Annual Review
and Accounts
2023

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

Contents

Introduction from the Chair
and Chief Executive

4

Financial review

52

Our impact in 2023

6

Governance58

Our mission and goals

8

Independent
auditor’s report

64

Financial statements

68

Education

Non-formal learning

10

Experience AI, page 20

24

Research

38

Computers

44

Donors and funders

48

Coolest Projects, page 32

Clubs, page 26
Astro Pi, page 35

2 | Raspberry Pi Foundation

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

Welcome to the 2023 Annual Review for the
Raspberry Pi Foundation.
It was another remarkable year for our educational
mission to enable all young people to realise theirfull potential through the power of computing anddigital technologies.
Across our curriculum, resources, learning
experiences, and professional development, we
supported tens of thousands of teachers andmillions of young people to teach and learn about
computing and how to create with tech.
This year will be remembered for the huge
explosion in interest in artificial intelligence (AI),propelled by the rapid advances in generative AI
technologies. As the world started to understandthe potential and limitations of these systems,
we have led the way on helping teens and theirteachers understand AI technologies and the rolethat they can play in their lives. The Experience
AI lessons, resources, and teacher professional
development that we created in partnership with
Google DeepMind have already benefited hundredsof thousands of young people, and we look forward
to a significant expansion of that impact in theyears to come.
As part of our commitment to becoming a truly
global organisation, we expanded our work withstate governments in Odisha and Telangana in
India, and with partners in Kenya and South Africa.
Working with local educators, we are creating
computer science curricula that are locally relevant,and we are supporting teachers through high-quality
professional development.

4 | Raspberry Pi Foundation

Just three years since launching the Raspberry
Pi Computing Education Research Centre at the
University of Cambridge, we are already seeing theCentre make a significant contribution to the fieldof computing education research, and we weredelighted that the Centre hosted the prestigious
WiPSCE conference in Cambridge in October.
2023 was also a significant year for our commercial
subsidiary Raspberry Pi Ltd, with the launch of
Raspberry Pi 5: the latest generation of our low-cost,programmable, single-board computers delivers astep change in performance and features silicon
designed by their incredible in-house team.
While this Annual Review is focused on the calendar
year 2023, it is important to acknowledge thesignificant milestone that took place in June 2024,with the successful listing of our commercial
subsidiary on the London Stock Exchange.
This was the culmination of a huge amount of workover many years by a lot of people, and a testament
to our co-founders, who had the foresight toestablish Raspberry Pi as a charitable foundation.

The Foundation team at the 2023 all-staff residential

By selling a portion of our shareholding in what
is now called Raspberry Pi Holdings plc, theFoundation has created an endowment that will
support the sustainable growth of our educational
work over the next ten years and beyond.
Partnership will continue to be at the heart of ourstrategy and we continue to work closely withbusinesses, foundations, and governments toensure that our work reaches as many teachers
and young people as possible. Our ambition is thataround 50% of our activities will be funded fromthe endowment and 50% through partnerships anddonations, enabling us to reach many more teachersand students by combining our resources andexpertise with those of the many partners who share
our mission.

We would like to thank everyone who has made allof this possible, including staff, Trustees, Members,
partners, and the vibrant community of educators,
young people, and makers.
We pay particular tribute to Tilly Blyth, who stepped
down as a Trustee after seven years service thisyear. We also honour the contribution of our cofounder Jack Lang, who served as the Foundation’s
first Chair and continued as a deeply committed andengaged Founding Member until his passing earlier
this year.

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Our impact in 2023

5801
young people from37 countries

showcased tech projects
in Coolest Projects

1.2M

539

learners engaged with ouronline projects, and123,161

attendees from35 countries at
10 online researchseminars

26,754

with Code Club World

42,593

413,268

subscribers inyoung people from 29
countries ran their codein space in the Astro Pi
Challenge

downloads of Computing
Curriculum resources
worldwide

192 countries

to Hello World magazine

64,271

7

downloads ofExperience AI Lessons

264,994
questions answeredby students on the Ada
Computer Science online
learning platform

6 | Raspberry Pi Foundation

12,261
participants in our online
teacher training courses

OVER

millionRaspberry Pi computers sold

4628

Code Clubs989& CoderDojos

ran in-person sessions in

103 countries
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Our mission and goals
The mission of the Raspberry Pi Foundation is to enable
young people to realise their full potential through thepower of computing and digital technologies.

Our vision is that every young person develops:• 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.
• Sufficient understanding of societal and ethicalissues to be able to critically evaluate digitaltechnologies and their applications; 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:

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:

ca
tio
Ed
u

l
ma
for
n- ing
No earnln

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.

ResearchResearch:
To deepen our understanding of how young
people learn about computing and how tocreate with digital technologies, and to use thatknowledge to increase the impact of our workand advance the field of computing education.

You can read more about our mission, values, andpriorities in our 2025 Strategy. This annual reportshows how we have achieved our mission over the
past year.

8 | Raspberry Pi Foundation

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Education

10 | Raspberry Pi Foundation

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Ada Computer Science

Online courses

Supporting students and teachers of advanced
computer science qualifications

Ada Computer Science is a free online platform
for students and teachers of advanced computerscience. Launched in March 2023 as a partnershipwith the University of Cambridge, Ada offers acomprehensive suite of learning resources and alarge catalogue of research-informed, self-marking
questions. The content enables students to improve‘[I set] questions for students toanswer. It’s easy for me to track ifthey’ve done it, but I don’t need tomark it…that’s magic in my world.
– Teacher’Free online professional development for subject
knowledge and pedagogy

IMPACT• 11,845 users from 127 countries• 264,994 question attempts by learners• 100 new interactive questions

With the content on Ada already mapped to major
exam boards in England, we started work to makethe platform relevant and accessible for computerscience teachers and students in other countries,
starting with a pilot in 10 Scottish schools togenerate requirements for supporting SQAComputing qualifications.

their understanding of computer science concepts
and revise to prepare for exams. Automation helps
teachers to save time, track students’ progress, andfocus on addressing misconceptions.

’

Our online courses support educators of all levels of
experience and working in diverse contexts, including
teachers, club volunteers, youth workers, parents,and more. Course topics include programming in
Python and Scratch, web development and design,
cybersecurity, networks, and machine learning and AI.

impact [of Ada Computer Science] for me was just having‘ aTheresourcethat I felt I always could trust, knowing that thedetail would be there. [...] that for me made the difference,that you do cover the whole exam specification.

12 | Raspberry Pi Foundation‘

Being a physics teacher, we are
inclined to new technologies. [...]
Even though, to be honest, I had
no clear idea of machine learningand artificial intelligence. Now, I
have a clear picture.
– Participant in ‘Introduction to Machine
Learning and AI’

In 2023, we added over 100 new questions; expanded
code questions to cover Java, Python, Visual Basic,
and C#; added an integrated way of learning about
databases through writing and executing SQL; andincorporated a beta version of an embedded Python
editor with the ability to run code and compare theoutput with correct solutions. We also developed two
new topics about artificial intelligence (AI) and machinelearning to be launched in the first quarter of 2024.

– Teacher

We provide free, high-quality, online training courses foreducators to support their professional development.
The 20 courses we offer focus either on computing
skills and knowledge, or on pedagogy and classroom
practice. They support both educators who are startingto teach computing and those who want to enhancetheir subject knowledge and teaching practice.

’

Through our courses, all educators can gain the skills,
knowledge, and confidence to teach computing in an
engaging way. In turn, they empower young people
to develop the knowledge, skills, and confidence touse digital technologies effectively, and to be able tocritically evaluate these technologies and confidently
engage with technological change.

IMPACT• 12,261 participants in our online courses
in 2023• 86% of educators reported that our online
courses were high quality and useful for
supporting young people• 91% of educators reported that, as a result oftaking one of our courses, their confidence tosupport learners with computing increased• Since 2016, more than 260,000 learners haveparticipated in our online courses
text, images, or videos; and they include opportunities
to create projects. We use language carefully sothat courses are easy to follow for all participants,
including those who don’t have English as their first
language. The courses put accessibility front andcentre so that as many people as possible can learn
with us. Since we launched our first online course in2016, we have served more than 260,000 learners
through our online courses.
In 2023, we began work to update our courses
to incorporate findings from our research into
culturally relevant pedagogy. Our aim is that all ourcourses help educators to understand how to teachcomputing so the subject is engaging for all theirlearners, including those from backgrounds that areunderrepresented in computing.

The courses lead with concepts, model processes, andinclude activities that are ready for the classroom; they
offer variety in terms of what content is presented as

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The Computing
Curriculum
Comprehensive classroom resources for theentire computing curriculum

The Computing Curriculum is a comprehensivebank of almost 500 hours of classroom resources
to support schools to deliver computing lessons
to 5- to 16-year-olds. The Curriculum is organisedin units covering the entire breadth of computing,from computer systems to programming and thesocietal impacts of technology, at an appropriate
level for each year group. We built the Curriculum on
a detailed progression framework, and the learning
content (knowledge and skills) is mapped out asinterconnected networks we call learning graphs,
which help teachers to plan and deliver lessons, andto monitor their learners’ progress.
The Computing Curriculum includes lesson plans,slides, worksheets, homework, and assessment
materials. Modelling research-informed pedagogies
throughout, the Curriculum is designed to reduceteachers’ workload while also supporting them toimprove their subject knowledge and understandingof effective teaching approaches. Opportunities
for both formative and summative assessment are
built in throughout the Curriculum. These classroom
resources are backed by our online training courses‘

IMPACT• 413,268 downloads of Computing Curriculum
resources in 2023
• 89% of educators in England reported
Curriculum materials were high quality anduseful for teaching• Our Curriculum resources have been
downloaded 3.4m times

and the Ada Computer Science online learning
platform. Together they form a complete suite ofsupport for computing teachers.
The Computing Curriculum is mapped to examboard standards and covers the entire national
computing curriculum in England.
We are now adapting the resources for schools in
India and Kenya. For example, for our partnershipwith Mo School, we co-created and launched a new
IT & Coding curriculum in 8,800 schools in the stateof Odisha, with the aim to reach an estimated 1.4
million young people.

you to properly build skills, which
is something for computing that is
so vital.

’– Teacher

I’ve had a lot of positive comments [about the Curriculum]from students that wouldn’t normally look at [computing]but have now said ‘I get it, I understand it, and I’ve finishedall my work in the lesson’. So they were able to achieve’

where previous years, they might not have done.
– Teacher

14 | Raspberry Pi Foundation‘ [The Computing Curriculum] allows

The Computing Curriculum was also the basis onwhich we created 10 lessons and a project brief tosupport the delivery of the Digital Production, Design
and Development T level, a vocational qualification in
England. These T level materials became available inearly 2024. This work was generously funded by the
Gatsby Charitable Trust.

Strands of Curriculum content for ages 5 to 16:• Algorithms• Computing systems• Creating media• Data and information• Design and development• Effective use of tools• Impact of technology• Networks• Programming• Safety and security

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Partnership with
Amala Education

Kenya

In 2023, we continued working in partnership with
Amala Education to bring computing education todisplaced learners aged 16 to 25 in Kakuma refugee
camp, Kenya.

‘ Especially students residing inrural areas have benefitted up
to some extent which was notpossible earlier...

‘ The course has been impactful– Learner’

In 2023, we finalised the course materials based on
feedback from the participants in the 2022 pilot, andthanks to local facilitators, the course was delivered
to three more cohorts of 133 learners in total.
Learners reported feeling confident that they would
be able to use the knowledge they had gained fromthe course to benefit them and their communities.
This work was generously funded by the Ezrah
Charitable Trust.
16 | Raspberry Pi Foundation

India

In partnership with Mo School Abhiyan, we cocreated a new IT & coding curriculum based on The
Computing Curriculum, and launched it in 8800
schools in the Indian state of Odisha. In 10 districts,
we trained teachers to implement the curriculumin 1993 schools, supporting 72 master trainersand 1921 teachers through training and ongoing
capacity building. The curriculum will reach an
estimated 1.4 million young people at full scale.

The blended vocational skills course we developed
and piloted in 2022 for the young people in Kakuma
camp, titled ‘Using online digital technologies tocreate change’, was adapted from The Computing
Curriculum and focuses on digital skills andwebsite design. It consists of 100 hours ofcontent, structured as 10 hours of facilitated andindependent learning over 10 weeks, and covers
three content strands: computing systems andnetworks, creating media, and programming.
Learners work on creating their own website projectby the end of the course.

in so many different ways, it
has also given us the confidenceof knowing different types ofdevices and some knowledge
on how to build a website [...].

Partnership with Mo
School Abhiyan– Teacher’‘ The training was very

interesting. The way ofteaching was very good.
– Teacher’

The difficulty that I personally faced‘ wasthe lack of confidence [...]. Like
when I heard that we were going tocreate websites, I was asking myself
a lot of questions because I did nothave that confidence in me that I
am going to do it, because I had noknowledge. But [...] when I started to
be trained, I started understanding
all the concepts on how to build a
website, so it became easy.
– Learner’

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Partnership with Telangana
Social Welfare Residential
Educational Institutions Society

To support more learners from educationallydisadvantaged backgrounds in India, we signed afive-year partnership agreement with Telangana
Social Welfare Residential Educational Institutions
Society (TSWREIS), a Telangana government
department. The educational institutions managed
by TSWREIS have a primary focus on delivering
quality education to underresourced young people,
particularly young people from Scheduled Castes
and Tribes in rural areas.

