The Plpal Foundatlon IReglstered as a Scottlsh Charltable Incorporated Or8an15ation) Charfty No: SC049091 Report and Financial Statements For the year ended 31 March 202S
The Pipal Foundation Contents P4e Legal and Administrative Information Trustees, Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Note5 to the Financial Statements 8-11
The Plpal Foundation Legal and Ath7lnlstratlve Infomiatlon Trustees Prlnclpal Address Greyfriars Charteris Centre 140 The Pleasance Edinburgh EH8 9RR Independent ExamSner MHA Chartered Accountsnts 6 St Colme Street Edinbur8h EH3 6AD Banke Bank of Scotland PO Box l(LlO BX2 ILB Investment Managers Rathbones Investment Management 10 George Street Edinburgh EH2 2PF Scottish tharity Number SC049091
The Plpal Foundatlon Trustees, Report For the year ended 31 March 2C125 The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 bAarch 2025. Objectives The organisation's charitable purposes are: To promote and advance education and the prevention and reef of pcNerty in the developin8 wortd, particularly for the benefit of children and young people. through facilitatin8 the provision of support tc charbtable organisations in India; and To promote aNI advance education. the prevention and relief of poverty and citizenship and community development. through training and support Initiatives focused on di$vantaged and below poverty line rural farming Communities in India. The planned artivities of the charity are to e5tabli5h a dairy farm on land of around 27 acres which has now been puicha5ed through our wtK•lly owned private limited company in India. That company, with funding frofn thi5 charity, will establbh a dairy farrn on suitable land comprising of awroximately 80 acres two phases. All profits generated from the proposed dairy faffli will be utllised for tharitable purposes ty supportlng approprlate Indian NGO'S and cornmunltles. Achlevements and performance Good progress has been made in setting up the dairy farm. With the approval of the woject plan and budget in March 2U24, -ofvr' Dairy and Livestock Fann were appointed to carry oirt the construction and implementation of the farm, including the appointment Df a Farm Manager and anirn31 purchases. Construction has been slower than hoped for due mainly to unseasonal rains, It building works including elertricity and water provision. cowsheds. staff accommodation and other structures has been steady. such that they should be finalised by the end of 2025 with the first animals arriving in early 2026. Injanuary 2025. f the Royal (Dickl School of Veterlnary Science was appolnted to the Board and in February, he and another Trustee. isited the site. They wefe able to see for themselves the progress being made. give advice where needed and to interview candidates for the role of Farm Manager. sadly no suitable candidate was appointed at that time but it Is hoped that one will be in pla in the coming weeks. Discussions are nearing completion on leasing land at a nearby site for fodder productlon. This is considered a prlent move given our estimated fodder requtrements. Meanwhile our own crops have been harvested and stored in our on site bunkers. On the governarKe side, the risk registers for both the charity and the Indian Subsidiary are constantly reviewed and updated by the Trustees. There has been no progress in the legal case surrounding the land purchased by the Indian subsidiary which involves an historic sale agreement previously registered in 2010. We have taken legal advice and have been assured that our wrchase is not at risk but have come to appreciate that these cases are not finalised Qukty.
