Charlty reglstratlon number 1075749 Company reglslratlon number03635124 (England and Wales) CANOPI FOUNDATION (A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CANOPI FOUNDATION IA Company Llmiled by Guarantee} CONTENTS Page Reference and Admlnistrative Detalls of the Charityi Its Trustegs and Advlsers Trustees. Report 2-11 Independant Audltorfs Report 12-14 Consolldated Statement of Financlal Actlvllles 15 Consolldated Balance Sheet 16 Compahy Balance Sheet Consolldated Statement of Cash Flow 18 Notes to the Flnanclal Statements 19-31 ITh. nfjn¢__r7VhA A_
CANOPI FOUNDATION {A Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Miles Donohoe (Chairl Russell Thompson Stuart Dawson Jyolsna Chandranl Company r8glstered number 03635124 Charlty reglstered number 1075749 Reglstered office Canopi 82 Tann6r Street London SE13GN Audltors BK Plus Audll Limited Oakingham House Frederick Place High Wycombe Buckinghamshire HP11 1JU Bankers Barclays Bank PIC Level 27 1 Churchlll Place London E14 5HP Page
CANOPI FOUNDATION IA Company Llmltod by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Tru81ees (who are also directors of the Chadlable Company for th8 purposes of the Companies Acl) present their annual report together with the audited financial statements for the year lo 31 Ma¥ch 2025, The Trustees confirm that the Annual Report and financial slalemenls ol the Charitable Company comply with the currenl slalulory requirements, the requiremenls of Ihe company's governing document and Ihe pravisions of thè Slalemenl of Recommended Pracllce ISORPI. applScable lo chafilies preparing Ihelr accounts in arLordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effeclive 1 January 20191. Since Ihe Charitable Company and the Group qualifies as small under section 383, the Strategic Report required of medium and large companies under The Companies Act 2006 (Slralegic Report and Dir8cIoi's Report) Regulations 2073 is not required. CONSTITUTION Canopl Foundatlon.. has three wholly owned 5ubsidiaries.. Canopi Foundation 1 Canopi Foundation 2 Educalion Saves Lives Canopi Foundation Irades as., 'Canopi': Canopi Foundation 1, together with Canopi Foundation 2, collectively trade as Canopi 'Education Saves Lives, Canopl Foundatlon is a Charitable Company limited by guarante8 and is a reglslered Charily. It Is governed by ils Memorandum and Articles of Assoclalion last amended on 3 August 2022. The Ch8rilable Objecliv8s of Canopl Foundallon are.. 'The Charily'& objeclives are lo improve Ihe efficiency of th& adminislratiorp ofcharilies in direct pursuit of Iheir objeclives by Ihe provision of training and informalion, particularly in Ihe field of inforinalion l&chnology, and for such other charitable purposes as Ihe Trusl88s shall frorn time lo time determine. Canopi Foundation has sole membership of Ihe charities Canopi Foundation 1, Canopi Foundation 2 and Educalion Saves Lives.. The Charitable Objectives of Canopl Foundatlon 1 are: To promote and improve Ihe efficiency and effectiveness ofcharilies and voluntary groups, community groups and nol-for-profil organisalions by Ihe provlslon and managem8nt for such organisalions ol office accommodalion, conferences, training and olhgr facililies, seNices and support To improve lh& effffciency of Ihe 8dminislralion of charilffes in dir8ct pursuit of their objeclives by the provRsion of Iraining and informalion, particularly in Ihe field of inlormalion technology,. and Such olher exclusively Gharilable purposes as the Trust8es shall from limg lo lime delemiine The Charitable Objectives of Canopl Foundatlon 2 are.. To promote and improve the 6Kiciency and effectiveness of charilies and voluntary groups, communily groups and not-for-profil organisalions in the London borough of Soulhwark by the provision and management for SUGh org8nisalions of office acconimodation, conferences, training and olherlacililies. seThices and support To Improve the efficiency of the adminislr81ion of Gharilies in dir6cI pursult of their objeclwes by the provision of Iraining and informalion, particularly In rfhe field of inform81ion technology Pag& 2
CANOPI FOUNDATION IA Company Llmlted by Guarante2) TRUSTEES. REPORT (Contlnuedl FOR THE YEAR ENDED 31 MARCH 2025 The Charilable Objectives of Educallon Saves Llves ore- ro preserve and pml8ct the h8811h and improve Ihe lives of peopl8 in any p8rt of lh8 Wortd, especlally Ihose in countries th8t 8re low on Ihe Human Developmenl Indox, by educaling beneficiaries, and equipping them to make Infomied decislons 8boul (heir health, lifestyle and environmenl FINANCIAL REVIEW A consolidated set ofaccounls has been prepared which incorporates the accounts of the whollyowned subsidlary charities Canopi Fovndalion 1, Canopi Foundation 2, and Education Saves Lives, all companies limited by guarantee. Revlew of activities of subsldiaries Canopi Foundation 18nd Canopi Found81ion 2, colleclively Iradlng as Canopi, are both self-suslaining charities. building on Canopi's experience of creating a suc¢assful collaborative working environment. Canopi is recognised as a landmark enterprise for Ihè Social SecloT. Canopi Foundation recorded nel 8xpendilure of £107,762. This is an increase from the nel expendllure in the prior year {2024: £10,717,593). There is unreslricled surplus 81 the year-end or £16.860,54512024= £16,752,783). Canopl Founc18tion 1 recorded nel income of £167,976. Thls is 8n increase from the n81 expenditure In the prior year (2024.. £54.353). Thera is an unreslricled deficit al the year-8nd 01 £1,002,215 (2024.. £1,170,191)- Canopi Foundation 2 recorded not expendiluTe of £5,610, Including a wrilo back of an Inlercompany loan balance of £2,497. Thls Is a decrease from Ihe prior year (2024.. £281,722 nel income). There is 2n unreslricted surplus at Ihe year-end of Nil {2024: £5,610- surplus). Education Saves Llves recorded nel expenditure of£1 2,733, 8 decrease from the nel expendllure in the prior year 12024: £60,988)- There is an unreslilcted d8ficil al the year.erkd of £208,283 (2024-. £195,290) and a reslricled surplus of £2,859 (2024.. £2,859). RESERVES POLICY The Trustees approved a ReseNes Policy in 2012 and agreed lo aim lo maintain consolidated free reseeS of £500,000 in cash or assels that are ea8lly converted into cash. At 31 March 2025, the Group's cash or assets that are easily converted into cash were £12,642,05712024.. £11,382.9231. Group reseNes necessarily fell during Ihe pandemic as Canopi Foundation worked lo deal with the challenges brought on by the pandemic's financial pressureg. Reserves have remained relatively consislenl since 2024. RISK MANAGEMENT The Trustees have assessed Ihe major risks lo which the Charitable Company and the Group are exposed, in partlcul8r Ihosa related ID the operalions and finances of the Charitable Company and the Group and are satisfied that syslefll8 and procedures are in place to mlligale the exposure lo the major risks. Page 3