18 | Raspberry Pi Foundation

India

We joined forces with TSWREIS to create twoCentres of Excellence in Computing in a residential
school and college. In this partnership, we’re bringing
to bear our expertise in curriculum development
and educator training, including by adapting theComputing Curriculum for young people aged 11 to
21 at their high school and college Coding Academy
units. Currently, 800 students are being taught withthe adapted curriculum.

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Experience AI
Inspiring the next generation of AI leaders

Developed by the Raspberry Pi Foundation and
Google DeepMind, Experience AI provides everythingthat teachers need to confidently deliver engaging
lessons that will inspire and educate young people
about AI.
With the rapid advances in AI — from machinelearning (ML) and robotics to computer vision andnatural language processing — it’s increasingly
important that young people understand how AI
is affecting their lives now and the role that it canplay in their futures. More than anything, we wantto make AI relevant and accessible to young people
from all backgrounds, and to make sure that weengage young people from backgrounds that areunderrepresented in AI careers.

‘ Children were engaged, andthere was a lot of information
about what is AI. It allowed
for lots of discussion about
AI and its potential uses andhow it works.
– Teacher

IMPACT• 8 Experience AI Lessons published• 64,271 downloads of Experience AI Lessons• Educators reported a cumulative reach of
320,995 students

Google DeepMind and informed by the AI education
taxonomy we developed at the Raspberry Pi
Computing Education Research Centre. By year-end,
Experience AI Lessons had been downloaded 64,271
times, with educators reporting they will reach
320,995 learners.
We have started building a global network ofeducational organisations to expand the reachand impact of Experience AI by translating andlocalising the materials, promoting them to schools,
and supporting teacher professional development.
Our first three partners — Digital Moment, Tech
Kidz Africa, and Asociația Techsoup — are based in
Canada, Kenya, and Romania.

‘ Students really enjoyed thepractical activities. It helped
cement the theory.
– Teacher’‘ I love how the lessons arevery easy to understandand very interesting.
– Learner’’

In 2023, we released the first eight Experience
AI Lessons: lesson plans, classroom resources,
worksheets, hands-on activities, and videos forteachers to engage learners aged 11 to 14. These
classroom materials are grounded in real-worldcontexts and emphasise the potential for young
people to positively change the world through amastery of AI technologies. All the Lessons aredesigned in collaboration with AI researchers at
20 | Raspberry Pi Foundation

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The UK Bebras Challenge

Hello WorldAn annual challenge that helps schools introduce
computational thinking to their students

The Bebras Challenge is a global, annual, schoolbased computational thinking challenge that runs in
60 countries. The Raspberry Pi Foundation runs the
UK competition in collaboration with the Universityof Oxford. Through Bebras, young people learn about
computational and logical thinking by answering
questions and solving puzzles.

‘ My students really enjoyedBebras — it’s the first year
we’ve taken part.
’– Teacher

Bebras questions are based on classic computing
problems and presented in a friendly, ageappropriate way. Students participate online and allquestions are automatically marked. Schools canenter students from ages 6 to 18, with interesting
and challenging activities for all age groups.

Inspiring computing and digitalmaking educators

IMPACT• 408,399 participants from 1424 schools
in 2023• 45% of participants were girls• 7,144,317 questions answered• In the 5 years we’ve run Bebras, the numberof participants has doubled‘ We love doing Bebras andwe have been using thescores as an internal data
point to help us.
– Teacher’

Hello World is a magazine for computing teachers,with content provided by practising teachers. The coreproduct is a magazine that is published at least threetimes a year, and we also produce compendiums, a
podcast, a monthly newsletter, and blog content, allhelping educators around the world to find inspiration,
share experiences, and learn from each other.
In 2023, we published three new editions of Hello
World, focusing on computing systems and networks,
primary-school computing, and AI education. We
also reprinted The Big Book of Computing Pedagogy
compendium in response to strong demand. Hello
World magazine ended the year with 6611 print
subscribers and 35,982 digital subscribers.
Hello World is generously supported by Oracle.

‘ This is a great resource that I• Hello World magazine had 42,593
subscribers in 192 countries by year end• 25,623 total downloads of The Big Book ofComputing Pedagogy• 31,799 total downloads of The Big Book ofComputing Content• 6 new episodes and 5053 episodedownloads of the Hello World podcast‘ Best resource forcomputing pedagogy.’– Teachercontinue to use as a Professional
Development Specialist.
– Hello World subscriber

22 | Raspberry Pi Foundation

IMPACT’

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Non-formal
learning

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Code Club

CoderDojo

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

Through Code Club, we help educators aroundthe world run extra-curricular coding clubs foryoung people in schools by providing free supportand resources, and connecting schools with local
volunteers. In free, weekly Code Club sessions, 9to 13-year-olds build and share their ideas throughanimations, games, web pages, and more, learning
to program by getting creative.
The educators running Code Clubs don’t need to
be experienced coders. For many of them, runninga club is an opportunity to learn alongside theyoung people. We provide all the free high-quality
resources and support they need, including online
training, community events, and easy-to-follow
coding projects.
In 2023, our work to foster the Code Club network was
generously supported by 8x8 UK LTD., Allianz, Amazon
Future Engineer, Atlassian Foundation International
Limited, Broadcom Foundation, Cognizant, Oracle, Riot
Games, and Unity Social Impact.

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

IMPACT• 4628 Code Clubs in 102 countries• Girls represent 42% of Code Club attendees• 1370 participations in live clubs webinars,
and 828 participations in on-demand online
training course for Code Club volunteers• 2935 new Code Clubs verified• 94% of club volunteers reported that young
people improved their computing andprogramming skills as a result of taking partin Code Club
• 93% of volunteers said young people are
more confident to learn computing andprogramming as a result of joining a Code Club• Since 2012, over 25,000 Code Clubs in morethan 150 countries have helped around2 million young people get creative withtechnology

The strong sense of community‘ andthe availability of mentorship
opportunities are particularly
appealing [about partnering with
the Foundation], as they ensure that
CSEdBotswana can consistently
access the support needed to enhance
our coding clubs and create a moresignificant impact.

’– Ethel Tshukudu from CSEdBotswana

26 | Raspberry Pi Foundation

CoderDojo is a global movement of free, volunteerled, community-based computer programming clubs
where young people aged 7 to 17 can explore digitaltechnology.
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, safe environment, making games, mobile

Education and preparation of [the] future‘ workforce
require collective work andresponsibilities, so these clubs will bringthe change in communities by offering
opportunities to learn for kids and teens,
as well as opportunities for everyone to
be involved in building a better future
for all.

’– Ferdinand Alimasi from KIT Hub in Burundi

apps, robots, and much more. The CoderDojo
movement is open-source and each club is unique,reflecting its community.
In Dojo sessions, young people learn throughdetermination, innovation, and discovery supportedby their volunteer mentors, who encourage a ‘trial anderror’ approach to creating digital projects that helps
Dojo attendees develop a growth mindset.
In 2023, our work to foster the CoderDojo network was
generously supported by 8x8 UK LTD., Allianz, Amazon
Future Engineer, Atlassian Foundation International
Limited, Broadcom Foundation, Cognizant, Oracle, Riot
Games, and Unity Social Impact.

IMPACT• 989 CoderDojos in 65 countries• Girls represent 30% of CoderDojo attendees• 659 participations in live clubs webinars,
and 1220 participations in on-demand online
training course for Dojo volunteers• 127 new CoderDojos verified• 87% of Dojo champions reported thatyoung people improved their computing andprogramming skills as a result of taking partin CoderDojo• 83% of champions said young people are
more confident to learn computing andprogramming as a result of joining a Dojo

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Introduction || Education
Introduction
Education || Non-formal
Non-formal learninglearning || Research
Research || Computers
Computers || Donors
Donors && funders
funders

Community story

Digital making projects

Nadia shares her passion for computing
through Code Club“The experience the children have in a Code Club,
they will take it through their whole life.” Nadia fromMaysan, Iraq, started volunteering with Code Club
while studying for her PhD in London. Throughher university’s volunteer department, she wasintroduced to Code Club and began supporting
club sessions for children in her local library. The
opportunity to share her personal passion for all
things computer science and coding with young
people felt like the perfect fit.

Iraq

Soon, Nadia saw that the skills young people learnedat her Code Club weren’t just technical, but included
team building and communication as well. That’s
when she realised she would need to take Code Club
with her when she moved back home to Iraq.
With personal awareness of just how important
it is to encourage girls to engage with computing
and digital technologies, Nadia set about training
the Code Club network’s first female-only training
team. Her group of 15 trainers now runs nine clubs
throughout Iraq, with their goal being to open a clubin every single school in the country.

Watch Nadia’s story at
rpf.io/nadias-story

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 activities 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 2023, we implemented improvements toour digital making projects site based on user
research and testing, including a new homepage,
improvements to accessibility, and integration of a

IMPACT• 1.2m learners and 667,859 projectcompletions• 80,044 badges awarded• 1577 project pathway completions
new Code Editor designed to support learning. We
delivered improvements to the ‘Introduction to Unity’
pathway and also launched two new learning paths:‘More Unity’ and ‘Introduction to micro:bit’.
Our work to provide digital making projects for learners
was generously supported Unity Social Impact.

2km:3126

28 | Raspberry Pi Foundation

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Code Editor

Code Club World

A tool to make learning text-based
programming more accessible

The Code Editor is a new online tool for young
people aged 9 and up who are learning text-based
programming. It provides a simple and supportive
environment where users can get started with textbased coding.
The Code Editor is designed for young people whoare at the start of their text-based coding journey,with a simple and clear interface that embodies
pedagogical best practice and age-appropriate
design. To make the Code Editor available to
the widest possible group of learners, we madesure it works on constrained devices such as
smartphones and for communities with limited
internet connectivity.
While it can be used as a standalone coding
environment, the Code Editor is also being
integrated into our other learning experiences, forexample, Astro Pi Mission Zero and our digitalmaking projects.

A free app where young people learn
to make things with code
IMPACT• The Code Editor had 78,006 users in 2023
• 6247 users saved 20,264 projects• Support for Python and HTML/CSS
projects built• Code Editor integrated into 18 digital making
projects in 3 paths• Code released as an open-source project

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

IMPACT• Code Club World had 123,161 users in 2023
• Learners completed 32,179 projects• 1747 projects shared in the gallery, and 5867
project remixes

In April 2023, we released the beta version of theCode Editor for people to test with learners in clubs
and at home for coding in Python. Later in the year,
we released HTML/CSS support. The Code Editor is
now integrated into our introductory project paths
for Python and HTML/CSS, and users can saveprojects they code with it using their Raspberry Pi
Foundation accounts.
Our work on the Code Editor was generously
funded by Cisco Foundation and Endless.

30 | Raspberry Pi Foundation

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Coolest Projects
A global showcase of creative tech projects
made by young people

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

‘ For me coding is like, a special

IMPACT• 5801 young people in 37 countries
showcased 4111 projects in the online gallery• 47% of participants were girls• We held a small in-person Coolest Projects
Ireland event in Dublin with 64 participants• Partner-led in-person events took place inBelgium, Czechia, Hungary, Malaysia, andSouth Africa, with an estimated 949 young
tech creators participating• Since 2013, over 19,000 projects have been
submitted to Coolest Projects

thing, and to know that otherkids like me are coding, thatjust like, makes me feel a lot’

more included.

– Coolest Projects participant

Through Coolest Projects, we support young people
on their journey of creating meaningful projects
using digital technology. Young people registerprojects they have created in a range of categories,
including Scratch projects, games, mobile, web, andhardware-based projects. There is also an Advanced
category for projects with the most ambitious usesof technology.
Many of the young people who participate in Coolest
Projects share purpose-driven projects. In 2023,
examples included a project to classify blood-borne

32 | Raspberry Pi Foundationdiseases using a Raspberry Pi, camera, and machinelearning techniques; a project to identify and mitigate
water pipe leakages in homes; and a Scratch gameto raise awareness about air pollution.
Broadcom Foundation partners with us to bring theBroadcom Coding with Commitment® programme to
Coolest Projects in order to encourage participants
to “act locally and think globally” by using coding tosolve problems they care about that impact theircommunities in relation to health, sanitation, energy,
climate change, and the other global challengesaligned with the United Nations’ 17 Sustainable
Development Goals. Broadcom Coding with
Commitment® promotes the importance of coding
as a 21st century+ skill that everyone, including girls
and underresourced or underrepresented youth,
needs to become digitally literate and succeed in
careers built on emerging technologies of the future.

2023 also saw our first in-person Coolest Projects
event since the start of the coronavirus pandemic.
As the location we chose Dublin, Ireland — thebirthplace of Coolest Projects — and 64 young
people attended to showcase 43 projects for theirfamilies, friends, and fellow tech creators.
In 2023, our work on Coolest Projects was
generously supported by Allianz; Broadcom
Foundation; EPAM Systems, Inc; GoTo; Liberty
Global; Meta; and Qube Research and Technologies.

