OpenCharities

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

2022-12-31-accounts

Raspberry Pi Foundation Annual Review and Accounts 2022 Tyg?

54

Contents

----- Start of picture text -----
Introduction from the Chair
and Chief Executive 4
Our impact in 2022 6
Strategic report 8
Education 10
Experience AI, page 18
Non-formal learning 20
Research 40
Computers 46
Donors 50
----- End of picture text -----

----- Start of picture text -----
Experience AI, page 18
Coolest Projects, page 28
Community partnerships, page 30 Community story, page 38
----- End of picture text -----

Financial review

Governance

Independent auditor’s report

Financial statements

59

64

68

2 | Raspberry Pi Foundation

Annual Review | 3

Introduction from the Chair and Chief Executive

John Lazar and Philip Colligan

2022 was a landmark year for the Foundation and our mission to empower young people to realise their full potential through the power of computing and digital technologies.

We celebrated a significant anniversary: ten years since the launch of the first Raspberry Pi computer in February 2012. While many of us remember the excitement at getting hold of one of those first credit card–sized PCs, none of us really imagined the huge impact that the project would have on the world, creating a new class of general-purpose computers and helping to kickstart a movement to democratise computing education for all.

Our commercial subsidiary, Raspberry Pi Ltd, is now one of the world’s most exciting technology companies, bringing the Foundation’s mission to life through its commitment to making computing available at low cost for everyone. In the face of an unprecedented global semiconductor shortage, the team has worked incredibly hard over the past year to maintain supplies, particularly to those businesses that depend on the availability of our hardware. We ended 2022 with supplies starting to return to normal and almost 50 million Raspberry Pi computers in the world. At the same time, the team has continued to innovate, launching a wireless version of our microcontroller product, the Raspberry Pi Pico W.

We are all indebted to the founders of Raspberry Pi and the brilliant team of engineers and community builders who breathed life into the product and the movement.

The Foundation’s educational activities have

continued to go from strength to strength. Spanning formal education, non-formal learning, and research, our focus continues to be on creating opportunities for young people who experience educational disadvantage or come from backgrounds that are traditionally underrepresented in computing.

We saw a significant return of in-person computing clubs as the pandemic restrictions were finally lifted, with almost 1000 CoderDojos and over 3500 Code Clubs running throughout the year. On the theme of celebrations, we also marked ten years since the first Code Club and the incredible achievement of engaging over 1.8m young people in Code Clubs in that first decade.

Through our online professional development courses, we supported over 35,000 educators to develop their subject knowledge and pedagogy; there were 1.7m resource downloads from The Computing Curriculum; and more than 18,000 learners completed 1.3m questions on the Isaac Computer Science platform.

We also continued to expand our reach and impact around the world, including through new partnerships to support learners in rural and refugee communities in Kenya to develop digital skills.

2022 will also be remembered as a landmark year for technological change with the explosion of AI, including large language models and other generative AI tools. It’s more important than ever that teachers and young people understand the impact that AI is having on the world, the opportunities and ethical implications it brings, and the role that it could play in their lives. That’s why we have launched Experience AI, a new collaboration with one of the world’s leading AI companies, Google DeepMind, that will support and inspire thousands of teachers and learners through curriculum, resources, and training.

The Foundation team at the 2022 all-staff residential

Our work on AI education is underpinned by research in the Raspberry Pi Computing Education Research Centre based at the University of Cambridge. July saw the official launch of the Centre, and by the end of the year we welcomed its first PhD students.

We would like to thank everyone who has made all of this possible, including staff, Trustees, members, partners, and the vibrant community of educators, young people, and makers. We look forward to continuing to work with you to transform lives through the power of computing and digital technologies.

4 | Raspberry Pi Foundation

Annual Review | 5

Our impact in 2022

----- Start of picture text -----
28,126
----- End of picture text -----

young people from 46 countries showcased tech projects in Coolest Projects

----- Start of picture text -----
46 countries showcased
tech projects in Coolest
2 508
, Projects
Almost
50
million
Raspberry Pi
computers sold to date
----- End of picture text -----

young people from 26 countries ran their code in space in the Astro Pi Challenge

----- Start of picture text -----
OVER
1.3
million
----- End of picture text -----

and 725 teachers in 14 500 England engaged , in our four-year LEARNERS Gender Balance in Computing research programme

questions answered by students on the Isaac Computer Science online learning platform

3.1M learners engaged with our online projects, and 406,000 with Code Club World

----- Start of picture text -----
12 928
,
----- End of picture text -----

----- Start of picture text -----
3,539 & 946
Code Clubs CoderDojos
----- End of picture text -----

schools in England downloaded resources from The Computing Curriculum, with 1.7m downloads worldwide

ran in-person sessions in 103 countries

----- Start of picture text -----
36,705
669
attendees from
40 countries at 9 online
research seminars
MORE THAN
35 [,] 000
participants in our online
teacher training courses
subscribers in
185 countries to
Hello World magazine
----- End of picture text -----

6 | Raspberry Pi Foundation

Annual Review | 7

Strategic report

The mission of the Raspberry Pi Foundation is to enable young people to realise their full potential through the power of computing and digital technologies. Our vision is that every young person develops:

Our activities are organised around three ambitious long-term goals:

Education

To enable any school to teach students about computing and how to create with digital technologies, through providing the best possible curriculum, resources, and training for teachers.

Non-formal learning

To engage millions of young people in learning about computing and how to create with digital technologies outside of school, through online resources and apps, clubs, competitions, and partnerships with youth organisations.

Research

To deepen our understanding of how young people learn about computing and how to create with digital technologies, and to use that knowledge to increase the impact of our work and advance the field of computing education.

----- Start of picture text -----
Research
Education learningNon-formal
----- End of picture text -----

You can read more about our mission, values, and priorities in our 2025 Strategy. This strategic report shows how we have achieved our mission over the past year.

8 | Raspberry Pi Foundation

Annual Review | 9

, Education JI ry Pi Foundatlon

Isaac Computer Science

Supporting students and teachers of advanced computer science qualifications

Launched in 2019 and developed in collaboration with the University of Cambridge, Isaac Computer Science is a free online platform for students and teachers of advanced computer science. It offers learning resources and a large catalogue of selfmarking questions. The content enables students to improve their understanding of computer science concepts and revise to prepare for exams. Automation helps teachers to save time, track students’ progress, and focus on addressing misconceptions.

IMPACT

‘[[Isaac] provided a good-quality ] resource to help students revise and provides an excellent resource to judge teaching and learning. ’

– Teacher

for Computer Science A level (aged 16 to 18) to ensure an integrated approach to the user journey for learners transitioning from GCSE. In addition, we completed adding A level content for awarding bodies Cambridge International Examinations, the Welsh Joint Education Committee, and EDUQAS.

In 2022, we completed the expansion of the platform to serve students and teachers of Computer Science GCSE (aged 14 to 16), which involved creating 38 topics and over 400 questions. The launch of this content attracted 5956 new users. We reviewed the majority of the content

– Learner

Online courses for educators

Free online professional development for subject knowledge and pedagogy

We provide free, high-quality, online training courses for educators to support their professional development. The 20 skills-based and 15 pedagogyand practice-focused courses we offer support educators who are starting to teach computing or want to enhance their subject knowledge and teaching practice. Since we launched our first online course in 2016, we have served more than 250,000 learners through our online courses.

IMPACT

‘[I feel that this course was essential in ] my understanding of where I may take my students on their journey as coders. ’ Extremely practical advice and exercises.

In 2022, our online teacher training engaged 35,780 learners worldwide, and 83% of participants stated that their confidence had grown as a result of taking a course. Teachers in England were able to take our courses to work towards professional certificates as part of the National Centre for Computing Education. While overall course enrolments decreased compared to 2021 to be broadly in line with figures before the COVID-19 pandemic, we saw a 21% increase in course completions.

for Teachers. 130 educators enrolled and engaged positively with our two adapted courses.

We are grateful to England’s Department for Education, Google, Siemens Stiftung Foundation, and Infosys Foundation USA for their support, which makes our online training for educators possible.

We host two online courses tailored for US-based educators on the Pathfinders Online Institute, based on units from The Computing Curriculum. Funded by the Infosys Foundation USA, in 2022 we distributed 915 Raspberry Pi Pico kits to teachers participating in the online course Code a Rover with Raspberry Pi Pico .

We trialled the adaptation of our online training content to the Atingi platform in partnership with the Siemens Stiftung Foundation in order to reach teachers in Rwanda through the STEMedu Center

12 | Raspberry Pi Foundation

Annual Review | 13

The Computing Curriculum

Comprehensive classroom resources for the entire computing curriculum

The Computing Curriculum is a comprehensive bank of almost 500 hours of classroom resources to support schools to deliver computing lessons to 5- to 16-year-olds. The Curriculum is organised in units covering the entire breadth of computing, from computer system to programming and the societal impacts of technology, at an appropriate level for each year group. We built the Curriculum on a detailed progression framework to make it cohesive across units, year groups, and the whole schooling period. The learning content (knowledge and skills) is mapped out as interconnected networks we call learning graphs, which help teachers to plan and deliver lessons, and to monitor their learners’ progress.

IMPACT

These classroom resources are backed by our online training courses and the Isaac Computer Science online learning platform. Together they form a complete suite of support for computing teachers.

We made sure The Computing Curriculum content is suitable for all students irrespective of their academic performance, background, and additional needs. All the materials are free to download, use, and adapt (under an Open Government Licence), allowing teachers to tailor them to their learners and settings. Developed as part of the National Centre for Computing Education, The Computing Curriculum is mapped to exam board standards and covers the entire national computing curriculum in England.

The resources in The Computing Curriculum include lesson plans, slides, worksheets, homework, and assessment materials. Modelling research-informed pedagogies throughout, the Curriculum is designed to reduce teachers’ workload while also supporting them to improve their subject knowledge and understanding of effective teaching approaches. Opportunities for both formative and summative assessment are built in across the Curriculum.

In 2022, 12,928 English state schools downloaded lessons from The Computing Curriculum. Since its launch in August 2020, over 3.4 million Computing Curriculum resources have been downloaded.

Strands of curriculum content for ages 5 to 16:

I’m grateful for the amount of work put [into The Computing Curriculum], it’s helped me

throughout my training year and as a result has made a significant difference in my practice.

– Teacher

Physical computing in the classroom

Supporting physical computing in schools

We have distributed physical computing kits to 34 Computing Hub schools across England, as part of ‘ the National Centre for Computing Education. The four types of kits consist of classroom trays of either Crumbles, micro:bits, Raspberry Pi Picos, or Raspberry Pi 3 Model B+ computers, plus electronic components. The kits are tailored to support the teaching of units in The Computing Curriculum that focus on physical computing, enabling all schools in England to let their learners get hands-on with computing.

[The learners] seem much more engaged with seeing something happen. [...] Our children are less theory-based, they tend to talk less and do more. So having something in their hands that is easy to program and then see the results [...] definitely piqued their interest. ’

In 2022, we loaned out physical computing kits to schools on 570 occasions, enabling teachers to deliver physical computing lessons without having to invest in hardware themselves.

– Teacher

14 | Raspberry Pi Foundation

Annual Review | 15

National Centre for Computing Education

Supporting schools in England to teach computing

The Raspberry Pi Foundation is part of the consortium that set up and delivered the National Centre for Computing Education (NCCE) in England. Funded by the Department for Education and launched in 2018, the NCCE provides comprehensive support for primary and secondary school learners and teachers of computing and computer science (aged 5 to 18). The Foundation has led on five areas of the NCCE:

‘[Isaac Computer Science ] has had a positive impact on my workload. ’

– Teacher

I am teaching out of subject so [The Computing Curriculum] is a godsend.

– Teacher

16 | Raspberry Pi Foundation

Annual Review | 17

Experience AI

Inspiring the next generation of AI leaders

In September, we announced a new collaboration with Google DeepMind, a leading AI unit, to inspire the next generation of AI leaders through resources and learning experiences that help them understand the way that AI and machine learning are changing the world.

the Raspberry Pi Computing Education Research Centre, we developed an AI education taxonomy that we are using to inform the design of the educational resources.

Experience AI has two strands: Experience AI Lessons and the Experience AI Challenge.

Experience AI Lessons: To engage and inspire students about AI and its impact on the world, we are developing a set of free learning resources alongside training and support for educators. This will include an introduction to the technologies that enable AI; how AI models are trained; how to frame problems for AI to solve; the societal and ethical implications of AI; and career opportunities. All of the resources are designed around real-world and relatable applications of AI, engaging a wide range of diverse interests and useful to teachers from different subjects.

Experience AI Challenge: Building on the excitement generated through the Experience AI Lessons, we are also designing an AI challenge that will support young people to experiment with AI technologies and explore how these can be used to solve realworld problems. This will provide an opportunity for students to get hands-on with technology and data, along with support for educators.

With the rapid advances in AI — from machine learning and robotics to computer vision and natural language processing — it’s increasingly important that young people understand how AI is affecting their lives now and the role that it can play in their future. More than anything, we want to make AI relevant and accessible to young people from all backgrounds, and to make sure that we engage young people from backgrounds that are underrepresented in AI careers.