CANOPI FOUNDATION IA Company Llmlted by Guarantee) TRUSTEES. REPORT Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2025 SAFEGUARDING Sn EDUCATION SAVES LIVES Safeguardlng sils alongside our core obleclive of enabling all people lo live a hea51hler and safer life. While we have policies in place lo cover our own office, ensuring that all our beneficiaries and partners are protected is a very dilferenl proposition. We seek lo involve oui Paflners in safeguarding, and have developed a code of conduct which encourages them lo be open in reporting locally and lo us, if, for example, any dlsclosures are made during a meeling where our lessons are being viewed. There were no safeguardlng concerns ralsed in the period covered by Ihls report. GOING CONCERN After maklng appropriate enquiries, the Trustees have a reasonable expectation that Ihe Company has adequate resources lo continuo in operational existènce for the foreseeable future. For this reason, Ih8y continue lo adopl the going concern basis in preparing the financial slalamenls. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the Company and the GTOUP Is the responsibillly of the Trustees who are elected and co- opted under the terms of the Articles of Association. The Articles of Association slipulale that Ihere mLtst be a minimum of three Trustees 8nd not more Ihan seven Trustees. All Trusless musl be mémbers ol the Charitable Company. addllional Trust888 may be appointed by the existing Trustees al any lime, either lo fill a casual vacancy or as an addition to Ihe existing Twslees. Any Trustee so appointad wall hold office only unl51 Ihe next Annual General Meeting 8nd will then be eligible for re- election. One third of the Truslees are lo retire by rolalion al each Annual General Meeting. No Trustees had a beneflcl81 interest in contracts with the Group during the year. The Trustees, who are also Ihe Direclo¥s for the purpose of company law. and who se*ved during the year and up lo the dale of signature of the financial slalemenls were.. Sluarl Dawson Miles Donohoe Mallhew Sampson (resigned 30 May 20251 Russell Thompson Jyolsna Chandrani INDUCTION AND TRAINING OF NEW TRUSTEES The Group strives lo ensure equal opportunities and divelsily in both the employment of staff and Trustee appoinlmenls. Selection crileria and piocedures are regularly reviewed lo ensure Ihal individuals are selected, promoted and Irealed on the basis of their relevanl merils and abilities. Tnjslees ar& given a comprehensive induction when Iheyjoin the Group. Recruilmenl involves inlervlews wllh the Chalr and existing Trustees. Additionally, individual Twslees may undertake external training in a particular arèa of Ihelr fole on the governing body Page
CANOPI FOUNDATION (A Company Llmlled by Guarantee) TRUSTEES. REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2025 ORGANISATIONAL STRUCTURE AND DECISION MAKING The Board of Truslees controls and manages the affalrs of the charity. Leadership and operational management of Canopi are devolved lo Ihe Senior M8nagemenl Team. The Senior Management Team through this period, and al the lime of writing this report, are.. Clive Dove-Dixon - Chief Executive (Canopi Foundation - Group) (resigned 25th July 20251 Chris Hazell - Director of Operations and Sales Icanopi) Fiona Edwards- Director of Marketing and Communications (Canopi Foundation - Group) Maria Maros- Financial Director {Canopi Foundation - Group) Rachal Bull- Director (Education Saves Lives) The Board of Trvslees holds the Senlor Managemenl Team lo account on key performance indicators as agreed between both parties, as well as monitoring the strategic direcllon. OBJECTIVES AND ACTIVITIES: CANOPI ICANOPI FOUNDATION 1 AND CANOPI FOUNDATION 21 In setting objectives and planning for aclivilies, the Trustees have given due consideralion lo g8neral guidance published by th8 ChaTily Commission r8laling lo public benafil and in particular lo ils supplementary public benefit guidance when reviewing our alms and objecllves and in p18nning our fulure aclivilies= Canopi aims to providg affordabl8 and fl8xibl8 workspace for UK and International Charilies and other Social Sector org8nisalions. W8 SilPPQrt Ihis activily by providing s8wices and fjv&rJls for a like.min6ed Gommunlly of peopl8 who all wanl to do good work and who ben8fiÈ from wort(ing in this collabor81iv8 &nvironmerJl. Canopi Foundalton 2 is currently dormant and will b& closed wilhin the following financial year. ACHIEVEMENTS AND PERFORMANCE: CANOPI (CANOPI FOUNDATION 1 AND CANOPI FOUNDATION 21 Canopi's objecllves al the end of the last year were.. Maln foGus- Make our new bulldlng In Tanner Street work: We will be in a purpose-designed spa, sel up lo offer stale-of-lhe-art faGS111ies lo Ihe Social Sector. There will ba a well-designed office area, wilh phone booths and Tneeling booths. plus a self-seNice café designed lo help our customers meet and gel lo know each other. There will also be a wid8 rang8 of meeling rooms and a 100-person conference and evenls space. 11 is through the laller particularly Ihal we intend lo reach out lo Ihe Sector and deliver on our added value servlces Our focus over the recenl past has been on designing buildings, selling real eslale, nursing along the worn-oul Borough building, changing our offeTing post COVID. The new space ¥epresenls a real change IOT us and 50 we need lo focu5 on learning how lo make il work and deliver our new buslT)ess model Eco.syst8m Develop the model for Ihis eco.system and start to deliver on key elements Build on the network of people who will use Ihe events space, alongside the building-based community lo creale an eco-system of Social Sector cuslomers Governance review We plan to carry oul a governance review, partly to follow up on the prevlous r6view, but also lo recognise Ihal Ihe Foundation is in a different shape now that all the development pl3ns have been carried out Flnance Now that wa hav8 compl8led our propety development plan, our focus has lo be on achieving operational break.even Page 5
CANOPI FOUNDATION {A Company Llmlted by Guarantee) TRUSTEES. REPORT (Continued) FOR THE YEAR ENDEO 31 MARCH 2025 Property- portfollo Waterbrldge House The sale of Walert>ridge House was concluded and the building handed over lo ils new owners Tanner Street We linalized the purchase of our new premises al 82 Tanner Street 82 Tanner Sl is the comtnerclal unil at Arc House, an L&Q developtnenl in Soulhw8rk, close lo Lond Bridge Slalion. 11 is 8 ½ years old, with office space for 300 slaff from approximately 35 charities and social sector organisalions. The propety also has an evenl space which will allow events up lo 100 delegates, with a 100-seal auditorium, flexible meeting rooms, a plenary area and catering facilities Plans for refurbishment wera drawn up by archllecls, Tale Hindle, and a design and build conlraclor, Clar8monl, was procured. Woik then started on the refulbishmenl R8furbishmenl works were completed on the ground ffoor in Seplember 2024 and the basement in March 2025 Borough We handed b8¢k our leased Borough building in December 2024 Handing back the Borough buildlng CDmpleled the final slep in our reorganisalion of our property portfolio. We have reduced costs slgnificanlly with Iwo wholly owned properties remaining, 82 Tanner Stre81, and the nearby property al Jamaica Road, Beimondsey. Flnances The Charity and wlder Social Sector has changéd the way they use offices with a greater focus on quality, Ilexibilily and inGreased use of meeling spaces. This has ensured the landscape is still challenging. bul our move lo new premises has allowed us lo respond positively and end Ihe year in a positive financial position.. Cosls have conlinued lo be kept low The focus has been on maximizing proceeds from the sale of Walerbridge House, and planning the new bulldlng lo erisure il is allraclive enough lo achieve a high occupancy rale and also be efficient lo manage, keeping operating costs as low as possible The proceeds Irom the sale ofwalerbridge HOSe will be retained for a polenllal future developments Operations Planning for the move lo our new bullding look up a significant amount of resource and lime, bul we successfu15y moved customers in at the beginnlng of November 2024. Contractors completed the basement Events Space in March 2025, and we started taking bookings for Social Sector 8venls shortly after. Following the acceplanee of Ihe space. and complelion of snagging, the locus has moved lo ensuring smooth operation ol our superb new facilities and ensuring a lop-notch customer experience. Govornanca We are wailing for approval ol our updated articles. PLANS FOR FUTURE DEVELOPMENTS: CANOPI ICANOPI FOUNDATION I AND CANOPI FOUNDATION 21 Canopi's objectives for the comlng year are as lollows.. Maln focu8'. Continue lo develop the CanDPi eco-system lo really deliver on all of Iho addad valua services, over and above the provlsion of office aecommodalion Finance Cement Ihe surplus, and develop plans to invest in 8xpansion. age8 Ir%.