‘ [Coolest Projects] gives wings to
my Code Club children to thinkbig. We are teaching coding ina rural area […]. They felt very
proud of their presence’in Coolest Projects 2023.
– Coolest Projects mentor

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Community story
California

Adarsh creates tech solutions to real problems“When you’re developing technology that can help
solve a problem, you are bringing something to theworld,” says Adarsh. He took part in his first Coolest
Projects USA showcase in 2019, when he was 15
years old. That year he was chosen as the Coolest
Projects judges’ favourite in the Hardware category
for making a smart sprinkler system that can serve
an entire community. He says, “The world around us
right now has a lot of different problems that need
to be solved, and so the way that I get inspired is bylooking outwards.”

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

Adarsh was motivated to create his first Coolest
Projects entry by the need he saw in California to
manage water during a drought. Using a Raspberry
Pi computer, he built a moisture sensor–based
sprinkler system that integrated real-time weather
forecast data and social media feeds to dispense
only optimum amounts of water, in compliance withcity water regulations.
Now studying at Stanford University, Adarsh
wants to focus either on biomedical engineeringor environmental engineering: “Really [what I’m
studying at university] is going to involve engineeringor computer science largely due to the Raspberry Pi
and the early influence it has had on my life.”

Watch Adarsh’s story at
rpf.io/adarshs-story

34 | Raspberry Pi Foundation

The European
Astro Pi Challenge

Through the European Astro Pi Challenge, we inspireyoung people to get involved in computing throughthe unique experience of writing code that runs on
Astro Pi computers, the two special Raspberry Pi
computers aboard the International Space Station(ISS). Run in partnership with ESA Education, theAstro Pi Challenge is open to young people up to age
19 in ESA (European Space Agency) member andpartner countries.
In Astro Pi Mission Space Lab, teams of young
people design and program a scientific experiment
to run on board the ISS. Examples from 2022/23
included a team whose program used an Astro Pi’smagnetometer to measure the difference in the
Earth’s magnetic field between the North Pole andthe South Pole, and team that ran an experiment
where they used an Astro Pi’s machine learning
accelerator to train a model to identify topographicalfeatures of Earth in images taken with the AstroPi’s camera, and then compared this model’s
performance to that of one trained using the sameimages back on Earth.

IMPACT• 26,754 young people from 29 countries
took part• 23,605 young people entered Mission Zero
• 3149 young people took part in Mission
Space Lab
• 42% of Astro Pi participants were girls• Since 2015, 110,645 young people have run
their own programs on board the ISS thanks
to the Astro Pi Challenge
Astro Pi Mission Zero is a beginners’ coding activity
that can be completed in an hour. The young people
who participate write a simple program using our
Code Editor. Their program runs on the Astro Pi
computers on board the ISS to take a sensor reading
and show it to the astronauts together with a pixel
image the participants have designed.

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Scouts’ Digital
Maker Badge

Community
partnerships

Supporting Scouts to develop digital skills for life

Working with the Scout Association in the UK,
we developed the Scouts’ Digital Maker Staged
Activity Badge. This staged badge introduces digitalmaking 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• 16,943 Digital Maker badges awarded in 2023
• 135,956 badges awarded in total since thepartnership started in 2018
• Training delivered to 425 Scout leaders

In 2023, we delivered training to 425 Scout leaders,
supporting them with how to get their groups
started with digital making, and with how to source
computing equipment for digital making sessions.

Partnering with local organisations to support young
people from underserved communities

In 2023, we partnered with community organisationsin the UK and the USA to provide hardware andexperiences in computing and digital making toyoung people who might not otherwise have accessto opportunities to explore creative activities withdigital technologies.
Through the Learn at Home campaign, we worked
with 21 youth and community organisations to
distribute Raspberry Pi computers to educationallydisadvantaged young people in England, Scotland, andWales. Two thirds of the recipients were young people
in recently relocated refugee families from Afghanistan,
Syria, and Ukraine; two out of every five recipientswere young people from low-income households. We
distributed 735 sets of Raspberry Pi computers andall necessary peripherals, alongside a programme oftraining and support for youth and social workers toenable them to help young people with the setup anduse of the computers. The computers enabled young
people to engage with their schooling and the offers ofcommunity organisations, to apply for jobs, to improvetheir digital literacy skills, and to explore digital making.
For young people from refugee families, the Raspberry
Pi computers also facilitated their participation in
online English lessons, and staying connected with
their families around the world.

IMPACT• Training delivered to 28 youth organisations
in England, Scotland, the Republic of Ireland,
and the USA• 2642 educationally disadvantaged young
people reached with digital making sessions
run by trained youth organisation staff• 735 Raspberry Pi computers distributed toeducationally disadvantaged young people

Our work to train youth organisations in 2023 wasgenerously funded by Amazon Future Engineer, Best
Buy Foundation, and The PA Foundation.

In 2023, the Learn at Home campaign was
generously funded by Allianz and the Lazar family.
We trained staff from 28 youth organisations in
England, Scotland, the Republic of Ireland, and the
USA to run digital making sessions with educationallydisadvantaged young people. Their sessions reacheda total of 2642 young people in 2023.

Image credit: Dave Bird
36 | Raspberry Pi Foundation

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Research

38 | Raspberry Pi Foundation

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Raspberry Pi Computing
Education Research Centre
A joint initiative between the University ofCambridge and the Raspberry Pi Foundation

Compared to subjects like mathematics, computing
is a relatively new field. While there are enduring
principles and concepts, it’s also a subject that’s
continually evolving as people develop new digitaltechnologies. 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.
The Raspberry Pi Computing Education ResearchCentre combines expertise from the Raspberry
Pi Foundation and the Department of Computer
Science and Technology at the University ofCambridge to undertake rigorous original research,working directly with teachers and other educators
to translate that research into practice and effectpositive change in young peoples’ lives. The scopeis computing education — the teaching and learningof computing, computer science, digital making, andwider digital skills — for school-aged young people
in primary and secondary education, colleges, andnon-formal settings. We are uniquely placed to focus
on research that can be applied to practice, with aresearch team spanning the two organisations.
A highlight for the Research Centre in 2023 was
hosting the 18th WiPSCE International Workshop
on Primary and Secondary Computing Education
Research, a renowned annual conference for

40 | Raspberry Pi Foundation

researchers and teachers. WiPSCE is where teachers
and researchers discuss research that’s relevant
to teaching and learning in primary and secondary
computing education, to teacher training, and to
related topics. WiPSCE took place in September andwas attended by 95 participants, with 16 papers and
18 posters presented. Keynote speakers included
notable computing education academics Michael
Kölling and Joanna Goode.

Some of our progress in 2023:• We published a systematic literature review on
recent empirical studies relating to the teaching
and learning of AI to young people. We also
published the SEAME framework for learning
content analysis in K–12 AI/ML education. The
Foundation is using this research to underpin
the Experience AI programme and other AI
education materials.

WiPSCE 2023

18th WiPSCE
Proceedings of theary and Secondary
Prim
in
nce
fere
Con
ion Research
Computing Educat
Sue Sentance andger (eds.)

Mareen Grillenber• We published three studies on culturally relevantpedagogy and how to support teachers to apply
this approach in their teaching of computing.
The Foundation is using this research to design
and improve learning materials for young people,
and is also embedding it in its teacher-facing
materials such as The Computing Curriculum
and online courses.
• A second PhD student joined us at the
Research Centre in January of 2023. Our two
students investigate AI education in schools in
the UK and Ghana, and teachers’ and learners’
attitudes and strategies related to debugging.
Findings from their work will be of benefit to theFoundation’s resource and tool development.

• We completed a small research project withteachers and students who use the Ada Computer
Science platform to investigate how feedback
to students who have answered multiple-choicequestions can be improved using semantic
waves. This work is part of a collaboration
with Queen Mary University of London and the
University of Sydney to investigate the applicationof semantic wave theory in computer scienceknowledge building. The Foundation is using thisresearch to offer better support to students in its
online learning experiences.
• We announced a new project, AI for Computing
Teachers, which we’re delivering together
with the Faculty of Education at the Universityof Cambridge. This research project aims toinvestigate ways in which schools and teachers
harness the power of large language models
within computing education.

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SEAME framework
for AI education
In 2023, we published a research study surveying
current AI education resources. For this study, we
devised the SEAME framework, a new framework
for analysing learning content that allows us todescribe how resources cover the topic of AI atdifferent levels: Social & Ethical (SE), Application (A),Model (M), and Engine (E). The SE level relates to theimpact of AI on everyday life, and to its implications
for society. The A level refers to resources related toapplications and systems that use AI or ML models.
The M level concerns the models underlying AI and
ML applications.The E level is related to the enginesthat make AI models work.

The SEAME framework provides teachers andresearchers with an innovative starting point forreviewing resources, and for considering what is needed
for a comprehensive progression of AI concepts
and skills. Likewise, it offers a common language fordescribing the learning focus of resources.
The Foundation is using the study’s insights and the
SEAME framework as the basis for designing all its
AI education resources for teachers and students,
including Experience AI Lessons and Ada Computer
Science materials.

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• 10 seminars on primary school (K–5)
computing education• 539 attendees in total• 35 countries represented at the seminars‘ [What I enjoyed most about

Professional development for
culturally relevant computing

the seminar was] not only
finding out about a very useful
tool to use in my practice, butalso a clear explanation of theresearch that has gone intocreating it.

’– Seminar attendee

One of our research projects running throughout
2023 involved a professional development
workshop for primary school teachers in Englandthat supported them to adapt computing lessons
to incorporate culturally relevant and responsive
principles and practices. In the one-day workshop,
13 teachers were introduced to culturally relevantpedagogy and then explored how to adapt two
computing units. The adapted units were delivered
to more than 500 Year 4 and 5 pupils. We visited
some of the teachers’ classrooms to observe lesson
delivery and run focus groups with learners. We alsointerviewed all the teachers about their experience ofteaching with the adapted materials.

42 | Raspberry Pi Foundation

The findings of this pilot project showed thatthe workshop significantly increased teachers’
confidence in adapting resources to take accountof their local contexts. The focus group findings
suggested that engaging with culturally adapted
resources can make primary learners feel more
represented in their computing lessons.
This research was generously funded by Cognizant.
The Foundation is using the project’s insights, andour wider research in this area, in its pedagogyfocused online courses and support resources, aswell as in its work to adapt curriculum resources fordifferent cultural contexts.

Computer science has been taught in universities
for many years, and only more recently has the
subject been introduced in schools. That means
there isn’t much research about computing
education for school-aged learners yet, and evenless research about how young children of primaryschool age learn about computing. That’s why in2023, we delivered a research seminar series on
primary school (K–5) teaching and learning ofcomputing. Researchers from the USA, Germany,
England, and Scotland presented their work on
ScratchJr, data citizenship, variables, computational
thinking, and more. 539 people from 35 countries
attended the 10 seminars.

‘ [What I enjoyed most about

the seminar was] the fact that
there were people from different
countries and we had a chance
to see what happens elsewhere
and how that may be similar anddifferent to what we do here.
– Seminar attendee’

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Computers

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HardwareEducators, enthusiasts, manufacturers: whoever
you are, there’s a Raspberry Pi computer for you

Raspberry Pi Ltd is on a mission to put highperformance, low-cost computing platforms in thehands of enthusiasts and engineers all over theworld. Our single-board and modular computers arefor educators looking to excite the next generationof computer scientists; enthusiasts searching for
inspiration for their next project; and manufacturers
who need a proven rock-solid foundation for theirnext generation of smart products. Whoever you are,there’s a Raspberry Pi computer for you.
Our standout highlight of 2023 was the launch,in October, of our latest flagship computer,
Raspberry Pi 5. With 2–3× the speed of its
predecessor, Raspberry Pi 5 delivers a step change
in performance; and, for the first time, this is a
Raspberry Pi computer featuring silicon designed
in‑house here in Cambridge, in the form of our RP1
I/O controller. We released a range of accessories tosupport the new product, including a power supply,a case, an Active Cooler, and a fully updated 5thedition of the official Raspberry Pi Beginner’s Guide,with new peripherals to follow in 2024. We weredelighted with the reception our newest computer
garnered from the Raspberry Pi community andfrom news media.
With intense interest in Raspberry Pi 5, initial stock
sold quickly. We made sure that subscribers to
our Raspberry Pi Press magazines, The MagPi and
HackSpace, were at the front of the queue, with a“Priority Boarding” promotion that allowed thesecommunity members to buy a unit from reserved
stock. Subscriptions saw a boost from readers
keen to benefit from the offer, and with production
ramping steeply, Raspberry Pi 5 was widely available
worldwide by the end of the year.

46 | Raspberry Pi Foundation

It’s also important to us that our publications areavailable to readers who aren’t in a position to pay forcontent, or who live in geographies where they can’t
access a print version. We have been pleased to makedigital editions of The MagPi and HackSpace, as wellas Raspberry Pi Press books, available to library users
via the popular Libby app from OverDrive. Libby isavailable in 78 countries worldwide.
As well as the launch of Raspberry Pi 5, 2023 saw
us extend our range of accessories, which help
customers use Raspberry Pi computing in a wide
variety of applications. Early in the year we released the
new 12MP Raspberry Pi Camera Module 3, now with
autofocus, as well as the Raspberry Pi Global Shutter
Camera for freeze-frame photography and machinevision imaging. We also launched the Raspberry Pi
Debug Probe, a low-cost plug-and-play debug hardware
solution for engineers working with Arm-based
microcontrollers such as our own RP2040.
We continued to build our business in Africa,
welcoming a further five Raspberry Pi Approved
Resellers on the continent, an increase of over
50% from the previous year. We now have reseller
partners in ten different African countries, and haveworked with e-commerce platform Jumia to set up
official online stores in Nigeria, Ghana, and Kenya.
Our bricks-and-mortar Raspberry Pi Store in
Cambridge, meanwhile, ran a series of successful
pop-up stores around England, as well as taking up a
longer residency in Leeds.
We were excited to meet the Raspberry Pi
community face-to-face at events throughout theyear, from Embedded World to Open Sauce to the
Small Satellite Conference, along with Maker Faires
in Hannover, Rome, the Bay Area, and Shenzhen.

We reintroduced event listings on our website tohelp people find opportunities to meet our team aswell as to discover community-organised Raspberry
Jams and other events. Alongside this, we began
developing a new programme of support forcommunity event organisers, who do a fantastic
amount to help people to get involved no matter
their level of experience. 2023 saw 148 community
events in no fewer than 30 countries. Over 50 eventswere held to celebrate the launch of Raspberry Pi
5, and we sent Raspberry Pi 5 units to these so
community members could get a first look at our
new product.

We were pleased that 2023 brought an expected
alleviation of the supply chain challenges of theprevious two years. In August, we sold our fourmillionth Compute Module, a testament to its value
to companies embedding this device in their own
products: customers appreciate the high quality andperformance that Raspberry Pi Compute Modules
offer at a low price point, as well as extensive
compliance certification across a range of markets,
high-quality software that is maintained over thelong term, and a rich global ecosystem of users
and commercial partners providing both formal andinformal support and resources.
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Donors andfunders

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Donors and funders

Our work is made possible by generous financial
and in-kind support from many organisations andindividuals that share our mission. We would like tothank all of our donors and funders, some of which
are listed below.
8x8 UK LTD.

GoTo

Alan Boswell Group Charitable Trust

Lazar family

Allianz

Liberty Global

Amazon Future Engineer

OracleAtlassian Foundation International Limited

The PA Foundation

Best Buy Foundation

Qube Research and Technologies

The Bloomfield Trust

Remote.it

Broadcom Foundation

Riot Games

Cisco Foundation

Robert Sansom

Cognizant

Unity Social Impact

Endless
EPAM Systems, Inc

Supporters providing in-kind services

ESA Education

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

Ezrah Charitable Trust
Meta

Support our work

The Gatsby Charitable Trust

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.

GoogleGoogle DeepMind

50 | Raspberry Pi Foundation

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Financialreview

52 | Raspberry Pi Foundation

Financial review
As at 31 December 2023, the Group is comprisedof Raspberry Pi Foundation (the main operating
charity through which all charitable activity in the
UK is undertaken), Raspberry Pi Ltd (a commercial
subsidiary), and legal entities in India, Ireland, and theUnited States which carry out educational activities
in those jurisdictions. In June 2024, the group
underwent a restructuring whereby Raspberry Pi
Limited became a fully owned subsidiary of Raspberry
Pi Holdings plc, a subsidiary of Raspberry Pi MidCo
Limited. Subsequently, on 11 June 2024, Raspberry
Pi Holdings plc was listed on the London Stock
Exchange and the group holding was reduced to
below 50%, generating net funds of £136m.
The Foundation’s charitable activities are fundedthrough a combination of contracts for the delivery ofeducational services e.g. professional development
for teachers, donations from individuals, foundations
and other organisations that support our mission, andproceeds from the sale of shares in Raspberry Pi Ltd.
In 2023, the Foundation received income of £19.3m(2022 £8.9m) which included £15.6m gift aid arisingfrom the sale of shares in its commercial subsidiary
Raspberry Pi Ltd. Total Consolidated Group (including
Raspberry Pi Limited) income grew by 40% to£221.0m (2022 £157.3m).
Expenditure on the Foundation’s charitable activities
in 2023 was £11.1m (2022 £11.7m). The decreaseon prior year was expected, following the conclusionof our contract with the Department for Education in
March 2023. Total Consolidated Group expenditure(including Raspberry Pi Limited) grew by 37% to£207.4m (2022 £151.1m).
Total Reserves (cash and investments) held by
the Foundation at the end of 2023 totalled £22.3m(2022 £13.4m). Total Consolidated Group reserves
increased by 24.3% to £55.7m (2022 £44.8m).

Investments
The Foundation’s investment portfolio is managed
by external investment managers, Sarasin andPartners LLP. The Foundation tolerates a moderatelevel of risk. We anticipate moderate capitalvolatility associated with typical market cycles,
but look for active management and a diversified
portfolio to minimise risk, with not more than 10%of the portfolio placed with any one counterparty.
Total Funds under investment at the end of 2023 of£11.5m represented a £0.9m increase on the 2022
year end position, comprising £0.6m of unrealised
gains and £0.3m of investment dividends received.
The Foundation’s investments are managed
through the Sarasin Endowments Strategy. It
operates a bespoke ethical policy, developed overmany years of consultation and experience in the
charity sector, which excludes the following:• Companies with any exposure to: Civilian
Firearms, Cluster Munitions, or Landmines.
• Companies that generate a material amountof revenue from: Adult entertainment, Alcohol,
Armaments, Tobacco, Gambling, or Predatory lending.
Please see the Financial Statements section of thisreport for more details.

54 | Raspberry Pi Foundation

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 2023, 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 public’s
attention, enabling them to control how their data
is used. We are transparent about how we use
personal data and aim to ensure that our supporters
feel confident in how we are using it. Full details
about how we use data is available in our privacy
statement on our website.

Financial review | 55

Principal risks anduncertainties
The Trustees are responsible for the managementof risks within the Charitable Group. We have an
established risk management framework that
includes a risk appetite statement that articulates theBoard’s appetite for risk across different categories.
The Foundation has an overall risk register, which isregularly reviewed by management and by the Audit
and Risk Committee on a half yearly basis..

Principal risks and uncertainties

Key strategies for managing risk

Safeguarding: The failure to prevent or respondadequately to a safeguarding incident

Safeguarding policy, resources, staff training andbackground checks in place.
A team of Designated Safeguarding Officers (DSO)
are in place across the organisations including
at Board level, and an external safeguarding
consultancy contracted to provide expert support.
Providing details of a nominated safeguarding lead isa required step for the registration of new Clubs

Income: The failure to generate diverse,
sustainable sources of income sufficient to fundour medium term plans.

We employ an experienced fundraising team thatproactively identifies and develops new sources offunding and manages relationships with existing
partners and donors, and from the sale of sharesin Raspberry Pi Holdings plc.

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

We benchmark salaries and benefits in all
markets in which we employ people to ensurethat they are competitive. We invest in ensuringthat management is effective, including throughleadership and management training.
We collect employee diversity data in order to better
understand the diversity of our workforce and takepractical action to increase diversity and inclusion.

56 | Raspberry Pi Foundation

Data protection and network security: The
mismanagement, misuse or loss of data, and/or
a compromise to our network results in a loss ofdata and/or service.

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

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

Business insurance is reviewed annually and we havea Business Continuity Plan in place which is routinely
reviewed and updated.

Expenditure: The failure to effectively manage
rising costs as a result of expansion andinflation results in deficits that affect long term
sustainability and our ability to achieve impact.

Regular reporting of monthly spend to monitor
costs and bi-annual re-forecasting exercise,including review of headcount and staff costs.

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

The Investment sub-committee is responsible fordeveloping the investment strategy and regularly
reviews performance of the investment portfolio.

We deploy advanced cybersecurity tools forenhanced threat detection and prevention, andregular cyber security training is provided to all staff.

We have policies, tools and processes in place tosupport remote and hybrid working.

The listing of Raspberry Pi Holdings plc on the
London Stock Exchange will enable the Foundation
to diversify the investment base further.

Financial review | 57

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 ofthe Foundation – Section 172 statement
The trustees have a duty to promote the successof the Raspberry Pi Foundation and, in doing so,
are required by section 172(1) of the Companies
Act 2006 to have regard to various specific factors,
including:
1. the likely consequences of decisions in the longterm
2. the interests of employees
3. the need to foster relationships with stakeholders
4. the impact of operations on our communities andthe environment
5. the maintenance of our reputation for the highest
standards of conduct

The Raspberry Pi Foundation is a company limited
by guarantee and is a registered charity. It isgoverned by a Board of Trustees. Trustees areelected and co-opted 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.
The Raspberry Pi Foundation’s Board is committed
to adopting the principles set out in the Charity
Governance Code and undertakes a selfassessment against the Code on an annual basis.
The Board is supported by a number ofCommittees.
People & Culture Committee
The People & Culture Committee oversees thecomposition, appointment process and succession
planning of the members, trustees, directors andofficers of the Foundation and its subsidiaries.
It reviews and advises the Foundation board on
employee benefits and remuneration, and on
service agreements and severance agreements
in respect of senior employees. It reviews andadvises the board on the Foundation’s actions tobuild diverse teams of people with a wide range ofskills, backgrounds, and perspectives; and create
an inclusive environment and culture that enables
everyone to contribute their best.
Audit & Risk Committee
The Audit & Risk Committee reviews and advises
the board on the adequacy and effectiveness of

58 | Raspberry Pi Foundation

the Foundation’s arrangements for accountability,
financial controls and risk management. It
recommends actions to ensure compliance with thelaw and good practice, and considers and advises theboard on the provision of external audit advisors.
Investment Committee
The Investment Committee reviews andrecommends an investment strategy to the board. It
considers and advises the board on the provision of
investment advisors.
Members
Members of the Raspberry Pi Foundation are
appointed by the trustees. Members are entitled
to attend the Annual General Meeting, where they
formally receive the Annual Report and Accounts, elector re-elect trustees and appoint the charity’s auditors.

Our community and stakeholders
We are part of a global community of young
people, parents, educators, volunteers, makers, 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 the formal
education system who are running Code Clubs
and CoderDojos, working in youth and community
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.

Our employment practices
Dignity at work
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. We havean Anti-Harassment, Bullying & Victimisation Policy
which we regularly review and update. We continue
to ensure regular communication of our policies andprocesses so that our people know how to reportdignity at work issues through our Speaking Up(whistleblowing) policy.

Equality, diversity and inclusion (EDI)
We know that we are able to advance our mission
more effectively when we build diverse teams ofpeople with a wide range of skills, backgrounds, andperspectives; and create an inclusive environmentand culture that gives colleagues a sense of
belonging. In 2023 we developed a People andCulture Advisory group made up of a diverse groupof colleagues from across the organisation to help
support us with this objective.
We have an Equality, Diversity and Inclusion policy
which sets out our commitments and reinforces theimportance of EDI in our workplace. In 2023, we areproud to have become a certified Disability Confident
Committed Employer.

Safeguarding
We believe that a child, young person, or vulnerable
adult should never experience abuse of any kind.
We have a responsibility to promote the welfare of
all children, young people, and vulnerable adults,
and to keep them safe. We are committed 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.
Financial review | 59

Gender pay reporting
We undertake gender pay analysis as part of ourannual pay review which takes place in November
each year. Following the 2024 Pay Review (inNovember 2023) the Foundation had a gender pay
gap for employees in the UK of 12.3% in favour ofmen (8.5% in favour of men in the 2023 Pay Review).
This compares to a UK benchmark of 14.3% in favourof men. It is worth noting that our equal pay analysis
is influenced by the temporary vacancy of two
executive roles, which were in the process of being
filled by women at the time of the review.

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 the working
population and are predominantly male. As aconsequence, the gender pay gap of average salaries
for Raspberry Pi Ltd is 52% (2022 52%).

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

2023(current year)

2022

Energy consumption (kWh)456,076

349,949

Scope 1 emissions (tCO2e)

6.85

-

Scope 2 emissions (tCO2e) - location method

62.00

46.46

Scope 2 emissions (tCO2e) - market method

1.86

Not measured

Scope 3 emissions (tCO2e)

28.76

27.06

Total emissions (tCO2e)- location method

97.61

73.53

Total emissions (tCO2e) - market method

37.47

Not measured

Intensity ratio: tCO2e per FTE - location method

0.46

0.35

Intensity ratio: tCO2e per FTE - market method

0.18

Not measured

Consolidated

Intensity ratio
The agreed activity metric chosen is ‘Full-time
equivalent’ employees (FTE), with a reference valueof 210.84 FTE in 2023. The intensity ratio for thisreporting period is 0.18 tonnes CO2e/FTE.

60 | Raspberry Pi Foundation

Organisational boundary

Energy Efficiency

The SECR report covers the UK operations of the
Raspberry Pi Group (Raspberry Pi Foundation andRaspberry Pi Limited) which, when consolidated, isconsidered a ‘large’ company meeting two of thethree qualifying conditions for reporting:

We continued to invest in measures to reduce
our carbon emissions in 2023 in line with ourcommitment to achieving net zero. This included
making adjustments to the heating and air
conditioning systems to better match working hours,
installing LED lighting, switching to a green energy
tariff, offsetting business travel through a VERRAcertified offsetting programme and continuing topromote the Cycle to Work scheme. Raspberry Pi
Foundation introduced a Sustainability Policy, andwe remain on track against our net zero targets.

• at least 250 employees- not met• an annual turnover greater than £36m- Qualified• an annual balance sheet total greater than £18mQualified
Full scope 1 and 2 emissions are reported, which
accounts for natural gas for heating and purchased
electricity for the three sites. The scope 3 emissions
reported cover the Group’s UK grey fleet.