Development of the Experience AI Lessons is underway now, and we are releasing the whole set in September 2023. Throughout 2023, we will design and pilot the Experience AI Challenge.

The initial focus of the Experience AI programme is learners aged 11 to 14 in the UK. We are working with teachers, students, and Google DeepMind researchers and engineers to ensure that the materials and learning experiences are engaging and accessible to all, and that they reflect the latest AI technologies and their application. Within

Hello World

Inspiring computing and digital making educators

Hello World is a platform for computing and digital making educators, with content provided by practising educators themselves. Hello World includes magazines and compendiums, a podcast, and blog content, all helping educators around the world to find inspiration, share experiences, and learn from each other.

Hello World is generously supported by Oracle.

‘[I have been working in the field ] for 25 years, but still really look forward to Hello World to learn new things and discover new inspiring people to follow on social media. ’

– Hello World reader

IMPACT

‘[One of the best resources available ] to teachers of computer science. ’

Hello World’s second special edition

18 | Raspberry Pi Foundation

Annual Review | 19

, Non-formal ' learning 20 | Raspberry Pl Foundatlon

Digital making projects

Millions of people use our free online resources to learn computing and digital making skills

We’ve created more than 250 free online projects that people all over the world use to learn about computing and how to make things with digital technologies. The projects cater for everyone from beginners to more experienced learners, offer activities with a wide variety of hardware and software, and are used in schools, in clubs, and at home. They are written by expert educators, and reflect the best evidence about how people learn.

IMPACT

We create projects according to our Digital Making Framework, designing project pathways that develop and support learners’ independence as well as skills and knowledge. The framework is based on leading research; experience of what works in Code Clubs, CoderDojos, and our other programmes for young people; and feedback from the community. Each framework-aligned pathway is made up of six projects:

when they complete a project or pathway, and awarded 107,200 badges to young people.

As part of our efforts to translate our digital making projects in order to support learners in areas of educational disadvantage, we began building new volunteer translation communities for an additional five languages spoken in Kenya, South Africa, and India.

In 2022, we launched three new project pathways, and together our framework-aligned pathways support learners to code story books, virtual pets, musical instruments, Raspberry Pi Pico creations, data visualisations, websites, and much more. We also introduced digital badges that learners earn

CoderDojo

A global movement of volunteer-led, community-based computer programming clubs for young people aged 7 to 17

CoderDojo is a global movement of free, volunteerled, community-based computer programming clubs where young people aged 7 to 17 can explore digital technology.

We help volunteers run CoderDojo events in local community venues, such as libraries and youth clubs, by providing them with free support, learning resources, and other materials. At CoderDojos, young people learn to program computers within a social, safe environment and can make projects such as games, mobile apps, and robots. The CoderDojo movement is open-source and each club is unique, reflecting its community. The young people in each Dojo have diverse abilities and interests, and peer mentoring is encouraged, so everyone is actively engaged, develops new skills, and helps each other succeed.

IMPACT

In Dojo sessions, young people learn through determination, innovation, and discovery, because the volunteers who mentor participants encourage a ‘trial and error’ approach to creating digital projects, supporting young people to develop a growth mindset.

Many CoderDojos returned to running in-person sessions in 2022 as restrictions put in place to stop the spread of the coronavirus pandemic were being unwound. By year end, 96% of active CoderDojos ran their sessions in person again.

The participants gain more confidence the more they go to the Dojo, make something they are proud of, and show it in the show-and-tell. [...] It increases the [participant’s public] speaking skills and their confidence in general.

22 | Raspberry Pi Foundation

Annual Review | 23

Code Club

A global network of volunteer-led, after-school coding clubs for learners aged 9 to 13

Through Code Club, we help educators around the world run extracurricular coding clubs for young people in schools by providing free support and resources, and connecting them with local volunteers. In free, weekly Code Club sessions, 9- to 13-year-olds build and share their ideas while learning to program by creating animations, games, or webpages. Code Club is about learning through making. The educators running Code Clubs don’t need to be experienced coders. For many of them, running a club is an opportunity to learn alongside the young people, because we provide free high-quality resources and support, including online training, community events, and easy-to-follow coding projects.

Many Code Clubs returned to running in-person sessions in 2022 as restrictions put in place to stop the spread of the coronavirus pandemic were being unwound. By year end, 96% of active Code Clubs held their sessions in person again.

IMPACT

2022 saw the tenth anniversary of Code Club. Since 2012, over 24,000 Code Clubs in more than 150 countries have helped around 1.8 million young people build their ideas with digital technology. We marked this milestone by hosting a day of seven consecutive online codealong sessions to celebrate with clubs in schools in New Zealand, Australia, India, Iraq, USA, UK, and Ireland. More than 4000 young people took part in the celebrations.

Code Club World

A free app where young people learn to make things with code

Code Club World is a free app to help young people take their first steps with coding. Designed for independent learning, Code Club World introduces coding in a fun and accessible way through a network of islands incorporating a custom blockbased programming environment, four stand-alone activities (with badges), curated beginner Scratch and Python projects, and a community gallery. Learners earn badges as they progress, and have access to a safe and supportive community where they can share their projects and remix their peers’ too.

2022 saw 406,000 users visit Code Club World, compared to 26,000 visitors in 2021 – its launch year. Learners completed 23,000 projects, and in the community gallery we added this year, they shared 1279 projects and also made 2755 project remixes.

Code Club World was generously supported by Cisco Systems Inc.

IMPACT

24 | Raspberry Pi Foundation

Annual Review | 25

Scouts’ Digital Maker Badge

Supporting Scouts to develop digital skills for life

Working with the Scout Association in the UK, we developed the Scouts’ Digital Maker Staged Activity Badge. This staged badge introduces digital making to young people and Scout leaders. The first stages support Scouts to engage with how digital technology is used in daily life, and they learn about giving instructions to computers, and how to create simple programs. The later stages involve using programming and electronic components to create projects that are suitable for a Scouting activity, and projects that help address real-life local or global problems. We provide fun learning resources and projects to support young people and volunteers to work through the five stages and meet the requirements to earn the badge.

In 2022, we began supporting Scout leaders with inperson workshops again as restrictions to stop the spread of the coronavirus pandemic continued to be unwound. We also delivered webinars to support Scout groups with sourcing digital making hardware to work on badge activities.

IMPACT

Image credit: Dave Bird

The European Astro Pi Challenge

Giving young people the opportunity to write computer programs that run in space

Through the European Astro Pi Challenge, we inspire young people to get involved in computing through the unique experience of writing code that runs on Raspberry Pi computers aboard the International Space Station (ISS). Run in partnership with ESA Education, the Astro Pi Challenge is open to young people up to age 19 in ESA (European Space Agency) member and partner countries. There are two Astro Pi missions young people can participate in.

IMPACT

In Mission Space Lab, teams of young people design and program a scientific experiment to run on board the ISS. This mission runs over eight months, culminating in the teams analysing and reporting on the data their experiments gather. Examples from the 2021/22 teams included an experiment that used the machine learning accelerator on the newly upgraded Astro Pi computers to analyse images of clouds in real time, and a project that identified seaweed rafts associated with macroplastics in the ocean by calculating the NDVI (normalised difference vegetation index) for captured images.

In my opinion, Astro Pi is the perfect place to give students the opportunity to become creative and apply what they are learning in STEM subjects.

Mission Zero is a beginners’ coding activity that can be completed in an hour in a classroom, a coding club session, or at home. The young people who participate write a simple program in an online interface. Their program runs on the Astro Pi computers on board the ISS to take a sensor reading and communicate it to the astronauts with a personalised message or image created by the participants.

This year, for the first time, Mission Zero participants wrote their programs in the Raspberry Pi Foundation’s Code Editor, a new online textbased coding environment we are building to help young people learn to write code. Our work on the Code Editor was generously funded by Algorand Foundation and Endless.

26 | Raspberry Pi Foundation

Annual Review | 27

Coolest Projects

A global showcase of creative tech projects made by young people

Coolest Projects is an online showcase to inspire, motivate, and celebrate young tech creators. It gives young people everywhere the opportunity to share their tech creations with the world in an online gallery, to discover the cool things their peers have made, and to be inspired to continue creating with digital technology. In addition to the online showcase, there are country-wide Coolest Projects events, run by us or by partner organisations to give regional communities of young people, educators, volunteers, and parents the space to come together in person.

IMPACT

• Six regional Coolest Projects events took place in Belgium, Czechia, Hungary, Iraq, Malaysia, and South Africa, hosted by partner organisations, which together engaged approximately 1000 young people

Through Coolest Projects, we support young people on their journey of creating meaningful projects using digital technology. Young people register projects they have created in a range of categories, including Scratch projects, games, mobile, web, and hardware-based projects. There is also an Advanced category for projects with the most ambitious uses of technology.

• 94% of participants surveyed said they are more interested in programming and computers as a result of taking part in Coolest Projects

Every year we see young people creating purposedriven projects. Examples from 2022 include: a hardware project that determines the proximity and behaviour of elephants by classifying their vocalisations to help rural villages share elephants’ habitat more peacefully; a mobile app that helps families to save water easily and enjoyably; and a data dashboard and platform to track pollution and measure the impact of climate change.

Broadcom Coding with Commitment ™ promotes the importance of coding as a 21st century+ skill that everyone, including girls and under-resourced or underrepresented youth, needs to become digitally literate and succeed in careers built on emerging technologies of the future.

In 2022, we saw more than 2500 young people from 46 countries share projects in the Coolest Projects online gallery, as well as regional events in six countries that reached around 1000 young people.

‘[[The coolest thing about ] Coolest Projects is that] it is a platform for students all around the world to share their creativity, opinions, and ideas.’

‘[[The coolest thing about ] Coolest Projects is that] anyone can have a go.’

Broadcom Foundation partners with us to bring the Broadcom Coding with Commitment ™ programme to Coolest Projects in order to encourage participants to ‘act locally and think globally’ by using coding to solve problems they care about that impact their communities related to health, sanitation, energy, climate change, and the other world-scale challenges aligned with the United Nation’s 17 Sustainable Development Goals.

– Coolest Projects participant

28 | Raspberry Pi Foundation

Annual Review | 29

Community partnerships

Partnering with local organisations to support young people from underserved communities

In 2022, we partnered with a range of community organisations in the UK and the USA to provide hardware and experiences in computing and digital making to young people who might not otherwise have access to a computer at home, or to opportunities to explore creative activities with digital technologies.

If I’d known [a digital making workshop] was this easy to run, we would’ve done it a long time ago.

Through the Learn at Home campaign, we worked with 48 youth and community organisations to distribute Raspberry Pi computers to educationally disadvantaged young people in England, Scotland, and Wales. Recipients included young people in recently relocated refugee families from Afghanistan and Ukraine. We distributed 2490 sets of Raspberry Pi computers and all necessary peripherals, alongside a programme of training and support for youth and social workers to enable them to help young people with the setup and use of the computers. The impact was immediate: The computers enabled young people to engage with their schooling and the offers of community organisations, to apply for jobs, to improve their digital literacy skills, and to explore digital making. For young people from refugee families, the Raspberry Pi computers also facilitated their participation in online English lessons, and staying connected with their families around the world.

as part of their regular provision, reaching over 1000 underserved young people. This work was generously funded by Meta and the PA Foundation.

In the USA, we supported five youth organisations to run three- to six-week digital making initiatives, including a Cultura con Raspberry Pi programme (culturally relevant digital making workshops in Spanish) based on our 2021 pilot. Two partner organisations integrated digital making into their ongoing offering. This work was generously funded by Broadcom Foundation and Best Buy Foundation. We also ran physical computing workshops at the Northeast Ohio STEM Ecosystem event, reaching an estimated 1500 young people.

IMPACT

The Learn at Home campaign was supported by generous donations from the Bloomfield Trust, Lazar Family, ServiceNow, and S&P Global Foundation.

We partnered with 21 youth organisations in England, Scotland, and the Republic of Ireland to run digital making workshops. In addition to providing donated hardware, we trained more than 60 youth workers and volunteers to incorporate coding

‘[The devices provided are supporting school ] children from Reception to Year 13, and have made a massive impact on the education of special needs children who require more touch typing due to their fine motor skills and late muscle development/disability and mental health. Additionally, children who have anxiety and are unable to use library facilities, as well as those who struggle with social skills, have greatly benefited from the provision of these devices. ’

‘[We are so grateful to you as a ] community. And because of the Raspberry Pi Foundation and its brilliant support, I got to know more families in my community. ’

– Teacher

– Learn at Home partner organisation

30 | Raspberry Pi Foundation

Annual Review | 31

Case studi t¢ 321Ras Pl Foundatlon

Partnership with Amala Education in Kenya

In 2022, in partnership with Amala Education, we adapted part of the content in the Teach Computing Curriculum for displaced learners aged 16 to 25 in Kakuma refugee camp, Kenya. We developed a blended vocational skills course titled Using online digital technologies to create change focused on digital skills and website development.

