. STRUCTUR4 GOVERNANCE AND MANAGEMENT Governing Docwn•nt Cafvaio Llmited 1$ a Ctrrtpany lrnited by guaantee and not havlng share cap1. The Company number Is 10776281. Th• Chaiity is govemed by Its Memorandum and Artides of Association as amended by speclal fe$oluW'on a¢knoedged by the Companles House on 8 September 2022. The Charity is a registered Charity the UK Charity Commissioner under Charftable number 1184056. Recruitment and tralnlng of Dlre¢to In aeeordanee with the Memorandum and ArtFcles of Association, the Dlrecters ale 8ppowiied by the membe of the Company. The Dire¢tQTS sh1 be not1gs$ than 4 and sh?11 not be subfvctto a maxknum. The Directors during the year, who are also the mere[S ofthe Company, are Shown on page one. The Directors are ¢hosen on the basis of their willingnes$ to serve. abilty, governancé. experience and support of the ethos. mission and phrfo8optty of the Charity. Th* Dirndors are well infornd about Ihè Mission, governing docurnent and history ol the ChaTIty. The Directors are encourageil to attend appropriate external training cour8e8 and events to facilit?te lh• dertS.n9 of their role. Pa9e 6
En¥eS)p8 ID.. 9B693D81k104C4CC2.B85tBBBB6ocO20B8 CALVARIO LIMITED IA tompany Ilmlted ty guavèntè•l DIRECTORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Icontinuedl CWganl$atlonal StnKture The Directors are responsible for the policaes. actywbes and assets of the Charity. The affairs of ihe Charty are managed by the Board of Dire¢tors vtho are aecountsbk to the Members. Th• Board of Directors meet iegulady to review all aspects of the Chantys activities. Inv•stment polley The Charity'$ financial reserves have been pLqeed In lorKJ tem invesiments. the purpose ol thich is to provK4e investment income to promote the Charitablg objectives ol the Charity and to prowd¢ ¢apit?I grh over th long temi. A conservative investment strategy has been adopted. Investment income and gains 111 be used in future to fund donattons to further Ihe Charttable objectives of the Chartty. DSs¢losure of Snfomatlon to audlior Ea¢h of thè pèrsons who are Dirèdors at the 11me %then thls Directors, réport Is approved hag conffirmed that.. 80 lai as that Dlreetor Is aw¥e. there Is relevant audlt inlom)ation of which the Charitys auditor is unawaf*. and Ihat Dtrector has taken all th8 Steps that OU9ht to have bean tak•n a5 a Dir•ctor in ord8r to be aware of any rekvant adIt information and to establish that the Charivs audilor is aware of that inforrnation. Independent auditor The inilependent authtor. RBK Audil UK Limited. Chartered A¢unt3 an(J Ststutory Audit Fimi. were appointed as audiiors in ae¢ordance wth sedon 485 01 th• Copmanles Act 2006 and have Inilcatod their Ilingness to continue in office. r•Jby. Fr. Jo4L p'fvU4 h1¢ 31213347SD494D9. Joseph ORellly Direclor Antonio Bel¥ilo Diiectvr Date.. 23rd JY 2025 Page 7
Drotsfyin Enveknpe ID.. 9B693D8INlO4C4CC2485B8BBlloc02DB8 CALVARIO LIMITED IA ¢4)mpany Ilmlt•d by guarant••l OIRECTORS. RESPONS181LITIES STATEAIENT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees Iwh9 3re also the Directors of Ihe Cornpany for the purpo$e5 of comnY lawl art responsible for preparmg the Diiedorn, report inehjding the strategic report and the financial statements in accordance wth applicable law and Uniled Kingdom AoUntin9 Standard5 {United Kingdom Generally A¢¢epted A¢¢ounting Practice), induthn9 FRS 102, the financiol reportin9 Standaid appllcable in the UK and Ireland. Company law requires the Directors to yepare financial staternents lor each financial year. Under Company law, the DireGlors must not approve th? financial staternents unle55 they are sat15ffied that they gwe a true and lair Mew of the stste of aflairs of the Company and of its incoming resources and applicalion ol resources, including ils income and expenditure, for thal period. In pieparing these financial statements. Ihe OirectOW5 are required to.