Methodology
The methodology used is the Greenhouse Gas
Protocol, using the UK Government’s GHG
Conversion Factors for Company Reporting 2023.
Both location- and market-based methodology
for reporting purchased electricity is shown. For
Raspberry Pi Ltd, estimates were used to calculate
the electricity usage in the company’s offices,
based on an average price per kWh of £0.37.

Financial review | 61

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

62 | Raspberry Pi Foundation

Statement of Trustees’
responsibility
The Trustees (who are also directors of Raspberry
Pi Foundation for the purposes of company law)
are responsible for preparing the Trustees’ Report
and the financial statements in accordance 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;• 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 andenable 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 3
September 2024 and signed on their behalf by:

Dr J W Lazar
TrusteeDate: 3/9/24

Financial review | 63

Independent auditor’s report to the Members
and Trustees of the Raspberry Pi Foundation
OpinionWe have audited the financial statements ofRaspberry Pi Foundation (the ‘parent charitablecompany’) and its subsidiaries (the ‘group’) for theyear ended 31 December 2023, 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 2023 and of the group’s and the parent
charitable company’s incoming resources andapplication of resources, including the group’s andthe parent 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 auditor under theCompanies Act 2006 and section 151 of theCharities Act 2011 and report in accordance withthose Acts. We conducted our audit in accordancewith International Standards on Auditing (UK)64 | Raspberry Pi Foundation(ISAs (UK)) and applicable law. Our responsibilities
under those standards are further described inthe ‘Auditor’s responsibilities for the audit of thefinancial statements’ section of our report. We
are independent of the group and the 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 withthe group’s and parent charitable company’sbusiness model including effects arising frommacro-economic uncertainties such as the global
semiconductor shortage and the cost of living crisis,
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
to events or conditions that, individually orcollectively, may cast significant doubt on thegroup’s and parent charity’s ability to continue
as a going concern for a period of at least twelve
months from when the financial statements areauthorised for 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 Review 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
be materially misstated. If we identify suchmaterial inconsistencies or apparent material
misstatements, we are required to determine
whether there is a material misstatement in thefinancial statements or a material misstatementof the other information. If, based on the work wehave performed, we conclude that there is a material
misstatement of this other information, we are
required to report that fact.
We have nothing to report in this regard.

Opinion on other matters prescribed by
the Companies Act 2006
In our opinion, based on the work undertaken in thecourse of the audit:• the information given in the Strategic Report andthe Trustees’ Report, prepared for the purposeof company law, included in the Trustees’ Annual
Review and Accounts for the financial year forwhich the financial statements are prepared isconsistent with the financial statements.
• the Strategic Report and the Trustees’ Report
included in the Trustees’ Annual Review andAccounts have been prepared in accordance withapplicable legal requirements.

Matter on which we are required toreport under the Companies Act 2006
In the light of the knowledge and understanding of
the group and parent charitable company and its
environment obtained in the course of the audit, wehave not identified material misstatements in theStrategic Report or the Directors’ Report included in
the Trustees’ Annual Review and Accounts.

Matters on which we are required toreport by exception
We have nothing to report in respect of the following
matters where the Companies Act 2006 andCharities Act 2011 requires us to report to you if, in
our opinion:• adequate and sufficient accounting records havenot 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; or• certain disclosures of trustees’ remuneration
specified by law are not made; or• we have not received all the information andexplanations we require for our audit.

Financial review | 65

Responsibilities of trustees for thefinancial statements
As explained more fully in the Trustees’
Responsibilities Statement set out on page 63, thetrustees (who are also the directors of the charitablecompany for the purposes of company law) areresponsible for the preparation of the financial
statements and for being satisfied that they give atrue and fair view, and for such internal control as
the trustees determine is necessary to enable thepreparation of financial statements that are freefrom material misstatements, whether due to fraud
or error.
In preparing the financial statements, the trustees
are responsible for assessing the group’s 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 haveno 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 toinfluence the economic decisions of users taken on
the basis of these financial statements.
Irregularities, including fraud, are instances of noncompliance with laws and regulations. The extent
to which our procedures are capable of detecting
irregularities, including fraud is detailed below:

66 | Raspberry Pi Foundation• 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:
o 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;o challenging assumptions and judgements madeby management in its significant accounting
estimates; ando 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,
the 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.
• Assessment of the appropriateness of thecollective competence and capabilities of theengagement team included consideration of
the engagement team’s understanding of, andpractical experience with audit engagements of asimilar nature and complexity through appropriate
training and participation.

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

Date: 3/9/24

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

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.

Use of our report
This report is made solely to the charitablecompany’s members and trustees, as a body,in accordance with Chapter 3 of Part 16 of theCompanies Act 2006 and section 154 of theCharities Act 2011. Our audit work has been
undertaken so that we might state to the charitablecompany’s members and trustees 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 its members and trustees as a body,for our audit work, for this report, or for the opinions
we have formed.
Financial review | 67

Financial statements
Raspberry Pi Foundation (A company limited by guarantee)
Registered number: 06758215
Consolidated statement of financial activities(Incorporating consolidated income & expenditure account) For the year ended 31 December 2023
Note

Unrestrictedfunds 2023£

Restrictedfunds 2023£

Total funds
2023£

Total funds 2022
(restated)£

Donations and grants

2335,724

2,358,960

2,694,684

2,475,529

Other trading activities

3

213,655,575-

213,655,575

149,803,245

Investments

4

337,709-337,709

319,053

Other income

54,304,797-

4,304,797

4,664,203

218,633,805

2,358,960

220,992,765

157,262,030(195,383,192)-(195,383,192)(139,410,738)

23,279-23,27924,190(8,718,591)(3,332,726)(12,051,317)(11,678,412)(204,078,504)(3,332,726)(207,411,230)(151,064,960)

14,555,301(973,766)

13,581,535

6,197,070

613,422-

613,422(1,464,120)

15,168,723(973,766)

14,194,957

4,732,950(3,481,501)-(3,481,501)(1,941,302)

11,687,222(973,766)

10,713,456

2,791,648

Raspberry Pi Foundation

9,542,167(973,766)

8,568,401

1,896,470

Non-controlling interest

2,145,055-

2,145,055

895,178

NET MOVEMENT IN FUNDS

11,687,222(973,766)

10,713,456

2,791,648

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

6

Investment management
Charitable activities

7

TOTAL EXPENDITURE
NET INCOME BEFOREINVESTMENT GAINS AND LOSSESNet gain/(loss) on investments

17

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 74 to 101 form part of these financial statements.
68 | Raspberry Pi Foundation

Consolidated statement of other comprehensive income
For the year ended 31 December 2023
Unrestrictedfunds 2023£

Restricted funds
2023£

Total funds
2023£

Total funds
2022£

NET MOVEMENT IN FUNDS

11,687,222(973,766)

10,713,456

2,791,648

Exchange difference ontranslating foreign operations(4,689,571)

21,759(4,667,812)

7,540,915

TOTAL COMPREHENSIVE
MOVEMENT IN FUNDS FOR
THE FINANCIAL YEAR

6,997,651(952,007)

6,045,644

10,332,563

-

-

-

(377,644)

21,672-

21,672(328,613)

Issue of shares by trading
subsidiary and profit on sale ofshares in trading subsidiary to
non-controlling interests

28,655,200-

28,655,200

15,233

Total funds at 1 January 2023

86,677,290

3,712,173

90,389,463

80,747,924

TOTAL FUNDS AT 31
DECEMBER 2023

122,351,813

2,760,166

125,111,979

90,389,463

Dividends paid to non-controllinginterests
Share based payments

All activities relate to continuing operations.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 74 to 101 form part of these financial statements.

Financial review | 69

Company statement of financial activities
For the year ended 31 December 2023
Unrestrictedfunds 2023£

Restrictedfunds 2023£

Total Funds
2023£

Total Funds
2022£

Donations and grants

195,381

1,882,013

2,077,394

1,944,110

Investments

337,709-337,709

319,053

Other income

16,852,875-

16,852,875

6,615,925

TOTAL INCOME

17,385,965

1,882,013

19,267,978

8,879,088

23,279-23,27924,190Charitable activities(8,264,009)(2,834,864)(11,098,873)(11,698,890)

TOTAL EXPENDITURE(8,240,730)(2,834,864)(11,075,594)(11,674,700)

NET INCOME BEFORE INVESTMENT GAINSAND LOSSES

9,145,235(952,851)

8,192,384(2,795,612)

Net gains on investments

613,422-

613,422(1,464,120)

NET MOVEMENT IN FUNDS

9,758,657(952,851)

8,805,806(4,259,732)

Total funds at 1 January 2023

9,764,368

3,533,348

13,297,716

17,557,448

TOTAL FUNDS AT 31 DECEMBER 2023

19,523,025

2,580,497

22,103,522

13,297,716

INCOME FROM:

EXPENDITURE ON:
Raising funds:
Investment management

All activities relate to continuing operations.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 74 to 101 form part of these financial statements.

70 | Raspberry Pi Foundation

Consolidated balance sheet
Raspberry Pi Foundation (A company limited by guarantee) Registered number: 06758215
As at 31 December 2023
Note

£

2023
£

£

2022
£

FIXED ASSETS
Intangible assets

15

15,470,230

8,515,807

Tangible assets

16

4,875,799

3,413,184

Investments

17

11,499,669

10,551,850

31,845,698

22,480,841

CURRENT ASSETSStocks19

84,850,996

39,729,341

Debtors

20

34,304,442

22,616,267

Cash at bank and in hand

26

44,156,672

34,240,423

20

2,118,571-

165,430,681

96,586,031

Amounts falling due after one year:
Other debtors

LIABILITIESCreditors falling due within one year21

(65,606,008)(24,138,860)

Creditors falling due after one year21

(3,345,112)(2,488,800)

Provisions

22(1,206,556)-

Deferred tax (liability)/asset

14(2,006,724)(2,049,749)

NET CURRENT ASSETS

97,093,186

72,447,171

NET ASSETS

125,111,979

90,389,463

CHARITY FUNDS
Restricted funds

23

2,760,166

3,712,173

Unrestricted funds

23

106,963,422

80,112,995

Non-controlling interest

23

15,388,391

6,564,295

125,111,979

90,389,463

TOTAL FUNDS

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

Dr J W Lazar
TrusteeDate: 3/9/24
The notes on pages 74 to 101 form part of these financial statements.
Financial review | 71

Company balance sheet
Raspberry Pi Foundation (A company limited by guarantee) Registered number: 06758215
As at 31 December 2023
Note

£

2023
£

£

2022
£

FIXED ASSETS
Tangible assets

16

272,981315,123

Investments

17

11,549,137

10,601,317

11,822,118

10,916,440

CURRENT ASSETS
Debtors

20

Cash at bank and in hand

CREDITORS: amounts falling due
within one year21

1,411,123

1,153,484

10,816,745

2,785,566

12,227,868

3,939,050(1,946,464)(1,557,774)

NET CURRENT ASSETS

10,281,404

2,381,276

NET ASSETS

22,103,522

13,297,716

CHARITY FUNDS
Restricted funds

23

2,580,497

3,533,348

Unrestricted funds

23

19,523,025

9,764,368

22,103,522

13,297,716

TOTAL FUNDS

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

Dr J Lazar
TrusteeDate: 3/9/24
The notes on pages 74 to 101 form part of these financial statements.

72 | Raspberry Pi Foundation

Consolidated statement of cash flows
For the year ended 31 December 2023
Note

2023
£

2022
£

25

(6,624,812)(793,163)-

326,807

Purchase of property, plant and equipment(3,804,273)(1,802,777)

Purchase of intangible assets(3,869,450)(1,307,450)

Proceeds from sale of shares in trading subsidiary

12,192,227-

Net cash used in investing activities

4,518,504(2,783,420)(265,417)(125,964)-(377,644)Interest on cash deposits

1,160,612

39,228Proceeds from issuance of ordinary shares in trading
subsidiary

12,169,217

15,233

Net cash (used)/generated in financing activities

13,064,412(449,147)

Change in cash and cash equivalents in the year

10,958,104(4,025,729)

Net exchange differences on cash and cash
equivalents(1,041,856)

3,227,480

Cash and cash equivalents brought forward

34,240,423

35,038,672

44,156,672

34,240,423

Cash flows from operating activities
Net cash provided by operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments

Cash flows from financing activities:
Interest on loans and borrowings
Dividends paid to non-controlling interests

Cash and cash equivalents carried forward

26

The notes on pages 74 to 101 form part of these financial statements.

Financial review | 73

Notes to the financial statements forthe year ended 31 December 2023
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 company’s functional and presentational
currency is 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.

Where funded projects remain in progress at theyear end, the directors exercise judgement regarding
the amount of income to be recognised based
upon the progress of the project and any service
conditions that are required to be satisfied.
An amount of £75,101 has been recognised inrelation to donated software and cloud services
provided to Raspberry Pi Foundation. £49,679 has
been recognised in relation to donated rent andcloud services provided to Hello World Foundation.
During 2020, a Long Term Incentive Plan for theemployees of the trading subsidiary, Raspberry
Pi Limited was approved and 13,077 B ordinary
shares were issued and a further 3,512 B ordinary
shares issued in 2021 and a further 1,997 in 2023.
On 15 December 2023, 1,563 B ordinary shareswere awarded to UK employees with a deemed
unrestricted market value of $22 per share. At 31
December 2023 approval for these shares was still
being sought from the Trustees of the Employee
Benefit Trust, so at the year end, these sharesremain unissued. Under the terms of the plan, the B
ordinary shares will share in the proceeds payablein the event of a sale of the company. Therefore,
no non-controlling interest has been recognised inrelation to the Long Term Incentive Plan shares.
1.3 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.

