Charity registration number 1186192 THE PIPA FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
The PIPA Foundation Reference and administrative infomiation TNstees L Fllho {Chalman) L Vinhaes R Vinhaes C Abifadd (appointed 1 July 20241 Charlty number 1186192 Prln¢lpal addr¢s$ 7 Daisy Lane London SW6 3DD Indendant examiner A Harper ACIE 42 Linwood Close London EC3V 3QQ Bankers Cashplus Bank 6th Floor One London Wall London EC2Y 5BB Itau Private Bank Bleicherwey 30 8002 Zurich Switzerland Charles Schwab & Co., Inc. Intemational Operations 1945 Northwestern Drive El Paso, Texas TX 79912-1108 USA
The PIPA Foundation Contents Page Trustees, report Independent examiners report Statement of financial activities Balance sheet Notes lo the financial statements 9-15
The PIPA Foundation Trustees, annual report For the year ended 5 Apnl 2024 The Trustees present their annual report and financial statements for the peri(Kl ended 5 April 2024. The financial statements have been prepared in accordance wth the accounting poliaes set out in note 1 to the financial statements and comply wth the charity's goveming document. the Charities Act 20118nd 'Accounting and Reporting by Chaiities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanual Reporting Standard appliCae in the UK and Republic of Ireland (FRS 1021. {effective 1 January 20191. Objectives and activitie The charity's objects are to promote and advance arts and culture for the public benefit. and to advance public knowledge, understanding, and appreciation of such arts and culture through various initiatives. These may indude, but are not limited to, org8nising and supporting exhibitions. educ8tional programs. and cultural events, woddwde. The main intention of the Trustees is lo provide free and unlimited public access to Brazilian Arts, enabling the public to experience and engage wth Brazilian culture. Through various initiatives, induding exhibitions, educational programs, and cultural events, the foundation seeks to advan public knOedge. understanding, and appreciation of Brazilian arts and ojlture. By offering these experiences, the foundation aims to inspire individuals. encouraging further thought and deeper understanding of the subject matter, ultimately contributing to the advancement of gjucalion and the public benefit in a meaningful way. The Trustees have paid due gard to guidance issued by the Charity Commission in deciding svhat activities the tharity should undertake. Achievements and perfonnanco The conlemporary art scene belyen April 2023 and )ri1 2024 was a dynamic period marked by several key trends. Digital art, fuelled by Al and NFTS, continued its rapid ascent, blurring the lines beeen physical and virtual realities. Social and political engagement remained a central theme, with artists using their work to address pressing issues like climate change and soci81 justice. The art also witnessed a blurring of boundaries between disciplines, as artists collaborated across various fields to create innovative and immersive experiences. The art market ntinUed to evolve, with increased accessibility and 8 growng focus on emergiThJ artists. Finally, global exchange and cultural diversity were prominent features of the contemporary art scene, with international biennials and art fairs shOWS1ng the work of artists from around the wodd. The PIPA Foundation conb'nued its mission lo promote Brazilian contemporary art and foster cultural exchange between Brazil and the UK through various initiatives th the Instiluto PIPA. A significant milestone was the launch of the first The PIPA Foundation Residency Program for Young Curators. collaborative effort with Chelsea College of Arts and TrAIN at UAL. This program aimed to support emerging curators by providing them with a unique opportunity to researth and develop new perspectives in a dynamic cultural environmenl.
