DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

Registered number: 06758215
Charity number: 1129409

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

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RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

CONTENTS

Page

Trustees' Report incorporating the Strategic Report

1–9

Reference and Administrative Details of the Charity, its Trustees and Advisers

10

Independent Auditors' Report

11 – 14

Consolidated Statement of Financial Activities

15

Consolidated Statement of Other Comprehensive Income

16

Company Statement of Financial Activities

17

Consolidated Balance Sheet

18

Company Balance Sheet

19

Consolidated Statement of Cash Flows20

Notes to the Financial Statements

21 - 47

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TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual
report together with the audited financial statements of Raspberry Pi Foundation (the company) for the year
ended 31 December 2020. The Trustees confirm that the Annual Report and financial statements of the company
and the group comply with the current statutory requirements, the requirements of the company and the group's
governing document and the provisions of the Statement of Recommended Practice (SORP), applicable tocharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
a. POLICIES AND OBJECTIVESThe Raspberry Pi Foundation is a registered charity whose charitable purposes defined within the Charities Act
2011 are to advance education of adults and children, particularly in the field of computers, computer scienceand 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 ofRaspberry Pi Foundation are for the greater public good.
b. STRATEGIES FOR ACHIEVING OBJECTIVESAt the end of 2019 the Board of Trustees agreed and published a new three-year strategy for the Foundation for
2020-2022. Over the period of the strategy, the mission of the Foundation is to put the power of computing anddigital making into the hands of people all over the world.
To achieve this, the Foundation has been focused on five main areas of activity during 2020:


To engage millions of young people in learning computing and digital making skills through a thriving
network of clubs and events, and partnerships with youth organisations.

To enable any school to offer students the opportunity to study computing and computer science, throughproviding the best possible curriculum, resources, and training for teachers.



To deepen our understanding of how young people learn about computing and digital making and to usethat knowledge to increase the impact of our own work and to advance the field of computing education.

To make computing and digital making accessible to all through providing low-cost, high-performance
single board computers and free software.

To build an organisation with a clear sense of purpose and huge ambitions, with the talent and capabilities
to realise them.

The coronavirus pandemic significantly changed the operating context in 2020 and we adapted our activities to
respond to the challenges for young people and their learning. We supported remote teaching and learning,
created new online learning and engagement experiences, and worked with youth and community organisations
to get computers to young people so they could learn at home.

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STRATEGIC REPORTACHIEVEMENTS AND PERFORMANCE
a. REVIEW OF ACTIVITIESThe Trustees consider that 2020 has been a remarkable year of continued growth in the reach and impact ofboth the Foundation’s charitable activity and commercial business, despite the disruption of the coronavirus
pandemic.
Through its trading subsidiary, Raspberry Pi (Trading) Limited, the Foundation has continued to make low-cost,high powered computers available to people all over the world.
In 2020 we launched a new High Quality Camera; an 8GB variant of Raspberry Pi 4, with twice the RAM
previously available; the Raspberry Pi Compute Module 4, providing the power of Raspberry Pi 4 in a systemon-module variant for deeply embedded and industrial applications; and the Raspberry Pi 400, a complete
personal computer built into a compact keyboard. Total lifetime shipments of Raspberry Pi computers havepassed 37 million units.
At the end of 2020, we had 10,000 subscribers to our four Raspberry Pi Press magazines and had an averageof 320,000 downloads of our magazines per month. We’ve now sold over 100,000 print copies of The Official
Raspberry Pi Beginner’s Guide. In order to make them accessible to as many people as possible, most of ourpublications are available in print and as free, Creative Commons–licensed PDFs on the day of publication. To
help protect the environment, our publications are printed on paper sourced from sustainable forests.
The continuing success of our commercial activity has helped advance our charitable mission and provided funds
that support our educational activities.
At the start of 2020, we were supporting a network of more than 10,000 Code Clubs and CoderDojos, attended
by more than 150,000 young people each week. Clubs were significantly impacted by the social distancing
restrictions that were put in place all over the world to prevent the spread of the coronavirus. From April 2020,
we supported Code Clubs and CoderDojos to deliver online activities to their learners. We produced new guides
for volunteers and educators, updated our safeguarding guidelines, and held community calls and training
webinars to share best practices for running online sessions and remote activities for clubs. More than 2,100
individuals participated in our online training courses for setting up a Code Club or CoderDojo, and 1,500
volunteers and educators accessed our training webinars.
In countries where social distancing restrictions have been relaxed, we have seen a rapid return to Code Clubs
and CoderDojos meeting in person. We have continued to work closely with the network of 52 Code Club andCoderDojo partner organisations to support the safe return of in-person club sessions as social distancing
restrictions are relaxed around the world.
In March 2020, we held Coolest Projects USA at Discovery Cube Orange County in Southern California, with 149
young people taking part, which was an increase of 22% from 2019. The remaining in-person events in 2020
were cancelled and we launched Coolest Projects online, Which saw 775 young people from 39 countries taking
part.
Through our collaboration with the European Space Agency, Astro Pi, we enabled 17,200 young people from 25
countries to write code and experiments that ran on Raspberry Pi computers on board the International Space
Station.
Across the year, 4.9 million learners engaged with our free online digital making projects, totalling 8.8 million
learning experiences.
As part of our response to the pandemic, we partnered with UK Youth and a network of grassroots youth andcommunity organisations to put Raspberry Pi desktop kits (with monitors, webcams, and headphones) into thehands of disadvantaged young people in England and Scotland who did not have a computer to learn at home.
We trained youth workers and teachers and we worked closely with families to make sure that they could set up
and use the computers. We made sure that the educational platforms and apps that they needed worked out of
the box, and we provided a customised operating system image with free educational resources and enhanced
parental controls.
Through our work as part of the National Centre for Computing Education we launched the Teach Computing
Curriculum in July 2020 with almost 500 hours of free classroom resources to support teachers with the deliveryof the entire English computing curriculum from Key Stages 1 to 4 (ages 5 to 16).

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RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)
In the summer of 2020, we filmed 313 computing video lessons for students, which were published as part of
Oak National Academy, a project to provide lessons for children in England not able to attend school due to thepandemic.
We also continued to run free online training courses to support educators to develop the subject knowledge andpedagogy to help young people learning computing, computer science, and digital making. In 2020, we ran 33
individual courses, with a total of 103 course runs, serving a total of over 70,000 learners worldwide, which ismore than double the number of learners in 2019.
Isaac Computer Science, an online platform for advanced computer science students and teachers, waslaunched in September 2019 and completed 100% coverage of the AQA and OCR A level computer science
specifications in March 2020. Over 27,000 students and 2,200 teachers registered on the platform, and over 1.2
million questions were answered. We also hosted 90 Isaac Computer Science events, both online and face toface, with participation from 508 students and 510 teachers.
In 2020, we hosted the Cambridge Computing Education Research Symposium, our first online research
symposium in partnership with the University of Cambridge. We followed the Symposium with 11 seminars forresearchers, academics, and teachers throughout the rest of 2020. A total of 229 unique attendees from 31
countries attended at least one of the seminars.
Raspberry Pi Foundation North America, Inc, which has 501(c)(3) status under the US Internal Revenue Code,continues to extend our reach and impact across all of our activities in North America.
The whole Group of companies employed 210 people at the end of 2020.
During the year the company converted £6.5m of its investment portfolio into cash holdings, partly as a hedge
against potential future market weakness which did subsequently happen in Q1. Markets did recover to someextent and our portfolio valuation at the end of the year was £10.52m versus an opening position of £16.45m.
The growth in value of the portfolio during the year, net of conversions into cash, was £0.57m.
Compliance with Trustees’ Duties under Section 172 (2) Companies Act 2006
The Companies (Miscellaneous Reporting) Regulations 2018 require that Trustees explain how they have had
regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006 when performing their duty topromote the success of the Charity.
Throughout the year, while discharging their S. 172(1) duty, the Trustees have acted in a way that they
considered, in good faith, would be most likely to promote the success of the Charity in achieving the Charity’s
objectives; and in doing so, had regard amongst other matters to: The likely consequences of any decision in the long term; The interests of the Charity’s employees;
 The need to foster the Charity’s business relationships with suppliers, customers and others; The impact of the Charity’s operations on the community and the environment; The desirability of the Charity maintaining a reputation for high standards of business conduct; and The need to act fairly as between members of the Charity.
The likely consequences of any decision in the long term
At the end of 2019 the Board of Trustees agreed and published a new three-year strategy for the Charity for
2020-22. Over the period of the strategy, the mission of the Charity is to put the power of computing and digitalmaking into the hands of people all over the world. See “Strategies for Achieving Objectives” as set out on Page
1 of the Trustees’ Report.