The Pipal Foundation Trustees. Report For the year ended 31 Marth 2025 Flnandal Inforniatlon There was an overall negative movement in funds in the year of £82,549 {2024: ne8ative movement of £23,0021 leaving reseNes at the year end of £2,981,490 (2024: £3,064,0391. The deficit is due mainly to the rise in the pound against the rupee thereby devaluing the investment in PCDF. The devaluation however is beneficial in that the funds transferred have a greater buying power in India. During the year the charity continued to purchase share capital, leavin8 the value of the Investments at £1,511,964 {2024: £540,283) in Pipals Community Dairy Farm Private Limited, a company registered in India. PCDFP Limited is a wholly owned subsidiary of the charity and its net asset balance at 31 March 2025 is reflected as part of the investments of the charity at the year end. Consolidated financial statements have not been prepared on the basis that the combined gross income of the group is less than £500,000. The Trustees confirm that the assets of the charity disclosed in the Balance Sheet are available to fulfil any of its obligations and that the financial position is satisfactory in view of the chariWs future plans and commstmen Reserves Policy The charity has no identified minimum reserve requirement, however. in order to be able to meet commitments as they fall due, the Trustees take into account market volatility and. predirted income receipts in determining the reserve funds to be held. Artual -free" unrestrirted revenue funds at the year end were £2,981,490 {2024: £3,064,039). Plan5 for Future Periods As noted, we are nearing completion of the farm infrastwrture as well as appointing a Farm Manager. The first animals have been scheduled to arrive in January 2026 and discussions are nearing completion of suitable customers for our milk. Hopefully the next financial statements will incorporate a short period of trading. Structure, Governance and Management Constltutlon The Pipal Foundation was establlshed by Constitution and incorporated with OSCR as a SCIO with effect from 28 February 2019. OrganlsatSon and Trustee Appolntment Trustees are appointed and removed by the Board of Trustees in accordance with the Constitution. The Trustees meet regularly to review the administration and activities of the charity. The Trustees who held office during the year under review are detailed on page l. The minimum number of charity Trustees is 3. A person is eligible for appointment to the Board if they support the charitable purposes of the organisation and are proposed by two or more existing Trustees. New Trustees are inducted and trained by the existing Trustees to ensure awareness and understanding of their responsibilities and of the structure, finances and plans of the charity.
The Pipal Foundatlon Twstees, Report For the year ended 31 March 2025 Risk Manasement The Trustees have assessed the major risks to which the charity is exposed. in particular those related to the operatior6 and finances of the charity and are satisfied that systems are in place to mitigate exposure to mapr risks. A Risk Register has been prepared, and wl1 I be reviewed by Trustees on a regular basi5 at their Board meetin8S. Trustees Respon51bllltles Ststement The Trustees are responsitAe for preparing the Tru5teeg Report and the Financial Statements in accordance Imth applicable law arKI United Kingdorn Accounting Stsndards (United Kingd1 Generally Accepted Accounting Prartice). The law applicable to charities in Scotland requires the Trustees to prepa finanaal statements for each financial year which give a true and fair view of the state of affair5 of the charity and of the incoming resources and application of resources of the tharity for that year. In preparing tFEse financial statements. the Trustees are required to: select suitable accountlr8 pollcles and then app them consistentlv: observe the methods and pylnclples In Ihe Charities SORP 2019 {FRS 102): make judgements and estimates that are reasonabte and prudent; state whetr applicable accounting standard have been folbwed, subpct to any material departures disclosed and explained in the linancial statements: prepare the financlal statements on the 801 (oncem ba515 unle55 it 15 inappr(yriate to presume that the charity will Contin its activltles. The Trustees are responsible for k&ping proper accountlng records that dlsclose wlth reasonable accuracy the financial position of the charity and enable them to ensure that the flnanclal staiements comply wtth the ch2ritS and Trustee Investment (Scotland) Att 201f), the Charlties Accounts (Scotland) Regulations 2(K16 (as arnended) and the provisions of the Trust's CMstitutioTr. They are also responsible for safeguarding the assets of the charity and hence for taki reasonable steps for the prevention and detertion of fraud and other irregularities. 7 Nember 202S