- select guilable accounting policies and then apply them consistenuy.. observé the methods and prlrtclples of the Charitles SORP., rrake judgem¢nts and a¢¢oynting ¢$tim81e$ Ih3t 4r¢ r*aspnabl¢ and prud¢nt", state whether applicable UK Accounling Standards have been followed, subjed 19 any material depariures disck)sed explained in the financial statements., prepare the finanual statements on the golng CoeM basis Un$8 tt Is inappropriate to presume that the ompany will Connu& in buslnèss. Th• Directors ar• responsiljle for k•eping ad•quate accounting records that ar• sufficiont to shcw and explain the Corrpany's Iransa¢tlons and disdgse with reasonable arKuracy * any lime th¢ financial p051tion of thè Company and enable thèm to ensure that Ihe financial statements comply with the Companies Act 2006. They are also responsible for saleguarding the assets ol the Company and hence for laklng re830n8ble 8tep5 lor thè prav•ntion and d•t•ebon ol fraud and othei Irr•yularfti8s. Approved by order of the rnembers of the Board of Directors and signed on ils behalf by.. &by'. Fr. tssyL Ll'k4ll4 fxLsd6 01XW1CF4451... J050ph O'ReSlly Diréctor Antonlo Bèlslto Director Date. 23rd July 2025 Page 8
0ocu8Jn 9B693D80-IQ4C4Cc2-B8566B8oco2DB8 CALVARIO UMITED (A company Ilmlt•d by guarants•l INDEPE14DENT AUDITOR'S REPORT TO THE MEMBERS OF CALVARIO LIMITED Oplnlon We have audited the Financial Statements ol Calvario mited IA Comapny Limited by Guarantee) for the year ended 31 December 2024 vthich comprise the Statement of Financial Activits"es, the Statement of Financial Position, the Statement of Cash Fknw5 and the related notes. including a sumrnary of $ignificant accounting policies. The financial reporting framework that has been applied in thèir preparation is applicable law and United Kingdgm Accguntyng Standards, including Financial Repoji'ng Standard 102 7he Financial Rep)rting Standard applicable in the UK aThJ Republic of Ireland, IUnrt8d Kingdom GènèTÈlly Acceptèd Accounts"ng Practicel. In our opinion thé finanaal staternents.. give a true and fair view of the stste ol the Charitable Company's affair¥ as al 31 December 2024 and of its Incorning re$gur¢es and applirAticffi of resourcgs. including Its income and expenditure for the year then ended- have been propetly prepared In accordance Unlted Klngdom Gonerally Accepted AccountiThJ Practice., and have been prepared in aecordanee 1th the requirements tsfthe Companie5 Act 2006. Basls for oplnlon We ¢wducted our audit in a¢¢oidance Intematlgnal Standards cn Auditing IUKI IISAS IVKII and applicab law. Our spOnSIbl11t1eS under those standards are further described in Ihe Audrtors, rèsponsibilities for the audit of the Financial Statements section gf our report. Vve are independenl ol the Charitable Cornpany in aCcOrdae wth the ethlcal requiremenls that are relevant to our audit of the Financial Statements in the United Kingdom. including thè Finantjal Rèporting Couneifs lihe 'FRC'I Ethical Standar((, and we have fulfilled our other ethical responsibilities in aCcoanCe with these rèquir¢menls. Wè b•leve that the au¢Jrt ewdn¢e havo obtalrttd 1$ suffi¢ient and appropriate to provha a basis for our opinion. Concluslom rglatlng to golng concem In auditing the financial statements, we hove concluded th* the Diredors. use of Ihe goin9 conrRm ba¥is of accounting in the pieparation of the financial statements is appropriate. Based on the woth we have performed. have not Idented any material uwArtainties relating to events tsr eondthons that, individually or colleclively, may cast signlficant doubt trn the Charitable Company's abilty to continue as a going conorn f¢f a period of at least Nvelve monlhs from when the financtal statenntS are authorised for issue. Our responsibilities and the respon5ibihties of the Directcfs wth respect to going concern are desrjibed in the r•l•vant sections of thi$ r•port. Page 9
DrKuslan Envelope ID.. 9B693D80-1Q4C4CC2-B85MBB880C020B8 CALVARIO LIMITED IA cornpany Ilmttod by guarantsel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CALVARIO LIME0 {CONTINUEDI othèr Ihfomiatlon The other fjnfomiats.on comprises the Inforrnation included h) the annua report other than the Financial statements and our auditorfs report Ihereon. The Diredors are re$ponsibk for the other information ntained within the annual report. Our opinion on the Financial Statements does not Ver the other infom)ation and. except to the extent otherwaje explicitty staled in our report. we do not express any form of a¥¥uran¢e conclu$ion thereon. Qur r¢spon$ibility 1$ t¢ read the ¢lh¢r inlormalion and, In doin9 $0, ¢onsider whether the oV)er ts)formatlon Is materially inconsistent wth the Financial Statements or our Kno¥edge oblained in the course of the audit, or olhew5e appears tts be mal¢rially ml$$lal¢d. 11 we identsfy $u¢h