1.2 Significant judgements and estimates

1.4 Company status		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:

The company is a company limited by guarantee. The
Trustees of the company, who are also members, arenamed on page 102. There are currently 11 Trustees(10 in 2023). In the event of the company being
wound up, the liability in respect of the guarantee islimited to £1 per member of the company.

74 | Raspberry Pi Foundation

1.5 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.
Investment income, gains and losses are allocated“to unrestricted funds”.
1.6 Income
All income is recognised once the company has
entitlement to the income, it is probable that theincome will be received and the amount of income
receivable can be measured reliably.
Income tax recoverable in relation to donations
received under Gift Aid or deeds of covenant isrecognised at the time of the donation.
Product revenue is recognised when the trading
subsidiary has transferred to the customer thesignificant risks and rewards of ownership, 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.
During the year Raspberry Pi Limited qualified
for the UK Taxation Research and Development
Expenditure Credit (“RDEC”). The RDEC isrecognised in the Consolidated Statement of
Financial Activities within Other Income in the period
in which the Group has recognised the research anddevelopment expense. The RDEC receivable for theyear is netted against any payments of corporation
tax due relating to the year.

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 Expenditure
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
and the amount of the obligation can be measured
reliably.
All expenditure is accounted for on an accruals
basis. All expenses including support costs andgovernance costs are allocated to the applicable
expenditure headings.
Support costs are those costs incurred directlyin support of expenditure on the objects of thecompany. Governance costs are those incurredin connection with administration of the company
and compliance with constitutional and statutory
requirements.
The charity considers that it has a single activity
being the provision of educational programmes in
the field of computers and computer science and all
support costs arise in relation to this activity and are
not further analysed.
1.8 Going concern
Raspberry Pi Foundation meets its day-to-day
working capital requirements through the cash it
holds. The company undertakes a regular processof reviewing forecasts and projections and can draw
upon its significant investment portfolio to support
its planned activities.
In 2023, Raspberry Pi Foundation benefited fromthe sale of shares in its commercial subsidiary
Raspberry Pi Ltd. In June 2024, the group underwent
a restructuring whereby Raspberry Pi Limited becamea fully owned subsidiary of Raspberry Pi Holdings
plc, a subsidiary of Raspberry Pi Mid Co Limited.
Subsequently, on 11 June 2024, Raspberry Pi Holdings
plc was listed on the London Stock Exchange and thegroup holding was reduced to below 50%, generating
net funds of £136m. These events created sufficient
reserves to fund operations over a number of years, assuch we believe the Foundation to be a going concern.
Financial review | 75

1.9 Intangible assets and amortisation

1.12 Stocks

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

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

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

1.13 Interest receivable

1.10 Tangible fixed assets and depreciation
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:
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

1.11 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.

76 | Raspberry Pi Foundation

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.
1.14 Taxation
The company is considered to pass the tests set
out in Paragraph 1 Schedule 6 of the Finance Act
2010 and therefore it meets the definition of acharitable company for UK corporation tax purposes.
Accordingly, the company is potentially exempt
from taxation in respect of income or capital gains
received within categories covered by Chapter 3
Part 11 of the Corporation Tax Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992,
to the extent that such income or gains are applied
exclusively to charitable purposes.
The trading subsidiary may be subject to both current
tax and deferred tax.
Current tax is recognised for the amount of income
tax payable in respect of the taxable profit for thecurrent or past reporting periods using the tax
rates and laws that that have been enacted or
substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing
differences at the reporting date, except asotherwise indicated.
Deferred tax assets are only recognised to the extent
that it is probable that they will be 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.

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.

1.19 Financial instruments

Deferred tax liabilities are presented within provisions
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.

1.15 Debtors

1.20 Pensions

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.

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 Cash at bank and in hand
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.
1.17 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.
1.18 Operating leases
Rentals payable under operating leases are charged
to the profit or loss on a straight-line basis over thelease term.
The aggregate benefit of lease incentives isrecognised as a reduction to the expense recognisedover the lease term on a straight line basis.

Financial review | 77

2. Group income from donations and grants
Unrestrictedfunds 2023£

Restrictedfunds 2023£

Total funds
2023£

Total funds
2022£

Other donations

80,457295,500

375,957

343,558

Donated services – D-I-K

124,780-

124,780

48,155Grants130,487

2,063,460

2,193,947

2,083,816

Total donations and grants

335,724

2,358,960

2,694,684

2,475,529

In 2022, of the total income from donations and grants, £365,883 was unrestricted and £2,109,646 was
restricted. Of the £2,694,684 total grants and donations, Raspberry Pi Foundation, the Company, received£2,077,394 (2022: £1,944,110).

3. Trading income

Raspberry Pi Limited

Unrestrictedfunds 2023£

Restrictedfunds 2023£

Total funds
2023£

Total funds
2022£

213,655,575-

213,655,575

149,803,245

213,655,575-

213,655,575

149,803,245

In 2022 all trading income was unrestricted.

4. Investment income
Unrestrictedfunds 2023£

Restrictedfunds 2023£

Total funds
2023£

Total funds
2022£

Investment income ‑ investments

310,819-

310,819

302,561Interest receivable

26,890-26,89016,492

337,709-337,709

319,053

In 2022 all investment income was unrestricted.

78 | Raspberry Pi Foundation

5. Other income
Unrestrictedfunds 2023£

Restricted funds
2023£

Total funds
2023£

Total funds
2022£

Other operating income of Raspberry
Pi Limited

2,992,071-

2,992,071

991,283

Other incoming resources

1,312,726-

1,312,726

3,672,920

4,304,797-

4,304,797

4,664,203

In 2022 £4,643,627 of other income was unrestricted and £20,576 was restricted. In 2022 due its increased size,
Raspberry Pi Limited became eligible to make a Research and Development Expenditure Credit (RDEC) claim
under UK taxation rules rather than being eligible for the small company scheme. The amount of the RDEC claim
is £1,831,495 (2022: £952,055).

6. Trading expenditure
Unrestrictedfunds 2023£

Restrictedfunds 2023£

Total funds 2023
(restated)£

Total funds
2022£

Direct trading costs of Raspberry Pi Limited

138,514,999-

138,514,999

116,514,054

Administration costs of Raspberry Pi Limited

38,229,786-

38,229,786

7,268,808

Staff costs of Raspberry Pi Limited

14,767,120-

14,767,120

11,136,288

Depreciation and amortisation of
Raspberry Pi Limited

3,854,570-

3,854,570

2,800,571

16,717-

16,717

1,691,017

195,383,192-

195,383,192

139,410,738

Other exceptional costs of Raspberry Pi
LimitedIn 2022 £139,410,738 of trading expenditure was unrestricted. The exceptional costs relate to fees incurred in
respect of assurance and advisory costs for preparing Raspberry Pi Limited for further external investment.

7. Charitable activities expenditure
Unrestrictedfunds 2023£

Restricted funds
2023£

Total funds
2023£

Total funds
2022£

Direct charitable costs (note 8)

2,105,039

2,666,181

4,771,220

2,043,645

Charitable support costs (note 9)

6,613,552

666,545

7,280,097

9,634,767

Total

8,718,591

3,332,726

12,051,317

11,678,412

In 2022 expenditure on charitable activities was £11,678,412 of which £9,014,729 was unrestrictedand £2,663,683 was restricted.

Financial review | 79

8. Direct charitable costs
Charitable
Activities
£

Total
2023
£

Total
2022
£

654,201

654,201

228,298

Wages and salaries

3,490,626

3,490,626

1,553,562

National insurance

340,631

340,631

149,037

Pension cost

285,762

285,762

112,748

4,771,220

4,771,220

2,043,645

Donations

Direct costs total £4,771,220 (2022: £2,043,645) of which £2,105,039 (2022: £460,732) was unrestricted and£2,666,181 (2022: £1,582,913) was restricted.

9. Charitable support costs
Governance£Primary purpose£

Total 2023£

Total 2022£-

3,978,047

3,978,047

6,130,209

158,446

552,441

710,887

1,994,827

Marketing and advertising-

174,184

174,184

166,888

Events-147,127

147,127

87,614

Travel, meetings and entertainment-

309,553309,553

202,350

Facilities and office-608,118

608,118564,390

IT costs-

460,112460,112

346,769

Project related hardware costs

-

8,746

8,746

13,696

Other costs

6,658

181,530

188,188269,937

Depreciation-

108,370

108,370

108,046

Foreign Currency Gains and Losses-

586,765586,765

249,959

165,104

7,114,993

7,280,097

9,634,767

Staff related expenditure
Contractor and professional fees

Support costs total £7,280,097 (2022: £9,634,767) of which £6,613,552 (2022: £8,553,997) was
unrestricted and £666,545 (2022: £1,080,770) was restricted.

10. Charitable governance costs

Audit and accountancy fees

80 | Raspberry Pi Foundation

Unrestrictedfunds 2023£

Restrictedfunds 2023£

Total funds
2023£

Total funds
2022£

158,446-

158,446

163,872

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

2023
£

2022
£

1,944,643

1,690,495‑ owned by the charitable group1,828,916

1,218,123

Operating lease expenditure - property

1,305,611

548,822

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

During the year, no Trustees received any remuneration (2022: £Nil).
During the year, no Trustees received any benefits in kind (2022: £Nil).
During the year, six Trustees received £3,413 reimbursement of expenses (2022: £1,957).

12. Auditors’ remuneration
2023£

2022 (restated)£

51,40044,000209,345

177,867

1,300-

Taxation compliance services--

Other taxation advisory services--

Other services as reporting accountant on financial
or other information-

328,142

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
Accounts preparation

Financial review | 81

13. Staff costs
Staff costs were as follows:
2023
£

2022
£

Wages and salaries

18,881,942

15,685,602

Social security costs

1,668,586

1,498,790

Other pension costs

1,236,724

1,050,608

Share based payments

21,620328,61321,808,872

18,563,613

The average monthly number of employees was 244 (2022: 249) and the average number of employees
on a headcount basis for the year was as follows (including part time staff):
2023 No.

2022 No.

Company

125

136

Subsidiaries

119

113

244

249

The number of higher paid employees was (including subsidiaries) 73 in 2023 (2022: 58), of which 57 are
employees of Raspberry Pi Ltd (2022: 47):2023 No.

2022 No.

In the band £60,001 ‑ £70,000

10

5In the band £70,001 - £80,000

6

8

In the band £80,001 ‑ £90,000

5

4

In the band £90,001 - £100,000

8

4

In the band £100,001 ‑ £110,000

62

In the band £110,001 ‑ £120,000

06

In the band £120,001 - £130,000

3

4

In the band £130,001 - £140,000

58

In the band £140,001 - £150,000

6

1

In the band £150,001 - £160,000

30In the band £160,001 - £170,000

4

10

In the band £170,001 - £180,000

1

0In the band £180,001 - £190,000

7

1

In the band £190,001 - £200,000

30In the band £200,001 - £210,000

1

082 | Raspberry Pi Foundation

13. Staff costs (continued)
2023 No.

2022 No.

In the band £250,001 - £260,000

02

In the band £260,001 - £270,000

01

In the band £280,001 - £290,000

30In the band £320,001 - £330,000

01

In the band £450,001 - £460,000

1

1

In the band £520,001 - £530,000

1

0

73

58

Total company pension contributions for the higher paid employees in 2023 were £684,127 (2022: £501,722).
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 £3,207,654 (2022: £2,601,790).

14. Taxation
2023
£

2022
£

Corporation tax

3,586,670

1,409,659

Adjustment In respect of prior years(173,676)(311,892)

Tax in relation to overseas subsidiary

300

1,817

3,413,294

1,099,584

Current year charge(229,087)

40,626

Effect of changes in tax rates(22,903)12,828Adjustment In respect of prior years

320,197788,264

3,481,501

1,941,302

Current tax:

Deferred tax:

Taxation charge for the year

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

Financial review | 83

14. Taxation (continued)
2023
£

2022
£

Profit before taxation

14,194,957

4,732,950

Corporation tax at 23.52% in respect of all periods

3,338,654

899,261

299,955

115,506

5,243

3,638

(28,534)

12,828(1,818,971)(767,162)

300

1,817

Income not taxable(1,736)(160,020)

Prior year adjustments(6,286)476,372

1,597,721

1,359,062

Tax losses not recognised

95,157-

Taxation charge for the year

3,481,501

1,941,302

Effect of:
Expenses not deductible for tax purposes
Depreciation on ineligible assets
Tax rate changes
Effect of group relief/other reliefs
Tax in relation to overseas subsidiary

Activities exempt from corporation tax

In 2023 the expenses not deductible for tax purposes are made up of other exceptional costs,
share based payment charges, and intangible asset amortisation.
2023
£

2022
£

1,728,063(475,991)

2023
£

2022
£

(2,049,749)(1,051,401)

Deferred tax charge

245,994(55,408)

Adjustments in respect of prior periods(312,579)(817,075)

Foreign exchange

109,610(125,865)(2,006,724)(2,049,749)

Current Liabilities
Corporation tax
Deferred tax disclosure:

Provision at the start of the year

84 | Raspberry Pi Foundation

2023
£

2022
£

Provided

Provided(581,953)(357,291)(1,584,922)(1,811,267)

Temporary timing differences - trading

37,991

5,102

Accrued pension

87,172-Other timing differences

34,988

113,707(2,006,724)(2,049,749)

Fixed asset timing differences
Intangible asset timing differences

Deferred tax assets

Deferred tax liabilities

2023
£

2022
£

Recognised

Recognised

160,150

118,808

Provided

Provided(2,166,874)(2,168,557)

In the March 2021 Budget, it was announced that the UK corporation tax rate would increase to 25% from
1 April 2023. This has had a consequential effect on the Company’s future tax charge and these changes
were substantively enacted before the balance sheet date and have therefore been factored into thedeferred tax calculations. A blended rate of 23.52% has been used to estimate the current tax charge.
The consolidated tax figure excludes temporary differences in relation to Raspberry Pi Mid Co Limited
that would give rise to deferred tax assets of £95k. However, given that this is a holding company, it is notprobable that it will have sufficient taxable profits in future periods to realise the benefit of these deferred
tax assets. Therefore, no deferred tax asset has been recognised in the financial statements in relation tothis entity.

