OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Canopi Foundation

2022-03-31-accounts

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

Registered number: 03635124 Charity number: 1075749

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 10
Independent Auditor's Report 11 - 13
Consolidated Statement of Financial Activities 14
Consolidated Balance Sheet 15
Company Balance Sheet 16
Consolidated Statement of Cash Flow 17
Notes to the Financial Statements 18 - 30

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

Trustees M N Donohoe J S Edwards (Chair) M J Sampson R H Thompson S P Dawson (Appointed 9 February 2022) Chief executive C R Dove-Dixon Company registered number 03635124 Charity registered number 1075749 Registered office Canopi 7-14 Great Dover Street London SE1 4YR Auditors Haines Watts High Wycombe Limited Oakingham House Frederick Place High Wycombe Buckinghamshire HP11 1JU Bankers Barclays Bank Plc Level 27 1 Churhchill Place London E14 5HP

Page 1

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements for the year to 31 March 2022. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Since the company and the Group qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

STRUCTURE, GOVERNANCE AND MANAGEMENT

CONSTITUTION

Canopi Foundation : has three wholly owned subsidiaries:

Canopi Foundation trades as :

Canopi Foundation (Formerly The Helen Taylor Thompson Foundation Limited) is a Charitable Company limited by guarantee and is a registered charity. It is governed by its Memorandum and Articles of Association adopted on, and last amended on, 15 September 1998.

The charity objects of Canopi Foundation are:

'The charity's objects are to improve the efficiency of the administration of charities in direct pursuit of their objects by the provision of training and information, particularly in the field of information technology, and for such other charitable purposes as the Trustees shall from time to time determine.'

Canopi Foundation Ltd has sole membership of the charities Education Saves Lives, Canopi Foundation 1 and Canopi Foundation 2:

The charity objects of Education Saves Lives are:

Page 2

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

TRUSTEES' REPORT ((continued) FOR THE YEAR ENDED 31 MARCH 2022

The charity objects of Canopi Foundation 1 are:

The charity objects of Canopi Foundation 2 are:

ACHIEVEMENTS AND PERFORMANCE

Financial review

A consolidated set of accounts has been prepared which incorporates the accounts of the wholly-owned subsidiary charities Canopi Foundation 1, Canopi Foundation 2 and Education Saves Lives, all companies limited by guarantee.

Canopi Foundation recorded a net movement of £287,631, an increase from prior year (2021: £72,714), and unrestricted surplus at the year-end of £28,183,440 (2021: £27,895,809).

Review of activities of subsidiaries

Canopi Foundation 1 and Canopi Foundation 2, collectively trading as Canopi, are both self-sustaining charities, building on Canopi’ s experience of creating a successful collaborative working environment. Canopi is recognised as a landmark enterprise for the Social Sector.

Canopi Foundation 2 recorded net expenditure of £877,572, an increase from prior year (2021: £845,289), and unrestricted deficit at the year-end of £2,870,497 (2021: £1,992,925).

Canopi Foundation 1 recorded net expenditure of £915,052, an increase from prior year (2021: £290,856) and an unrestricted deficit at the year-end of £880,641 (2021: unrestricted surplus of £34,411).

Education Saves Lives recorded net income of £23,972, an increase from prior year (2021: £30,500 - net expenditure) and an unrestricted deficit at the year-end of £18,268, (2021: £47,265).

RESERVES POLICY

The Trustees approved a Reserves Policy in 2012 and agreed to aim to maintain consolidated free reserves of £500,000 in cash or assets that are easily converted into cash. At 31 March 2022, the Group’s free reserves were £12,642,547 (2021 - £59,424 free reserves, excluding the current portion of bank loans). Current bank loans have been excluded from the comparative year as these repayments are met from income received during the forthcoming year.

Page 3

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022

Reserves necessarily fell during the pandemic as the Foundation worked to deal with the challenges brought on by the pandemic’s financial pressures. They have since risen substantially above the target level due to the sale of the Old Street building.

RISK MANAGEMENT

The Trustees have assessed the major risks to which the Charitable Company and the Group are exposed, in particular those related to the operations and finances of the Charitable Company and the Group and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The significant risks of the COVID-19 pandemic posed an ever-moving challenge, but were handled by the Management Team in line with Government guidelines.

