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2024-12-31-accounts

Docusign EnvelopÈ ID". 3FEE12DE-86CE4101-A23C-F4D7667330AC Raspberry Pi Foundation Annual Review and Accounts 2024

Docusign Envelope ID: 3FEE12DE-86CE-4101-A23C-F4D7667330AC

Introduction | Education | Non-formal learning | Research | Donors & funders

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Contents

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Introduction from the
Chair and Chief Executive 4
Our impact in 2024 6
Our mission and goals 8
Education 10
Experience AI , page 16
Non-formal learning 22
Research 36
Donors and funders 42
Financial review and
strategic report 46
Independent
58
auditor’s report
Coolest Projects , page 30
Financial statements 62
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Supporting computing
education in India , page 14
Code Club , page 24
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Raspberry Pi Computing Education
Research Centre , page 38
Prabhath’s community story , page 26
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Introduction from the Chair and Chief Executive

Sir John Lazar and Philip Colligan

Welcome to the 2024 Annual Review for the Raspberry Pi Foundation.

Our mission has never been more vital. We are living through a period of extraordinary technological change. Advances in artificial intelligence (AI), machine learning, robotics, and automation are already reshaping the way we live, work, learn, and interact — and the pace of change is accelerating all the time. While no one really knows the scale of the transformation that this wave of technological innovation will bring, we can be sure that investing in education is more important than ever.

We have made significant progress against all of our strategic priorities this year. We have supported more schools and teachers through high-quality curricula, classroom resources, and professional development. Responding to feedback from educators, we launched the Code Editor for Education, providing a free, safe tool to support the teaching and learning of programming. Working with partners in India and Kenya, we have adapted our Computing Curriculum to make it relevant and meaningful for students in those countries.

Through Experience AI, we are leading a global effort to support teachers and students to develop their AI literacy, reaching over 1 million teenagers this year alone and building a network of partners that will see millions more benefit in the years to come.

The global network of Code Clubs continues to go from strength to strength, with almost 8,000 clubs reporting as active during the year. We were

particularly pleased to see more evidence of the positive impact that attending a Code Club has on young people’s confidence with technology and wider life skills thanks to the independent evaluation that was published this year.

We have continued to invest in original research to deepen our understanding of the teaching and learning of computer science, including effective pedagogies and AI education. As part of our partnership with the Raspberry Pi Computing Education Research Centre at the University of Cambridge, we are investing in the next generation of research scientists through our support for PhD students.

One of the most significant milestones of the year was the successful listing of our commercial subsidiary, Raspberry Pi Ltd., on the London Stock Exchange, which has secured the next stage of growth and impact for both the Foundation and the commercial company. The listing has generated an endowment that — together with funding from our partnerships, donations, sponsorship, and educational services — enables the Foundation to advance our ambitious global strategy over the next

The Foundation team at the 2024 all-staff residential

decade. We remain a significant shareholder in the listed company and we are proud to continue to share a brand and mission to democratise access to computing.

We are incredibly grateful to the Board of Trustees and wider Membership for their leadership and guidance. We would like to extend a special thanks to Dan Labbad and Jon Drori, who stepped down as trustees this year, for their exceptional contribution. We are delighted that both Dan and Jon will continue their association as Members of the Foundation.

The scale and impact of our work would not be possible without our amazing community of partners, donors, educators, volunteers, and supporters. To every teacher who brought computing to life in their classroom, every volunteer who ran a Code Club, every mentor who supported a young person to participate in Coolest Projects, and every donor who trusted us to achieve impact with their money — thank you.

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Our impact in 2024

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9 475
,
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young people took part in Coolest Projects events around the world, showcasing 6,208 projects

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114 797
,
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26
,386
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downloads of Computing
Curriculum resources
worldwide
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young people from 28 countries ran their code in space in the Astro Pi Challenge

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23,158
participants in our online
courses for educators
38,704
subscribers in
168 countries
1 (helloworld.cc) SEAME FRAMEWORK IN PRACTICE NEW WEB PROJECTS AI UNPLUGGED • MOONHACK 2024 • ASTRO PI • CSED IMMERSION PROGRAMME•• MICRO:PEGS GROUNDED COGNITION • BEBRAS 20TH ANNIVERSARY • HOSTING A STEM SUMMER CAMP• LLMS IN THE CLASSROOM • ICT VS CSED
PLUS
Focusing on GenAI as a problem-solving tool
An AI implementation framework for administrators
A course for boosting AI literacy in the classroom
THE MAGAZINE FOR COMPUTING
& DIGITAL MAKING EDUCATORS
A PROBLEM-FIRST APPROACH
LEADERSHIP IN THE AGE OF AI
Issue 25 Sept 2024 helloworld.cc UNDERSTANDING AI FOR EDUCATORS
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reached over
1 [million]
young people
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1,469,200

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

subscribers in 168 countries to Hello World magazine

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7,949
in-person sessions inCode Clubs ran 119
countries
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716
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attendees from 50 countries at 10 online research seminars

young people from the UK took part in the Bebras challenge

467 ,190

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Our mission and goals

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:

Enable every school to teach computing through classroom resources, purpose-built software tools, and professional development for teachers

Inspire millions of young people to become tech creators through a global network of coding clubs, online resources, showcases and challenges

Undertake original research to deepen our understanding of the teaching and learning of computing and use that knowledge to advance the field

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Research
Education learningNon-formal
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You can learn more about our mission, values, and priorities in our 2025 Strategy . This Annual Review highlights our progress towards achieving our mission over the past year.

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The Computing Curriculum

Supporting computing education in Kenya

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Kenya
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Comprehensive classroom resources for the entire computing curriculum

IMPACT

The Computing Curriculum provides 500 hours of classroom resources to enable schools to teach computing to students from ages 5 to 16. Organised into age-appropriate units, it covers the entire breadth of the computing curriculum including computational thinking, computer systems, data, programming, and the societal impacts of technology.

Built on a progression framework, the Computing Curriculum maps knowledge and skills through learning graphs, supporting teachers in lesson planning, delivery, and student progress tracking. The classroom resources include lesson plans, slides, worksheets, homework, and assessments, embedded with research-informed pedagogy to reduce workload and enhance teaching. The Computing Curriculum is being used by educators all over the world, and we have also adapted and localised it for India and Kenya.

Since 2024, we have been working on an updated Computing Curriculum and lesson materials for students aged 5 to 16 in England, working with the Government’s national curriculum body, Oak National Academy.

IMPACT

In Kenya, we are working with the Frontiers County Development Council (FCDC), an economic bloc of 10 county governments, and Mombasa County Government in collaboration with a local NGO, Tech Kidz Africa, to support the teaching and learning of computing in schools.

We adapted and localised the Computing Curriculum for Kenya, including detailed mapping to the national Competency Based Curriculum and produced localised classroom resources. We designed and delivered training to over 450 educators using a train-the-trainer model, with 93% of educators agreeing they felt confident to teach students using the curriculum resources after the training. In collaboration with our partners, we are continuing to support educators through community WhatsApp groups, classroom observations, and feedback.

“[The students have developed ] interest in computing lessons and are ready to participate actively during the lessons. ”

As a result, the Computing Curriculum is being actively used by an estimated 158 schools in 9 counties reaching an estimated 55,000 learners in grades 6 to 10 (ages 9 to 15).

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Supporting computing education in India

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India
Odisha
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Odisha

IMPACT

Since 2023, we have been working with Panchasakha Sikhya Setu (formerly known as Mo School Abhiyan) and other local partner organisations to support the teaching of computing in the state of Odisha in India.

We developed a localised version of the Computing Curriculum, which received state education department endorsement in 2024. In collaboration with partners, we have trained thousands of teachers in over 8,000 schools across Odisha through a network of over 300 master trainers.

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School (N=324) College (N=246)
I understand more
about how computing
and coding are used
in the world
I would like to get a
job in coding and
computing in the
future
0% 25% 50% 75%
Students agreeing…
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I understand more
about how computing
and coding are used
in the world
I would like to get a
job in coding and
computing in the
future
0% 25% 50% 75%
Odisha Telangana
Students agreeing…
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India
Telangana
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Telangana

IMPACT

We are working with the Telangana Social Welfare Residential Educational Institutions Society (TSWREIS), a Telangana government department, to expand access to computing education for educationally disadvantaged students. TSWREIS oversees educational institutions dedicated to providing high-quality education to under-resourced young people, particularly those from scheduled castes and tribes in rural areas.

Together, we have created two Centres of Excellence in Computing within a residential school and college. Our team of local computer science specialists have adapted and localised the Computing Curriculum, extending the content to support students up to the age of 21. We are now working with the Society to support the implementation of the Computing Curriculum across their network of 238 schools.

Across our partnerships in Odisha and Telangana, we estimate that our curriculum and teacher professional development has supported 1.2 million young people in 2024.

In 2024, our work in Odisha and Telangana was generously supported by the Ezrah Charitable Trust.

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School (N=324) College (N=246)
“ [Students are ]
I learnt new things in
getting so many the classes
IT skills that will
be useful for them The classes helped me
get better at computing
in future. ” and coding
- Teacher
0% 25% 50% 75%
Students agreeing…
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Experience AI

Inspiring the next generation of AI leaders

Created by the Raspberry Pi Foundation in partnership with Google DeepMind, Experience AI equips teachers with everything they need to confidently deliver engaging lessons that inspire and educate young people about artificial intelligence.

As AI continues to evolve rapidly, it’s essential for young people to understand its impact on their lives today and its potential role in their future. Our goal is to make AI relevant and accessible to young people from all backgrounds, with a particular focus on engaging those from backgrounds that are currently underrepresented in AI careers.

Experience AI is a suite of free classroom resources, teacher professional development, and hands-on activities designed to help non-specialist teachers deliver AI lessons. Aimed at learners aged 11 to 14, the materials are informed by the AI education framework (SEAME) developed at the Raspberry Pi Computing Education Research Centre and are grounded in real-world contexts.

In 2024, in partnership with Google.org and Google DeepMind, we expanded our global network of Experience AI partners, working with education organisations in 22 countries to localise and translate the classroom resources and organise locally delivered professional development for teachers.

IMPACT

Following the launch of UNESCO’s AI competency framework for students and teachers in September, we mapped the Experience AI resources to the student framework. We shared our findings with UNESCO and presented our work on Experience AI at a UNESCO event in Paris.

