Annual Review
and Accounts
2022

Contents

Introduction from the Chair
and Chief Executive

Our impact in 2022

Strategic report

Education

Non-formal learning

4
6
8
10

Experience AI, page 18

54

Governance59

Independent
auditor’s report

64

Financial statements

68

20

Research

40

Computers

46

Donors50

Coolest Projects, page 28

Community partnerships, page 30

2 | Raspberry Pi Foundation

Financial review

Community story, page 38

Annual Review | 3

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

2022 was a landmark year for the Foundation andour mission to empower young people to realise
their full potential through the power of computing
and digital technologies.
We celebrated a significant anniversary: ten years
since the launch of the first Raspberry Pi computerin February 2012. While many of us remember
the excitement at getting hold of one of those firstcredit card–sized PCs, none of us really imagined
the huge impact that the project would have on
the world, creating a new class of general-purpose
computers and helping to kickstart a movement todemocratise computing education for all.
Our commercial subsidiary, Raspberry Pi Ltd, is
now one of the world’s most exciting technology
companies, bringing the Foundation’s mission tolife through its commitment to making computing
available at low cost for everyone. In the face ofan unprecedented global semiconductor shortage,
the team has worked incredibly hard over the past
year to maintain supplies, particularly to thosebusinesses that depend on the availability of ourhardware. We ended 2022 with supplies starting toreturn to normal and almost 50 million Raspberry Pi
computers in the world. At the same time, the teamhas continued to innovate, launching a wirelessversion of our microcontroller product, theRaspberry Pi Pico W.
We are all indebted to the founders of Raspberry Pi
and the brilliant team of engineers and community
builders who breathed life into the product and the
movement.

4 | Raspberry Pi Foundation

The Foundation’s educational activities havecontinued to go from strength to strength. Spanningformal education, non-formal learning, and research,
our focus continues to be on creating opportunities
for young people who experience educational
disadvantage or come from backgrounds that are
traditionally underrepresented in computing.
We saw a significant return of in-person computing
clubs as the pandemic restrictions were finally lifted,
with almost 1000 CoderDojos and over 3500 Code
Clubs running throughout the year. On the themeof celebrations, we also marked ten years since thefirst Code Club and the incredible achievement ofengaging over 1.8m young people in Code Clubs inthat first decade.
Through our online professional development
courses, we supported over 35,000 educators todevelop their subject knowledge and pedagogy;
there were 1.7m resource downloads from The
Computing Curriculum; and more than 18,000
learners completed 1.3m questions on the Isaac
Computer Science platform.

The Foundation team at the 2022 all-staff residential

We also continued to expand our reach andimpact around the world, including through newpartnerships to support learners in rural and refugeecommunities in Kenya to develop digital skills.
2022 will also be remembered as a landmark
year for technological change with the explosionof AI, including large language models and othergenerative AI tools. It’s more important thanever that teachers and young people understandthe impact that AI is having on the world, theopportunities and ethical implications it brings, andthe role that it could play in their lives. That’s why wehave launched Experience AI, a new collaboration
with one of the world’s leading AI companies,
Google DeepMind, that will support and inspire
thousands of teachers and learners throughcurriculum, resources, and training.

Our work on AI education is underpinned byresearch in the Raspberry Pi Computing Education
Research Centre based at the University ofCambridge. July saw the official launch of theCentre, and by the end of the year we welcomed
its first PhD students.
We would like to thank everyone who has madeall of this possible, including staff, Trustees,
members, partners, and the vibrant communityof educators, young people, and makers. We
look forward to continuing to work with you totransform lives through the power of computing
and digital technologies.

Annual Review | 5

Our impact in 2022

3.1M

28,126

learners engaged with our online projects,
and 406,000 with Code Club World12,928young people from26 countries ran theircode in space in the
Astro Pi Challenge

OVER

1.3

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

6 | Raspberry Pi Foundation

2,508

young people from46 countries showcasedtech projects in Coolest
Projects

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

3,539 & 946

Code Clubs

ran in-person sessions in 103 countries

36,705

Almost50

CoderDojos

669

attendees from40 countries at 9 online
research seminars

millionRaspberry Pi
computers sold to date

14,500LEARNERS

and 725 teachers in
England engaged
in our four-year
Gender Balance in
Computing research
programme

MORE THAN

35,000subscribers in
185 countries to
Hello World magazine

participants in our online
teacher training courses

Annual Review | 7

Strategic report
The mission of the Raspberry Pi Foundation is toenable young people to realise their full potential
through the power of computing and digitaltechnologies. Our vision is that every young
person develops:• 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 application; and to design
and use technology for good.
• The mindsets that enable them to confidently
engage with technological change and to continuelearning about new and emerging technologies.
Our activities are organised around three ambitious
long-term goals:

Education

ca
tio
Ed
u

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.

l
ma
for
n- ing
No earnl

Non-formal learningn

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.

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

8 | Raspberry Pi Foundation

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

Annual Review | 9

Education

10 | Raspberry Pi Foundation

Isaac Computer Science

Online courses
for educators

Supporting students and teachers of advanced
computer science qualifications

Free online professional development
for subject knowledge and pedagogy

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

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

‘[Isaac] provided a good-quality

resource to help students revise
and provides an excellent resource
to judge teaching and learning.
– