Charlty reglslratlon number 1128255 Company registralion number 05976914 (England and Wales) CANOPI FOUNDATION 1 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 IlTh. EAC-to7_1nnOffin_ A -oKtonnrynr A
CANOPI FOUNDATION 1 LEGAL AND ADMINISTRATIVE INFORMATION Trustees Miles Donohoe (Chair) Russell Thompson stuart Dawson Jyolsna Chandrani Charlty numb8r 1128255 Company number 05976914 Reglstered offlce Canopi 82 Tanner Straet London SE13GN Aud5tor BK Plus Audil Limlted Oakingham House Frederick Place High Wycombe Buckinghamshire HP111JU
CANOPI FOUNDATION 1 CONTENTS Page Trustees, report Statement of Trustees, responsibilili&s Independent Audilorfs report Slatement of financial activities 10 Balance sheet 11 Statement of cash flows 12 Notes to the fin8nclal slalements 13-20
CANOPI FOUNDATION 1 TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial slatements for Ihe year ended 31 March 2025, The Trustees (who are also directors of the Charitable Company for the purposes of the Cornpanies Act) present Ihelr annual report tog8lher with Ihe audited financial statements for Ihe year to 31 March 2025. The Trustees confirm that the Annual Report and financial slatemenls of Ihe Charitable Company comply with the current slatulory requiremenls, the requiremenls of Ihe Charitable CoMpanS governing document and the prov15ions of the Slatement of Recommended Praclice (SORP), applicablè lo tharilies preparing iheir accounts in accordance wilh the Financial Reporting Slandard applicable in Ihe UK and Republic of Ireland {FRS 1021 (effeclive 1 January 2019). Since the Chartiable Company qualifies as small under section 383, Ihe Strateglc Report required of medium and large companies under The Companies Act 2006 (Slralegic Report and Direclorts Report} Regulations 2013 Is not required. FINANCIAL REVIEW Canopl Foundation 1 recorded net income of £167,976 in the year. This is an increase from the nel expenditure in the prior year of £54,353. This change is driven by the lack of inlercompany receivable write off <2024,. £312,635) In Ihe year. There Is an unreslrlcted deflcit al Ihe year-end of £1,002,215 (2024: £1.170,191). RESERVES POLICY The Trustees approved a Reserves Pollcy In 2012 and agreed lo alm to malntaln consolldaled free reserves of £500,000 in cash or assets that are easily converted inlo cash. At 31 March 2025, the Group's cash or assets Ihal are easily converted Into cash were £6,064,390 {2024'. £11.382,923J. Group reseNes necessarily fell durlng the pandemic as Canopi Foundation worked to deal wlth the challenges brought on by the pandemic's flnanclal pressures. RISK MANAGEMENT The Trustees have assessed the malor risks lo whlch the Charltable Company Is exposed, In particular those related to the operations and finances of Ihe Charilable Company and are salisfied Ihal system5 and procedures ara In place lo mitigate the exposur8 to Ihe major risks. GOING CONCERN After maklng appropriat8 8nquiri8S, the Trustees have a reasonable 8xp8clalion Ihal the Charitable Company has adequate resources to continue In operallonal exlslence for the foreseeable future. For Ih18 reason, they Gonllnue to a(Jopl the golng concern basls In preparlng the financlal slalemenls. CONSTITUTION Canopl Foundallon 1 trades as Canopl and is a wholly owned subsldlary of Canopi Foundation. Canopl Foundatlon Is a Charltable Company Ilmlted by guaranlee and Is a Reglstered Charlty, 11 Is governed by ils Mamorandum and Articles of Association last amended on 3 August 2022. Canopi Foundation has sole membership of Canopi Foundalion 1. The charilable objeclives of Canopi Foundalion 1 are.. To promole and improve the efficiency and effecliveness of chanlies and volunlary groups, community groups and not-for-profil organisalions by Ihe pnivision and managemenl for such organlsallons of offiGe 8ccomrnod81ion. conferences, Iraining and other 18cilities. serviG8S and support To improve Ihe ellicienGy of the administralion of charilies in direGt pursuil of their objeclwes by rhe provision ol training and informalion. particularly in the field of infom?alion fechnology,. and Such olher exclusively ch8ri18ble purposes as Ihe Trustees sh811 from time to time determine. -Duonnrync A
CANOPI FOUNDATION 1 TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The m8nagemenl of the Charitable Company is the responsibility of Ihe TTuslees who are elected and co-opled under the lerms of Ihe Articles of Association, The Arllcles of Associalion slipulate that there must be 2 minimum of three Trustees and not more than seven Trustees. All Trustees musl be members of Ihe Charitable Company. additional Truslees may be appointed by Ihe exisllng Trustees at any lime, either to fill a casual vacancy or as an addillon to Ihe existlng Trustees. Any Trusteé so appointed wlll hold office only until Ihe nexl Annual General Meeting 2nd will than be eliglble for re- elecllon. One Ihlrd of the Truslees are to retlre by rolalion at each Annual General Meetlng, No Trusle8s had a beneficlal Interest in contracts wilh the Charitable Company durlng the year. The Twstees, who are also Ihe dirÉclors for Ihe purpose of company law. and who seNed during the year and up lo lh8 date of slgnature of Ihe financlal slalements were: Stuart Dawson Mlles Donohoe Matthew Sampson (resigned 30 May 2025) Russell Thompson Jyolsna Chandrani INDUCTION AND TRAINING OF NEW TRUSTEES The Charitable Company strives to ensure equal opportunilies and diversity In both the employm8nt of