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￿, ne￿OrkIng 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 gI￿n 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 aG￿rdance 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 De￿mber 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 fO￿ard
(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 eX￿S 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 De￿mber 2024
100
At 31 De￿mber 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