The PIPA Foundation Trustees, annual report For the year ended 5 Apnl 2024 The call for applications for this residency generated ovee1M1ng interest. attracting neaY 70 applications from talented indwiduals. After a rigorous leCtIon prctess, Hanayra Negreiros was chosen as the inaugural recipient. Hanayra's impressive background in fashion research, curatorial practices, and Afro-Brazilian cultures aligns perfedy WTlh the progr8m's g0818. Her innovative 8pproa¢h and commitment to advancing the curatorial field made her an idea1 candidate to benefit frorn this residency experien. The PIPA Foundation is confident Ihat this residency has provided Hanayra wth invaluable insights and opportunities for personal and professional growth, and opportunities to collaborate wth UAL and The PIPA Foundation's partner in 8razil, Inslituto PIPA through its annual PIPA Prize initiatnie - having been invited to be one of the nominab'ng committee members for the 2025 PIPA Art Prize. By supporting young curators like Hanayra, the Foundatson aims lo contribute to the development of a vibrant and diverse cultural landscape, both in Brazil and the UK. The Residency program is fully funded by The PIPA Foundation and Chelsea College of Arts and TrM'n at UAL. and takes place every 2 years. The growih of the Foundation's activities and the interest expressed by young artists and other charitable organisations led to the launch of its website in mid-2023, which provides more in depth infomiation on its mission, objectives, partnerships and projects. The website also serves as a gateway to research on Br2zili2n Contemporary Artists and keeps track of the highlights of Instituto PIPA and PIPA Prize. As part of its ongoing efforts to exp8nd its glob81 netrrk and foster new partnerships. the Foundation attended the Business of the Art Summit in London in October 2023. During this time, il also had the valuable opportunity to strengthen its ties with the Brailian Consulate in London and Itamaraty. This engagement further solidified the Foundation's commitment to building meaningful international partnerships and enhancing ils global presence. At the start of the year. The Foundation was presented with the opportunty lo become a member of the Brazilian Patrons Cirde at Gasworks (Triangle Netwothl, by making an annual contribution lo finance part of a 3 month residency and exhibition (open studio vists lo the public) for such arbst. The Triangle Nerk is a global nerk of artists and visual arts organisations that support professional development and cultural exchange amongst arti*s, curators and other arts professionals throughout the world. It is an international network of over Ihirty arts organisalions, mostly bad in Africa, Asia and South America, regularfy developing and facilitating artists, residencies and workshops as well as peer-tI>er exchanges, tx)Ih beNveen the UK and the rest of the worfd. Gasworks is a non-profit contemporary visual art organisation based in the UK. working at the intersection between the UK and international practices and debates, and works as a hub for Triangle Network. The Trustees considered il to be in the best interest of the Organisalion alld, in line with its objectives. to pursue such collaboration, supporting talent. cross-cultural exchanges. artistic development, imagination, and innovation. Considering the presented potential benefits, the Trustees approved an annual cdlaboratson with the Triangle Nerk al Gasw)rf(s as of 1st April 2024. Such collatx)ratson consists of an annual o)ntribulion, ich has been set at £1,500 lone thousand. five hundred poundsl on an ongoing basis. Funding has been approved on a pemianent basls. lffespectlve of any polentl81 fluctuatlons In the yearfy donation amount due lo infiation or else.
The PIPA Foundation Trustees, annual report For the year ended 5 Apnl 2024 As part of the allernatNes being considered for 2025 and beyond, the Trustees are exploring the setup of an annual sponsorship program for art residencies for Brazilian artists in London, in conjundion Mrith Gasworks, as a natural evolution of its partiapab'on in the Triangle Netvth., A FX)lential art and exhibition project with the Attenborough Arts Centre, University of Leicester.. and a potentl81 cdlaboralion wth Thanks for Nothing, a French non-profit organization that brings together artists and actors of the art world lo develop artistic and solidarity-drwen projects with a major impact on society. Some of the initiatives detailed above, as well as invitations from institutions based in France and Portugal (to name a few) to cc41aborate andlor parbcipate in projects in such countries, have contributed to the evaluation of the Foundation's objectives. Pursuant to the Organisation's mission to promote the world of Brazilian Contemporary Art on the global stage, and in consideration of th8 opportunities to promote the CIO beyond borders. the Trustees have approved the amendment of its Constitution lo revise its objectives as stated above. Such change was approved by the Charity Commission on 22nd November 2024 and became effective on 25th November of the same year. The Trustees b81ieve that there is a growng global emphasis on indusivily, diversity, and cross-cullural dialogue and that by broadening the Foundation's focus and geographic scope, il aligns with these trends and positions itself as a leader in fostering international cultural collaboration. This strategic alignment not only enhances the effectiveness of the Foundation's work bul also ensures that its objectwes are relevant to contemporary social and economic contexts. As such, and given the acceptan of the re-evaluation of the Foundation's objectives by the Charity Commission, the Trustees have approved the iniliatNe to hold an exhiFition featuring a curated selection of Insliluto PIPA'S art collection (Brazilian Contemporary Artislsl, at Torreao Nascente da Cordoaria Nacional in Lisbon, Portugal. The exhibition 11 run from 26th February to 15th June 2025 and will be sponsored by The PIPA Foundation in conjunction wth G8lerias Municip8is (Lisbon. Portugall. The exhibition, specially conceived for the Torreao Nascenle at the Cordoaria Nacional, and ojrated by Lulz Camillo Osorio, wll fo¢us on a produdion after the popular uprisings of 2013 emphasizing a Braal marked by cultural confflicts and political polarizalion. Thus, the exhibition brings together various displacemenls-of lerrilories. times, and poelicwnlroducing tx)dies and subjectivities that were kept in the shadows in the Brazilian art scene but have rentlY emerged. Exploring the materiality of images lo highlight the tensions of Ihe past and the present. This will be the first intemalional exhibition of The PIPA Foundation and Instituto PIPA, to be held at a historic space dedicated to highly relevant exhitxtions, marlang a significant fflilestone in promoting Brazilian ontsmporary art on European soil. In mid-2024, in recognition of her significant contributions to the Organizalion and her active involvement wlh the Foundation since 2021, Ihe Trustees appointed Ms. Carmelina Abifadel as a Trustee, effective July 1, 2024. This appointment has proven to be a valuable asset, bringing fresh perspectives and unwavering dedication lo the Foundation's mission. Finally, The PIPA Foundation continues its collaborats'on wth Instiluto PIPA. This ongoing partnership, supported by both organizations sharing the same t#)ard of trustees, has proven to be highly efficient and cost-8ffective. The mutual understanding and seamless cooperation befvleen the fv40 entitses have allowed The Foundati( to operate smoothly while minimizing *Jministralive costs.
