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 Inde￿ndant 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 appliCa￿e 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 knO￿edge. 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 bely￿en 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 be￿een 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 shOW￿S1ng 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 ove￿e1M1ng interest. attracting nea￿Y 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 netr￿rk 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 Ne￿rk is a global ne￿rk 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 ba￿d 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 Ne￿rk 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 re￿ntlY 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 aCqUi￿d 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 dI￿U95 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 A￿epted 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 di￿lOSed 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 c￿ntinuIng 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$9.608 925,611 R•prg￿n¢8d by.. unrestric￿ Funds 959.608 25.611 Totsl Fund8 959.608 925,611 The financial statements were approved by the Trustees on 14 February 2025. Twstee Roberto Ribeiro Vinhaes N8m8 THE PIPA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 April 2024 The PIPA Foundati1￿ is a Ch8rit8ble Incorpor*ed Org8ni581ron. The re9i*gred Offi￿ is 7 Oaisy L8ne. London SW6 3DD. 1. Accounting Policie¥ The princip81 a¢￿U￿tIng policies adopted, judgements aThY key sources of e8timats.on aThY uncertainty in the ￿￿Parat￿￿ of the finanGial statenients are as follows. al 8as16 of preparatlon Th8 finan(aal statem8nts hav8 b88n pr8par8d in 8c(x)rd8nce with the charity's gov8ming d￿urnent, Ihe Ch8riti8S Act 2011, FRS 102'The Finall￿al Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102.1 and Ihe Charities sORP"A￿0untlng and Reporbng by Charities.. Staternent of ReLX)rnrnended Practi￿ appIl￿ble to charities preparing their accounts in accordance with the FinatKial Reporting Standard applicable in the UK and Rapublic of Iraland IFRS 1021" lèff￿11v• 1 January 20191. The charity meets the definition of a public benefit entty as defined by FRS 102. Thè finanual statèmants havè dapartad from thè Charitiès IAceounts and Rèports) Règulations 2008 only to thè extent required tts provide a true and fair wew. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the vet5ion of the Statement of RecomrY*nded practi￿ which is referred to in the Regulat￿n$ but which has snce been withdrawn. As88ts and liabiliti8s are inth8lly r9¢0gnised at historical cost OT transaction v81ue, unle&8 0th9n*Ase 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 un￿rtaIntieS about the charitys ability to continue as a golng CO￿eM. el Funds Unrestricted funds are those funds which can t* used for any purpose in furtherance of the charitable objects. Un￿StriCted funds indude designated funds where th& trustees have, at their disuetion, tempc￿n1Y set asMJe resources for a specific purpose. dl Incomè Income is ir￿ude￿ 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 an￿nI receivable can be reliably estimated. Investment Ir￿orne 15 rewgnised on the date ol p8yrnent. •) Inv•stmants1Sntor•stl Interest on funds held on deposit is induded when reCeiVa￿e and the amount can be measured reliably by the company., this is nomally upon notification of the interest paid or PaYa￿e 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 acti*ities 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 Cond￿On, or thè rac1p￿nt 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