REGISTERED COMPANY NUM8ER: 086318701England and Wales) REGISTERED CHARITY NUMBER: 1165118 and Unaudite nan temen ar Ended 31 December 2024 Vill Le Visana Chartered Accountants 45 Greenways Abbots Langley Hertfordshire VVD5 OEU
Villa Lena Foundation Contents of the Financial Statetnents for the Year Ended 31 December 2024 Page Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8 to 13 Detailed Statement of Financial Activities 14
Villa Lena Foundation Re of the Trus ees for the Year Ended 31 December 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and alms The objects of the charity are such exclusively charitable purposes as the Trustees may in their absolute discretion determine. The foundation's current principal activity is dedicated to supporting international contemporary artists working not only in art, but also in music, film and other creative disciplines, predominantly through providing artist residency piograms in Tuscany. The residency program is set near small town Palaia on the grounds of Villa Lena estate, which is a boutique hotel, restaurant, event Spa and boasts buildings dated back to 1700s. several sites of ruins, endless parks with over 4000 wild animals, and its own production of olive oil and red wine. Selected artists are offered four to five week stays at Villa Lena which includes accommodations, studio spa, neOrkIng opportunities and research support. Villa Lena Foundation strongly encourages residents to engage with the local context - to connect not only with the fellow program participants, but also with the hotel guests, the local community, and the rich craftsmanship of Tuscany. For example. the Foundation maintains a partnership with 11 Bisonte master-etchers in Florence. Page 1
Villa L _a Foundation Re ort of the Trustees for the Year Ended 31 December 2024 ACHIEVEMENT AND PERFORMANCE Charltable activities The Foundation continues to improve the logistical framework and structure to carry out its rnission. During 2024 around 50 artists benefited from the residency programme and were exposed to the Foundation's international network. Residents donated works at the end of their programme, each donation adds to the narrative and legacy of the Villa Lena Foundation project. There were a mixture of mediums donated, including many works on paper, canvas and ceramics. Highlights include works by Claudia Alonso Allende, Bobbye Fermie and Kathy Miller. These donations will financially benefit the Foundation in due course when sold. To celebrate its 10th anniversary and a decate of collaboration with 11 Bisonte, the Villa Lena Foundation held a special exhibition at 11 Bisonte. The show brought together all limited-edition prints producted there over the past 10 years by Villa Lean artists-in-residence. Featuring works by international artists from diverse backgrounds and at various career stages, the collection reflected the creative exchange and innovation fostered Ihrough the residency program. The Foundation also commissioned a new print in collaboration with 11 Bisonte with artist Stefan Mumm, his work titled Reconnection In 2024 the Foundation launched a new partnerhsip with Palazzo Strozzi in Florence, To celebrate this collaboration and mark the Foundation's 10th anniversary, author and former artist-in-residence Hettie Judah held a talk there on her tX)ok Acts of Creation.. On Art and Motherhood. She was joined by acclaimed painters Chantal Joffe and Caroline Walker, who discussed the impart of motherhood on their own artistic practice. Other partnerships in 2024 focused on reaching and supporting arlists from a number of backgrounds and in particular circumstances. The third collaboration with The Residency, continues in 2024 a project conceived by Georgia Powell and Liza Shapiro (CURA Art) in 2020 with the aim to empower and champion equality in the Arts through patron-funded residencies. The MQBMBQ partnership, which creates fully funded residency spaces for black queer artists. Two artists, Kia LaBeija and Ebun Sodipo, took part in the programme this year, supported by the French luxury brand Jean Paul Gaultier. Villa Lena also collaborated with Institut FranGais d'ltalie on a project that encompasses over 20 residency programmes across Italy, connecting Villa Lena to an important network. Aimed at young European talents under the age of thirty and forming a key part of the Quirin21 Tresty, this large-scale artistic program promotes cultural dialogue and upholds the European values of exchange and sharing. FINANCIAL REVIEW Prlnclpal funding sources The Foundation received application fees from prospective artists to enroll onto the residency program. Total fee received during the year was É5,910 (2023 É3.824). The rernaining incidental expenses were bome by the trustees without recharge. The Foundation also received advances from Apartment 15 Limited, a company in which two of the Trustees, are directors. During 2024, total athorks sold raised É4.940. Page 2