materol in¢on5islen¢ies or apparent materfal misstatements, we are required lo determine whelher this gives rise to a material misstatement in the Financial sl8temen15 themselves. If. based on the work have perfomied. we conclude that there Ss a m•terial rnisstatem•nt of this other information, we are required to report that tsct We have nothing to report in this regard. Opinion on other matters pre8¢ribgd by the Compani¢$ Act 2006 In our opinion, based on the work undertaken in the Course ol the audit.. the infgrmab.on giv?n Sn th¢ Dirgdor$' r*port for the finan¢kg1 year for whl¢h th• FinaNal Ststem8nl$ ar• prepared is consistènt wth thè Financial Statements.. and the Directors, report has been prepared in accordance wth applicable tegal requirements. In the light of our knoedge and understanding of the Chaiitable Company and its environment obtained in the course ol the audit, we have not identified matsrial misslatements in the DIrlor8. report. Matt•Ys on vthleh M ar• r•qulr•d to r•port by •xe•ptlon We have nothing lo repgrt in resp1 of the foll%Mn9 matters in relation lo whKh Companies Ad 20C6 requires us to report to you rf. in our opinion.. adequate accounting records have not been kept, or retums adequate for our audrt have not been re¢Ve from branches not vlstted by us,. or the Fina131 Slatements ale not in ogreernent with the ?Ountirlj r?¢grdJ and retumg,. or rtain disGlgsures of Directors, remuneration specified by law are not made-, or we have not received all Ihe information and explanations we require for our audit., or the Directors were not entiued to prepare the financial statements In accordance ¥wth the 6mall Companies r¢glma and tak8 advantage of the small Companlas, éxamptions in prèparing the Dlrectors, report and from th¢ requirem¢nt to Ppart a strateyie report. R•spoMlbllSb•$ of Dlr•ctors forthe flnanclal statsm•nts As explained more fijlty in the Dirèctors. responsibilities statement, the Directors (who are also the Oirnctors of thè Charitabl• Company for the purposes of Company lawl ar• r•sponsible for the preparation of the financlal statements and for being satisfied that they give a true and fair wew. and for swh inlemal ¢ontrol as the Dir8ctDrs d&t8rmine Ss necessary to enable the preparatl)n of finandal statements that are free from materfal misstatement, whether due to fraud or error. Page 10
Lknu$JN En¥8lope ID.. 8B693104C4CC2-B8SD46BB8OCo2D88 CALVARIO UMJTED IA ¢ompany Ilmlt•d by guawanto01 INDEPENDENT AUDIToif8 REPORT TO THE MEMBERS OF CALVARIO LAITED ICONTINUEDI In preparing the ffinanCl statements, the Directors are responsle for assessing Ihe Charrtabk Compan8 abilty to continue as a going concem, discloslng, as apicable, matters related to going concem and using the going concem basis of aecountSn9 unless the Dirèctors erfhèr intend to liquidate the Charitable Company or to cease operatlons, or have reallstic alternative to do so. Audltor's re$pon$ibilities ft>r the audi¢ of thg financlal ¥tatements Our objectives are to obtain reasonable assurance about whether the Financial Statements a5 a whole are free frorn rnaterial mi$statemenl, whether due t¢ fraud or error, and to i$$ue an auditorfs ptsrt that includes our opinion. Reasonable assurance is a hlgh level of assuranee, but is not a guarantee that an audit conducted in accordance with ISA5 {UK) wdl always detect a material rni3ststemenl it exist8. Mi$$tatemènts can arisè Irorn fraud 01 error and are considered material if, indNidualSy OT in the aggregat•, th•y could r6asonably be expected to Inffuen the economic decisions of users taken the basis of these Financial Statements financial 51atements. A fvrther description of our responsibilities for the audit of Ihe financial 5taternent5 is located on the FRC website at.. wvM.frc.org.uklaudltor6re$ponslbllities. This descrfptlon forms part of our auditors report. Extgnt to vthlch th$ audlt wa$ ¢ondu¢tgd cap4blg ot dgtOCtlng Irrggularltlo¥ Ineludlng hud Irregularities, including fraud, are instance8 of nonwcompliance with laws and regulation& We deswn procedures in line 1th our responsibilities, cdrttined atrM)ve. to detect rnaterial rnisstatements in respeet of irregLar1ts'es, including fraud. The extent to which tyjr procedure$ are capable of detecting wregularitie3. including traud is detailed below. We considered ihe nale of the Charitable Company's industy and