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The interests of the Charity’s employees
Delivery of the Raspberry Pi Foundation’s charitable mission is dependent on the quality and engagement of ourpeople. We strive to make the Foundation a place where talented people who care about our mission can do thebest work of their careers. Values led, we have a flexible and collaborative approach to all aspects of our work.
We hold regular “all staff” meetings to keep employees up to date and to receive input on initiatives in all areasof the Charity. We offer training and development opportunities and review remuneration regularly to ensure
equity across a number of dimensions. Executive management are accessible and engaged with employees.
We know that we are better able to advance our mission when we build diverse teams of people with a wide
range of skills, backgrounds, and perspectives; and create an inclusive environment and culture. We arecommitted to ensuring that all of our workplaces (in person or online) are safe and inclusive spaces where people
from all backgrounds feel respected and valued, and able to contribute their best.
During 2020, the Charity supported employees in remote working, including with financial support to purchasenecessary equipment and, when COVID-19 pandemic restrictions eased, ensured that office working
environments exceeded safety guidelines. The Charity also supported the mental health and wellbeing of its
employees during the year through a number of programmes and offers, including a dedicated Employee
Assistance Programme.
The need to foster the Charity’s business relationships with suppliers, customers and others
Developing long-term relationships with our partners, suppliers and customers is critical in ensuring the successof the Charity. Our global network of partnerships is critical to us delivering on our charitable mission. We bring
the same spirit of openness and collaboration that we have inside the organization to our work with partnerorganisations.
Our trading subsidiary’s investment in research and continued development of innovative products ensures that
our customers remain engaged; whilst careful management of production schedules helps to ensure that the
supply of key products remains attuned to customer expectations. Building strong relationships with our suppliers
is key to the operational success of our trading subsidiary’s business. The senior management team of our trading
subsidiary work closely with key suppliers to ensure that in spite of the current global shortage of semiconductors, we continue to deliver the best products for our customers. Prompt payment of our suppliers has
been ensured both before and during the COVID-19 pandemic.
The impact of the Charity’s operations on the community and the environment
The Foundation works in communities all over the world to achieve its educational mission. We mobilise tens of
thousands of volunteers, providing them with training and support to create safe and meaningful learning
experiences for young people. We prioritise safeguarding across all of our activities, supported by a lead trustee
for safeguarding, and with the support of independent external advisers who provide assurance.
We work hard to understand and design for the different needs of the communities we serve. We spend time withthem, understanding their experience and getting meaningful feedback that helps us do better. We follow
inclusive design principles and have developed guidance for culturally relevant resources and pedagogy.
We demonstrate our commitment to the environment through the education resources we create, the products
we design, and our day-to-day operations. In 2020, we published a nature-themed issue of themagazine Hackspace, an issue of Hello World magazine for educators focused on Computing in the Wild, and aProtect the Planet project pathway to spotlight select Sustainable Development Goals. We design our computers
to last and our software updates to work on all devices, not just the latest models. We have reduced packaging
on our computers and support refurbishment. We recycle at our headquarters, source from sustainable suppliers
for company events, and through a recent website redesign have reduced the energy and CO2 used on our
homepage by 80%.
The desirability of the Charity maintaining a reputation for high standards of business conduct
The Board of Trustees has adopted the UK Charity Governance Code and undertakes a thorough selfassessment against the Code annually.

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We strive to hire employees with excellent skills and strong ethical standards. We have up to date policies,
including anti-corruption and anti-bribery, and provide ongoing training to support our employees in highstandards of business conduct. We are a values-led organisation, where we treat one another and all our
stakeholders with respect and dignity.
The Trustees regularly review risks that the Charity might face including operational issues and reputational risk
and threat.
The need to act fairly as between members of the Charity
All the members of the Charity recognize that the Charity is run for the purpose of achieving the objectives of
the Charity and not for the interests of the members.
FINANCIAL REVIEWa. GOING CONCERNThe Trustees have a reasonable expectation that the company has adequate resources to continue in operational
existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing
the financial statements.
b. FINANCIAL PERFORMANCE
Overall the group had net income for the year of £7,274,744 (2019 - £3,632,121), including a £7,266,539 surplus
on unrestricted funds (2019 - £3,467,951).
c. KEY PERFORMANCE INDICATORSThe charity has determined key performance indicators by which the development, performance or position of
the various elements of its operations can be effectively measured.
The following are considered to be key performance indicators, the measure of which is to achieve growth versus
the previous financial year:
Total group income
Average number of group staff
Gift Aid received from Trading subsidiary2020£95,818,848
203£3,000,000

2019£49,477,922
184£4,000,000

d. RESERVES POLICYThe Trustees have examined the requirements for free reserves i.e. those unrestricted funds not invested intangible fixed assets or otherwise committed. The Trustees consider that given the nature of the organisation’s
work, the charity should aim to maintain a strategic reserve sufficient to cover 3 years of operational expenditure
without relying on additional income. This is intended as a contingency to cover operational expenditure in theevent of trading income of its subsidiary declining.
The consolidated balance sheet shows total funds of £36,714,896 which includes grants subject to donor
imposed conditions and general funds. Unrestricted funds of the charity including its subsidiaries at 31 December
2020 were £36,318,795.

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STRUCTURE, GOVERNANCE AND MANAGEMENT
a. CONSTITUTION
The company and the group is registered as a charitable company limited by guarantee and was set up, and isgoverned by, its Articles of Association, which were updated 3 December 2015. It is registered as a charity with
the Charity Commission, under charity number 1129409.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the termsof the Articles of Association. The Board of Trustees meets regularly in order to discuss the operations of thecharity. The rules for the appointment and election of trustees is found in our Terms of Reference for the
Nomination Committee which has a formal, rigorous and transparent procedure for the appointment of new
members of the Foundation and for trustees. The committee gives full consideration to succession planning formembers and trustees of the Foundation and must be satisfied that plans are in place for orderly succession formembers, trustees and senior management of the Foundation. The Nomination Committee is also responsiblefor identifying and nominating, for the board's approval, candidates from a wide range of backgrounds to beappointed as members and to fill board vacancies. Before the board makes any appointment to either themembership of the Foundation or the trustees the committee will evaluate the balance of skills, experience,
independence, knowledge and diversity.
Any appointment of a trustee is then voted for by the membership annually at the AGM. The trustees are put inplace for a term of 3 years at a time.
c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEESNew Trustees are briefed on their legal obligations under Charity and Company Law, the content of the Articles
of Association, the Trustee decision making processes, and recent financial performance of the charity. Trustees
are encouraged to attend appropriate external training events where these will facilitate the undertaking of theirrole, and Trustees' meetings whenever possible in order to maintain their awareness of the charity's activities.
d. ORGANISATIONAL STRUCTURE AND DECISION MAKING
The Trustees are responsible for establishing the overall policy and direction to enable the charity to meet its
objectives. The key management decisions are taken by the Trustees as a whole although the Trustees havedelegated certain types of management decisions to the company's executive staff. There are also various
committees of the Board in place, namely the Audit, Risk and Investment Committee, the Pay and Remuneration
Committee and the Nomination Committee.
The constitutional documents give day to day running of the organisation to the CEO subject to certain reserved
matters.
e. RISK MANAGEMENTThe Trustees regularly review the major risks to which the charity is exposed and are satisfied that adequate
controls are in place to mitigate such risks.
The Trustees have a risk management strategy which comprises: a periodic review of the risks the charity might face including: risks to income including dependency oncontracts; operational issues; risks relating to staff retention; financial risks relating to investment returns
and foreign exchange; and reputational risk and threat;the establishment of systems and procedures to mitigate those risks identified in the plan; and

the implementation of procedures designed to minimise any potential impact on the charity should thoserisks materialise.

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f. RISKS AND UNCERTAINTIESThe major risk and uncertainty relates to failure to receive sufficient income to support the charitable activities.
The principal risks and uncertainties identified for the Company and its trading subsidiary are:a) There may be a risk of the Company losing key personnel – the Foundation provides a stimulating work
environment and offers rewarding compensation and benefits packages to retain and attract employees;b) There may be a risk that the Company fails to generate sufficient diverse sources of income to fund our
mission and operations – the Company has diversified its income sources to include increased capacity
in fundraising from grants and donations, and has won Government educational contracts, and continues
to receive Gift Aid contributions from its trading subsidiary;c) There may be a failure to prevent or respond adequately to a safeguarding incident leading to reputational
consequences for the Foundation – we provide safe environments for young people and establish
safeguarding processes and guidance for clubs; and also provide safeguarding training to employees.
d) There may be new competitors in the trading subsidiary’s market space – the subsidiary continues tobuild exciting and innovative products and keep costs as low as possible to mitigate this risk;e) There may be component shortages that give the trading subsidiary issues in meeting demand for its
products – the subsidiary utilises multiple suppliers to mitigate this risk;f)

On 11 March 2020, the World Health Organisation officially declared COVID-19, the disease caused bynovel coronavirus, a pandemic. Management continues to closely monitor the evolution of this pandemic,
including how it may affect the Company. The outbreak has posed some challenges and we have pivoted
our programs as necessary and implemented an appropriate response plan. There has not been asignificant impact to the Company's operations. We will continue to engage with communities and to planand run events online during this period.

g. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIESIn common with other businesses, the charity aims to minimise financial risk. The measures used by the Trustees
to minimise risk include the preparation of incoming resources and cash flow forecasts, regular monitoring ofactual performance against these forecasts and ensuring that adequate financing facilities are in place to meetthe requirements of the business.
Costs are carefully monitored to ensure they remain within the constraints of the budget.
The group trading subsidiary uses various financial instruments which include various items such as trade debtors
and trade creditors that arise directly from its operations. The main purpose of these financial instruments is toprovide working capital for the trading operations.
The main risk arising from the group's trading operations are currency and credit risk. Management review andagree policies for managing each of these risks and they are summarised below.
Currency Risk
The group generates revenue and sources a significant proportion of its goods in foreign currency. The company
holds bank accounts in foreign currency to help mitigate the company’s foreign exchange risk.
Credit Risk
In order to manage credit risk, management set limits for customers based on payment history. Credit limits arereviewed by management on a regular basis in conjunction with debt ageing and collection history.
Investment Policy
The company's investment portfolio is managed by external investment managers. The company desires a
medium to high risk profile and is comfortable with moderate capital volatility associated with typical market cycles
and expects active management and a diversified portfolio to minimise risk, with not more than 10% of theportfolio placed with one counterparty. The Audit, Risk & Investment Committee meets periodically with theinvestment managers to review performance.

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PLANS FOR FUTURE PERIODS
At the end of 2019, the Trustees agreed a new strategy for the Foundation covering the period 2020-2022. The
strategy builds on the previous version and establishes the following long term goals:
To engage millions of young people in learning computing and digital making skills through a thriving
network of clubs and events, and partnerships with youth organisations.

To enable any school to offer students the opportunity to study computing and computer science, throughproviding the best possible curriculum, resources, and training for teachers.



To deepen our understanding of how young people learn about computing and digital making and to usethat knowledge to increase the impact of our own work and to advance the field of computing education.

To make computing and digital making accessible to all through providing low-cost, high-performance
single board computers and free software.

To build an organisation with a clear sense of purpose and huge ambitions, with the talent and capabilities
to realise them.

While the pandemic has significantly changed the context and we need to continue to adapt our activities to
respond to the challenges for young people and their learning in 2021, our long-term strategic ambitions remain
relevant. We have set two strategic themes for 2021, which are relevant across all areas of our work.
Responding to the ongoing impact of the pandemic; creating a new blend of in-person and online learning
experiences.



Increasing our focus on issues of diversity and inclusion, particularly benefiting young people who
experience educational disadvantage.

ENVIRONMENTGreenhouse gas and energy consumption data for the year ended 31 December 2020 in the UK (overseas
subsidiaries outside of scope):
Consolidated

2020

Energy consumption (kWh)205,293

Scope 1 emissions (tCO2e)
Scope 2 emissions (tCO2e)
Scope 3 emissions (tCO2e)
Total emissions (tCO2e)

43.65
4.48
48.13

Intensity ratio: tCO2e per FTE

0.26

Associated greenhouse gases have been calculated using the UK Government’s GHG Conversion Factors for
Company Reporting 2020. Estimates were used where consumption data was incomplete, for example using
average consumption or extrapolating for periods not covered by invoices.
Energy Efficiency
During the year, the company took the following energy efficiency actions:- replaced lightbulbs with LEDs
- adjusted air conditioning timers to better match working hours- promoted the company Cycle to Work scheme.
MEMBERS' LIABILITY
The Members of the company guarantee to contribute an amount not exceeding £1 to the assets of the charity
in the event of winding up.

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TRUSTEES' RESPONSIBILITIES STATEMENTThe Trustees (who are also directors of Raspberry Pi Foundation for the purposes of company law) areresponsible 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 theTrustees 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 theTrustees must not approve the financial statements unless they are satisfied that they give a true and fair viewof 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 thesefinancial statements, the Trustees are required to:select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS 102);
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that thecharitable group will continue in operation.

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

so far as each Trustee is aware, there is no relevant audit information of which the charitable company's
auditor is unaware; andthe Trustees have taken all the steps that they ought to have taken as Trustees in order to makethemselves aware of any relevant audit information and to establish that the charitable company's
auditor is aware of that information.

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 anddissemination of financial statements may differ from legislation in other jurisdictions.
AUDITORS
The auditors, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of theCompanies Act 2006.
This Trustees report, incorporating the strategic report, was approved by the Trustees on 24 June 2021 andsigned on their behalf by:

Dr J Lazar
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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2020
Trustees

Dr D Cleevely (resigned 15 October 2020)
Mrs S L Coutu
Mr C J Mairs
Dr M P Blyth
Mr J I Drori
Dr C A Brown (resigned 15 October 2020)
Ms K D Shillinglaw
Prof. R Clegg
Dr. J Lazar (appointed 10 August 2020)
Ms A C de Alwis (appointed 17 September 2020)
Mr D Labbad (appointed 17 September 2020)
Mr C R Leadbeater (appointed 17 September 2020)

Company registerednumber06758215 - Country of Incorporation England and Wales

Charity registerednumber1129409

Registered office

37 Hills Road
Cambridge
CB2 1NT

Company Secretary

Dr L Wood (resigned 31 January 2020)
Ms C G Copland (appointed 13 February 2020)

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

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RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

Independent auditor's report to the members of Raspberry Pi Foundation
OpinionWe have audited the financial statements of Raspberry Pi Foundation (the ‘charitable company’) and its
subsidiaries (the ‘group’) for the year ended 31 December 2020, which comprise the Consolidated Statement of
Financial Activities, the Consolidated Statement of Other Comprehensive Income, the Company Statement of
Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statementof 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 applicablein the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:give a true and fair view of the state of the group’s and parent charitable company's affairs as at 31
December 2020 and of the group’s and the parent charitable company’ incoming resources andapplication of resources including, the group’s income and expenditure for the year then ended;have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; andhave been prepared in accordance with the requirements of the Companies Act 2006.

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 groupand parent charitable company in accordance with the ethical requirements that are relevant to our audit of thefinancial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethicalresponsibilities in accordance with these requirements. We believe that the audit evidence we have obtained issufficient 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 ofaccounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions 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 ourreport to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify theauditor’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 andparent charitable company’s business model including effects arising from macro-economic uncertainties suchas Brexit and Covid-19, we assessed and challenged the reasonableness of estimates made by the trustees andthe 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.
Based on the work we have performed, we have not identified any material uncertainties relating to events orconditions that, individually or collectively, may cast significant doubt on the group’s and parent charitablecompany’s ability to continue as a going concern for a period of at least twelve months from when the financial
statements are authorised for issue.
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis ofaccounting in the preparation of the financial statements is appropriate.

11DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)
The responsibilities of the trustees with respect to going concern are described in the ‘Responsibilities of trustees
for the financial statements’ section of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information includedin the Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. Our opinion
on the financial statements does not cover the other information and, except to the extent otherwise explicitly
stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such materialinconsistencies or apparent material misstatements, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the other information. If, based on thework 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:

the information given in the strategic report and the directors’ report, prepared for the purposes ofcompany law, included in the Trustee’s Report for the financial year for which the financial statements
are prepared is consistent with the financial statements.
the strategic report and the directors’ report included in the Trustees’ Report have been prepared inaccordance with applicable legal requirements.

Matter on which we are required to report under the Companies Act 2006
In the light of the knowledge and understanding of the group and parent charitable company and its environment
obtained in the course of the audit, we have not identified material misstatements in the strategic report or the
directors’ report included in the Trustees’ Report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires
us to report to you if, in our opinion:






adequate accounting records have not been kept by the parent charitable company, or
returns adequate for our audit have not been received from branches not visited by us; orthe parent charitable company’s financial statements are not in agreement with the accounting records
and returns; orcertain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit

Responsibilities of trustees for the financial statements
As explained more fully in the Trustees' Responsibilities Statement, 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 groupor parent charitable company or to cease operations, or have no realistic alternative but to do so.

12DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)
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 freefrom material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance 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.
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 ourauditor’s report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design proceduresin line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material
misstatements in the financial statements may not be detected, even though the audit is properly planned andperformed in accordance with the ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:









We obtained an understanding of the legal and regulatory framework applicable to the group and theparent company charity. We determined that the following laws and regulations were most significant:the Charities SORP, Charities Act 2011,Companies Act 2006 and we concluded that there are certain
significant laws and regulations that may have an effect on the operational environment, including laws
and regulations relating to employment matters and safeguarding
We obtained an understanding of how the group and the parent company charity complies with thoselegal and regulatory frameworks by making inquiries with management and those responsible for legal
and compliance procedures, and we have corroborated our inquiries with our review of board and trustee
minutes.
We enquired with management and those charged with governance whether they were aware of any
instances of non-compliance with laws and regulations and whether they had any knowledge of actual,suspected or alleged fraud. We corroborated our inquires with our review of legal and professional fees
incurred during the year.
Management and those charged with governance have not noted any instances of non-compliance withlaws and regulations or fraud.
We assessed the susceptibility of the group and parent charitable company’s financial statements tomaterial misstatement, including how fraud might occur. Audit procedures performed by the engagement
team included:-

identifying and assessing the design effectiveness of controls management has in place to prevent anddetect fraud and the adequacy of procedures for authorisation of transactions and internal review
procedures;-challenging assumptions and judgements made by management in its significant accounting estimates;
and-identifying and testing large and unusual journal entries.



We completed audit procedures to conclude on the compliance of disclosures in the financial statementswith applicable financial reporting requirements.
These audit procedures were designed to provide reasonable assurance that the financial statements
were free from fraud or error. However, detecting irregularities that result from fraud is inherently moredifficult than detecting those that result from error, as those irregularities that result from fraud may
involve collusion, deliberate concealment, forgery or intentional misrepresentations.



13

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

It is the engagement partner’s assessment that the engagement team collectively had the appropriatecompetence and capabilities to identify or recognise non-compliance with laws and regulations.

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 charitablecompany’s members those matters we are required to state to them in an auditor's report and for no otherpurpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other thanthe charitable company and the charitable company’s members as a body, for our audit work, for this report, orfor the opinions we have formed.

Alison Seekings
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Cambridge
Date: 25/6/2021

14

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES(incorporating consolidated income & expenditure account)
FOR THE YEAR ENDED 31 DECEMBER 2020
Unrestricted
funds
2020
Note
£

Restricted
funds
2020
£

Total
funds
2020
£

Total
funds
2019
£

415,748
71,436,388
403,176
22,132,243

1,219,125
212,168

1,634,873
71,436,388
403,176
22,344,411

1,834,170
39,563,538
542,201
7,538,013

94,387,555

1,431,293

95,818,848

49,477,922

79,203,652
6,780
8,086,313

20,9081,402,180

79,224,560
6,780
9,488,493

37,883,307
8,820
10,001,366

87,296,745

1,423,088

88,719,833

47,893,493

7,090,810
175,729
7,266,539

8,205
8,205

7,099,015
175,729
7,274,744

1,584,429
2,047,692
3,632,121

INCOME FROM:
Donations and grants
Other trading activities
Investments
Other income

2
3
4
5

TOTAL INCOME
EXPENDITURE ON:
Raising funds:
Trading Expenditure
Investment management
Charitable activities

6
7

TOTAL EXPENDITURE

NET INCOME BEFORE INVESTMENTGAINS AND LOSSESNet gains on investments
NET MOVEMENT IN FUNDS

16

All activities relate to continuing operations.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 21 to 47 form part of these financial statements.

15

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020
Unrestricted
funds
2020
£

Restricted
funds
2020
£

Total
funds
2020
£

Total
funds
2019
£

7,266,539

8,205

7,274,744

3,632,121

8,768

-

8,768

(21,010)7,275,307

8,205

7,283,512

3,611,111

Share based payments

399,840-

399,840-

Issue of growth shares in trading subsidiary

13,077-

13,077-

Total funds at 1 January 2020

28,630,571

387,896

29,018,467

25,407,356

TOTAL FUNDS AT 31 DECEMBER 2020

36,318,795

396,101

36,714,896

29,018,467

NET MOVEMENT IN FUNDS
Exchange difference on translating foreign
operations
TOTAL COMPREHENSIVE MOVEMENT IN
FUNDS FOR THE FINANCIAL YEAR

All activities relate to continuing operations.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 21 to 47 form part of these financial statements.

16DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)
COMPANY STATEMENT OF FINANCIAL ACTIVITIESFOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted
funds
2020
£

Restricted
funds
2020
£

Total
funds
2020
£

Total
funds
2019
£

Donations and grants
Investments
Other income

3,150,953
403,176
3,586,330

1,066,150
37,4754,217,103
403,176
3,623,805

5,184,077
542,201
3,655,441

TOTAL INCOME

7,140,459

1,103,625

8,244,084

9,381,719

Raising funds:
Investment management
Charitable activities

6,780
7,807,750

1,055,386

6,780
8,863,136

8,820
8,730,184

TOTAL EXPENDITURE

7,814,530

1,055,386

8,869,916

8,739,004

NET INCOME BEFORE INVESTMENT GAINSAND LOSSESNet gains on investments(674,071)

48,239(625,832)

642,715

175,7292,047,692

NET MOVEMENT IN FUNDS(498,342)

48,239(450,103)

2,690,407

Total funds at 1 January 2020

17,387,013

315,490

17,702,503

15,012,096

TOTAL FUNDS AT 31 DECEMBER 2020

16,888,671

363,729

17,252,400

17,702,503

INCOME FROM:

EXPENDITURE ON:

175,729-

All activities relate to continuing operations.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 21 to 47 form part of these financial statements.

17DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)
REGISTERED NUMBER: 06758215
CONSOLIDATED BALANCE SHEETAS AT 31 DECEMBER 2020

Note

£

2020
£

2019
£

£

FIXED ASSETS
Intangible assets

14

4,970,590

100,860

Tangible assets

15

2,159,9781,566,327

Investments

16

10,519,881

16,451,738

17,650,449

18,118,925

CURRENT ASSETSStocks18

11,312,530

5,511,136

Debtors

19

10,951,073

5,955,542

Cash at bank and in hand

24

8,497,827

7,969,732

30,761,430

19,436,410(11,696,983)(8,536,868)

CREDITORS: amounts falling due within
one year

20

NET CURRENT ASSETSNET ASSETS

19,064,447
36,714,896

10,899,542
29,018,467

CHARITY FUNDS
Restricted funds

21

396,101

387,896

Unrestricted funds

21

36,318,795

28,630,571

36,714,896

29,018,467

TOTAL FUNDS

The financial statements were approved by the Trustees on 24 June 2021 and signed on their behalf, by:

Dr J Lazar
Trustee
The notes on pages 21 to 47 form part of these financial statements.

18DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)
REGISTERED NUMBER: 06758215
COMPANY BALANCE SHEETAS AT 31 DECEMBER 2020

Note

£

2020
£

2019
£

£

FIXED ASSETS
Tangible assets

15442,736

613,005

Investments

16

10,519,882

16,451,739

10,962,618

17,064,744

CURRENT ASSETS
Debtors

19

Cash at bank and in hand

CREDITORS: amounts falling due within
one year20

371,242

406,428

7,358,841

1,534,936

7,730,083

1,941,364(1,440,301)(1,303,605)

NET CURRENT ASSETS

6,289,782

637,759

NET ASSETS

17,252,400

17,702,503

CHARITY FUNDS
Restricted funds

21363,729

315,490

Unrestricted funds

21

16,888,671

17,387,013

17,252,400

17,702,503

TOTAL FUNDS

The financial statements were approved by the Trustees on 24 June 2021 and signed on their behalf, by:

Dr J Lazar
Trustee
The notes on pages 21 to 47 form part of these financial statements.

19DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2020

Note

2020
£

2019
£

23

655,557

6,191,855

403,176(1,423,821)
6,107,585(4,990,091)

542,201(890,859)(531,009)(186,400)

Net cash used in investing activities

96,849

(1,066,067)

Cash flows from financing activities:
Proceeds for issue of growth shares in trading subsidiary

13,077-

Change in cash and cash equivalents in the year

765,483

5,125,788

Cash and cash equivalents brought forward

7,969,732

3,116,464

Exchange differences on cash and cash equivalents(237,388)(272,520)

8,497,827

7,969,732

Cash flows from operating activities
Net cash provided by operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Disposal/(purchase) of investments
Acquisition of goodwill and intellectual property

Cash and cash equivalents carried forward

24

The notes on pages 21 to 47 form part of these financial statements.

20DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1.

ACCOUNTING POLICIES (continued)
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 inaccordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (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 andliabilities are initially recognised at historical cost or transaction value unless otherwise stated in therelevant accounting policy.
The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statementsof the company and its subsidiary undertakings. The results of the subsidiaries are consolidated on aline by line basis.
The financial statements are presented in Sterling (£).
The individual accounts of Raspberry Pi Foundation have adopted the following disclosure exemption
under FRS 102:
- the requirement to present a statement of cash flows and related notes.
1.2 SIGNIFICANT JUDGEMENTS AND ESTIMATES
Preparation of the financial statements requires management to make significant judgements andestimates. 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 £78,887 has been recognised in relation to donated rent, cloud services and legal
services provided to Hello World Foundation.
During the year, a Long Term Incentive Plan for the employees of the trading subsidiary, Raspberry
Pi (Trading) Limited was approved and 13,077 B ordinary shares were issued. Under the terms of theplan, the B ordinary shares will share in the proceeds payable in respect of an exit of the company
above a minimum hurdle. The hurdle set is in excess of the net assets of the company and no noncontrolling interest is therefore recognised on consolidation.
1.3 CHARITY COMBINATIONS
Assets and liabilities transferred into the control of the charity at nil or nominal consideration are in
substance a gift. A gain is recognised to the extent the fair value of assets received exceeds the fairvalue of liabilities assumed. The gain is shown separately as a gift within income.

21

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1.

ACCOUNTING POLICIES (continued)
1.4 BASIS OF CONSOLIDATION
The financial statements consolidate the accounts of Raspberry Pi Foundation and all of its trading
subsidiary undertakings ('subsidiaries') and charitable entities of which Raspberry Pi Foundation is
the member.
1.5 COMPANY STATUS
The company is a company limited by guarantee. The Trustees of the company, who are also
members, are named on page 10. There are currently 10 Trustees (8 in 2019). In the event of thecompany being wound up, the liability in respect of the guarantee is limited to £1 per member of thecompany.
1.6 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees infurtherance of the general objectives of the charity.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed bydonors 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 fundis set out in the notes to the financial statements.
Investment income, gains and losses are allocated “to unrestricted funds”.
1.7 INCOME
All income is recognised once the company has entitlement to the income, it is probable that theincome 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 isrecognised at the time of the donation.
Product revenue is recognised when the trading subsidiary has transferred to the customer thesignificant risks and rewards of ownership, which is generally when the buyer has taken undisputeddelivery 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.
Donated services are included at the value to the charity where this can be quantified. The value ofservices provided by volunteers has not been included in the accounts.

22

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1.

ACCOUNTING POLICIES (continued)
1.8 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to make payment to a third
party, it is probable that settlement will be required and the amount of the obligation can be measured
reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs andgovernance costs are allocated to the applicable expenditure headings.
Support costs are those costs incurred directly in support of expenditure on the objects of the company
and include project management carried out at Headquarters. Governance costs are those incurredin 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 andare not further analysed.
1.9 GOING CONCERN
Raspberry Pi Foundation meets its day-to-day working capital requirements through the cash it holds.
The company undertakes a regular process of reviewing forecasts and projections to ensure that it
has adequate resources for its continued operation and can draw upon its significant investment
portfolio to support its planned activities.
Management have reviewed the impact to date of COVID-19 on the operations of the Company andhaving considered a number of scenarios and mitigating actions in relation to the potential impact ofthe virus, the Directors have a reasonable expectation that the Company has adequate resources tocontinue in operational existence for at least 12 months. For this reason, the Company continues toadopt the going concern basis in preparing its financial statements.
1.10 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 theirestimated useful lives, using the straight-line method. The estimated useful life and amortisation rateused for intellectual property is 3 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.

23DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1.

ACCOUNTING POLICIES (continued)

1.11 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates
calculated to write off the cost of fixed assets, less their estimated residual value, over their expected
useful lives on the following bases:
Leasehold Property
Plant and machinery
Furniture and fittings
Office and computer equipment-

Straight line over life of lease
3 years straight line
3 years straight line
3 years straight line

1.12 INVESTMENTS
Investments are a form of financial instrument and are initially recognised at their transaction value
and subsequently measured at their fair value as at the balance sheet date using the closing quoted
market price. The Statement of Financial Activities includes the unrealised and realised net gains andlosses arising on revaluation and disposals throughout the year.
Subsidiary undertakings
Investments in subsidiaries are valued at cost less provision for impairment.
1.13 STOCKS
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete
and slow-moving stocks.
1.14 INTEREST RECEIVABLEInterest 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.

24

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1.

ACCOUNTING POLICIES (continued)
1.15 TAXATIONThe 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 thecurrent 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 asotherwise indicated.
Deferred tax assets are only recognised to the extent that it is probable that they will be recoveredagainst the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions
for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.
Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively
enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within
debtors.
1.16 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid for goods or services not yet delivered net of any
trade discounts due.
1.17 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturityof three months or less from the date of acquisition or opening of the deposit or similar account.
1.18 CREDITORS AND PROVISIONS
Creditors and provisions are recognised where the company has a present obligation resulting froma past event that will probably result in the transfer of funds to a third party and the amount due tosettle the obligation can be measured or estimated reliably. Creditors and provisions are normallyrecognised at their settlement amount after allowing for any trade discounts due.

25

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

1.19 OPERATING LEASES
Rentals payable under operating leases are charged to the profit or loss on a straight-line basis overthe lease term.
The aggregate benefit of lease incentives is recognised as a reduction to the expense recognisedover the lease term on a straight line basis.
1.20 FINANCIAL INSTRUMENTS
Financial assets measured at amortised cost comprise investments, cash, trade debtors and otherdebtors. Financial liabilities measured at amortised cost comprise trade creditors, other creditors, andaccruals.
1.21 PENSIONSThe 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.
2.

INCOME FROM DONATIONS AND GRANTS
Unrestricted
funds
2020
£

Restricted
funds
2020
£

Total
funds
2020
£

Total
funds
2019
£

Other donations
Donated services – D-I-K
Grants294,293
78,88742,5688,050
1,211,075

302,343
78,8871,253,643

251,024
94,8691,488,277

Total donations and grants

415,748

1,219,125

1,634,873

1,834,170

In 2019, of the total income from donations and grants, £513,681 was unrestricted and £1,320,489 was
restricted.

26

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

3.

TRADING INCOME

Raspberry Pi (Trading) Limited

Unrestricted
funds
2020
£

Restricted
funds
2020
£

Total
funds
2020
£

Total
funds
2019
£

71,436,388-

71,436,388

39,563,538

71,436,388-

71,436,388

39,563,538

Unrestricted
funds
2020
£

Restricted
funds
2020
£

Total
funds
2020
£

Total
funds
2019
£

399,148
4,028-

399,148
4,028

539,806
2,395

403,176-

403,176542,201

Unrestricted
funds
2020
£

Restricted
funds
2020
£

Total
funds
2020
£

Total
funds
2019
£

18,431,671
3,700,572
22,132,243

20,908191,260
212,168

18,452,579
3,891,832
22,344,411

3,741,675
3,796,338
7,538,013

In 2019 all trading income was unrestricted.
4.

INVESTMENT INCOME

Investment income - investments
Interest receivable

In 2019 all investment income was unrestricted.
5.

OTHER INCOME

Other operating income of Raspberry Pi(Trading) Limited
Other incoming resources

In 2019 £7,404,513 of other income was restricted and £133,500 was restricted.

27

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
6.

TRADING EXPENDITURE
Unrestricted
funds
2020
£

Restricted
funds
2020
£

Total
funds
2020
£

Total
funds
2019
£

48,580,900-

48,580,900

23,299,228

4,309,971

3,000

4,312,971

4,765,054

7,168,777

17,9087,186,685

5,605,113

746,437-

746,437

526,177

18,397,567-

18,397,567

3,687,735

79,203,652

20,90879,224,560

37,883,307

Unrestricted
funds
2020
£

Restricted
funds
2020
£

Total
funds
2020
£

Total
funds
2019
£

Direct charitable costs (note 8)
Support costs (note 9)

460,266
7,626,047

1,026,136
376,044

1,486,402
8,002,091

1,935,091
8,066,275

Total

8,086,313

1,402,180

9,488,493

10,001,366

Direct trading costs of Raspberry Pi(Trading) Limited
Administration costs of Raspberry Pi(Trading) Limited
Staff costs of Raspberry Pi (Trading)
LimitedDepreciation and amortisation of
Raspberry Pi (Trading) Limited
Other operating expenditure of Raspberry
Pi (Trading) Limited

In 2019 all the expenditure was unrestricted.
7.

CHARITABLE ACTIVITIES EXPENDITURE

In 2019 expenditure on charitable activities was £10,001,366 of which £8,711,547 was unrestricted and£1,289,819 was restricted.
8.

DIRECT COSTS

Donations
Wages and salaries
National insurance
Pension cost

Charitable
Activities
£

Total
2020
£

Total
2019
£

5,864
1,238,945
121,291
120,3025,864
1,238,945
121,291
120,302

22,017
1,635,749
158,952
118,373

1,486,402
1,486,402
1,935,091
Direct costs total £1,486,402 (2019 – £1,935,091) of which £460,266 (2019 – £1,150,856) was
unrestricted and £1,026,136 (2019 – £784,235) was restricted.

28

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
9.

SUPPORT COSTS

Legal and professional fees
Rent and rates
Utilities
HotelsTravel and subsistence
Other premises expenses
Catering
Event related printing costs
Coolest Projects Event Costs
Raspberry Pi hardware
Film Related Expenditure
Irrecoverable VAT
Audit and accountancy fees
Consultancy fees - finance
Computer costs
Marketing
Postage
Venue hire/other event costs
IT and telecommunications
Stationery
Foreign exchange gain/(loss)
Insurance
Subscriptions
Freight and duties
Repairs and maintenance
Recruitment fees
Conference costs
Contractor fees and associated costs
Entertainment
Bank charges
Temporary staff
Staff welfare and benefits
Wages and salaries
National insurance
Pension cost
Depreciation
Members’ Management costs
Hello World Magazine Costs
Pilot Partnership with Scouts
Trustee expenses
Holiday pay provision

Governance£Primary
purpose
£

Total
2020
£

Total
2019
£

79,407
79,40765,443456,194
35,65015,13551,852
31,9946,230
28,364
72,596
12,71594,331
41,400281,515
131,367
5,477
56,9598,268
1,788
34,35922,1959,549
465
21,32068,4347,810
1,290,207
5,562
3,328
153,5423,870,448
350,671
292,087
204,095
4,247
61,57745,000997
79,513
7,922,684

65,443456,194
35,65015,13551,852
31,9946,230
28,364
72,596
12,71594,331
41,400281,515
131,367
5,477
56,9598,268
1,788
34,35922,1959,549
465
21,32068,4347,810
1,290,207
5,562
3,328
153,5423,870,448
350,671
292,087
204,095
4,247
61,57745,000997
79,5138,002,091

115,664
507,10944,609136,194
285,30738,43830,944
51,175
197,531
77,845
4,514
97,30473,71324,000229,129
102,871
20,189206,40313,706
8,567
10,69922,30037,658
7,685
37,794
99,954
9,333
1,416,014
11,7794,447
18,364
136,927
3,101,318
276,974
217,488
213,606
19,297
114,426
45,0008,066,275

Support costs total £8,002,091 (2019 - £8,066,275) of which £7,626,047 (2019 - £7,560,691) was
unrestricted and £376,044 (2019 - £505,584) was restricted.

29

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
GROUP GOVERNANCE COSTS
10.

Audit and accountancy fees
11.

Unrestricted
funds
2020
£

Restricted
funds
2020
£

Total
funds
2020
£

Total
funds
2019
£

79,407-

79,40773,713NET INCOMING RESOURCES/(RESOURCES EXPENDED)
This is stated after charging:

Depreciation of tangible fixed assets:- owned by the charitable group
Amortisation of intangible fixed assets:- owned by the charitable group
Operating lease expenditure - property

2020
£

2019
£

830,171654,244

120,361
732,82285,540796,929

During the year, no Trustees received any remuneration (2019 - £Nil).
During the year, no Trustees received any benefits in kind (2019 - £Nil).
During the year, two Trustees received £397 reimbursement of expenses (2019 - £164).
12.

AUDITORS' REMUNERATION

Fees payable to the company's auditor for the audit of thecompany's annual accounts
Fees payable to the company's auditor in respect of:
The auditing of accounts of subsidiaries of the company
Taxation compliance services
Other taxation advisory services

2020
£

2019
£

28,00022,00067,7996,865
5,965

61,417
9,030
7,650

30

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
13.

STAFF COSTS
Staff costs were as follows:

Wages and salaries
Social security costs
Other pension costs
Share based payments

2020
£

2019
£

10,873,742
1,133,529
784,780
399,8409,406,868
992,249
681,109-

13,191,891

11,080,226

The average monthly number of employees was 203 (2019 – 184) and the average monthly number of
employees during the year expressed as full time equivalents was as follows (including part time staff):

Company
Subsidiaries

2020
No.

2019
No.

111
92

97
87

203

184

The number of higher paid employees was (including subsidiaries) 47 in 2020 (2019 – 34), of which 38 are
employees of subsidiaries (2019 – 29):
2020
2019
No.
No.
In the band £60,001 - £70,000
In the band £70,001 - £80,000
In the band £80,001 - £90,000
In the band £90,001 - £100,000
In the band £100,001 - £110,000
In the band £110,001 - £120,000
In the band £120,001 - £130,000
In the band £130,001 - £140,000
In the band £140,001 - £150,000
In the band £150,001 - £160,000
In the band £160,001 - £170,000
In the band £170,001 - £180,000
In the band £180,001 - £190,000
In the band £190,001 - £200,000
In the band £290,001 - £300,000

8
4
5
3
5
6
1
1
0
10
0
0
0
3
1
47

2
3
2
3
7
4
1
0
8
0
1
0
3
0
0
34

Total company pension contributions for the higher paid employees in 2020 were £348,184 (2019 –£296,744).
Certain senior employees who have authority and responsibility for planning, directing and controlling theactivities of the Group are considered to be key management personnel. Total remuneration in respect ofthese individuals is £583,092 (2019 – £198,300).

31

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
14.

INTANGIBLE FIXED ASSETSIntellectual
Property£

Goodwill
£

Total
£

41,4994,865,091

186,400
125,000

227,8994,990,091-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

4,906,590

311,400

5,217,990================================================================================================================================================

41,499-85,540120,361

127,039
120,361---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

41,499205,901

247,400================================================================================================

GROUP
Cost
At 1 January 2020
Additions
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020================================================Net book value
At 31 December 2020
At 31 December 2019

4,865,091

105,499

4,970,590================================================================================================================================================-

100,860

100,860================================================================================================================================================

On 30 April 2020, Raspberry Pi (Trading) Limited acquired the goodwill of IQ Audio Limited for cash
consideration of £125,000. A further £2,000 was paid in cash for its inventory as at the same date. IQ
Audio Limited designed, developed and manufactured digital audio products which are compatible with
Raspberry Pi single board computers. Management has estimated the useful economic life of this goodwill
to be 3 years. Subsequent to its acquisition, the revenue from the sale of IQ Audio products was £47k andthe contribution to gross profit was £7k.
The goodwill arising on the acquisition of publications has a useful economic life of 2 years. At 31
December 2020, just one month of useful economic life remained on the goodwill on purchase of
publications.
Intellectual property has a useful economic life of 3 years.
Amortisation of intangible fixed assets is included in trading expenditure.

32

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
15.

TANGIBLE FIXED ASSETS

GROUP

Office andLeasehold Plant and Furniture computer
Property machinery and fittings equipment
£
£
£
£

Total
£

COST
At 1 January 2020
Additions
Disposals
Foreign exchange
At 31 December 2020

684,746
9,562
694,308

1,212,430
1,267,930
2,480,360

480,579
791
481,370

895,818
145,014
1,524
1,042,356

3,273,573
1,423,297
1,524
4,698,394

130,158
58,732
188,890736,315
468,7031,205,018

281,747
109,346
391,093559,026
193,390
999
753,415

1,707,246
830,171999
2,538,416

At 31 December 2020

505,418

1,275,342

90,277

288,941

2,159,978At 31 December 2019554,588476,115

198,832

336,792

1,566,327

DEPRECIATION
At 1 January 2020
Charge for the year
Disposals
Foreign exchange
At 31 December 2020
NET BOOK VALUE

33

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
15. TANGIBLE FIXED ASSETS (continued)

COMPANY

Leasehold Fixtures andProperty
fittings££

Office andcomputerequipment
£

Total
£

COST
At 1 January 2020
Additions
Disposals
At 31 December 2020

362,167
362,167

480,579
791
481,370

268,891
25,839294,730

1,111,637
26,6301,138,267

42,34336,21778,560281,747
109,346
391,093

174,542
51,336
225,878498,632
196,899695,531

At 31 December 2020

283,607

90,277

68,852442,736

At 31 December 2019

319,824

198,832

94,349613,005

DEPRECIATION
At 1 January 2020
Charge for the year
Disposals
At 31 December 2020
NET BOOK VALUE

34

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

16.

