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 rese￿eS 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 HO￿Se 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 expe￿di1￿fe, 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 Practi￿1.
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 othe￿ise 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
mA￿ERs 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 ne￿SSary 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 eX￿pIlOn 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