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AI safety: what
you need to know
1. What data has been used to create the system?
2. What happens to your data when you use the system?
3. Do you give permission for your data to be used this way?
1. How can we trust the information we find online?
2. Are these systems accurate?
3. Is someone trying to convince us of something?
1. How do we use these tools responsibly?
2. Why do AI systems seem friendly?
3. How do we avoid causing harm with AI tools?
Questions to ask:
Questions to ask:
Questions to ask:
Learn more about AI safety at: rpf.io/aisafetyclassroom
Experience AI
AI systems use a lot of data
to generate results
Generative AI can create realistic
content like text, images, and videos
AI systems are tools,
not people
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Teacher training in Kenya

Partnership with Asociația Techsoup in Romania

Asociația Techsoup has been helping Romanian teachers introduce the Experience AI programme.

Asociația Techsoup has worked closely with computer science teachers from rural and small urban schools in Romania to test the three new AI safety resources with students. The teachers received support beforehand to familiarise themselves with the lesson plans, videos, and activity guides. Feedback from the pilot was integrated into the final version of the resources, along with recommendations for teachers using the materials. Educators highlighted that the resources address a critical and previously unmet need.

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The UK Bebras Challenge

An annual challenge that helps schools introduce computational thinking to their students

IMPACT

The Bebras Challenge is a global computational thinking competition held each year in 60 countries. The Raspberry Pi Foundation runs the challenge in the UK. Through Bebras, young people develop computational and logical thinking skills by tackling engaging questions and puzzles.

Bebras questions are inspired by classic computing problems and presented in a friendly, ageappropriate way. Students take part online, with all questions marked automatically. Schools can enter students aged 6 to 18, with fun and challenging activities offered for all age groups.

“[What I’ve observed is that the Bebras ]

Challenge helps to create a sense of achievement and confidence in our students. They are encouraged to approach problems from different angles, which not only enhances their mathematical and logical reasoning but also nurtures their curiosity and resilience. ”

Online professional development

Free online professional development for subject knowledge and pedagogy

IMPACT

We offer free, high-quality online training to support educators’ professional development. Our 20 courses cover computing skills and knowledge, pedagogy, and classroom practice, catering to both new and experienced teachers who want to develop their practice.

Course topics include Python, Scratch, web development, cybersecurity, networks, and AI. Each course introduces key concepts, models processes, and provides ready-to-use classroom activities, with accessible content designed for diverse learners.

“

In 2024, we introduced two new courses: AI literacy and an updated course for Code Club leaders. Additionally, we enhanced 16 existing courses by incorporating steps on culturally relevant pedagogy, which was generously supported by Google.org.

- Teacher

2024 was a record-breaking year for the Bebras challenge in the UK, with over 460,000 students taking part.

Bebras participants are also invited to take part in the Coding Challenge, which allows them to put their computational thinking skills to the test through a series of engaging programming challenges. 20,799 students completed the Coding Challenge in 2024.

“[The UK Bebras challenge provides an ] engaging way for students to apply their problem-solving skills in a fun, competitive environment. It complements our coding curriculum, encouraging critical thinking and enhancing computational thinking, while also offering a valuable enrichment opportunity for students to showcase and further develop their abilities. ”

- Teacher

From our ‘How to start a Code Club’ course

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Ada Computer Science

Supporting students and teachers of advanced computer science qualifications

IMPACT

Ada Computer Science is a free online platform designed for students and teachers of advanced computer science. Developed in partnership with the University of Cambridge and launched in March 2023, Ada Computer Science provides a comprehensive suite of learning resources alongside an extensive collection of research-informed, self-marking questions. These resources support students in deepening their understanding of computer science concepts and to prepare for exams. The platform’s automation features help teachers save time, monitor student progress, and focus on addressing misconceptions.

Over the course of the year, we continued to make improvements to the product and added new content in response to user feedback. This included supporting students and teachers in Scotland. We also released a new topic on AI and made significant improvements to the user experience.

- Student

- Teacher

Working with the University of Cambridge, we launched a computer science cohort for their STEM SMART programme. This offers additional support to young people from disadvantaged backgrounds who are studying the computer science A level by providing online and in-person tutoring for students and additional support for their teachers. The program uses the Ada Computer Science platform as the basis for the tuition. In 2024, we supported 538 students through the computer science track of STEM SMART.

In 2024, Ada Computer Science was generously supported by Cognizant.

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Code Club

A global movement of coding clubs where young people develop the confidence to create with digital technologies

IMPACT

Through Code Club, we support educators and volunteers all over the world to run free coding clubs for young people aged 9 to 16. Code Clubs take place in schools and community venues like youth clubs, libraries, and maker spaces.

Code Club is a flexible model that can be adapted to reflect context and culture to ensure that it is as meaningful as possible for young people. All Code Clubs sign up to a Charter that sets out the ethos and principles of the Code Club movement.

The Raspberry Pi Foundation supports Code Clubs by providing self-guided projects and learning experiences that help young people learn how to create with different hardware and software, tools that help club leaders manage their clubs, training and support for mentors, and systems that ensure that all Code Clubs are safe.

In 2024, Code Club was generously supported by Allianz, Atlassian Foundation International, Amazon Future Engineer, Broadcom Foundation, Cognizant, The PA Foundation, Oracle, Redgate Software, and Riot Games.

Over the past ten years, Code Club has inspired over 2 million young people and in 2024, we launched a fresh new look for Code Club with a new ambition to reach 10 million more young people over the next decade.

CoderDojo

CoderDojo is a network of coding clubs that started in Cork, Ireland, in 2011 and merged with the Raspberry Pi Foundation in 2017. As part of the changes we made this year, we have brought the resources and support for all coding clubs, including CoderDojo, under the Code Club website.

“[It is a happy, positive environment ] to be in. Students create and learn at their own pace. ”

Independent evaluation of Code Club

In 2024, Durham University Evidence Centre for Education (DECE) conducted an independent evaluation of Code Clubs in the UK.

It found attending Code Club led to the following positive outcomes:

The evaluation was generously supported by Atlassian Foundation International Limited.

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Community story

Digital making projects

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Sri
Lanka
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Prabhath’s mission to expand STEM participation through Code Club

Club mentors, benefiting both the students they teach and the mentors themselves, who gain valuable skills.

Prabhath and four colleagues founded STEMUP in 2016. Their mission was to ensure equal access to STEM education, particularly for underserved communities in Sri Lanka. Partnering with Code Club, they established coding clubs to provide students with essential digital skills and hands-on learning experiences.

STEMUP’s impact extends deep into rural areas, where young people have limited exposure to technology. These students are now empowered to explore emerging technologies, better understand future career paths, and connect with a rapidly evolving digital world. STEMUP recently held the first Coolest Projects Sri Lanka, a showcase for the creations of young learners.

What started as a small initiative with a Code Club in the Colombo Public Library has since expanded into a nationwide movement, supported by over 1,500 volunteers. A key ingredient of STEMUP’s success is mobilising university students as Code

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Watch Prabhath’s story here.
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Millions of people use our free online resources to learn how to create with tech

IMPACT

We’ve developed 300 free online projects that help people learn how to create with digital technologies. Designed for all skill levels, from beginners to advanced learners, our projects cover a wide range of hardware and software, including but not limited to Raspberry Pi computers and microcontrollers. The projects are used in schools, clubs, and at home, and are crafted by expert educators, incorporating the best evidence on effective learning. We translate our projects into over 30 languages with the support of an amazing community of volunteers.

In 2024, we launched two new AI pathways featuring 15 projects, and a new collection of Code Club projects designed to introduce young creators to the exciting world of AI and machine learning (ML). These projects bring cutting-edge technology to Code Clubs in fun and engaging ways, making AI and ML more accessible for young people. The new AI pathways also included projects for installing a large language model on a Raspberry Pi. To support beginners, we developed a structured introduction to Python, making it easier to get started.

Our work to provide digital making projects was generously supported by Amazon Future Engineer, Atlassian Foundation International, and Broadcom Foundation.

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Code Editor

Community story

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India
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A tool to make learning text-based programming more accessible

The Code Editor is an online tool designed for young people aged 9 and over to learn text-based programming in a simple, safe, and supportive environment. It provides a clear, beginner-friendly interface that follows best practices in pedagogy and age-appropriate design.

- Teacher

To ensure accessibility for the widest range of learners, the Code Editor is optimised for use on constrained devices like smartphones and in communities with limited internet connectivity. While it functions as a standalone coding environment, it is also integrated into our other learning experiences, such as Astro Pi Mission Zero and our digital making projects.

In 2024, we launched Code Editor for Education, introducing classroom management features to address the lack of an affordable tool for teaching text-based coding in schools.

Designed with educators in mind, the interface remains clean, simple, and easy to use. School owners can invite teachers, add students, organise them into classes, and quickly reset passwords when needed. Educators can create and share coding projects while viewing students’ work in real time.

We prioritise safeguarding, ensuring visibility of student work at all times, minimising data capture, and incorporating key features such as the ability to report a concern.

IMPACT

Our work on the Code Editor was generously funded by Cisco Foundation and Broadcom Foundation.

Sahibjot’s Coolest Projects journey

Fourteen-year-old Sahibjot from Vivek High School in Mohali, India, took his passion for coding to the next level by participating in the Coolest Projects global online showcase. Thanks to mentorship and his involvement in Code Club, he was able to submit his own creation — a Python-based ping-pong game — to the showcase, marking an exciting milestone in his journey as a young digital creator.

“[I learned a lot about not just ] representing my school and myself as an individual, but about representing my whole nation. ”

Watch Sahibjot’s story here.

Coolest Projects is a global celebration of young people and the amazing things they make with technology. It provides participants with a platform to share their innovations in an online gallery while also hosting in-person events in several countries. For Sahibjot, being part of this showcase was both thrilling and rewarding. Seeing his project receive a special mention during the global livestream was a moment of pride, one he eagerly shared with friends and family.

Inspired by this experience, Sahibjot is now looking ahead to how he can use his coding skills to make a difference.

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Coolest Projects

A global showcase of creative tech projects made by young people

IMPACT

Coolest Coolest Projects is an online showcase designed to inspire, motivate, and celebrate young tech creators. It provides a platform for young people worldwide to share their digital creations, explore cool things made by their peers, and find inspiration to continue developing their skills.

Alongside the online showcase, in-person Coolest Projects events bring together local communities of young creators, educators, volunteers, and parents to celebrate their achievements. In 2024, in-person events took place in Belgium, Ghana, Hungary, Ireland, Malaysia, South Africa, Sri Lanka, and the UK.

