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2025-10-31-accounts

TRUSTEES' ANNUAL REPORT 2024-25

MILKandLEAD Art Gallery

Financial period: 1 November 2024 to 31 October 2025 Charity number: 1167857

Reference and administrative details

Charity name: MILKandLEAD Art Gallery

Charity registration number: 1167857

Legal form: Charitable Incorporated Organisation (foundation type), registered on 27 June 2016 and governed by its constitution

Principal address: Sailmakers and Chandlers Building, 11 West India Dock Road, London E14 8EZ

Telephone: 07985170942 Email: info@milkandlead.com Website: www.milkandlead.com

Trustees who served throughout the period and to the date of this report, with their dates of appointment:

There were no appointments or resignations during the period.

Structure, governance and management

The charity is a Charitable Incorporated Organisation of the foundation type. Trustees are appointed in accordance with the constitution, and the four trustees named above form the board. The charity employed no staff during the period and engaged no contractors or professional advisers. All trustee involvement was voluntary. No trustee received remuneration, payments or benefits from the charity, and no expenses were reimbursed to any trustee.

The charity has written policies in place covering financial reserves, internal financial controls, risk management, the investment of charity funds, safeguarding, serious incident reporting, complaints, trustee conflicts of interest, trustee expenses, volunteer management, bullying and harassment, social media, campaigns and political activity, and the engagement of external speakers.

The charity owns no land or property, holds no lease, and has no trading subsidiary. It is recognised by HMRC for Gift Aid.

Objectives and activities

The charity’s objects, as set out in its governing document, are the advancement of education in, and the promotion of, the arts for the public benefit, in particular the visual and performance arts, by the provision of arts facilities, public performances and exhibitions and the encouragement of high standards of art which increase the public’s knowledge, understanding and appreciation of the arts.

The charity pursues these objects through exhibitions and programmes that are inclusive, sensoryrich and socially engaged, and it operates throughout London.

The trustees have had regard to the guidance issued by the Charity Commission on public benefit in reviewing the charity’s aims and in considering its future activities.

Activities during the period

The charity undertook no charitable activities between 1 November 2024 and 31 October 2025. In the absence of funding, the suspension already in place during the previous financial period continued, and the following remained inactive:

The trustees maintained this position in order to avoid commitments the charity had no secured means of meeting. The charity therefore has no charitable outputs to report for the period.

Financial review

The accounts are prepared on a receipts and payments basis, which is permitted for a noncompany charity with gross income of £25,000 or less. The figures for the period are as follows:

The charity received no grants, donations or earned income during the period, and incurred no salaries, professional fees, rent or other costs. As gross income did not exceed £25,000, the accounts are not subject to independent examination or audit.

The charity has recorded no income and no expenditure in each financial period since the one ending 31 October 2022. The trustees are aware that the charity has now been inactive for four consecutive financial periods.

Reserves. The charity has a financial reserves policy in place. It held no reserves during the period and holds none at the period end. The trustees’ position is that no programme commitment will be entered into unless the corresponding funding has been secured in advance. The principal risk facing the charity remains the absence of income, and the trustees have managed that risk by incurring no liabilities.

The charity’s position and next steps

The Board of Trustees has delegated authority to Trustee Francesco Carvelli to complete and submit the Annual Return for the 2024–25 financial period. While no formal trustee meeting is currently scheduled, the Trustees intend to convene in the near future to formally evaluate strategic options for the charity. These discussions will address whether to maintain a further period of temporary inactivity, establish a structured plan for operational reactivation, or proceed with winding down and removing the charity from the Register of Charities.

Declaration

Approved by the trustees on 27 August 2026 and signed on their behalf by:

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SIGN
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Francesco Carvelli, Trustee Date: 27 August 2026

Charity Name No (if any) MILKANDLEAD ART GALLERY 1167857 Receipts and payments accounts For the period Period start date Period end date To from 01 Nov 2024 31 Oct 2025

CC16a

Section A Receipts and payments

Unrestricted
funds		 Restricted
funds		 Restricted
funds		 Endowment
funds		 Endowment
funds		 Total funds Last year
to the nearest
£		 to the nearest £ to the nearest £ to the nearest £ to the nearest £
A1 Receipts
Donations - - - - -
- - - -
- - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Sub total(Gross income for AR)
A1 Receipts Unrestricted
funds
to the nearest
£		 Unrestricted
funds
to the nearest
£		 Restricted
funds
to the nearest £		 Endowment
funds
to the nearest £		 Total funds
to the nearest £		 Last year
to the nearest £

Donations		 - -
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
Sub total(Gross income for AR) - - - - -
A2 Asset and investment sales,
(see table).		 -
-
-		 -
-
-
-		 -
-
-
-
-
-		 -
-
Sub total - - -
Total receipts
A3 Payments
- -

Administration(Bills,Stationery,Software,		 - -
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-		 -
-
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-		 -
-
-
-
-
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-
-
-
Marketing& Subscriptions(Online & -
-
-
-
-
-
-
-
**Sub total ** - -
-
-
-
-
-
-
-
-		 - -
-
-
-
-
-
-
-
-		 -
A4 Asset and investment
purchases, (see table)

Loan repaid to external funds		 - -
-
-
**Sub total ** - - -
Total payments
Net of receipts/(payments)
A5 Transfers between funds
A6 Cash funds last year end
Cash funds this year end
- -
- **- ** -
- -
-		 -
-
-
-
-		 -

Section B Statement of assets and liabilities at the end of the period

Total cash funds
Details		 Unrestricted
funds
to nearest £		 Restricted
funds
to nearest £
-
-
-
-		 Endowment funds
to nearest £
-
-
-		 -
-
-
- -

Categories Details

B1 Cash funds

CCXX R1 accounts (SS)

27/08/2026

1

B2 Other monetary assets

B3 Investment assets

B4 Assets retained for the charity’s own use

B5 Liabilities

Signed by one or two trustees on behalf of all the trustees

Signature
Details
Details
Details
(agree balances with receipts and payments
account(s))
Details
~~SIGN~~
SIGN		 OK
OK
Unrestricted
funds
Restricted
funds
to nearest £
to nearest £
-
-
-
-
-
-
-
-
-
-
-
-
Fund to which
asset belongs
Cost (optional)
-
-
-
-
-
Fund to which
asset belongs
Cost (optional)
-
-
-
-
-
-
-
-
-
Fund to which
liability relates
Amount due
(optional)
-
-
-
-
-
Print Name
Francesco Vertucci
Francesco Carvelli		 OK
Endowment funds
to nearest £
-
-
-
-
-
-
Current value (optional)
-
-
-
-
-
Current value (optional)
-
-
-
-
-
-
-
-
-
When due (optional)
Date of approval
~~SIGN~~
SIGN		 Francesco Vertucci 27 August2026
Francesco Carvelli 27 August2026

CCXX R2 accounts (SS)

27/08/2026

2