its contrcl enviTonrnent. and reviewed I Charitable Ctsrnpany's documentation of their policies and procedures relating to fraud and tompliance wth laws and regulations. We also enquired of management and the Directors about their own idenbfication and ?s$e$smenl ot Ihe risks of 1rre9are, inclLtdin9 tk)8e that are specthc to the Charitable Companws bjsiness sector. We obtalned an understandirvj of the18gal and regulatory frameworks that the Charitable Company operates in, and identified the key laws and regulations that.. had a direct effect on the determination of materi?1 am¢)unts and dis¢l03vre¥ in the financial Staternents. These induded UK Companies Act 2006. Charities Act 2011. pensions legislation and tax legislation. do rn)t have a direct effect on the financlal statements bus compliance with which may be fundamental to the Charitable Compan15 ablity to opeTate ot to avoid a material p8nalty. Th5• indud•d UK •mploymenl law and Data Prottcbon Act 2018. We discussed among the audit eng8gernent team regarding the opportunibes and incènlivès that may exist ¥th1Th the organisation lor fraud and )W and where fraud mlght occur in the financial statements. A8 a rtsull of performing the above, identrfied the grèatest potentlal for fraud In the fo11thng areas, and our specffic procedures perforn)ed to address it are described below.. Completeness, accura and oceurrence ol income.. we assessed the deslgn and detem*)ed Ihe impkniet)tatbn of the key controls over Irome recognition process,, and perforrred subslontiv¢ FYo¢edus on a samplè ba¥1¥ lo assess appropriate of Ineome recognltion. Pagè11
CALVARIO UMITED IA company limited by gLEarant801 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CALVARIO LIMITED ICONTINUEDI In common with all audit$ undèr ISA8 (UK}. we are also required to perform specific prccedures to respond to the risk of management override. In addressing the risk of fraud through management override of ctsnlrols, we tested the appTopfi8teness of iournal entries and other adjustments,. assessed whether the judgements made in making accounting estimates are indicative of a potential bias,. and Èvaluated the business Totionale of any signffi¢ant transactions that are unusual or outside the normal course of business. In addition lo the above. our procedures lo respond lo the risks identrfied included the following.. reviewing financial statement disclosures by testing lo supporting documentation to assess compliance wilh provistons of relevant law3 and regulations described as having a direct effed on thè financial statements., perfomiing anatytical procedures to identify any unusual or unexpected relationships that rnay indic81e risks of material mis$l?tements due to fraud. enquiring of management concerning adual and p¢lenlial litigation and claims. and in8tan¢es of non- comphance with laws and regulations in this Charllable Company," and reading minutes of meetings of those Charged wtth govemance and reviewing inlemal audit reports. Other matters We wish to state the eompaiatNe rur£S presented were not audited. This was due to the Company being audit exempt in the prior period. We h8ve obtained sufficient audit ewdence lo ensure that the opening balances do not ctht8in misst8tements that materially affect the ¢urrerbl period's financial statements. Use of our report This report is made SOlY to the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companie5 AGt 21JJ6. Our audit work has been undertaken so that we might slate to the Charitable Company's members those matt&rs we are required to stale to them in an audttors. report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assum9 responsibility to anyone other than the Charilable Company and ils members, as a body, for our aud(t work, for this report, or for the opinions we have formed. L_ kJL Ronan Kilbane for and on behalf of RBK Audlt UK Limlted Chartere(t Accountants and Slalulory Audit Firm Temini 3 Arkle Road Sandyford Dublin 18 Ireland D18 C9C5 Date.. 0710812025 Pagtr 12