• 91% of young people and 87% of mentors reported that they agreed or strongly agreed that taking part in Coolest Projects online inspired their team to continue to participate in computing and creating with technology

Participants enter categories including Scratch, games, mobile, web, and hardware projects, with an advanced category for the most ambitious uses of technology.

Through the Coding with Commitment® award, sponsored by the Broadcom Foundation, Coolest Projects inspires participants to build projects that address social challenges ranging from healthcare to climate change, linked to the United Nations’ 17 Sustainable Development Goals.

In 2024, our work on Coolest Projects was generously supported by Allianz, Amazon Future Engineer, Broadcom Foundation, EPAM Systems, Inc., Kingston Technology, Meta, GoTo, Qube Research and Technologies, and Unity Social Impact.

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Young people participating in Coolest Projects events by year
10,000
7,500 “
5,000
– to get inspired.
– Coolest Projects participant
2,500
0
# Young people participating in Coolest Projects 2020 2021 2022 2023 2024
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“ [That’s why I’m here ]
– to get inspired. ”
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Scouts’ Digital Maker Badge

Supporting Scouts to develop digital skills for life

IMPACT

In partnership with the UK Scout Association, we developed the Scouts’ Digital Maker Staged Activity Badge, introducing digital making to young people and Scout leaders.

The early stages help Scouts explore how digital technology is used in daily life, learn to give instructions to computers, and create simple programs. In the later stages, Scouts use programming and electronic components to build projects that are suitable for Scouting activities or address real-life local and global challenges.

To support Scouts and volunteers in completing the badge, we provide engaging learning resources and hands-on projects covering all five stages.

In 2024, we delivered training to 1,073 Scout leaders, supporting them with how to get their groups started with digital making, and with how to source computing equipment for digital making sessions.

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The European Astro Pi Challenge

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

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IMPACT
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The European Astro Pi Challenge gives young people the unique opportunity to write code that runs on Astro Pi computers — two special Raspberry Pi computers aboard the International Space Station (ISS).

Run in partnership with ESA Education, the challenge inspires young people to engage with computing and space exploration. It is open to participants up to age 19 in ESA (European Space Agency) member and partner countries.

Astro Pi Mission Zero is a beginner-friendly coding activity that can be completed in just one hour. Participants use our Code Editor to write a simple program that runs on the Astro Pi computers aboard the ISS. Their programs take a sensor reading and display it to the astronauts alongside a pixel image they have designed.

In Mission Space Lab, teams of young people design and program scientific experiments to run on the ISS.

In 2024, we piloted a streamlined approach to Mission Space Lab, removing the need for physical hardware while preserving the hands-on coding experience. This allows young people to apply computing and data science skills in a real-world space environment. Based on feedback, this year young people conducted a single experiment — measuring the speed of the ISS — allowing for greater support and guidance. This new approach led to 77% of teams who submitted code achieving flight status.

“[We want students to use their digital ] skills as superpowers to make the world a better place and this competition really aligns with that because, regardless of your race, your ethnicity, your gender, you can write some code that actually runs in space. And if you can do that, then you can make medical tech, you can solve the big problems that the adults of the world are still grappling with. So it’s the opening up of opportunities. ”

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Number of young people taking part in Astro Pi
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Mission Space Lab Mission Zero
30,000
20,000
10,000
0
2019/20 2020/21 2021/22 2022/23 2023/24
----- End of picture text -----

----- Start of picture text -----
ESA Astronaut Andreas Mogensen
FREE
IN SP
ACE?
WANT TO RUN YOUR OWN CODE
Scan here
for more
details
Age 19 and under
Suitable for beginners
to enter
Find out more at
rpf.io/mz-23
The Astro Pi Mission Zero challenge is open now for
entries, and will give you the chance to do just that.
The European Astro Pi Challenge is an ESA Education project run in
collaboration with the Raspberry Pi Foundation. It offers young people the
the International Space Station.amazing opportunity to conduct scientific investigations in space, by
writing computer programs that run on Raspberry Pi computers on board
Space Station (ISS).Sign up for this cosmic challenge and you'll be given step-by-step
instructions to write a computer program bound for the International
Your program will display an image you design on the Astro Pi
computers on board the ISS to remind the astronauts of home.
Your image will be displayed for up to 30 seconds and
you will receive a personalised certificate showing the
exact location of the ISS when your program ran!
your journey to space today.So, what are you waiting for? Sign up and start
Entries for Mission Zero 2023/24 are open
from 18 September 2023 to 25 March 2024.
in over 19 languages.The Mission Zero project is available online
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Introduction | Education | Non-formal learning | Research | Donors & funders

Return to Contents

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 it has enduring principles and concepts, it is constantly evolving as new digital technologies emerge. However, there is still limited research on what works best in computing education, and investment in highquality research remains insufficient.

That’s why research and evidence have always been a priority for the Raspberry Pi Foundation. By conducting original research, we aim to contribute to the field of computing education. As an operating foundation working with tens of thousands of educators and millions of learners each year, we are uniquely positioned to translate research into practice and drive meaningful change.

Some of our progress in 2024:

The Raspberry Pi Computing Education Research Centre brings together expertise from the Raspberry Pi Foundation and the Department of Computer Science and Technology at the University of Cambridge to conduct rigorous original research. By working directly with teachers and educators, the Centre focuses on translating research into practice to create meaningful change in young people’s lives.

Our research covers computing education — including computing, computer science, digital making, and broader digital skills — for school-aged learners in primary and secondary education, colleges, and nonformal settings. With a research team spanning both organisations, we are uniquely positioned to bridge the gap between theory and practice, ensuring that research findings have a direct impact on teaching and learning.

Computing education research seminars

Showcasing the world’s leading-edge computing education research

IMPACT

Our computing education research seminar series provides a platform for academics and practitioners to share leading-edge research and connect educators and researchers worldwide.

Held online and free to attend, these seminars ensure broad accessibility. To extend their impact, we record each session and publish a blog post, summarising the key points.

Researchers from the USA, Canada, Ireland, and Finland presented their work on topics such as:

To address the challenges educators face in the classroom, our 2024 seminar series focused on teaching programming — with or without AI. The series explored the latest research and best practices for supporting school-age learners in developing programming skills.

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Introduction | Education | Non-formal learning | Research | Donors & funders

Return to Contents

Teaching programming with AI

How teachers can use AI tools to support learning

Building on our first study, we are collaborating with twenty teachers to design and deliver classroom activities that introduce students to using augmented programming error messages from an LLM to help students learn to program. This second study continues into 2025, with ongoing teacher interviews to capture their experiences. Once we analyse the findings, we will expand our research to explore teacher professional development in this field and student experiences in future studies.

In 2024, our research focused on working with secondary school teachers in England to explore how AI tools can support programming education. Rather than a single study, this research consists of a series of studies building on successive findings.

In our first study (2023/24), we collaborated with 8 teachers who examined augmented error messages generated by a large language model (LLM) in a Python programming development environment. By analysing teachers’ commentary, we used feedback literacy as a framework to explain teachers’ views of how the output from AI tools might be used in education. For example, AI should help build knowledge rather than simply provide answers, and students need to be able to judge the accuracy of outputs.

Within the Foundation, these insights will directly inform the development of our Code Editor and how AI-powered tools can be effectively integrated into programming lessons.

Hello World

Inspiring computing and digital making educators

IMPACT

Hello World is a magazine for computing teachers, featuring content created by practising educators. Published at least three times a year, it is complemented by compendiums, a monthly newsletter, blog content, and a podcast. Together, these resources help educators worldwide find inspiration, share experiences, and learn from one another.

In 2024, we published three new editions of Hello World, covering global approaches to computing education, the impact of technology, and generative AI. Due to high demand from US-based teachers, we printed an additional 3,250 copies of the Big Book of Computing Content special issue, which were distributed at events in the USA. We also produced seven podcast episodes, including our firstever video podcast.

----- Start of picture text -----
SEAME FRAMEWORK IN PRACTICE NEW WEB PROJECTS AI UNPLUGGED • MOONHACK 2024 • ASTRO PI • CSED IMMERSION PROGRAMME•• MICRO:PEGS GROUNDED COGNITION • BEBRAS 20TH ANNIVERSARY • HOSTING A STEM SUMMER CAMP• LLMS IN THE CLASSROOM • ICT VS CSED
Issue 25 Sept 2024 helloworld.cc
A PROBLEM-FIRST APPROACH
LEADERSHIP IN THE AGE OF AI
UNDERSTANDING AI FOR EDUCATORS
PLUS 1 (helloworld.cc)
THE MAGAZINE FOR COMPUTING
& DIGITAL MAKING EDUCATORS
Focusing on GenAI as a problem-solving tool
An AI implementation framework for administrators
A course for boosting AI literacy in the classroom
----- End of picture text -----

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Introduction | Education | Non-formal learning | Research | Donors & funders

Return to Contents

How our work is funded

Our work is part-funded through an endowment that was created through the IPO (initial public offering) of our commercial business and the Foundation remains a significant shareholder in the listed company. We combine this with funding from a wide range of individuals and organisations who share our mission.

Donors and funders

Allianz

Allianz EPAM Systems, Inc. Oracle Amazon Future Engineer ESA Education The PA Foundation Atlassian Foundation Google.org Qube Research and International Technologies Google DeepMind The Bloomfield Trust Redgate Software Humble Bundle Broadcom Foundation Riot Games Kingston Technology Europe Cisco Foundation Unity Social Impact Meta Cognizant

We would also like to thank the following organisations who support our work through in-kind or pro bono 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 fundraising@raspberrypi.org for more information.

Atlassian Foundation International

Google

GoTo

Microsoft

Red Sift

Slack

Zendesk

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Financial review and strategic report

The Annual Review also includes the directors’ report required by company law

As at 31 December 2024, the Group is comprised of the Raspberry Pi Foundation (the main operating charity through which all charitable activity in the UK is undertaken), Raspberry Pi Mid Co Limited and legal entities in India, Ireland, and the United States, which carry out educational activities in those jurisdictions.

2024 was a year of significant change. In June 2024, the group underwent a restructuring whereby the commercial operating entity, Raspberry Pi Limited, became a fully owned subsidiary of Raspberry Pi Holdings plc, a newly established subsidiary of Raspberry Pi Mid Co Limited. On 11 June 2024, Raspberry Pi Holdings plc was listed on the London Stock Exchange and the Group holding was reduced to 46.7%. As a result, the commercial operations have been consolidated into the Group accounts up to, and including, 10 June 2024, with Raspberry Pi Holdings plc classified as an associate from the date of the IPO. A gain on disposal of a subsidiary of £118.8m was recognised in the year.

