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Company registration number: 08631870
Charity registration number: 1155118
Villa Lena Foundation
Trustees' Report and
Unaudited Financial Statements
For The Year Ended 31 December 2025
Davé and Co
Contents
Page
Trustees' Report 1—3
Accountant's Report 4
Statement of Financial Activities (including Income and Expenditure Account) 5
Balance Sheet 6
Notes to the Financial Statements 7—9
Page 1
Trustees' Report
The trustees present their report and the financial statements for the year ended 31 December 2025.
Objectives and Activities
Aims and Objectives
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 programs in Tuscany. 
The residency program is set near the small town Palaia on the grounds of Villa Lena estate, which is a boutique hotel, restaurant, event space and boasts buildings dated back to 1700s, several sites of ruins, endless parks with over 400 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 space, networking 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 hotel guests, the local community, and the rich craftsmanship of Tuscany. For example, the Foundation has a relationship with Il Bisonte master-etchers in Florence. 
Significant Activities
The Foundation continues to improve the logistical framework and structure to carry out its mission. 
During 2025 around 40 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 Megan Gabrielle Harris, Ruba Salameh, David Brooks and Lizzi Bougatsos and music performance by Caleb Moore.The donations will financially benefit the Foundation in due course when sold. 
A particularly significant highlight of the year was a project initiated by visual artist David Brooks, whose practice explores the shifting boundaries between culture and ecology. During his residency, Brooks organised the burial of a time capsule in Toiano Vecchio on 10 July 2025. The capsule was filled with contributions from fellow residents artist, including drawings of rocks annotated with the GPS coordinates of the locations where they were made, Brooks’ bird-sighting checklist, menus and other memorabilia documenting life and artistic activity at Villa Lena during this period. The capsule is intended to remain sealed for 50 years and to be opened in July 2075, creating a unique long-term record of the Foundation’s creative community and its relationship with the surrounding landscape. 
Workshop programming remained a central part of the residency experience, with approximately 60 workshops delivered in 2025. All residents contributed to a shared programme of sessions, fostering creative exchange, collaboration and engagement across disciplines.. Highlights included a natural ink making workshop led by Veronica Buitron, a colour plate making with ceramist Andrea Roman and writing sessions led by Becky Cooper, each offering to our creative community new approaches to material and collaboration. Throughout the year, residents also opened their studios for visits from local and international collectors, providing valuable exposure for their work and strengthening ties with the Foundation's wider network. Guests included talent agent Georg Rulffes, curator Iwona Blazwick and collector Umbreta Beretta.The programme's calendar was further marked by the Foundation's annual dinner, bringing together residents, alumni, collectors and friends of Villa Lena. 
The Foundation’s partnership with Palazzo Strozzi in Florence continued in 2025. Throughout the year, Director Arturo Galansino and Head of Exhibitions Riccardo Lami visited Villa Lena to view the studios of the artists in residence as well as to attend the Foundation’s annual dinner. 
With the focus of reaching and supporting artists from a number of backgrounds and in particular circumstances, the fourth year of collaboration with The Residency continued in 2025, 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. 
In 2025 the Foundation renewed its commitment to supporting family residencies, offering places on the programme to artists as they navigate the balance between their creative practice and parenthood. Families taking part, live within the wider Villa Lena community alongside fellow residents, sharing in the daily life of the estate: this year the Foundation was pleased to host Veronica Buitron and Lena Rott together with their families as part of this continuing initiative. 
Reference and Administrative Details
Trustees
Mr ANILKUMAR DAVE
Ms ELENA EVSTAFYEVA
Mr Jerome HADEY
Charity Number
1155118
Page 1
Page 2
Company Number
08631870
Accountants
Davé and Co
Chartered Accountants
18 Fitzhardinge Street
London
W1H 6EQ
Page 2
Page 3
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The trustees' report was approved by the board of trustees and signed on its behalf by:
Ms ELENA EVSTAFYEVA
Trustee
24 September 2026
Page 3
Page 4
Accountant's Report
Accountant's report to the board of trustees on the preparation of the unaudited statutory accounts of Villa Lena Foundation for the year ended 31 December 2025.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Villa Lena Foundation for the year ended 31 December 2025 which comprise the Statement of Financial Activities (including Income and Expenditure Account), Balance Sheet and the related notes from the charity’s accounting records and from information and explanations which you have given to us.