Dowsb3n EN¥810 ID.. 9B6?3104C4CC2-B8SD-B8B88oGo2DB8 CALVARIO UMITED IA ¢ompany Ilmtt•d by guarants•l STAfEMENT OF FINANCIAL ACTIVITIES IINCORPOIIATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEIABER 2024 Total runds 2023 (Unaudrted) unrtrIcted fund¥ 2024 Total fvnd¥ 2024 Note Income from: Donation$ Investments 1,465,880 37,112 1A65,880 37.112 518, 157 34, 189 Total Incom• 1,502,992 1.502.992 552,346 Expendlture on: Raising funds Charitable activib.es 4,2fj9 660.638 4,269 660,638 3,327 642,419 Total •xpgndltur• 664907 664,907 645,746 Nèt in¢om•ll•xpèndiiur•l bofor• n•t galns on Investments Net 9ain$ on inve$tmeThts 831.085 41A49 838,086 41A49 (93.400) 65,345 N&t movemfrnt In funds 879,534 879,534 128,0551 Reroncili•tion of fund5- Total fund$ brought foN4Ard Nel movement in lunds Isee abov•l 12 1,362,418 879,534 1.362.418 879.534 1,390.473 128,055) Total funds cawrfed forward 12 2,241,9S2 1241,952 1,362,418 All adMli•s are Continuing. There are no recognised gains or losses other than a$ disclosed above. The Statement of Financial Actiwties incorporates an In¢omè and expendture account The notes on pages 16 to 25 tsm part ofthese financial statements. Page 13
DorJn EnvelDpe ID." 9B692D8(h104C4CC2-B85D-B88B80C02D88 CALVARIO UMITED IA company Ilrnltod by guarant•g1 BALANCE SHEET ASAT 31 DECEMBER 2024 (Unauditedl 2023 2024 Note Fixed assets Investments 1,190,421 1, 153, 701 1,190,421 7,153,lOY Curr•nt ass•ts Debtors due within 1 year Debtor$ due after more than 1 year Cash at bank and in hand 40,023 1,082.264 448.742 14 217,777 1.571,029 211,77T Creditors.. amounts falling due within one year 1161,6171 (2,460) N•t eurr•nt ass•ts 1,409,412 2Gg,317 Creditors.. amounts fa1r4 due after more than one year 10 1357.6811 N•t ass•ts •xcludlng p•nslon ass•t 2,241.952 1,362,418 Totsl net a¥sets 2.241.952 1,362,418 Charlty fund¥ Restllcted fvnds 12 Unrèstrretèd lunds 12 2,241.952 1,362,418 Totsl fund6 2.241,9S2 1,362,418 The financial slalement$ werè approved and authorised for i$6ue by the Dire¢tors and Signed on their behalf by.. Josep Director ei Antonlo Bglslto Oirector D*$.. 23rd July 2025 The notes on pages 16 to 25 fomi part ofthese financi81 $t#tements. Page14
Dugn Env8lpp¢ ID.. 9B693D80-1Q4C4CC2-B85D888B80C02DB8 CALVARIO LIMITED IA company Ilrnlt•d by guarant••l STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 310ECEMBER 2024 (UnauL4ited) 2023 2024 Cash flow4 from 0rnting actlvlti•s Net cash prowdedllused inl by operating activities 14 237.105 (72,412) Cash fftiw4 from Investlng activitles Income gn investments Cash withdrawals 137,1121 36.972 (34, 1891 34. 189 Net cash lused inVprovid•d by inv•stFng attiviti•s 11401 Cash flows from financlng aetivltl•s N•t cash provldod by financlng actlvltlos Change In eash and cash equivalents In the year Cash and cash equivalents *the bÈginnin9 of the year 236,965 172,4121 284, 789 15 211.777 Cagh And ¥h •quival•nts at th• •nd of th• y•ar 15 448,742 211.77T The notes on page$ 18 to 25 fomi part ofthese ffinanrial statements Pagfr 16
Docusign Envelope ID.. gB693D80-104c4CC2-B8StB8BBe0¢O2DB8 CALVARIO LIAIITED IA company liffllt•d by 9uarnntso1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEPJiBER 2024 General infonnation These financial statement5 compri5in9 Ihe Statement tsf Financial Actmties, the Balance Sheet, the statement of Cash Flows and the related notes indvding significant a¢coun&ng policie$ ¢onstrtLrte the finanrial statemènts of Calvario Limited for the finanual year ended 31 December 2024. Calvario Limited 15 ¥ Company limited by Guarantee incorporated in the United Kingdom. The registered office 15 St. Maiies'5 Oak Street, Rugby. The nature of the Charitls operations and its principal a¢livthes are Set out in tho Dire¢lors' Report. Ac¢out)tlng policies 2.1 Basis of acGountÉng These accounts have been prepared for the year ended 31 December 2024. Thè financial statements have been prepared in a¢coT(lanee wth Acunting and Reportin9 by Charities.. Statement of Recommended Praclice applicable lo Gharthes preparing their accounts in accordance wrth the Financial Reporting Standard applicable to the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191- Icharities SORP IFRS10211, the Fan¢jaI Reporting Standard applieable in the UK and Republlc of Ireland IFRS1021, the charib.es Act 2011 and Companies Act 2006. Calvario Limited meels the deffinon of a public benefil entity under FRS 102. Assets and liale5 are initially recognised at histor1 cost cr transaction vabja unlèss othèrwise stated in the relevant accountin9 PDIicy. 