The PIPA Foundation Trustees, annual report For the year ended 5 Apnl 2024 Flnan¢lal revlew l am happy lo report that the charity is in a very stable financial pos¢ts'on wlh the net income for the year beiiig £99,613 {2023." £70,188). The main reasun lor this is Ihe reveiiue streani Idividends} ceiVed fr(xn Ihe shareholding in Investidor Profissional Gestso de Recursos Ltda - best known by its trademark IP Capital Partners. IPCP is Braal's most traditional independent investment manager and has long been invdved in supporting Braalian contemporary art. The charity aCqUid its shares at par value via the Trustee Roberto Vinhaes, who w25 One of the company'5 founding partners. Income in the year was £119.181 12023.. £115,868) predominantly arising from income from the IPCP investment described ab)ve. Exp8ndilure in the year was £19,568 {2023.' £45,700). Of this sum £14,951 (2023.. £40.815) related to direct charitable expenditure and £4,617 (2023.. £4.8851 related lo support costs. As sel out above the charity is now in a very stable financial position. The Trustees have finalized a resetves policy which comprises 24 months, worth of operating costs. Resetves held al 5 April 2024 were £959,608 {2023.. £925.611 } as represented by net current assets. The valuation of Ihe fixed asset investments was incorrectly stated in the 2022 finanaal statements, and consequently some of the comparative figures from the 2023 financial statements have been restated in this yeals accounts. These prior year 8djustmenls are described in the notes to the accounts. Structurej governance and managgmgnt The charity was established by a constitution dated 21 October 2019 and was foThed as a Charitable IncorFx)rated Organisation. The Trustees who served during the year and up lo the date of signature of the financial statements were: L Filho L Vinhaes R Vinhaes C Abifadel (appointed 1 July 20241 The Trustees meet regularly in order lo dIU95 the ongoing administrative and other issues arising and then imFdement the decasions made themselves. Thus there are no employees of the charity. The Truslees, report was approved by the Board of Trustees. Trustee Dated 14th February 2025
The PIPA Foundation Trustees, annual report For the year ended 5 Apnl 2024 ststement of Trustees, Responsibilities The Trustees are responsible for preparing the TNslees' Report and the financial statements in accordance with applicable law and United Kingdom Awunting Stsndards {United Kingdom Generally Aepted Accounting Practice). The law applicable lo charities in England and Wales requires the Trustees to prepare finan(ial slatements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the TTuslees are required to.. select suitable accounting policies and then apply them consislenuy., observe the methods and inCIpleS in the Charities SORP., make judgements and estimates that are reasonable and prudent.. slate whether applicable accounting standards have been followed, subject to any malerial departures dilOSed and explained in the financial statements., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disc105e with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements cc*nply wth the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The PIPA Foundation Independent Examiner's report To the trustees of The PIPA Foundation To be completed
THE PIPA FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT For the year ended 5 Aprll 2024 Not•s 2024 2023 In¢om• Donations and leg*ie8 Investmenis 26 119,155 17 115,851 Total Income 119,181 115.868 Expendtture Charitable Activities 19,568 45,700 Total ExpandStur• 19,568 45.700 Net income before investment returns 99,613 70,168 Net 98ln l 00&81 on inv8sbnènts 10, 15 165,6161 146,0291 Not movement In funds 15 33,997 24139 Total funds brought fofwar(I 15 925,611 901,472 Totsl funds rrIed fonvard 959,608 925,611 There are no recognised gains and losses other than those passing through the income and expendrture account. All income and expenditure is in respect of the charitable company's cntinuIng activities.