CANOPI FOUNDATION IA Company Llmlled by Guarantee) TRUSTEES. REPORT Icontlnued) FOR THE YEAR ENDED 31 MARCH 2025 Canopi Fouftdallon 2 wlll remaln dormant pendlng a review of the slnJclure al which point il is likely Ihal the enlily will be closed. OBJECTIVES AND ACTIVITIES: EDUCATION SAVES LIVES Principal activities Education Saves Liv8S' Principal aclivilies, as defined by the charitable objectives, are.. 'To pr&saN& 8nd protect health and improv8 th8 lives of people in any part of the world, especially Ihose in ountri&s th81 are lowon the Human Developmenl Index, byeducafing b8nefi¢iaries, and equipping them lo make Informed declsions about theirheallh. lifeslyle and environment., Summary of èctlvllles undertaken for thè publlc benefit In c3rylng oul1helr dulles, tha Trustees have given due regard lo guidance givan by the United Kingdom Charity Commission on publlc benefit. W8 seek lo meet these objectives through these primary aclivilies.. Producing inleraclive, audio-visual lessons that give Ihe key facts about Ihreats lo health and life in an easy lo unders18nd, accessible manner Translating the le550ns into the local languagos of vulnerable and disadvantaged communities, and recording these lo create new lessons Producing Marketing and dislribuling lessons on DVD, USB and online We hav8 36 different lesson li11gs across a range of topics, all of which address different health and life Ihrealg, as well as conlribuling lo many of the UN Sustainable Development Goals ISDGs}. Once converted lo local languages, the lessons are offered free on DVD or USB for use by anyone. from grassroots organisallons lo government ministries, so that 811 communilies can acc8ss the information, whatever their l&vel of education. In addition, the vast majority of our lessons are also available lo play from our website A rolling clinlcal review process lo audit lesson scripts, and update where needed ensures, that the conlenl Is up lo dale, relevant, and appropriate Page 7
CANOPI FOUNDATION {A Company Llm5ted by Guarantee) TRUSTEES. REPORT Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2025 Our current lesson portfolio is.. HIV/AIDS.' Find oul about HIV and AIDS Help and Care for Someone With AIDS HIV Tests HIVIAIOS.. A Gulde for Children Keeping well with HIV Your HIV Medicine ADDICTION: Dangers of Alcohol Dangers of Smoking Say No lo Glue and Drugs SAFE LIVING.. Becomlng a Man Becoming a Woman Human Trafficking Safer Sex for Teenagers Taking Car8 and Keeping Safe HEAL TH.. Avoiding Ebola Malaria Bednets Can Save Lives Cholera Coron3virus Dengue fever Diarrhr)ea Hlgh Blood Pressure Immunisalion Mpox (new- onlinelUSB only) TB can be cured MOTHER AND BAB Y., Breaslfeeding TBA Skills - Pr8gn8ncy When lo Have a Baby You and Your New Baby HEAL THYENVIRONMENP. Beware of Landmines Making Compost Planting Trees Is Good HEAL THYLIVING: Basic Hygiene Healthy Eating Looking After Your Teeth Safe Water ACHIEVEMENTS AND PERFORMANCE: EDUCATION SAVES LIVES Summary of main achlevements Now that we have Iho option lo deliver Ihe lessons on USB, as well as DVD, we are able to deliver mor8 18ssons lo communities that want them, al a much lower cost. In the reporling perfod, 764 DVDS and 3238 USBS were senl, carrylng a lolal 01110,023 lessons. They were sent lo 118 different partner o¥ganisalions, rnosl of whom were n&w contacts. Oiganisalions using Ihe16ssons fanged in scope from one-person, locally led inilialives lo slate level health d8p8rtmenls in countries induding.. Bangladesh Brazil Cameroon DR Congo Ecuador Ghana India Kenya (local and refugee communlllesl Malawi Nlger4a Rwanda Sierra Leone South Africa South Sudan Sr* Lank Tanzanla Uganda (local and refugee communlllesl UK Irefugee services) USA Irèfugee services) Zambla Zlmb8bwe Page 8
CANOPI FOUNDATION {A Company Llmlted by Guarantee) TRUSTEES. REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2025 We know that on average each of our lessons is viowed by 200 people in their Ilfelim8, so we can proi8cI Ihat mole than 22 million viewings wer8 faciSilaled in the reporting P8riod. The cost per vi8wng ol lessons across the project for the period is around £0.005, this is becaus8 of the greater capacily and lower price of Ihe USBS. The organisalions who receive the lessons do so free of charge. The groups that use our lessons address a wide spectrum ol needs across a hug? geographical are8. The usual model 19 for the lessons lo be used In the context of an existing prolecl, which will be addressing one or more of thè UN Sustainable Developmenl Goals ISDGsl, but sometimes partners are designing projects speclfic851y to incorporate our lessons because they see the value 8t)d impacl that these lessons add lo Ihe local community: 'My name is Nyèganza Myanleguza, l used lo drink 8 lol of alcohol, but I regliz8d il was nol good formy life, so I slopped. I now pay allonlion to hygiene t8k8 beftgr care of my family.. 'Mynama is Seyabin9i Rwizangoga, I1¢3arnsd Ehat il is not easy lo see all Ihs dirtiness in otsr hands uslng our eyes becgu&& Ih8y ara smaller. We n8ed lo wash our hands thoroughly, 8nd w& should use soap.~ PLANS FOR FUTURE DEVELOPMENTS: EDUCATION SAVES LIVES Educallon Saves Llves. objectives for the coming year are- Increase dlstrlbullon and Impact.. engage with new organlsalions and users to maximise the reach of the lessons Incroase fundralslng.. increase our fundraising aclivilies lo reduce our flnanci81 dependence on Canopi Foundation Continuing lesson reviews: including a review ol our production pollcies lo ensure that our cllnical governan Is robust. and lo invesligale whether emergent Al technology mlghl play a role in any part of our lesson development and delivery Review of technology and website: continue lo review our delivery method, as well as conlenl, lo ensure il remalns fit for purposa in the lulure. Improvlng access lo technology may allow us, or even require us, to modify the basic lemplale of our lessons Page 9 If4. A_
CANOPI FOUNDATION {A Company Llmlted by Guarantee) TRUSTEES. REPORT {Contlnuedl FOR THE YEAR ENDED 31 MARCH 2025 PUBLIC BENEFIT The Trustees have referred lo 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 fulure aclivllles. The aims of each of the Charitable Companies for the public benefit are detailed in the 'Obleclives and Aclivi1Ses' section of this report and the m3in activities undertaken in order lo carry out the Charitable Company's for the public benefit are oullined under'Achievefnenls and Performan, above. EMPLOYEE INVOLVEMENT AND EMPLOYMENT OF THE DISABLED Employees have been consulted on issues of concern lo them by means of regular consultative commillee and staff meetings and have been kept informed on specific mallers directly by management. The Charitable Comparby and the Group carryoul exil interviews forall staff leavlng the organisalion and have adopted a procedure of upward feedback lor senior management and the Tfuslees. The Charitable Company and the Group have implemented a number of detailed policies in relation lo all aspocls of personnel mallers induding.. Equal Opportunities Policy Volunteers, Policy Health & Safety Pollcy In accordance with the Charitable Company and the Group's Equal Opportunities Policy, the Chaiilable Company and the Group have long eslabllshed fair employment practices in the recrullmenl, selection, retention and training of disabled staff. Full delails of these pollcies ar8 avallable from the Charitable Company and the Group's offices. TRUSTEES RESPONSIBILITIES STATEMENT The Trustees (who are also directors of Canopi Found21ion Limited for the purposes of company lawl are responsible for Preparing the Trustees, Report and Ihe financial slalemenls in accordance with applicable law and Unile(S Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice) Company law requires tho Twslees lo prepare financial slalements for each flnancial year. Under (hat law the Trustees have elected to prepare the financial s181emenls in accordance wllh United Kingdom Generally Accepted Accounting Pfaclice (United Kingdom Accounling Standards and appllcable lawl, including FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland. Under company law, the Trustees mu51 riot approve Ihe financlal slalemenls unless they are satisfied that they give a true and fair view of the slate of affairs of Ihe Charitable Company and tho Group and of the incoming resources and application of resoijrces, including Ihe income and expedi1fe, of the Group for that period. In Preparing these financial slalemenls, the Trustees are required lo.. Select suitable accotjnling pollcies and Ihen 8pply them ¢onsislenlly,' Observe the methods and principles in lh8 Charities SORP., Make judgments and accounting eslimales Ihal are reasDnable and prud&nl'. Prepare Ihe financial slalemenls on the going concem basis unless il is inappropriale lo presume that the Group will continue in operation. The Twslees are responsible for keeping adequale accounting records that are sufficient lo show and explaln the Charitable Company and tha Group's transactions and disclose with reasonable acculacy al any lime Ihe rinancial position of the charllable Group and enable them lo ensure that the financial slalements comply wilh the Companies Act 2006. They are also responsible for safeguarding (he assets of the Charitable Company and the Group and hence for taking reasonable steps for Ihe prevention and detection of fraud and olher irweg¢Jlarilies. The Trusle8s are responsible for the maintenance and integrity of the corpoTal8 and financial information includad on the Group's website. Legislation in lh8 Unlled Klngdom govorning Ihepreparalion and dissemination offinancial slalemenls may differ from leglslalion in other jurisdictions. Page