2.2 Pr•paTrtion of th8 aceounts on a going eonc•rn basls Havin9 considered future budget5 and cash flow5. the Directors confirm that they have no material uncertainties about the entity's ability to continue as a goin9 concem for the forÈyèeablè future. Wrfh respect to the next reporting year, the most 5i9nificant areas of uncertainty that affect the ¢wrying value Df 8S5ets held by the Charity are the level of investment retum and the Ferformance gf investment rnorkets. In making thi5 as5e55ment the Director5 have eonsidered Ihe levd of resesves hekl and the low level of non4iscretionary expendrture. 2.3 Income recognition Thi5 ¢0tnpri5e5 donations 4nd investrnents income. All Income is recognlsed once the Charity has entrtlement to the income. it is probabFe that the income wll be received, and the 2muJnt of income can be mea¥ured i?liabty. Donations are re91¥¢d by th• Charity in the Stslement of Fln8Mebl Activitles In the year to ¥thich they relate to. Inv•stm•nt income, which indudes bank interest, is accounted for in the year in wlich the Ch8rty- entitied to receive it. Page 16
Enwh)p ID.. 9B693D80-104C4CC2.B8W88880C02D88 CALVARIO UMITED IA eompany Ilmlted by guarnnts•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACcounng poli¢i•• Icontlnu•d> 2A Exp8nditur& Tocognltlon abilities are recognised as expenditure as soon as there is legal e¥ conslwctive Qb.98.0n ¢ommitting Ihe Charity to that expenditure, it is proliable Ihat setuement will be reqwred, and the arnounl of obli9atK)n can be measured reliably. Expenditure is reco9ni$ed on an accruals basis a¥ a lièbilty is incurred. in¢lusive ¢f VAT, which ¢¥nnol be recovered. ch$rftse activities comprise of donab"on$ expenditu arKI ¥upport costs whKh c¢¥npri¥¢ of organi$ational admini5trats.on costs, these indude dire ¢051¥ of professional advKe. Expenditure on raisin9 funds indudes invesbnent management lees In(re by the Charity. Governance cost8 ythin expendlture on charitsble a¢tivit$ relates lo oudil fees incur•d for the year by the Charity 2.5 SlgnifieantJudg•m•nts and 8OUfC•8 •dmatlon uncertainty In thè vW of the DirectQT$. in •PPtying the accounting pc4icTe$ adopted. no judgements vue required that have a 8ignifi¢ant effect on the amouTht$ recoyni%d in the financial statemènts nor do any estimates or assumptions made carry a Signcant risk of material adjustment in the next financial year. 2.fj Invéskn•nts Investments are a form of basic finanelal instrument. They ar¥ initialy recognised at their transackn"e value and 5ub5èquèntly valued at their fair value at the balance sheet dale u5tng the dosing quoted market price. The Statement gf Financial Actiwties includes thè not gaw)s and losses arising cl) revaluation and disposals of investments throughout the perfod. 2.7 Imiostment gain and lo•s•s Realised and unrealised gains lor losses) are credited lor dÈbit•dl to the Statement of FinanrAal A¢tiviUes in the year in whlch they ari¥e. 2.8 Fund$ The General funds of the Charity (both assets and rèv?nue} comprise of unrestricted income which the Directors are free to Use in artordanee wilh the charit$ objects. 2.9 Dgbtors Debtors are reeognised at the settlement amount after any trade discouni offered. Prepayments are valued at the amount prepaid n•t of any trade discount8 due. 2.10 Cash at bank and In hond Ca$h at bank and in hand repres•nt5 such accounts and instruments that are avaitable ¢n demand or have a malurity gf less than three months from the date of acquisition. Depo$il$ for more than Ihree months bui less ihan one year have beén disdosed as ShOrt-te deposits. Page 17
CK)tU8hJn Enveknpe ID". 98693D8&1o4C4CC2-B85BBBB8OcO2UBa CALVARIO UMITEO IA ¢ompany Ilmlt•d by guar4nt•g1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AGGountlng pollclel leontlndI 2.11 Creditors and provl$ions Creditots and provisions are recognised Nthere the Charity has a present ot4igth.on resutting from a past event that wll probably resuh in the transfer of fvnds lo a third party and Ihe amr>unt due to $etMe the obligats.on can be measured or estimated reliably. Credrtcf$ arbj provisKJns are nomially recognised at their settlement arnount. 2.12 Li#bllltl•s and provlslon5 Liabilthes are recognised when thei¢ 18 an obEigation at the Balance sheet date as a resum of a past event, it 1$ probable that a transfer of ec4nomic benÈllt wll be requireil in settlement, and the amount of the setuemenl can be estimakd reliably. LiabIle5 are reeognised at the amount that the Company anticipates it 11 pay tLI setlle the debt or the amount il has receNed as advanced payments for the goods or serwces it must provide. 