IPO proceeds were used to establish an expendable endowment, the Raspberry Pi Foundation Endowment Trust; of which the Foundation is the sole Trustee. The Trust objects are aligned to that of the Foundation’s charitable purpose. Capital and income from the Trust will be deployed in supporting the wider activities of the Foundation and its subsidiaries. As at 31 December 2024, the Trust held £140.3m in cash and investments.

The Foundation continues to hold Reserves to support day-to-day operations and enable the charity to fulfill its charitable objects. As at 31 December 2024, reserves (unrestricted cash and investments) held by the Foundation totalled £12.3m (2023 £22.3m). Total Consolidated Group reserves decreased to £12.6m (2023 £55.7m).

The Foundation’s charitable activities are funded through a combination of contracts for the delivery of educational services (e.g. professional development for teachers), donations from individuals, foundations,

and other organisations that support our mission, and proceeds from the sale of shares in Raspberry Pi Holdings plc.

In 2024, the Foundation received income of £143.7m (2023 £19.3m), which included £136.4m gift aid arising from the sale of shares in Raspberry Pi Holdings plc. A gain on disposal of these shares of £118.8m has been recognised in the accounts. Total Consolidated Charitable Group income (grants, donations, and contract income) grew by 22% to £4.9m (2023 £4.0m). Reported Group Income, including Raspberry Pi Limited, was £233.3m (2023 £221.0m).

Expenditure on the Foundation’s charitable activities in 2024 was £14.8m (2023 £11.1m). Total Consolidated Charitable Group expenditure grew by 23% to £14.9m (2023 £12.1m). Reported Group Expenditure, including the commercial operations, was £120.1m (2023 £207.4m).

Investments

The majority of the Foundation’s investments are now managed within the Raspberry Pi Foundation Endowment Trust. As at 31 December 2024, the assets of the Trust were held in Money Market Funds, pending the approval of a long-term investment strategy aligned to the 10-year funding requirements of the Foundation.

The Trustees consider Money Market Funds the most appropriate short-term investment vehicle that balances returns with capital at risk. To further manage risk, this is held across 3 counterparties.

The Foundation’s historical investment portfolio is managed by external investment managers, Sarasin and Partners LLP. 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:

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Total Funds under investment at the end of 2024 of £160.1m represented a £148.6m increase on the 2023 year end position.

Across all investment categories there were £2.2m of unrealised gains and £3.0m of investment dividends and interest received.

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.

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

Fundraising

We raise funds in a number of ways, including from corporate donors, trusts, and foundations, oneoff 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 2024, 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 public’s 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.

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Principal risks and uncertainties

The Trustees are responsible for the management of risks within the Charitable 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 and Risk Committee on a half yearly basis.

Principal risks and uncertainties

Key strategies for managing risk

Safeguarding: The failure to prevent or respond adequately to a safeguarding incident.

Safeguarding policy, resources, staff training, and background checks in place.

A team of Designated Safeguarding Officers (DSO) are in place across the organisations including at Board level, and an external safeguarding consultancy contracted to provide expert support.

Providing details of a nominated safeguarding lead is a required step for the registration of new Code Clubs.

Talent: The inability to attract and retain a diverse and talented team adversely impacts on our ability to deliver our mission.

We benchmark salaries and benefits in all markets in which we employ people to ensure that they are competitive. We invest in ensuring that management is effective, including through leadership and management training.

We collect employee diversity data in order to better understand the diversity of our workforce and take practical action to increase diversity and inclusion.

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.

We completed Cyber Essentials certification and have cyber insurance cover in place, including incident response cover.

We deploy advanced cybersecurity tools for enhanced threat detection and prevention, and regular cyber security training is provided to all staff.

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Principal risks and uncertainties

Business continuity: The failure to plan for and/or manage significant business disruptions leads to loss of income, damage to our brand, or our ability to achieve impact.

Investments and asset base: Poor investment strategy or execution results in a loss of value in the Foundation’s investment portfolio, compromising our ability to achieve impact.

Impact: We don’t properly understand or communicate effectively the impact that we’re having.

Brand: Sharing the brand between Raspberry Pi Foundation and Raspberry Pi Holdings plc (RP plc) doesn’t add value to the Foundation’s mission or RP plc’s commercial success because of diverging brand values or confusion.

Key strategies for managing risk

Business insurance is reviewed annually and we have a Business Continuity Plan in place, which is routinely reviewed and updated. We have policies, tools, and processes in place to support remote and hybrid working.

The Investment sub-committee is responsible for developing the investment strategy and regularly reviews performance of the investment portfolio, including the Foundation’s holding in Raspberry Pi Holdings plc, a company listed on the London Stock Exchange, of which the Foundation is the major shareholder.

We regularly review and update our Theory of Change, which underpins our Monitoring and Evaluation (M&E) framework. We systematically monitor and evaluate all activities to inform improvements in our programmes and ensure we achieve positive outcomes for young people. Our impact is evidenced and shared publicly through reports, blogs, and community stories.

Brand sharing continues to be managed effectively with clearly defined brand guidelines, and a trademark agreement in place between both organisations.

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Governance

Public benefit statement

The Raspberry Pi Foundation is a registered charity whose charitable purposes defined within the Charities Act 2011 are to advance the 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 the Raspberry Pi Foundation are for the greater public good.

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

The Trustees have a duty to promote the success of the 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:

  1. The likely consequences of decisions in the long term

  2. The interests of employees

  3. The need to foster relationships with stakeholders

  4. The impact of operations on our communities and the environment

  5. The maintenance of our reputation for the highest standards of conduct

The rest of this section highlights how we will achieve these.

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 coopted under the terms of the Articles of Association. All new trustees receive a tailored induction and information about structure and governance, and their responsibilities as charity trustees, in accordance with the Charity Governance Code. New trustees are also appointed a Board mentor to guide them through the induction process.

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.

People & Culture Committee

The People & Culture Committee oversees the composition, appointment process, and succession planning of the members, trustees, directors, and officers of the Foundation and its subsidiaries. It reviews and advises the Foundation’s Board on employee benefits and remuneration, and on service agreements and severance agreements in respect of senior employees. It reviews and advises the Board on the Foundation’s actions to build diverse teams of people with a wide range of skills, backgrounds, and perspectives; and create an inclusive environment and culture that enables everyone to contribute their best.

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Audit & Risk Committee

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

Investment Committee

The Investment Committee reviews and recommends an investment strategy to the Board, and considers and advises the Board on the provision of investment advisors. It is responsible for the management of the Raspberry Pi Endowment Trust and the shareholding in Raspberry Pi Holdings plc.

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:

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

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, and 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.

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. We have an active People and Culture Advisory Group made up of a diverse group of colleagues from across the organisation to help support us with this objective.

We have an Equality, Diversity, and Inclusion policy that sets out our commitments and reinforces the importance of EDI in our workplace. We are proud to be a certified Disability Confident Committed Employer.

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

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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, which takes place in November each year. Following the pay review in November 2024, the Foundation had a gender pay gap for employees in the UK of 10% in favour of men (12.3% in favour of men in the prior year’s pay review). This compares to a UK benchmark of 13.1% in favour of men.

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.

----- Start of picture text -----
2024
2023
(current year)
Raspberry Pi Raspberry Pi UK Raspberry Pi Raspberry Pi
Foundation¹ Group² Foundation¹ UK Group³
Total energy consumption (kWh) 170,863 420,176 162,154 456,076
Scope 1 emissions (tCO2e) 0 17.42 0 6.85
Scope 2 emissions (tCO2e) – 26.46 52.14 24.91 62.00
location method
Scope 2 emissions (tCO2e) – 0 1.50 0 1.86
market method
Scope 3 emissions (tCO2e) 10.39 17.64 10.14 28.76
Total emissions (tCO2e) – 36.85 87.2 35.06 97.61
location method
Total emissions (tCO2e) – 10.39 36.57 10.14 37.47
market method
Intensity ratio: tCO2e per FTE – 0.28 0.46 0.30 0.46
location method
Intensity ratio: tCO2e per FTE 0.08 0.19 0.09 0.18
– market method
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¹ Raspberry Pi Foundation (UK charity)

² Raspberry Pi Foundation (UK charity) and Raspberry Pi Limited consolidated up to 11 June 2024 only, when Raspberry Pi Limited left the group

³ Raspberry Pi Foundation (UK charity) and Raspberry Pi Limited consolidated for the full year

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Intensity ratio

The agreed activity metric chosen is ‘Full-time equivalent’ employees (FTE), with a reference value of 191.05 FTE in 2024. The intensity ratio for this reporting period is 0.19 tonnes CO2e/FTE.

Organisational boundary

The SECR report covers the UK operations of the Raspberry Pi Group in 2024 (Raspberry Pi Foundation, and Raspberry Pi Limited, as it was at the time, for the period that they were part of the group until 11 June 2024) which, when consolidated, is considered a ‘large’ company, meeting two of the three qualifying conditions for reporting:

Full scope 1 and 2 emissions are reported, which accounts for natural gas for heating and purchased electricity for the four sites. It is worth noting that Raspberry Pi Ltd. moved to a larger office space at the end of 2023. The scope 3 emissions reported cover the UK Group’s grey fleet.

Methodology

The methodology used is the Greenhouse Gas Protocol, using the UK Government’s GHG Conversion Factors for Company Reporting 2024. Both location- and market-based methodology for reporting purchased electricity is shown.

Energy efficiency

We continued to invest in measures to reduce our carbon emissions in 2024 in line with our commitment to achieving net zero. For the Raspberry Pi Foundation, in 2024, we focused on getting a better understanding of our scope 3 digital footprint, setting up regular monitoring and taking action to reduce emissions. We also installed EV chargers at the Foundation’s office, continued to improve our management of the heating and air conditioning systems, and offset business travel through a VERRA-certified offsetting programme. We earned a Net Zero Roadmap badge through the completion of the Green Business Impact Programme with sustainability charity PECT and implemented updates to our Sustainability Policy. We remain on track against our net zero targets.

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Plans for the future

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

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Statement of Trustees’ responsibility

The Trustees (who are also directors of the 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:

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.

