It is a question of setting the range appropriately e.g.
Code:
Sub FormatImages()
Dim i As Integer
Dim oInlineShp As InlineShape
Dim oRng As Range
For i = 1 To ActiveDocument.InlineShapes.Count
Set oInlineShp = ActiveDocument.InlineShapes(i)
With oInlineShp
If .Borders(wdBorderTop).LineStyle = wdLineStyleNone Then
.Borders(wdBorderLeft).LineStyle = wdLineStyleSingle
.Borders(wdBorderLeft).LineWidth = wdLineWidth225pt
.Borders(wdBorderRight).LineStyle = wdLineStyleSingle
.Borders(wdBorderRight).LineWidth = wdLineWidth225pt
.Borders(wdBorderTop).LineStyle = wdLineStyleSingle
.Borders(wdBorderTop).LineWidth = wdLineWidth225pt
.Borders(wdBorderBottom).LineStyle = wdLineStyleSingle
.Borders(wdBorderBottom).LineWidth = wdLineWidth225pt
Set oRng = .Range
oRng.InsertAfter vbCr
oRng.End = oRng.Paragraphs.Last.Range.Next.Paragraphs(1).Range.End - 1
oRng.Collapse 0
oRng.ParagraphFormat.Alignment = wdAlignParagraphCenter
oRng.Text = "Foto " & i
oRng.Font.Bold = True
End If
End With
Next i
Set oInlineShp = Nothing
Set oRng = Nothing
End Sub