Annual Review
and Accounts
2021

Contents

Introduction from the Chair
and Chief Executive

Our impact in 2021

Strategic report

Education

4
6
8
10

Financial review

48

Fundraising

51

Principal risks anduncertainties

52

Governance

53

Statement of Trustees’
responsibility

57

Independent
auditor’s report

58

Financial statements

62

Reference andadministrative details

99

Community partnerships, page 32

Non-formal learning

Research

Computers

Donors20
34

Coolest Projects, page 30

40
44

Code Club, page 25

2 | Raspberry Pi Foundation

Code Club World, page 26

Annual Review | 3

Introduction from the Chair
and Chief Executive
John Lazar and Philip Colligan

We are delighted to introduce the 2021 Annual
Review for the Raspberry Pi Foundation.
In another year that was shaped by theconsequences of the coronavirus pandemic, weare proud that the Foundation has done so muchto democratise access to computing and empower
young people from all walks of life to realise theirfull potential through the power of computing anddigital technologies. In response to the deepeningof inequalities caused by the pandemic, we are
increasing our focus on improving educational
outcomes for disadvantaged young people globally.
We continued to support schools, teachers, andstudents through the disruption to learning causedby the pandemic, including through 3.2m viewsof the computing lessons that we created inpartnership with the Oak National Academy. We
expanded our Learn at Home campaign, working
with youth and community organisations acrossthe UK to get 4,300 Raspberry Pi computers into
the hands of young people who didn’t have accessto a computer for learning.
We helped millions of young people learn how tocreate with digital technologies through our free
online projects and we launched Code Club World, a
new app for beginners to get started on their journey
to become digital makers. As the restrictions put inplace to prevent the spread of COVID-19 started tolift, we saw the return of in-person Code Clubs andCoderDojos and we want to pay tribute to all of thevolunteers and educators who moved so quickly to
get their clubs up and running safely again.

4 | Raspberry Pi Foundation

Through our online professional development
courses, we supported over 47,000 educators todevelop their subject knowledge and pedagogy;
almost 10,000 schools in England used our Teach
Computing Curriculum, and 11,000 learners
completed over 1.3m questions on the Isaac
Computer Science platform. We expanded ourpartnerships in India and we started scoping an
expansion of the Foundation’s work into SubSaharan Africa, with an initial focus on Kenya
and South Africa.
We were also delighted to announce the creationof the Raspberry Pi Computing Education ResearchCentre at the Department of Computer Scienceand Technology at the University of Cambridge,
which will undertake original research that will bothinform our own work and advance the wider field ofcomputing education.
Our commercial subsidiary, Raspberry Pi Ltd, hada landmark year, launching our first microcontroller
class product, the Raspberry Pico, built on our firstchip, RP2040. We also launched the Raspberry
Pi Build HAT as part of a collaboration with
LEGO Education; and, despite the ongoing global
semiconductor shortage, we sold over 7 million
computers in 2021, bringing lifetime sales to over
45 million units.

We are hugely grateful to all of the teams acrossthe Raspberry Pi Group and in all of our partners’organisations who have made this possible. The
past two years have been incredibly challenging foreveryone and it is a testament to the commitment,
resilience, and adaptability of all of those people
that we have been able to achieve so much in suchdifficult circumstances.
The Raspberry Pi Foundation also benefits from theexpertise and wisdom of a wide range of individuals
who serve in non-executive capacities across theGroup and we want to thank each of them for theircontributions over the year. After six years’ service
on the Foundation’s board, Chris Mairs and Sherry
Coutu stepped down as trustees and both continue
to serve as non-executive directors of Raspberry
Pi Ltd. We are deeply indebted to them for their
ongoing contributions.

We would also like to thank our donors andsupporters, who provide the funding that enables
us to help so many young people all over the world
develop the skills and knowledge that will allow
them to reach their full potential.
While the worst of the pandemic looks as though it
may — hopefully — be behind us, recovery will takea long time and it’s clear that we are living througha period of significant volatility and uncertainty. The
world faces geopolitical, economic, and climate
emergencies that make the operating environment
for all organisations more difficult and lesspredictable. It also means that our mission — todemocratise access to computing — has never been
more vital.

Annual Review | 5

Our impact in 2021

3.9m

15,749learners engaged
with our online
projects

45
millionyoung people from24 countries ran theircode in space in the
Astro Pi Challenge

1,385

young people from54 countries showcasedtech projects in Coolest
Projects

1,454 Code Clubs& 801 CoderDojos

Raspberry Pi
computers sold to dateran in-person sessions

9,885

31,753

MORE THAN
OVER

1.3

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

6 | Raspberry Pi Foundation

3.2

million823
SCHOOLS

views of our video lessons
on the Oak National
Academy platform

schools in
England engaged
in our Gender
Balance in
Computingprogramme ofresearch971

attendees at 11 online
research seminars

schools in England
downloaded
resources from the
Teach Computing
Curriculum

MORE THAN

47,000participants in our online
teacher training courses

subscribers
to Hello World
magazine

Annual Review | 7

Strategic report• Sufficient understanding of societal and ethicalissues to be able to critically evaluate digitaltechnologies and their application; and to design
and use technology for good.
• The mindsets that enable them to confidently
engage with technological change and to continuelearning about new and emerging technologies.
Our activities are organised around three ambitious
long-term goals:

n
Ed
uc
ati
o

• The knowledge, skills, and confidence to use
computers and digital technologies effectively intheir work, community, and personal life; to solve
problems and to express themselves creatively.

l
ma
for
n- ing
No earnl

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

Research

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

Non-formal learning
To engage millions of young people in learning
about computing and how to create with digitaltechnologies outside of school, through online
resources and apps, clubs, competitions, andpartnerships with youth organisations.

Research
To deepen our understanding of how young people
learn about computing and how to create with digitaltechnologies, and to use that knowledge to increase
the impact of our work and advance the field ofcomputing education.
You can read more about our mission, values,
and priorities in our 2025 Strategy. This strategic
report shows how we have achieved our mission
over the past year.

8 | Raspberry Pi Foundation

Annual Review | 9

Education

10 | Raspberry Pi Foundation

Isaac Computer Science

Online courses
for educators

Supporting students and teachers of advanced
computer science qualifications

Free online professional development for
subject knowledge and pedagogy

Launched in 2019, Isaac Computer Science isan online platform for students and teachersof advanced computer science. Developed incollaboration with the University of Cambridge, it
combines learning resources with a wide range ofquestions that enable students to improve theirunderstanding of computer science concepts.
Automation helps teachers save time, track progress,
and focus on tackling misconceptions. Students use
the platform for revision and exam preparation.

We provide free, high-quality, online training
courses for educators to support their professional
development. On the FutureLearn platform,
we host 20 skills-based and 15 pedagogy- andpractice-focused courses, supporting educators
who are starting their teaching, and those whowant to enhance their subject knowledge andteaching practice.

In 2021, we reviewed and updated all of the A level
content to respond to user feedback. We also
started to expand the A level content to cover
specifications of additional awarding bodies,including Cambridge International Examinations,
the Welsh Joint Education Committee, and EDUQAS.
We also started to expand the platform to cover theComputer Science GCSE, which will be launched forthe 2022/2023 academic year.

Impact:• 8,147 students and 999 teachers from stateschools in England engaged with A level content• In total, the platform had 11,121 users fromover 100 countries• Over 1.3 million question attempts by students• 741 people reached through 61 teacher eventsand 79 student events• Teachers reported that the Isaac platform
saved them on average 2.5 hours a week

In 2021, we supported a total of 121 course
runs, serving 47,535 learners worldwide: 84% ofparticipants stated that their confidence had grown
as a result of taking a course. Teachers in England
can use these courses to work towards professional
certificates as part of the National Centre for
Computing Education. Since we launched our firstcourse on FutureLearn in 2016, we have served morethan 219,000 learners through our online courses.
In 2021, we also developed two new online courses
in partnership with the Infosys Foundation USA
for their Pathfinders’ platform. We adapted twounits from the Teach Computing Curriculum‘The work you’ve

offered the students
has really mademe re-engage withthe topics and withthe programming
as well.’– Teacher(Programming Essentials With Scratch and Design,
Build, and Code a Rover with Raspberry Pi Pico) to
support educators in the US, including free hardwarethat is funded by the Infosys Foundation USA.
We are grateful to the Department for Education,
Google, and Infosys Foundation USA for theirsupport, which makes our online training for
educators possible.

Impact:• 121 course runs in 2021
• More than 47,000 users engaged, leading
to 15,432 course completions• 84% of participants stated that theirconfidence had grown as a result of taking
a course‘A highly recommended

course, it lays the foundations
for practical teaching andemphasises the levels of
abstraction, so important
for teaching. [...] Without adoubt I will put into practice
everything I have learned.’– Online course participant

12 | Raspberry Pi Foundation

Annual Review | 13

Teach Computing
Curriculum

Physical computing
in the classroom

Comprehensive classroom resources forthe entire computing curriculum

Supporting physical computing in schools

The Teach Computing Curriculum is acomprehensive collection of almost 500 hours ofclassroom resources to support the teaching ofcomputing to 5- to 16-year-olds in formal education.

In July 2021, we distributed physical computing kits
to 34 Computing Hub schools across England, aspart of the National Centre for Computing Education.
The four types of kits consist of classroom trays ofeither Crumbles, micro:bits, Raspberry Pi Picos, orRaspberry Pi 3 Model B+ computers, plus electronic
components. The kits are tailored to support theteaching of units in the Teach Computing Curriculumthat focus on physical computing, enabling all
schools in England to let their learners get hands-on
with computing.

needs. All the materials are free to download, use, andadapt (under an Open Government Licence), allowing
teachers to tailor them to their learners and settings.
Developed as part of the National Centre for
Computing Education, the Teach Computing
Curriculum is mapped to exam board standards
and covers the entire national computing
curriculum in England.

Impact:• 9,885 schools in England downloaded
resources from the Teach Computing
Curriculum• 94% of users reported satisfaction in thequality and usefulness of the content
We built the curriculum on an innovative progression
framework where computing content (concepts,
knowledge, skills, and objectives) is organised
into interconnected networks that we call learning
graphs. The resources include lesson plans, slides,
worksheets, homework, and assessment materials.
Modelling research-informed pedagogies throughout,they are designed to reduce teachers’ workload
whilst also supporting them to improve their subject
knowledge and understanding of effective teachingapproaches. Opportunities for both formative andsummative assessment are built in across thecurriculum. The classroom resources are backed by
guides for each key stage, and by our online training
courses. Together they form a complete suite ofsupport for computing teachers.
We made sure the Teach Computing Curriculum
content is suitable for all students irrespective of theiracademic performance, background, and additional
14 | Raspberry Pi Foundation• More than 3.2 million views of our video
lessons based on Teach Computing Curriculum
content on the Oak National Academy platformfor UK schools

Strands of curriculum content
from Year 1 to Year 11:• Algorithms• Effective use of tools• Computing systems• Impact of technology• Creating media• Networks• Data and information• Programming• Design anddevelopment• Safety and security

Annual Review | 15

National Centre for
Computing Education
Supporting schools in England
to teach computing
The Raspberry Pi Foundation is part of theconsortium delivering the National Centre for
Computing Education in England, funded by
the Department for Education and providing
comprehensive support for primary and secondary
school learners and teachers of computing andcomputer science (ages 5 to 18):
• To train teachers and increase their knowledge ofthe subject and effective teaching approaches, weoffer free online courses about topics from maths
and logic, to machine learning, to computing
pedagogies in secondary school.

Impact:They are the best
courses that I’ve seen
for computer scienceeducation.
– Teacher‘Isaac Computer Science has totally nailed
low-stakes testing with instant feedback
and structured re-learning via the hints
feature. It has become a go-to reference
guide in lessons and for revision.

’– Teacher• Since 2018, the National Centre has supported
more than 31,000 teachers in England,
representing 74% of primary schools and 90%
of secondary schools• The National Centre has reached more than
2.5 million students from schools in Englandsince 2018

• To facilitate classroom teaching, we havedeveloped the Teach Computing Curriculum: aground-breaking collection of almost 500 hours ofresources to support the teaching of computing to
5- to 16-year-olds.
• To support learners and teachers of advanced
computer science, we have built an online
learning platform called Isaac Computer Sciencein collaboration with University of Cambridge
researchers, for use in the classroom, at home,and for revision.
• To promote learners’ understanding and skillsof physical computing, we have designed anddistributed physical computing kits to local hub
schools, which teachers can borrow to engage theirlearners in designing and programming physicalcomputing artefacts.

16 | Raspberry Pi Foundation

Annual Review | 17

Hello World

Case study

Inspiring computing and digital making educators

Mo School partnership, India

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

In 2021, we worked with Mo School Abhiyan
to introduce Code Club to government schools
in Odisha, India as part of a high schooltransformation programme. 888 teachers wereinvited to take part in training to support them toestablish Code Clubs in schools in their areas, andto enable them to cascade training and support toother local teachers. So far, more than 700 teachers
have attended online webinars, and 356 havestarted our online training on preparing to run a
Code Club. This pilot is part of a three-year initiative
to train 3,000 teachers reaching 45,000 young
people in the region.

Hello World is generously supported by Oracle.