CANOPI FOUNDATION (A Comp¥ny Llmlted by Guarantee) TRUSTEES. REPORT (Contlnuedl FOR THE YEAR ENDED 31 MARCH 2025 THANK YOU Many thanks lo our cuslomers, partners and staff who have supported us over Ihe past year. DISCLOSURE OF INFORMATION TO AUDITORS Each of the people who are Trustees al the lime when Ihls Trustees. Report is approved has confirmed Ihal.. As far as that Trustee is aware, there Is no relevant audit Informallon of which the Group's Audilors are unaware, and That Trustee has laken all the steps that ought lo have been taken 8s a Trustee in order lo be aware ol any relevant audit information and lo eslablish that the Group's Auditors are aware of that information Audltor In accordance wllh the Chariiable Company's articles, a resolution proposlng Ihal BK Plus Audit Limiled, successor film lo Halnes Walls High Wycomb6 Limileé. be reappointed as audltor of the Chgrllable Company will be pul at a General Meeting. The Trusle8s' r8POrt was approved by the Board of Truslaes. Mlle5 DonohoE {Chalrl 3010912025 Date
CANOPI FOUNDATION (A Company Llmlted by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANOPI FOUNDATION OPINION We have audited the financial slalemenls of Canopi Foundation {Ihe 'charily'l and ils subsidiaries (Ihe 'group'l for the year ended 31 March 2Q25 which comprise the group slalemenl of financial aclivilies, the group balance sheet, the charity balan sheet. the group slalemenl of cash flows and Ihe notes lo the financial slalemenls, including a summary of significant accounling policies. The financial reporting framework that has been applied In Iheir prep8r81ion is applicable law and United Kingdom Accounting Standards, including Financial Reporting SlaTrdard 102 The Fin8nclal Reporting Sl&ndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accotjnling Practi1. In our opinion the financial slalemenls.. Give a true and fair view of the slate of Ihe Charitable Group's affaifs as al 31 March 2025 and of its incoming resources and application of resources. for the year then ended., Have been propeily prepared in accordanGe with United Kingdom Generally Accepted Accounting Practice., and Have been prepared in accordance with Ihe raquiremenls of thè Companies Act 2006. BASIS FOR OPINION We condLtcled our audit in accordance wilh Inlemalional Slandards on Auditing (UK) (ISAS (UKII and applicable law. OLtr responsibilities under those standards are ftjrlher described in the Auditor's responsibililies for Ihe audil of th& financial statements section of our report. We are independent of Ihe charity in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in th8 UK, including Ihe FRC'S Elhic81 Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidenc8 wa have obtained is sufficient and appropriate to Provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the f5nanclal slalemenls, we have concluded that the Twslees, use of the golng concern basls of accounting in tha preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainlies relating lo events or conditions Ihal, individually or collectively, may cast signiflcanl doubl on the charity's ability lo conlillue as a golng concern for a period of al least twelve monlhs from when the financial slalemenls qre aulhorised for issue. Our responsibilities and the responsibllilies of the Trustee8 with respect to going concern are described in Ihe relevant seGlions ol this report. OTHER INFORMATION The other informalioll comprises the information included in the annual report other Ihan the financial slalements and our Audilols report Ihereon. The Trustees are resF)onslble for the olher inlormalion conlalned within the annual report. Our opinion on Ihe financial slalemenls does Trol Gover Ihe other inform81ion and we do not express any form of assurance conclusion Ihereon. Our responsiblllty is lo read the olher informallon and, In dolng so, consider whether the other information is materially inconslslenl wilh the financial statements or our knowledge obtained in tha course of the audit, or otheise appeals lo be materially misslaled, If we idenlily such material inconsislencies or apparent material misslatemenls, we are required lo determine whether Ihls gives rise lo a material misslalemenl in Ihe financial slalements themselves. If. based on the work we have performed, we conclLJde Ihal there is a melerlal misstalemenl of Ihis other informalion, we are required lo report that fact. We have nothing lo report in this regard. LL77
CANOPI FOUNDATION IA Company Llmlted by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANOPI FOUNDATION mAERs ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nolhlng lo report in respect of the following mallers in relation lo which the Companies Act 2006 requires us lo report lo you il. in our opinion: The information given in the financial slalements is inconsislersl in any material respecl with the Trustees, report., or Sufficient accounlillg records have nol bsen kepl. or The financial slalemenls are not in agreement with the 8ccounling records., or We have not received all the informalion and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in Ihe Trustees, Responsibililies S181ement, Ihe Trustees, who are also the directors of th8 Charitable Company for Ihe purposas of company law, are responsible for the preparation of the financial slalemenls and for belng satisfied that they give a true and fair view, and for such internal control as Ihe Trustees detevmine is neSSary lo enable the preparation of financial sla18menls that are free from material misslalemenl, whether duè lo fraud or error. In preparing the financial slal8menls, the Trustees are Tesponsible for assessing th8 group's and the parent Charitable Company's ability lo continue as a golng conearn. discloging, as applicable, mallers related to going concern and using the going concern basis of accounling unles5 the Trustees either intend lo Ilquidal8 the group or the parent Chari18ble Company or lo cease operations, or have no realistic allernalive bul Ir) do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are lo oblain r88son8ble assurance about whether the financial slalemenls as a whole are free from material misslalemenl, whether due lo fraud or error. and lo issue an Audilorfs report that includes our opinion. Reasonable assurance is a high lev61 of assurance bul is nol a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exisls. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo Influence the economic decisions of users taken on the basis of these flnanclal slalemenls. Irreoularilles, Including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wilh our responslbllllles, outlined above, lo delecl material misslalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities, Including fraud, is detailed below. EXPLANATION AS TOTHE EXTENTTO WHICH THEAUDITWAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD From the prelimlnary slage of the audit, we ensure our underslandlng of the enlily is up lo dale. This includes, bul is not Ilmiled lo, current knowledge of their aclivilies, the business and control anvironm8nls, and their compliance wllh the applicable legal and regulatory frameworks. This informallon supports our iisk idenlificalion and the subsequenl deslgn of audit procedures lo miligale those risks, ensuring that the audit evidenco obtained is sufficient and appropriate lo support our opinion. In response to Ihe rlsks identified, specific lo Ihis enlily, we designed procedures which included, bul were not limited to= Enquiry of managemenl and Ihose charged with govemance around actual and potenllal liligalion and claims- Reviewing minutes of meetings of those charged with governance, if available,. Reviewing financial statements disclosur8s and lesling lo support documentation lo assess compllance with applicable laws and r8gulalions- Auditing the risk of m2nagemenl override of controls, includlng through journal testing entries and other adluslmenls for appropriateness, and evaluating the business rational8 for significant transactions ouislde Ihe normal course of business. Page 13 ITh.