Learners work on creating their own website project by the end of the course. We piloted this course with 25 learners from October 2022 and will finalise the materials based on their feedback early in 2023. The aim is for the course to be incorporated into the Amala Education’s High School Diploma programme.

This work is generously funded by the Ezrah Charitable Trust.

‘[It gave me power of… getting involved ] with new things…Any challenge that comes my way I am willing to take after the Raspberry Pi class now…’

‘[Before I joined the course, I really ] didn’t know much about how to operate technology, but through the learning and the process, now I am able to learn something that will be beneficial for me and the people in ’ my community.

– Learner in Kakuma refugee camp

The course consists of 100 hours of content, structured as ten hours of facilitated and independent learning over ten weeks and covering three content strands: computing systems and networks, creating media, and programming.

– Learner in Kakuma refugee camp

Partnership with Kenya Connect and Team4Tech

In the rural county of Machakos, Kenya, we partnered with Team4Tech and Kenya Connect to establish an EdTech Hub in Wamunyu, providing hardware including Raspberry Pi 400 computers and physical computing kits with Raspberry Pi Pico microcontrollers, LEDs, buzzers, buttons, motors and more. We also trained a first cohort of educators at the Hub, and the educators in this pilot programme will cascade training to schools across the county and support the setup of a network of Code Clubs and learning opportunities for teachers and learners.

Machakos county. We will work with at least 150 teachers to build their knowledge, skills, and confidence to teach coding, digital making, and robotics, and to run after-school Code Clubs. We’ll help teachers offer learning experiences to their students based on our established digital making project paths, and these experiences will include basic coding skills aligned to Kenya’s Competency Based Curriculum. We are putting particular focus on adapting our learning content so that teachers in Machakos can offer culturally relevant educational activities in their community.

Through our two-year partnership with Kenya Connect, we aim to reach at least 1000 learners between age 9 and 14 from 62 schools in

This work is generously funded by the Ezrah Charitable Trust.

34 | Raspberry Pi Foundation

Annual Review | 35

Partnership with Mo School Abhiyan

In 2022, we continued our work with Mo School Abhiyan to train teachers to introduce Code Club to government schools in Odisha, India, as part of a high school transformation programme. We trained 1000 teachers to support them to establish Code Clubs in schools in their areas, and to enable them to cascade training and support to other local teachers. This work is part of a three-year initiative to train 3000 teachers reaching 45,000 young people in the region.

‘[The training session was ] very amazing and useful. I personally was very excited and enjoyed every bit. ’

– Teacher

Partnership with Pratham Education Foundation

We have been working with Pratham Education Foundation since 2018 to introduce coding to children in hard-to-reach, disadvantaged communities around India. We co-designed a Pratham–Code Club programme to provide young people in underserved communities with training and access to devices and learning resources.

around the country, who will in turn reach 15,000 young learners.

In 2022, we supported registration of 1689 Code Clubs across India through this programme, and trained 30 lead mentors, 300 community mentors, and 1000 youth volunteers.

‘[We received an enthusiastic ] response from the children and youth. Whenever we asked them any questions on chat [in the online sessions], they were prompt in responding and asking questions. Within a day, they would conceptualise, create, and share their projects for feedback. Their creativity and ability to learn this new skill took us by surprise!’

The goal of the training is to build the young people’s programming confidence so that they can go on to teach children in their communities. The young people also receive training to use the PraDigi kit, an innovative, portable device for teaching children to code, developed by Pratham Education Foundation and based on the Raspberry Pi computer.

We made adaptations to our learning resources and training content to make them relevant to the context of the learners, and we worked with volunteer translators to translate the materials into Hindi, Kannada, and Marathi.

Using a train-the-trainer model, we are now scaling the programme with Pratham Education Foundation to train 3000 youth from underserved communities

36 | Raspberry Pi Foundation

Annual Review | 37

Community story: Jay teaches robotics in his local community

Jay is from Preston, UK, and wants everyone to learn about programming. At a young age, Jay began to experiment with code to make his own games. He attended free local coding groups such as CoderDojo and soon started combining his interest in programming with robotics to build his own inventions.

Digital making has helped Jay express himself creatively, test his skills, and make new friends, which is why he is motivated to help others learn about it too. In his local community, Jay has been teaching children, teenagers, and adults about coding and robotics for the last few years. He says, ‘When I go out and teach, I love it so much because it’s really accessible. It helps me build my confidence, it helps them to discover, to learn, to create. And it’s really fun.’

When he found out about Coolest Projects, Jay decided to channel his creativity into making something to exhibit there. He built a security alarm from low-cost, accessible materials, and he left Coolest Projects having made lots of new friends who were young digital makers just like himself.

Watch Jay’s story at - rpf.io/jays story

Community story: Sophie encourages learning through play at her Code Club

A teacher for ten years, Sophie is always looking for new opportunities and ideas to inspire and encourage her learners. The school where she teaches in rural Yorkshire, UK, is very small. With only five teachers supporting the children, any new activity has to be carefully planned. Sophie was also slightly nervous about setting up a Code Club because she doesn’t have a computer science background, sharing that ‘there’s always one subject that you feel less confident in.’

Club has plenty of activities and resources for the children to learn to code with confidence — while having fun too. Sophie says: ‘I like the idea that the children can be imaginative: it’s play, but it’s learning at the same time. They might not even realise it.’

At Code Club, Sophie enables her learners to code animations, games, and stories, and to work as a team and build resilience. Sophie’s Code Club is increasing children’s confidence and through this, she has had a clear positive impact on the learners and on her school as a whole.

Sophie started the Code Club off small, with only a few learners. But then she grew it quickly, and now half of the school’s learners aged 7 to 11 attend. Thanks to our digital making projects and coding challenges like Astro Pi Mission Zero, Sophie’s Code

Watch Sophie’s story at - rpf.io/sophies story

38 | Raspberry Pi Foundation

Annual Review | 39

. ¥2L. Research VLI ,Il erryPIF

Raspberry Pi Computing Education Research Centre

A joint initiative between the University of Cambridge and the Raspberry Pi Foundation

Compared to subjects like mathematics, computing is a relatively new field. While there are enduring principles and concepts, it’s also a subject that’s continually evolving as people develop new technology. We don’t know enough about what works in computing education, and there isn’t enough investment in high-quality research; that’s why research and evidence has always been a priority for the Raspberry Pi Foundation. Through conducting original research, we hope to make a contribution to the field of computing education and, as an operating foundation working with tens of thousands of educators and millions of learners every year, we’re uniquely well-placed to translate that research into practice.

In 2022:

• We ran two projects relating to culturally relevant pedagogy: one investigating how culturally relevant pedagogy can be implemented in schools, developing a framework based on sociological research, and the other focused on culturally relevant computing resources for primary schools. Part of this work is generously funded by Cognizant.

• We developed our understanding of the teaching and learning of AI through an analysis of resources, development of a conceptual framework, and a systematic literature review. The Foundation is using this research to underpin the Experience AI programme.

The Raspberry Pi Computing Education Research Centre combines expertise from the Raspberry Pi Foundation and the Department of Computer Science and Technology at the University of Cambridge to undertake rigorous original research, working directly with teachers and other educators to translate that research into practice and effect positive change in young peoples’ lives. The scope is computing education — the teaching and learning of computing, computer science, digital making, and wider digital skills — for school-aged young people in primary and secondary education, colleges, and non-formal settings. We are uniquely placed to focus on research that can be applied to practice, with a research team spanning the two organisations.

• We conducted a survey of computing teachers in the UK and Ireland, which we are using to better understand the experiences of educators in those countries.

A highlight of 2022 was an in-person event with over 90 participants held at the University to formally launch the Research Centre, together with a dedicated website at computingeducationresearch.org. The Centre was officially opened by Professor Mark Guzdial of the University of Michigan.

Prof. Mark Guzdial and Dr Sue Sentance at the launch ceremony of the Raspberry Pi Computing Education Research Centre

Annual Review | 43

42 | Raspberry Pi Foundation

Gender Balance in Computing

The largest-ever set of trials to identify ways to encourage more young women to study Computer Science

Whilst the quantitative findings did not yield any statistically significant results, the qualitative data relating to the experiences of teachers and pupils on implementing the interventions was primarily positive. The quantitative findings support other research showing that gender balance in computing is a deeply structural problem that we need to address using a multi-faceted approach. The learning we are drawing from the research programme as a whole is that introducing a single intervention in the computing classroom is not enough to make a difference.

Funded by England’s Department for Education, the Gender Balance in Computing research programme aimed to better understand some of the factors that could encourage girls to develop an interest in computing, and could increase the numbers of young women who choose to study Computer Science at GCSE and A level.

Running from 2019 to 2022, the research programme was the largest-ever set of trials to date that focused on gender balance in computing. It involved seven studies in five research areas: pilot studies, quasiexperimental trials, and randomised controlled trials. The studies were led by us, and implemented in collaboration with Apps For Good, the WISE Campaign, and the Behavioural Insights Team (BIT). A separate team at BIT acted as the independent evaluators of the studies. In total we engaged more than 14,500 learners and 725 teachers in hundreds of primary and secondary schools in England.

Interventions:

Computing education research seminars

Showcasing the world’s leading-edge computing education research

The interaction between the

Through our computing education research seminar series, we provide a platform for academics and practitioners to share leading-edge research, and connect educators and researchers from all over the world. The seminars take place online and are free to attend. To make the speakers’ insights widely accessible, we share a recording and summary of each seminar, and we publish seminar proceedings with articles from speakers.

participants, the facilitator, and moderator was great. The breakout group was another thing I enjoyed so much, learning from different backgrounds and nations.

In 2022, we completed a series of eight seminars about artificial intelligence (AI), machine learning, and data science education for school-aged children, run in partnership with The Alan Turing Institute. We followed this with a series on cross-disciplinary computing where we hosted researchers who work on the intersections and interactions of computing with all aspects of learning and life. Speakers in the series included Mark Guzdial (University of Michigan) and Conrad Wolfram (Wolfram Research).

IMPACT

[The AI and data science education series] is the cusp of the next new, and very exciting, teaching and learning phenomenon. I look forward to seeing more research develop in this area.

----- Start of picture text -----
Raspberry Pi Foundation Research Seminars
1
Sue Sentance and Jane Waite
University of Cambridge and Raspberry Pi Foundation
Available at: rpf.io/seminar-proceedings-vol-3-sentance-waite
Sentance, S. & Waite, J. (2022). Perspectives on AI and data
Foundation Research Seminars.computing education (Vol 3). Proceedings of the Raspberry Pi science education. In AI, data science, and young people. Understanding
science educationPerspectives on AI and data
----- End of picture text -----

44 | Raspberry Pi Foundation

Annual Review | 45

Computer Raspberry Pi _ Foundation 46 | Raspberry Pl FoundatSon

Raspberry Pi hardware

Raspberry Pi computers and microcontrollers are used in their millions in business, in education, and at home

Raspberry Pi Ltd is the UK’s best selling computer company. Low-cost, high-quality, compact and efficient, Raspberry Pi products make computing accessible to people and businesses all over the world. Used everywhere from homes and schools to factories, call centres and hospitals, they give people access to technology for enterprise, education, entertainment, and creativity.

part — whose businesses depend on the availability of our hardware: with careful planning and direct communication with end customers as well as our trusted approved resellers, we remained able to allocate stock to ensure these businesses could secure sufficient inventory to meet their needs. Happily, constraints around supply are easing, and we were pleased to end 2022 with a positive outlook for steadily improving availability.

2022 saw increasing sales into industry, especially of our microcontroller chip, RP2040, and microcontroller board, Raspberry Pi Pico – both released the previous year in 2021. Sales of both products ramped up quickly, and we saw an overall increase in microcontroller unit sales of 83% in 2022 compared with 2021. For the first time, we began offering Raspberry Pi hardware for direct sale to businesses: business customers can now purchase RP2040 and Pico directly from Raspberry Pi Ltd via our new online platform, Raspberry Pi Direct, launched in January 2022.

We saw makers and hobbyists use Raspberry Pi products to build everything from a rotary phone that lets you listen to oral history, to a Ceefax revival that attracted interest from national media, alongside an increasing number of research applications from field ecology to aerospace engineering and beyond. To support home users and individual makers, we launched a new section of our website, For home , including a growing collection of tutorials aimed at helping both new and experienced users to get things done with Raspberry Pi.

June saw the launch of Raspberry Pi Pico W, a Pico variant featuring a fully certified wireless module, providing a capable IoT platform at a price of just $6 US. We were excited, and delighted, to announce in November the first African-manufactured Raspberry Pi hardware: Raspberry Pi Pico for the African market is now made in Kenya, at Gearbox Europlacer in Nairobi. We continued to expand our activities in Africa in other ways, extending our networks of Raspberry Pi Approved Resellers and Design Partners on the continent.

We relished the opportunity to meet customers around the UK in person when we took our hugely popular Raspberry Pi pop-up store on tour to Gateshead, Edinburgh, and London, where shoppers queued out of the door to buy computers, accessories, and more.