This Trustees’ Report, incorporating the strategic report, was approved by the Trustees on 18 September 2025 and signed on their behalf by:

Dr J W Lazar Trustee

Date: 18/9/25

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

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Independent auditor’s report to the Members of Raspberry Pi Foundation For the year ended 31 December 2024

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 2024, which comprise the Consolidated Statement of Financial Activities, the Consolidated Statement of Other Comprehensive Income, 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 as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. 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 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 continuing inflationary pressures, 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.

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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.

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.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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. The trustees are responsible for the other information contained within the Annual Review and Accounts. 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.

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 themselves. 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 their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Trustees’ Report included in the 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 requires us to report to you if, in our opinion:

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Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 57, 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 misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group 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:

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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, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 the charitable company’s members 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: 18/9/25

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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 2024

----- Start of picture text -----
Unrestricted Endowment Restricted Total funds Total funds
funds 2024 funds funds 2024 2024 2023
£’000 2024 £’000 £’000 £’000
£’000
INCOME FROM:
Donations and grants 2 446 - 1,573 2,019 2,695
Other trading activities 3 106,250 - - 106,250 213,655
Investments 4 2,978 - - 2,978 338
Gain on disposal of 5 118,769 - - 118,769 -
subsidiary
Other income 6 3,288 - - 3,288 4,305
TOTAL INCOME 231,731 - 1,573 233,304 220,993
EXPENDITURE ON:
Raising funds:
Trading Expenditure 7 (103,487) - - (103,487) (195,383)
Share of associate (1,702) - - (1,702) -
Investment management 27 - - 27 23
Charitable activities 8 (11,735) - (3,168) (14,903) (12,051)
TOTAL EXPENDITURE (116,897) - (3,168) (120,065) (207,411)
NET INCOME BEFORE 114,834 - (1,595) 113,239 13,582
INVESTMENT GAINS AND
LOSSES
Net gain on investments 17 1,910 - - 1,910 613
NET MOVEMENT IN FUNDS 116,744 - (1,595) 115,149 14,195
BEFORE TAX
Note
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The notes on pages 68 to 92 form part of these financial statements.

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Consolidated statement of financial activities continued

(Incorporating consolidated income & expenditure account) For the year ended 31 December 2024

----- Start of picture text -----
Unrestricted Endowment Restricted Total funds Total funds
funds 2024 funds funds 2024 2024 2023
£’000 2024 £’000 £’000 £’000
£’000
NET MOVEMENT IN FUNDS 116,744 - (1,595) 115,149 14,195
BEFORE TAX
Taxation charge 14 (435) - - (435) (3,482)
NET MOVEMENT IN FUNDS 116,309 - (1,595) 114,714 10,713
AFTER TAX
FUNDS ATTRIBUTABLE TO:
-
Raspberry Pi Foundation 116,309 (1,595) 114,714 8,568
- - - -
Non-controlling interest 2,145
NET MOVEMENT IN FUNDS 116,309 - (1,595) 114,714 10,713
Note
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All activities relate to continuing operations. Trading activities will continue via the group’s share of associate. There was no income or expenditure in the Endowment fund in the year. The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 68 to 92 form part of these financial statements.

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Consolidated statement of other comprehensive income

For the year ended 31 December 2024

----- Start of picture text -----
Unrestricted Endowment Restricted Total funds Total funds
funds 2024 funds funds 2024 2023
£’000 2024 2024 £’000 £’000
£’000 £’000
NET MOVEMENT IN FUNDS 116,309 - (1,595) 114,714 10,713
Exchange difference on 93 - (1) 92 (4,668)
translating foreign operations
TOTAL COMPREHENSIVE 116,402 - (1,596) 114,806 6,045
MOVEMENT IN FUNDS FOR
THE FINANCIAL YEAR
- - -
Non-controlling interest (28,871) (28,871)
eliminated on disposal
Share based payments 1,558 - - 1,558 22
Share of equity movements in 972 - - 972 -
associate
Issue of ordinary shares in 637 - - 637 28,656
trading subsidiary
Transfers between Funds (140,325) 140,325 - - -
-
Total funds at 1 January 2024 122,352 2,760 125,112 90,389
TOTAL FUNDS AT 31 72,725 140,325 1,164 214,214 125,112
DECEMBER 2024
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All activities relate to continuing operations.

Trading activities will continue via the group’s share of associate.

There was no income or expenditure in the Endowment fund in the year. The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 68 to 92 form part of these financial statements.

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Consolidated balance sheet

Raspberry Pi Foundation (A company limited by guarantee) Registered number: 06758215 As at 31 December 2024

----- Start of picture text -----
Note £’000 2024 £’000 2023
£’000 £’000
FIXED ASSETS
Intangible assets 15 - 15,470
Tangible assets 16 259 4,876
Investments 17 160,089 11,500
Investment in Associate 18 60,763 -
221,111 31,846
CURRENT ASSETS
Amounts falling due within one year:
Stocks 19 - 84,851
Debtors 20 531 34,304
Cash at bank and in hand 26 793 44,157
Amounts falling due after one year:
Other debtors 20 - 2,119
1,324 165,431
LIABILITIES
Creditors falling due within one year 21 (8,221) (65,606)
Creditors falling due after one year 21 - (3,345)
Provisions 22 - (1,207)
Deferred tax liability 14 - (2,007)
NET CURRENT ASSETS/(LIABILITIES) (6,897) 93,266
NET ASSETS 214,214 125,112
CHARITY FUNDS
Restricted funds 23 1,164 2,760
Unrestricted funds 23 72,725 106,964
Endowment fund 23 140,325 -
Non-controlling interest 23 - 15,388
TOTAL FUNDS 214,214 125,112
----- End of picture text -----

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

Dr J W Lazar Trustee

Date: 18/9/25

The notes on pages 68 to 92 form part of these financial statements.

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Company balance sheet

Raspberry Pi Foundation (A company limited by guarantee) Registered number: 06758215 As at 31 December 2024

----- Start of picture text -----
Note £’000 2024 £’000 2023
£’000 £’000
FIXED ASSETS
Tangible assets 16 238 273
Investments 17 160,139 11,550
160,377 11,823
CURRENT ASSETS
Debtors 20 432 1,411
Cash at bank and in hand 266 10,816
698 12,227
CREDITORS: amounts falling due 21 (8,157) (1,947)
within one year
NET CURRENT ASSETS/(LIABILITIES) (7,459) 10,280
NET ASSETS 152,918 22,103
CHARITY FUNDS
Restricted funds 23 940 2,580
Unrestricted funds 23 11,653 19,523
Endowment Fund 23 140,325 -
TOTAL FUNDS 152,918 22,103
----- End of picture text -----

The net movement in funds for Raspberry Pi Foundation as an entity was £130,814k for the year to 31 December 2024 (2023: £8,806k).

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

Dr J Lazar Trustee

Date: 18/9/25

The notes on pages 68 to 92 form part of these financial statements.

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Consolidated statement of cash flows

For the year ended 31 December 2024

----- Start of picture text -----
Note 2024 2023
£’000 £’000
Cash flows from operating activities
Net cash provided/(used) by operating activities 25 (31,734) (6,625)
Cash flows from investing activities:
-
Dividends, interest and rents from investments 2,609
Purchase of tangible fixed assets (757) (3,804)
-
Purchase of intangible assets (3,869)
Purchase of investments (153,656) -
Disposal of investments 7,665
Sale of trading subsidiary, less cash disposed of 132,129 12,192
Net cash (used)/generated in investing activities (12,010) 4,519
Cash flows from financing activities:
Interest on loans and borrowings (711) (266)
Interest on cash deposits 338 1,161
Proceeds from issuance of ordinary shares in trading 637 12,169
subsidiary
Net cash generated in financing activities 264 13,064
Change in cash and cash equivalents in the year (43,480) 10,958
Net exchange differences on cash and cash 116 (1,042)
equivalents
Cash and cash equivalents brought forward 44,157 34,241
Cash and cash equivalents carried forward 26 793 44,157
----- End of picture text -----

The notes on pages 68 to 92 form part of these financial statements.

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Notes to the financial statements for the year ended 31 December 2024

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 (£), round thousands. The Company’s functional and presentational currency is Sterling (£), round thousands.

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:

Where funded projects remain in progress at the year end, the directors exercise judgement regarding the amount of income to be recognised based upon the progress of the project and any service conditions that are required to be satisfied.

An amount of £109k has been recognised in relation to donated software and cloud services provided to Raspberry Pi Foundation. £54k has been recognised in relation to donated rent and cloud services provided to Hello World Foundation.

1.3 Basis of consolidation

The financial statements consolidate the accounts of Raspberry Pi Foundation and all of its subsidiary undertakings (‘subsidiaries’) and charitable entities of which Raspberry Pi Foundation is the member. The former trading subsidiary, Raspberry Pi Limited, has been consolidated up to the date the group ownership fell below 50% with deemed loss of control and has been equity accounted as an associate thereafter.

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

Raspberry Pi Foundation uses the exemption conferred by section 408 of the Companies Act 2006 in not presenting a separate income and expenditure account for Raspberry Pi Foundation as a separate entity. The net movement in funds for Raspberry Pi Foundation as an entity was £130,814k for the year to 31 December 2024 (2023: £8,806k)

1.4 Company status

The company is a company limited by guarantee. The Trustees of the company, who are also members, are named on page 93. There are currently 10 Trustees (11 in 2024). 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.

1.5 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

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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.

The expendable endowment fund incorporates the Raspberry Pi Foundation Endowment Trust. These funds are held without distinction as to capital and income and can be applied in furtherance of the objects of the charity. The Trust makes an annual transfer to the Foundation to deliver its charitable aims as detailed in the reserves policy.

Investment income, gains and losses accrued outside of the endowment are allocated to unrestricted funds.

1.6 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.

Investment income includes interest and dividends from investment assets and deposits and is unrestricted. Investments were transferred into the expendable endowment fund at the end of the financial year so no income was recorded in the endowment fund in 2024.

Gain on disposal of subsidiary relates to the sale of shares in Raspberry Pi Holdings Plc.

1.7 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. 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.

1.8 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.

In May 2024, the group underwent a restructuring whereby Raspberry Pi Limited became a fully owned subsidiary of Raspberry Pi Holdings plc, a subsidiary of Raspberry Pi Mid Co Limited. Subsequently, on 11 June 2024, Raspberry Pi Holdings plc was listed on the London Stock Exchange generating net cash

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funds for the Foundation of £136m. These proceeds were used to establish an expendable endowment, the Raspberry Pi Foundation Endowment Trust; of which the Foundation is the sole Trustee. Capital and income from the Trust will be deployed in supporting the wider activities of the Foundation and its subsidiaries over a 10-year period. As at 31 December 2024, the Trust held £140m in cash and investments.