This report is made solely to the board of trustees of the charity, as a body, in accordance with our letter of engagement dated . Our work has been undertaken solely to prepare for your approval the financial statements of Villa Lena Foundation , and state those matters that we have agreed to state to the board of trustees of the charity, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Villa Lena Foundation and its board of trustees, as a body, for our work or for this report.
It is your duty to ensure that Villa Lena Foundation has kept sufficient accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus or deficit of the charity. You consider that Villa Lena Foundation is exempt from the requirement to have a statutory audit or an independent examination for the year ended 31 December 2025.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
24 September 2026
Davé and Co
Chartered Accountants
18 Fitzhardinge Street
London
W1H 6EQ
Page 4
Page 5
Statement of Financial Activities (including Income and Expenditure Account)
2025 2024
Unrestricted funds Unrestricted funds
Notes £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 3 12,533 29,995
EXPENDITURE ON:
Raising funds 4 (54,808 ) (29,512 )
NET (EXPENDITURE)/INCOME (42,275 ) 483
NET MOVEMENT IN FUNDS (42,275 ) 483
RECONCILIATION OF FUNDS:
Total funds brought forward (34,021 ) (34,504 )
TOTAL FUNDS CARRIED FORWARD 10 (76,296 ) (34,021 )
The notes on pages 7 to 9 form part of these financial statements.
Page 5
Page 6
Balance Sheet
2025 2024
Unrestricted funds Total funds
Notes £ £
FIXED ASSETS
Investments 7 100 100
100 100
CURRENT ASSETS
Stocks 8 9,308 9,306
9,308 9,306
NET CURRENT ASSETS (LIABILITIES) 9,308 9,306
TOTAL ASSETS LESS CURRENT LIABILITIES 9,408 9,406
Creditors: Amounts Falling Due After More Than One Year 9 (85,704 ) (43,427 )
NET LIABILITIES (76,296 ) (34,021 )
FUNDS OF THE CHARITY
Unrestricted Funds (76,296 ) (34,021 )
TOTAL FUNDS 10 (76,296 ) (34,021 )
For the year ending 31 December 2025 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Ms ELENA EVSTAFYEVA
Trustee
24 September 2026
The notes on pages 7 to 9 form part of these financial statements.
Page 6
Page 7
Notes to the Financial Statements
1. General Information
Villa Lena Foundation is a company limited by guarantee, incorporated in England & Wales, registered number 08631870 and registered charity number 1155118 . The registered office is .
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements 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 accordance 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 charitable company is a Public Benefit Entity as defined by FRS 102.
2.2. Resources Expended
The Foundation received application fees from prospective artists to enroll onto the residency program. Total fee received during the year was €7,413.The remaining incidental expenses were borne 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 2025, total artworks sold raised €550. 
2.3. Investments
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the statement of financial activities. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the statement of financial activities.
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3. Income from Donations and Legacies
2025 2024
Unrestricted Unrestricted
funds funds
£ £
Donations and gifts 6,081 21,000
Donated goods, facilities and services 6,452 8,995
12,533 29,995
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4. Analysis of Expenditure
2025
Activities undertaken directly Support costs
(see note 5 )
Total
£ £ £
Raising funds 9,000 45,808 54,808
2024
Support costs
(see note 5 )
£
Raising funds 29,512
5. Support Costs
2025 2024
Raising funds Raising funds
£ £
General administration 45,790 29,501
Interest payable 18 11
45,808 29,512
6. Average Number of Employees
Average number of employees during the year was: 3 (2024: 3)
3 3
7. Investments
Subsidiaries
£
Cost or Valuation
As at 1 January 2025 100
As at 31 December 2025 100
Provision
As at 1 January 2025 -
As at 31 December 2025 -
Net Book Value
As at 31 December 2025 100
As at 1 January 2025 100
8. Stocks
2025 2024
£ £
Limited edition prints 9,308 9,306
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9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Other creditors 85,704 43,427
10. Movement in Funds
As at 1 January 2025 Income Expenditure As at 31 December 2025
£ £ £ £
Unrestricted funds
General:
General unrestricted fund (34,021 ) 12,533 (54,808 ) (76,296 )
Total funds (34,021 ) 12,533 (54,808 ) (76,296 )
As at 1 January 2024 Income Expenditure As at 31 December 2024
£ £ £ £
Unrestricted funds
General:
General unrestricted fund (34,504 ) 29,995 (29,512 ) (34,021 )
Total funds (34,504 ) 29,995 (29,512 ) (34,021 )
11. Related Party Disclosures
12. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
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