Impact:• 3 new issues of Hello World magazine‘This opportunity

will transform ourlearning atmospherea lot. Our Code Clubshould be fantastic.’– Teacher• The first compendium edition, The Big Book ofComputing Pedagogy, was downloaded 32,010
times in 2021
• Hello World magazine had 31,753 subscribers
around the globe by year end• 12 episodes of the new Hello World podcast

Hello World’s first compendium edition

18 | Raspberry Pi Foundation

Annual Review | 19

Non-formal
learning

20 | Raspberry Pi Foundation

Digital making projects
Millions of people use our free online resources
to learn computing and digital making skills
We’ve created more than 250 free online projects
that people all over the world use to learn about
computing and how to make things with digitaltechnologies. The projects cater for everyone
from beginners to more experienced learners,
offer learning with a wide variety of hardware andsoftware, and are used in schools, in clubs, and at
home. They are written by expert educators, andreflect the best evidence about how people learn.
In 2021, we finalised and launched the Digital
Making Framework, a new framework for how wedesign pathways to develop and support learner
independence as well as skills and knowledge.
For the framework design, we combined leading
research; experience of what works in Code Clubs,
CoderDojos, and our other programmes for young
people; and feedback from the community.

Impact:• Launch of our new, research-informed Digital
Making Framework• Launch of 6 new, framework-aligned learning
paths with 36 projects in total, covering Scratch,
Python, physical computing, and real-time 3D
development in partnership with Unity• 3.9m unique users of our projects

Each framework-aligned pathway is madeup of six projects:• Explore projects introduce learners to a set ofskills and knowledge, and provide step-by-step
instructions to help learners develop
initial confidence.
• Design projects are opportunities for learners
to practise the skills they learned in the previous
Explore projects, and to express themselves
creatively.
• The final Invent project, learners focus oncompleting a project to meet a project brief, building
something for a particular audience or problem.
The six new pathways we launched in 2021 support
learners to code story books, virtual pets, musicalinstruments, and much more.

22 | Raspberry Pi Foundation

Raspberry Pi Build HAT
As part of an exciting collaboration between
Raspberry Pi and LEGO® Education to increase
the impact and reach of STEAM learning, welaunched the Raspberry Pi Build HAT together in
2021. This add-on board is designed to enable funand creative learning experiences for young people
and educators, allowing them to rapidly prototype
physical computing projects. With the Raspberry Pi
Build HAT, learners can build and program projects

with Raspberry Pi computers and LEGO Technic™
motors and sensors from the LEGO Education
SPIKE™ Portfolio.
To support young people to get started using the
Build HAT and programming their LEGO Educationbuilds, we created a Python library as well as five
Build HAT projects, including making a DIY gamecontroller and a robot buggy that can be steered
with a smartphone via Bluetooth.

Annual Review | 23

CoderDojo

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

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

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

Through Code Club, we help educators aroundthe world run extra-curricular coding clubs foryoung people in schools by providing free supportand resources, and connecting them with local
volunteers. In free, weekly Code Club sessions,
9- to 13-year-olds build and share their ideas
while learning to program by creating animations,games, or webpages. Code Club is about learning
through making.

We help volunteers run CoderDojo events in local
community venues, such as libraries and youth
clubs, by providing them with free support, learning
resources, and other materials. At CoderDojos,
young people learn to program computers withina social and safe environment and can makeprojects such as games, mobile apps, and robots.
The CoderDojo movement is open-source andeach club is unique, reflecting its community. The
young people in each Dojo have diverse abilities
and interests, and peer mentoring is encouraged, so
everyone is actively engaged, develops new skills,
and helps each other succeed.
In Dojo sessions, young people learn throughdetermination, innovation, and discovery, because
the volunteers who mentor participants encouragea ‘trial and error’ approach to creating digitalprojects, supporting young people to develop a
growth mindset.

Ireland. Since then, over 3,900 CoderDojos in 115
countries have helped more than 270,000 young
people get creative with digital technologies.
Many CoderDojos were unable to run over 2021 dueto the ongoing restrictions that were put in place
to stop the spread of the coronavirus pandemic.
As restrictions are being unwound, we are seeing
CoderDojos starting again all over the world.

Impact:• 801 CoderDojos ran in-person events• 45 new clubs verified in the autumn• 88% of Dojo champions reported thatyoung people improved their computing andprogramming skills as a result of taking partin CoderDojo• 87% of champions said young people are
more confident to explore computing andprogramming as a result of joining a Dojo

The educators running Code Clubs don’t need
to be experienced coders. For many of them,running a club is an opportunity to learn alongside
the young people, because we provide free highquality resources and support, including online
training, community events, and easy-to-follow
coding projects.
Many Code Clubs were unable to run over 2021 dueto the ongoing restrictions that were put in place tostop the spread of the coronavirus pandemic. As
restrictions are being unwound, we are seeing Code
Clubs starting again all over the world.

Impact:• 1,454 Code Clubs ran in-person sessions
in 2021• 594 new clubs registered in the autumn• Approx. 18,500 young people from 363
schools across Scotland, Northern Ireland,
and the Republic of Ireland took part in online
codealong sessions• 94% of club leaders reported that young people
improved their computing and programmingskills as a result of taking part in Code Club
• 92% of club leaders said that young people
are more confident to explore computing andprogramming as a result of taking part2021 saw the tenth anniversary of the CoderDojo
movement, which started on 23 July 2011 when
18-year-old James Whelton and entrepreneur
Bill Liao held the first CoderDojo session in Cork,

Since then, over 3,900
CoderDojos in 115 countries
have helped more than
270,000 young people

24 | Raspberry Pi Foundation

Annual Review | 25

Code Club World

Scouts’ Digital Maker Badge

A free app where young people learn to makethings with code

Supporting Scouts to develop digital skills for life

In 2021, we launched Code Club World, a free app tohelp young people take their first steps with coding.
Designed for independent learning, Code Club World
introduces coding in a fun and accessible way
through a network of islands incorporating a custom
block-based programming environment, four standalone activities (with badges), curated beginner
Scratch and Python projects, a community gallery,and sharing features. Learners earn badges as they
progress, and have access to a safe and supportive
community where they can share their projects andremix their peers’ too.

Working with the Scout Association in the UK, we
support the Scouts’ Digital Maker Staged Activity
Badge. This staged badge introduces digital making
to young people and Scout leaders. The firststages support Scouts to engage with how digitaltechnology is used in daily life, and they learn about
giving instructions to computers, and how to create
simple programs. The later stages involve using
programming and electronic components to create
projects that are suitable for a Scouting activity, andprojects that help address real-life local or global

problems. We provide fun learning resources andprojects to support young people and volunteers
to work through the five stages and meet therequirements to earn the badge.

Impact:• 13,832 Digital Maker Staged Activity Badges
awarded in 2021
• 93,113 badges awarded in total since thepartnership started in 2018

Impact:• Code Club World had over 26,000
users by the end of 2021
• Users earned more than 9,000 badges

Image credit: David Brid
26 | Raspberry Pi Foundation

Annual Review | 27

The European
Astro Pi Challenge‘Astro Pi turned out to be one of the most impactful

Giving young people the opportunity to write
computer programs that run in space
Through the annual European Astro Pi Challenge,
we help young people get involved in coding throughthe unique experience of writing code that runs on
Raspberry Pi computers aboard the International
Space Station (ISS). Run in partnership with ESA
Education, the Astro Pi Challenge is open to young
people up to age 19 in ESA (European Space Agency)
member and partner countries. There are two Astro
Pi missions young people can participate in.
In Mission Space Lab, teams of young people
design and program a scientific experiment to run
on board the ISS. This mission runs over eightmonths, culminating in the teams analysing andreporting on the data their experiments gather.
Examples of experiments from the 2020/21 teams
included a machine learning–powered weather
forecasting system based on photos captured withan Astro Pi unit’s camera, and a project that used asonification process to convert data captured by an
Astro Pi unit’s sensors into music.
Mission Zero is a beginners’ coding activity thatcan be completed in an hour in a classroom, acoding club session, or at home. The young people
who participate write a simple program in an
online interface. Their program runs on the Astro
Pi units on board the ISS to take a sensor reading
and communicate it to the astronauts with theparticipant’s personalised message.

Because of Astro Pi, I decided tocontinue coding lessons in schooland someday make computersciences a part of my life.
— Astro Pi Mission Space Lab participant

28 | Raspberry Pi Foundation

Impact:• 15,749 young people from 24 countries
participated in the Astro Pi Challenge
2020/21 across Mission Space Lab andMission Zeroexperiences of my life. I still have to pinch myself thatmy team won Mission Space Lab last year. I have always
loved programming, but thanks to Astro Pi I discovered alove for working with hardware, so I made the decision tochange my major to focus on electrical engineering insteadof solely programming. Adding Mission Space Lab as myextracurricular experience to my CV definitely helped me tostand out and be accepted onto the course.

’— Astro Pi Mission Space Lab participant• 232 teams progressed through Mission
Space Lab to run their experiments in space,an increase of 44% compared to 2020
• Since 2015, more than 54,000 young people
have run their own programs on board the ISS
thanks to the Astro Pi Challenge

Sending upgraded Astro Pi
computers to space
In December 2021, we upgraded the Astro Pi
computers on board the ISS. The upgraded units
consist of a Raspberry Pi 4 Model B, a Raspberry
Pi High Quality Camera, a special Sense HAT
add-on board with new sensors, and a Google
Coral machine learning accelerator. This new
hardware will enable young people to performnew kinds of experiments, including using
machine learning.
Annual Review | 29

Coolest Projects
A global showcase of creative tech projects
made by young people
Coolest Projects is a series of in-person and online
showcases to inspire, motivate, and celebrate young
tech creators. Through Coolest Projects, we support
young people on their journey of creating meaningfulprojects using digital technology.
In 2021, we built on the success of moving ourinternational Coolest Projects event online in 2020
in response to the coronavirus pandemic. The
online event gives young people around the world
the chance to showcase their tech creations in an
online gallery.
Young people register projects they have createdin a range of categories, including Scratch projects,
games, mobile, web, and hardware-based projects.
There is also an Advanced category for projects withthe most ambitious uses of technology.

Impact:• 1,385 young people in 54 countries showcased
1,168 projects in the online gallery• 44% of participants were girls• Four regional Coolest Projects events took
place in Belgium, Romania, Malaysia, and
Hungary, hosted by partner organisations,which together engaged 706 young people• 87% of respondents surveyed about Coolest
Projects said young people are more interested
in programming and computers as a result oftaking part‘I think that what these guys are doing
now, and also seeing the other entrants
for the Coolest Projects, what it’s given
them is a self-motivation to learn and to
explore programming things that reallywill set them really well for their futurejobs. Whether they end up working as
programmers, or they’re scientists orengineers or whatever, they’ll have thatreally great foundation with programmingand design.’– Parent of a Coolest Projects participantEvery year we see young people creating purposedriven projects, and this year there were many entries
that focused on environmental issues, the pandemic,
and health issues.

‘I really enjoyed the possibility to see
other people’s projects, what they made,through the showcase on your website. It
was really cool to see what other people
created, what problems they found, andwhat solutions they came up with.’– Coolest Projects participant

30 | Raspberry Pi Foundation

Annual Review | 31Community partnerships
Partnering with local organisations to support young
people from underserved communities
In 2021, we partnered with a range of community
organisations in the UK and the USA to provide
hardware and experiences in computing anddigital making to young people who might nototherwise have access to a computer at home, or
to opportunities to explore creative activities withdigital technologies.
Through the Learn at Home campaign, we worked
with 80 youth and community organisations to
distribute Raspberry Pi computers to educationallydisadvantaged young people in England,
Scotland, Wales, and Northern Ireland. 4,300 setsof Raspberry Pi computers and all necessary
peripherals were distributed, compared to 1,685
in 2020, alongside a programme of training andsupport for youth and social workers to enable themto help young people with the setup and use of
the computers. The impact was immediate: young
people were more engaged with learning; parents
reported positive changes in their children’s attitudeand behaviour; and youth and social workers
deepened their relationship with families, enablingthem to provide better support.

Impact:• Collaboration with 80 youth and community
organisations in England, Scotland, Wales,
and Northern Ireland• 4,300 Raspberry Pi computers distributed toeducationally disadvantaged young people• Completion of our first Spanish-language pilotof a culturally relevant digital making workshop
in Santa Ana, CA

32 | Raspberry Pi Foundation

The Learn at Home campaign was supported bygenerous donations from: Lazar Family, Bloomfield
Charitable Trust, S&P Global Foundation, Barclays,
Bain Capital, Montpelier Foundation, Ocado,
Livingstone Foundation, and Clarion Futures.
Our efforts to partner with youth and community
organisations on digital making activities weresignificantly affected by the coronavirus pandemic
and the ongoing pressure that it put on partnerorganisations. In the UK, we worked with three
youth and community organisations to bring digitalmaking learning experiences into their work withyoung people: Born in Bradford; Himmat (Halifax);
and Learning Partnership West (Bristol). Feedback
from the young people and staff showed thatyoung people grew in confidence and gained skills
in computing and digital making. In the USA, weconcluded our first Spanish-language pilot, Cultura
con Raspberry Pi, a culturally relevant digitalmaking workshop co-developed with Universityof California Irvine and El Sol Science and Arts
Academy of Santa Ana.

‘Raspberry Pis have encouraged children‘As part of our PSHE raising
aspirations in primaryschool, children are looking
into careers in computing. So
it’s developing their interestfor the future as well.

to apply advanced skills learnt in school toeveryday life. They’ve been able to compile
their research and showcase current affairs.