CANOPI FOUNDATION {A Company Limlted by Guarantee) A further description of o¢Jr responsibilities 15 available on the Financial Reporting Council's website al.. hllps'.11 ww.frc.or .ukludilorsres onsibililies. This description forms part of our audilorfs report. There are inherent limilalions in the audit procedures described above and the further removed non-compliance with laws and regulations are ffom the events and transactions reflected in Ihe financlal slalemenls, Ihe less likely we would become aware of il. Also, the risk ol not delecliRg a material misslslemenl due lo fraud is higher Ihan the risk of not deleclino one resulting from error. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresenlalions, or through collusions. There is always the unavoidable risk that material misslalements in the financi81 slalemenls may nol be detected despite the audit being propedy performed in accordance wllh UK Auditing s18ndards. A further descfiplion of Ouf responslbililies is available on the Financial Reporting Council's website al.. hiip8'.Ilwww.frc.org.uklaudilorsresponslbililies, This descrlplk)n forms part of our Auditor's report. USE OF OUR REPORT This report is made sole5y lo the charilablg company's members, as a body, in accordance with Chapter 3 of Part 18 of Ihe Companies Act 2006. Our audit work has been undertak8n so th81 we might stale lo the ch8rilable company's members Ihose mallers we are required lo slate lo them in an audilor's report and for r*0 olher purpose. To Ihe fullest exlenl permilled by law, w8 do not accept or assume responsibility lo anyone other th8n Ihe charitable company and the charitable company's members as a body, for our audil work, for Ihls report, or for the opinions we have formed. David Hynes (Senior Statutory Audltorl For and on behalf of BK Plus Audlt Llmlled SO/ffj 1.2.cZ Statutory Audltor Oakingham Hous6 Frederick Place High Wycombe Buokinghamshire United Kingdom HP11 1JU Page 14 -r7nA
CANOPI FOUNDATION (A Company Llmlted by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcled funds 2025 Total ILinds 2024 Total funds 2025 Notes INCOME FROM: Donations and legacies Charitable activities Investments Other income 93,898 1,680,651 486,647 535,256 93,898 1,680,651 486,647 535,256 61,022 2,248,803 585,937 TOTAL INCOME 2,796,452 2.796,452 2,895, 762 EXPENDITURE ON: Charilable aclivilies.. Direct cos15 Governance costs 2,683.527 28,968 2,683,527 28,968 4,840,093 36,662 Net {gainsll losses on investments 10 {23,805) 123,8051 TOTAL EXPENDITURE 2,688,690 2,688,690 4,876. 755 EXCEPTIONAL ITEM 11 (8.736.600) NET MOVEMENT IN FUNDS 107,762 107,762 110, 71 T,593) RECONCILIATION OF FUNDS: Tolal funds broughi iotward 16,752,783 16,752.783 27,470,376 TOTAL FUNDS CARRIED FORWARD The noles on pages 19 10 31 fomi part of these finar5cial slalemenls. age
CANOPI FOUNDATION {A Company Llmited by Guarantee) REGISTERED NUMBER.. 03635124 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes FIXED ASSETS Tangible assets CURRENT ASSETS 11 11,378,209 t4,005,414 L)eblors Investments 602,956 9,786,839 t,944,040 14 Cash al bank and In hand 19 3,386,182 11,382,923 13,775,977 13,326,963 CREDITORS: amounts falling due within one year 13 8,293,641) 10,579,594 NET CURRENT ASSETS 5,482,336 2,147,369 TOTAL ASSETS LESS CURRENT LIABILITIES 16.860,545 16, T52, 783 NET ASSETS 16,860,545 16,752, 783 CHARITY FUNDS Unreslricled funds 15 16,861J,545 16, 752, 783 Restricted funds TOTAL FUNDS 16,860,545 16, 752, 783 The financial slalemenls were approved and aulhorised for issue by Ihe Trustees on signed on Iheir behalf, by.. 3010912025 R H Thomp50n, Trustee The notes on pages 19 10 31 form part of Ihese financial slatemenls. aga 16
CANOPI FOUNDATION (A Company Llmlted by Guarantee) REGISTERED NUMBER: 03635124 COMPANY BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes FIXED ASSETS T?ngible assets CURRENT ASSETS Debtors 11.367.944 13.917,732 12 1,419.640 9,786,839 2,855.218 1,843,973 Inveslmenls Cash al bank and in hand 14 lg 11,238,015 14,061,697 13,081,988 CREDITORS: amounts falling due wilhin one year 13 17,361,858} (8,891, 175) NET CURRENT ASSETS 6,699,839 4,190.813 TOTAL ASSETS LESS CURRENT LIABILITIES 18,067,783 18,108,545 NET ASSETS 18,067,783 18,108,545 CHARITY FUNDS Unreslrlcled funds 15 18.067,783 18. 108,545 TOTAL FUNDS 18,067,783 t8,108,545 No Separate SOFA has been presenled for the charity alone as permilled by section 408 of the Companies Act 2006. The financial slalemenls were approved and aulhorised lor issue by the Trustees on slgned on their behalf by: 3010912025 And R H Thompson, Trustee The notes on pages 19 10 31 form part of these financ121 statements. Vn+ PaAe 17
CANOPI FOUNDATION IA Company Llmiled by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notgs Cash flows from operatlng acllvllles Nel deficit by operating activities 18 (798.9121 (742,533) Cash flows from Investlng activities.. Inleresl and rents from inveslmenls 486,647 585,937 Purchase of tangible f5xed asse15 Proceed5 on disposal of tangible fixed asset Purchase of investments {2.883.7771 5,441.513 19,763.0341 (T,259, 130) Net cash (used Inllgenerated from investlng actlvlties 16,718,651) (6,673, 193) Cash flows fram financing aGtlvltles: Interest paymenls and drawdown on bank overdraft {479,1781 7, 160, 109 Nel cash used In financlng acllvllies {479,1781 7, 150,109 Change In cash and cash equlvalents In the year {7.996,741) (265,617) Cash and cash equivalents brought forward 11,382,923 11,648,540 Cash and cash equlvalenls carrled forward 19 3.386,182 t 1.382,923 The notes on pages 19 10 31 form part of these financial slalemenls. age Ih. nqn¢__E7fjA
CANOPI FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial slalaments have been prepared in accordance with Accounllng and Reportlng by Charities= Slaler¥>ent ol Recomfflended Practice appllcable to charities preparing their ac¢ounls in accordance with the Financial Reporling Slandafd applicable in the UK and Republlc of Ireland {FRS 1021 (effective 1 January 20191- (Charilies SORP IFRS 102), the Financial Reportlng Standard applicable in the UK and Republlc of Ireland (FRS 102} and the Companies Act 2006. Canopi Foundation meets the definition af a public benefit entity under FRS 102. Assets and liabilllies are ii)ilially recognised al hlslorical cost or tran58cllon v8lu8 unless olhorwise slated in 1he relev8nl accounting wjlicy. Th8 Slalemenl of Financial Aclivilies ISOFAI and Balance She81 ¢onsolidale the financial sl8lemenls of the company and its subsidiary undertaking. The results of Ihe subsidiary are consolidated on a line by line basis. 1.2 COMPANY STATUS The company is a company limited by guarantee. Th8 members of the company 8re the Trustees named on page l. In the event oflhe company being WOLAnd up. the liabilily in respéct oflhe guaianlee Is Ilmiled lo £1 per member of Ihe compBny. 