In early December, we announced that the IQaudio family of hi-fi audio products, which we acquired in 2020, are now available as Raspberry Pi–branded boards. Raspberry Pi Audio Boards offer the great hi-fi–quality sound customers had learned to expect from IQaudio at the low prices they expect from us. These products are still made in the UK, now manufactured by Bedford-based Asteelflash.

Across the global electronics sector, 2022 saw ongoing supply chain challenges for silicon chips as well as for other components. We had recognised in 2021 that we have many commercial customers — small and medium-sized companies, for the most

the Museum awarded honorary fellowships to Raspberry Pi co-founders Liz and Eben Upton, now our CMO and CEO. The award recognises them as ‘outstanding individuals who have made significant and lasting contributions to the fields of computing and technology’.

2022 marked the tenth anniversary of the launch of our very first product, the original Raspberry Pi Model B; The National Museum of Computing celebrated the occasion with an exhibition showing how Raspberry Pi products have developed and just a few of the enormous variety of projects they have enabled over the last decade. In December,

48 | Raspberry Pi Foundation

Annual Review | 49

, Donors 50 | Raspb Pl Foundatlon

Donors

Our work is made possible by generous financial and inkind support from many organisations and individuals that share our mission. We would like to thank all of our donors, some of which are listed below.

8x8 UK LTD. CanaKit Infosys Foundation USA Riot Games Algorand Foundation Cisco Systems Inc Jeremy Gumbley Robert Sansom Allianz Cognizant Lazar Family S&P Global Foundation Amazon Future Engineer Endless Liberty Global Sage Atlassian Foundation David Cleevely Family The late Mr Gerry Fillery ServiceNow International Limited Charitable Trust Meta Simon Peyton Jones Barclays DeepMind Oracle The Bloomfield Trust Best Buy Foundation EPAM Systems, Inc Qube Research and The PA Foundation BNY Mellon Ezrah Charitable Trust Technologies Unity Social Impact Broadcom Foundation GoTo Remote.it Vodafone UK

Supporters providing in-kind services

Support our work

If you or your organisation would like to make a donation towards our work, you can do so at raspberrypi.org/donate. If you would like to discuss how you can become a partner and support our work, please email partners@raspberrypi.org for more information.

Google, GoTo, Microsoft, Red Sift, Slack, Zendesk

52 | Raspberry Pi Foundation

Financial review Foundatlon Raspberry Pi i rfni InA2tion 54 | Raspberry Foundatk)n

Financial review

The Group is comprised of Raspberry Pi Foundation (the main operating charity through which all charitable activity in the UK is undertaken), Raspberry Pi Ltd (a commercial subsidiary), and legal entities in India, Ireland, and the United States which carry out educational activities in those jurisdictions.

The Foundation’s charitable activities are funded through a combination of Gift Aid from the profits of Raspberry Pi Ltd, contracts for the delivery of educational services e.g. professional development for teachers, and donations from individuals, foundations and other organisations that support our mission.

In 2022, the Foundation received income of £8.9m (2021 £10.4m). Total Consolidated Group (including Raspberry Pi Limited) income grew by 40% to £157.3m (2021 £112.7m).

Expenditure on the Foundation’s charitable activities in 2022 was £11.7m (2021 £11.0m) which included expenditure related to the expansion of activities in Africa and India, in accordance with the grant received in 2021 from the Ezrah Charitable Trust. Total Consolidated Group expenditure (including Raspberry Pi Limited) grew by 48% to £151.1m (2021 £101.8m).

Total Reserves (cash and investments) held by the Foundation at the end of 2022 totalled £13.4m (2021 £17.9m). Total Consolidated Group reserves decreased by 4% to £44.8m (2021 £46.7m)

Investments

The Foundation’s investment portfolio is managed by external investment managers. The Foundation tolerates a moderate level of risk. We anticipate moderate capital volatility associated with typical market cycles, but look for active management and a diversified portfolio to minimise risk, with not more than 10% of the portfolio placed with any one counterparty.

Total Funds under investment at the end of 2022 of £10.6m represented a £1.1m reduction on the 2021 year end position, comprising £1.5m of unrealised losses offset by £0.3m of investment dividends received.

The Foundation’s investments are managed through the Sarasin Endowments Strategy. It operates a bespoke ethical policy, developed over many years of consultation and experience in the charity sector, which excludes the following:

Please see the Financial Statements section of this report for more details.

56 | Raspberry Pi Foundation

Fundraising

We raise funds in a number of ways, including from corporate donors, trusts and foundations, one-off and regular donations from the general public, philanthropic donations, individual fundraisers, and legacies. We do not use third-party professional fundraising agencies. Where people or organisations raise funds in aid of the Raspberry Pi Foundation, we request they follow our standards.

We voluntarily subscribe to the Fundraising Regulator and its Code of Fundraising Practice. During 2022, we have been compliant with these standards and we are not aware of any instances where those acting in aid of the charity have failed to comply.

Our fundraising is based on the responsible use of personal data. Whenever we process personal data we ensure it is fair and that the reasons for processing data are brought to the publics’ attention, enabling them to control how their data is used. We are transparent about how we use personal data and aim to ensure that our supporters feel confident in how we are using it. Full details about how we use data is available in our privacy statement on our website.

Financial review | 57

Principal risks and uncertainties

The Trustees are responsible for the management of risks within the Raspberry Pi Foundation Group. We have an established risk management framework that includes a risk appetite statement that articulates the Board’s appetite for risk across different categories.

The Foundation has an overall risk register, which is regularly reviewed by management and by the Audit, Risk, and Investment Committee on a quarterly basis. Subsidiaries and individual programmes of activity also have their own risk registers.

The principal risks and uncertainties identified include:

• Financial Risk Management, Objectives and

Policies: The charity aims to minimise financial risk including through the preparation of incoming resources and cash flow forecasts; regular monitoring of actual performance against these forecasts; and ensuring that adequate financing facilities are in place to meet the requirements of the business.

Costs are carefully monitored by management on a regular basis to ensure that they remain within the constraints of the approved budget. The organisation re-forecasts its financial position periodically.

The trading subsidiary uses various financial instruments such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to provide working capital for the trading operations.

The primary risks arising from the group’s trading operations are currency, credit and component supply risk. Management reviews and agrees policies for managing each of these risks and they are summarised as:

• Data protection and network security: The

mismanagement, misuse or loss of data, and/or a compromise to our network results in a loss of data and/or service.

58 | Raspberry Pi Foundation

Governance

Public benefit statement

The Raspberry Pi Foundation is a registered charity whose charitable purposes defined within the Charities Act 2011 are to advance education of adults and children, particularly in the field of computers, computer science and related subjects.

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit, and that the purpose and aims of Raspberry Pi Foundation are for the greater public good.

Trustees’ duty to promote the success of the Charity – Section 172 statement

The trustees have a duty to promote the success of Raspberry Pi Foundation and, in doing so, are required by section 172(1) of the Companies Act 2006 to have regard to various specific factors, including:

Our governance processes

Board

The Raspberry Pi Foundation is a company limited by guarantee and is a registered charity. It is governed by a Board of Trustees. Trustees are elected and co-opted under the terms of the Articles of Association.

The board sets the strategy and approves the business plan. It monitors progress against objectives and ensures the principal risks and uncertainties facing the charity are identified and appropriately mitigated having regard to the charity’s risk appetite. It is responsible for

Trustee and executive management succession planning, setting the charity’s culture and upholding the charity’s values.

The Raspberry Pi Foundation’s Board is committed to adopting the principles set out in the Charity Governance Code and undertakes a selfassessment against the Code on an annual basis.

The Board is supported by a number of Committees.

Remuneration Committee

The Remuneration Committee reviews and advises the board on the Foundation’s arrangements for the pay and remuneration of its employees. It provides assurance to the board that such arrangements are effective, fair and responsible and compliant with applicable law, and it regularly reviews issues of diversity and equal pay in relation to pay and remuneration.

Nominations Committee

The Nominations Committee develops and maintains formal, rigorous and transparent procedures for the appointment of members of the Foundation and trustees, directors and officers of the Foundation and its subsidiaries, and it regularly reviews issues of diversity in relation to appointments.

Financial review | 59

Audit, Risk and Investment Committee

The Audit, Risk and Investment Committee reviews and advises the board on the adequacy and effectiveness of the Foundation’s arrangements for accountability, financial controls and risk management, and investment. It recommends actions to ensure compliance with the law and good practice, and considers and advises the board on the provision of external audit and investment advisors.

Members

Members of the Raspberry Pi Foundation are appointed by the trustees. Members are entitled to attend the Annual General Meeting, where they formally receive the Annual Report and Accounts, elect or re-elect trustees and appoint the charity’s auditors.

Our community and stakeholders

We are part of a global community of young people, parents, educators, volunteers, makers, and businesses that share our mission and bring it to life through their actions. We make sure that we understand our users and communities, and we proactively seek out user and community feedback including from:

Our employment practices

Dignity at work

We are committed to ensuring that all of our workplaces (in person and online) are safe and inclusive spaces where people from all backgrounds feel respected and valued, and able to contribute their best.

We do not tolerate bullying or harassment. We have an Anti-Harassment, Bullying & Victimisation Policy which we regularly review and update. We continue to ensure regular communication of our policies and processes so that our people know how to report dignity at work issues through our Speaking Up (whistleblowing) policy which we updated in 2022.

Equality, diversity and inclusion (EDI)

We know that we are able to advance our mission more effectively when we build diverse teams of people with a wide range of skills, backgrounds, and perspectives; and create an inclusive environment and culture that gives colleagues a sense of belonging.

In 2022 a staff-led equality, diversity and inclusion working group developed a range of recommendations to further improve our work on EDI; a number of recommendations have been approved and actioned during the period, including improvements to our recruitment processes, workforce diversity data, and other actions that reinforce the importance of EDI in everything that we do.

We also proactively seek feedback from other stakeholders including the Raspberry Pi Foundation team, supporters, donors, and suppliers.

60 | Raspberry Pi Foundation

Safeguarding

We believe that a child, young person, or vulnerable adult should never experience abuse of any kind.

We have a responsibility to promote the welfare of all children, young people, and vulnerable adults, and to keep them safe. We are committed to following practices that protect them and we ensure that our safeguarding practice reflects statutory responsibilities, government guidance, and complies with best practice and regulatory requirements wherever we operate as a charity. This is set out in our safeguarding policy which is published on our website at www.raspberrypi.org/safeguarding.

Gender pay reporting

We undertake gender pay analysis as part of our annual pay review. Following the 2022 Pay Review the Foundation had a gender pay gap for employees in the UK of 4.35% in favour of men (0.57% in favour of women in the 2021 Pay Review). This compares to a UK benchmark of 15.4% in favour of men.

As the designer and manufacturer of the Raspberry Pi single-board computer, software, accessories and semiconductors, approximately half of Raspberry Pi Ltd employees are engineers engaged in the development of these products. In common with other companies in the sector these engineers are more highly paid than the average of the working population and are predominantly male. As a consequence, the gender pay gap of average salaries for Raspberry Pi Ltd is 52% (2021 48%).

Our commitment to the environment

In line with the Streamlined Energy and Carbon Reporting regulations (SECR), we have set out our energy use and associated carbon emissions in the table below.

We continued to invest in measures to reduce our carbon emissions in 2022 in line with our commitment to achieving net zero. This included making adjustments to the heating system to better match working hours, installing LED lighting, switching to a green energy tariff and continuing to promote the Cycle to Work scheme. We saw an anticipated rebound in our emissions in 2022 following the easing of lockdown restrictions, however we remain on track against our net zero targets.

----- Start of picture text -----
2022
Consolidated 2021
(current year)
Energy consumption 349,949 252,495
(kWh)
- -
Scope 1 emissions
(tCO2e)
Scope 2 emissions 46.46 46.43
(tCO2e)
Scope 3 emissions 27.06 8.32
(tCO2e)
Total emissions 73.53 54.75
(tCO2e)
Intensity ratio: 0.35 0.28
tCO2e per FTE
----- End of picture text -----

Financial review | 61

Plans for the future

We will continue to deliver on the long-term goals set out in the strategy for the period 2022–25:

62 | Raspberry Pi Foundation

Statement of Trustees’ responsibility

The Trustees (who are also directors of Raspberry Pi Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

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

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm that:

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

The auditors, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This Trustees’ Report, incorporating the strategic report, was approved by the Trustees on 22 June 2023 and signed on their behalf by:

Prof. R Plumbly-Clegg

Trustee

Date: 3/7/23

Financial review | 63

Independent auditor’s report to the Members and Trustees of the Raspberry Pi Foundation

Opinion

We have audited the financial statements of Raspberry Pi Foundation (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2022, which comprise the Consolidated Statement of Financial Activities, the Consolidated Statement of Other Comprehensive Income, the Company Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts. We conducted our audit in accordance with International Standards on Auditing (UK)

(ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the group and the parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s and the parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.

In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the group’s and parent charitable company’s business model including effects arising from macro-economic uncertainties such as the global semiconductor shortage, war in Ukraine and the cost of living crisis, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the group’s and parent charitable company’s financial resources or ability to continue operations over the going concern period.