GOING CONCERN

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

The management of the company and the Group is the responsibility of the Trustees who are elected and coopted under the terms of the Articles of Association.

The Articles of Association stipulate that there must be a minimum of three Trustees and not more than seven Trustees. All Trustees must be members of the Charitable Company, additional Trustees may be appointed by the existing Trustees at any time, either to fill a casual vacancy or as an addition to the existing Trustees. Any Trustee so appointed will hold office only until the next Annual General Meeting and will then be eligible for reelection. One third of the Trustees are to retire by rotation at each Annual General Meeting.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Russell Thompson covered the role of part-time Finance Director on a paid basis. This role was reviewed January 2021 and agreed to continue, it will be reviewed in the New Year.

INDUCTION AND TRAINING OF NEW TRUSTEES

The Charitable Company strives to ensure equal opportunities and diversity in both the employment of staff and Trustee appointments. Selection criteria and procedures are regularly reviewed to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities.

Trustees are given a comprehensive induction when they join the Charitable Company. Recruitment involves interviews with the Chair and existing Trustees. Additionally, individual Trustees may undertake external training in a particular area of their role on the governing body.

ORGANISATIONAL STRUCTURE AND DECISION MAKING

The Board of Trustees controls and manages the affairs of the charity. Leadership and operational management of Canopi are devolved to the Senior Management Team.

The Senior Management Team through this period, and at the time of writing this report, are:

Page 4

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022

OBJECTIVES AND ACTIVITIES- CANOPI

CANOPI FOUNDATION 1 AND CANOPI FOUNDATION 2

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance when reviewing our aims and objectives and in planning our future activities.

Canopi aims to provide affordable and flexible workspace for UK and International Charities and other Social Sector organisations. We support this activity by providing services and events for a like-minded community of people who all want to do good work and who benefit from working in this collaborative environment.

ACHIEVEMENTS AND PERFORMANCE

Canopi’s objectives at the end of the last year were:

Challenging business environment

Business continued to be challenging with the ongoing impact of the Pandemic and as people returned to the office it became apparent that there was a changing demand for the quantity and style of office accommodation. Organisations were downsizing and seeking more flexible offerings, with an increased demand for hotdesking, video-conferencing facilities and for hybrid meetings and events.

In response, Canopi carried out the following activities:

Finances

Finances continued to be challenging as the offices struggled to return to pre-pandemic occupancy levels:

Property - Waterbridge House

The development of Waterbridge House continued but faced significant challenges from the poor results of a structural survey and the ongoing pressure on construction costs:

Page 5

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022

Operations

As customers returned to the office post-pandemic, we continued to develop our flexible solutions to meet the new hybrid-working demands:

Business model

A new business model was developed and approved by the Board. The intention is that Canopi works towards delivering the model, fully achieving its aims once in occupancy of the redeveloped Waterbridge House. In the interim the plan is to run those elements of the model that can be delivered now, using this period of time to trial the new services and hone the offering, ready for the move into the new building.

==> picture [367 x 362] intentionally omitted <==

----- Start of picture text -----
A LONDON PLATFORM FOR THE SOCIAL SECTOR
PHYSICAL VIRTUAL
NEW Central London flagship building (40k sq ft) : • Membership platform
• Café / exhibition area • Integrated video streaming
• Dedicated and hot desks
• Meeting rooms
• Conference / event space
Other Central London locations 1. CENTRAL LONDON LOCATION
2. AFFORDABLE
3. GREAT TRANSPORT LINKS - Waterloo / Jubilee Line
4. CO-LOCATION for Social Sector organisations
5. Walking distance - WESTMINSTER and the CITY
Canopi provides the Social Sector:
• Charities • Not-for-profits
• VCSEs (Voluntary, Community and Social Enterprises) • Purpose-led organisations
With a home and a community to:
WORK MEET AND HOLD EVENTS COLLABORATE BUILD CAPACITY BE SUPPORTED
• Hot desks • Meetings • Within the Sector • Training • Back-office services
• Dedicated desks • Conferences • General public • Fundraising • Jobs Board
• Private offices • Events • City • Impact measurement
• Virtual office • Workshops • Westminster • Consulting
(Real, virtual and hybrid) • Business • Start-up support
(CSR, ESG, Lobbying etc)
Delivered by:
Canopi Service providers Partners
• Venue • Training • Business
• Curation • Capacity building • The City
• Other consultants • The general public
• Government
A Social Enterprise, increasing the impact of the Social Sector
----- End of picture text -----