’– Teacher’– Teacher‘Y. has really come on in her enthusiasm
for computers, and while she was often
disengaged and distracted in lessons
last year, there has been a notable ‘cando’ attitude and positivity which has
been wonderful to see. She has also done
substantially more homework, leading toa higher overall grade and achievement.

’– Teacher

Annual Review | 33

Research

34 | Raspberry Pi Foundation

Raspberry Pi Computing
Education Research Centre
A joint initiative between the University of Cambridge
and the Raspberry Pi Foundation
Compared to subjects like mathematics, computing
is a relatively new field. While there are enduring
principles and concepts, it’s also a subject that’schanging all the time as the pace of innovation
accelerates. We don’t know enough about whatworks in computing education, and there isn’t
enough investment in high-quality research; that’s
why research and evidence has always been apriority for the Raspberry Pi Foundation. Throughconducting original research, we hope to make acontribution to the field of computing education
and, as an operating foundation working with tensof thousands of educators and millions of learners
every year, we’re uniquely well-placed to translatethat research into practice.
In 2021, we took a leap forward in our commitment
to research, launching the Raspberry Pi Computing
Education Research Centre as part of the
Department of Computer Science and Technology
at the University of Cambridge.

Three broad themes of the Raspberry Pi Computing
Education Research Centre are:• Computing curricula, pedagogy, and assessment,
including teacher professional development andthe learning and teaching process• The role of non-formal learning in computing anddigital making learning, including self-directed
learning and extra-curricular programmes• Understanding and removing the barriers tocomputing education, including the factors thatstand in the way of young people’s engagement
and progression in computing education

Computing education
research seminars
Showcasing the world’s leading-edge
computing education research
Through our computing education research seminarseries, we provide a platform for academics andpractitioners to share leading-edge research, andconnect educators and researchers from all over
the world. The seminars take place online and arefree to attend. To make the speakers’ insights widely
accessible, we share a recording and summary ofeach seminar, and we publish seminar proceedings
with articles from speakers.

Impact:• 11 seminars with 554 attendees from 57
different countries, in total 971 attendances• 2 volumes of seminar proceedings published• 2 panel discussions, on gender balanceand AI education

In 2021, we hosted a series of eight seminars and a
special panel discussion focusing on diversity, equity,and inclusion in computing, in partnership with theRoyal Academy of Engineering. In September, westarted a new series about artificial intelligence,machine learning, and data science for school-aged
children, in partnership with The Alan Turing Institute.

The Research Centre combines expertise from both
institutions, and will undertake rigorous original
research and work directly with teachers and othereducators to translate that research into practiceand effect positive change in young peoples’ lives.
The scope will be computing education — theteaching and learning of computing, computerscience, digital making, and wider digital skills — forschool-aged young people in primary and secondary
education, colleges, and non-formal settings.

36 | Raspberry Pi Foundation

Annual Review | 37

Gender Balancein Computing
The largest-ever set of trials to identify ways to encourage
more young women to study Computer Science
Funded by the Department for Education, theGender Balance in Computing research programmeaims to better understand some of the factorsthat could encourage girls to develop an interestin computing, and could increase the numbersof young women who choose to study Computer
Science at GCSE and A level. Running from 2018 to2022, the programme is the largest-ever set of trials
focused on gender balance in computing.

Interventions

We are testing a range of interventions in hundredsof primary and secondary schools in England.
In 2021, 823 schools engaged with the Gender
Balance in Computing programme of research.
It includes a number of pilot studies, quasiexperimental trials, and randomised controlled trials(RCTs). The interventions are led by the Raspberry
Pi Foundation, and implemented in collaboration
with STEM Learning; BCS, The Chartered Institutefor IT; Apps for Good; WISE; and evaluated by the
Behavioural Insights Team. The findings from thisprogramme will be published as the independent
evaluations of the trials conclude throughout 2022
and 2023.

• Non-formal learning: Making the link between
non-formal activities and future opportunities incomputing. This trial was completed in 2021.

38 | Raspberry Pi Foundation• Teaching approach: Trialling pair programming,
peer instruction, and storytelling as approaches toteaching computing. All three trials started in 2021.
• Belonging: Encouraging a sense of belonging inthe subject, including work with role models andinvolving parents and guardians. This trial wascompleted in 2021.

• Relevance: Supporting teachers to bring students’interests and topics they care about into theirteaching. The trial pilot was completed in 2021.
• Subject choice and options materials: Exploratory
research into potential barriers to choosing to study
computing further.

Annual Review | 39Computers

40 | Raspberry Pi Foundation

Raspberry Pi products
Raspberry Pi is a tiny, powerful computer that millions of people
use in industry, to learn, and to make things that matter to them
The Foundation’s commercial subsidiary, Raspberry
Pi Ltd aims to make technology accessible for people
and businesses all over the world by removing thecost burden that has traditionally obstructed accessto computing. With over 45 million units sold since
the launch of the original Raspberry Pi computer,
we’ve enabled learners, educators, hobbyists, andentrepreneurs alike to do more with computing.
2021 was a milestone year for Raspberry Pi Ltd: inJanuary, we launched our first microcontroller-classproduct, the $4 Raspberry Pi Pico, built on our firstchip, RP2040.
In June, RP2040 was made available for generalsale in single-unit quantities, ahead of volume
availability that came online just after the year underreview. Commercial customers began developing
their own boards based on our debut silicon.
We launched our PoE+ HAT, the next generation of
our Power over Ethernet (PoE) HAT, in May. It delivers
more power than its predecessor, implementing the802.3at PoE+ standard, and runs cooler.
In October, we released the Raspberry Pi Build HAT,
the result of a partnership with LEGO Education; it
makes it easy to integrate LEGO® Technic™ motors
and sensors with Raspberry Pi computers, andopens up a world of flexible and robust prototyping
to learners and hobbyists alike. Later that month,
we launched Raspberry Pi Zero 2 W, packing more
performance into the popular Zero form factor.
Despite global semiconductor shortages, Raspberry
Pi Ltd’s manufacturing and sales remained robust,
and we sold 7 million computers in 2021, withlifetime sales totalling over 45 million. Raspberry
Pi Ltd is now an important supplier for commercial
customers around the world, and we worked hardin 2021 to support our customers with the inventory
they need to keep their businesses running.
We continually hear from customers that one of theirbiggest reasons for choosing Raspberry Pi is the highlevel of support that is available for our hardware,both from us — for example, via our extensive
documentation and diligently maintained software —and from our large and diverse worldwide communityof users. In July 2021, we celebrated ten years of the
Raspberry Pi blog where that community first began.
And in August, we launched a new generation of ourdocumentation, with a refreshed website that’s easier
to navigate and use. Alongside this, we unveiled our
new Product Information Portal to make it easy forbusiness customers to access the documents theyneed for commercial applications of Raspberry Pi,
such as regulatory paperwork and white papers.

Raspberry Pi Pico

Raspberry Pi RP2040

October brought a new website, raspberrypi.com,
to make it much easier for people interested in
Raspberry Pi computers and microcontrollers to findwhat they need. In the same month, we introduced
our Strategic Partnerships Manager for Africa as partof our work to grow our presence on the continent,
focusing initially on developing partnerships acrossindustry and the education sector.
Our publishing house, Raspberry Pi Press, helps
people explore their computing, gaming, and making
interests with four monthly magazines: The MagPi,
HackSpace, Wireframe, and Custom PC. All four
titles are released as a free downloadable PDF on
the day of issue, so that young people and anyone
else who might find purchasing the magazines
difficult can access all of the content without
payment. Books published by Raspberry Pi Press in
2021 include The Computers That Made Britain anda second edition of Retro Gaming with Raspberry Pi.
Raspberry Pi Zero 2 W

42 | Raspberry Pi Foundation

Annual Review | 43

Donors

44 | Raspberry Pi Foundation

Donors
Our work is made possible by generous financial
and in-kind support from many organisations andindividuals who share our mission. We would like tothank all of our donors, some of which are listed below.

Alan Boswell Group
Charitable Trust
Algorand Foundation

Cisco

Jonathan Drori

Remote.it

Clarion Futures

Lara and Nicholas
Cournoyer

Robert Sansom

Appleyard Lees IP LLP

Cleevely Family
Charitable Trust

Archit ShahDavid Thomas

Liberty Global

Atlassian Foundation
International

DigiTech Search

Livingstone Foundation

Dr Anthony Harris

Lujenna Educational
Trust

The late Mr Gerry Fillery

Meta

Thomas and Pamela
Proctor

Moneysupermarket
Group

Tim and Jax Parsonson

Bain Capital Europe
Children’s fundBarclays
Best Buy Foundation
Bloomfield Charitable
Trust
BNY Mellon
Broadcom Foundation
CanaKitCheckout.com

England Lacrosse
EPAM Systems, Inc.
Evolution Education
Trust
Ezrah Charitable Trust
GoTo
HarbourVest
Humble Bundle
Infosys Foundation USA
Jamie Mann

Supporters providing in-kind services
Adobe, GoTo, GitHub, Google, Microsoft, Mythic
Beasts Ltd, Red Sift, Slack, Zendesk

46 | Raspberry Pi Foundation

Lazar Family

Montpelier Foundation
Ocado Group
OraclePayPalR H Tarpy
Ralf Geschke

Rosemary Francis
Rudolf Mittelmann
S&P Global Foundation
Salesforce

TTTech Group
Twitter
Unity Charitable Fund
Virgin Media
Vodafone UK
Zendesk Foundation

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

Annual Review | 47

Financial
review

48 | Raspberry Pi Foundation

Financial review
The Group is comprised of Raspberry Pi Foundation(the main operating charity through which all
charitable activity in the UK is undertaken), Raspberry
Pi Ltd (a commercial subsidiary), and legal entities inIndia, Ireland, and the United States which carry out
educational activities in those jurisdictions.
The Foundation’s charitable activities are fundedthrough a combination of Gift Aid from the profits
of Raspberry Pi Ltd, contracts for the delivery ofeducational services e.g. professional development
for teachers, and donations from individuals,
foundations and other organisations that support
our mission.
In 2021, the Foundation received income of£10.1m (2020 £7.8m) in income from contracts foreducational services and donations. This included
a grant of $5m (£3.6m) from the Ezrah Charitable
Trust to support the expansion of our charitable
activities in low- and middle-income countries.
Total Consolidated Group (including Raspberry Pi
Limited) income grew by 35% to £112.7m (2020£83.5m).
Expenditure on the Foundation’s charitable activitieswas £11.0m (2020 £8.9m).
Total Consolidated Group expenditure (including
Raspberry Pi Limited) grew by 33% to £101.8m(2020 £76.5m).
Total Reserves (cash and investments) held by theFoundation at the end of 2021 totalled £17.9m, whichis in line with the 2020 year end position.
Total Consolidated Group reserves grew by 145% to£46.7m (2020 £19.0m) following two investmentsthat were made into Raspberry Pi Limited. This
investment diluted Raspberry Pi Foundation’sownership of Raspberry Pi Limited and created asmall non-controlling interest.

50 | Raspberry Pi Foundation

Investments
The Foundation’s investment portfolio is managed
by external investment managers. The Foundation
tolerates a medium to high level of risk. We
anticipate moderate capital volatility associatedwith typical market cycles, but look for active
management and a diversified portfolio to minimise
risk, with not more than 10% of the portfolio placedwith any one counterparty.
Total Funds under investment at the end of 2021 of£11.7m represents a £1.2m gain on the 2020 year
end position, comprising £0.9m of unrealised gainand £0.3m of investment dividends received.
The Foundation’s is committed to high ethicalstandards in its investments and we work closely with
our investment managers to ensure that those highstandards are reflected in the management of theFoundation’s portfolio.

Fundraising
We raise funds in a number of ways, includingfrom corporate donors, trusts and foundations,
one-off and regular donations from the generalpublic, philanthropic donations, individual
fundraisers, and legacies. We do not use third-party
professional fundraising agencies. Where people ororganisations raise funds in aid of the Raspberry Pi
Foundation, we request they follow our standards.
We voluntarily subscribe to the Fundraising
Regulator and its Code of Fundraising Practice.
During 2021, we have been compliant with thesestandards and we are not aware of any instanceswhere those acting in aid of the charity have failed
to comply.
Our fundraising is based on the responsible useof personal data. Whenever we process personal
data we ensure it is fair and that the reasonsfor processing data are brought to the publics’
attention, enabling them to control how their data
is used. We are transparent about how we use
personal data and aim to ensure that our supporters
feel confident in how we are using it. Full details
about how we use data is available in our privacy
statement on our website.

Financial review | 51

Principal risks anduncertainties
The trustees are responsible for the managementof risks within the Raspberry Pi Foundation
Group. We have an established risk management
framework that includes risk appetite statementsthat articulate the Board’s appetite for risk acrossdifferent categories. The Foundation has an
overall risk register, which is regularly reviewed bymanagement and by the Audit, Risk, and Investment
Committee at least twice a year. Subsidiaries andindividual programmes of activity also have theirown risk registers.
The principal risks and uncertainties identified
include:• Safeguarding: The failure to prevent or respondadequately to a safeguarding incident.
• Income: The failure to generate diverse, sustainablesources of income sufficient to fund our medium
term plans.
• Talent: The inability to attract and retain a diverse
and talented team adversely impacts on our ability
to deliver our mission.
• Data protection and network security: The
mismanagement, misuse or loss of data, and/or acompromise to our network results in a loss of data
and/or service.
• Business continuity: The failure to plan for and/or
manage significant business disruptions leads toloss of income, damage to our brand, to our ability
to achieve impact.