THE PIPA FOUNDATION BALANCE SHEET As at 5 Aprll 2024 2024 20rJ Notes Flxed Assots Investments 11 351.574 351,574 411.234 411,234 Current A¥s¢ts Bank and cash Debtors 613,578 1,141 814,719 522,177 12 522,177 Creditors 13 6.685 7.800 Net Current Assets 608,034 514,377 Totsl NotAs$0ts 9$9.608 925,611 R•prgn¢8d by.. unrestric Funds 959.608 25.611 Totsl Fund8 959.608 925,611 The financial statements were approved by the Trustees on 14 February 2025. Twstee Roberto Ribeiro Vinhaes N8m8
THE PIPA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 April 2024 The PIPA Foundati1 is a Ch8rit8ble Incorpored Org8ni581ron. The re9igred Offi is 7 Oaisy L8ne. London SW6 3DD. 1. Accounting Policie¥ The princip81 a¢UtIng policies adopted, judgements aThY key sources of e8timats.on aThY uncertainty in the Parat of the finanGial statenients are as follows. al 8as16 of preparatlon Th8 finan(aal statem8nts hav8 b88n pr8par8d in 8c(x)rd8nce with the charity's gov8ming durnent, Ihe Ch8riti8S Act 2011, FRS 102'The Finallal Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102.1 and Ihe Charities sORP"A0untlng and Reporbng by Charities.. Staternent of ReLX)rnrnended Practi appIlble to charities preparing their accounts in accordance with the FinatKial Reporting Standard applicable in the UK and Rapublic of Iraland IFRS 1021" lèff11v• 1 January 20191. The charity meets the definition of a public benefit entty as defined by FRS 102. Thè finanual statèmants havè dapartad from thè Charitiès IAceounts and Rèports) Règulations 2008 only to thè extent required tts provide a true and fair wew. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the vet5ion of the Statement of RecomrYnded practi which is referred to in the Regulatn$ but which has snce been withdrawn. As88ts and liabiliti8s are inth8lly r9¢0gnised at historical cost OT transaction v81ue, unle&8 0th9nAse ststed in the relevant not8 b810w. The financial statements are prepared in steding. which is the functional currency of the charity. Monetary amounts in th8se financial statements are rounded to the nearest £. bl Golng Concern The trustees consider that there are no maierial unrtaIntieS about the charitys ability to continue as a golng COeM. el Funds Unrestricted funds are those funds which can t used for any purpose in furtherance of the charitable objects. UnStriCted funds indude designated funds where th& trustees have, at their disuetion, tempcn1Y set asMJe resources for a specific purpose. dl Incomè Income is irude in the accounts ts the chawtty has ents"tlement, the arnount can be measured wth sufficient reliabilty and there is the probability ol re¢pt. Donations includ8d wh8n given. tog8th8r wth an 85tirnata of tha ralatad gift aid du8 thér60n. Legacies are induded when the date ol probate is ascertained and the annI receivable can be reliably estimated. Investment Irorne 15 rewgnised on the date ol p8yrnent. •) Inv•stmants1Sntor•stl Interest on funds held on deposit is induded when reCeiVae and the amount can be measured reliably by the company., this is nomally upon notification of the interest paid or PaYae by the bank. Expendlture Expenditure is induded on an accruals basis when incurred, that is when a kgal or o)nstruclive cknligation arises, and includes related irrecoverable VAT. Future liabilityes are induded at the best estimate of the amount requir to settle them. Chartsble actiities expenditure includes the costs of deliverin9 services and other 8¢tivitie$ undertaken to further the PUWP¢X89s of thg tha[Y and their 8880ry8ted suptK)rt (x)sts
THE PIPA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 April 2024 1. A¢¢ounting Policies l¢ontinuedl (irants payaDie are made to u)Ird parties In frjrtheran ot Ihe cNanty's Objects. bingie or multi-year grants a accounted for when either the reapient has a reasonable expectation that they will receive a grant and the trustees hava agrèed to Pay thè grant th0lrt CondOn, or thè rac1pnt has a réasonablè 6xpèctatk)n that thèy will r8e8N8 8 grant and any condition attaching to the grant its tsutside of Ihe control of the charity. Provisions for grants arè madè whèn thè intantion tts makè 8 grant has baen eommunic8t8d tr) th8 raclplènt but