2.13 Financi•l Instruments The Cempany enter$ into bAsie financAal instrument transaetions that resuli in the r¢¢ognitson of financial a$¥el¥ and liabiltties like debtors and creditois, loans from banks and th¥d partieg, loans to related parties and invÈstmÈnts in ordinary shares. Debt instruments lother than those wholly repayable or re¢ewablè one yea¢. including loans and other ac¢gunts recéivable and payable, are initially measured at present value of the futuff ¢a$h flows and subsequentty at amortised eost using the effectwe Interest melhod. Debt instruments that are payable or receivable wlhin one year, typilty debtors and ueditors, are measured, Inbtially and subsequentty, at the undiscounted am¢unl Of the cash or other consideration expected to be paid or received. However. If the arrangements of a short-lerm instrument constitute a financing transaction, like Ihe paym•nl of a debt deferred bty¢nd nomal business terms or in case of an out-right short- tèrm loan that is not at market rate, the ffinancial asset or liab>lty is measured. initialty al the presenl value of future cash flows discounted at 8 markèt rate ol Interest for a simlar dabt instwmenl and subsèquentty at amortised cost. unless it qualifies a5 a loan from a D1ctor in the ¢ase of a small Company, or a public b•nefrt entity concessionary loan. Financial a5¥ets that are measured at cost and amortised cost are 355essèd at thè end of ea¢h reporfing period for obltIVe evSdence tsf impairment. If objective eVhl•n¢e of impairment is Icund, an impairment1088 is recognised Sn the Statement of ¢omyehensive income. For ffinancial assets me8sured at amoth.sed cost, the impalmient kJs6 is measured a$ the drfference btheen an assefs carrying amount and the present value of eslimated cash flows discounled atthe asset's original effective interest rate. If a finanrial asset has a varrable interest rate. the dSscount rate for measuring any impairment1o¥s is th• current effective interest rate determined under the contract. For financial assets measured at cost less impaimient. the imp8imieTht loss is measured as the differen¢e been an a$seVs Carrying amount and bèst estimaie of Ihe recoverable amount. which is an approximation of the amount that the Company would re1ve for Ihe asset rf it were lo be $01 at the reportin9 dale. Finanaal assets and liabil(tles arè offset and the nel arnount reported in the Statement of financ4al position when there is an enlorceable right to set off the recognised amounts and theT¢ 1$ an intention to setlje on a net ba$is prto r¢ali$e the assel and s*tl• the habilty sirnult8neously. Pa9e 18
DO¢Jn En¥ehJp8 ID". 9B693D8fy104C4CC2-B8888B8QCO20B8 CALVARIO LIMITED IA ¢ompony Ilmlt•d by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from Donations Total Total runds lunds 2023 2024 {Unaudited) Unrgstrlctsd lund$ 2024 Charity donations 1,465,880 1A65,880 518, 157 Total 2024 1,465.880 1,465,880 518, 157 Incom• from Investments Total Total fund lunds 2023 2024 (Unaudited) Unroslri¢tod funds 2024 Inveslment ineome 37,112 37.112 34. 189 Total 2024 37,112 37,112 34, 189 Exp•ndltur• on raising fund¥ TDt81 Total funds funds 2023 2024 {Unaudrf8dJ Vnmtrfet funds 2024 Investm&nt management fee8 4,269 {269 3,327 Page 19
Docu$van EnvetOP810.. 98693D80-104C4CC2.B85D-B8B88OCO2Ce8 CALVARIO UMITED {A company Ilmlt•d by guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ExpendibJr0 on ¢haritsblg activitie¥ Unfostriclgd funds 2024 TD181 Totsl 2023 2024 1Unaudited) Donation 641,975 12,981 5.682 641.976 12.981 5.682 624,917 15,458 2,044 Support cost Govemance Totsl 2024 660,638 660,638 642,419 Flx•d Ays•t Invostm•nts 2023 2024 Iunaudhed) MarkotValu• Mart(et value al 1 January Investment income Cash wthdrawals Investment management fees Net gains on inveslmenl$ 1.161101 37,112 136,9721 14,2691 41,449 1.091.083 34, 189 134, 189) (3,327) 65.345 maet vwlue ot 31 Dècèmber 1,190,421 1,153, 101 D•bto 2023 2024 lUndited) Du• aft•r more than On• yèar oth8T debtor5 1.082.Z64 1,081264 ¥Athin one year Other dèbtor$ 40.023 1,122,2B7 Page 20