The Plpal Fountstlon Independent Examlnerfs Report for the ythr ended 31 Marth 2025 report on the financial statements of the charity for the year ended 31 March 2025 which are set out on pa8es 6 to 11. Respectlve responslbllties of Trustees and Examlner The Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotlandl Act 2005 and the Charitie5 Accounts (Scotland) Regulations 2006. The Trustees consider that the audit requirement of Regulation 10111 la) to (c) of the Accounts Regulations does not apply. It is rny responsibility to examine the financial statements as required under section 44 (1) (c) of the Act and to state whether particular matters have come to my attention. Basls of Independent Examlnerfs statement My exninatiOn Is carried out in accordance with Regulation 11 of 2006 Accounts Re8ulatlons. An examlnatlon includes a revlew of the accountlng records kept by the chartty and a comparlson of the financlal statements presented wlth those records. It also Includes con51deratlon of any Lnusual Items or dlsck)sures In the flnanclal statements. and seeks explanations from the Trustees concernln8 any such matters. The procedures undertaken do not provide all the evidence that would be requlred in an 3u(th"t, and CL)nsequently I do not express an audit opnion on the view 8iven by the financial statements. Independent Examinerfs ststement In the course of my examination, no matter has come to my attention. whlch gives me reasonable cause to believe that in any material respert the requirernents: to keep accountlng records In accordance with Sectlon 44{1) (al of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and to prepare financial sL1tements which accor(J with the accounting records and comp with Regulation 8 of the 2(6 Accounts Regulations; have not been met. or 2. to which. in rny opinion. attention should be drawn in order to enable a proper underslanding of the financial statements to be reached. 7 November 2025 IndepeiTrdent Examiner MHA a)artered Accountants 6 St Colme Street Edinburgh EH3 6AD
The Pipal Foundation Statement of Financial ActivStie5 For the year ended 31 March 2025 Year to 31 March 2025 Year to 31 March 2024 Notes Income from: Investment income 79,979 98,899 Totsl Income 79,979 98,899 Expendlture on: Charitable activities 70,216 93,582 Total expendlture 70,216 93,582 Net Income before losses on Investments 9,763 5,317 Losses on investments 192,312) (28,3191 Net qexpenditure) and net movement in funds {82549) {23,002} Funds brought forward 3.064,039 3,087,041 Funds carrfed forward 2,981,490 3,064,039 The statement of financial activities includes all gains and10sses in the year. All funds are unrestricted in both the current and prior year.
The Plpal Foundation Balance Sheet At 31 March 2025 Notes At31 At31 March 2025 March 2024 Investments 2.117,244 1,373,459 Current assets Debtors Cash on deposit 7,869 860,004 13,850 1,679,850 867.873 1,693,700 Crethors: Amounts falllng due thIn one year (3.627) (3,120) Net current assets 864,246 1,690,580 Net assets 2,981,490 3,064,039 Funds: General unrestricted 2.981.490 3.064.039 These financial statements were appmed and authorised for issue by the Trustees Dn 7 November 2025 and signed on their beha bv:
The Pipal Foundation Notes to the financial SL*ements For the year ended 31 March 2025 l Accountlng pollcles The charitrfs principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year. Basls ofpreparatlon The financial ststements have been prepared on a 80in8 concern basis under the historical cost convention with items recognised at cost or transartion value unless otherwise stated in the relevant notes to the financial statements. The financial statements are presented in Sterling which is the functional currency of the charity and rounded to the nearest £. The financial statements have been prepared in accordance with the Charities and Trustee Investment (Scotlandl Act 215, the Charities Accounts (Scotland} Regulations 2(XJ61as amended}, Accounting and Reportin8 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) issued in October 2019, the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared on a going concem basis as the Trustees believe that no material uncertainties exist. The expected income and expenditure is sufficient with the level of reserves for the Trustees to consider it appropriate to prepare financial statement5 on a going Conrn basis. All income is recognised once the charity has entitlement to the income, there is sufficient certainty that the income will be reived, and the amount of income receivable can be measured reliably. Interest on funds held on deposit is recognised upon notification of the interest paid or payable by the Bank. Expendfture Expenditure is recognised as expenditure once there is a legal or constructNe obligation committing the charlty to that expenditure, It is probable that settlement will be required and the amount of the obligation can be measured reliably. Charitable expenditure comprise those costs incurred by the charity in the delivery of its activities and services. It includes both costs which can be allocated directly to such artivities and those costs of an indirect nature necessary to support them.