thare is uncertainty aboLJt 8ith8r the timing of the grant or the amount of grant payabl8. gl Flxed a58et Investment¥ Fix8d ass8t invèstsll8nts arè init48lly m6asur8d at tr8nsacti(N) Pricè 8xduding tran$aCtK (x)sts, and arè subs8quèntly m88sured at fair value at 8ach reporting dat8. Ch8ng88 in f8ir value ar8 r8cognis8d in net in<x)mell8xpenditur81 for the year. Transaction costs are ex[nsed as incurred. h) Cash and cash equlvalents Cash at bank and in hand indudes cash and shcrt terrn highly liquid investments with a short maturity of three monlhs or less from the date of ao]uisition or opening ol the deposit or similar Ount. il Financial instruments Th8 charity has elected to apply th8 pfoviSK)ns of Section 11 'Basic Financial Instruments, Section 12 Other Finanaal Instruments, of FRS102 to all of its finaniial inslruments. Finanrial instrLJrnents ar8 r8(x)gnised in Ihe th8rity8 bal8nc8 8he9t when the charity becomes party to the (xjntrddual provisions of tha instrumènt. Finanaal 8SS8tS 8nd liabi1th8s are offs8t. wilh th8 n8t 8mtxJnts pres8nted in the financial stat8m8nts, wh8n is 8 legally enfoTC88ble righl to S8t off the recognis8d 8mrAJnts and there is an intention to sewe ¢)n a net b8818 or to reali89 the asset and setue the liability slrnultaneouy. 8a$lc Ilnondgl assets Basic financial assets, which inclwle debtors arKI cash aThY bank balan5, are inttially measured at Iransaction pri induding tranSalOn and are subsequently c8rried at amortised (x)8t using the effective interest rnetd unl88S the arrangerr*nt constitutes a financing Iransaclion. where the transaction is rneasured at the present value ol the future receipts discounted at a market rate of interest. Financial assets classified as r1Vable within one year are not anx)rtlse(J. Ba$1¢ flnanclal Ilabllmlos Basic financial liabilities. induding creditors and bank loans a initially recognised at tranSacon price unless the arrangement constitutes a financing traaCtIon, where the debt instrument is measured at the present value of the future payments dis¢ountsd at a market rate of inierest. Finan¢ial liabilibes dasgfied as payable within one year are not anKJrtised. Debt instruments a subsequently carried at anKJrtised cost. using the effective interest rate meth¢JY. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Arrounts payab are classified as current liabilities if payment is due wilhin one year or less. If not, they are wesented as non-current liabilities. Trade creditors are recognised inthally at transaction pri and subsequenuy measured at amortssed cost usin9 the effe¢'ve interest method. Dtrrncognilion of financial liabilitiès Finanaal liabilities are dereoognised when the charity's o)ntractual obligations expire or are discharged or canielled. jl Taxation As a wistered charity the Foundation is exempt from taxat'on on its actrvities which fall wrthin the scope of part 10 ITA 2007 and section 256 of the Taxat ofchargeable Gains Aci 1992. 10
THE PIPA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 April 2024 1. Accounting Policies l¢ontinuedl kl Foreign gx¢hangg Transartions denominated in foreign currenry are rewrded at th8 rate ruling at Ihe date of transa¢t)n. Monetary assets and liabilities denominated in foreign currencies are translated into sterting at the rates of exchange ruling at the balance Sheet date. Al differences are induded in other rec¥)gnised gains and lo&ryes in the Statement of Finanaal Activities. 2. Critical accounting e$timat88 and judgement$ In the application of the charity's aco)unling policies, the Trustees are required to make judgernents, estimates and assurnption8 abwt the carryinq 8mount of assets and li8bilities th arg not rgadily 8pp8reNt from oth8r sourc8s. The 85tirn8t85 and associated assumptions ar8 basad on histori(xl 8xpaii8n(% and olhar factors that are cldered to be relevant. Actual resulls may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Rewgons to aCuun.n9 estimates are reo)gnised in the period in which the estimate is revised where the revision affects only tha¢ period, or in Ihe penrxl of the revision and future periods where the remsion affects both current and future Per$. 3. Donatlons and Loga¢l•s 2024 2023 Gener81 don8tions Iuding GtR Aid 26 26 17 4. Invesknents 2024 2023 Inu)m& from unlisted invèslmènts Intèrast r?l¥abl 88,704 30,451 119155 112,349 3,502 115851 S. Charl1ab Adlvltl•s 2024 2023 Grant funding of activibes Isee note 61 IT and website rx)sts Travel (x)sts Support wsts (see note 71 1,500 9,613 3,838 4,617 40,815 4,885 19,S68 4S,700 11