In addition to the endowment, Raspberry Pi Foundation retains a 46.7% holding in Raspberry Pi Holding plc. While the value of this investment cannot be guaranteed, the intent is to reduce the Foundation’s position over several years. Proceeds from the sale will be utilised to further support the charitable objectives of the Foundation.

As the Foundation can draw upon the endowment, and its significant investment in Raspberry Pi Holdings plc, to support its planned activities, we believe the Foundation to be a going concern.

1.9 Intangible assets and amortisation

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.

1.10 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 -----

1.11 Investments

Investments (including those in Money Market Funds) 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.

Associate undertakings are initially recognised at percentage shareholding of the net asset value and subsequently adjusted for the percentage share of the associate’s net income or loss and other movements in equity.

1.12 Treatment of share-based payments in the associate

During the year, the associate, Raspberry Pi Holdings plc, incurred a share-based payment charge related to its employee share option scheme. As a result, the charity’s share of this non-cash charge has been accounted for as follows:

Share of the Charge: The portion of the associate’s share-based payment expense that was recognised in its profit or loss for the year has been included in the charity’s Income/Expense from Share of Associate, presented within the SoFA.

Share of the Credit to Equity: The corresponding credit recognised directly in the associate’s sharebased payment reserve has been recorded in unrestricted reserves as share of equity movements in the associate.

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1.13 Interest receivable

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.

1.15 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.

1.14 Taxation

1.16 Cash at bank and in hand

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.

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.

1.17 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.

1.18 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.

1.19 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.

1.20 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.

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2. Group income from donations and grants

----- Start of picture text -----
Unrestricted Restricted Total funds Total funds
funds 2024 funds 2024 2024 2023
£’000 £’000 £’000 £’000
Other donations 208 - 208 376
Donated services – D-I-K 163 - 163 125
Grants 75 1,573 1,648 2,194
Total donations and grants 446 1,573 2,019 2,695
----- End of picture text -----

In 2023, of the total income from donations and grants, £336k was unrestricted and £2,359k was restricted. Of the £2,019k total grants and donations, Raspberry Pi Foundation, the Company, received £1,464k (2023: £2,077k).

3. Trading income

----- Start of picture text -----
Unrestricted Restricted Total funds Total funds
funds 2024 funds 2024 2024 2023
£’000 £’000 £’000 £’000
-
Trading income 106,250 106,250 213,655
-
106,250 106,250 213,655
----- End of picture text -----

All trading income was generated within the former trading subsidiary, Raspberry Pi Limited, and is included for the period up to and including 10 June 2024. In 2023 all trading income was unrestricted

4. Investment income

----- Start of picture text -----
Unrestricted Restricted Total funds Total funds
funds 2024 funds 2024 2024 2023
£’000 £’000 £’000 £’000
Investment income - investments 342 - 342 311
Interest receivable 2,636 - 2,636 27
2,978 - 2,978 338
----- End of picture text -----

In 2023 all investment income was unrestricted.

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5. Gain on disposal of subsidiary

----- Start of picture text -----
Unrestricted Restricted Total funds Total funds
funds 2024 funds 2024 2024 2023
£’000 £’000 £’000 £’000
- -
Net proceeds 136,268 136,268
- -
Expenses incurred in trading subsidiary (1,642) (1,642)
- -
Carrying value of net assets of subsidiary (106,221) (106,221)
- -
Non-controlling Interest eliminated 28,871 28,871
Investment in Associate 61,493 - 61,493 -
- -
118,769 118,769
----- End of picture text -----

In May 2024, the group underwent a restructuring whereby the commercial operating entity, Raspberry Pi Limited, became a fully owned subsidiary of Raspberry Pi Holdings plc, a newly established subsidiary of Raspberry Pi MidCo Limited. On 11 June 2024, Raspberry Pi Holdings plc was listed on the London Stock Exchange and the Group holding was reduced to 46.7%. Raspberry Pi Holdings plc was considered as an associate thereafter.

6. Other income

----- Start of picture text -----
Unrestricted Restricted funds Total funds Total funds
funds 2024 2024 2024 2023
£’000 £’000 £’000 £’000
Other operating income of Raspberry 441 - 441 2,992
Pi Limited
-
Other incoming resources 2,847 2,847 1,313
-
3,288 3,288 4,305
----- End of picture text -----

In 2023 all other income was unrestricted.

Other Income includes £103k (2023 £1,831k) of Research and Development Expenditure Credit (RDEC) claim for the former trading subsidiary, Raspberry Pi Limited.

7. Trading expenditure

----- Start of picture text -----
Unrestricted Restricted Total funds Total funds
funds 2024 funds 2024 2024 2023
£’000 £’000 £’000 £’000
-
Direct trading costs of Raspberry Pi Limited 80,562 80,562 138,515
-
Administration costs of Raspberry Pi Limited 10,099 10,099 38,230
-
Staff costs of Raspberry Pi Limited 9,265 9,265 14,767
-
Depreciation and amortisation of Raspberry Pi Limited 3,561 3,561 3,854
Other exceptional costs of Raspberry Pi Limited - - - 17
-
103,487 103,487 195,383
----- End of picture text -----

All trading expenditure was incurred within the former trading subsidiary Raspberry Pi Limited and is included for the period up to and including 10 June 2024. In 2023 all £195,383k of trading expenditure was unrestricted. The exceptional costs in 2023 relate to fees incurred in respect of assurance and advisory costs for preparing Raspberry Pi Limited for further external investment.

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8. Charitable activities expenditure

----- Start of picture text -----
Unrestricted funds Restricted funds Total funds Restated funds
2024 2024 2024 2023
£’000 £’000 £’000 £’000
Direct charitable costs (note 9) 5,687 2,534 8,221 5,840
Charitable support costs (note 10) 6,048 634 6,682 6,211
Total 11,735 3,168 14,903 12,051
----- End of picture text -----

In 2023 expenditure on charitable activities was £12,051k of which £8,718k was unrestricted and £3,333k was restricted. 2023 and 2024 Charitable expenditure has been reviewed in detail to ensure a fairer reflection of the nature of the costs incurred and their allocation between direct and support.

9. Direct charitable costs

----- Start of picture text -----
Charitable activities Total 2024 Restated
£’000 £’000 2023
£’000
Staff related expenditure 5,211 5,211 4,534
Contractor and professional fees 316 316 318
Onward grants 2,124 2,124 654
Marketing and advertising 28 28 9
Events 79 79 64
Travel and staff expenses 363 363 200
Facilities and office 32 32 21
IT costs 38 38 31
Project related hardware costs 30 30 9
8,221 8,221 5,840
----- End of picture text -----

Direct costs total £8,221k (2023: £5,840) of which £5,687k (2023: £3,174) was unrestricted and £2,534k (2023: £2,666k) was restricted.

2023 and 2024 Charitable expenditure has been reviewed in detail to ensure a fairer reflection of the nature of the costs incurred and their allocation between direct and support.

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10. Charitable support costs

----- Start of picture text -----
Governance Primary purpose Total 2024 Restated 2023
£’000 £’000 £’000 £’000
-
Staff related expenditure 4,541 4,541 3,561
Contractor and professional fees 275 361 636 393
Marketing and advertising - 197 197 165
Events - 124 124 83
Travel and staff expenses - 138 138 110
Facilities and office - 641 641 587
IT costs - 506 506 429
Project related hardware costs - 2 2 0
Other costs - 280 280 188
Depreciation - 118 118 108
Foreign Currency Gains and Losses - (501) (501) 587
275 6,407 6,682 6,211
----- End of picture text -----

Support costs total £6,682k (2023: £6,211k) of which £6,048k (2023: £5,545k) was unrestricted and £634k (2023: £666k) was restricted.

2023 and 2024 Charitable expenditure has been reviewed in detail to ensure a fairer reflection of the nature of the costs incurred and their allocation between direct and support.

11. Charitable governance costs

----- Start of picture text -----
Unrestricted Restricted Total funds Total funds
funds 2024 funds 2024 2024 2023
£’000 £’000 £’000 £’000
Audit and accountancy fees 275 - 275 158
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During the year, no Trustees received any remuneration (2023: £Nil). During the year, no Trustees received any benefits in kind (2023: £Nil).

During the year, one Trustee received £396 reimbursement of expenses (2023: £3,413).

12. Auditors’ remuneration

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2024 2023
£’000 £’000
Fees payable to the company's auditor for the audit of the 90 51
company's annual accounts
Fees payable to the company's auditor in respect of:
The auditing of accounts of subsidiaries of the company 525 209
Accounts preparation - 1
Non-audit related services for subsidiaries of the company 957 -
----- End of picture text -----

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13. Staff costs

----- Start of picture text -----
Staff costs were as follows:
2024 2023
£’000 £’000
Wages and salaries 14,312 18,882
Social security costs 1,511 1,668
Other pension costs 1,099 1,237
Share based payments 1,558 22
18,480 21,809
----- End of picture text -----

Total salary, pension costs and share based payments of £9,266k relating to the former trading subsidiary Raspberry Pi Limited for the period up to and including 10 June 2024 are included in the totals above.

Share based payments relate to a Long-Term Incentive Plan (LTIP) awarded to employees of the former trading subsidiary Raspberry Pi Limited. This allowed for participants who received B ordinary shares to share in the proceeds payable in respect of the Company’s sale or a stock exchange listing. This legacy arrangement operated on a broad basis across the business and crystallised on admission to the London Stock Exchange on 11 June 2024. The cost of £1,558k to 10 June reflects the accelerated charge due to the impending listing.

The average monthly number of employees was 232 (2023: 244) and the average number of employees on a headcount basis for the year was as follows (including part time staff):

----- Start of picture text -----
2024 No. 2023 No.
Company 138 125
Charitable Subsidiaries 31 19
Trading Subsidiary 63 100
232 244
----- End of picture text -----

The number of higher paid employees was (including subsidiaries) 67 in 2024 (2023: 73), of which 46 are employees of Raspberry Pi Holdings Plc (Raspberry Pi Ltd 2023: 57):

----- Start of picture text -----
2024 No. 2023 No.
In the band £60,001 - £70,000 16 10
In the band £70,001 - £80,000 14 6
In the band £80,001 - £90,000 10 5
In the band £90,001 - £100,000 11 8
In the band £100,001 - £110,000 8 6
In the band £110,001 - £120,000 2 0
In the band £120,001 - £130,000 1 3
In the band £130,001 - £140,000 0 5
In the band £140,001 - £150,000 1 6
----- End of picture text -----

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13. Staff costs (continued)

----- Start of picture text -----
2024 No. 2023 No.
In the band £150,001 - £160,000 1 3
In the band £160,001 - £170,000 0 4
In the band £170,001 - £180,000 1 1
In the band £180,001 - £190,000 0 7
In the band £190,001 - £200,000 1 3
In the band £200,001 - £210,000 0 1
In the band £280,001 - £290,000 0 3
In the band £390,001 - £400,000 1 0
In the band £450,001 - £460,000 0 1
In the band £520,001 - £530,000 0 1
67 73
----- End of picture text -----

Total company pension contributions for the higher paid employees in 2024 were £489k (2023: £684k). 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 £1,896k (2023: £3,208k).