Page 6

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022

Governance

As part of an ongoing review of our governance, with the assistance of Solicitors (Shakespeare Martineau) we have applied to change the names of our entities to better align with our new branding. We will shortly be reviewing all of our objects and articles, to ensure they are up to date, using modern templates, and that they better represent our current activities:

PLANS FOR FUTURE DEVELOPMENTS

Canopi’s objectives for the coming year are as follows:

OBJECTIVES AND ACTIVITIES- EDUCATION SAVES LIVES

Education Saves Lives’ principal activities:

Summary of activities undertaken for the public benefit

In carrying out their duties, the Trustees have given due regard to guidance given by the United Kingdom Charity Commission on public benefit.

We seek to meet these objectives through these primary activities:

We produce interactive audio-visual lessons which are published on DVD, memory-stick and offered for online viewing on our website. We currently offer 33 different lesson titles across a range of topics (see below), all of which address different health and life threats, as well as contributing to the Sustainable Development Goals (SDGs). Each lesson is recorded in local languages so that all communities can access the information, whatever their level of education. These are then made available, free, for use by anyone, from grassroots organisations to government ministries. In addition, over 90% of available lessons are available for streaming from our website.

Page 7

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022

A clinical review process to audit and update (where needed) the scripts of our lessons has been established, to ensure that the content is up to date, relevant, and appropriate. Priority has been given to lessons that are most likely to require update because they refer to specific clinical guidance rather than general principles (e.g. guidance on Antiretroviral therapies has changed in the lessons about HIV medicine, as new treatments become available).

HIV/AIDS: HEALTHY LIVING: SAFE LIVING: Caring For Someone With AIDS Basic Hygiene Human Trafficking Having an HIV Test Healthy Eating Taking Care and Keeping Safe Living With HIV Looking After Your Teeth HIV/AIDS Safe Water MOTHER AND BABY: HIV/AIDS: A Guide For Children Breastfeeding How to Take Your HIV Medicine ADDICTION: TBA Skills - Pregnancy (Your HIV Medicine) Dangers of Alcohol When to Have a Baby Dangers of Smoking You and Your New Baby HEALTH: Say No to Glue and Drugs Avoiding Ebola Avoiding Malaria (Malaria) SEX EDUCATION: HEALTHY ENVIRONMENT: Bednets Can Save Lives Becoming a Man Making Compost Cholera Becoming a Woman Planting Trees is Good Coronavirus Safer Sex For Teenagers Beware of Landmines Diarrhoea High Blood Pressure Immunisation

ACHIEVEMENTS AND PERFORMANCE

Summary of main achievements

As countries and communities emerged from Coronavirus lockdowns and began to deal with backlogs and delays in their health provision, demand for the lessons rose. As well as small, locally-led organisations, we were in contact with larger networks and even regional health departments, with the result that a total of 17,155 DVDs were sent out in the reporting period. Users are not charged for the DVDs they receive from us.

We know that on average our DVDs are viewed by 200 people in their lifetime, so we can project that around three and a half million viewings were achieved in the reporting period. This works out at a cost of less than 3 pence (£0.03) per viewing across all our users.

The groups that use our lessons are addressing a wide spectrum of needs across a huge geographical area. The usual model is for the lessons to be used in the context of an existing project, which will be addressing one or more of the Sustainable Development Goals, but sometimes partners are designing projects specifically to incorporate our lessons because they see the value and impact that these lessons add to the local community.

During the period, we also began two targeted projects in India and Rwanda with the aim of testing a new delivery model for lessons on memory-stick and of achieving larger distribution numbers with a state-wide rollout in Tamil Nadu. This work will continue into the next period, during which monitoring visits will be carried out. In the early phase of the projects, during the reporting period, nearly 130,000 confirmed viewings had been recorded across multiple settings.

