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 re￿ef 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, I￿t 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 pr￿lent 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 Qu￿kty.

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 Kingd￿1 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 whet￿r 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 ch2rit￿S 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 N￿ember 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 ex￿ninatiOn 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 21￿5, 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 Con￿rn basis.
All income is recognised once the charity has entitlement to the income, there is sufficient
certainty that the income will be re￿ived, 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 r￿rMallY ￿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 prO￿ed5
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