64 | Raspberry Pi Foundation

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

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

The responsibilities of the trustees with respect to going concern are described in the ‘Responsibilities of trustees for the financial statements’ section of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Review and Accounts, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matter on which we are required to report under the Companies Act 2006

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included in the Trustees’ Annual Review and Accounts.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

Financial review | 65

Responsibilities of trustees for the financial statements

As explained more fully in the Trustees’ Responsibilities Statement set out on page 33, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of noncompliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

66 | Raspberry Pi Foundation

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc. org.uk/auditorsresponsibilities. This description forms part of our auditor’s report

Use of our report

This report is made solely to the charitable company’s members and trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members and trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Hodgekins Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Cambridge

Date: 3/7/23

Grant Thornton UK LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Financial review | 67

Financial statements

Raspberry Pi Foundation (A company limited by guarantee) Registered number: 06758215

Consolidated statement of financial activities

(Incorporating consolidated income & expenditure account) For the year ended 31 December 2022

----- Start of picture text -----
Note Unrestricted Restricted Total funds Total funds 2021
funds 2022 funds 2022 2022 (restated)
£ £ £ £
INCOME FROM:
Donations and grants 2 365,883 2,109,646 2,475,529 6,595,649
Other trading activities 3 149,803,245 - 149,803,245 101,307,210
Investments 4 319,053 - 319,053 279,837
Other income 5 4,643,627 20,576 4,664,203 4,480,571
TOTAL INCOME 155,131,808 2,130,222 157,262,030 112,663,267
EXPENDITURE ON:
Raising funds:
Trading Expenditure 6 139,410,738 - 139,410,738 90,580,928
Investment management (24,190) - (24,190) (17,837)
Charitable activities 7 9,014,729 2,663,683 11,678,412 11,260,781
TOTAL EXPENDITURE 148,401,277 2,663,683 151,064,960 101,823,872
NET INCOME BEFORE 6,730,531 (533,461) 6,197,070 10,839,395
INVESTMENT GAINS AND LOSSES
Net gains on investments 17 (1,464,120) - (1,464,120) 894,195
NET MOVEMENT IN FUNDS 5,266,411 (533,461) 4,732,950 11,733,590
BEFORE TAX
Taxation charge 14 1,941,302 - 1,941,302 1,430,145
NET MOVEMENT IN FUNDS 3,325,109 (533,461) 2,791,648 10,303,445
AFTER TAX
FUNDS ATTRIBUTABLE TO:
Raspberry Pi Foundation 2,429,931 (533,461) 1,896,470 10,127,777
-
Non-controlling interest 895,178 895,178 175,668
----- End of picture text -----

All activities relate to continuing operations.

The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 74 to 102 form part of these financial statements.

68 | Raspberry Pi Foundation

Consolidated statement of other comprehensive income

For the year ended 31 December 2022

----- Start of picture text -----
Unrestricted Restricted funds Total funds Total funds
funds 2022 2022 2022 2021
£ £ £ £
NET MOVEMENT IN FUNDS 3,325,109 (533,461) 2,791,648 10,303,445
Exchange difference on 7,553,595 (12,680) 7,540,915 445,358
translating foreign operations
TOTAL COMPREHENSIVE 10,878,704 (546,141) 10,332,563 10,748,803
MOVEMENT IN FUNDS FOR
THE FINANCIAL YEAR
- -
Dividends paid to non-controlling (377,644) (377,644)
interests
-
Share based payments (328,613) (328,613) 873,858
-
Issue of growth shares in 15,233 15,233 33,262,120
trading subsidiary
Total funds at 1 January 2021 76,489,610 4,258,314 80,747,924 35,863,143
TOTAL FUNDS AT 31 86,677,290 3,712,173 90,389,463 80,747,924
DECEMBER 2022
----- End of picture text -----

All activities relate to continuing operations.

The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 74 to 102 form part of these financial statements.

Financial review | 69

Company statement of financial activities

For the year ended 31 December 2022

----- Start of picture text -----
Unrestricted Restricted Total Funds Total Funds
funds 2022 funds 2022 2022 2021
£ £ £ £
INCOME FROM:
Donations and grants 211,971 1,732,139 1,944,110 5,984,764
Investments 319,053 - 319,053 279,837
Other income 6,615,925 - 6,615,925 4,134,395
TOTAL INCOME 7,146,949 1,732,139 8,879,088 10,398,996
EXPENDITURE ON:
Raising funds:
-
Investment management (24,190) (24,190) (17,837)
Charitable activities 9,423,754 2,275,136 11,698,890 11,005,981
TOTAL EXPENDITURE 9,399,564 2,275,136 11,674,700 10,988,144
NET INCOME BEFORE INVESTMENT GAINS (2,252,615) (542,997) (2,795,612) (589,148)
AND LOSSES
-
Net gains on investments (1,464,120) (1,464,120) 894,195
NET MOVEMENT IN FUNDS (3,716,735) (542,997) (4,259,732) 305,047
Total funds at 1 January 2021 13,481,103 4,076,345 17,557,448 17,252,401
TOTAL FUNDS AT 31 DECEMBER 2022 9,764,368 3,533,348 13,297,716 17,557,448
----- End of picture text -----

All activities relate to continuing operations.

The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 74 to 102 form part of these financial statements.

70 | Raspberry Pi Foundation

Consolidated balance sheet As at 31 December 2022

----- Start of picture text -----
Note £ 2022 £ 2021
£ £
FIXED ASSETS
Intangible assets 15 8,515,807 4,591,816
Tangible assets 16 3,413,184 2,981,133
Investments 17 10,551,850 11,689,163
22,480,841 19,262,112
CURRENT ASSETS
Stocks 19 39,729,341 30,062,539
Debtors 20 22,616,267 15,906,453
Cash at bank and in hand 25 34,240,423 35,038,672
96,586,031 81,007,664
LIABILITIES
Amounts falling due within one year 21 (24,138,860) (18,470,451)
Amounts falling due after one year 21 (2,488,800) -
Deferred tax (liability)/asset 14 (2,049,749) (1,051,401)
NET CURRENT ASSETS 72,447,171 62,537,213
NET ASSETS 90,389,463 80,747,924
CHARITY FUNDS
Restricted funds 22 3,712,173 4,258,314
Unrestricted funds 22 80,112,995 71,093,302
Non-controlling interest 22 6,564,295 5,396,308
TOTAL FUNDS 90,389,463 80,747,924
----- End of picture text -----

The financial statements were approved by the Trustees and signed on their behalf, by:

Prof. R Plumbly-Clegg Trustee

Date: 3/7/23

The notes on pages 74 to 102 form part of these financial statements.

Financial review | 71

Company balance sheet

As at 31 December 2022

----- Start of picture text -----
Note £ 2022 £ 2021
£ £
FIXED ASSETS
Tangible assets 16 315,123 339,181
Investments 17 10,601,317 11,738,630
10,916,440 12,077,811
CURRENT ASSETS
Debtors 20 1,153,484 593,666
Cash at bank and in hand 2,785,566 6,211,489
3,939,050 6,805,155
CREDITORS: amounts falling due 21 (1,557,774) (1,325,518)
within one year
NET CURRENT ASSETS 2,381,276 5,479,637
NET ASSETS 13,297,716 17,557,448
CHARITY FUNDS
Restricted funds 22 9,764,368 4,076,345
Unrestricted funds 22 3,533,348 13,481,103
TOTAL FUNDS 13,297,716 17,557,448
----- End of picture text -----

The financial statements were approved by the Trustees and signed on their behalf, by:

Prof. R Plumbly-Clegg Trustee

Date: 3/7/23

The notes on pages 74 to 102 form part of these financial statements.

72 | Raspberry Pi Foundation

Consolidated statement of cash flows

For the year ended 31 December 2022

----- Start of picture text -----
Note 2022 2021
£ £
Cash flows from operating activities
Net cash provided by operating activities 24 (793,163) (4,938,792)
Cash flows from investing activities:
Dividends, interest and rents from investments 326,807 297,195
Purchase of property, plant and equipment (1,802,777) (2,101,637)
Purchase of intangible assets (1,307,450) 22,108
Net cash used in investing activities (2,783,420) (1,782,334)
Cash flows from financing activities:
-
Interest on loans and borrowings (125,964)
-
Dividends paid to non-controlling interests (377,644)
-
Interest on cash deposits 39,228
Proceeds for issue of growth shares in trading 15,233 33,262,120
subsidiary
Net cash (used)/generated in financing activities (449,147) 33,262,120
Change in cash and cash equivalents in the year (4,025,729) 26,540,994
-
Net exchange differences on cash and cash 3,227,480
equivalents
Cash and cash equivalents brought forward 35,038,672 8,497,678
Cash and cash equivalents carried forward 25 34,240,423 35,038,672
----- End of picture text -----

The notes on pages 74 to 102 form part of these financial statements.

Financial review | 73

Notes to the financial statements for the year ended 31 December 2021

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Raspberry Pi Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

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

The financial statements are presented in Sterling (£).

The individual accounts of Raspberry Pi Foundation have adopted the following disclosure exemption under FRS 102:

1.2 Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

upon the progress of the project and any service conditions that are required to be satisfied.

An amount of £48,155 has been recognised in relation to donated rent, cloud services and legal services provided to Hello World Foundation.

During 2020, a Long Term Incentive Plan for the employees of the trading subsidiary, Raspberry Pi Limited was approved and 13,077 B ordinary shares were issued and a further 3,512 B ordinary shares issued in 2021. Under the terms of the plan, the B ordinary shares will share in the proceeds payable in the event of a sale of the company. Therefore, no non-controlling interest has been recognised in relation to the Long Term Incentive Plan shares.

1.3 Charity combinations

Assets and liabilities transferred into the control of the charity at nil or nominal consideration are in substance a gift. A gain is recognised to the extent the fair value of assets received exceeds the fair value of liabilities assumed. The gain is shown separately as a gift within income.

1.4 Basis of consolidation

The financial statements consolidate the accounts of Raspberry Pi Foundation and all of its trading subsidiary undertakings (‘subsidiaries’) and charitable entities of which Raspberry Pi Foundation is the member.

1.5 Company status

The company is a company limited by guarantee. The Trustees of the company, who are also members, are named on page 75. There are currently 10 Trustees (8 in 2021). In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

Where funded projects remain in progress at the year end, the directors exercise judgement regarding the amount of income to be recognised based

74 | Raspberry Pi Foundation

1.6 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

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

Investment income, gains and losses are allocated “to unrestricted funds”.

1.7 Income

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

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

Product revenue is recognised when the trading subsidiary has transferred to the customer the significant risks and rewards of ownership, which is generally when the buyer has taken undisputed delivery of the goods. Royalty income is recognised when receivable, based on the sale of goods by third parties under terms of the royalty arrangements.

A significant proportion of the trading subsidiary’s turnover arises from sales to and royalties from UK distributors. The distributors sell the trading subsidiary’s products to all major worldwide markets.

During the year Raspberry Pi Limited qualified for the UK Taxation Research and Development Expenditure Credit (“RDEC”). The RDEC is recognised in the Consolidated Statement of Financial Activities within Other Income in the period in which the Group has recognised the research and development expense. The RDEC receivable for the year is netted against any payments of corporation tax due relating to the year.

Donated services are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in the accounts.

1.8 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

The charity considers that it has a single activity being the provision of educational programmes in the field of computers and computer science and all support costs arise in relation to this activity and are not further analysed.

Financial review | 75

1.9 Going concern

Raspberry Pi Foundation meets its day-to-day working capital requirements through the cash it holds. The company undertakes a regular process of reviewing forecasts and projections to ensure that it has adequate resources for its continued operation and can draw upon its significant investment portfolio to support its planned activities. The company also received additional investment of $5m (£4.2m) in March 2023, as set out in note 31.

During 2022, Raspberry Pi Limited has continued to operate in the face of trading risks principally in respect of semiconductor and other component shortages and demand for its products. In 2022, it has done this while maintaining its investment program and paying dividends to its investors. Management continues to take appropriate action to monitor, identify, address and mitigate these risks and any other major uncertainties facing the business.

The forecasts and projections of Raspberry Pi Foundation show that the organisation should be able to operate using the cash it currently holds together with the additional investment received post year end of £4.2m ($5m). Having considered these forecasts and projections and assessed a variety of downside scenarios, the Trustees have formed the view that Raspberry Pi Foundation will generate sufficient cash to meet its ongoing liabilities as they fall due for at least 12 months from the date on which the financial statements are signed and accordingly, the going concern basis has been adopted.

1.11 Tangible fixed assets and depreciation

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

----- Start of picture text -----
Leasehold Property Straight line over life of
lease
Plant and machinery 3 years straight line
Furniture and fittings 3 years straight line
Office and computer 3 years straight line
equipment
----- End of picture text -----

1.12 Investments

Investments are a form of financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the unrealised and realised net gains and losses arising on revaluation and disposals throughout the year.

Subsidiary undertakings

Investments in subsidiaries are valued at cost less provision for impairment.

1.13 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks.