Villa Lena Foundation Re ort of the Trustees for the Year Ended 31 December 2024 FUTURE PLANS The trustees are developing strategies to attract and support artists who would benefit from the charity's current non financial resources. Utilising the Foundation's financial assets (donated artworks) to fund the Foundation for the future was explored in 2019 by developing use of online selling platforms and an online shop, and this remains a goal for 2024. In the meantime, the Trustees continue to fund incidental expenses on behalf of the charity. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as def5ned by the Companies Acl 2006. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 08631870 (England and Wales) Reglstered Charlty number 1155118 Registered office Manchester Square 18 Fitzhardinge Street London W1H6EQ Trustees A Dave Chartered Accountant Mrs E Evstafyeva Gallery Director J M Hadey Company Director Company Secretsry Independent Examlner Visana Chartered Accountants 45 Greenways Abbots Langley Hertfordshire WD5 OEU Approved by order of the board of trustees on 18 September 2025 and signed on its behalf by; Mrs E Evstafyeva - Trustee Page 3
Inde endent Examinerfs Re theT tees of Independent examlnerfs report to the trustees of Vllla Lena Foundatlon {Ihe Company,) I report lo the charity trustees on my examination of the accounts of Ihe Company for the yoar ended 31 December 2024. Re3ponslbllltle8 and basls of report As the charivs trustees of the Company (and also its directors for the purposes of company law) you are responsible for the weparation of the accounts In accordance with the requirements of the Companies Act 2006 (Ihe 2006 Acf). Having satlsfled myself thal Ihe accounts of the Company are not requlred to be audited under Part 16 of the 2006 Act and are eliglble for independent examination, I report in respect of my examination of your charlty's 8ccounts as carried out under Section 145 of the Charitles Act 2011 {'the 2011 Act,). In carrying out my examlnatlon I have followed the Dlrections gIn by the Charlty Commisslon under S8clion 145(5) (b) of the 2011 Act. Independent examlnerfs ststsmont I have completed my examination. I confirm that no matters have come to my attentlon In connectlon wlth the examination glvlng me cause to belleve: accountlng records were not kept in resp8Ct of th8 Company as requlred by Sectlon 386 of the 2006 Act; or the accounts do not accord wlth those records; OT the accounts do not comply wlth the accountlng requirements of S8Ctlon 396 of the 2006 Acl other than any requirement that the accounts glve a true and fair view whlch Is not a matter considered as part of an independent examination., or e accounts have not been prapared In accordance with the m8thods and principles of the Slatement of Recommended Practice for 8ccountlng and reporting by charftles (applicable to ¢haritles preparing their accounts in aGrdance with the Financial ReportSng Standard appllcable in the UK and Republlc of Ireland (FRS 102)). I have no concems and have come across no other matters In connectlon wlth the 8xamlnation lo which attents'on should be drawn In thls report In order lo enable a proper understandlng of the accounts to be reached. Mr R. Visana- FCA Visana Chartered Accountants 45 Greenways Abbots Langley Hertfordshlr8 WD5 OEU 10 October 2025 Page 4
Villa Lena Fo ndation Statement of Financial Activities for the Year Ended 31 Dember 2024 31.12.24 Unrestricted fund 31.12.23 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 21.000 15,000 other trading activities 8,995 6,280 Total 29,995 21,280 EXPENDITURE ON Raising funds Raising donations and legacies 29,513 20,995 29,513 20,995 NET INCOME 482 285 RECONCILIATION OF FUNDS Total funds brought fOard (34,503) (34,788) TOTAL FUNDS CARRIED FORWARD (34,021) (34,503) The notes fomi part of these financial statements Page 5
Villa Lena Foundatio Balance Sheet 31 December 2024 31.12.24 Unrestricted fund 31.12.23 Total funds Notes FIXED ASSETS Investments 100 100 CURRENT ASSETS stocks Cash at bank 9,306 11,632 13 9,306 11.645 NET CURRENT ASSETS 9,306 11,645 TOTAL ASSETS LESS CURRENT LIABILITIES 9,406 11,745 CREDITORS Amounts falling due after more than one year (43,427) (46,248) NET ASSETS {34,021) (34,503) FUNDS Unrestricted funds: General fund 10 (34,021) (34.503) TOTAL FUNDS (34,021) (34,503) The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 6 continued..