PLANS FOR FUTURE DEVELOPMENTS

Education Saves Lives’ objectives for the coming year are:

Page 8

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022

PLANS FOR FUTURE DEVELOPMENTS

Canopi’s objectives for the coming year are as follows:

PUBLIC BENEFIT

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aim and objectives and in planning the charity's future activities. The aims of the Charitable Company for the public benefit are detailed in the 'Objectives and Activities' section of this report and the main activities undertaken in order to carry out the Charitable Company's aims for the public benefit are outlined under 'Achievements and Performance' above.

EMPLOYEE INVOLVEMENT AND EMPLOYMENT OF THE DISABLED

Employees have been consulted on issues of concern to them by means of regular consultative committee and staff meetings and have been kept informed on specific matters directly by management. The Charitable Company and the Group carry out exit interviews for all staff leaving the organisation and has adopted a procedure of upward feedback for senior management and the Trustees.

The Charitable Company and the Group have implemented a number of detailed policies in relation to all aspects of personnel matters including:

In accordance with the Charitable Company and the Group's Equal Opportunities Policy, the Charitable Company and the Group have long established fair employment practices in the recruitment, selection, retention and training of disabled staff.

Full details of these policies are available from the Charitable Company and the Group's offices.

TRUSTEES RESPONSIBILITIES STATEMENT

The Trustees (who are also directors of Canopi Foundation for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and the Group and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Group for that period. In preparing these financial statements, the Trustees are required to:

Page 9

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charitable Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

THANK YOU

Many thanks to our customers, partners and staff who have supported us through the most challenging period of the Foundation's history - coping with the Covid-19 pandemic and its impact on our organisation and our lives.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditor

In accordance with the Company's articles, a resolution proposing that Haines Watts be reappointed as Auditor of the Company will be put at a General Meeting.

The Designated Trustees will propose a motion appointing the Auditors, Haines Watts, at a meeting of the Trustees.

The Trustees' report was approved by the Board of Trustees.

g ................................................ CA6E7B9A7CEC430...DocuSigned by: Miles Donohoe (Chair)

13/12/2022 ................................................ Date

Page 10

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED)

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED)

OPINION

We have audited the financial statements of Canopi Foundation (Formerly The Helen Taylor Thompson Foundation Limited) (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 March 2022 which comprise the group Consolidated Statement of Financial Activities, the group Consolidated Balance Sheet, the company Balance Sheet, the group Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland.

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 11

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED)

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees, who are also the directors of the Charitable Company for the purposes of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group's and the parent Charitable Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent Charitable Company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as Auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

EXPLANATION AS TO THE EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD

During the audit we identify and assess the risk of material misstatements of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud and error; and to respond appropriately to those risks.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

Page 12

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED)

We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions. There is always the unavoidable risk that material misstatements in the financial statements may not be detected despite the audit being properly performed in accordance with UK Auditing standards.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

USE OF OUR REPORT

This report is made solely to the charity’s Trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

DocuSignedby:
Gary A Heywood (Senior Statutory Auditor)
For and on behalf of Haines Watts High Wycombe Limited		 Gary A Heywood (Senior Statutory Auditor)
For and on behalf of Haines Watts High Wycombe Limited……………………….
DocuSigned by:
Cory
Kerywood
[4anwotwe
Chartered Accountants Chartered Accountants
Statutory AuditorOakingham House Oakingham House
Frederick Place Frederick Place
High Wycombe High Wycombe
Buckinghamshire Buckinghamshire
United Kingdom United Kingdom
HP11 1JU HP11 1JU

Page 13

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted Total Total
funds funds funds
2022 2022 2021
Note £ £ £
INCOME FROM:
Donations and legacies 2 127,503 9,760 39,269
Charitable activities 3 2,867,713 2,985,456 3,225,274
Investments 4 2,364 2,364 2,652
Other income 78,380 78,380 199,910
TOTAL INCOME 3,075,960 3,075,960 3,467,105
EXPENDITURE ON:
Charitable activities:
Direct costs 5 2,739,028 2,739,028 3,192,807
Governance costs 6 49,301 49,301 201,584
TOTAL EXPENDITURE 2,788,329 2,788,329 3,394,391
NET MOVEMENT IN FUNDS 287,631 287,631 72,714
RECONCILIATION OF FUNDS:
Total funds brought forward 27,895,809 27,895,809 27,823,095
TOTAL FUNDS CARRIED FORWARD 28,183,440 28,183,440 27,895,809

The notes on pages 18 to 30 form part of these financial statements.