FIXED ASSET INVESTMENTS
Investment
portfolio£

GROUP
MARKET VALUE
At 1 January 2020
Additions
Disposals
Dividends reinvested net of fees
Interest
Revaluations

16,451,738(6,500,017)
392,368
63
175,729

At 31 December 2020

10,519,881

GROUP INVESTMENTS AT MARKET VALUE COMPRISE:
2020
£

2019
£

Investments

10,519,881

16,451,738

COMPANY

Shares in
Investment
group
portfolio undertakings
£
£

Total
£

MARKET VALUE
At 1 January 2020
Additions
Disposals
Dividends received net of fees
Interest received
Revaluations

16,451,738(6,500,017)
392,368
63
175,7291-

16,451,739(6,500,017)
392,368
63
175,729

At 31 December 2020

10,519,881

1

10,519,88235

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

17.

INVESTMENT IN SUBSIDIARY COMPANIESRaspberry Pi Foundation has a wholly owned subsidiary, Raspberry Pi (Trading) Limited, which isincorporated in the UK (company registration number 08207441, registered office Maurice Wilkes Building,
St John’s Innovation Park, Cowley Road, Cambridge, CB4 0DS). In the year to which these financial
statements relate, Raspberry Pi (Trading) Limited has made donations by way of gift aid to Raspberry Pi
Foundation of £3,000,000 (2019 - £4,000,000). A summary of the subsidiary's results is disclosed below.
Audited accounts will be filed with the Registrar of Companies. The cost of the investment in the subsidiaryis £1 (2019 - £1).
During the year, a Long-Term Incentive Plan (LTIP) was approved for Raspberry Pi (Trading) Limited
employees and in October 2020, 13,077 B ordinary shares were issued under this plan to certain
employees. Under the terms of the plan, the B ordinary shares will share in the proceeds payable in respectof an Exit of the company above a minimum hurdle. An Exit is broadly defined in the Articles of Association
as the sale of the company or its listing upon a stock exchange. The B ordinary shares are held in trust by
the Zedra Trust Company UK Limited on behalf of employees.
The unrestricted market value of the B ordinary shares was determined by a specialist valuation company
and deemed to be £1 per share.
In accordance with accounting standards, the group is required to recognise an expense for theservices received by a company in exchange for equity-based payment. For B ordinary shares issued
under the LTIP, it was assumed that an Exit process would happen 2 years from the date of issue andthe Black Scholes model was used to value the compensation expense with the following inputs:
Interest rate: -0.05%
Volatility: 49%
Expected life of B ordinary shares: 2 years
The charge for the year ended 31 December 2020 was £399,840 (2019 - £nil)

36

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
17.

INVESTMENT IN SUBSIDIARY COMPANIES (continued)
Profit and Loss Account for Trading

TurnoverCost of sales

2020£
71,656,855(48,580,900)

2019£
39,608,659(23,299,228)

Gross profit
Administration expenses
Other operating income
Other operating expenditure
Operating profit

23,075,955(12,422,249)
18,452,579(18,397,567)
10,708,718

16,309,431(11,205,964)
3,741,675(3,687,735)
5,157,407

Finance charges net of interest receivable
Tax on profit on ordinary activities(30,031)
10,678,687-

2,863
5,160,270-

Profit for the financial year

10,678,687

5,160,270

Intangible fixed assets
Tangible fixed assets
Current assets
Current liabilities

2020£
4,970,590
1,708,621
22,654,193(10,177,489)

2019£
100,860
940,241
17,291,232(7,268,022)

Aggregate share capital and reserves

19,155,915

11,064,311

Balance Sheet

37

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

17.

INVESTMENT IN SUBSIDIARY COMPANIES (continued)
In 2017 the Company established a wholly owned subsidiary in the USA, Raspberry Pi Foundation North
America Inc (EIN 81-5480308, registered address 2711 Centerville Road, Suite 400, City of Wilmington,
County of New Castle, Delaware 19808), to advance our charitable activities in North America. A summaryof the subsidiary's balance sheet is disclosed below.
Balance Sheet
2020
£

2019
£

Tangible fixed assets
Current assets
Current liabilities

1,622
118,310(74,970)

3,402
61,849(34,313)Aggregate share capital and reserves

44,96230,938In June 2017, the company merged with a new subsidiary, Hello World Foundation, a company limited
by guarantee incorporated in Ireland (company registration number 524255, charity registration number
20082857, registered address Dogpatch Labs Unit 1, CHQ Building, Custom House Quay, Dublin
Ireland, D01Y 6H7). The cost of this investment in subsidiary was £nil.
Balance Sheet

2020
£

2019
£

Tangible fixed assets
Cash at bank and in hand
Other current assets
Current liabilities

6,997
271,796
37,199(52,820)

9,679
248,531
33,877(71,371)

Aggregate share capital and reserves

263,172

220,71638

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

18.

STOCKS
GROUP

Raw materials,
finished goods and goods for resale

COMPANY

2020
£

2019
£

2020
£

2019
£

11,312,530

5,511,136--

The amount of stock recognised as an expense was £44,553,243 (2019 - £25,588,491).
An impairment loss of £43,489 (2019 – £131,631) was recognised in cost of sales against stock during theyear due to slow-moving or obsolete stock.
19.

DEBTORSGROUP

Trade debtors
Amounts owed by group undertakings
Other debtors

20.

COMPANY

2020
£

2019
£

2020
£

2019
£

6,997,459
3,953,614

4,008,148
1,947,394

19,015
16,498335,7296,561
399,867

10,951,073

5,955,542

371,242

406,428

CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP

Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income

COMPANY

2020
£

2019
£

2020
£

2019
£

8,074,311
1,312,598
60,4102,249,664

5,589,344
856,420
2,091,104

272,72132,095
423,621711,864

533,374
140,443
172,116457,672

11,696,983

8,536,868

1,440,301

1,303,605

39

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
21.

STATEMENT OF FUNDS
GROUPBrought
forward£Income£Expenditure£Transfers
in/out£Other
movement£

Carriedforward£

14,534,258

4,519,496(8,093,093)

3,000,000

8,768

13,969,429

2,017,604---

175,729

2,193,333

11,599,821

89,868,059(79,203,652) (3,000,000)

13,077

19,277,305

-

-

-

399,840-

399,840

478,888

-

-

-

-

478,888

28,630,571

94,387,555(87,296,745)

399,840

197,574

36,318,795

9,457

479,302(283,523)--

205,236

12,99362,401(75,394)---

68,040225,000

250,000-(297,207)(91,000)--

20,833134,000-

37,522(37,522)

-

-

-

-

198,160
27,0553,660
8,050
37,475(198,160)(27,055)(8,050)(37,475)

-

-

-

-

3,660
-

315,490

1,103,625(1,055,386)--

363,729

72,406

260,036(300,070)--

32,372-

46,724(46,724)

-

-

-

-

20,908(20,908)---

387,896

1,431,293(1,423,088)--

396,101

TOTAL OF FUNDS 29,018,467

95,818,848(88,719,833)

399,840

197,574

36,714,896

UNRESTRICTED FUNDS
General funds
Revaluation
reserve
Trading subsidiary
Share based
payment
Gift on contribution
with Hello WorldFoundation

RESTRICTED FUNDS
Raspberry Pi Foundation
The AtlassianFoundation
Oracle America
Inc.
Google Tides
Microsoft Ltd
S & P Global
Foundation
Bloomfield Trust
MicronACM SIGCSE
Oracle Utilities
HMRC CJRS Grant

Hello WorldFoundation
RPFNA
Raspberry Pi(Trading) Limited

40

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

21.

STATEMENT OF FUNDS (continued)
COMPANY
Brought
forward£
UNRESTRICTED FUNDS

Other
movement£

Carriedforward£-14,695,338-

175,729

2,193,333(7,814,530)-

175,729

16,888,671

479,302(283,523)--

205,236

12,99362,401(75,394)---

68,040225,000

250,000-(297,207)(91,000)--

20,833134,000-

37,522(37,522)---315,490

198,160
27,0553,660
8,050
37,475
1,103,625(198,160)(27,055)(8,050)(37,475)(1,055,386)

-

-

3,660
363,729

TOTAL OF FUNDS 17,702,503

8,244,084(8,869,916)-

175,729

17,252,400

General funds
Revaluation
reserve

Income£Expenditure£

15,369,409

7,140,459(7,814,530)

2,017,604--

17,387,013

7,140,459

9,457

Transfers
in/out£RESTRICTED FUNDS
Raspberry Pi Foundation
The AtlassianFoundation
Oracle America
Inc.
Google Tides
Microsoft Ltd
S & P Global
Foundation
Bloomfield Trust
MicronACM SIGCSE
Oracle Utilities
HMRC CJRS Grant

41

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The Atlassian Foundation
This restricted fund is to increase young people's access to coding and digital making skills through ourpartnerships with international NGOs. It also enables us to develop our translation capabilities and delivera Randomised Control Trial of Code Clubs in the UK. This activity covers the period 01 June 2020 - 30
May 2023.
Oracle America Inc
This restricted grant supports our network of coding clubs (Code Club and CoderDojo) internationally witha focus on our work in US and India. It also provides some funding towards our free magazine about
computing and digital making, ‘Hello World’.
Google Tides Foundation
This restricted grant is to enable the Raspberry Pi Foundation to scale up subject and pedagogy training
delivery for 6,000 Key Stage 3 (KS3) and Key Stage 4 (KS4) computing teachers in England between 2018and 2021.
Microsoft Ltd
This restricted grant is to support Code Club and CoderDojo activities in the UK, including piloting newactivities to increase engagement with young people and volunteers. The grant will allow us to grow thenumber of Code Clubs and CoderDojos and therefore support more young people in the UK with an interestin supporting a 30% increase in poorer areas.
S & P Global Foundation
This restricted fund is to grow the number of Code Clubs and CoderDojos in Italy, Spain, Germany andIsrael. This grant is also to grow and sustain Code Club and CoderDojo network in the UK and Ireland.
Bloomfield TrustThis restricted grant is to distribute Raspberry Pi desktop kits to young people in the UK.
MicronThis restricted grant is to deliver a new Raspberry Pi online course entitled 'Getting Started with Your
Raspberry Pi'.
ACM SIGCSE
This restricted special project grant is to develop criteria for K-12 learning resources in computer sciencethat challenge stereotypes and promote diversity.
Oracle Utilities
Oracle Utilities staff have chosen to fundraise for Code Club with a priority on international growth as they
are based in the United States of America. Oracle Utilities has agreed to donate a contribution to CodeClub for each Continuing Professional Development unit their staff completes.
HMRC CJRS Grant
These restricted funds were received from HMRC as part of the national furlough scheme implemented
due to the impact of the COVID-19 pandemic.
Transfers
The transfers represent gift aid amounts from Raspberry Pi (Trading) Limited to the company.

42

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
22.

ANALYSIS OF NET ASSETS BETWEEN FUNDS
GROUP
Unrestricted
funds
2020
£
Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year

Restricted
funds
2020
£

Total
funds
2020
£

Total
funds
2019
£

4,970,590
2,159,97810,519,881
30,365,329(11,696,983)

4,270,590
2,159,978- 10,519,881
396,101
30,761,430- (11,696,983)

100,860
1,566,327
16,451,738
19,436,410(8,536,868)

36,318,795

396,101

36,714,896

29,018,467

Unrestricted
funds
2020
£

Restricted
funds
2020
£

Total
funds
2020
£

Total
funds
2019
£

442,736
10,519,882
7,366,354(1,440,301)

363,729-442,736
10,519,882
7,730,083(1,440,301)

613,005
16,451,739
1,941,364(1,303,605)

16,888,671

363,729

17,252,400

17,702,503

COMPANY

Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year

43DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

23.

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOWFROM OPERATING ACTIVITIESNet income for the year (as per Statement of financial activities)

2020
£

2019
£

7,274,744

3,632,121

830,171
120,361(175,729)(403,176)(5,801,394)(4,995,531)
3,160,115
399,840
246,156654,244
85,540(2,047,692)(542,201)
988,354(652,678)
3,822,657
251,510655,557

6,191,855

2020
£

2019
£

8,497,827

7,969,732

Adjustment for:
Depreciation charges
Amortisation charges(Gains)/losses on investments
Dividends, interest and rents from investments
Loss on the sale of fixed assets
Increase in stocks
Increase in debtors
Increase in creditors
Share based payments
Currency translation (gains)/losses
Total
24.

ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand

44DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

25.

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 £784,780 (2019 - £681,109).
Contributions totalling £47,296 (2019 - £5,908) were payable to the fund at the balance sheet date.

26.

OPERATING LEASE COMMITMENTS
At 31 December 2020 the total minimum lease payments under non-cancellable operating leases are duein the following periods by the group:

GROUP

Land and buildings
2020
2019
£
£

Within 1 year
Between 2 and 5 years
Over 5 years

619,537
2,357,968
2,773,096

718,161
2,320,323
3,352,838

Total

5,750,601

6,391,322

At 31 December 2020 the total minimum lease payments under non-cancellable operating leases are duein the following periods by the charity:

COMPANYLand and buildings
2020
2019
£
£

Within 1 year
Between 2 and 5 years
Over 5 years

323,534
1,294,136
808,835

368,534
1,294,136
1,132,369

Total

2,426,505

2,795,039

45

DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
27.

OTHER FINANCIAL COMMITMENTS AND FINANCIAL ASSETS AND LIABILITIESAt 31 December 2020 the subsidiaries had capital commitments of £nil (2019 – £nil).
At 31 December 2020, Raspberry Pi (Trading) Limited had a contractual commitment to purchaseinventory from Arrow Electronics (UK) Limited to the value of $2,455,000. This contractual commitment
was effective 1st November 2018 and is for a maximum period of 3 years from that date.
On 17 December 2020, Raspberry Pi (Trading) Limited entered into a contractual commitment with EBVElektronik GmbH effective 1 January 2021. This agreement means that Avnet Business Services GmbHis obligated to maintain $4 million of buffer inventory upon which the company is entitled to draw. In theevent the company’s requirement for that inventory were to cease, a commitment of $4 million would
crystallise. This agreement can be terminated without cause by either party giving the other party 2 years’
written notice.

2020
£

2019
£

Financial assets measured at fair value through profit or loss

10,519,881

16,451,738

Financial assets measured at amortised cost

15,736,550

12,253,979

Financial liabilities measured at amortised cost

9,493,871

6,853,616

The Trustees’ Report provides information regarding the identified financial risks and how these aremanaged.
28.

RELATED PARTY TRANSACTIONS
During the year, the charity reimbursed expenses of £284 (2019 - £nil) to Mr C J Mairs and £113 (2019 £nil) to Ms K D Shillinglaw, for accommodation, subsistence and travel costs.
During the year, the charity made payments to third parties of £513 (2019 - £1,336) on behalf of Mr C J
Mairs, £26 (2019 - £nil) on behalf of Dr C A Brown and £61 (2019 - £161) on behalf of Dr M P Blyth. As at
31 December 2020 a balance of £nil (2019 - £nil) was payable to all of these trustees.
During the year, Raspberry Pi Foundation was invoiced £70 (2019 - £70) by the London Stock Exchange
Plc, of which Mrs S L Coutu is a director. As at 31 December 2020, a balance of £nil (2019 - £nil) was
payable to the London Stock Exchange Plc.
During the year, Raspberry Pi Foundation was invoiced £1,200 (2019 - £nil) by Bletchley Park Trust Ltd.,of which Dr M P Blyth is a director. As at 31 December 2020, a balance of £nil (2019 - £nil) was payable
to Bletchley Park Trust Ltd.
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 memberof that group. The company has utilised this exemption.

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DocuSign Envelope ID: 1089D9CF-38F7-4B75-93E6-A4BA0E838157

RASPBERRY PI FOUNDATION(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
29.

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

30.

POST BALANCE SHEET EVENTSIn 2021, Raspberry Pi (Trading) Limited entered into a licence agreement to purchase designs in respectof processors to be used in its products. The total commitment amounts to £4,025,000 payable ininstalments between March 2022 and March 2025.

31.

BORROWINGS
During the year, Raspberry Pi (Trading) Limited put a £3 million overdraft facility in place. At 31
December 2020 the company had £nil overdraft borrowings (2019 - £nil.) The facility is secured by adebenture granted by Raspberry Pi (Trading) Limited in favour of Barclays Bank plc.
During the year, Barclays Bank plc provided to Raspberry Pi (Trading) Limited a revolving credit facility of£7 million. The facility is secured by a debenture granted in favour of Barclays Bank plc. The facility has
covenants relating to leverage (gross borrowings to EBITDA) and interest coverage. The company owed
£nil under this facility at 31 December 2020 (31 December 2019 - £nil).

47