staff and Trustee appolnlmenls. Selection crlleria and procedures are regularly revlewed to ensure that individuals aT8 selected, promoted and treated on the basis of their relevant merits and abllilies. Truslees are glven a comprehenslve inducllon when they join Ihe Charitable Company. Recrultment Involv8S Int8Nl8ws wllh the Chalr and exlsting Trustees. Additionally. individual Truslees may undert8k8 external tralning in a partlcular area of th81r role on the gDvernlng body. ORGANISATIONAL STRUCTURE AND DECISION MAKING The Board of Trustees conlrols and manages Ihe affairs of the Charilable Company. Leadership and operational managemenl of Canopi are devolved lo th8 Senior Management Team. The S&nior Management Team through this period, and al the lime of writing Ihls report, are: Clive Dove-Dixon - Chief Execulive (Canopi Foundation - Group) (resigned 25th July 2025) Flona Edwards - Dlrector of Marketing and Communications (Canopi Foundalion - Group) Chris Hazell - Director of Operations and Sales (Canopi) Marla Maros- Financial Director (Canopi Foundation - Group) The Board of Trusle8s hold the Senior Managemenl Team lo accounl on key perfomance indicalors as agreed between bolh parties, as well as monitoring the slralegic direction. OBJECTIVES AND ACTIVITIES In selting objectives and planning for aclivilies, the Trustees have given due conslderalion lo general guidance published by the Charity Commisslon relating to public benefil and in particular to ils supplementary public benefil guidance when reviewing our aims and objeclives and in planning our future activities. Canopi aims to provide affordable and flexible workspace for UK and Internatlonal Charities and olher Social Seclor organisations. We support Ihis activity by providin9 seNices and events for a like-minded community of people who all want lo do good work and who benefit from working in Ihis collaborative environmenl. In.
CANOPI FOUNDATION 1 TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORMANCE Canopi's objectives at the end of the last year were., Maln focus - Make our new bulldlng In Tanner Street work We will be in a purpose designed space, set up lo offer stale-of-the-art facilltles lo the Social Sector, There will be a well-designed office area. with phone booths and meeling booths, plus a self-seNice café designed lo help our customers meet and get to know each other. There wlll also be a wide range of meeting rooms and a 100-person conference and events space. It Is through Ihe latter partlcularly that we intend to reach out to the Sector and deliver on our added value SeiceS Our focus over the recent past has been on designlng buildings. selllng real estate, nursing along th8 worn-oul Borough bulldlng, changing OLJr offerlng post COVID. The new space represents a real change for us and so we need lo focus on learning how lo make11 work and deliver our new buslness model Eco-system Davélop the model for this eco-syslem and start to deliver on k6y alemenls Build on the network of people who will use the events space, alongslde Ihe bulldlng-based communily lo create an eco-system of Social Sector cuslomers Governance revlew We plan to carry out a governance revlew. partly to follow up on Ihe previous review, bul also to recognlse thal the Foundation is In a dilferent shape now that all the development plans have b88n carrled oul Flnance Now that we have completed our properly development plan, our focus has to be on achieving operation break-even Summary of maln achievement8: PROPERTY- PORTFOLIO Watert)rldge House The sale of Walefbridge House was concluded and Ihe building handed over lo its new owners Tannèr Street We finalised Ihe purchase of our new premises al 82 Tanner Slreet 82 Tanner Sl is the commercial unil al Arc House. an L&Q development in Soulhwark. close lo London Bridge Slation.11 is 8 ½ years old, with office space for 300 staff from approximately 35 charities and social sector organisalions. The pioperty also has an event space which will allow evenls up to 100 delegales, with 8 100-seal audilorium, flexible meeting rooms. a plenary area and calering facililies Plans for a refurbishment were drawn up by archilecls, Tale Hindle, and a design and build conlraGlor, Claremont, was procured. Work then slarted on Ihe refurbishment Refurbishment works were completed on the ground floor in September 2024 and Ihe basement in March 2025 Borough We handed back our leased Borough building In December 2024 Handing back the Borough building compleled the final slep in our reorganisalion of our propety portfollo. We have reduced costs significantly with wholly-owned proporlies remainlng, 82 Tanner Slreel, and the nearby property al Jam8lca Road, Bermondsey. Iri. Anno¥nnff+ A