14. Taxation

----- Start of picture text -----
2024 2023
£’000 £’000
Current tax:
Corporation tax 2,243 3,587
-
Adjustment In respect of prior years (173)
Tax in relation to overseas subsidiary 25 -
2,268 3,414
Deferred tax:
Current year charge (1,833) (229)
-
Effect of changes in tax rates (23)
Adjustment In respect of prior years - 320
Taxation charge for the year 435 3,482
----- End of picture text -----

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14. Taxation (continued)

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

----- Start of picture text -----
2024 2023
£’000 £’000
Profit before taxation 115,149 14,195
Corporation tax at 25% (2023: 23.52%) 28,787 3,339
Effect of:
Expenses not deductible for tax purposes 19 300
Depreciation on ineligible assets - 5
-
Tax rate changes (28)
-
Effect of group relief/other reliefs (1,819)
Tax in relation to overseas subsidiary 25 -
Income not taxable - (2)
-
Prior year adjustments (6)
Activities exempt from corporation tax (28,388) 1,598
Amounts not recognised (8) 95
Taxation charge for the year 435 3,482
2024 2023
£’000 £’000
Current Liabilities
-
Corporation tax 1,728
Deferred tax disclosure:
2024 2023
£’000 £’000
Provision at the start of the year (2,007) (2,050)
Deferred tax charge 1,833 246
-
Adjustments in respect of prior periods (313)
Foreign exchange (13) 110
Disposal of subsidiary 187 -
-
(2,007)
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78 | Raspberry Pi Foundation

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14. Taxation (continued)

----- Start of picture text -----
2024 2023
£’000 £’000
Recognised Recognised
Deferred tax assets - 160
2024 2023
£’000 £’000
Provided Provided
Deferred tax liabilities - (2,167)
----- End of picture text -----

The consolidated tax figure excludes temporary differences in relation to Raspberry Pi Mid Co Limited that would give rise to deferred tax assets of £98k. However, given that this is a holding company, it is not probable that it will have sufficient taxable profits in future periods to realise the benefit of these deferred tax assets. Therefore, no deferred tax asset has been recognised in the financial statements in relation to this entity.

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15. Intangible fixed assets

----- Start of picture text -----
Intellectual Property Goodwill Total
£’000 £’000 £’000
GROUP
Subtitles Da si volum non cus corio eaquatate consedi
squam, tectam eos minventios quidem es aut ressunt Cost
At 1 January 2024 16,526 189 16,715
Additions - - -
Disposal of subsidiary (16,555) (189) (16,744)
Foreign exchange 29 - 29
At 31 December 2024 - - -
Amortisation
At 1 January 2024 1,060 185 1,245
Charge for the year 2,548 2 2,550
Disposal of subsidiary (3,598) (187) (3,785)
-
Foreign exchange (10) (10)
At 31 December 2024 - - -
Net book value
At 31 December 2024 - - -
At 31 December 2023 15,466 4 15,470
----- End of picture text -----

Previously held group intangible assets were within the former trading subsidiary, Raspberry Pi Limited.

80 | Raspberry Pi Foundation

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16. Tangible fixed assets

----- Start of picture text -----
Leasehold Plant and Furniture and Office and computer Total
Property machinery fittings equipment £’000
£’000 £’000 £’000 £’000
GROUP
Cost
At 1 January 2024 2,336 6,936 503 2,420 12,195
Additions 226 241 5 285 757
-
Disposal of subsidiary (2,201) (7,188) (2,083) (11,472)
Foreign exchange 2 11 - - 13
At 31 December 2024 363 - 508 622 1,493
Depreciation
At 1 January 2024 313 5,025 493 1,488 7,319
Charge for the year 216 645 8 259 1,128
-
Disposal of subsidiary (304) (5,675) (1,237) (7,216)
Foreign exchange (1) 5 - (1) 3
At 31 December 2024 224 - 501 509 1,234
Net book value
At 31 December 2024 139 - 7 113 259
At 31 December 2023 2,023 1,911 10 932 4,876
Leasehold Fixtures Office and computer Total
Property and fittings equipment £’000
£’000 £’000 £’000
COMPANY
Cost
At 1 January 2024 362 502 476 1,340
Additions - 6 63 69
At 31 December 2024 362 508 539 1,409
Depreciation
At 1 January 2024 187 493 387 1,067
Charge for the year 36 8 60 104
At 31 December 2024 223 501 447 1,171
Net book value
At 31 December 2024 139 7 92 238
At 31 December 2023 175 9 89 273
----- End of picture text -----

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17. Fixed asset investments

----- Start of picture text -----
Investment portfolio
£’000
GROUP
Subtitles Da si volum non cus corio eaquatate consedi
Market value
squam, tectam eos minventios quidem es aut ressunt
At 1 January 2024 11,500
Additions 153,656
Disposals (7,665)
Dividends reinvested net of fees 368
Interest received 2,592
Interest withdrawn (2,592)
Gain on FX translation 320
Revaluations 1,910
At 31 December 2024 160,089
GROUP INVESTMENTS AT MARKET VALUE COMPRISE: 2024 2023
£’000 £’000
Investments 160,089 11,500
Investment portfolio Shares in group Total
£’000 undertakings £’000
£’000
COMPANY
Market value
At 1 January 2024 11,500 50 11,550
Additions 153,656 - 153,656
-
Disposals (7,665) (7,665)
Dividends reinvested net of fees 368 - 368
Interest received 2,592 - 2,592
Interest withdrawn (2,592) - (2,592)
Gain on FX translation 320 - 320
Revaluations 1,910 - 1,910
At 31 December 2024 160,089 50 160,139
----- End of picture text -----

82 | Raspberry Pi Foundation

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18. Investment in subsidiary and associate 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 as at
31 December 2024
Hello World Dogpatch Labs, Unit 1, The A company limited by Raspberry Pi Foundation is a
Foundation CHQ Building, Custom House guarantee, incorporated in beneficial owner of the entity
Quay, Dublin, D01 Y6H7, Ireland and granted charitable under Irish law
Ireland status by the Irish Revenue
Commissioners
Raspberry Pi 548 Market Street PMB 16362, A 501(c)(3) US-based non- Wholly owned subsidiary
Foundation North San Francisco, CA 94104-5401, profit organisation
America Inc. United States of America
Raspberry Pi E-20, 1st & 2nd Floor Hauz A company incorporated in Wholly owned subsidiary
Educational Khas, New Delhi – 110016, India to deliver educational
Services Private India services
Limited
Raspberry Pi Mid 37 Hills Road, Cambridge, Non-trading company, Wholly owned subsidiary
Co Limited Cambridgeshire, CB2 1NT, incorporated for structural
United Kingdom reasons
----- End of picture text -----

In May 2024, the group underwent a restructuring whereby the commercial operating entity, Raspberry Pi Limited, became a fully owned subsidiary of Raspberry Pi Holdings plc, a newly established subsidiary of Raspberry Pi Mid Co Limited. On 11 June 2024, Raspberry Pi Holdings plc was listed on the London Stock Exchange and the Group holding was reduced to 46.7%. Raspberry Pi Holdings plc was considered as an Associate thereafter.

Raspberry Pi Mid Co Limited has made donations by way of Gift Aid to Raspberry Pi Foundation of £136.4m (2023: £16m) in relation to the proceeds of the Initial Public Offering. These sums were used to establish an expendable endowment, the Raspberry Pi Foundation Endowment Trust; of which the Foundation is the sole Trustee. The Trust objects are aligned to that of the Foundation’s charitable purpose.

----- Start of picture text -----
Investment in Associate
£’000
GROUP
Raspberry Pi Holdings
-
At 1 January 2024
Created on loss of control 11 June 2024 61,493
Share of associate to 31 December 2024 (1,702)
Share of equity movements in associate 972
At 31 December 2024 60,763
----- End of picture text -----

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19. Stocks

Stock at 31 December 2024 £nil (2023: £84,851k).

Previously held group stock balances were held within the former trading subsidiary, Raspberry Pi Limited.

The amount of stock recognised as an expense was £73,884k (2023: £148,623k).

An impairment loss of £9k (2023: £6,355k) was recognised in cost of sales against stock during the period 1st January to 10th June 2024 due to slow-moving or obsolete stock.

20. Debtors

----- Start of picture text -----
GROUP COMPANY
2024 2023 2024 2023
£’000 £’000 £’000 £’000
Amounts falling due within one year:
Trade debtors 76 24,940 17 1,200
Amounts owed by group undertakings - - 11 -
Other debtors 455 9,364 404 211
531 34,304 432 1,411
Amounts falling due after one year:
Other debtors 2,119 - -
531 36,423 432 1,411
----- End of picture text -----

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

84 | Raspberry Pi Foundation

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21. Creditors

----- Start of picture text -----
AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP COMPANY
2024 2023 2024 2023
£’000 £’000 £’000 £’000
Trade creditors 205 57,901 194 120
Amounts owed to group - - 120 343
undertakings
Other taxation and social security 235 1,933 222 374
Other creditors 145 64 124 -
Accruals 869 4,943 751 345
Deferred income 6,767 765 6,746 765
8,221 65,606 8,157 1,947
Amounts falling due after one year:
Trade creditors - 3,345 - -
8,221 68,951 8,157 1,947
----- End of picture text -----

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

----- Start of picture text -----
Analysis of Deferred Income
GROUP COMPANY
2024 2023 2024 2023
£’000 £’000 £’000 £’000
At 1 January 2024 765 286 765 286
Prior year deferred income released dur- (427) (286) (427) (286)
ing the year
Income deferred in the year 6,429 765 6,408 765
At 31 December 2024 6,767 765 6,746 765
----- End of picture text -----

Deferred income relates to contract income received for which specific terms imposed have not been met at the end of the financial year.