Financial review | 85

15. Intangible fixed assets
Intellectual Property£

Goodwill
£

Total
£

GROUP

Subtitles Da si volum non cus corio eaquatate consedi
Costsquam,
tectam eos minventios quidem es aut ressunt
At 1 January 2023

9,824,320

328,063

10,152,383

Additions

11,478,845-

11,478,845

Disposals(4,021,879)-(4,021,879)

Foreign exchange(754,784)(139,456)(894,240)

At 31 December 2023

16,526,502

188,607

16,715,109

At 1 January 2023

1,322,823

313,753

1,636,576

Charge for the year

1,811,454

17,462

1,828,916

Disposals(1,961,068)

Amortisation(1,961,068)

Foreign exchange(113,146)(146,399)(259,545)

At 31 December 2023

1,060,063

184,816

1,244,879

At 31 December 2023

15,466,439

3,791

15,470,230

At 31 December 2022

8,501,497

14,3108,515,807

Net book value

Amortisation of intangible fixed assets is included in trading expenditure.
Intellectual Property is composed of designs licenced from third parties for use in the design anddevelopment of key components intended for use in future Raspberry Pi products. The cost of these
designs is recorded and amortised over the duration of the relevant licence. Where payment milestones
span multiple years, the portion of the liability falling outside the next financial year is recorded inliabilities falling due after one year.
Material items within Intellectual Property are:
• Outsourced costs incurred in the development of components including application processors for use
in single board computers with a net book value of £3.8m ($4.8m) (2022: £4m ($5m)). The first productlaunched in October 2023 and this investment is being amortised over 4 years until October 2027.
• Licences with a net book value of £7.4m ($9.4m) (2022: £3.7m ($4.5m)), in respect of the developmentof future semiconductors for use in Raspberry Pi Limited’s products. This includes £6.2m ($7.9m),
comprising £4.2m ($5.3m) of non-cash consideration and £2.0m ($2.6m) of existing intellectual
property exchanged for shares. The licence term is until February 2027. Remaining payments for theintellectual property are reflected within Long Term Liabilities and Other Creditors.
• Licence agreements entered into in 2023, with two companies for £2.7m ($3.5m) and £1.4m ($1.8m),
for licences for use in the development of further microcontroller semiconductors.

86 | Raspberry Pi Foundation

16. Tangible fixed assets
Leasehold
Property£

Plant andmachinery£

Furniture andfittings£

Office and computerequipment
£

Total
£

716,999

6,245,896

498,567

1,717,693

9,179,155

Additions

1,941,005

1,049,128

4,051

810,090

3,804,274

Disposals(263,394)--(22,050)(285,444)

Foreign exchange(58,889)(358,959)-(85,511)(503,359)

At 31 December 2023

2,335,721

6,936,065

502,618

2,420,222

12,194,626

At 1 January 2023

306,408

3,742,218

485,788

1,231,557

5,765,971

Charge for the year

99,9801,518,984

7,549

318,1311,944,644

Disposals(86,192)--(8,575)(94,767)

Foreign exchange(7,777)(236,255)-(52,989)(297,021)

At 31 December 2023

312,419

5,024,947

493,337

1,488,124

7,318,827

At 31 December 2023

2,023,302

1,911,118

9,281

932,098

4,875,799

At 31 December 2022

410,591

2,503,678

12,779486,136

3,413,184

Leasehold
Property£

Fixturesand fittings£

Office and computerequipment
£

Total
£

362,167

498,567

421,889

1,282,623

-

4,051

53,40557,456362,167

502,618

475,294

1,340,079

At 1 January 2023

150,994

485,787

330,719

967,500

Charge for the year

36,216

7,549

55,83399,598At 31 December 2023

187,210493,336

386,552

1,067,098

At 31 December 2023

174,957

9,282

88,742272,981

At 31 December 2022

211,173

12,78091,170315,123

GROUP
Cost
At 1 January 2023

Depreciation

Net book value

COMPANY
Cost
At 1 January 2023
Additions
At 31 December 2023
Depreciation

Net book value

Financial review | 87

17. Fixed asset investments
Investment portfolio£
GROUP

Subtitles Da si volum non cus corio eaquatate consedi
Market valuesquam, tectam eos minventios quidem es aut ressunt
At 1 January 2023

10,551,850

Dividends reinvested net of fees

334,098

Interest

299

Revaluations

613,422

At 31 December 2023

11,499,669

GROUP INVESTMENTS AT MARKET VALUE COMPRISE:

2023
£

2022
£

11,499,669

10,551,850

Investment portfolio£

Shares in group
undertakings
£

Total
£

10,551,850

49,468

10,601,318

334,098-

334,098

299

-

299

613,422-

613,422

11,499,669

49,468

11,549,137

Investments

COMPANY
Market value
At 1 January 2023
Dividends received net of fees
Interest received
Revaluations
At 31 December 2023

88 | Raspberry Pi Foundation

18. Investment in subsidiary companies
The Raspberry Pi Foundation is a UK company limited by guarantee and a charity registered in England andWales. The Raspberry Pi Foundation Group includes the following subsidiaries:
Subsidiary nameRegistered office address

Nature of business

Interest as at
31 December 2023

Hello WorldFoundation

Dogpatch Labs, Unit 1,
The CHQ Building,
Custom House Quay,
Dublin, D01 Y6H7, Ireland

A company limited byguarantee, incorporated in
Ireland and granted charitablestatus by the Irish Revenue
Commissioners

Raspberry Pi Foundation isa beneficial owner of theentity under Irish law

Raspberry Pi
Foundation
North AmericaInc,

548 Market Street PMB
16362, San Francisco, CA
94104-5401, UnitedStates of America

A 501(c)(3) US-based
non-profit organisation

Wholly owned subsidiary

Raspberry Pi
Educational
Services Private
Limited

E-20, 1st & 2nd Floor
Hauz Khas, New Delhi
110016, India

A company incorporated
in India to deliver
educational services

Wholly owned subsidiary

Raspberry Pi
Limited

194 Cambridge Science Park,
Milton Road, Cambridge,
Cambridgeshire, CB4 0AB

A majority owned trading
subsidiary which makes lowcost, high performance single
board computers and otherhardware

Majority owned subsidiary:
Raspberry Pi Foundation
owns 85% of entity via its
wholly owned subsidiary
Raspberry Pi Mid Co
LimitedRaspberry Pi
MidCo Limited

United Kingdom

Non-trading company,
incorporated forstructural reasons

Wholly owned subsidiary

Raspberry Pi
Ireland Limited

3 Dublin Landings, North Wall
Quay, Dublin 1, Ireland, D01
C4E0

Subsidiary of Raspberry Pi
LimitedMajority owned subsidiarythrough Raspberry Pi Ltd

Raspberry Pi(Trading) North
America Inc.

2810 N. Church St.
Wilmington, DE 19802-4447

Subsidiary of Raspberry Pi
LimitedMajority owned subsidiarythrough Raspberry Pi Ltd

In the year to which these financial statements relate, Raspberry Pi Mid Co Limited has made donations by
way of gift aid to Raspberry Pi Foundation of £16m (2022: £3m). This was the result of a dividend received
from Raspberry Pi Limited of £4m in December 2022 and profit on sale of shares in the year of £12m.
A summary of Raspberry Pi Limited’s results is disclosed below. Audited accounts will be filed with theRegistrar of Companies. The cost of the investment in the subsidiary is £1 (2022: £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 saleof the Company or its listing upon a stock exchange.
The B ordinary shares are held in trust by the Raspberry Pi (Trading) Employee Benefit Trust on behalf of
employees.
Financial review | 89

A summary of the B ordinary shares is detailed below:
SchemeAwarded as at 31
December 2022

LTIP

Awarded during 2023

15,920Awarded as at 31
December 2023

1,997

17,917

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

Volatility:-0.05%

Expected life of B ordinary shares:

49%

2 years

The value of each B ordinary share issued was deemed to be £108 per share.
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 tovalue the compensation expense for the 2021 issue of B ordinary shares with the following inputs:
Interest rate:

Volatility:-0.05%

Expected life of B ordinary shares:

34%

4 months

At that time, the value of each B ordinary share issued was deemed to be $81 per share.
In 2021, management reassessed the timing of an Exit process. The compensation expense in 2021 forB 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 charge for the year ended 31 December 2021 was£0.9m ($1.2m) which includes the additional charge for those B ordinary shares issued in 2020 following
the reassessment by management of the date of the expected Exit process.
In 2022, management reconsidered the expected timing of an Exit process. The compensation credit in
2022 for B ordinary shares issued during 2020 was revised to be calculated based on an expected Exit
process happening almost 4 years after the date of issue. The compensation credit in 2022 for those B
ordinary shares issued in 2021 was calculated based on an expected Exit process happening 31 months
after the date of issue. The resultant credit for the year ended 31 December 2022 was £329k ($411k) whichis the result of the life of the B ordinary shares being extended.
For B ordinary shares issued under the LTIP in 2023, the assumption at that time was that an Exit process
would happen 1 year and 2 months from the date of issue and the Black Scholes model was used to value
the compensation expense with the following inputs:
Interest rate: 4.07% for shares issued to UK employees
Interest rate: 4.32% for shares issued to US employees
Volatility: 39%
Expected life of B ordinary shares: 1 year and 2 months
The value of each B ordinary share issued was deemed to be $697 per share for UK employees and $556
per share for US employees.
90 | Raspberry Pi Foundation

The charge for the year ended 31 December 2023 of £22k ($27k) is based upon an expected Exit
process happening within the same timeframe as management assessed in 2022.
On 15 December 2023, 1,563 B ordinary shares were awarded to UK employees with a deemed
unrestricted market value of $22 per share. At 31 December 2023 approval for these shares was
still being sought from the Trustees of the Employee Benefit Trust, so at the year end, these sharesremain unissued.

18. Investment in subsidiary companies (continued)
Profit and Loss Account for Raspberry Pi Limited
2023
£

2022
£

Turnover213,800,375

150,352,298

Cost of sales(138,514,999)(116,514,054)

Gross profit

75,285,376

33,838,244

Administration expenses(58,022,223)(22,817,654)

Other operating income

2,992,071

991,283

Operating profit

20,255,224

12,011,873

Finance charges net of interest receivable

1,112,906(125,964)

21,368,130

11,885,909

Tax on profit on ordinary activities(3,481,201)(1,939,485)

Profit for the financial year

17,886,929

9,946,424

2023
£

2022
£

Intangible fixed assets

15,470,230

8,515,807

Tangible fixed assets

4,580,921

3,086,665

Other non-current assets

2,118,571-

Current assets

149,120,333

88,506,124

Current liabilities(62,755,308)(22,633,438)

Non-current liabilities(5,945,476)(4,538,549)

102,589,271

72,936,609

Balance Sheet

In June 2024, the group underwent a restructuring whereby Raspberry Pi Limited became a fully
owned subsidiary of Raspberry Pi Holdings plc, a subsidiary of Raspberry Pi Mid Co Limited.
Subsequently, on 11 June 2024, Raspberry Pi Holdings plc was listed on the London Stock
Exchange and the group holding was reduced to below 50%.
Financial review | 91

19. Stocks
GROUP

COMPANY
2022
£

2023
£

Subtitles Da si volum non cus corio eaquatate consedi
Raw materials, finished goods
84,850,996
39,729,341
squam,
tectamand goods forresale eos minventios quidem es aut ressunt

2023
£

2022
£

-

-

The amount of stock recognised as an expense was £148,622,909 (2022 £110,451,286).
An impairment loss of £6,354,569 (2022 – £1,007,715) was recognised in cost of sales against
stock during the year due to slow-moving or obsolete stock.

20. Debtors
GROUP

COMPANY
2023
£

2022
£

2023
£

2022
£

24,940,611

18,426,099

1,200,068

759,687

-

-

-

3,989

9,363,831

4,190,168

211,055

389,808

34,304,442

22,616,267

1,411,123

1,153,484

2,118,571---

36,423,013

22,616,267

1,411,123

1,153,484

Amounts falling due within one year:
Trade debtors
Amounts owed by group undertakings
Other debtors

Amounts falling due after one year:
Other debtors

The intercompany debt is unsecured and repayable upon demand and does not attract any interest charges.
Other debtors refers to a long term prepayment of £2,118,571 for machinery used by Raspberry Pi Limited’s
contract manufacturer in the production of Raspberry Pis. It is being amortised over a period of 5 years.