CANOPI FOUNDATION 1 TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Flnance8 The Charity and wider Social Sector has changed the way they use offices with a greater focus on quality, flexibllity and increased use of meeling spaces. This has ensured the landscape is slill challenging, bul our move lo new premises has allowed us to respond positively and end the year in a positive financial position: Cosls have continued lo be kept low The focus has been on maximising proceeds from the sale of Waterbridge House, and planning the new bullding lo ensure il is allraclive enough to achieve a high occupancy rale and also be efficlenl to manage, keeping operallng costs as low as posslble The proceeds from the sale of Waterbiidge House will be relained for potenllal future developments Oparatlons Planning for Ihe move lo our new building look up a significant amount of resource and tlme, bul we Successfully mov8d customers In at the beglnnlng of November 2024. Contractors compleled th8 basement Events Space in March 2025 and we started taking booklngs for Soclal Sector evenls shortly after. Following the acceptance of lh8 space, and comp181ion of snagging, the focus has moved to ensuring smooth operatlon of our sup8rb naw facllllles and ensurfng a lop notch customer experlenc8. Governance We are walting for approval of our updated articles. PLANS FOR FUTURE DEVELOPMENTS Canopl's oblecllves for the comlng year are as follows: Maln focus Conllnue lo develop the Canopl eco-syslem lo really deliver on all of the added value services, over and above the provislon of offlce accommodallon Flnances Cement the surplus, and develop plans to inv8St in expansion PUBLIC BENEFIT The Truslees have referd to the guidance contained in the Charity Commlssion's general guidance on public benefit when reviewing the aim and objectives and in planning Ihe Charitable Comp8ny's futur8 acllvilies. The alms of the Charllable Company for the public benefit are detailed the 'Oblecllves and Acllvities, section of IhSs report and the main activities undertaken in order to carry out the Charitable Companls aims for the publlc benefit are outlined under 'Achievemenls and Performance. above. ifi. CAn¢07_Ann0(nrt A
CANOPI FOUNDATION 1 TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 EMPLOYEE INVOLVEMENT AND EMPLOYMENT OF THE DISABLED Employees have been consulted on issues of concem to them by means of regular consultative commlllee and slaff meelings and have been kepl informed on specific malters direGlly by management. The Charitab18 Company carry out exil interviews for all staff leaving the organisalion and has adopted a procedure of upward feedback for senior management and the Truslees. The Charltable Company has implemented a number of detailed policies in relallon to all aspects of p8rsonn81 matters including,. Equal Opportunities Policy Volunteers, Policy Health & Safely Policy In accordance with the Charitable Companls Equal Opportunities Policy, Ihe Charitable Company has long eslablishecl falr employment practi5 in the recruilmenl, selection, retention and Iralning of disabled staff. Full details of these pollcies are avallable from Ihe Charitable Company's offices. THANK YOU Many thanks lo our customers. partners and slaff who have supported us over the past year. DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who are Trustees al the tlme when this Truslees, Report is approved has confirmed that.. So lar as that Trustee is aware, Ihere is no relevanl audil information of whlch Ihe Charitable Company's Audllors ar8 unaware, and That Trustee has taken all the steps Ihat ought to have been taken as a Trustee in order lo be aware of any relevant audit Inforrnalion and lo establish that the Charitable Company's Auditors ar8 aware of Ihal information Audltor In accordance with the Charitable Company's articl8s. a resolution proposing thal BK Plus Audit Limited, successor firm lo Haines Walls High Wycombe Limited. be reappointed as auditor of Iha Charitable Company will be pul al a General Meeling. The Trustees, report was approved by Ihe Board of Trustees. Mlles Donohoe (Chalr) Dated.. 3010912025 irn. oAnc•n_kk$07 Annonn A A
CANOPI FOUNDATION 1 STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Truslees, who are also Ihe directors of Canopi Foundation 1 for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice). Company Law requires Ihe Trustees lo prepare accounts for each financial year which give a true and fair view of the slate of affairs of tha Charitable Company and of Ihe incoming resources and application of resources. including the Income and expenditure, of the Charitable Company for Ihat year. In preparlng these accounts, the Trustees are requlred to.. Sel8cI sullable accounting poliaes and Ihen apply them consistently; Observe the methods and principles in the Charities SORP,. Make ludgemenls and accounting estimates that are reasonable and prudenl. and Slate whether applicable UK accounting standards have been followed subject lo any malerial dapartures dlsclosed and explained in th8 accounts. and Prepar8 tha accounts on the going concern basls unless St Is inappropriat8 to presume that th8 charlly WIII continue in operation. The Trustees are responsible for keeplng adequate accounling records Ihal disclose with reasonable accuracy al any lim8 the financial poslllon ol Ihe charity and enable them to ensure Ihat the accounts comply wllh the Companles Act 2Q06. They are also responslble for safeguarding the assels of Ihe charity and hence for taking reasonable St8ps for the prevenllon and de18Ction of fraud and other irregularities. Statement as to disclosure to our Audltor8 In so far as Ihe Trustees are aware at the lime of approving our Trustees, annual report: There is no re16vanl Infomalion, belng information needed by the Auditor in connection with preparlng their report, ofwhich the Auditor is unaware, and Th8 Trustees, havlng made enquires of fellow directors and Ihe Auditor that they ought to have Indlvidually laken, have each laken all steps Ihal helshe is obliged to lake as director in order lo make Ihemselv8S aware ol any relevant audit information and lo eslablish Ihat Ihe Auditor is aware of that information.
