New legal structure for Calpe House charity
The Calpe House charity trust has adopted a new legal structure in the form of a limited company as the charity looks to the future with the opening of the new premises next year.
In a statement the Charity explained that when acquiring the new property at Norfolk Square, it sought legal advice in the UK on how best to structure the acquisition and conduct its operations going forward.
“We were advised by our lawyers that a suitable vehicle to hold the new property was a company limited by guarantee, which is one of the four main structures permitted by The Charity Commission of the United Kingdom,” the Charity said.
This structure, the Charity said, helps to safeguard the assets of the Charity and facilitate its future growth, tax efficiency and operations in the UK as well enabling the Charity to own property, be liable for its own debts, and to transact business with third parties, without the need for the trustees to do so on its behalf.
Having considered the advice, the Trustees decided to transfer the assets, liabilities, obligations and operations of the Charity from the extant Charitable Trust “The Calpe House Charitable Trust” into a company limited by guarantee “Calpe House Limited”.
This took place on 11 March 2016.
The Charity’s previous structure was constituted as a trust.
A trust is an unincorporated structure governed by a deed of trust which historically suited the needs of the Charity.
The new limited company is a UK company limited by guarantee, and gives the Charity the flexibility to employ paid staff, deliver charitable services under contractual agreements, enter into commercial contracts in its own name and owning land or other property, should the need arise going forward.
“We have been delighted by the level of generosity of all those who call Gibraltar home and have donated money to help with refurbishment of the Charity’s new premises in London.”
“All these donations have been received by a separate Gibraltar Charity called Friends of Calpe House which was created for this purpose.”
“Moneys raised by Friends of Calpe House will be given to the Charity in order to help finance the furnishing of the new building at Norfolk Square.”
The latest audited financial statements of the Friends of Calpe House have been filed at the Gibraltar Charities Commission.
The Charity further stated that it is delighted with the historical and ongoing support received from the Gibraltar Government, particularly the support in relation to the new property at Norfolk Square.
The refurbishment is expected to be completed in the Spring of 2018 and it is intended that once the refurbishment is completed and a final account is prepared for the property, the Government will be responsible for 51% and Calpe House limited for 49% of the property and of the associated costs incurred.
Given that all of the assets, liabilities, obligations and operations of the Charity have been transferred from the trust to the limited company, the Trustees consider that there is no requirement for the Trust to continue and plan to wind it up in the near future.
The Trustees of the trust have each become directors of the new company Calpe House Limited which has registered with The Charity Commission in the United Kingdom and subject to their requirement to file audited annual financial statements.
The Charity is now operating and will continue to operate through Calpe House Limited.
“We are confident that the new structure of the Charity will enable it to face the challenges of the future with the flexibility required to provide accommodation to those patients referred from Gibraltar to the UK for medical treatment, and to provide them with a home from home when they need it most.”
“We look forward to welcoming our first guests to the new Calpe House in Spring 2018.”
The Calpe House charity continues to provide accommodation for Gibraltarians and residents of Gibraltar receiving medical treatment in London under the GHA sponsored patients scheme and there have been no changes to its objectives.
The Charity's Directors continue their work, giving up their time feely, in order to advance the Charity's work.