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. EA￿C￿￿￿-￿￿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 CoMpan￿S 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 Se￿iceS
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 refer￿d 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 practi￿5 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_ Anno￿nn￿ 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 Acr￿Unting 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 prO￿dUreS 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
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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-