92 | Raspberry Pi Foundation

21. Creditors
AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP

Trade creditors

COMPANY
2023£

2022 (restated)
£

2023
£

2022
£

57,900,555

18,056,461

119,507

188,754--

343,020

158,037

1,932,732

1,835,347

373,671

379,020

64,43644,699--5,708,285

4,202,353

1,110,266

831,963

65,606,008

24,138,860

1,946,464

1,557,774

3,345,112

2,488,800--

68,951,120

26,627,660

1,946,464

1,557,774

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

Amounts falling due after one year:
Trade creditors

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

22. Provisions
Group provisions

Company provisions
£

£

-

-

Additions

1,206,556-

At 31 December 2023

1,206,556-

At 1 January 2023

Provisions relate to Raspberry Pi Limited’s anticipated dilapidation expenses of £349,431 (2022: £nil) and an
onerous lease provision of £263,485 (2022: £nil) in respect of the Maurice Wilkes office, which has been vacantsince December 2023.
A further provision of £594k (31 December 2022: £nil) has been made for dilapidation costs in respect ofRaspberry Pi Limited’s new head office building on the Cambridge Science Park.
The maturity analysis of provisions is:
At 31 December 2023£
Less than one year
Between one and five years
Over 5 years

612,916
593,640

Financial review | 93

23. Statement of funds
GROUP
Brought
forward£Income£Expenditure£Transfers
in/out£Other
movement£

Carriedforward£General funds

19,512,568

1,986,159(8,695,312)-

7,502,656

20,306,071

Revaluation reserve

1,623,408---

613,4222,236,830

Trading subsidiary

64,141,914

216,647,646(198,864,693)-

16,462,975

98,387,842

Share based payment

920,512--

21,672-

942,184

Gift on contribution with
Hello World Foundation

478,888

-

-

-

-

478,888

86,677,290

218,633,805(207,560,005)

21,672

24,579,053

122,351,813

Brought
forward(restated)£

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

Carriedforward£

The AtlassianFoundation

219,034

364,791(430,320)--

153,505

Ezrah Charitable
Foundation

2,944,854-(901,983)--

2,042,871

Individual Donors

28,515

128,500(125,515)--

31,500Cognizant U.S.
Foundation

155,915

242,996(216,663)--

182,248

The PA Foundation

64,127100,000(164,127)---

Unity Charitable Fund

64,952

79,783(71,601)--

73,134

Allianz Technology SE

55,951-(55,951)---

Amazon Future
Engineers-

240,000(240,000)---Broadcom Foundation-

405,407(405,407)---

The Gatsby Charitable
Foundation-

62,796(62,796)---

Cisco Systems, Inc-

194,478(97,239)--

97,239Oracle America Inc-

63,262(63,262)---

3,533,348

1,882,013(2,834,864)--

2,580,497

Subtitles Da si volum non cus corio eaquatate consedi
squam,
tectamUNRESTRICTEDFUNDSeos minventios quidem es aut ressunt

GROUP

RESTRICTED FUNDS
Raspberry Pi Foundation

94 | Raspberry Pi Foundation

23. Statement of funds (continued)
Subsidiaries
Hello World Foundation

89,62865,246(104,393)-(1,686)

48,795

RPFNA

89,197411,703(393,469)-

23,443130,874

-

-

-

-

-

-

3,712,173

2,358,962(3,332,726)-

21,7572,760,166

90,389,463

220,992,767(210,892,731)

21,672

24,600,810

125,111,979

Brought
forward(restated)£

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

Carriedforward£General funds

8,140,960

17,385,965(8,240,730)--

17,286,195

Revaluation reserve

1,623,408---

613,4222,236,830

9,764,368

17,385,965(8,240,730)-

613,422

19,523,025

Brought
forward(restated)£

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

Carriedforward£

The AtlassianFoundation

219,034

364,791(430,320)--

153,505

Ezrah Charitable
Foundation

2,944,854-(901,983)--

2,042,871

Individual Donors

28,515

128,500(125,515)--

31,500Cognizant U.S.
Foundation

155,915

242,996(216,663)--

182,248

The PA Foundation

64,127100,000(164,127)---

Unity Charitable Fund

64,952

79,783(71,601)--

73,134

Allianz Technology SE

55,951-(55,951)---

Amazon Future
Engineers-

240,000(240,000)---Broadcom Foundation-

405,407(405,407)---

Raspberry Pi Limited

TOTAL OF FUNDSCOMPANYUNRESTRICTED FUNDSCOMPANY

RESTRICTED FUNDS

Financial review | 95

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

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

Carriedforward£

The Gatsby Charitable
Foundation-

62,796(62,796)---

Cisco Systems, Inc-

194,478(97,239)--

97,239Oracle America Inc-

63,262(63,262)---

3,533,348

1,882,013(2,834,864)--

2,580,497

13,297,716

19,267,978(11,075,594)-

613,422

22,103,522

TOTAL OF FUNDS

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 2021
- 30 May 2023.
Broadcom Foundation
This restricted fund is to support Coolest Projects, global NGO partnerships, USA programme
development, CoderDojo and Code Club programmes, enhance online education experiences and increase
outreach in underserved communities.
CognizantThis restricted fund is to deliver our coding club programme in the UK and to deliver a research project
which focuses on culturally relevant pedagogy in primary education.
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.
The PA Foundation
This restricted fund is to deliver digital-making training sessions to USA educators in Chicago and Atlanta
through in-person workshops.
Amazon Future Engineer
This restricted fund is to support the coding clubs programme in the UK and to support educators todeliver digital making programmes in the UK, through online and in-person trainings.
Cisco Foundation
This restricted fund is to support development of the online Code Editor and to integrate this coding
platform into other Foundation learning products.

96 | Raspberry Pi Foundation

24. Analysis of net assets between funds
GROUP
Unrestrictedfunds 2023£

Restrictedfunds 2023£

Total funds
2023£

Total funds
2022£

Intangible fixed assets

15,470,230-

15,470,230

8,515,807

Tangible fixed assets

4,875,799-

4,875,799

3,413,184

Other long term assets

2,118,571-

2,118,571-

Fixed asset investments

11,499,669-

11,499,669

10,551,850

Current assets

160,551,944

2,760,166

163,312,110

96,586,031

Creditors(72,164,400)-(72,164,400)(28,677,409)

122,351,813

2,760,166

125,111,979

90,389,463

Unrestrictedfunds 2023£

Restrictedfunds 2023£

Total funds
2023£

Total funds
2022£

272,981-272,981315,123

Fixed asset investments

11,549,137-

11,549,137

10,601,317

Current assets

9,647,371

2,580,497

12,227,868

3,939,050

Creditors(1,946,464)-(1,946,464)(1,557,774)

19,523,024

2,580,497

22,103,522

13,297,716

COMPANY

Tangible fixed assets

Financial review | 97

25. Reconciliation of net movement in funds to net cash flow from operating activities
2023
£

2022
£

10,713,456

2,791,648

Tax charge

3,481,201

1,941,302

Amortisation charges

1,828,916

1,218,123

Depreciation charges

1,944,644

1,693,399

Impairment charges

6,354,569-(Gains)/losses on investments(613,422)

1,464,120

Dividends, interest and rents from investments(334,397)(326,807)

Finance costs

265,417

125,964

Finance income(1,160,612)(39,228)

Asset disposals

190,677-

Increase in stocks(51,476,224)(5,854,010)

Increase in debtors(11,562,965)(4,723,708)

Increase in other assets(2,118,571)-

Increase in creditors

40,341,646

2,175,953

Increase in provisions

1,206,556-

Share based payments

21,672(328,613)

Tax payment(3,811,639)-

Currency translation (gains)/losses(1,895,735)(931,306)

Total(6,624,812)(793,163)

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

Adjustment for:26. Analysis of cash and cash equivalents

Cash at bank and in hand98 | Raspberry Pi Foundation

2023
£

2022
£

44,156,672

34,240,423

27. 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 costcharge represents contributions payable by the group to the fund and amounted to £1,236,724 (2022:£1,050,608). Contributions totalling £415,992 (2022: £74,172) were payable to the fund at the balance
sheet date.

28. Operating lease commitments
At 31 December 2023 the total minimum lease payments under non cancellable operatingleases are due in the following periods by the group:
Land and buildings
GROUP

2023
£

2022
£

Within 1 year

1,727,770

630,254

Between 2 and 5 years

5,984,273

2,423,817

Over 5 years

1,469,180

1,702,649

Total

9,181,223

4,756,720

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

2023
£

2022
£

Within 1 year

432,500

323,534

1,405,625

1,294,136-

161,767

1,838,125

1,779,437

Between 2 and 5 years
Over 5 years
Total

29. Other financial commitments and financial assets and liabilities
In 2021, In July 2022, Raspberry Pi Limited entered into a commitment to purchase other licences
for intellectual property and related tools over the period to July 2025. The value of the outstanding
commitment at 31 December 2023 was £4.4m ($5.6m) (31 December 2022: £7.6m ($9.1m)).
To ensure the continuing supply of key components to meet forecast demand, Raspberry Pi Limited hasentered into long term supply agreements and placed orders with major suppliers and distributors. Under
the agreements, the Company expects to purchase components with a value of £366m ($466m) (2022:£299m ($360m)) over a period of four years for use in the manufacture of products for sale by itself andits licensee.

Financial review | 99

29. Other financial commitments and financial assets and liabilities (continued)
2023£

2022 (restated)£

Financial assets measured at fair value through profit or loss

11,499,669

10,551,850

Financial assets measured at amortised cost

69,097,283

52,843,029

Financial liabilities measured at amortised cost

62,176,191

20,875,003

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

30. Related party transactions
During the year, the charity reimbursed the following expenses to trustees in relation to accommodation,
travel and subsistence:
Dr M P Blyth £nil (2022: £302)
Ms K D Shillinglaw £383 (2022: £355)
Prof. R Plumbly-Clegg £875 (2022: £nil)
During the year, the charity made payments to third parties of the following in relation toaccommodation, travel and subsistence:
Mr D Labbad £394 (2022: £735)
Prof. R Plumbly-Clegg £248 (2022: £566)
Ms A C De Alwis £83 (2022: £nil)
General payments to third parties for meetings and refreshments on behalf of the trustees were £1,431(2022: £nil).
As at 31 December 2023 a balance of £nil (2022: £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.

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

100 | Raspberry Pi Foundation

32. Borrowings
During the year, Raspberry Pi Limited’s Revolving Credit Facility of £7m ($9.5m) was replaced by a Revolving
Credit Facility of £19.6m ($25m). The facility is secured by a debenture granted in favour of Barclays Bankplc and has covenants relating to leverage and interest coverage. The facility lasts for three years fromMarch 2023.
At 31 December 2023, Raspberry Pi Limited owed £nil under this facility.
Of the £19.6m revolving credit facility, in May 2023, £3.9m ($5m) was negotiated as an overdraft facility,
replacing the overdraft facility of £3m ($4.1m), which was secured by a debenture granted by the Company
in favour of Barclays Bank plc.
At 31 December 2023, Raspberry Pi Limited had £nil overdraft borrowings (31 December 2022: £nil).
On 24 April 2024, Raspberry Pi Ltd increased its Revolving Credit Facility to £31.4m ($40m) and extended its
term by a further year to 24 April 2027. The initial margin was £137k ($175k).

33. Post balance sheet events
In June 2024, the group underwent a restructuring whereby Raspberry Pi Limited became a fully owned
subsidiary of Raspberry Pi Holdings plc, a subsidiary of Raspberry Pi Mid Co Limited. Subsequently, on
11 June 2024, Raspberry Pi Holdings plc was listed on the London Stock Exchange and the group holding
was reduced to below 50%, generating net funds of £136m and resulting in loss of control.

Financial review | 101

Reference and administrative details
Trustees

Registered office

Dr J W Lazar

37 Hills Road
Cambridge
CB2 1NT

Ms J Astall (appointed 9 February 2023)
Dr M P Blyth (resigned on 19 October 2023)
Ms A C de Alwis
Prof. J I Drori
Mr D Labbad (resigned on 10 June 2024)
Mr C R Leadbeater
Prof. R Plumbly-Clegg

Company Secretary
Mr S Huntley (resigned 19 June 2023)
Mr A D B Morton (appointed 6 July 2023)

Chief Executive Officer
Mr P A Colligan

Ms K D Shillinglaw

Independent auditors

Mr D Zahn

Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
101 Cambridge Science Park
Milton Road
Cambridge
Cambridgeshire
CB4 0FYMr S B Greene (appointed on 20 June 2024)
Mr A J Sliwinski (appointed 20 June 2024)
Ms L Turkington (appointed 20 June 2024)

Company registered number
06758215 - Country of Incorporation Englandand Wales

Charity registered number
1129409

Bankers
Barclays Bank plc
Chesterton Road
Cambridge

Investment Managers
Sarasin & Partners LLP
Juxon House
100 St Paul’s Churchyard
LondonEC4M 8BU

102 | Raspberry Pi Foundation

www.raspberrypi.org

Raspberry Pi Foundation UK registered charity 1129409