1.10 Intangible assets and amortisation

1.14 Interest receivable

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The estimated useful life and amortisation rate used for intellectual property is 3 - 4 years. The estimated useful life and amortisation rate used for goodwill is 2 years. All intangible assets are considered to have a finite useful life.

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

76 | Raspberry Pi Foundation

1.15 Taxation

The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The trading subsidiary may be subject to both current tax and deferred tax.

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

1.17 Cash at bank and in hand

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

1.18 Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.19 Operating leases

Rentals payable under operating leases are charged to the profit or loss on a straight-line basis over the lease term.

The aggregate benefit of lease incentives is recognised as a reduction to the expense recognised over the lease term on a straight line basis.

1.20 Financial instruments

Financial assets measured at amortised cost comprise investments, cash, trade debtors and other debtors. Financial liabilities measured at amortised cost comprise trade creditors, other creditors, and accruals.

1.21 Pensions

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

1.16 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid for goods or services not yet delivered net of any trade discounts due.

Financial review | 77

2. Group income from donations and grants

----- Start of picture text -----
Unrestricted Restricted Total funds Total funds
funds 2022 funds 2022 2022 2021
£ £ £ £
Other donations 223,058 120,500 343,558 1,212,230
Donated services – D-I-K 48,155 - 48,155 90,910
Grants 94,670 1,989,146 2,083,816 5,292,509
Total donations and grants 365,883 2,109,646 2,475,529 6,595,649
----- End of picture text -----

In 2021, of the total income from donations and grants, £830,592 was unrestricted and £5,765,057 was restricted. Of the £2,475,529 total grants and donations, Raspberry Pi Foundation, the Company, received £1,944,110 (2021: £5,984,765).

3. Trading income

----- Start of picture text -----
Unrestricted Restricted Total funds Total funds
funds 2022 funds 2022 2022 2021
£ £ £ £
-
Raspberry Pi Limited 149,803,245 149,803,245 101,307,210
-
149,803,245 149,803,245 101,307,210
----- End of picture text -----

In 2021 all trading income was unrestricted.

4. Investment income

----- Start of picture text -----
Unrestricted Restricted Total funds Total funds
funds 2022 funds 2022 2022 2021
£ £ £ £
Investment income - investments 302,561 - 302,561 279,292
Interest receivable 16,492 - 16,492 546
-
319,053 319,053 279,837
----- End of picture text -----

In 2021 all investment income was unrestricted.

78 | Raspberry Pi Foundation

5. Other income

----- Start of picture text -----
Unrestricted Restricted funds Total funds Total funds
funds 2022 2022 2022 2022
£ £ £ £
-
Other operating income of Raspberry 991,283 991,283 26,737
Pi Limited
Other incoming resources 3,652,344 20,576 3,672,920 4,453,834
4,643,627 20,576 4,664,203 4,480,571
----- End of picture text -----

In 2021 £4,247,601 of other income was unrestricted and £232,970 was restricted. In 2022 due its increased size, Raspberry Pi Limited became eligible to make a Research and Development Expenditure Credit (RDEC) claim under UK taxation rules rather than being eligible for the small company scheme. The amount of the RDEC claim is £952,055 (2021: £nil).

6. Trading expenditure

----- Start of picture text -----
Unrestricted Restricted Total funds 2022 Total funds
funds 2022 funds 2022 (restated) 2021
£ £ £ £
-
Direct trading costs of Raspberry Pi Limited 116,514,054 116,514,054 71,624,865
-
Administration costs of Raspberry Pi Limited 7,268,808 7,268,808 6,621,813
-
Staff costs of Raspberry Pi Limited 11,136,288 11,136,288 9,817,537
-
Depreciation and amortisation of 2,800,571 2,800,571 1,116,547
Raspberry Pi Limited
-
Other exceptional costs of Raspberry Pi 1,691,017 1,691,017 1,400,166
Limited
-
139,410,738 139,410,738 90,580,928
----- End of picture text -----

In 2021 £90,554,191 of trading expenditure was unrestricted and £26,737 was restricted. The exceptional costs relate to fees incurred in respect of assurance and advisory costs for preparing Raspberry Pi Limited for further external investment.

7. Charitable activities expenditure

----- Start of picture text -----
Unrestricted Restricted funds Total funds Total funds
funds 2022 2022 2022 2021
£ £ £ £
Direct charitable costs (note 8) 460,732 1,582,913 2,043,645 2,047,835
Charitable support costs (note 9) 8,553,997 1,080,770 9,634,767 9,212,946
Total 9,014,729 2,663,683 11,678,412 11,260,781
----- End of picture text -----

In 2021 expenditure on charitable activities was £11,260,781 of which £9,151,704 was unrestricted and £2,109,077 was restricted.

Financial review | 79

8. Direct charitable costs

----- Start of picture text -----
Charitable Total Total
Activities 2022 2021
£ £ £
Donations 228,298 228,298 200,000
Wages and salaries 1,553,562 1,553,562 1,612,970
National insurance 149,037 149,037 117,462
Pension cost 112,748 112,748 117,403
2,043,645 2,043,645 2,047,835
----- End of picture text -----

Direct costs total £2,043,645 (2021– £2,047,835) of which £460,732 (2021– £826,160) was unrestricted and £1,582,913 (2021 – £1,221,675) was restricted.

9. Charitable support costs

----- Start of picture text -----
Governance Primary purpose Total 2022 Total 2021
£ £ £ £
-
Legal and professional fees 31,161 31,161 43,355
Rent and rates - 340,328 340,328 374,574
Utilities - 55,778 55,778 42,979
Hotels - 58,835 58,835 7,600
Travel and subsistence - 143,515 143,515 24,097
-
Other premises expenses 14,378 14,378 19,277
-
Catering 31,828 31,828 1,069
Event related costs - 28,442 28,442 24,034
-
Printing costs 26,399 26,399 23,996
-
Raspberry Pi hardware 13,696 13,696 218,604
Irrecoverable VAT - 213,003 213,003 250,769
-
Audit and accountancy fees 163,872 163,872 112,375
-
Consultancy fees 549,138 549,138 457,854
IT costs - 340,982 340,982 317,316
-
Marketing 144,346 144,346 200,563
-
Postage and shipping 47,375 47,375 49,255
----- End of picture text -----

80 | Raspberry Pi Foundation

9. Charitable support costs (continued)

----- Start of picture text -----
Governance Primary purpose Total 2022 Total 2021
£ £ £ £
IT and telecommunications - 5,787 5,787 5,552
-
Office supplies 11,010 11,010 3,653
-
Foreign exchange gain/(loss) (249,959) (249,959) (164,712)
Insurance - 45,641 45,641 28,509
-
Subscriptions 22,542 22,542 13,085
-
Repairs and maintenance 23,481 23,481 33,965
Recruitment fees - 147,000 147,000 39,835
Contractor fees and associated costs - 1,250,656 1,250,656 1,761,181
Entertainment - 27,344 27,344 29,843
- -
Fixed asset disposal (41) (41)
-
Bank charges 3,944 3,944 3,739
-
Temporary staff 13,182 13,182 28,964
-
Staff welfare and benefits 216,389 216,389 183,176
-
Wages and salaries 4,845,813 4,845,813 4,144,019
National insurance - 511,045 511,045 414,544
Pension cost - 402,434 402,434 334,846
-
Depreciation 108,046 108,046 178,501
-
Members’ Management costs 49,306 49,306 4,518
-
Trustee expenses 3,725 3,725 5,840
-
Holiday pay provision (5,654) (5,654) (3,829)
163,872 9,470,895 9,634,767 9,212,946
----- End of picture text -----

Support costs total £9,634,767 (2021 - £9,212,946) of which £8,553,997 (2021 - £8,531,777) was unrestricted and £1,080,770 (2021 - £681,169) was restricted.

Financial review | 81

10. Charitable governance costs

----- Start of picture text -----
Unrestricted Restricted Total funds Total funds
funds 2022 funds 2022 2022 2021
£ £ £ £
-
Audit and accountancy fees 163,872 163,872 112,375
11. Net incoming resources/(resources expended)
This is stated after charging: 2022 2021
£ £
Depreciation of tangible fixed assets:
- owned by the charitable group 1,690,495 1,198,366
Amortisation of intangible fixed assets:
- owned by the charitable group 1,218,123 96,682
Operating lease expenditure - property 548,822 585,306
----- End of picture text -----

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

During the year, two Trustees received £1,957 reimbursement of expenses (2021 - £599).

12. Auditors’ remuneration

----- Start of picture text -----
2022 2021 (restated)
£ £
Fees payable to the company’s auditor for the audit of 44,000 43,500
the company’s annual accounts
Fees payable to the company’s auditor in respect of:
The auditing of accounts of subsidiaries of the 177,867 165,010
company
- -
Taxation compliance services
- -
Other taxation advisory services
Other services as reporting accountant on financial 328,142 211,963
or other information
----- End of picture text -----

82 | Raspberry Pi Foundation

13. Staff costs

----- Start of picture text -----
Staff costs were as follows:
2022 2021
£ £
Wages and salaries 15,685,602 13,407,132
Social security costs 1,498,790 1,411,816
Other pension costs 1,050,608 932,821
Share based payments 328,613 873,858
18,563,613 16,625,627
----- End of picture text -----

The average monthly number of employees was 249 (2021 - 226) and the average number of employees on a headcount basis for the year was as follows (including part time staff):

----- Start of picture text -----
2022 No. 2021 No.
Company 136 120
Subsidiaries 113 106
249 226
----- End of picture text -----

Financial review | 83

13. Staff costs (continued)

The number of higher paid employees was (including subsidiaries) 58 in 2022 (2021 – 55), of which 47 are employees of subsidiaries (2021 – 45):

----- Start of picture text -----
2022 No. 2021 No.
In the band £60,001 - £70,000 5 7
In the band £70,001 - £80,000 8 4
In the band £80,001 - £90,000 4 8
In the band £90,001 - £100,000 4 3
In the band £100,001 - £110,000 2 2
In the band £110,001 - £120,000 6 6
In the band £120,001 - £130,000 4 7
In the band £130,001 - £140,000 8 1
In the band £140,001 - £150,000 1 0
In the band £150,001 - £160,000 0 10
In the band £160,001 - £170,000 10 1
In the band £170,001 - £180,000 0 1
In the band £180,001 - £190,000 1 0
In the band £240,001 - £250,000 0 2
In the band £250,001 - £260,000 2 1
In the band £260,001 - £270,000 1 0
In the band £300,001 - £310,000 0 1
In the band £320,001 - £330,000 1 0
In the band £420,001 - £430,000 0 1
In the band £450,001 - £460,000 1 0
58 55
----- End of picture text -----

Total company pension contributions for the higher paid employees in 2022 were £501,722 (2021 £464,220). Certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Group are considered to be key management personnel. Total remuneration in respect of these individuals is £2,601,790 (2021 £2,072,722).

84 | Raspberry Pi Foundation

14. Taxation

----- Start of picture text -----
2022 2021
£ £
Current tax:
Corporation tax 1,409,659 286,814
-
Adjustment In respect of prior years (311,892)
-
Tax in relation to overseas subsidiary 1,817
1,099,584 286,814
Deferred tax:
Current year charge 40,626 896,105
Effect of changes in tax rates 12,828 247,226
-
Adjustment In respect of prior years 788,264
Taxation charge for the year 1,941,302 1,430,145
----- End of picture text -----

The charge for the year can be reconciled to the profit per the Statement of Financial Activities as follows:

----- Start of picture text -----
2022 2021
£ £
Profit before taxation 4,732,950 11,733,590
Corporation tax at 19% in respect of all periods 899,261 2,229,382
Effect of:
Expenses not deductible for tax purposes 115,506 1,405,869
-
Depreciation on ineligible assets 3,638
-
Deduction for Research and Development (2,232,203)
Tax rate changes 12,828 247,226
Effect of group relief/other reliefs (767,162) (177,125)
Tax in relation to overseas subsidiary 1,817 3,934
Non-taxable income (160,020) -
-
Prior year adjustments 476,372
Activities exempt from corporation tax 1,359,062 (46,938)
Taxation charge for the year 1,941,302 1,430,145
----- End of picture text -----

In 2022 the expenses not deductible for tax purposes are made up of other exceptional costs, share based payment charges, and intangible asset amortisation.

Financial review | 85

14. Taxation (continued)

----- Start of picture text -----
2022 2021
£ £
Current Liabilities
Corporation tax (475,991) (286,814)
Deferred tax disclosure:
2022 2021
£ £
Provision at the start of the year (1,051,401) 114,153
Deferred tax charge (55,408) (1,143,331)
-
Adjustments in respect of prior periods (817,075)
Foreign exchange (125,865) (22,223)
(2,049,749) (1,051,401)
2022 2021
£ £
Provided Provided
Fixed asset timing differences (357,291) 22,455
Intangible asset timing differences (1,811,267) (1,119,196)
Temporary timing differences - trading 5,102 45,340
-
Other timing differences 113,707
(2,049,749) (1,051,401)
2022 2021
£ £
Recognised Recognised
Deferred tax assets 118,808 67,795
Provided Provided
Deferred tax liabilities (2,168,557) (1,119,196)
----- End of picture text -----

The main rate of UK corporation tax for the year is 19% effective since 1 April 2017. In the March 2021 Budget, it was announced that the UK corporation tax rate will increase to 25% from 1 April 2023. This was confirmed in the March 2023 Budget. This will have a consequential effect on the Company’s future tax charge and these changes were substantively enacted before the balance sheet date and have therefore been factored into the deferred tax calculations.