The Plpal Foundation Note5 to the Financlal Statements {Contlnued) For the year ended 31 March 2025 l A¢countln8 pollcies Icontlnued) Flxed asset Investments Investments are a fomi of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closin8 quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. The charity does not acquire put options, derivatives or other complex financial instruments. The main fonn of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concernin8 equitie5 and within particular sectors or sub sectors. All gains and losses are taken to the Statement of Financial Activitie5 as they arise. Realised gains and 1055es on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Ur¥reali5ed gains and105ses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Investments in 5ubsidiarie5 are measured at Cost less impaimienL Debtors Debtor5 are measured at the settlement amount and included when reasonable certainty exists over their receipt. Cash at bank includes cash and highly liquid short term investments with a maturity of three months or less from the date of opening of the deposit or similar accounL Creditors Creditor5 are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Creditors are rrMallY ognIsed at thetr settlement date after allowing for any discounts due. Fundstwrture Unrestricted revenue comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestrirted funds may include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose. Taxatlon The Pipal Foundation is a re8iStered charity and accordingly is exempt from taxation on its income and gains to the extent that they are applied for charitable purposes. Group The Pipal Foundation has a wholly owned subsidiary, Pipals Community Dairy Farm Private Limited, a company registered in India. Consolidated financial statements have not been prepared on the basis that Eroup income is below the £500.LKIO threshold for required consolidation and taking into account the exchange rate at the end of the financial year.
The Pipal Foundation Notes to the Financial Statements (Continued) For the year ended 31 March 2025 Expenditure on charitable actlvltles 2025 2024 Investment management fees Consultant's fees and expenses Independent Examination fees Legal fees Trustee expenses Bank charges Indian expenses 3.375 56,568 2.912 3,835 74,199 2,770 342 191 4,670 402 12,034 70,216 93,582 In the year, two Trustees were reimbursed for expenses totallin8 £2,5CiI (2024: one Trustee was reimbursed for expenses totallin8 £1,185). 3 Investments 2025 2024 Llsted investments At l April 2024 Add,. Acquisitions in year Less: Disposals prOed5 Change in market value 829,284 104.255 (331,867) 112 601,784 877,496 131,712 (215,125) 35,201 829,284 Cash held by brokers- capital account 3.496 3,892 Market value at 31 March 2025 605,280 833,176 Investment in Plpals Community Dairy Farni Private Limited (IIXN 5ub5idiary): At l April 2024 Add: Share acquisttions in year Share application funds transferred March 2025 Result for the year and exchange rate dlfferences 540,283 724,105 603,803 192,4241 (63,5201 Net assets of PCDFP Limited at 31 March 2025 1,511.964 540,283 Totsl market value of investments 2,117.244 1,373,459 Cost Listed investments Pipals Community Dairy Farm Private Limited 13.976,750 equity shares of 10 Rs fully paid Pipals Community Dairy Farm Private Limited 3,762,780 equity shares pending of 10 Rs fully paid 608.368 824,738 1.330,303 603,803 340,(XX) 2,212,088 1,428,541 io
The Pipal Foundation Notes to the Flnan¢lal Statements (Contlnued) For the year ended 31 Marth 2025 4 Debtors 2025 2024 Investment Income re]Vable 7,869 13,850 5 Credftors: Amounts falllng due wlthln one year 2025 2024 Accruals 3.627 3,120 6 Funds At l Aprfl 2024 Losses on Expendlture Investments At 31 March 2025 Income 2023124 Unrestricted 3,064,039 79.979 (70,216) {92,3121 2,981,490 2023124 At l April 2023 Losses on Income Expendlture Investments At 31 March 2024 Unrestrirted 3,087.041 98.899 {93.582) (28,319) 3,064,039 Related parties In the year. two Trustee5 were reimbursed for expenses totalling £2,500 (2024: one Trustee was reimbursed for expenses totalling £1,185). li