52 | Raspberry Pi Foundation• Financial Risk Management, Objectives andPolicies: The charity aims to minimise financial
risk including through the preparation of incoming
resources and cash flow forecasts; regularmonitoring of actual performance against these
forecasts; and ensuring that adequate financing
facilities are in place to meet the requirements ofthe business.
Costs are carefully monitored by management
on a regular basis to ensure they remain within
the constraints of the budget. The organisation
reforecasts its financial position periodically.
The trading subsidiary uses various financial
instruments which include items such as tradedebtors and trade creditors that arise directly fromits operations. The main purpose of these financial
instruments is to provide working capital for the
trading operations.
The primary risks arising from the group’s trading
operations are currency and credit risk. Management
reviews and agrees policies for managing each ofthese risks and they are summarised as:• Currency Risk: The group generates revenue
and sources a significant proportion of its goods
in foreign currency. The company holds bankaccounts in foreign currency to help mitigate thecompany’s foreign exchange risk;• Credit Risk: In order to manage credit risk,
management sets limits for customers basedon payment history. Credit limits are reviewed bymanagement on a regular basis in conjunction withdebt ageing and collection history.

GovernancePublic benefit statement

Our governance processes

The Raspberry Pi Foundation is a registeredcharity whose charitable purposes defined within
the Charities Act 2011 are to advance educationof adults and children, particularly in the field ofcomputers, computer science and related subjects.

Board

The Trustees confirm that they have complied withthe duty in Section 17 of the Charities Act 2011
to have due regard to the Charity Commission’s
general guidance on public benefit, and that the
purpose and aims of Raspberry Pi Foundation are
for the greater public good.
Trustees’ duty to promote the success of the Charity– Section 172 statement
The trustees have a duty to promote the successof Raspberry Pi Foundation and, in doing so, arerequired by section 172(1) of the Companies Act
2006 to have regard to various specific factors,
including:• the likely consequences of decisions in thelong term

Raspberry Pi Foundation is a company limited byguarantee and is a registered charity. It is governedby a Board of Trustees. Trustees are elected and coopted under the terms of the Articles of Association.
The board sets the strategy and approves thebusiness plan. It monitors progress against
objectives and ensures the principal risks anduncertainties facing the charity are identified
and appropriately mitigated having regard to thecharity’s risk appetite. It is responsible for trustee
and executive management succession planning,setting the charity’s culture and upholding thecharity’s values.
Raspberry Pi Foundation’s board is committed
to adopting the principles set out in the Charity
Governance Code. In accordance with goodpractice, the board undertakes a governance review
against the Code on an annual basis.
The board is supported by a number of Committees.

• the interests of employees

Remuneration Committee• the need to foster relationships with stakeholders

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

• the impact of operations on our communities andthe environment• the maintenance of our reputation for the highest
standards of conduct

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

Financial review | 53

Audit, Risk and Investment Committee

Our employment practices

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

Dignity at work

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

Our community and stakeholders
We are part of a global community of young
people, parents, educators, volunteers, makers, andbusinesses that share our mission and bring it tolife through their actions. We make sure that weunderstand our users and communities, and we
proactively seek out user and community feedback
including from:• Young people who engage with our learning
experiences and products.
• Researchers and policymakers who are working on
computing education and related topics.
• Teachers in schools and other educational settings
who are teaching a computer science curriculumor bringing computing and creating with digitaltechnologies into other parts of the curriculum.
• Educators, volunteers, and parents outside theformal education system who are running Code
Clubs and CoderDojos, working in youth andcommunity organisations, and supporting young
people to learn independently.
We also proactively seek feedback from otherstakeholders including the Raspberry Pi Foundation
team, supporters, donors, and suppliers.

54 | Raspberry Pi Foundation

We are committed to ensuring that all of ourworkplaces (in person and online) are safe andinclusive spaces where people from all backgrounds
feel respected and valued, and able to contribute
their best.
We do not tolerate bullying or harassment. In 2021
we refreshed our Anti-Harassment, Bullying &Victimisation Policy. We continue to ensure regularcommunication of our policies and processes sothat our people know how to report dignity at work
issues through our Speaking Up policy.

Equality, diversity and inclusion (EDI)
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, andperspectives; and create an inclusive environmentand culture.
As part of our ongoing commitment to embedding
diversity, equity, and inclusion across all of ouractivities, we established in 2021 a staff-led Diversity,
Equity & Inclusion working group comprisingcolleagues from all parts of the organisation.
The objectives of the working group include:• To review the Foundation’s progress to date inpromoting diversity, equity, and inclusion, bothas an employer and through our programmes
and products.
• To make proposals for what more could be done
to advance diversity, equity, and inclusion as an
employer and as part of our educational mission.
• To develop proposals for ongoing employee
engagement around diversity, equity & inclusion.

Safeguarding

Our commitment to the environment

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

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

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

Gender pay reporting
We undertake gender pay analysis as part of ourannual pay review. Following the 2022 Pay Review
the Foundation had a gender pay gap for employees
in the UK of 4.35% in favour of men (0.57% in favourof women in the 2021 Pay Review). This compares
to a UK benchmark of 15.4% in favour of men.
As the designer and manufacturer of the Raspberry
Pi single board computer, software, accessories andsemiconductors, approximately half of Raspberry
Pi Ltd employees are engineers engaged in thedevelopment of these products. In common withother companies in the sector these engineers
are more highly paid than the average of theworking population and are predominantly male.
As a consequence, the gender pay gap of averagesalaries for Raspberry Pi Ltd is 48% (2020 44%).

We significantly reduced our emissions in 2020 due
to the COVID-19 pandemic, with our offices closed
for much of the year and little business travel.
Emissions have remained low during 2021 withsome small increases in energy usage in offices
and business travel. We expect to see some further
increase in 2022 as operations return to normal,
but to remain below 2019 levels due to reduced
business travel with virtual meetings replacing
many of the journeys previously undertaken.
We continue to work on measures to reduce our useof carbon in line with our commitment to achieving
net zero.
2021(current year)

2020

252,495

205,293

Scope 1 emissions(tCO2e)-456,194

Scope 2 emissions(tCO2e)

46.43

43.65

Scope 3 emissions(tCO2e)

8.32

4.48

Total emissions(tCO2e)

54.75

48.13

Intensity ratio:
tCO2e per FTE

0.28

0.26

Consolidated
Energy consumption(kWh)Financial review | 55

Plans for the future
At the end of 2021, the trustees agreed a new
strategy for the Foundation covering the period2022-25. The strategy builds on the previous version
and establishes the following long term goals:• To enable any school to teach students about
computing and how to create with digitaltechnologies, through providing the best possible
curriculum, resources, and training for teachers.
• To engage millions of young people in learning
about computing and how to create with digitaltechnologies outside of school, through online
resources and apps, clubs, competitions, andpartnerships with youth organisations.
• To deepen our understanding of how young people
learn about computing and how to create withdigital technologies, and to use that knowledge toincrease the impact of our work and advance thefield of computing education.

56 | Raspberry Pi Foundation

Statement of Trustees’
responsibility
The Trustees (who are also directors of Raspberry
Pi Foundation for the purposes of company law)
are responsible for preparing the Trustees’ Report
and the financial statements in accordance withapplicable law and regulations.
Company law requires the Trustees to prepare
financial statements for each financial year. Under
that law the Trustees have elected to prepare thefinancial statements in accordance with United
Kingdom Generally Accepted Accounting Practice(United Kingdom Accounting Standards andapplicable law, including ‘FRS 102 The Financial
Reporting Standard applicable in the UK and theRepublic of Ireland’). Under company law theTrustees must not approve the financial statements
unless they are satisfied that they give a true and fairview of the state of affairs of the charitable company
and the group and of the incoming resources andapplication of resources, including the income andexpenditure, of the charitable group for that period.
In preparing these financial 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 thatare reasonable and prudent;

enable them to ensure that the financial statementscomply with the Companies Act 2006. They arealso responsible for safeguarding the assets of thecharitable company and hence for taking reasonable
steps for the prevention and detection of fraud andother irregularities. The Trustees confirm that:• so far as each Trustee is aware, there is no
relevant audit information of which the charitablecompany’s auditor is unaware; and• the Trustees have taken all the steps that theyought to have taken as Trustees in order to makethemselves aware of any relevant audit informationand to establish that the charitable company’s
auditor is aware of that information.
The Trustees are responsible for the maintenanceand integrity of the corporate and financial
information included on the charitable company’s
website. Legislation in the United Kingdom
governing the preparation and dissemination offinancial statements may differ from legislation inother jurisdictions.
The auditors, Grant Thornton UK LLP, will be
proposed for reappointment in accordance withsection 485 of the Companies Act 2006.
This Trustees report, incorporating the strategic
report, was approved by the Trustees on 23 June
2022 and signed on their behalf by:• prepare the financial statements on the going
concern basis unless it is inappropriate to presume
that the charitable group will continue in operation.
The Trustees are responsible for keeping adequate
accounting records that are sufficient to show andexplain the charitable company’s transactions anddisclose with reasonable accuracy at any time thefinancial position of the charitable company and

Dr J W Lazar
TrusteeFinancial review | 57

Independent auditor’s report to the Members
and Trustees of the Raspberry Pi Foundation
OpinionWe have audited the financial statements ofRaspberry Pi Foundation (the ‘charitable company’)and its subsidiaries (the ‘group’) for the year
ended 31 December 2021, which comprise theConsolidated Statement of Financial Activities, theConsolidated Statement of Other Comprehensive
Income, the Company Statement of Financial
Activities, the Consolidated Balance Sheet, theCompany Balance Sheet, the Consolidated
Statement of Cash Flows and notes to the financial
statements, including a summary of significant
accounting policies. The financial reporting
framework that has been applied in their preparation
is applicable law and United Kingdom AccountingStandards 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 2021 and of the group’s and the parent
charitable company’s 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; and• have been prepared in accordance with therequirements of the Companies Act 2006 andCharities Act 2011.

Basis for opinion
We have been appointed as auditor under theCompanies Act 2006 and section 151 of theCharities Act 2011 and report in accordance withregulations made under those Acts. We conducted
our audit in accordance with International Standards
on Auditing (UK) (ISAs (UK)) and applicable law. Our

58 | Raspberry Pi Foundation

responsibilities under those standards are further
described in the ‘Auditor’s responsibilities for theaudit of the financial statements section’ of ourreport. We are independent of the group and parent
charitable company in accordance with the ethicalrequirements that are relevant to our audit of thefinancial statements in the UK, including the FRC’s
Ethical Standard, and we have fulfilled our otherethical responsibilities in accordance with theserequirements. We believe that the audit evidence
we have obtained is sufficient and appropriate toprovide a basis for our opinion.

Conclusions relating to going concern
We are responsible for concluding on theappropriateness of the trustees’ use of the going
concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty
exists related to events or conditions that may castsignificant doubt on the group’s and the parent
charitable company’s ability to continue as a going
concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our reportto the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify theauditor’s opinion. Our conclusions are based on theaudit evidence obtained up to the date of our report.
However, future events or conditions may cause
the group or parent charitable company to cease tocontinue as a going concern.
In our evaluation of the trustees’ conclusions, weconsidered the inherent risks associated with thegroup’s and parent charitable company’s businessmodel including effects arising from macroeconomic uncertainties such as Brexit and Covid-19,
we assessed and challenged the reasonablenessof estimates made by the trustees and the related
disclosures and analysed how those risks might
affect the group’s and parent charitable company’s
financial resources or ability to continue operations
over the going concern period.

Based on the work we have performed, we havenot identified any material uncertainties relating toevents or conditions that, individually or collectively,
may cast significant doubt on the group’s andparent charitable company’s ability to continue as agoing concern for a period of at least twelve months
from when the financial statements are authorisedfor issue.
In auditing the financial statements, we haveconcluded that the trustees’ use of the going
concern basis of accounting in the preparation of
the financial statements is appropriate.
The responsibilities of the trustees with respect togoing concern are described in the ‘Responsibilitiesof trustees for the financial statements’ section ofthis report.

Other information
The trustees are responsible for the otherinformation. The other information comprises theinformation included in the Annual Report andAccounts, other than the financial statements
and our auditor’s report thereon. Our opinion on
the financial statements does not cover the otherinformation 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 otherinformation 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 bematerially misstated. If we identify such materialinconsistencies or apparent material misstatements,
we are required to determine whether there is amaterial misstatement in the financial statements ora material misstatement of the other information. If,
based on the work we have performed, we conclude
that there is a material misstatement of this otherinformation, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribedby the Companies Act 2006
In our opinion, based on the work undertaken in thecourse of the audit:• the information given in the strategic report andthe directors’ report, prepared for the purposesof company law, included in the Annual Reportand Accounts for the financial year for which thefinancial statements are prepared is consistent
with the financial statements.
• the strategic report and the directors’ report
included in the Annual Report and Accounts havebeen prepared in accordance with applicable legal
requirements.

Matter on which we are required to reportunder 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, wehave not identified material misstatements in thestrategic report or the directors’ report included in
the Annual Report and Accounts.

Matters on which we are required to reportby 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; or• the parent charitable company’s financial
statements are not in agreement with theaccounting records and returns; orFinancial review | 59• certain disclosures of trustees’ remuneration
specified by law are not made; or

influence the economic decisions of users taken on
the basis of these financial statements.

• we have not received all the information andexplanations we require for our audit

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

Responsibilities of trustees for thefinancial statements
As explained more fully in the Trustees’
Responsibilities Statement, the trustees (who arealso the directors of the charitable company forthe purposes of company law) are responsible forthe preparation of the financial statements andfor being satisfied that they give a true and fairview, and for such internal control as the trustees
determine is necessary to enable the preparationof 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 theparent charitable company’s ability to continue asa going concern, disclosing, as applicable, mattersrelated to going concern and using the going
concern basis of accounting unless the trustees
either intend to liquidate the group or parent
charitable company or to cease operations, or
have no realistic alternative but to do so.

Auditor’s responsibilities for the auditof the financial statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole
are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will always
detect a material misstatement when it exists.
Misstatements can arise from fraud or error andare considered material if, individually or in theaggregate, they could reasonably be expected to

60 | Raspberry Pi Foundation

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 procedures in 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 anunavoidable risk that material misstatements inthe financial statements may not be detected, eventhough the audit is properly planned and performedin accordance with the ISAs (UK).
The extent to which our procedures are capableof detecting irregularities, including fraud isdetailed below:• We obtained an understanding of the legal andregulatory framework applicable to the group andthe parent company charity. We determined thatthe following laws and regulations were mostsignificant: 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 groupand the parent company charity complies withthose legal and regulatory frameworks by making
inquiries with management and those responsible
for legal and compliance procedures, and we havecorroborated 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 andregulations and whether they had any knowledgeof 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 governancehave not noted any instances of non-compliancewith laws and regulations or fraud.
• We assessed the susceptibility of the group andparent charitable company’s financial statements
to material misstatement, including how fraud
might occur. Audit procedures performed by theengagement team included:⁃ identifying and assessing the design
effectiveness of controls management has
in place to prevent and detect fraud and theadequacy of procedures for authorisation oftransactions and internal review procedures;⁃ challenging assumptions and judgements madeby management in its significant accounting
estimates; andthe further removed non-compliance with laws
and regulations is from events and transactions
reflected in the financial statements, the less likely
we would become aware of it.
• It is the engagement partner’s assessmentthat the engagement team collectively had theappropriate competence and capabilities to
identify or recognise non-compliance with laws
and regulations.

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

⁃ identifying and testing large and unusual
journal entries.
• We completed audit procedures to conclude on
the compliance of disclosures in the financial
statements with applicable financial reporting
requirements.
• These audit procedures were designed toprovide reasonable assurance that the financial
statements were free from fraud or error. The
risk of not detecting a material misstatement
due to fraud is higher than the risk of not one
resulting from error and detecting irregularities
that result from fraud is inherently more difficult
than detecting those that result from error, as fraud
may involve collusion, deliberate concealment,
forgery or intentional misrepresentations. Also,

Andrew Hodgekins
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Cambridge
Date: 28/7/22
Grant Thornton UK LLP is eligible to act as anauditor in terms of section 1212 of the Companies
Act 2006

Financial review | 61

Financial statements
Raspberry Pi Foundation (A company limited by guarantee)
Registered number: 06758215
Consolidated statement of financial activities(Incorporating consolidated income & expenditure account) For the year ended 31 December 2021
Note

Unrestrictedfunds 2021£

Restrictedfunds 2021£

Total funds
2021£

Total funds 2020
(restated)£

Donations and grants

2

830,592

5,765,057

6,595,649

1,634,873

Other trading activities

3

101,307,210-

101,307,210

77,590,521

Investments

4279,837-

279,837

403,176

Other income

54,247,601

232,970

4,480,571

3,916,130

106,665,240

5,998,027

112,663,267

83,544,700

90,554,191

26,737

90,580,928

66,967,485(17,837)-(17,837)

6,780

9,151,704

2,109,077

11,260,781

9,488,493

TOTAL EXPENDITURE

99,688,058

2,135,814

101,823,872

76,462,758

NET INCOME BEFOREINVESTMENT GAINS AND LOSSES

6,977,182

3,862,213

10,839,395

7,081,942

894,195-

894,195

175,729

7,871,377

3,862,213

11,733,590

7,257,671

1,430,145-

1,430,145

24,456

6,441,232

3,862,213

10,303,445

7,233,215

Raspberry Pi Foundation

6,265,564

3,862,213

10,127,777

7,233,215

Non-controlling interest

175,668-

175,668-

INCOME FROM:TOTAL INCOME
EXPENDITURE ON:
Raising funds:
Trading Expenditure

6

Investment management
Charitable activities

Net gains on investments

7

16

NET MOVEMENT IN FUNDSBEFORE TAXTaxation charge
NET MOVEMENT IN FUNDSAFTER TAX14FUNDS ATTRIBUTABLE TO:

All activities relate to continuing operations.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 68 to 98 form part of these financial statements.
62 | Raspberry Pi Foundation

Consolidated statement of other comprehensive income
For the year ended 31 December 2021
Unrestrictedfunds 2021£

Restricted funds
2021£

Total funds
2021£

Total funds 2020
(restated)£

NET MOVEMENT IN FUNDS

6,441,232

3,862,213

10,303,445

7,233,215

Exchange difference ontranslating foreign operations

445,358-

445,358(791,213)

TOTAL COMPREHENSIVE
MOVEMENT IN FUNDS FOR
THE FINANCIAL YEAR

6,886,590

3,862,213

10,748,803

6,442,002

Share based payments

873,858-

873,858

375,267

Issue of growth shares in
trading subsidiary

33,262,120-

33,262,120

12,858

Total funds at 1 January 2021

35,467,042

396,101

35,863,143

29,033,014

TOTAL FUNDS AT 31
DECEMBER 2021

76,489,610

4,258,314

80,747,924

35,863,141

All activities relate to continuing operations.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 68 to 98 form part of these financial statements.

Financial review | 63

Company statement of financial activities
For the year ended 31 December 2021
Unrestrictedfunds 2021£

Restrictedfunds 2021£

Total Funds
2021£

Total Funds
2020£

Donations and grants

584,176

5,400,588

5,984,764

4,217,103

Investments

279,837-

279,837

403,176

Other income

4,122,376

12,0194,134,395

3,623,805

TOTAL INCOME

4,986,389

5,412,607

10,398,996

8,244,084

Investment management(17,837)-(17,837)

6,780

Charitable activities

9,305,990

1,699,991

11,005,981

8,863,136

TOTAL EXPENDITURE

9,288,153

1,699,991

10,988,144

8,869,916

NET INCOME BEFORE INVESTMENT GAINSAND LOSSES(4,301,764)

3,712,616(589,148)(625,832)

894,195-

894,195

175,729

NET MOVEMENT IN FUNDS(3,407,569)

3,712,616

305,047(450,103)

Total funds at 1 January 2021

16,888,672

363,729

17,252,401

17,702,503

TOTAL FUNDS AT 31 DECEMBER 2021

13,481,103

4,076,345

17,557,448

17,252,400

INCOME FROM:

EXPENDITURE ON:
Raising funds:

Net gains on investments

All activities relate to continuing operations.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 68 to 98 form part of these financial statements.

64 | Raspberry Pi Foundation

Consolidated balance sheet
As at 31 December 2021
Note

£

2021
£

£

2020
(restated)£

FIXED ASSETS
Intangible assets

15

4,591,816

4,633,237

Tangible assets

16

2,981,133

2,037,662

Investments

17

11,689,163

10,519,881

19,262,112

17,190,780

CURRENT ASSETSStocks19

30,062,539

13,843,342

Debtors

20

15,906,453

10,814,565

Cash at bank and in hand

25

35,038,672

8,497,678

81,007,664

33,155,585(18,470,451)(14,597,377)(1,051,401)

114,153

LIABILITIESAmounts falling due within one year

21

Deferred tax (liability)/asset
NET CURRENT ASSETS

61,485,812

18,672,361

NET ASSETS

80,747,924

35,863,141

CHARITY FUNDS
Restricted funds

22

4,258,314

396,101

Unrestricted funds

22

71,093,302

35,467,040

Non-controlling interest

22

5,396,308-

84,747,924

35,863,141

TOTAL FUNDS

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

Dr J W Lazar
TrusteeProf. J I Drori
TrusteeDate: 28/7/22
The notes on pages 68 to 98 form part of these financial statements.
Financial review | 65

Company balance sheet
As at 31 December 2021
Note

£

2021
£

£

2020
£

FIXED ASSETS
Tangible assets

16

339,181442,736

Investments

17

11,738,630

10,519,882

12,077,811

10,962,618

CURRENT ASSETS
Debtors

20

Cash at bank and in hand

CREDITORS: amounts falling due
within one year

21593,666

371,242

6,211,489

7,358,841

6,805,155

7,730,083(1,325,518)(1,440,301)

NET CURRENT ASSETS

5,479,637

6,289,782

NET ASSETS

17,557,448

17,252,400

CHARITY FUNDS
Restricted funds

22

4,076,345

363,729

Unrestricted funds

22

13,481,103

16,888,671

17,557,448

17,252,400

TOTAL FUNDS

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

Dr J W Lazar
TrusteeProf. J I Drori
TrusteeDate: 28/7/22
The notes on pages 68 to 98 form part of these financial statements.

66 | Raspberry Pi Foundation

Consolidated statement of cash flows
For the year ended 31 December 2021
Note

2021
£

2020 (restated)£

24(4,938,792)

3,996

297,195

392,430(2,101,637)(1,432,338)

22,1086,500,017-(4,949,017)(1,782,334)

511,092

Proceeds for issue of growth shares in trading
subsidiary

33,262,120

12,858Change in cash and cash equivalents in the year

26,540,994

527,946

Cash and cash equivalents brought forward

8,497,678

7,969,732

35,038,672

8,497,678

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 of investments
Acquisition of goodwill and intellectual property
Net cash used in investing activities
Cash flows from financing activities:

Cash and cash equivalents carried forward

25

The notes on pages 68 to 98 form part of these financial statements.

Financial review | 67

Notes to the financial statements forthe year ended 31 December 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared inaccordance with Accounting and Reporting by
Charities: Statement of Recommended Practiceapplicable 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 (FRS102) and the Companies Act 2006.
Raspberry Pi Foundation meets the definition ofa public benefit entity under FRS 102. Assets andliabilities are initially recognised at historical costor 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 a line
by line basis.
The financial statements are presented in Sterling (£).
The individual accounts of Raspberry Pi Foundation
have adopted the following disclosure exemption
under FRS 102:
- 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 theyear end, the directors exercise judgement regarding
the amount of income to be recognised based

68 | Raspberry Pi Foundation

upon the progress of the project and any service
conditions that are required to be satisfied.
An amount of £78,887 has been recognised inrelation to donated rent, cloud services and legal
services provided to Hello World Foundation.
During 2020, a Long Term Incentive Plan for theemployees of the trading subsidiary, Raspberry
Pi (Trading) Limited was approved and 13,077 B
ordinary shares were issued and a further 3,512 B
ordinary shares issued in 2021. Under the termsof the plan, the B ordinary shares will share in
the proceeds payable in respect of an exit of thecompany above a minimum hurdle. The hurdle
set is in excess of the net assets of the company.
This hurdle was not achieved in 2020, so nonon controlling interest has been recognised on
consolidation for this matter in 2020.
1.3 Charity combinations
Assets and liabilities transferred into the controlof 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.
1.4 Basis of consolidation
The financial statements consolidate the accountsof Raspberry Pi Foundation and all of its trading
subsidiary undertakings (‘subsidiaries’) andcharitable entities of which Raspberry Pi Foundationis the member.
1.5 Company status
The company is a company limited by guarantee. The
Trustees of the company, who are also members, arenamed on page 99. There are currently 8 Trustees (10in 2020). In the event of the company being wound
up, the liability in respect of the guarantee is limited
to £1 per member of the company.

1.6 Fund accounting
General funds are unrestricted funds which areavailable 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 inaccordance 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 whereappropriate. The aim and use of each restricted fundis set out in the notes to the financial statements.

In previous financial statements, the sale of allcomponents to the manufacturer was presented
under “Other Operating Income” in error. The
financial statements have therefore been restatedto reflect the impact of this error for both thosecomponents used in single board computers which
are manufactured for and repurchased by Raspberry
Pi Limited and for those components used in single
board computers which are manufactured for the
licensee partners.

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

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

1.7 Income

1.8 Expenditure

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.

Expenditure is recognised once there is a legal orconstructive obligation to make payment to a third
party, it is probable that settlement will be required andthe amount of the obligation 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.

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

Product revenue is recognised when the trading
subsidiary has transferred to the customer thesignificant risks and rewards of ownership, whichis 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 fromUK distributors. The distributors sell the trading
subsidiary’s products to all major worldwide markets.
Raspberry Pi Limited purchases certain components
and sells them to the contract manufacturer to be
used in the manufacture of single board computers.

Support costs are those costs incurred directlyin support of expenditure on the objects of thecompany and include project management carriedout at Headquarters. Governance costs are thoseincurred in connection with administration of thecompany and compliance with constitutional andstatutory requirements.
The charity considers that it has a single activity
being the provision of educational programmes in
the field of computers and computer science and all
support costs arise in relation to this activity and are
not further analysed.

Financial review | 69

1.9 Going concern

1.11 Tangible fixed assets and depreciation

Raspberry Pi Foundation meets its day-to-day
working capital requirements through the cash it
holds. The company undertakes a regular process ofreviewing forecasts and projections to ensure that it
has adequate resources for its continued operationand can draw upon its significant investment
portfolio to support its planned activities.

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

Management have reviewed the impact to dateof COVID-19 on the operations of the Company
and having considered a number of scenariosand mitigating actions in relation to the potential
impact of the virus, the Directors have a reasonable
expectation that the Company has adequate
resources to continue in operational existence forat least 12 months. For this reason, the Company
continues to adopt the going concern basis inpreparing its financial statements.
Raspberry Pi Limited has faced the dual challengesof the COVID-19 pandemic and the global
semiconductor and other component shortages
in 2021. Management of Raspberry Pi Limited
continues to take appropriate action to monitor,
identify, address and mitigate any major uncertainties
facing the business. In September 2021, theCompany secured $45 million of external investment
and on this basis, the directors have formed the viewthat Raspberry Pi Limited will generate sufficient
cash to meet its ongoing liabilities as they fall due
for at least 12 months from the date on which thefinancial statements are signed.
1.10 Intangible assets and amortisation
Intangible assets are measured at cost lessaccumulated amortisation and any accumulated
impairment losses.
Amortisation is charged so as to allocate thecost of intangibles less their residual values overtheir estimated useful lives, using the straight-line
method. The estimated useful life and amortisation
rate used 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.

70 | Raspberry Pi Foundation

Leasehold Property

Straight line over life oflease

Plant and machinery

3 years straight line

Furniture and fittings

3 years straight line

Office and computerequipment

3 years straight line

1.12 Investments
Investments are a form of financial instrument andare initially recognised at their transaction value
and subsequently measured at their fair value asat the balance sheet date using the closing quoted
market price. The Statement of Financial Activities
includes the unrealised and realised net gains
and losses arising on revaluation and disposals
throughout the year.
Subsidiary undertakings
Investments in subsidiaries are valued at cost lessprovision for impairment.
1.13 Stocks
Stocks are valued at the lower of cost and net
realisable value after making due allowance forobsolete and slow-moving stocks.
1.14 Interest receivable
Interest on funds held on deposit is included when
receivable and the amount can be measured reliably
by the company; this is normally upon notification of
the interest paid or payable by the Bank.

1.15 Taxation

1.17 Cash at bank and in hand

The company is considered to pass the tests set out
in Paragraph 1 Schedule 6 of the Finance Act 2010
and therefore it meets the definition of a charitablecompany 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.

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

The trading subsidiary may be subject to bothcurrent 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.

1.18 Creditors and provisions
Creditors and provisions are recognised where thecompany has a present obligation resulting from apast 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 estimatedreliably. Creditors and provisions are normallyrecognised at their settlement amount after
allowing for any trade discounts due.
1.19 Operating leases
Rentals payable under operating leases are charged
to the profit or loss on a straight-line basis over thelease term.

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

The aggregate benefit of lease incentives isrecognised as a reduction to the expense recognisedover the lease term on a straight line basis.

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

1.20 Financial instruments

Deferred tax is calculated using the tax rates andlaws that that have been enacted or substantively
enacted by the reporting date that are expected toapply to the reversal of the timing difference.
Deferred tax liabilities are presented withinprovisions for liabilities and deferred tax assets
within debtors.

Financial assets measured at amortised cost
comprise investments, cash, trade debtors andother debtors. Financial liabilities measured atamortised cost comprise trade creditors, othercreditors, and accruals.
1.21 Pensions
The company operates a defined contribution
pension scheme and the pension charge represents
the amounts payable by the company to the fund inrespect of the year.

1.16 Debtors
Trade and other debtors are recognised at thesettlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid forgoods or services not yet delivered net of any trade
discounts due.

Financial review | 71

2. Group income from donations and grants
Unrestrictedfunds 2021£

Restrictedfunds 2021£

Total funds
2021£

Total funds
2020£

Other donations

699,974

512,256

1,212,230

302,343

Donated services – D-I-K

90,910-90,91078,887

Grants39,7085,252,801

5,292,509

1,253,643

Total donations and grants

830,592

5,765,057

6,595,649

1,634,873

In 2020, of the total income from donations and grants, £415,748 was unrestricted and £1,219,125 was restricted.
Of the £6,595,649 total grants and donations, Raspberry Pi Foundation, the Company, received £5,984,765 (2020:£1,217,103).

3. Trading income

Raspberry Pi Limited

Unrestrictedfunds 2021£

Restrictedfunds 2021£

Total funds
2021£

Total funds 2020
(restated)£

101,307,210-

101,307,210

77,590,521

101,307,210-

101,307,210

77,590,521

In 2020, all trading income was unrestricted.

4. Investment income
Unrestrictedfunds 2021£

Restrictedfunds 2021£

Total funds
2021£

Total funds
2020£

279,292-

279,292

399,148

546

-

546

4,028

279,837-

279,837

403,176

Investment income ‑ investments
Interest receivable

In 2020, all investment income was unrestricted.

72 | Raspberry Pi Foundation

5. Other income
Unrestrictedfunds 2021£

Restricted funds
2021£

Total funds
2021£

Total funds
2020 (restated)£-

26,737

26,737

21,0384,247,601

206,233

4,453,834

3,895,093

4,247,601

232,970

4,480,571

3,916,131

Other operating income of Raspberry
Pi Limited
Other incoming resources

In 2020 £3,703,832 of other income was unrestricted and £212,299 was restricted.

6. Trading expenditure
Unrestrictedfunds 2021£

Restrictedfunds 2021£

Total funds
2021£

Total funds 2020
(restated)£

Direct trading costs of Raspberry Pi Limited

71,624,865-

71,624,865

54,129,834

Administration costs of Raspberry Pi Limited

6,621,813-

6,621,813

4,846,106

Staff costs of Raspberry Pi Limited

9,790,800

26,737

9,817,537

7,183,333

Depreciation and amortisation of
Raspberry Pi Limited

1,116,547-

1,116,547

808,213

Other exceptional costs of Raspberry Pi
Limited

1,400,166-

1,400,166-

90,554,191

26,737

90,580,928

66,967,486

In 2020 £66,946,448 of trading expenditure was unrestricted and £21,038 was restricted. The exceptional costs
noted in 2021 relate to transaction and IFRS conversion costs.

7. Charitable activities expenditure
Unrestrictedfunds 2021£

Restricted funds
2021£

Total funds
2021£

Total funds
2020£

Direct charitable costs (note 8)

611,548

1,436,287

2,047,835

1,486,402

Charitable support costs (note 9)8,540,156

672,790

9,212,946

8,002,091

Total

9,151,704

2,109,077

11,260,781

9,488,493

In 2020 expenditure on charitable activities was £9,488,493 of which £8,086,313 was unrestricted and £1,402,180
was restricted.

Financial review | 73

8. Direct charitable costs
Charitable
Activities
£

Total
2021
£

Total
2020
£

200,000

200,000

5,864

Wages and salaries

1,612,970

1,612,970

1,238,945

National insurance

117,462

117,462

121,291

Pension cost

117,403

117,403

120,3022,047,835

2,047,835

1,486,402

Donations

Direct costs total £2,047,835 (2020 – £1,486,402) of which £826,160 (2020 – £460,266) was unrestricted and£1,221,675 (2020 – £1,026,136) was restricted.

9. Charitable support costs
Governance£Primary purpose£

Total 2021£

Total 2020£

Legal and professional fees-

43,35543,35565,443

Rent and rates-

374,574

374,574

456,194

Utilities-

42,97942,97935,650Hotels

-

7,600

7,600

15,135

Travel and subsistence-

24,09724,09751,852Other premises expenses-

19,277

19,27731,994

Catering

-

1,069

1,069

6,230

Event related costs-

24,03424,034

221,620

Printing costs-

23,99623,996

5,686

Raspberry Pi hardware-

218,604

218,604

12,715

Irrecoverable VAT-

250,769

250,769

94,331

112,375-

112,375

79,407

Consultancy fees-

457,854457,854

41,400IT costs-

317,316

317,316

281,515

Marketing-200,563

200,563

131,367

Postage and shipping-

49,25549,255

5,942

Audit and accountancy fees

74 | Raspberry Pi Foundation

9. Charitable support costs (continued)
Governance£Primary purpose£

Total 2021£

Total 2020£

IT and telecommunications

-

5,552

5,552

8,268

Office supplies

-

3,653

3,653

1,788

Foreign exchange gain/(loss)-(164,712)(164,712)

34,359Insurance-

28,50928,50922,195

Subscriptions-

13,085

13,0859,549

Repairs and maintenance-

33,96533,96521,320Recruitment fees-

39,83539,83568,434Contractor fees and associated costs-

1,761,181

1,761,181

1,290,207

Entertainment-

29,84329,843

5,562

Bank charges

-

3,739

3,739

3,328

Temporary staff-

28,96428,964-

Staff welfare and benefits-

183,176

183,176

153,542

Wages and salaries-

4,144,019

4,144,019

3,870,448

National insurance-

414,544414,544

350,671

Pension cost-

334,846

334,846

292,087

Depreciation-

178,501

178,501

204,095

Members’ Management costs

-

4,518

4,518

4,247

Trustee expenses

-

5,840

5,840

997

Pilot Partnership with Scouts

-

-

-

45,000Holiday pay provision-(3,829)(3,829)79,513112,375

9,100,571

9,212,946

8,002,091

Support costs total £9,212,946 (2020 - £8,002,091) of which £8,531,777 (2020 - £7,626,047) was unrestrictedand £681,169 (2020 - £376,044) was restricted.

Financial review | 75

10. Charitable governance costs
Unrestrictedfunds 2021£

Restrictedfunds 2021£

Total funds
2021£

Total funds
2020£

112,375-

112,375

79,407

Audit and accountancy fees

11. Net incoming resources/(resources expended)
This is stated after charging:

2021£

2020 (restated)£

1,198,366

891,918‑ owned by the charitable group

96,682

120,389

Operating lease expenditure - property

585,306

732,995

Depreciation of tangible fixed assets:‑ owned by the charitable group
Amortisation of intangible fixed assets:

During the year, no Trustees received any remuneration (2020 - £Nil).
During the year, no Trustees received any benefits in kind (2020 - £Nil).
During the year, two Trustees received £599 reimbursement of expenses (2020 - £397).

12. Auditors’ remuneration
2021£

2020 (restated)£

43,50028,000165,01068,080

Taxation compliance services

-

7,009

Other taxation advisory services

-

5,965

211,963-

Fees payable to the company’s auditor for the audit of
the company’s annual accounts
Fees payable to the company’s auditor in respect of:
The auditing of accounts of subsidiaries of thecompany

Other services as reporting accountant on financial orother information76 | Raspberry Pi Foundation

13. Staff costs
Staff costs were as follows:
2021£

2020 (restated)£

Wages and salaries

13,407,132

10,871,495

Social security costs

1,411,816

1,132,291

Other pension costs

932,821785,453

Share based payments

873,858

399,299

16,625,627

13,188,538

The average monthly number of employees was 226 (2020 - 203) and the average number of employees
on a headcount basis for the year was as follows (including part time staff):
2021 No.

2020 No.

Company

120

111

Subsidiaries

106

92

226

203

Financial review | 77

13. Staff costs (continued)
The number of higher paid employees was (including subsidiaries) 55 in 2021 (2020 – 47), of which 45 areemployees of subsidiaries (2020 – 38):2021 No.

2020 No.

In the band £60,001 ‑ £70,000

7

8

In the band £70,001 - £80,000

4

4In the band £80,001 ‑ £90,000

8

5In the band £90,001 - £100,000

3

3

In the band £100,001 ‑ £110,000

2

5In the band £110,001 ‑ £120,000

6

6

In the band £120,001 - £130,000

7

1

In the band £130,001 - £140,000

1

1

In the band £140,001 - £150,000

00In the band £150,001 - £160,000

10

10In the band £160,001 - £170,000

1

0In the band £170,001 - £180,000

1

0In the band £180,001 - £190,000

00In the band £190,001 - £200,000

03

In the band £240,001 - £250,000

2

0In the band £250,001 - £260,000

1

0In the band £300,001 - £310,000

1

1

In the band £420,001 - £430,000

1

0

55

47

Total company pension contributions for the higher paid employees in 2021 were £464,220 (2020 – £348,184).
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 of these
individuals is £2,072,722 (2020 – £583,092).

78 | Raspberry Pi Foundation

14. Taxation
2021£

2020 (restated)£

286,814-

286,814-

Current year charge

896,105

41,623

Effect of changes in tax rates

247,226(17,167)

Taxation charge for the year

1,430,145

24,456

Current tax:
Corporation tax

Deferred tax:

The charge for the year can be reconciled to the profit per the Statement of Financial Activities as follows:
2021£

2020 (restated)£

Profit before taxation

11,486,548

10,661,614

Corporation tax at 19% in respect of all periods

2,182,444

2,025,707

1,405,869

76,216-

9,637(2,232,203)(2,069,937)

Tax rate changes

247,226(17,167)

Effect of group relief/other reliefs(177,125)

-

3,934

-

1,430,145

24,456

Effect of:
Expenses not deductible for tax purposes
Depreciation on ineligible assets
Deduction for Research and Development

Tax in relation to overseas subsidiary
Taxation charge for the year

In 2021 the expenses not deductible for tax purposes are made up of other exceptional costs, share based
payment charges, and intangible asset amortisation.