CANOPI FOUNDATION 1 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CANOPI FOUNDATION 1 Oplnlon We have audited Ihe finandal slalemenls of Canopi Foundation 1 (Ihe 'charity') for the year ended 31 March 2025 which comprise the statement of financial aclivilies. Ihe balance sheet, Ihe slalement of cash flows and Ihe notes lo the financial slatemenls, including a summary of significant accounting policies. The financlal r8POrting framework that has been applied in their preparallon is applicable law and United Kingdom AcrUnting Standards, includlng Financlal Reportlng Standard 102 The Financial Reporting Sland8rd appllcable in tho UK and Republlc ol Ire18nd (Unlted Kingdom G8nerally Accepted Accounting Practice). In our oplnlon, the financlal stat8m8nts: Give a true and lair view of the stale of the Charitable Companvs affairs as at 31 March 2025 and of Ils Incoming resources and application of resources. for the year then ended,, Have been properly preparèd in accordance wilh United Kingdom Generally Accepted Ac¢ounling Practice., and Have been prepared In accordance with the requiremenls of Ihe Companies Act 2006. Basls for oplnlon We conducted our audil In accordance wllh Intern8tional Standards on Auditing (UK) (ISAS (UK)} and appllcable law. Our responsibililies under Ihose standards are further described in the Audilors responsibililies for Ihe audil of the financial slalemenls section of our report. We are independent of th6 charity in accordance with the ethical requirements Ihal are relevant lo our audit of the financial 518temenls in Ihe UK, Including the FRC'S Elhlcal Slandaid, and we have fulfilled our other ethical responsibilities in accordance with Ihese reqLJirement5. We believe that the audit evldence we have oblained is sufficlenl and appropriate to prowde a basis for our opinion. Concluslons relatlng to golng concern In auditing the nnancial slalemenls, we have concluded Ihat Ihe Truslees, use of Ihe golng concern basls of accounllng In the preparatlon of the financial slalemenls Is appropriate. Based on Ihe work we have performed, we have not idenlifjed any material uncertalnlles relating to events or condillons Ihal, indivldually or collectively, may cast significant doubl on the charlty's abllity tc conlinue as a going concern for a perlod of al least e1ve monlhs from when Ihe financlal statements ar8 aulhorlsed for Issue. Our r8sponslbllilies and the responsibilllies of lh8 Trustees With resp8Ct lo golng concern are descrlbed In Ihe relevant sections of Ihls report. Other Informatlon The other informallon comprises the Information included In the annual report other Ihan the flnanclal slatemonts and our auditorfs report Ihereon. Th8 Truslp.es are responsible for the other informalion contalned within the annual report. Our oplnion on Ihe flnancial slalemenls does not cover the other inlormalion and we do not express any form of as5uiance conclusion Ihereon. Our responsibility Is to read the other Infoimalion and, In dolng so. consider whelh8r the other informallon is materially inconsislenl with the financial statements or our knowledge obtained the course of the audit, or otherwise appears lo b8 materially misstated. If we idenlify such malerial inconsislencies or apparent material misslalements. we are required to determine whether Ihis gives rise lo a material misslalement n Ihe financial slalemenls themselves. If. based on the work we have performed, we condude Ihal there is a malarlal misslatemenl of this other information, w8 are required lo report that fact. We have nothlng lo report in this regard. Matters on whlch we are requlred to report by excepllon We have nolhing lo report in respect of the following matters in relalion lo which the Companles Act 2006 requires us lo report to you if, in our opinion.. the infomialion given in the financial stalernents is inconsislenl in any material respect wilh Ihe Trustees, report., or sufficient accounling records have not been kepl; or the financlal slatemenls ar8 nol in agreement with tha accountlng records; or we have not received all Ihe Information and explanations we require for our audit,
CANOPI FOUNDATION 1 INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CANOPI FOUNDATION 1 Responslbilltles of Trustees As explained more fully in the slalement of Trustees, responsibilities. the Trustees, who are 8lso Ihe directors of the ¢h8rity for the purpose of cA)mpany law, are responsible for the preparallon of Ihe finanGlal slalements and for being satisfied Ihal Ihay give a Irue and fair view, and for such internal control as the Trustees delermine is necessary to enable the preparation of financial statements Ihal are free from malerial misstatement, whether due lo fraud or error. In preparing the financial slatements, the Trustees are responsible for assessing Ihe charlty's ability lo conllnue as a golng cL)ncern. disclosing, as applicable. mallers related to going concern and using the going concern basis of accounting unless the Trustees ellher intend lo liquidate the Charitable Company or lo cease operallons, or have no realislic alternative bul to do so. Audltorfs