22. Provisions

Provisions at 31 December 2024 were £nil (2023: £1,207k).

Previously held group provisions were held within the former trading subsidiary, Raspberry Pi Limited relating to Raspberry Pi Limited’s anticipated dilapidation expenses of £944k and an onerous lease provision of £263k

Financial review and strategic report | 85

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23. Statement of funds

----- Start of picture text -----
GROUP
Brought Income Expenditure Transfers Other Carried
forward £’000 £’000 in/out movement forward
Subtitles Da si volum non cus corio ea £’000 quatate consedi £’000 £’000 £’000
squam, tectam eos minventios quidem es aut ressunt UNRESTRICTED FUNDS
General funds 20,306 142,518 (11,734) (140,325) (3,429) 7,336
Revaluation reserve 2,237 - - - 1,910 4,147
-
Trading subsidiary 99,330 89,213 (103,897) (61,493) (23,153)
Gift on contribution 479 - - - - 479
with Hello World
Foundation
Associate - - (1,702) 61,493 972 60,763
122,352 231,731 (117,333) (140,325) (23,700) 72,725
ENDOWMENT FUND
- - - -
Raspberry Pi 140,325 140,325
Endowment Trust
----- End of picture text -----

86 | Raspberry Pi Foundation

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23. Statement of funds (continued)

----- Start of picture text -----
GROUP
Brought Income Expenditure Transfers Other Carried
forward £’000 £’000 in/out movement forward
£’000 £’000 £’000 £’000
RESTRICTED FUNDS
Raspberry Pi Foundation
The Atlassian 153 389 (347) - - 195
Foundation
Ezrah Charitable 2,043 - (1,480) - - 563
Foundation
Cognizant U.S 182 116 (211) - - 87
Foundation
Unity Charitable Fund 73 - (73) - - -
Individual Donors 32 - (32) - - -
Cisco Systems, Inc 97 - (97) - - -
Broadcom Foundation - 394 (394) - - -
Amazon Future - 80 (67) - - 13
Engineer
Oracle America Inc - 65 (65) - - -
The PA Foundation - 100 (18) - - 82
2,580 1,144 (2,784) - - 940
Subsidiaries
Hello World Foundation 49 132 (87) - (3) 91
RPFNA 131 297 (297) - 2 133
-
2,760 1,573 (3,168) (1) 1,164
TOTAL OF FUNDS 125,112 233,304 (120,501) - (23,701) 214,214
----- End of picture text -----

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23. Statement of funds (continued)

----- Start of picture text -----
COMPANY
Brought Income Expenditure Transfers Other Carried
forward £’000 £’000 in/out movement forward
£’000 £’000 £’000 £’000
UNRESTRICTED FUNDS
General funds 17,286 142,519 (11,974) (140,325) - 7,506
Revaluation reserve 2,237 - - - 1,910 4,147
19,523 142,519 (11,974) (140,325) 1,910 11,653
ENDOWMENT FUNDS
- - - -
Raspberry Pi 140,325 140,325
Endowment Trust
RESTRICTED FUNDS
The Atlassian 153 389 (347) - - 195
Foundation
Ezrah Charitable 2,043 - (1,480) - - 563
Foundation
Cognizant U.S 182 116 (211) - - 87
Foundation
Unity Charitable Fund 73 - (73) - - -
Individual Donors 32 - (32) - - -
Cisco Systems, Inc 97 - (97) - - -
Broadcom Foundation - 394 (394) - - -
Amazon Future - 80 (67) - - 13
Engineer
Oracle America Inc - 65 (65) - - -
The PA Foundation - 100 (18) - - 82
2,580 1,144 (2,784) - - 940
TOTAL OF FUNDS 22,103 143,663 (14,758) - 1,910 152,918
----- End of picture text -----

Atlassian Foundation International

This restricted fund is to expand the global network of free coding clubs, focussing on strengthening global reach, prioritising accessibility, and rigorous program evaluation.

Broadcom Foundation

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

88 | Raspberry Pi Foundation

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23. Statement of funds (continued)

Cognizant

This restricted fund is to support our coding club programme in the UK and Ireland and the Ada Computer Science free learning platform.

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.

The PA Foundation

This restricted fund is to promote digital and computing education for young people from disadvantaged backgrounds in the UK by delivering training sessions to educators.

Amazon Future Engineer

This restricted fund is to support the coding clubs programme in the UK.

Cisco Foundation

This restricted fund is to support development of the online Code Editor and to integrate this coding platform into other Foundation learning products.

Oracle America Inc

This restricted fund is to support a global network of coding clubs, including Code Club and CoderDojo, and the production of Hello World Magazine.

24. Analysis of net assets between funds

----- Start of picture text -----
GROUP
Unrestricted Endowment Restricted Total funds Total funds
funds 2024 fund 2024 funds 2024 2024 2023
£’000 £’000 £’000 £’000 £’000
- - - -
Intangible fixed assets 15,470
Tangible fixed assets 259 - - 259 4,876
- - - -
Other long-term assets 2,118
Fixed asset investments 19,764 140,325 - 160,089 11,500
Investment in associate 60,763 - - 60,763 -
Current assets 160 - 1,164 1,324 163,312
Creditors (8,221) - - (8,221) (72,164)
72,725 140,325 1,164 214,214 125,112
COMPANY
Tangible fixed assets 238 - - 238 273
Fixed asset investments 19,814 140,325 - 160,139 11,550
Current assets (242) - 940 698 12,227
Creditors (8,157) - - (8,157) (1,947)
11,653 140,325 940 152,918 22,103
----- End of picture text -----

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

----- Start of picture text -----
2024 2023
£’000 £’000
Net income for the year (as per Statement of financial activities) 114,714 10,713
Adjustment for:
Tax charge 435 3,481
Amortisation charges 2,550 1,829
Depreciation charges 1,128 1,945
Impairment charges 9 6,355
Gains on investments (1,910) (613)
-
Gain on disposal of subsidiary (118,769)
Share of associate 1,702 -
Dividends, interest and rents from investments (2,978) (334)
Finance costs 711 265
Finance income (338) (1,161)
Asset disposals - 191
Increase in stocks (20,202) (51,476)
(Increase)/decrease in debtors 8,235 (11,563)
(Increase)/decrease in other assets 275 (2,119)
Increase/(decrease) in creditors (18,511) 40,342
Increase in provisions 1 1,206
Share based payments 1,558 22
Tax payment (26) (3,812)
Currency translation (gains)/losses (318) (1,896)
Total (31,734) (6,625)
----- End of picture text -----

26. Analysis of cash and cash equivalents

----- Start of picture text -----
GROUP 2024 2023
£’000 £’000
Cash at bank and in hand 793 44,157
----- End of picture text -----

90 | Raspberry Pi Foundation

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27. 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 £1,099k (2023: £1,237k). Contributions totalling £95k (2023: £416k) were payable to the fund at the balance sheet date.

28. Operating lease commitments

At 31 December 2024 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 2024 2023
£’000 £’000
Within 1 year 433 1,728
Between 2 and 5 years 973 5,984
-
Over 5 years 1,469
Total 1,406 9,181
----- End of picture text -----

At 31 December 2023, group lease commitments included £7,343k held within the former trading subsidiary, Raspberry Pi Limited

At 31 December 2024 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 2024 2023
£’000 £’000
Within 1 year 433 432
Between 2 and 5 years 973 1,406
Over 5 years - -
Total 1,406 1,838
----- End of picture text -----

29. Other financial commitments and financial assets and liabilities

----- Start of picture text -----
2024 2023
£’000 £’000
Financial assets measured at fair value through profit or loss 220,852 11,500
Financial assets measured at amortised cost 1,016 69,097
Financial liabilities measured at amortised cost 1,240 62,176
----- End of picture text -----

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

Financial review and strategic report | 91

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30. Related party transactions

During the year, the charity reimbursed the following expenses to trustees in relation to accommodation, travel and subsistence:

Ms K D Shillinglaw £396 (2023: £383)

Prof. R Plumbly-Clegg £nil (2023: £875)

During the year, the charity made payments to third parties of the following in relation to accommodation, travel and subsistence:

Mr D Labbad £nil (2023: £394)

Prof. R Plumbly-Clegg £258 (2023: £248)

Ms A C De Alwis £nil (2023: £83)

Mr J Lazar £258 (2023: £nil)

General payments to third parties for meetings and refreshments on behalf of the trustees were £2,428 (2023: £1,431).

As at 31 December 2024 a balance of £nil (2023: £nil) was payable to the trustees.

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.

Since it was listed on the London Stock Exchange on 11 June 2024, Raspberry Pi Holdings plc has sold goods totalling £21,557 through its subsidiary, Raspberry Pi Limited, to the charity. Raspberry Pi Limited had historically provided life assurance and medical insurance for employees jointly with the charity. For administrative simplicity Raspberry Pi Holdings plc paid the entire premium and recharged the relevant share to the charity. Post-listing pension contributions and life assurance costs for the charity, totalling £627,156 were recharged, with an amount of £37,073 outstanding as of 31 December 2024.

31. Controlling party

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

32. Post balance sheet event

In August 2025, Raspberry Pi MidCo Ltd, a wholly owned subsidiary of Raspberry Pi Foundation, transferred its shareholding in Raspberry Pi Holdings Plc to Raspberry Pi Foundation. This has no impact on the consolidated group accounts.

92 | Raspberry Pi Foundation

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Reference and administrative details

Trustees

Dr J W Lazar

Ms J Astall Ms A C de Alwis

Prof. J I Drori (resigned 17 October 2024) Mr D Labbad (resigned 10 June 2024) Mr C R Leadbeater Prof. R Plumbly-Clegg Ms K D Shillinglaw

Mr D Zahn

Mr S B Greene (appointed 20 June 2024) Mr A J Sliwinski (appointed 20 June 2024) Ms L Turkington (appointed 20 June 2024)

Company registered number

06758215 - Country of Incorporation England and Wales

Charity registered number

1129409

Registered office

37 Hills Road Cambridge CB2 1NT

Company Secretary

Mr A D B Morton (resigned 1 October 2024) Dr. W Orme (appointed 1 October 2024)

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

Investment Managers

Sarasin & Partners LLP Juxon House 100 St Paul’s Churchyard London EC4M 8BU

Financial review and strategic report | 93

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www.raspberrypi.org

Raspberry Pi Foundation UK registered charity 1129409