Page 14

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee) REGISTERED NUMBER: 03635124

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2022

2022 2021
Note £ £ £ £
FIXED ASSETS
Tangible assets 9 15,540,893 39,512,690
CURRENT ASSETS
Debtors 10 1,176,663 442,035
Cash at bank and in hand 13,960,680 2,155,828
15,137,343 2,597,863
CREDITORS:amounts falling due within
one year 11 (2,494,796) (2,847,036)
NET CURRENT ASSETS/(LIABILITIES) 12,642,547 (249,173)
TOTAL ASSETS LESS CURRENT LIABILITIES 28,183,440 39,263,517
CREDITORS:amounts falling due after
more than one year 12 - (11,367,708)
NET ASSETS 28,183,440 27,895,809
CHARITY FUNDS
Unrestricted funds 13 28,183,440 27,895,809
TOTAL FUNDS 28,183,440 27,895,809
7th Dec 2022
The financial statements were approved and authorised for issue by the Trustees on ………………… The financial statements were approved and authorised for issue by the Trustees on ………………… The financial statements were approved and authorised for issue by the Trustees on ………………… The financial statements were approved and authorised for issue by the Trustees on ………………… and
signed on their behalf, by:

[ruse ................................................ 0E041DFC0532465...DocuSigned Thompson.by: R H Thompson, Trustee

................................................

The notes on pages 18 to 30 form part of these financial statements.

Page 15

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee) REGISTERED NUMBER: 03635124

COMPANY BALANCE SHEET AS AT 31 MARCH 2022

2022 2021
Note £ £ £ £
FIXED ASSETS
Tangible assets 9 15,258,059 39,150,375
CURRENT ASSETS
Debtors 10 3,779,681 2,348,885
Cash at bank and in hand 13,097,368 334,009
16,877,049 2,682,894
CREDITORS:amounts falling due within
one year 11 (182,263) (550,456)
NET CURRENT ASSETS 16,694,786 2,132,438
TOTAL ASSETS LESS CURRENT LIABILITIES 31,952,845 41,282,813
CREDITORS: amounts falling due after
more than one year 12 - (11,367,708)
NET ASSETS 31,952,845 29,915,105
CHARITY FUNDS
Unrestricted funds 31,952,845 29,915,105
TOTAL FUNDS 31,952,845 29,915,105

No separate SOFA has been presented for the charity alone as permitted by section 408 of the Companies Act 2006.

7th Dec 2022

The financial statements were approved and authorised for issue by the Trustees on …………………… and signed on their behalf by:

DocuSigned by: [ruse ................................................ 0E041DFC0532465...Thompson. R H Thompson, Trustee

The notes on pages 18 to 30 form part of these financial statements.

Page 16

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS CONSOLIDATED STATEMENT OF CASH FLOWS CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022 FOR THE YEAR ENDED 31 MARCH 2022
2022 2021
Note £ £
Cash flows from operating activities
Net cash provided by operating activities 15 (203,094) 1,156,690
Cash flows from investing activities:
Dividends, interest and rents from investments 2,364 2,652
Purchase of tangible fixed assets (29,976) (141,662)
Proceeds from disposal of freehold property 23,896,800 -
Net cash generated from/(used in) investing activities 23,869,188 (139,010)
Cash flows from financing activities:
Repayments of borrowings (11,676,305) (162,547)
Interest payments (184,937) (551,976)
Net cash used in financing activities (11,861,242) (714,523)
Change in cash and cash equivalents in the year 11,804,852 303,157
Cash and cash equivalents brought forward 2,155,828 1,852,671
Cash and cash equivalents carried forward 16 13,960,680 2,155,828

The notes on pages 18 to 30 form part of these financial statements.