responslbllltles for Ihe audlt of the flnancial statements Our objectives ar8 to obtaln reasonable assurance about whelher the financial sl8t8ments as a whole are free from malerlal mlsslalement, whelher due to fraud or error, and lo Issue an audllorfs report that includes our opinion, Reasonab18 assurance Is a hlgh level of assurance but Is not 3 guarantee that an audll conducted in accordance wllh ISAS (UK) wlll always delect a material misslalemént when il exisls. Mlsslalemenls can arls8 from fraud or error and are considered material if, individually or In the aggregate, they could reasonably b8 expected lo influence the economlc decislons of users laken on the basis of these financial statemenls. Irregularities, including fraud, are Instances of non-compliance with laws and regulatlons. We design procedures in line with our responsibilities, outlined above. lo delecl material misslatemenls in 18specl of irregularille5, including fraud. The extent lo which our Procedures are capable of delecling irregularities, Including fraud, is detailed below. Explanatlon as to the extent to whlch the audll was consldered capable of detectlng Irregularltles, Includlng fraud From the prellmlnary stage of Ihe audll. we ensure our underslanding of the 8nllty Is up lo dale. Thls Includes, bul Is not Ilmlled lo, current knowledge of Ihelr acllvltles, the buslness and conlrol environments. and their complianc8 with the appllcabl8 legal and regulatory frameworks. This Information supports our risk identification and the subsequent design of audit proceduras lo mltlgate Ihose rlsks; ensurlng thal the audit evldence obtalned Is sufficl8nt and approprqale to support our opinion. In response to Ihe rlsks Identified, specific to Ihis enlity, we deslgned prOdUreS which Included, but were not limited lo.. Enquiry of management and those charged with gov8rnanc8 around actual and potenlial liligalion and clalms., Revlewlng mlnules of meellngs of Ihose charged with governance, Ifavallable. Revlewing financial slalements disclosures and testing lo supporiing documenlallon lo assess compllance with applicable laws and regulations., Audiling the risk of manag8ment override of conlrols. including Ihrough testing journal entries and olher adjuslmenls for approprialeness, and evaluating the business rationale for signifiGant transactions outsld8 the normal course ol business. A further descriplion of our responsibilities is available on Ihe Financial Reporling Council's website al: hllps;11 www,frc.org.uklaudilorsresponsibilities. This description forms part of our auditorfs report. Ir%• QAnC4_n_kk$07_Annolf*nv
CANOPI FOUNDATION 1 INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CANOPI FOUNDATION 1 Use of our report Thls report is made solely lo Ihe charitable companys members, as a body, in accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audll work has been undertaken so that we might state to the charllable company's members those matters w8 ar8 required lo stale to them in an auditor's report and for no olher purpose. To the fullest extent permllted by law, we do not aGcepl or assume responsibility to anyone other than the charilable company and the charilable company's members as a body, for our audit work. for thls report, or for the oplnlons we have formed. Davld Hynes (Senlor Statutory Audltor) For and on behalf of BK Plus Audit Limlted 3.Qi.c9.1.7.CL statutory Audltor Oakingham House Frederick Place High Wycombe HP11 1JU -ts6ronr*nnc A
CANOPI FOUNDATION 1 STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrictèd Unrestricted funds funds 2025 2024 Notes Income and endowmenls from: Trading income Investments Olher income 1,715,181 2.216 14,245 2,220,215 2,136 28,588 Total Income 1,731,642 2,250,939 enditure on.. Charllable activllies 1,563.666 1.992,657 Net Income for the yearl Nel Incomlng resources 167,976 258,282 Oth8r recognTsed gains and1088es Exceptlonal Item 10 {312,635) Net movement In funds 167,976 (54,353) Fund balancEs at 1 April 2024 (1,170,191) (1,115,838) Fund balances at 31 March 2025 (1,002,215) (1,170,191) The Slalement of Financial Activities includes all gains and losses recognised In Ihe year. All income and expendllure derive from conlinuing aclivilies. The Statement ol Financial Activities also complies wilh Ihe requirements for an Income and Expenditure Account under Ihe Companies Act 2006. 10-
CANOPI FOUNDATION 1 BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Flxed assets Tangible assels 11 10.265 87,682 Current assets DÈbtors Cash al bank and in hand 12 199.605 526,161 422,928 142.703 725,766 565.631 Credltors.. amounts falllng due wlthln one year 13 (1.738,246) (1,823,504) Net current Ilabllilies (1,012,480) (1,257,873) Total assets less current Ilabllltle8 (1,002,215) (1,170,191) Income funds Unreslrlcled funds (1.002,215) (1,170.191) (1,002,215) (1,170,191> These financial statements have been prepared in accordance with Ihe provisions applicable to companies Subject lo the small companies regime, The financial statements were approved by Ihe Trustees on . 3010912025 Miles Donohoe (Ch8ir) Trustee Company Registratlon No. 05976914 11