Financial review | 79

14. Taxation (continued)
2021£

2020 (restated)£(286,814)

-

2021
£

2020 (restated)£

114,153

137,138

Deferred tax charge(1,143,331)(24,456)

Foreign exchange(22,223)

1,472(1,051,401)

114,1532021£

2020 (restated)£

Provided

Provided

22,455

119,215(1,119,196)(858,726)

45,34036,062

Trading losses-

849,307

Other-(31,705)(1,051,401)

114,1532021£

2020 (restated)£

Recognised

Recognised

67,795

1,004,585

Provided

Provided(1,119,196)(890,432)

Current Liabilities
Corporation tax
Deferred tax disclosure:

Provision at the start of the year

Fixed asset timing differences
Intangible asset timing differences
Temporary timing differences - trading

Deferred tax assets

Deferred tax liabilities

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

80 | Raspberry Pi Foundation

15. Intangible fixed assets
Intellectual Property£

Goodwill
£

Total
£

4,537,537

289,412

4,826,949

56,076

3,577

59,653

4,593,613

292,989

4,886,602-

193,712

193,712Charge for the year

51,85044,832

96,682Foreign exchange

1,071

3,321

4,392

At 31 December 2021

52,921

241,865294,786

At 31 December 2021

4,540,692

51,124

4,591,816

At 31 December 2020 (restated)

4,537,537

95,7004,633,237

GROUP
Cost
At 1 January 2021 (restated)
Foreign exchange
At 31 December 2021
Amortisation
At 1 January 2021 (restated)

Net book value

There were no acquisitions in the year and consequently, no goodwill generated.
Intellectual property has a useful economic life of 3 years.
Amortisation of intangible fixed assets is included in trading expenditure.

Financial review | 81

16. Tangible fixed assets
Leasehold
Property£

Plant andmachinery£

Furniture andfittings£

Office andcomputerequipment
£

Total
£

675,194

2,330,095

481,370997,041

4,483,700-

1,842,971

7,942

250,724

2,101,637

3,869

66,893-

10,09380,855

679,063

4,239,959

489,312

1,257,858

6,666,192

At 1 January 2021 (restated)

152,966

1,169,245

391,093732,734

2,446,038

Charge for the year

76,323

844,489

81,827

195,727

1,198,366

Foreign exchange

1,749

31,907-

6,999

40,655231,038

2,045,641

472,920

935,460

3,685,059

At 31 December 2021

448,025

2,194,318

16,392

322,3982,981,133

At 31 December 2020 (restated)522,228

1,160,850

90,277

264,3072,037,662

Leasehold
Property£

Fixtures andfittings£

Office and computerequipment
£

Total
£

362,167

481,370

294,730

1,138,267

-

7,942

60,224

68,166362,167

489,312354,954

1,206,433

At 1 January 2021

78,560391,093

225,878695,531

Charge for the year

36,217

81,82653,678

171,721

At 31 December 2021

114,777

472,919

279,556

867,252

At 31 December 2021

247,390

16,39375,398339,181

At 31 December 2020

283,607

90,277

68,852442,736

GROUP
Cost
At 1 January 2021 (restated)
Additions
Foreign exchange
At 31 December 2021
Depreciation

At 31 December 2021
Net book value

COMPANY
Cost
At 1 January 2021
Additions
At 31 December 2021
Depreciation

Net book value

82 | Raspberry Pi Foundation

17. Fixed asset investments
Investment portfolio£
GROUP
Market value
At 1 January 2021

10,519,882

Additions3,200,000

Disposals(3,222,108)

Dividends reinvested net of fees

297,129

Interest

65

Revaluations

894,195

At 31 December 2021

11,689,163

GROUP INVESTMENTS AT MARKET VALUE COMPRISE:

2021
£

2020
£

11,689,163

10,519,881

Investment portfolio£

Shares in group
undertakings
£

Total
£

At 1 January 2021

10,519,882

1

10,519,883

Additions3,200,000

49,466

3,249,466

Disposals(3,222,108)-(3,222,108)

297,129-

297,12965-

65

894,195-

894,195

11,689,163

49,467

11,738,630

Investments

COMPANY
Market value

Dividends received net of fees
Interest received
Revaluations
At 31 December 2021

Financial review | 83

18. Investment in subsidiary companies
The Raspberry Pi Foundation is a UK company limited by guarantee and a charity registered in Englandand Wales. The Raspberry Pi Foundation Group includes the following subsidiaries:• Hello World Foundation, a company limited by guarantee, incorporated in Ireland and granted charitablestatus by the Irish Revenue Commissioners;• Raspberry Pi Foundation North America Inc, a 501(c)(3) US-based non-profit organisation;• Raspberry Pi Educational Services Private Limited, a company incorporated in India to deliver
educational services;• Raspberry Pi Limited, a majority owned trading subsidiary which makes low-cost, high-performance
single-board computers and other hardware; and• Raspberry Pi MidCo Limited, a wholly owned subsidiary incorporated for structural reasons within
the group
In the year to which these financial statements relate, Raspberry Pi Limited has made donations by way of gift
aid to Raspberry Pi Foundation of £0 (2020 - £3,000,000). 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 thesubsidiary is £1 (2020 - £1).
In 2020, a Long-Term Incentive Plan (LTIP) was approved by the board of directors of Raspberry Pi Limited.
In October 2020, 13,077 B ordinary shares were issued under this plan to certain employees; in December
2021, a further 3,512 B ordinary shares were issued to employees under this plan.
Under the terms of the plan, the B ordinary shares will share in the proceeds payable in respect of an Exit of
the Company above a minimum hurdle. An Exit is broadly defined in the Articles of Association as the sale of
the Company or its listing upon a stock exchange.
The B ordinary shares are held in trust by the Raspberry Pi (Trading) Employee Benefit Trust on behalfof employees.
The unrestricted market value of the B ordinary shares issued in 2020 was determined by a specialist
valuation company and deemed to be £1.10 per share. The unrestricted market value of the B ordinary sharesissued in 2021 was determined by a specialist valuation company and deemed to be £5.50 per share.

84 | Raspberry Pi Foundation

18. Investment in subsidiary companies (continued)
A summary of the B ordinary shares is detailed below:
SchemeB ordinary sharesat 1 January 2020

LTIP

Issued during
2020-

In issue at
31 December
2020

13,077

13,077

Issued during
2021
3,512

In issue at
31 December
2021
16,589In accordance with accounting standards, Raspberry Pi Limited is required to recognise an expense forthe services received by a company in exchange for equity-based payment. For B ordinary shares issued
under the LTIP in 2020, the assumption at that time was that an Exit process would happen 2 years fromthe date of issue and the Black Scholes model was used to value the compensation expense with thefollowing inputs:
Interest rate:-0.05%

Volatility:

Expected life of B ordinary shares:

49%

2 years

The charge for the year ended 31 December 2020 was £375,267 ($513,000).
In 2021, management of Raspberry Pi Limited reassessed the timing of an Exit process. The compensation
expense in 2021 for B ordinary shares issued during 2020 was revised to be calculated based on an
expected Exit process happening 18 months after the date of issue. The compensation expense in 2021
for those B ordinary shares issued in 2021 was calculated based on an expected Exit process happening 4
months after the date of issue. The Black Scholes model was used to value the compensation expense forthe 2021 issue of B ordinary shares with the following inputs:
Interest rate:-0.05%

Volatility:
34%

Expected life of B ordinary shares:
4 months

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

Financial review | 85

18. Investment in subsidiary companies (continued)
Profit and Loss Account for Raspberry Pi Limited
2021£

2020 (restated)£

Turnover102,052,178

77,810,988

Cost of sales(71,624,865)(54,129,833)

Gross profit

30,427,313

23,681,155

Administration expenses(18,797,353)(13,009,084)

Other operating income

26,737

21,038--Operating profit

11,656,697

10,693,109

Finance charges net of interest receivable(170,148)(31,494)-(3,000,000)

11,486,549

7,661,615

Tax on profit on ordinary activities(1,426,212)(24,456)

Profit for the financial year

10,060,337

7,637,159

2021£

2020 (restated)£

Intangible fixed assets

4,591,816

4,633,237

Tangible fixed assets

2,636,744

1,586,306

Current assets

70,933,519

25,162,496

Current liabilities(18,203,100)(13,077,891)

Aggregate share capital and reserves

59,958,979

18,304,148

Other operating expenditure

Gift aid to the Foundation

Balance Sheet86 | Raspberry Pi Foundation

19. Stocks
GROUP

Raw materials, finished goods
and goods for resale

COMPANY
2021£

2020 (restated)
£

2021
£

2020 (restated)£

30,062,539

13,843,342--

The amount of stock recognised as an expense was £66,850,410 (2020 ‑ £50,091,671).
An impairment loss of £54,041 (2020 – £44,294) was recognised in cost of sales against stock during the year
due to slow-moving or obsolete stock.

20. Debtors
GROUP

Trade debtors

COMPANY
2021£

2020(restated)
£

2021
£

2020 (restated)£

11,319,132

6,996,784

123,985

19,015---

16,4984,587,321

3,817,781

469,681335,729

15,906,453

10,814,565

593,666

371,242

Amounts owed by group undertakings
Other debtors

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

21. 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
2021£

2020 (restated)
£

2021
£

2020 (restated)£

13,474,382

10,980,884

254,215

272,721--

83,27732,095

1,565,854

1,313,189

304,869

423,62159,56860,423--3,370,647

2,242,881

683,157

711,864

18,470,451

14,597,377

1,325,518

1,440,301

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

Financial review | 87

22. Statement of funds
GROUP
Brought
forward(restated)£

Income£Expenditure£Transfers
in/out£Other
movement£

Carriedforward£General funds

13,169,448

5,331,293(9,133,867)

3,000,000

445,358

12,812,232

Revaluation reserve

2,193,333---

894,195

3,087,528

Trading subsidiary

19,250,106

101,333,947(91,984,336)(3,000,000)

33,262,120

58,861,837

Share based payment

375,267--

873,858-

1,249,125

Gift on contribution with
Hello World Foundation

478,888

-

-

-

-

478,888

35,467,042

106,665,240(101,118,203)

873,858

34,601,673

76,489,610

ACM SIGCSE

3,660

-

(3,660)---Google Tides

20,833-(20,833)---

Microsoft Ltd

134,000-(134,000)---

The AtlassianFoundation

205,236

342,688(344,577)--

203,347

Algorand Foundation-

28,649(28,649)---

Barclays-

100,000---

100,000

BNY Mellon-

29,922(29,922)---

Broadcom Foundation-

283,258(283,258)---

Cisco Systems, Inc.

-

56,273---56,273Clarion Futures Digital

-

5,000

(5,000)---Ezrah Charitable
Foundation-

3,612,717---

3,612,717

HMRC CJRS Furlough
grant

-

12,019(12,019)---

Individual donors-

210,500(170,000)--

40,500

Livingstone-

30,000(30,000)---

UNRESTRICTED FUNDSRESTRICTED FUNDS
Raspberry Pi Foundation

88 | Raspberry Pi Foundation

22. Statement of funds (continued)
GROUP
Brought
forward(restated)£

Income£Expenditure£Transfers
in/out£Other
movement£

Carriedforward£Monpellier-

15,000(15,000)---

Oracle America Inc.

-

57,761(57,761)

-

-

-

Sage

-

10,000(10,000)---

S&P Global Foundation-

215,881(215,881)---

The Bloomfield Trust-

166,918(166,918)

-

-

-

Unity

-

36,021(22,513)--

13,508

Vodafone Ltd-

200,000(150,000)--

50,000363,729

5,412,607(1,699,991)--

4,076,345

32,372

310,665(267,534)--

75,503Raspberry Pi
Foundation North
America-

248,018(141,552)--

106,466

Raspberry Pi Limited-

26,737(26,737)---

396,101

5,998,027(2,135,814)--

4,258,314

35,863,143

112,663,267(103,254,017)

873,858

34,601,673

80,747,924

Brought
forward(restated)£

Income£Expenditure£Transfers
in/out£Other
movement£

Carriedforward£General funds

14,695,339

4,986,389(9,288,153)--

10,393,575

Revaluation reserve

2,193,333---

894,195

3,087,528

16,888,672

4,986,389(9,288,153)-

894,195

13,481,103

Hello World Foundation

TOTAL OF FUNDSCOMPANYUNRESTRICTED FUNDS

Financial review | 89

22. Statement of funds (continued)
COMPANY
Brought
forward(restated)£

Income£Expenditure£Transfers
in/out£Other
movement£

Carriedforward£

ACM SIGCSE

3,660

-

(3,660)---Google Tides

20,833-(20,833)---

Microsoft Ltd

134,000-(134,000)---

The AtlassianFoundation

205,236

342,688(344,577)--

203,347

Algorand Foundation-

28,649(28,649)---

Barclays-

100,000---

100,000

BNY Mellon-

29,922(29,922)---

Broadcom Foundation-

283,258(283,258)---

Cisco Systems, Inc.

-

56,273---56,273Clarion Futures Digital

-

5,000

(5,000)---Ezrah Charitable
Foundation-

3,612,717---

3,612,717

HMRC CJRS Furlough
grant

-

12,019(12,019)---

Individual donors-

210,500(170,000)--

40,500

Livingstone-

30,000(30,000)---

Monpellier-

15,000(15,000)---

Oracle America Inc.