1.3 GOING CONCERN The financlal slalemenls have been prepared on a going concern basls. The Trustees have reviewed and considered relevant inform81ion. including the annual budg81 and future cash flows in maklng their assessment. Based on these assessments, given the measuies Ihal could be undertaken lo mlligale the current adverse conditions, and Ihe current resources avallable, th8 Trusle6s have concluded that Ihey can continue lo adopt the going concern basis in preparing the annual report and accounts. No material uncertainties surrounding going concern exist. 1.4 FUND ACCOUNTING General funds are unreslricled funds which are available for use al th& discretion of the Trustees in furtherance of Ihe general obleolives of the company and which have not been designaled for other purposes. Reslricled funds are ftjnds whlch are lo be used in accordan with specific resl¥ictions imposed by donors or which have been raised by the company for particular purposes. The c051s of raising and adrninislering such funds are charged against Ihe specilic fund. The aini and use of each reslricled fund is set oul in the notes lo the financial slatemenis. 1.5 INCOME All income is recDgnised once Ihe company has enlillemenl lo the income, il is probable thal Ihe ncome will be received and the amounl of income receivable can be measured reliably. Income 18x recov8rable in relation to donalions received under Glft Ald or deeds of covenant is recognised al the lime of the donallon. Olher income is recognised in the period in which it is receivable and lo Ihe exlenl the goods have been provided or on completion of Ihe servlce. 2g8 In.
CANOPI FOUNDATION (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (Gontinuedl 1.6 EXPENDITURE Expenditure is recognised once there Is a legal or conslruclive obligallon to transfer economlc benefit lo a third paty, il is probable Ihal a transfer of economic benef118 will be require(l in selllemenl and the amount of Ihe obligation can be measured reliably. Expenditure is cl8ssified by aclivily. The costs of each activity are made up of the total ol direct costs and shared cosls, including support CDSIS involved in undertaking each aclivily. Direct costs allribulable lo a single activity are allocaled directly lo that aclivily. Shared costs whlch conlribule lo more than one activity and support costs which are nol allribulable lo a slngle aclivily are apportioned between those aclivilies on a basis consi51enl wilh th8 use of resources. Cenlral staff costs 8re allocated on the basis of lime spent, and dep¥eci21ion charg8s allocated on the POTlion of the asset's use. Charitable activities and Governance costs are costs incurred on the comp8ny's education81 operations, including support costs and costs relating lo the governance of the company apportioned lo charilabla aclivilies. 1.7 CHARITABLE ACTIVITIES Charitable activities compris8 Ihose Gosls inctjrred by the charity in Ihe delivery of Sls acllvilies and S8Nices lor ils beneficiaries.11 includes both costs Ihal can b8 allocalad directly lo such activities and those costs of an indirect nature necessary lo support them. 1.8 IMPAIRMENT OF FIXED ASSETS Al each reporting end dale, the charity reviews the carrying amounts of ils tangible assels lo determine whether there is any indication Ihal those assets have suffered an impairmenl loss. If any such indication exisls, the recoverable amount of the assel is eslimaled In order lo determine the exlenl of the impairmenl loss lif any). 1.9 GOVERNANCE COSTS Governance costs comprise those costs associated wilh meeting the conslilullonal and slraleglc require¥nenls of the charity and the audit fees and costs linked lo the strategic management ol the charity. 1.10 BASIS OF CONSOLIDATION The financial slalemenls of (he parent and the subsidiaries have been consolidated on a line by line basls. The financial slalemenls consolidate the accounls of Canopi Foundation and all of ils subsidiary undertaklngs {'subsidiaries'l. The company has taken advantage of the exemption contained wlhin seclion 408 of the Companies Act 2006 not lo present ils own Income and Expenditure Account. 1.11 TANGIBLE FIXED ASSETS AND DEPRECIATION Excluding computers. Jll assets costing more than £500 are capilalised. Tangible fixed assets are Carrted al cost, nel of depreciation and any provlsion for impairment. OepFeclallon is provided al rates c81cul8led lo w(Ile off the cost of fixed assets, less Ihelr eslimaled residual v31ue, over their expecled useful lives on the followlng bases.. Improvements lo properly Plant and machinery Fixtures and filllngs Computer equipment Over Ihé term ol Ihe lease 10010 slraighl line 200A slraighl line 25% straight line age
CANOPI FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES {contlnued) 1.12 FREEHOLD AND LEASEHOLD PROPERTIES As permilled under FRS102. a final "deathbed" valuation was made, and the value assigned lo Ihese propeTties were d8emed lo b8 their cost. The charity has opted to a policy of not revaluing Ils tangible fixed assets. Additions in subsequent years are staled al cost. Freehold buildings are not Lleprecialed. Thelr value and condilion are reviewed annually by the Trustees, who are sallsfiad that their residual value is not malerially1È88 Ih8n ils book value. 1.13 INTEREST RECEIVABLE Interest on funds held on deposll Is included when r8C8IV8blo and the amount can be measur8d reliably by the company.. this is normally upon nolificalion of the inleresl paid or p8yable by the 8ank. 1.14 OPERATING LEASES Rentals under operating leases aré charged lo the Slal8menl of Financial Aclivilies on a slraight lin8 basis over the lease term. 1.15 DEBTORS Trade and other debtors are recognised al th8 settlement amount after any trade discount offored. Prepayments are valued al the amount prepaid net of any trade discount8 due. 1.16 CASH AT BANK AND IN HAND Cash al bank and In hand in¢ludes cash and short lerm highly liquld investments with a short malurlly of three months or less from Iha dale of acquisllion or opening of the dep0511 or similaT account. 1.17 LIABILITIES AND PROVISIONS Llabllilies are recogntsed when there is an obligation at the Balance Sheet dale as a result of a past event, il is probable that a Ifansfer of economic benefit will be required in selllemont, and the amount of the selllemenl can be eslimaled reliably. Liabilities are recognised al the amount that the company anlicipales il will pay lo sellle the debt or the amount il has received as advanced payments for the goods or 5@rvices il musl provide. Provisions are measured al the best estimate of the amounts required lo sellle the obligation. Where the effecl of the lime value of money is material, the provision Is based on the present value ol those amounts, discounted at thè pre-tax discount rale that reflects the risks specilic lo the Ilability. The unwinding of Ihe dlscount Is recognised within interest payable and similar charges. 1.18 FINANCIAL INSTRUMENTS The company only has financial assets and financlal liabililies of a kind Ihal qualify as basic financial inslrumenls. Basio financial inslrumerils are initially recognised al transaction value and subsequently measured al their selllenienl value wllh the eXpIlOn of bank loans which 8re subsequently measured al amortised cost using the effective interest method. 1.19 TAXATION Canopi Foundation and ils subsidiaries are all registered charities and have no liabilily lo corporallon lax on their chari18blg aclivilies. Page 21 irn. 7fjJ A_