CANOPI FOUNDATION 1 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note Cash flows from operatlng actlvllles Cash generated froml{absorbed by) operations 17 388,347 (274,262) Investlng actlvltles Purchase of langlble fixed assets Inleresl received {7,105) 2.216 (9,130) 2,136 Net cash used In Invesllng actlvltles (4,889) (8.994) Net cash used In flnanclng actlvltles Net Increasel(decrease) In cash and cash equlvalents 383,458 (281,256) Cash and cash equlvalents at beginning ofyear 142,703 423,959 Cash and cash equlvalents at end of year 526,161 142,703 12- In. cAnEoAn_kk*07_Anno¥nn_AoAryf)_--oKonnnnc A
CANOPI FOUNDATION 1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcles Charity informatlon Canopi Foundation 1 is a private company limited by guarantee incorporated in England and Wales. The registered office is Canopi, 82 Tanner Slreet, London, SE13GN. The members of the company are Ihe Tnjslees named on page 1. In Ihe event of the company belng wound UP, Ihe liability in respect of the guarantee is limiled lo £1 per member of the company. 1.1 Accountlng convanllon The accounts have been prepared in accordance wilh the charlvs Artlcles of Assoclalion, th8 Companies Act 2006 and "Accounllng and Reporting by Charities.. Stalement of Recommended Praclice applicable lo charllies preparing their accounts in accordance wilh the Financial Reporting Standard appllcable in Ihe UK and Republic of Ireland (FRS 102). (as amended for accounting periods commencing from 1 January 20161. The charlly Is a PublSc 8an8fit Entity as defined by FRS 102. The flnancial stalem8nts are prepared In sterllng. which is the funclional currency of the char5ty. Monetary amounls in these financlal slalemanls ar8 rounded lo the nearest £. The financial slalements have been prepared under the hlstorical cost convention. Th8 princSpal accounling pollcles adopted are set out below. 1.2 Golng concern The financlal slalemenls have been prepared on a going concern basis. The Trustees have revlewed and considered relevant Information, including the annual budgèt and fulure cash flows in making Ihelr assessment. Based on these assessments, glven the measures thal could be undertaken lo miligale tha current adv8rse condilions, and the current resources available, the Trustees have concluded that they can conllnue lo adopt the going concern basis in preparing the annual report and accounts. Integral to Ihls assessment Is Ihe continuing support of Ihe members for al least 12 months from the dale of the financi81 slalements being signed. The parent company, Canopi Foundalion, confirmed thal11 wlll support the charlly for a period of 12 months from Ihese financial slalements belng slgned. No malerlal uncertalnlles surroundlng going concern exlsl. 1.3 Charltable funds Unrestricted funds are available for use at Ihe discrellon of Ihe Trustees In furtherance of their charitable obleclives. 1.4 Incoming resour¢eg Income is recognised when Ihe charity is legally entitled lo it after any performanc8 conditions have been mat, the amounts can be measured rellably. and il is probable that income will be received, Income tax recoverable in relation lo donalions received under Glfl Ald or deeds of covenant is recognlsed al the lime of the donallon. other Income is recognised In the perfod in whlch it is receivable and to the exlenl the goods have been provid8d or on completion of tho servic8. 1.5 Resources expended Liabilities are recognised as resoufces expended where there is a legal or Gonslrvclive obligation commllling the charity to the expenditure. All expenditure is accounted for an accruals basis and includes, where applicable, value added lax where this is irrecoverable. Cost of genefating funds are those included in seeking voluntary contributlons and do not indude the costs of disseminatlng Information in support of the charitable activllies. 13- 2AnCfj_n_LXc*7_ Annoxnn_ -otsonn•nr A
CANOPI FOUNDATION 1 NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng poll¢les (Contlnued) Governance costs are the cosls associated wllh the govemance arrangements of Ihe charily that relate to the general running of the charity, as opposed to thos8 costs associated wllh fundralsing or charitable activity. Included wllhln thls category are costs associated wllh the slrategic, as opposed to the day-to.day, managament of the chariws acllvllles. Support costs, which include cenlral office functions such as general manag8m6nt. payroll adminislralion, budgeting and accounting. information lechnology and financing are allocated across lh8 calegories of charitable expenditure, governance cosls and costs of generating funds. These costs are apportioned on Ihe basis of an estimate by Ihe Board of Ihe lime spent. 