Page 17

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with Accounting and Reporting 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) (effective 1 January 2019) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Canopi Foundation (Formerly The Helen Taylor Thompson Foundation Limited) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

1.2 COMPANY STATUS

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

1.3 GOING CONCERN

The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Trustees have tested their cash flow analysis to take into account the impact on the entity of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

1.4 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.5 INCOME

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 18

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES (continued)

1.6 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

1.7 CHARITABLE ACTIVITIES

Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

1.8 GOVERNANCE COSTS

Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the audit fees and costs linked to the strategic management of the charity.

1.9 BASIS OF CONSOLIDATION

The financial statements of the parent and the subsidiaries have been consolidated on a line by line basis. The financial statements consolidate the accounts of Canopi Foundation (Formerly The Helen Taylor Thompson Foundation Limited) and all of its subsidiary undertakings ('subsidiaries').

The company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and Expenditure Account.

1.10 TANGIBLE FIXED ASSETS AND DEPRECIATION

Excluding computers, all assets costing more than £500 are capitalised.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Improvements to property - Over the term of the lease - Plant and machinery 10% Straight line Fixtures and fittings - 20% on cost - Computer equipment 10% and 25% straight line

Page 19

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES (continued)

1.11 FREEHOLD AND LEASEHOLD PROPERTIES

As permitted under FRS102, a final "deathbed" valuation was made, and the value assigned to these properties were deemed to be their cost. The charity has opted to a policy of not revaluing its tangible fixed assets. Additions in subsequent years are stated at cost.

Freehold buildings are not depreciated. Their value and condition are reviewed annually by the Trustees, who are satisfied that their residual value is not materially less than its book value.

1.12 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

1.13 OPERATING LEASES

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

1.14 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.15 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.16 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.17 FINANCIAL INSTRUMENTS

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.18 TAXATION

Canopi Foundation (Formerly The Helen Taylor Thompson Foundation Limited) and its subsidiaries are all registered charities and have no liability to corporation tax on their charitable activities.

Page 20

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES (continued)

1.19 PENSIONS

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

1.20 SIGNIFICANT JUDGEMENTS AND ESTIMATES

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The items in the financial statements where these judgements and estimates have been made include

2. INCOME FROM DONATIONS AND LEGACIES

Unrestricted Total Total
funds funds funds
2022 2022
2021		 2021
£ £ £
Donations 127,503 127,503 39,269

3. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted Total Total
funds funds funds
2022 2022 2021
£ £ £
Serviced office space 2,867,713 2,867,713 3,225,274

Page 21

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

4. INVESTMENT INCOME

4. INVESTMENT INCOME
Unrestricted Total
Total		 Total
funds funds funds
2022 2022 2021
£ £ £
Investments 2,364 2,364 2,652
5. CHARITABLE ACTIVITIES 5. CHARITABLE ACTIVITIES
5. CHARITABLE ACTIVITIES 5. CHARITABLE ACTIVITIES
Total Total
Activities 2022 2021
£ £ £
Rent and rates 1,462,880 1,462,880 1,186,644
Premises expenses 332,581 332,581 330,279
Communication expenses 150,077 150,077 149,456
Marketing and promotion 40,734 40,734 45,723
Other staff costs 6,050 6,050 32,603
Other costs 17,818 17,818 17,801
Printing, postage and stationery 27,438 27,438 56,542
Travel and subsistence 80 80 24
Finance costs 184,937 184,937 551,976
Wages and salaries 317,474 317,474 560,937
National insurance 59,719 59,719 63,592
Pension cost 34,267 34,267 44,050
Depreciation 104,973 104,973 153,180
2,739,028 2,739,028 3,192,807
6. GOVERNANCE COSTS 6. GOVERNANCE COSTS
Unrestricted Total Total
funds funds funds
2022 2022 2021
£ £ £
Auditors' remuneration 16,200 16,200 15,000
Governance - Trustees expenses reimbursed - - 1,787
Professional fees 33,101 33,101 184,797
49,301 49,301 201,584

Page 22

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

7. NET INCOME/(EXPENDITURE)

This is stated after charging:

2022 2021
£ £
Depreciation of tangible fixed assets:
- owned by the Charitable Group 104,973 153,800
Auditors' remuneration - audit 16,200 15,000

During the year, no Trustees received any remuneration (2021 - £nil). During the year, no Trustees received any benefits in kind (2021 - £nil).