Villa Lena Founda ion Balance Shee continue 31 December 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 18 September 2025 and were signed on its behalf by: E Evstafyeva - Trustee The notes fomi part of these financial statements Page 7
Villa Lena Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basls of preparlng the flnanclal statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Stocks Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads, Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordan with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity, Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of Ihe nature and purpose of each fund is included in the notes to the financial statements. Page 8 continued...
Villa Lena Founda ion Notes to the Financial Statements- continued for the Year Ended 31 December 2024 OTHER TRADING ACTIVITIES 31.12.24 31.12.23 Fundraising events Application fees 4,095 4,900 2,965 3,315 8,995 6,280 RAISING DONATIONS AND LEGACIES 31.12.24 31.12.23 Support costs 29,513 20,995 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits ft)r the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. STAFF COSTS The average monthly number of employees during the year was as follows: 31.12.24 31.12.23 Employees No employees received emoluments in eXS of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 15.000 Other trading activities 6,280 Total 21,280 EXPENDITURE ON Ralslng funds Raising donations and legacies 20.995 20,995 Page 9 continued...
na Foundation Notes to the Financial Statements - continued for the Year Ended 31 December 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted fund NET INCOME 285 RECONCILIATION OF FUNDS Total funds brought forward (34.788) TOTAL FUNDS CARRIED FORWARD (34,503) FIXED ASSET INVESTMENTS Shares In group undertakings MARKET VALUE At 1 January 2024 and 31 December 2024 100 NET BOOK VALUE At 31 Dember 2024 100 At 31 Dember 2023 100 There were no investment assets outside the UK. STOCKS 31.12.24 31.12.23 Limited editions print5 9.306 11,632 Page 10 continued...
Villa Lena Foun ion o the Financial Statements - continued for the Year Ended 31 December 2024 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.12.24 31.12.23 Apartment 15 Ltd loan account SVL loan account 46,708 {3,281) 46,708 (460) 43,427 46,248 10. MOVEMENT IN FUNDS Net movement in funds At 31.12,24 At1.1.24 Unrestricted funds General fund {34,503) 482 (34,021) TOTAL FUNDS {34.503) 482 (34,021) Net movement in funds, included in the above are as follows: Incoming resources Resources Movement expended in funds Unrestricted funds General fund 29,995 (29,513) 482 TOTAL FUNDS 29,995 (29,513) 482 Comparatlves for movement In funds Net movement in funds At 31.12.23 At1.1.23 Unrestricted funds General fund (34.788) 285 (34,503) TOTAL FUNDS (34,788) 285 (34,503) Page11 continued...
Villa Lena Foundation Notes to the Financial Statements - continued for the Year Ended 31 December 2024 10. MOVEMENT IN FUNDS - contlnued Comparative net movement in funds, included in the above are as follows: Incoming Resources Movement resources expended in funds Unrestrlcted funds General fund 21,280 (20,995) 285 TOTAL FUNDS 21,280 (20,995) 285 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.12.24 At1.1.23 Unrestrlcted funds General fund <34,788) 767 (34,021) TOTAL FUNDS {34,788) 767 {34.021) A current year 12 months and prior year 12 months combined net movement In funds, included in the above are as follows: Incoming Resources Movement resources expended in funds Unrestrlcted funds General fund 51.275 (50,508) 767 TOTAL FUNDS 51,275 (50,508) 767 Page 12 continued...
Villa Lena Foundation Notes to the Financial Statements - continued for the Year Ended 31 December 2024 11. RELATED PARTY DISCLOSURES Included in creditors is an amount of £46,708 (2023 £46,708) money owed to Apartment 15 Ltd, where Mrs E Evstafyeva and Mr J Hadey are both directors. Page 13