CANOPI FOUNDATION {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES {contlnuedl 1.20 PENSIONS The company operates a defined conlfibulion pension scheme and the pension charge fepYesen18 the amounts payable by the company lo the fvnd in respect of the year. 1.21 INVESTMENTS The company holds investments in debt inslrumenls. including listed bonds. In accordance with pzragraph 11.14{bl of FRS 102, Ihe company has elected lo measure these inveslmenls al fair value through profil or loss as this Irealmenl provides more relevant information. Inv8slmenls are recognised initially al fair value, whlch normally equates lo the Iransaclion price. and are subsequently remeasured al fair value al each reporting dale. Falr v81ue is del@rmingd by reference lo quoted market prices irb active markets where available. Changes in falr value are recognlsed in the income and expendilure accounl. Transaction cosls are expensed as incurred in the income and expenditure account. 1.22 SIGNIFICANT JUDGEMENTS AND ESTIMATES Esllmales and jud9menls are continually evaluated and 8re based on historical experience and other factors, including expectations of fulvre evenls that are believed lo be reasonable under the circumstances. The items in the financial slalemenls where these judgements and eslimoles have been made include.. assessing the useful economic lives allribuled lo langlble ftxed assets used lo determine the annual d8precialion charge, and the provision requir8d for any bad or doubrful debts in respect of IIc6nce lees receivable. INCOME FROM DONATIONS AND LEGACIES Unrestrlcted fund5 2025 Total funds 2025 Total funds 2024 Donations 93,898 93,898 61,022 INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted funds 2025 Total funds 2025 Tolal funds 2024 SeNiced office space 1,680,651 1,680,651 2,248,803 INVESTMENT INCOME Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 Interest r8ceivab18 486,647 486,647 585,937 Pag8 22
CANOPI FOUNDATION (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 OTHER INCOME Unrestrlcted fund5 2025 Total funds 2025 rol81 funds 2024 Nel gain on disposal of langlble fixed asset Sundry income 21.513 513743 21,513 513 743 535.256 535 256 Olher income includes a £500.000 Right of Lights receipt. CHARITABLE ACTIVITIES Total 2025 Total 2024 Actlvltles Rent and rates Premises expens6s Repair and maintenance Communicalion expenses Marketing and promotion Other staff costs Other costs Printing, postage and slalionery Travel and subslslence Finance costs Wages and salaries National insurance Pension cost Depreciation Bad and doubtful debt 888,732 271,240 888,732 271,240 1,361, 151 216,648 2,214,288 80,640 52,102 8,255 31,508 116,265 4,277 1,452 536,578 62,982 63,770 88,648 1,529 62,041 19,013 16,143 16,938 89,840 8,541 479,178 545,988 69,793 125,193 90,887 62,041 19,013 16,143 16,938 89,840 8,541 479,178 545,988 69,793 125,193 90,887 2,683,527 2,683,527 4,840,093 GOVERNANCE COSTS UnrestriGted funds 2025 Total funds 2025 Total funds 2024 Auditors. r6muneralion Professlonal fees 10.560 18,408 10.560 18,408 16.500 20,162 28,968 28,968 36.662 The fees payable to Ihe Group's auditor for the year total £17,510 {2024: £16,5L)O). As a result of a hislorical over accrual. the nel debTi lo tho income and expenditure accounl w8s £10,560. Page 23
CANOPI FOUNDATION (A Company Llmlled by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 21125 NET EXPENDITURE This is slated after charging.. 2025 2024 Deprecialion of tangible fixed assets.. owned by Ihe Charllable Group Auditors, femuneralion audit 90,887 10.560 88,648 16,500 During Ihe year, no Trustees r8Cgived any remuneration (2024 - £nll}. During the year, no Trustees Tec81ved any benefits in kind12024 £nil). No Trustees received reimbursement of expenses in the current year (2024 £nil). STAFF COSTS Staff costs w8re as follows.. 2025 2024 Wages and sal8TI8S Social security costs Other pension costs 545,988 69,793 125,193 536,578 62.982 63.770 740,974 663,330 The average number ol persons employed by the company during tho year was as follows.. 2025 2024 No. Adminislralion and Mallagemenl 11 t2 The number of higher paid employees was.. 2024 2024 In the band £60,001 - £70,000 In the band £70,001 - £80,000 In the band £80,001 - £90,000 10. GOVERNANCE COSTS Unrestricted funds 2025 Total funds 2025 Total funds 2024 Gains arising ot).. Revaluation of inveslments 23,805 23,805 23,805 23,805 Page 24
CANOPI FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. TANGIBLE FIXED ASSETS Long-term 18asehold property Freehold property Plant and Fixtures and Machln8ry fittings Computer equipment GROUP COST At 1 Aprll 2024 14,156,600 9.395,975 149,264 604.636 472,218 Addition8 5.762 5,308 Dlsposals 114,156,600) Al 31 March 2025 9,395,975 149 264 610,396 477,526 DEPRECIATION At 1 April 2024 8,736,600 827.077 149,264 604,636 455,702 Charge for thè year 78.140 12,746 Disposals {8,736,6001 At 31 March 2025 905 217 149 264 604 732 468,448 NET BOOK VALUE At 31 March 2025 8 490,758 Al 31 March 2024 8,568,898 16,516 Assets under construclion Total GROUP COST Al 1 April 2024 24,778,693 Additions 2,872,707 2,883,777 Disposals 14,156,600 Al 31 March 2025 2,872,707 13,505,870 DEPRECIATION At 1 April 2024 10,773,279 Charge for th6 year 90,982 Disposal 18,736,600) Al 31 MaTGh 2025 2,127,661 NET BOOK VALUE At 31 March 2025 2 872,707 11378,209 Al 31 March 2024 14.005.4t4 Page 25
CANOPI FOUNDATION {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Frgehold Long-term AsB¢ts under Flxtures Computer proporty leasehold construction and equipment property flttlngs Total COMPANY COST Al 1 April 2024 14,156.600 8,490,623 2,140 113.285 22.762,648 Additions 2,872,707 3,965 2,876,672 Disposals (14,156.600) 114,156,600) Al 31 March 2025 8,490 623 2,872,707 2,140 117,250 11,482 720 DEPRECIATION Al 1 April 2024 Charge for the year 8,736,600 2,140 106,176 6,460 8,844,916 6,460 Eliminated on Disposal {8,736,6001 (8,736,600} Al 31 March 2025 2,140 112,636 114,776 NET BOOK VALUE Al 31 March 2025 8,490,623 2,872,707 4.614 11,367,944 Al 31 March 2024 5,420,000 8,490,623 7, 109 13,917, 732 In the prior year, an impairment of £8,736,600 was recognised on the Freehold Proparty on the basis of a post balance sheet dale sale5 agreemenl. No such Impairment has been recognised lfi Ihis year. As a result ol a reslruclure of the Charitable Company's pro disposed of during the year for £5,500,QOO. Directly allribula erty portfolio, the Freehold Property was e costs of disposal were £58,487. As a result of Ihe significant impairment recognised in the prior period, the gain recorded on disposal was only £21,513. Further Information regarding the impact of the disposal on the Charitable Company's operations Is detailed In the Trustees, Report. 12. DEBTORS GROUP COMPANY 2025 2024 2025 2024 Trade debtors Amounts ow6d by group undertakings Olher debtors Prepayments and accrued income 69,831 69,069 1,017,221 207,311 195,108 202,463 1,484, 747 156, 763 63,418 469,707 1,507,015 367,896 602,956 1,944,040 1,419,640 1,843.973 Page 26