1.6 Tanglble flxed assels Tanglb18 fixed assels are initially measured at cost and subsequ8nlly measured 81 cost or valuation, net of d8precialion and any Impairment Ioss8S. Depreciation is recognised so as to write off the cost or valuation of assals less their residual values over their useful lives on the following bases: Leasehold Improvements Plant and equlpmenl Fixlures and filllngs Computers Over the perlod of the lease 10¥0 slralght line 20QA slraighl Ilne 250A slralght Ilne The gain or loss arising on Ihe disposal of an assel Is determined as Ihe difference between Ihe sale proceeds and the carrylng value of Ihe assel, and is recognised in the statement of financial activities, 1.7 Impalrment of flxed assets Al each reporting end dale, Ihe charity reviews Ihe carrying arnounls of ils tangibl8 assets lo determine whether Ihere Is any Indication Ihal those assels have suffered an impairmenl loss. If any such indication exlsls. the recoverable amount of the assel is eslimaled in order lo determine Ihe exlenl of the impairment loss (if any). 1.8 Cash and cash equlvalenls Cash and cash equivalents include cash In hand, deposlts held at call wllh banks, other short-term Ilquid Investments wilh original malurilles of three months or less, and bank overdrafts. Bank overdrafts ar8 shown within borrowings In current liabilities. 1,9 Flnanclal Inslruments The charity has elected to apply the provlslons of Secllon 11 'Baslc Flnancial Instruments, and Secllon 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial inslrumenls. Flnancial instruments are recognlsed In the charitys balance sheet when Ihe charily becomes paty to the conlraclual provisions of th8 inslrumenl. Financial assets and liabililies are offset, wilh th8 n81 amounts presented in the financial slatemenls. when there Is a legally enforceable right to sel off the recognised amounls and ther8 is an In18ntion to setll8 on 8 nel basis or lo realise the asset and settle the liability simullaneously. Baslc flnan¢ial assets Basic financial assets, which include debtors and cash and bank balance5, are Initlally measured al Iransaclion price including Iransaclion costs and are subsequenlly carried al amortised cost using the eff8clive interest method unless Ihe arrangement conslilules a financing Iransaclion, where the Iransaction is measured al the present value of the future receipls discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 14- Ir). A
CANOPI FOUNDATION 1 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (Contlnued) Baslc Ilnancial Ilabllltles Basic financlal liabilities, including creditors and bank loans are inilially recognised al transaction price unless the arrangement conslilules a financing transaction, where Ihe debt inslrumenl is measured al Ihe present valu6 of th8 future payments discounted at a markel rale of inleresl. Financial liabllllles classlfled as payable within one year are not amortised. Debt instruments are subsequenlly carded al amortised cost, using the effective Interest rale melhod. Trad8 creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operalions from suppliers. Amounts payable are classified as current liabilities if payment is due wllhin one year or less. If not, they are presented as non-currenl liabilities. Trade credilors are recognised initially at Iransaclion price and subsequenlly measured al amortised cosl using Ihe effeclive interest melhod. Derecognltlon of flnanclal Ilabllllles FSnancial liabilities are derecognised when Ihe charity's ntra¢lua1 obligations expire or are discharged or cancelled. 1,10 Taxatlon Canopi Foundation 1 Is a reglstered charity and has no liability to corporation lax on Ihelr charitable activltSes. 1.11 Employee benefits The cost of any unused holiday enlillemenl is recognised in the period in which the employee's seNlces are recelved. Termlnation benefits are recognlsed immediately as an expense when Ihe charity is demonstrably commllled to lermlnale the employment of an employee or to provide termlnallon benefils. 1.12 Leases Rentals payable under operaling leases. Including any lease incenllves recelved, ara charged as an 8xpans8 on a straight line basls over the term of the relevant lease. Crltlcal accountlng estlmates and Judgemenls In the application of the charity's accounling policies, the Truslees are required lo rnake judgements, estimates and assurnptlons aboul the carrying amount of assets and Ilabilities that are not readlly apparent from other sources. The eslimales and associaled assumptions are based on historical experlence and other faclors that are considered lo be relevant. Aclual results may differ from these eslimales. The estlmales and underlying assumptions are reviewed on an ongoing basls. Revlslons to accountlng esllmates are recognised in the period in which the eslirnale is revised where the revision affects only that period, or in the perlod of the revislon and future perlods where the revislon affects bolh Gurrent and futur8 perlods. 15- ITh. Q AnC4_n_L#O7_ Annocnn_ -oUonnfjnt A
CANOPI FOUNDATION 1 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income Irom other tradlng actlvStles Unrestrlcted UnT8slrlcted funds funds 2025 2024 Non-charllable trdding activitles Other income 1,712,224 2,957 2,210,258 9,957 Other trading activities 1,715.181 2.220,215 Investmenls Unrestrlcted Unrestricted funds fund8 2025 2024 Interest receivable 2,216 2,136 other Income Unreslrlcted Unrestrlcted funds funds 2025 2024 Rental income 14,245 28,588 16- ITh.