rx)rAJ&vJn En¥ebpe ID". 9B693D8rk1¢)4C4CC2-B6BsBB8oC02DB8 CALVARIO LIMITED IA company lirnlt•d by guaraniwl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Creditor8: Amounts falling duo within one year 2023 2024 (Unbudrtedl Accruals 161,617 2,460 10. Crndltors: Amounts falling •ft•r mor• than on• y•4r 2024 2023 Other creditors 357.881 11. Financial In$trum•nts 2023 2024 (Unaud*? Flnancial assgts Fixed asset investments 1.190,421 1,153,701 Financial assets measured 81 fair value consist of fixed )ss¢ts Investments Page 21
DwJ8b)n Envelope ID.. 9B693D8fv104C4cC2.B85[8BB80C20B8 CALVARIO LIMITED IA eompany Ilmit?d by 9n•) NOTES TO THE FINANCIAL STATEIIIENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Statsment and sunmary offundj Statsment and $wnmary ot funds- curr•nt yg#r 8al•nce al 31 Goin D•e•mber IL933ès1 2024 Balance al I January 2024 Income Expenditurn Unresiricted fvTrd$ General Funds 1,362,418 1,502.992 1664,9071 41,449 2,241,952 Statem¢nt and summary Offd1- prfor y••r Bance at 31 De(mber 2023 Balancg èt l January 2023 Gainsp (Losses? Income Expendrtu urèjtrkt fvnds General Funds 1,390,4T3 552,346 (645,7461 65,345 1,362,418 13. An#lysis of nat assèts between fvnd¥ Analysls of not assets bet¥en lunds • curY•nt period Unrostricted funds 2024 Total funds 2024 Fixed asset investments Debtors due after more than on• year Current assets ¢redrtors due thOTr one year 1,190,421 1,190,421 754,885 754.885 816,144 816,144 1519,4981 1519,4981 Tolal 2,241,952 1241,952 Page 22
rJxusvJn Envelope ID.. 98693D8fv104C4CC2-B85D-B8BB80C02DB6 CALVARIO LWITED IA company limlt•d by guarantee) NOTES TO THE FINANCIAL STATEIIEENTS FOR THEYEAR ENDED 31 DEGEMBER 2024 13. Analygig of net a$$èt8 betsen funds Icontlnuodl Analy$l# of n•t assgts b•t¥9n funds. plior pèriod Unrestiicted Totol funds rtsnds 2023 2023 (Unaudit8d) (unal1t0dJ Fixed a¥8ei Investments Current asse15 Creditors due within one year 1, 153, 101 211, 777 (2,46ts) 1, 153, 101 211.7TI f2,460} Totsl 1,362,418 1,362,418 t& Rt¢on¢lllatlon of net movemènt in lund$ to net cash flowfrom op•ratlng activities 2023 2024 (Unaudit&d} Net in¢omel1pendIlUreI for the year las wr Statement ol Finanrial Activitles} 879,S34 (28,055J Adju#tm•nts lor: Inv??tment m8n8gement Fees Ilncrea5ellD•u*ase in debiors IncTe05ellDecrease} in creditors (Gains1 on irvestrnents 4,269 {1.122,2871 517,038 141,4491 3,327 1&085 {424J (fj&345J N•t tash provld•d by1{u in? wovid•d by opernting aCtivitr•$ 237,105 (72,4121 15. Anal1$ ol ¢a$h and Gash ¢quiv#lonts 2023 2024 (Unauditedl Cash at bank and in ha1 448,742 211,777 Total cash and cash equivalents 448.742 211, 777 Page 23
DO¢L%jn Enk)pe ID.. gB693D81o4c4C¢2-B8S6BB60cfj2DB8 CALVARIO UMITED IA tompany Ilmltgd by guaronts•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 16. Analy$l8 of ¢hang•s in not dtrbt At31 December 2024 January 2024 Cashflo Cash at bank and in hand 211.777 236,96S 448.742 211,7TI 236.96S 448,742 17. Llmlt•d Ilabilty Thè Company is limited by guarantee and has no share capttal. Every member of the Company. ofwhom there are currendy ffiv&. guarantees to contribute a maximum of £10 on 1ndIng up. 18. Taxation The Company Is a reglstered Charity and 1$ not $ubJ8ct to corpor¥bon tax or Inrna tax on its Charitable aElivits. 19. Related party transa¢tior During the year ended 31 Dernber 2024, CalvarK) Lim(ted received Ilonations as frAIows'. Formation dohation received from Inytitute of Charity (UK Provin¢el'. £138,87712023.' £ 142,5661 Formation donation received from Institute of Charity (Rosrniniansl Company Limited by Guarantee, Ihis Is an Irish regist?red Charitable Ctsmpany.. £178,42312023.' £115,938) Donation from Institute of Charity (Rosminiansl Company Limrfted by Guarantee. this is Ifish registered Chatitable Company.. £922,93012023". £68,737). Donation from Rosmlnl Publicab'ons mited.. £8,00012023.' £Nill. There were no amounts outglanding from any other related patty as at 31 December 2024. ContSng•nt Ilabilitièa Thoie were no conbngnt Ilabilities as at 31 December 2024. 21. Capltsl commiimwits There were no Capital eommltm8nts a$ at 31 December 2024. Page 24
DOclon Envelope ID.. 9B693D8fy104c4Cc28fj0B8BBB0C02DB8 CALVARIO UMITED IA company Ilmlt•d by guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEIR ENOED 31 DECEMBER 2024 22. Post balance Sheet events There have been no significant events Since the erMI of the financial year1¢h would rèqulre a(ljustmeTrt to or disdosur• within the financial Stalements. 23. Approval of financSal ¥tat¢rnents The Board ol Director5 approved these financial statements f¢r l$$ue on 23Td July 2025 Page 25