No Trustees received reimbursement of expenses in the current year (2021 – one Trustees received reimbursements of £1,787).

8. STAFF COSTS

Staff costs were as follows:

2022 2021
£ £
Wages and salaries 317,474 560,937
Social security costs 59,719 63,592
Other pension costs 34,267 44,050
411,460 668,579

The average number of persons employed by the company during the year was as follows:

2022 2021
No. No.
Administration and Management 15 15
The number of higher paid employees was:
2022 2021
No. No.
In the band £70,001 - £80,000 1 1
In the band £80,001 - £90,000 1 1

Page 23

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9. TANGIBLE FIXED ASSETS

Long-term
Freehold leasehold **Plant and ** Fixtures and Computer
property property machinery fittings equipment
GROUP £ £ £ £ £
COST
At 1 April 2021 37,906,600 2,113,513 149,264 604,636 433,511
Additions - 8,733 - - 21,243
Disposals (23,896,800) - - - -
At 31 March 2022 14,009,800 2,122,246 149,264 604,636 454,754
DEPRECIATION
At 1 April 2021 - 550,843 149,264 585,953 408,774
Charge for the year - 72,547 - 7,981 24,445
At 31 March 2022 - 623,390 149,264 593,934 433,219
NET BOOK VALUE
At 31 March 2022 14,009,800 1,498,856 - - 10,702 21,535
At 31 March 2021 37,906,600 1,562,670 - 18,683 24,737
Total
GROUP £
COST
At 1 April 2021 41,207,524
Additions 29,976
Disposals Disposals (23,896,800)
At 31 March 2022 17,340,700
DEPRECIATION
At 1 April 2021 1,694,834
Charge for the year 104,973
At 31 March 2022 1,799,807
NET BOOK VALUE
At 31 March 2022 15,540,893
At 31 March 2021 39,512,690

Page 24

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

Freehold Long-term Fixtures Computer
property leasehold and equipment Total
property fittings
COMPANY £ £ £ £ £
COST
At 1 April 2021 37,906,600 1,240,623 2,140 96,056 39,245,419
Additions - - - 7,787 7,787
7,787
Disposals (23,896,800) - - - (23,896,800) - (23,896,800)
At 31 March 2022 14,009,800 1,240,623 2,140 103,843 15,356,406
DEPRECIATION
At 1 April 2021 - - 2,140 92,904 95,044
Charge for the year - - - 3,303 3,303
At 31 March 2022 - - 2,140 96,207 98,347
NET BOOK VALUE
At 31 March 2022 14,009,800 1,240,623 **- ** 7,636 15,258,059
At 31 March 2021 37,906,600 1,240,623 - 3,152 39,150,375

10. DEBTORS

10. DEBTORS
GROUP COMPANY
2022 2021 2022 2021
£ £ £ £
Trade debtors 215,265 244,354 - -
Amounts owed by group undertakings - - 3,205,992 2,299,713
Other debtors 317,768 111,921 226,115 -
Prepayments and accrued income 643,630 85,760 347,574 49,172
1,176,663 442,035 3,779,681 2,348,885

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

GROUP COMPANY
2022 2021 2022 2021
£ £ £ £
Bank loans - 169,267 - 169,267
Other borrowings -
139,330		 139,330 - 139,330
Trade creditors 348,754 401,480 51,885 86,796
Amounts owed to group undertakings - - 77,486 36,853
Other taxation and social security 271 58,080 - 16,241
Other creditors 779,220 1,029,092 17,49333,957 33,957
Accruals and deferred income 1,366,551 1,049,787 35,399 68,012 68,012
2,494,796 2,847,036 **182,263 ** 550,456

Page 25

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

GROUP COMPANY
2022 2021 2022 2021
£ £ £ £
Bank loans - 11,367,708 - 11,367,708
- 11,367,708 - 11,367,708
Creditors include amounts not wholly repayable over 5 years as follows:
GROUP COMPANY
2022 2021 2022 2021
£ £ £ £
Repayable by instalments - 6,314,506 - 6,314,506
- 6,314,506 - 6,314,506
12. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
Balance at
Balance at 31 March
1 April 2021 **Income ** Expenditure 2022
£ £ £ £
UNRESTRICTED FUNDS
General funds 27,895,809 3,075,960 (2,788,329) 28,183,440
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
Balance at 31 March
1 April 2020 Income Expenditure 2021
£ £ £ £
GENERAL FUNDS
General funds 27,823,095 3,467,105 _(3,394,391) _ 27,895,809