86 | Raspberry Pi Foundation

15. Intangible fixed assets

----- Start of picture text -----
Intellectual Property Goodwill Total
£ £ £
GROUP
Cost
At 1 January 2022 4,593,613 292,989 4,886,602
Additions 4,473,438 - 4,473,438
Foreign exchange 757,269 35,074 792,343
At 31 December 2022 9,824,320 328,063 10,152,383
Amortisation
At 1 January 2022 52,921 241,864 294,785
Charge for the year 1,176,703 41,420 1,218,123
Foreign exchange 93,199 30,469 123,668
At 31 December 2022 1,322,823 313,753 1,636,576
Net book value
At 31 December 2022 8,501,497 14,310 8,515,807
At 31 December 2021 4,540,692 51,124 4,591,816
----- End of picture text -----

Amortisation of intangible fixed assets is included in trading expenditure.

Intellectual Property is composed of payments made to third parties for the development and design of key components intended to be used in future Raspberry Pi products. In 2021, the Company entered into a four year licence with a term until March 2026. The first payment milestone of the licence agreement was made during the year with the remainder falling due in September 2023 and March 2025. The £4.5m ($5m) licence has been capitalised under Intellectual Property within Intangibles, and the amount still due is reflected within Long Term Liabilities and Other creditors. The full value of the licence rather than its discounted cashflow value has been capitalised due to the difference between the two values being immaterial. The licence is being amortised over its 4 year term.

Also included within Intellectual Property is one individually material item which has a net book value of £4.5m (31 December 2021: £4.5m) in respect of outsourced costs incurred in the development of components complementary to the application processors of future single board computers. The development is not yet complete and therefore amortisation has not yet been charged. The amortisation period is expected to be six years.

Financial review | 87

16. Tangible fixed assets

----- Start of picture text -----
Leasehold Plant and Furniture and Office and computer Total
Property machinery fittings equipment £
£ £ £ £
GROUP
Cost
At 1 January 2022 679,063 4,239,959 489,312 1,257,858 6,666,192
Additions - 1,445,531 10,330 346,914 1,802,775
- -
Disposals (1,075) (2,863) (3,938)
-
Foreign exchange 37,936 560,406 115,784 714,126
At 31 December 2022 716,999 6,245,896 498,567 1,717,693 9,179,155
Depreciation
At 1 January 2022 231,038 2,045,641 472,920 935,460 3,685,059
Charge for the year 60,563 1,400,502 12,909 216,521 1,690,495
- -
Disposals (41) (2,863) (2,904)
-
Foreign exchange 14,807 296,075 82,439 393,321
At 31 December 2022 306,408 3,742,218 485,788 1,231,557 5,765,971
Net book value
At 31 December 2022 410,591 2,503,678 12,779 486,136 3,413,184
At 31 December 2021 448,025 2,194,318 16,392 322,398 2,981,133
Leasehold Fixtures Office and computer Total
Property and fittings equipment £
£ £ £
COMPANY
Cost
At 1 January 2022 362,167 489,312 354,954 1,206,433
Additions - 10,330 69,798 80,128
-
Disposals (1,075) (2,863) (3,938)
At 31 December 2022 362,167 498,567 421,889 1,282,623
Depreciation
At 1 January 2022 114,777 472,919 279,556 867,252
Charge for the year 36,217 12,909 54,026 103,152
Disposals - (41) (2,863) (2,904)
At 31 December 2022 150,994 485,787 330,719 967,500
Net book value
At 31 December 2022 211,173 12,780 91,170 315,123
At 31 December 2021 247,390 16,393 75,398 339,181
----- End of picture text -----

88 | Raspberry Pi Foundation

17. Fixed asset investments

----- Start of picture text -----
Investment portfolio
£
GROUP
Market value
At 1 January 2022 11,689,163
Dividends reinvested net of fees 326,751
Interest 56
Revaluations (1,464,120)
At 31 December 2022 10,551,850
GROUP INVESTMENTS AT MARKET VALUE COMPRISE: 2022 2021
£ £
Investments 10,551,850 11,689,163
Investment portfolio Shares in group Total
£ undertakings £
£
COMPANY
Market value
At 1 January 2022 11,689,163 49,467 11,738,630
Dividends received net of fees 326,751 - 326,751
Interest received 56 - 56
Revaluations (1,464,120) - (1,464,120)
At 31 December 2022 10,551,850 49,467 10,601,317
----- End of picture text -----

Financial review | 89

18. Investment in subsidiary companies

The Raspberry Pi Foundation is a UK company limited by guarantee and a charity registered in England and Wales. The Raspberry Pi Foundation Group includes the following subsidiaries:

----- Start of picture text -----
Subsidiary name Registered office address Nature of business Interest
Hello World Dogpatch Labs, Unit 1, A company limited by Raspberry Pi Foundation is
Foundation The CHQ Building, guarantee, incorporated in a beneficial owner of the
Custom House Quay, Ireland and granted charitable entity under Irish law
Dublin, D01 Y6H7, Ireland status by the Irish Revenue
Commissioners
Raspberry Pi 548 Market Street PMB A 501(c)(3) US-based Wholly owned subsidiary
Foundation 16362, San Francisco, CA non-profit organisation
North America 94104-5401, United
Inc, States of America
Raspberry Pi E-20, 1st & 2nd Floor A company incorporated Wholly owned subsidiary
Educational Hauz Khas, New Delhi in India to deliver
Services Private 110016, India educational services
Limited
Raspberry Pi Maurice Wilkes Building A majority owned trading Majority owned subsidiary:
Limited St. John’s Innovation subsidiary which makes low- Raspberry Pi Foundation
Park, Cowley Road, cost, high performance single owns 91% of entity via its
Cambridge, CB4 0DS, board computers and other wholly owned subsidiary
United Kingdom hardware Raspberry Pi Mid Co
Limited
Raspberry Pi 37 Hills Road, Cambridge, Non-trading company, Wholly owned subsidiary
MidCo Limited Cambridgeshire, CB2 incorporated for
1NT, United Kingdom structural reasons
----- End of picture text -----

In the year to which these financial statements relate, Raspberry Pi Mid Co Limited has made donations by way of gift aid to Raspberry Pi Foundation of £3m (2021 - £nil). This was the result of a dividend received from Raspberry Pi Limited in December 2021. A summary of Raspberry Pi Limited’s results is disclosed below. Audited accounts will be filed with the Registrar of Companies. The cost of the investment in the subsidiary is £1 (2021 - £1).

In 2020, a Long-Term Incentive Plan (LTIP) was approved by the board of directors of Raspberry Pi Limited. In October 2020, 13,077 B ordinary shares were issued under this plan to certain employees; in December 2021, a further 3,512 B ordinary shares were issued to employees under this plan.

Under the terms of the plan, the B ordinary shares will share in the proceeds payable in respect of an Exit of the Company above a minimum hurdle. An Exit is broadly defined in the Articles of Association as the sale of the Company or its listing upon a stock exchange.

The B ordinary shares are held in trust by the Raspberry Pi (Trading) Employee Benefit Trust on behalf of employees.

The unrestricted market value of the B ordinary shares issued in 2020 was determined by a specialist valuation company and deemed to be £1.10 per share. The unrestricted market value of the B ordinary shares issued in 2021 was determined by a specialist valuation company and deemed to be £5.50 per share.

90 | Raspberry Pi Foundation

A summary of the B ordinary shares is detailed below:

----- Start of picture text -----
Scheme Awarded as at 31 Awarded during 2022 Awarded as at 31
December 2021 December 2022
LTIP 16,589 - 16,589
----- End of picture text -----

In accordance with accounting standards, Raspberry Pi Limited is required to recognise an expense for the services received by a company in exchange for equity-based payment. For B ordinary shares issued under the LTIP in 2020, the assumption at that time was that an Exit process would happen 2 years from the date of issue and the Black Scholes model was used to value the compensation expense with the following inputs:

----- Start of picture text -----
Interest rate: Volatility: Expected life of B ordinary shares:
-0.05% 49% 2 years
----- End of picture text -----

The charge for the year ended 31 December 2020 was £375,267 ($513,000).

In 2021, management of Raspberry Pi Limited reassessed the timing of an Exit process. The compensation expense in 2021 for B ordinary shares issued during 2020 was revised to be calculated based on an expected Exit process happening 18 months after the date of issue. The compensation expense in 2021 for those B ordinary shares issued in 2021 was calculated based on an expected Exit process happening 4 months after the date of issue. The Black Scholes model was used to value the compensation expense for the 2021 issue of B ordinary shares with the following inputs:

----- Start of picture text -----
Interest rate: Volatility: Expected life of B ordinary shares:
-0.05% 34% 4 months
----- End of picture text -----

The charge for the year ended 31 December 2021 was £873,858 ($1,204,000) which includes the additional charge for those B ordinary shares issued in 2020 following the reassessment by management of Raspberry Pi Limited of the date of the expected Exit process.

In 2022, management reconsidered the expected timing of an Exit process. The compensation credit in 2022 for B ordinary shares issued during 2020 was revised to be calculated based on an expected Exit process happening almost 4 years after the date of issue. The compensation credit in 2022 for those B ordinary shares issued in 2021 was calculated based on an expected Exit process happening 31 months after the date of issue. The resultant credit for the year ended 31 December 2022 was £328,942 ($411,000) which is the result of the life of the B ordinary shares being extended.

Financial review | 91

18. Investment in subsidiary companies (continued)

----- Start of picture text -----
Profit and Loss Account for Raspberry Pi Limited
2022 2021
£ £
Turnover 150,352,298 102,052,178
Cost of sales (116,514,054) (71,624,865)
Gross profit 33,838,244 30,427,313
Administration expenses (22,817,654) (18,797,353)
Other operating income 991,283 26,737
- -
Other operating expenditure
Operating profit 12,011,873 11,656,697
Finance charges net of interest receivable (125,964) (170,148)
11,885,909 11,486,549
Tax on profit on ordinary activities (1,939,485) (1,426,212)
Profit for the financial year 9,946,424 10,060,337
----- End of picture text -----

----- Start of picture text -----
Balance Sheet
2022 2021
£ £
Intangible fixed assets 8,515,807 4,591,816
Tangible fixed assets 3,086,665 2,636,744
Current assets 88,506,124 70,933,519
Current liabilities (22,633,438) (18,203,100)
Non-current liabilities (4,538,549) -
Aggregate share capital and reserves 72,936,609 59,958,979
----- End of picture text -----

92 | Raspberry Pi Foundation

19. Stocks

----- Start of picture text -----
GROUP COMPANY
2022 2021 2022 2021
£ £ £ £
Raw materials, finished goods 39,729,341 30,062,539 - -
and goods for resale
----- End of picture text -----

The amount of stock recognised as an expense was £110,451,286 (2021 - £66,850,410). An impairment loss of £1,007,715 (2021 – £54,041) was recognised in cost of sales against stock during the year due to slow-moving or obsolete stock.

20. Debtors

----- Start of picture text -----
GROUP COMPANY
2022 2021 2022 2021
£ £ £ £
Trade debtors 18,426,099 11,319,132 759,687 123,985
- - -
Amounts owed by group undertakings 3,989
Other debtors 4,190,168 4,587,321 389,808 469,681
22,616,267 15,906,453 1,153,484 593,666
----- End of picture text -----

The intercompany debt is unsecured and repayable upon demand and does not attract any interest charges.

21. Creditors

----- Start of picture text -----
AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP COMPANY
2021 2020 (restated) 2022 2021
£ £ £ £
Trade creditors 18,056,461 13,474,382 188,754 254,215
Amounts owed to group - - 158,037 83,277
undertakings
Other taxation and social security 1,835,347 1,565,854 379,020 304,869
Other creditors 44,699 59,568 - -
Accruals and deferred income 4,202,353 3,370,647 831,963 683,157
Amounts falling due after one year:
Trade creditors 2,488,800 - - -
26,627,660 18,470,451 1,557,774 1,325,518
----- End of picture text -----

The intercompany debt is unsecured and repayable upon demand and does not attract any interest charges.