-

57,761(57,761)

-

-

-

Sage

-

10,000(10,000)---

S&P Global Foundation-

215,881(215,881)---

The Bloomfield Trust-

166,918(166,918)

-

-

-

Unity

-

36,021(22,513)--

13,508

Vodafone Ltd-

200,000(150,000)--

50,000363,729

5,412,607(1,699,991)--

4,076,345

17,252,401

10,398,996(10,988,144)-

894,195

17,557,448

RESTRICTED FUNDS
Raspberry Pi Foundation

TOTAL OF FUNDS

90 | Raspberry Pi Foundation

22. Statement of funds (continued)
Atlassian Foundation International
This restricted fund is to increase young people’s access to coding and digital making skills throughour partnerships with international NGOs. It also enables us to develop our translation capabilities anddeliver a Randomised Control Trial of Code Clubs in the UK. This activity covers the period 01 June 2020 30 May 2023.
BarclaysThis restricted fund is to distribute Raspberry Pi desktop kits to young people in the UK.
The Bloomfield TrustThis restricted fund is to distribute Raspberry Pi desktop kits to young people in the UK.
Broadcom Foundation
This restricted fund is to support Coolest Projects, global NGO partnerships, CoderDojo and Code Club
programmes, enhance online education experiences and increase outreach in underserved communities.
Ezrah Charitable Foundation
This restricted grant is to support the expansion of the Foundation’s educational programmes in low andmiddle-income countries, particularly India, Kenya, and South Africa.
S&P Global Foundation
This restricted fund is to distribute Raspberry Pi desktop kits to young people and support coding clubs
in the UK.
Vodafone
This restricted fund is to distribute Raspberry Pi desktop kits to young people and enhance ourcommunity partnerships and online learning in the UK.

Financial review | 91

23. Analysis of net assets between funds
GROUP
Unrestrictedfunds 2021£

Restrictedfunds 2021£

Total funds
2021£

Total funds
2020 (restated)£

Intangible fixed assets

4,591,816-

4,591,816

4,633,237

Tangible fixed assets

2,981,133-

2,981,133

2,037,662

Fixed asset investments

11,689,163-

11,689,163

10,519,881

Current assets

76,749,350

4,258,314

81,007,664

33,269,737

Creditors due within one year

(19,521,852)-(19,521,852)(14,597,377)

76,489,610

4,258,314

80,747,924

35,863,140

Unrestrictedfunds 2021£

Restrictedfunds 2021£

Total funds
2021£

Total funds
2020£

Intangible fixed assets

-

-

-

-

Tangible fixed assets

339,181-339,181442,736

Fixed asset investments

11,738,630-

11,738,630

10,519,882

Current assets

2,728,810

4,076,345

6,805,155

7,730,083

Creditors due within one year

(1,325,518)-(1,325,518)(1,440,301)

13,481,103

4,076,345

17,557,448

17,252,400

COMPANY92 | Raspberry Pi Foundation

24. Reconciliation of net movement in funds to net cash flow from operating activities
2021£

2020 (restated)£

10,303,444

7,233,215

Depreciation charges

1,198,366

891,918

Amortisation charges

96,682

120,389(Gains)/losses on investments(894,195)(175,729)

Dividends, interest and rents from investments(297,195)(392,430)--

Increase in stocks(16,219,198)(7,812,726)

Increase in debtors(5,091,888)(4,973,175)

Increase in creditors

3,873,072

5,541,592

Increase in deferred tax

1,165,555-

Share based payments

498,591375,267

Currency translation (gains)/losses

427,974(804,325)

4,938,792

3,996

Net income for the year (as per Statement of financial activities)

Adjustment for:

Loss on the sale of fixed assets

Total

25. Analysis of cash and cash equivalents

Cash in hand

2021£

2020 (restated)£

35,038,672

8,497,678

26. Pension commitments
The group operates several defined contribution pension schemes. The assets of the schemes areheld 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 £932,821 (2020 - £784,780).
Contributions totalling £219,579 (2020 - £47,296) were payable to the fund at the balance sheet date.

Financial review | 93

27. Operating lease commitments
At 31 December 2021 the total minimum lease payments under non cancellable operating leases are duein the following periods by the group:
Land and buildings
2021£

2020 (restated)£

608,436

630,046

Between 2 and 5 years

2,280,643

2,393,498

Over 5 years

2,129,479

2,837,245

Total

5,018,558

5,860,789

GROUP
Within 1 year

At 31 December 2021 the total minimum lease payments under non‑cancellable
operating leases are due in the following periods by the charity:
Land and buildings
COMPANY

2021
£

2020
£

Within 1 year

323,534

323,534

1,294,136

1,294,136

485,301

808,835

2,102,971

2,426,505

Between 2 and 5 years
Over 5 years
Total

28. Other financial commitments and financial assets and liabilities
Raspberry Pi Limited had a contractual commitment to purchase inventory from Arrow Electronics (UK)
Limited to the value of $nil, (2020: $2.5 million; 2019: $4.9 million). This contractual commitment was
effective 1st November 2018 and was for a maximum period of 3 years from that date.
On 17 December 2020, Raspberry Pi Limited entered into a contractual commitment with EBV Elektronik
GmbH effective 1 January 2021. This agreement means that Avnet Business Services GmbH (a company
in the same group as EBV Elektronik GmbH) is obligated to maintain $4 million of buffer inventory uponwhich Raspberry Pi Limited is entitled to draw. In the event that Raspberry Pi Limited’s requirement forthat inventory were to cease, a commitment of $4 million would crystallise. This agreement can beterminated without cause by either party giving the other party 2 years’ written notice. At 31 December
2021, the value of the contractual commitment was $4 million (31 December 2020: $4 million; 1 January
2020: $nil).

94 | Raspberry Pi Foundation

28. Other financial commitments and financial assets and liabilities (continued)
In 2021, Raspberry Pi Limited entered into a licence agreement to purchase designs in respect ofprocessors to be used in its products. The total commitment amounts to $5.5 million payable ininstalments between March 2022 and March 2025.
On 30th June 2021, Raspberry Pi Limited entered into a commitment with Avnet Silica to purchase a totalof 18.6 million die before 30 June 2024. The maximum commitment value is $43.861 million.
Raspberry Pi Limited is committed to commence a lease for a warehouse for which a planning application
has been made. The lease is expected to commence in 2022. Raspberry Pi Limited is committed to a
total liability of $585,000 which would be payable in 36 equal instalments; this would start to fall due nomore than 12 months after the date of planning permission having been granted, subject to satisfactory
planning permission being given.
2021£

2020 (restated)£

Financial assets measured at fair value through profit or loss

11,689,163

10,519,881

Financial assets measured at amortised cost

46,677,320

15,737,763

Financial liabilities measured at amortised cost

16,412,612

12,519,888

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

29. Related party transactions
During the year, the charity reimbursed expenses £241 (2020 - £113) to Ms K D Shillinglaw, £152 (2020- £nil) to Dr M P Blyth and £206 (2020 - £nil) to Mr D Labbad for accommodation, subsistence and travel
costs. As at 31 December 2021 a balance of£nil (2020 - £nil) was payable to the trustees.
FRS102 does not require disclosure of transactions entered into between two or more members of agroup, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by amember of that group. The company has utilised this exemption.

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

31. Post balance sheet events
On 7 January 2022, Raspberry Pi Limited served notice to terminate its royalty agreement with one of its
licensee partners with effect from June 2022.

Financial review | 95

32. Borrowings
During the year ended 31 December 2020, Raspberry Pi Limited put a £3 million ($4.1 million) overdraft
facility in place. The overdraft is repayable on demand. The facility is secured by a debenture granted by theCompany in favour of Barclays Bank plc.
At 31 December 2021, Raspberry Pi Limited had £nil overdraft borrowings (31 December 2020: £nil).
During the year ended 31 December 2020, Barclays Bank plc offered Raspberry Pi Limited a revolving credit
facility of £7 million ($9.5 million). The facility is secured by a debenture granted in favour of Barclays Bankplc. The facility has covenants relating to leverage (gross borrowings to EBITDA) and interest coverage. The
facility lasts for three years from October 2020.
At 31 December 2021, Raspberry Pi Limited owed £nil under this facility (2020: £nil).

33. Reconciliation of previously published financial statements to restated prior
Period comparatives
The notes and table below describe the two ways in which the prior period financial statements have beenrevised and how they reconcile to the values shown in the prior period comparatives published within thesefinancial statements:a) Raspberry Pi Limited change of functional currency from GBP (£) to USD ($)
During the year, the Directors of Raspberry Pi Limited performed a reassessment of the Company’s functional
currency, concluding that the currency that mainly influences both sales prices for goods and services andinfluences the costs of providing those goods and services has been the USD since 1 January 2019. In
accordance with IAS 8, the balances and results disclosed previously in GBP in the 2020 consolidated financial
statements have been restated using USD as the functional currency and converting to GBP at the 2020
average and spot rates. Given the nature of the error, it is considered that quantification of the error would notprovide meaningful or useful information. The first 2 columns of the tables set out below therefore show thefinancial information as originally presented in GBP in accordance with FRS 102 and these balances converted
from USD to GBP as they would have been presented in accordance with FRS 102.
b) Prior Period Error in Raspberry Pi Limited – incorrect recognition of components income in Other
Operating Income
In the previous consolidated financial statements, under FRS 102, the sale of all components to the
manufacturer was presented under “Other Operating Income” in error. The consolidated financial statements
have therefore been restated to reflect the impact of this error for both those components used in single board
computers which are manufactured for and repurchased by Raspberry Pi Limited and for those components
used in single board computers which are manufactured for the licensee partners. Alongside the incorrect
recognition of components income, any components that were held by the manufacturer which were to be
used in the manufacture of single board computers to be repurchased by Raspberry Pi Limited have beenrecognised as inventory, with a corresponding repurchase liability at the reporting date.
The consolidated financial statements include the reconciliations as shown below.

96 | Raspberry Pi Foundation

Reconciliation of the Statement of Financial
Position as at 31 December 2020:
FRS 102(previously
stated in
GBP)£

FRS 102(functional
currencychange insubsidiary)£

FRS 102(adjustment
for component
income)£FRS 102(adjustment
for taxation)£

FRS 102
restated£

Intangible assets

4,970,590(337,353)--

4,633,237

Tangible assets

2,159,978(122,316)--

2,037,662

Investments

10,519,881

-

-

-

10,519,881

17,650,449(459,669)--

17,190,780

Stocks11,312,530(350,208)

2,881,020-

13,843,342

Debtors

10,951,073(136,508)--

10,814,565

Cash at bank and in hand

8,497,827

(149)

-

-

8,497,678

30,761,430(486,865)

2,881,020-

33,155,585

Amounts falling due within
one year(11,696,983)

6,014(2,906,408)-(14,597,377)

Deferred tax (liability)/asset

-

-

-

114,153

114,153

NET CURRENT ASSETS

19,064,447(480,851)(25,388)

114,153

18,672,361

NET ASSETS

36,714,896(940,520)(25,388)

114,153

35,863,141

Restricted funds

396,101---

396,101

Unrestricted funds

36,318,795(940,520)(25,388)

114,153

35,467,040

TOTAL FUNDS

36,714,896(940,520)(25,388)

114,153

35,863,141

FIXED ASSETSCURRENT ASSETSLIABILITIESCHARITY FUNDS

Financial review | 97

Reconciliation of Statement of Financial Activities
for the year ended 31 December 2020:
FRS 102(previously
stated in
GBP)£

FRS 102(functional
currencychange insubsidiary)£

FRS 102(adjustment
for component
income)£FRS 102(adjustment
for taxation)£

FRS 102
restated£

Donations and grants

1,634,873---

1,634,873

Other trading activities

71,436,388

302,319

5,851,814-

77,590,521

Investments

403,176---

403,176

Other income

22,344,411(44)(18,428,237)-

3,916,130

TOTAL INCOME

95,818,848

302,275(12,576,423)-

83,544,700

79,224,560

291,754(12,548,829)-

66,967,485

6,780

-

-

-

6,780

Charitable activities

9,488,493---

9,488,493

TOTAL EXPENDITURE

88,719,833

291,754(12,548,829)-

76,462,758

NET INCOME BEFOREINVESTMENT GAINS AND
LOSSES

7,099,015

10,521(27,594)-

7,081,942

Net gains on investments

175,729---

175,729

NET MOVEMENT IN FUNDSBEFORE TAX

7,274,744

10,521(27,594)-

7,257,671---(24,456)(24,456)

7,274,744

10,521(27,594)(24,456)

7,233,215

INCOME FROM:

EXPENDITURE ON:
Raising funds:
Trading Expenditure
Investment management

Taxation charge
NET MOVEMENT IN FUNDSAFTER TAX

98 | Raspberry Pi Foundation

Reference and administrative details
Trustees

Company Secretary

Dr J W Lazar

Ms C G Copland

Dr M P Blyth

Chief Executive Officer

Dr S L Coutu (retired 23 September 2021)

Mr P A Colligan

Ms A C de Alwis
Prof. J I Drori
Mr D Labbad
Mr C R Leadbeater
Mr C J Mairs (retired 23 September 2021)
Prof. R Plumbly-Clegg
Ms K D Shillinglaw

Company registered number
06758215 - Country of Incorporation Englandand Wales

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

Bankers
Barclays Bank plc
Chesterton Road
Cambridge
CB4 3AZ

Charity registered number
1129409

Registered office
37 Hills Road
Cambridge
CB2 1NT

Financial review | 99

www.raspberrypi.org

Raspberry Pi Foundation UK registered charity 1129409