12. STATEMENT OF FUNDS

Page 26

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
Unrestricted Total
funds funds
2022 2022
£ £
Tangible fixed assets 15,540,893 15,540,893
Current assets 15,137,343 15,137,343
Creditors due within one year (2,494,796) (2,494,796)
Creditors due in more than one year - -
28,183,440 28,183,440
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Unrestricted Total
funds funds
2021 2021
£ £
Tangible fixed assets 39,512,690 39,512,690
Current assets 2,597,863 2,597,863
Creditors due within one year (2,847,036) (2,847,036)
Creditors due in more than one year _(11,367,708) _ (11,367,708)
27,895,809 27,895,809

14. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

GROUP
2022 2021
£ £
Net income for the year (as per Statement of Financial Activities) 287,631 72,714
Adjustment for:
Depreciation charges 104,973 153,180
Dividends, interest and rents from investments (2,364)
(2,652)		 (2,652)
Interest payments 184,937
551,976		 551,976
(Decrease)/ Increase in debtors (734,628) 570,401
Decrease in creditors (43,643) (188,929)
Net (deficit)/ surplus contributed by operating activities **(203,094) ** 1,156,690

Page 27

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. ANALYSIS OF CASH AND CASH EQUIVALENTS

GROUP
2022 2021
£ £
Cash in hand 13,960,680 2,155,828
Total 13,960,680 2,155,828

17. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £34,267 (2021 - £44,050). No contributions were payable to the fund at balance sheet date at either the current or previous year.

18. CAPITAL COMMITMENTS

There was no capital commitments at the balance sheet date.

Page 28

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. PRINCIPAL SUBSIDIARIES

Canopi Foundation 2

Subsidiary name Company registration number Charity registration number Basis of control Equity shareholding %

Canopi Foundation 2 05081333 1104911 Govern the financial and operating policies 100%

Total assets as at 31 March 2022 Total liabilities as at 31 March 2022 Total funds as at 31 March 2022

£ 743,781 £ (3,614,278) £ (2,870,497)

Gross income for the year ended 31 March 2022 Expenditure for the year ended 31 March 2022 Deficit for the year ended 31 March 2022

£ 27,124 £ (904,696) £ (877,572)

Canopi Foundation 1

Subsidiary name Company registration number Charity registration number Basis of control Equity shareholding %

Canopi Foundation 1 05976914 1128255 Govern the financial and operating policies 100%

Total assets as at 31 March 2022 Total liabilities as at 31 March 2022 Total funds as at 31 March 2022

£ 1,506,121 £ (2,386,762) £ (880,641)

Gross income for the year ended 31 March 2022 Expenditure for the year ended 31 March 2022 Deficit for the year ended 31 March 2022

£ 2,264,292 £ (3,179,344) £ (915,052)

Page 29

DocuSign Envelope ID: 0BA689EB-7796-4665-96E6-5A7020AAB322

CANOPI FOUNDATION (FORMERLY THE HELEN TAYLOR THOMPSON FOUNDATION LIMITED) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. PRINCIPAL SUBSIDIARIES (continued)

Education Saves Lives Subsidiary Education Saves Lives Company registration number 03921677 Charity registration number 1080131 Basis of control Govern the financial and operating policies Total assets as at 31 March 2022 £ 1,897 Total liabilities as at 31 March 2022 £ (20,165) Total funds as at 31 March 2022 £ (18,268) Gross income for the year ended 31 March 2022 £ 117,860 Expenditure for the year ended 31 March 2022 £ (93,888) Surplus for the year ended 31 March 2022 £ 23,972

20. FUNDS HELD AS AGENT

At the balance sheet date the company held £nil (2021 - £154,395) in trust on behalf of UBS, other London Funders and West Lindsey District Council. This relates to the Social Investment Fund, a fund which is being managed by the Charitable Company.

Page 30