## **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:
- Marcello De Mello (Chair), appointed 25 October 2019
- Francesco Vertucci, appointed 26 May 2018
- Jasmine Balder, appointed 25 May 2018
- Francesco Carvelli, appointed 11 November 2015
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:
- public exhibitions and art awards
- workshops and educational programmes
- artistic residencies and commissions
- in-person and online events and performances
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:
- Total gross income: £0
- Total expenditure: £0
- Net movement in funds: £0
- Cash funds at 31 October 2025: £0
- Other monetary assets, investment assets and assets retained for the charity’s own use at 31 October 2025: none
- Liabilities at 31 October 2025: none
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:
**----- Start of picture text -----**
SIGN
_______________________________
**----- End of picture text -----**
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,|**-**||**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|
|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