The PIPA Foundation NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 Apn"12024 6. Grants payabl• 2024 2023 Grants to inslilulions.. Pipa Inslf(uto Triangle Arts Trust 40.815 1,500 1,500 40,815 7. Support Costs 2024 2023 Accountancy fees Bank charges Independent examination 3,230 332 1,055 1,800 85 3,000 8. Trusteas. r8mungratlon and expgns8S Non8 of thg Trusteès lor any persons ¢onne¢teil with tmI rg¢ghigd any remungration ¢x bgn8fits fr¢yn the charity during the perioJ12023 £nill. In 2024.. 1 trustee recwved eXnseS in respect of board meetings and events amounting lo a totsl of £173. In 2023.. no trust88s rgcgN8d expgnses in respgct of board mggtings and events. 9. Employe0$ The average monthly number of emptoyees during the year was= 2024 Numbor 2023 Numbor Total 10. Net gainsl11iSO$I on investm•nts R•$tated 2023 2024 Revaluation of investments Gainlllossl on sale of investments Foreign exchange 9ainslllossesl {59,6601 1,576 17.5321 153.4941 16,245 18.7801 65,616 46,029 The valuation of investments change in 2023 was staled incorrectly as an increase of£37,244. Tho error arose from an undeNalualion of the investments acqulred by the charlty In 2022. whlch Is delalled in note 15. 12
The PIPA Foundation NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 Apn"12024 11. Flxed ass8t Inv&stm8nts Total Cost or valuation At 6 April 2023 Additions Valuatw)n changes 411,234 159.6601 At 5 April 2024 Carrylng amount At 5 April 2024 At 6 April 2023 351,574 351.574 411,234 12. D•btors 2024 2023 Prepayments 1,141 13. Creditors 2024 2023 Accruals Trade uedllors 1,825 4,860 6,685 7,800 14. Related Party Transactions The charity holds an interest in a non UK private company in the year known as IPCP (see Trustees Report for further detallsl. The Twstee Mr R Vinhaes Is a sharehokler of this company and holds a subslanlial interest. The details of this investment are di$dose(J in note 10. InLx)me arose on this investment in the year in the Sum of £88,70412023= £112,350). 13
The PIPA Foundation NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 Apn"12024 15. Prlor rIOd orrtys and adjustmènts Net galnslllossesl on Investments Rostatod 2022 2022 Revaluation of investments Gainlllossl on sale of investments Foreign exchange gainsl{lossesl 366,852 457,590 3,241 3,241 370,093 460,831 Consequenuy. the revaluation of investments in the Pri year accounts120221231 detsiled in note 10 was stated ino)rreclly. as the brought forward valuation foure was incorrect Isee above). The change in the comparative figures for note 10 are as follows.. Net gainslllossesl on investments Restated 2023 2023 Revaluation of investments Gainlllossl on sale of investments Foreign exchange gainslllossesl 37,244 16,245 18,7801 44.709 153,4941 16.245 18,7801 146,0291 The comparaliva figures on the Statement of Financial Acfjvtues for 2022123 also require reslalemenl, as foll¢Ms'. Rgstat8d 2023 2023 Net incorne before investment returns 70.168 70.168 Net gain I Ilossl on investments 44,709 146.0291 Net movement in funds 114.877 24,139 Total funds brought forward Total funds carried forward 810,734 925.611 901.472 925,611 14
The PIPA Foundation NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 Apn"12024 15. Prlor rIOd orrtys and adjustmènts Icontlnuad) The notes for the cost of valuation of fixed asset investments also require Testatement. as follows= Roststed 2022 Flxed asset Investments 2022 Cost or valuation At 6 April 2021 Addrtions ValuatK)n chanoès 7,138 366.852 7,138 457.590 At 5 April 2022 Carrying amount Al 5 April 2022 At 6 April 2021 373,990 464,728 373,990 464,728 Fix¢d •$$et inve$lments 2023 2023 Cost or valuatlon At 6 April 2022 Additions Valuation changes 373,990 464.728 37,244 153,4941 At 5 April 2023 C•rrying amount At 5 April 2023 At 6 April 2022 411,234 411,234 411,234 373,990 411.234 464.728 15