CANOPI FOUNDATION 1 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charltable actlvltles 2025 2024 Staff cosls Other slaff costs Interest and charges Prlnllng, postage and stationary Rent and ral8S Premises expens8S Communication services Depreciation of Improvements Depreciallon of fixtures and fltlings Depreciatlon of IT equipment Bad and doubtful debt Sundry 8xpense5 176,771 185,514 1,371 5,941 397 626 73,596 101.576 920,002 1,376.580 240,961 183.072 61,846 55,553 78,140 77,324 96 6,286 5,830 1,529 612 1,559,466 1,994,157 Share of governance cosls (see nole 7) 4,200 (1,5001 1,563,666 1,992,657 Support costs Support Gov8rnance costs costs 2025 Support Governance cosls costs 2024 Audll fees 4,200 4,200 (1,500> (1,500) 4,200 4,200 (1,5001 (1,500) Charitable activities 4.200 4,200 (1.500) (1,500> The fees payable lo Ihe Charitable Companrfs auditor for the year lolal £4,200 (2024: £4.000). In Ihe prior year, a hislorical over-accrual of audit fees of £5.500 wa5 reversed, resulling in a net credlt lo the income and expenditure account of £1,500. Trustees None of the Trustees (or any p8rsons connected with Ihem) ieceived any remuneration or benefits from the charitable company during the year. Taxatlon The charitable company is 8xempt from taxation on ils activities because 811 its income is applied for charitable purposes. 17-
CANOPI FOUNDATION 1 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 l O Exceptional item Unrestrlcted Unrestrlcted funds funds 2025 2024 Exceplional Item 312,635 The exceptlonal item in the prlor year above Is a wrSte back of Intercompany loans wllh Canopl Foundation 2, a f811ow group member. 11 Tanglb16 flx8d assets Leasehold Improvemenls Plant and Flxlure¥ and aqulpm•nl fltilng8 Computer# Total Cost At 1 Aprll 2024 Addlllons 808,182 149,264 495,669 5,762 252,861 1,343 1,705,976 7,105 At 31 March 2025 808.182 149,264 501.431 254.204 1,713,081 Depreclatlon and Impalrment Al 1 April 2024 Depreciation charged in the year 729,907 78,140 149,264 495,669 96 243,454 6,286 1,618,294 84,522 At 31 March 2025 808,047 149,264 495,765 249,740 1,702.816 Carrylng amounl Al 31 March 2025 135 5.666 4.464 10,265 At 31 March 2024 78.275 9.407 87,682 12 Debtors 2025 2024 Amounts falllng due wllhln one year: Trade debtors Amounts owed by fellow group undertakings other deblors Prepayments and accrued Income 69,832 69,071 127,918 23.059 202,880 1,135 128.638 199,605 422,928 18- Ir). CAnca_n_kk¥07_4nno¥nn_ -QKmnnnnr A
CANOPI FOUNDATION 1 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Credltors: amounts falllng due wlthln on8 year 2025 2024 Other taxation and soclal security Trade creditors Amounts owed lo fellow group undertakings Other creditors Accruals and deferred income 65,057 128,864 811,081 634,233 99.011 1g1,014 10,923 772,933 848,634 1.738,246 1,823,504 14 Operatlng lease commltments At the reporting end date the Gharlty had outstanding commilmenls for future minimum lease paymenls under non-cancellable operating leases. which fall due as follows: 2025 2024 Wilhin one year 466,812 15 Related party transactlons The charitable wmpany has laken advantage of the exemptions In FRS 102 "Related Party Disclosures. from the requirements to disclose Iransactions with group companies on the grounds thal consolldaled financial statements are prepared by the ultimale parent company. 16 Control Throughout Ihe period, Canopl Foundation 1 was ultimately conlrolled by the parent undertaklng, Canopi Foundation, a Charitable Company incorporaled in England and Wales (Company Number.. 03635124, Charity Number.. 1075749). Canopi Foundation's principal purpose is to provide serviced offices and training for the Soclal Sector. Canopl Foundation controls the Charilable Company by vlrtue of belng ils so18 m8mber. The Charitable Company is included in Ihe consolidated financial statements of Canop5 Foundation. These can be oblalned from hll s'.iifind-and-u date.com an -informalion.service. ov.uklcom an 1036351241filin histo 19- nnolr4n_ -D¢¢ortfJfjncA
CANOPI FOUNDATION 1 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Cash generated from operations 2025 2024 Surplus for the year 167,976 258,282 Adjuslmenls for: Investment Income recognised in slalement of financial activities Exceptional Ilem Depr8cialion and impalrment of tangible fixed assets (2,216) (2,136) (312,635) 83.154 84.522 Movements in working capital: Decrease In debtors (Decrease) in creditors 223,323 (85,258) 239,178 (540,105) Cash generated froml(absorbed by) operatlons 388,347 (274,262) -20-