CANOPI FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR GROUP COMPANY 2025 2024 2025 2024 Bank overdrafi Trade creditors Amounls owed lo group undertaklngs Olher laxalion and soclal security Other creditors Accruals and deferred Incom6 7,200,000 186,386 7, 151,561 f,737, T68 7,200,000 57,198 7,151,561 1.546,690 t27.918 22.886 14,371 27,749 77.938 15,685 813,632 14,417 794.640 881,208 12.881 14.371 77.408 8,293,fj41 10,5T9,594 7,361,858 8.891, 175 14. CURRENT ASSET INVESTMENTS GROUP COMPANY 2025 2024 2025 2024 Listed Investments 9,786,839 9,786,839 9,786,839 9.786,839 15. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 March 2025 Balance at l April 2024 Income ExpendSture UNRESTRICTED FUNDS General funds 16,752,783 2,917,259 (2,809,497} 16,860,545 STATEMENT OF FUNDS - PRIOR YEAR Balance al 31 March 2024 8alance al t April 2023 Income Expenditure GENERAL FUNDS General funds 27,470,376 2,895,762 (13,613,355) 16, 752, 783 Page 27
CANOPI FOUNDATION IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Unrestricted funds 2025 Total funds 2025 Tangible fixed assets Ctjrrenl assets Credllors due within on8 year 8.505,502 8,505,502 16,648,684 16,648.684 18,293,641} 18,293,641) 16,860,545 16,860.545 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Unrgslricted funds 2024 Total runds 2024 Tangible fixed assets Current assets Creditors du8 within one year 14,005.414 14,005,414 13.326,963 13,326.963 {10,579,594) (10.579.594) 16, 752. 783 16, 752, 783 17, OPERATING LEASE COMMITMENTS Al Ihe reporting end dale, the group had oulslanding GommSlmenls for future fflinimum lease payments under non-cance11able operaling leases, whlch fall dije as follows.. GROUP 2024 2025 With one year Belween iwo and five year 466,812 466,812 The company had no oulst8nding commilmenls for future lease payments. Page 28
CANOPI FOUNDATION (A Company Llmltad by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES GROUP 2025 2024 Net incomel {expendilure) for Ihe year las per Slalement of Financial Aclivilies) Adlustment for 107,762 (70,717,613) Depreciation charges 90,887 88,648 Impalrmenl of assets Inleresl and rents from inveslments Interest payments Gain on disposal of langible fixed asset Fair value (gainsll losses on investments 8, 736,600 {585.931J 1,452 (486,647) 479.178 121,5131 {23,8051 Decr8asel{inc¥easel in debtors 1,341,084 585, 185 Increaselldecreasel in creditors 12,285,858) 1, 149, 132 Net deflGIt contrlbuted by operailng actlvllle8 {798,9121 (742,533) 19. ANALYSIS OF CASH AND CASH EQUIVALENTS GROUP COMPANY 2025 2024 2025 2024 Cash In hand Tolal 3,386,182 3,836,182 11,382,923 2 855 218 11,382,923 2,855.218 11,238,015 11,238,015 LOANS AND OVERDRAFTS GROUP 2024 2025 Bank overdrafl 7,200,000 7, t51,561 Payable within one year 7,200,000 7, 151,567 This overdraft facility is secured againsl Ihe listed inveslmenls, which are held in a capllal account with the lender. The balance of the investments held within the capital account on 31 March 2025 was £9,786,839. 20. PENSION COMMITMENTS The group operates 8 defined conlributlon ponsion scheme. The assets of the sGheme are held separately from thos8 of the group in an independently admlnlsler8d fund. The pension cosl charge represents contributions payable by the group lo th8 fund and amounted lo £125,193 {2024 £63,770). No contributions wer8 payabl8 lo th8 fund al balance sheet date at ellher the current or previous year. age
CANOPI FOUNDATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. CAPITAL COMMITMENTS There were no capilal commitments al the balance sheet dale. 23. PRINCIPAL SUBSIDIARIES Canopl Foundatlon 2 Subsidiary name Company registration number Ch8rily registration number Basis of control Equily shareholdlng ° Canopi Foundatlon 2 05081333 1104911 Govern the fin8nci818nd operating policies Total assets as al 31 March 2025 Total liabilities as al 31 March 2025 Total funds as al 31 March 2025 £10) £10) Gross income for the year endad 31 March 2025 Expenditure for the year ended 31 March 2025 Dellcll for the year ended 31 March 2025 £100 £(5,7101 £15,610) Canopl FoundatSon 1 Subsidiary name Company registration number Charity registration number Basis of control Canopi Foundation 1 05976914 1128255 Govern Ihe financial and operating policies Equily shareholding °A Total assels as al 31 March 2025 Total liabilities as al 31 March 2025 Total funds as al 31 March 2025 £ 736,031 £11,738,246) £11,002.2151 Gross income for the year ended 31 March 2026 Expenditure for the year ended 31 March 2025 Surplus for the year ended 31 March 2025 £ 1,731,642 £ {1,563.666) £ 167,976 8ge lrn. n4n*__E74A
CANOPI FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. PRINCIPAL SUBSIDIARIES Icontlnuedl Education Saves Llves Subsidiary Company registration number Charily registration number Basis of control Education Saves Lives 03921677 1080131 Govern the financial and operating polides Total assets as al 31 March 2025 Total liabilities as al 31 March 2025 Total funds as al 31 March 2025 £ 13,386 £ (218,810) £1205,424) Gross incom8 for Ihe year ended 31 March 2025 Expendllure lor the year ended 31 March 2025 Deficit for the year ended 31 fvAarch 2025 £ 93,898 £(106,6311 £ (12,7331 24. RELATED PARTY TRANSACTIONS During the year, Ihe charilable company incurfed costs of £86,117 (2024.. £6,874) for marketing services received from a company where a Irusle6 Is part of the senior manag8m8nl team. The oulslanding balance owed lo this company al th8 year-8nd is £012024.. £0) The engagement of Ihe MpanY was subject lo an open and fair lerKl8r process. The relevant Iruslee is nol party to any marketing project deGislon maklng. 25, SUBSEQUENT EVENTS On 18 August 2025. th8 Char5ty Commlsslon Issued Canopl Foundallon with a Notice of Inlention to Issue an Official Warning under seGlion 75A of the Charities Act 2011. The Warning slated that, in the Commission's view. there had been a breach of trust in relation to obtaining the Commlssior)'s permlssion lo hire a Iruslee. as required by the chaTity's Articles of Associalion. The breach of Irusl arose partially as a result of Ihe charity following incorrect advice from ils legal advisers. The Iruslees are considering the implications of Ihe warning, any Temedial steps required, and Ihe polenlial recourse againsl the charity's legal advlsers. On the dale Ihese financial slalemenls were approved, il is not p055ible lo quantify with certaillly any financial Impact. However, the Iruslees acknowledge the potential for repulalion31 consequellces and for increased scruliny froffl regulators and slakehold8rs. Page 31 In. n?n¥.-z7fjJ