Financial review | 93

22. Statement of funds

----- Start of picture text -----
GROUP
Brought Income Expenditure Transfers Other Carried
forward £ £ in/out movement forward
£ £ £ £
UNRESTRICTED FUNDS
General funds 12,812,232 4,337,280 (8,990,539) 3,800,000 7,553,595 19,512,568
Revaluation reserve 3,087,528 - - - (1,464,120) 1,623,408
Trading subsidiary 58,861,837 150,794,528 (141,352,040) (3,800,000) (362,411) 64,141,914
- - -
Share based payment 1,249,125 (328,613) 920,512
Gift on contribution with 478,888 - - - - 478,888
Hello World Foundation
76,489,610 155,131,808 (150,342,579) (328,613) 5,727,064 86,677,290
RESTRICTED FUNDS
Raspberry Pi Foundation
Algorand Foundation - 38,891 (38,891) - - -
Allianz Technology SE - 55,951 - - - 55,951
Atlassian Foundation 203,347 386,547 (370,861) - - 219,033
International Limited
Barclays 100,000 - (100,000) - - -
BNY Mellon - 28,045 (28,045) - - -
Broadcom Foundation - 328,817 (328,817) - - -
Cisco Systems, Inc. 56,273 - (56,273) - - -
Cognizant - 246,407 (90,491) - - 155,916
Ezrah Charitable Trust 3,612,717 - (667,863) - - 2,944,854
Individual donors 40,500 120,500 (132,485) - - 28,515
Oracle - 59,719 (59,719) - - -
S&P Global Foundation - 207,659 (207,659) - - -
- - -
The Bloomfield Trust 63,000 (63,000)
The PA Foundation - 110,000 (45,873) - - 64,127
- -
Unity Social Impact 13,508 86,603 (35,159) 64,952
Vodafone Ltd 50,000 - (50,000) - - -
4,076,345 1,732,139 (2,275,136) - - 3,533,348
----- End of picture text -----

94 | Raspberry Pi Foundation

22. Statement of funds (continued)

GROUP

----- Start of picture text -----
Brought Income Expenditure Transfers Other Carried
forward £ £ in/out movement forward
(restated) £ £ £
£
Hello World Foundation 75,503 122,447 (110,774) - 2,452 89,628
Raspberry Pi 106,466 275,636 (277,773) - (15,132) 89,197
Foundation North
America
Raspberry Pi Limited - - - - - -
4,258,314 2,130,222 (2,663,683) - (12,680) 3,712,173
TOTAL OF FUNDS 80,747,924 157,262,030 (153,006,262) (328,613) 5,714,384 90,389,463
COMPANY
Brought Income Expenditure Transfers Other Carried
forward £ £ in/out movement forward
(restated) £ £ £
£
UNRESTRICTED FUNDS
General funds 10,393,575 7,146,949 (9,399,564) - - 8,140,960
Revaluation reserve 3,087,528 - - - (1,464,120) 1,623,408
-
13,481,103 7,146,949 (9,399,564) (1,464,120) 9,764,368
----- End of picture text -----

Financial review | 95

22. Statement of funds (continued)

----- Start of picture text -----
COMPANY
Brought Income Expenditure Transfers Other Carried
forward £ £ in/out movement forward
(restated) £ £ £
£
RESTRICTED FUNDS
Raspberry Pi Foundation
Algorand Foundation - 38,891 (38,891) - - -
Allianz Technology SE - 55,951 - - - 55,951
Atlassian Foundation 203,347 386,547 (370,861) - - 219,033
International Limited
Barclays 100,000 - (100,000) - - -
BNY Mellon - 28,045 (28,045) - - -
Broadcom Foundation - 328,817 (328,817) - - -
Cisco Systems, Inc. 56,273 - (56,273) - - -
Cognizant - 246,407 (90,491) - - 155,916
Ezrah Charitable Trust 3,612,717 - (667,863) - - 2,944,854
Individual donors 40,500 120,500 (132,485) - - 28,515
Oracle - 59,719 (59,719) - - -
S&P Global Foundation - 207,659 (207,659) - - -
- - -
The Bloomfield Trust 63,000 (63,000)
The PA Foundation - 110,000 (45,873) - - 64,127
- -
Unity Social Impact 13,508 86,603 (35,159) 64,952
Vodafone Ltd 50,000 - (50,000) - - -
- -
4,076,345 1,732,139 (2,275,136) 3,533,348
TOTAL OF FUNDS 17,557,448 8,879,088 (11,674,700) - (1,464,120) 13,297,716
----- End of picture text -----

96 | Raspberry Pi Foundation

22. Statement of funds (continued)

Atlassian Foundation International

This restricted fund is to increase young people’s access to coding and digital making skills through our partnerships with international NGOs. It also enables us to develop our translation capabilities and deliver a Randomised Control Trial of Code Clubs in the UK. This activity covers the period 01 June 2021 - 30 May 2023.

Cognizant

This restricted fund is to deliver our coding club programme in the UK and to deliver a research project which focuses on culturally relevant pedagogy in primary education.

Broadcom Foundation

This restricted fund is to support Coolest Projects, global NGO partnerships, CoderDojo and Code Club programmes, enhance online education experiences and increase outreach in underserved communities.

Ezrah Charitable Foundation

This restricted grant is to support the expansion of the Foundation’s educational programmes in low and middle-income countries, particularly India, Kenya, and South Africa.

S&P Global Foundation

This restricted fund is to deliver free desktop computing kits to young people who are in need of computers to learn from home. This fund also supports our UK coding club program.

The PA Foundation

This restricted fund is to deliver digital-making pilot programmes for underserved communities in Manchester and Belfast in the UK, and in San Francisco in the USA.

Financial review | 97

23. Analysis of net assets between funds

----- Start of picture text -----
GROUP
Unrestricted Restricted Total funds Total funds
funds 2022 funds 2022 2022 2021
£ £ £ £
-
Intangible fixed assets 8,515,807 8,515,807 4,591,816
-
Tangible fixed assets 3,413,184 3,413,184 2,981,133
Fixed asset investments 10,551,850 - 10,551,850 11,689,163
Current assets 92,873,860 3,712,171 96,586,031 81,007,664
Creditors (28,677,409) - (28,677,409) (19,521,852)
86,677,292 3,712,171 90,389,463 80,747,924
COMPANY
Unrestricted Restricted Total funds Total funds
funds 2022 funds 2022 2022 2021
£ £ £ £
-
Tangible fixed assets 315,123 315,123 339,181
Fixed asset investments 10,601,317 - 10,601,317 11,738,630
Current assets 405,702 3,533,348 3,939,050 6,805,155
Creditors (1,557,774) - (1,557,774) (1,325,518)
9,764,368 3,533,348 13,297,716 17,557,448
----- End of picture text -----

98 | Raspberry Pi Foundation

24. Reconciliation of net movement in funds to net cash flow from operating activities

----- Start of picture text -----
2022 2021
£ £
Net income for the year (as per Statement of financial activities) 2,791,648 10,303,444
Adjustment for:
Tax charge 1,941,302 1,430,145
Depreciation charges 1,693,399 1,198,366
Amortisation charges 1,218,123 96,682
(Gains)/losses on investments 1,464,120 (894,195)
Dividends, interest and rents from investments (326,807) (297,195)
Finance costs 125,964 -
Finance income (39,228) -
Increase in stocks (5,854,010) (16,219,198)
Increase in debtors (4,723,708) (5,091,888)
Increase in creditors 2,175,953 3,873,072
Share based payments (328,613) 498,591
Currency translation (gains)/losses (931,306) 163,384
Total (793,163) 4,938,792
----- End of picture text -----

25. Analysis of cash and cash equivalents

----- Start of picture text -----
2022 2021
£ £
Cash in hand 34,240,423 35,038,672
----- End of picture text -----

26. Pension commitments

The group operates several defined contribution pension schemes. The assets of the schemes are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to the fund and amounted to £1,050,608 (2021 - £932,821). Contributions totalling £74,172 (2021 - £219,579) were payable to the fund at the balance sheet date.

Financial review | 99

27. Operating lease commitments

At 31 December 2022 the total minimum lease payments under non cancellable operating leases are due in the following periods by the group:

----- Start of picture text -----
Land and buildings
GROUP 2022 2021
£ £
Within 1 year 630,254 608,436
Between 2 and 5 years 2,423,817 2,280,643
Over 5 years 1,702,649 2,129,479
Total 4,756,720 5,018,558
----- End of picture text -----

At 31 December 2022 the total minimum lease payments under non-cancellable operating leases are due in the following periods by the charity:

----- Start of picture text -----
Land and buildings
COMPANY 2022 2021
£ £
Within 1 year 323,534 323,534
Between 2 and 5 years 1,294,136 1,294,136
Over 5 years 161,767 485,301
Total 1,779,437 2,102,971
----- End of picture text -----

28. Other financial commitments and financial assets and liabilities

In 2021, Raspberry Pi Limited entered into a licence agreement to purchase licences for intellectual property to be used in its products. At 31 December 2022, the total remaining commitment amounts to £3.3m ($4m) payable in instalments between September 2023 and March 2025 (at 31 December 2021, £4.1m ($5.5m) payable in instalments between March 2022 and March 2025). In July 2022 Raspberry Pi Limited entered into a further commitment to purchase other licences for intellectual property and related tools over the period to Jul 2025. The value of the outstanding commitment at 31 December 2022 was £7.6m ($9.1m).

To ensure the continuing supply of key components to meet forecast demand Raspberry Pi Limited has entered into long term supply agreements and placed orders with major suppliers and distributors. Under the agreements the company expects to purchase components with a value of £299m ($360m) over a period of four years for use in the manufacture of products for sale by itself and its licensee.

Raspberry Pi Limited is committed to a lease for a warehouse for which a planning application has been made. The lease is expected to commence in 2023. Raspberry Pi Limited is committed to a total liability of £422,000 ($509,000) which would be payable in 36 equal instalments; this would start to fall due no more than 12 months after the date of planning permission having been granted.

100 | Raspberry Pi Foundation

28. Other financial commitments and financial assets and liabilities (continued)

----- Start of picture text -----
2021 2020 (restated)
£ £
Financial assets measured at fair value through profit or loss 10,551,850 11,689,163
Financial assets measured at amortised cost 52,843,029 46,677,320
Financial liabilities measured at amortised cost 20,875,003 16,412,612
----- End of picture text -----

The Trustees’ Report provides information regarding the identified financial risks and how these are managed.

29. Related party transactions

During the year, the charity reimbursed expenses of £355 (2021 - £241) to Ms K D Shillinglaw and £302 (2021 - £152) to Dr M P Blyth for accommodation, subsistence and travel costs. As at 31 December 2022 a balance of £nil (2021 - £nil) was payable to the trustees.

During the year, the charity made payments to third parties of £735 (2021 - £nil) on behalf of Mr D Labbad and £566 (2021 - £nil) on behalf of Prof. R Plumbly-Clegg for accommodation and travel costs.

FRS102 does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. The company has utilised this exemption.

30. Controlling party

The company is limited by guarantee and there is not considered to be a controlling party.

31. Post balance sheet events

On 30 March 2023, Raspberry Pi Limited entered into a 3 year revolving credit facility of £20.7m ($25m) with Barclays Bank plc to fund general corporate purposes. This replaces the existing revolving credit facility of £7m ($9.5m) and the £3m ($4.1m) overdraft with immediate effect. The new facility contains the usual provisions of a facility of this size including a covenant that gross debt should not exceed two times EBITDA. It is secured with a fixed and floating charge over the assets of the company.

On 28 March 2023, Sony Semiconductor Solutions Inc. invested £4.2m ($5m) in Raspberry Pi Ltd in exchange for 1,103 ordinary shares in the Company. Sony Semiconductor Solutions Inc. also invested £4.2m ($5m) in exchange for the same number of ordinary shares in Raspberry Pi Ltd purchased from Raspberry Pi Mid Co Limited.

Financial review | 101

32. Borrowings

During the year ended 31 December 2020, Raspberry Pi Limited put a £3m ($4.1m) overdraft facility in place. The overdraft is repayable on demand. The facility is secured by a debenture granted by the Company in favour of Barclays Bank plc.

At 31 December 2022, Raspberry pi Limited had £nil overdraft borrowings (31 December 2021: £nil).

During the year ended 31 December 2020, Barclays Bank plc offered Raspberry Pi Limited a revolving credit facility of £7m ($9.5m). The facility is secured by a debenture granted in favour of Barclays Bank plc. The facility has covenants relating to leverage (gross borrowings to EBITDA) and interest coverage. The facility lasts for three years from October 2020.

At 31 December 2022, Raspberry Pi Limited owed £nil under this facility (2021: £nil).

102 | Raspberry Pi Foundation

Reference and administrative details

Trustees

Dr J W Lazar

Ms J Astall (appointed 9 February 2023)

Dr M P Blyth

Ms A C de Alwis Prof. J I Drori Mr D Labbad Mr C R Leadbeater Prof. R Plumbly-Clegg Ms K D Shillinglaw Mr D Zahn (appointed 22 September 2022)

Company registered number

06758215 - Country of Incorporation England and Wales

Company Secretary

Mr S Huntley (appointed 2 March 2023)

Chief Executive Officer

Mr P A Colligan

Independent auditors

Grant Thornton UK LLP Statutory Auditor, Chartered Accountants 101 Cambridge Science Park Milton Road Cambridge Cambridgeshire CB4 0FY

Bankers

Barclays Bank plc Chesterton Road Cambridge CB4 3AZ

Charity registered number

1129409

Registered office

37 Hills Road Cambridge CB2 1NT

Financial review | 103

www.raspberrypi.org

Raspberry Pi Foundation UK registered charity 1129409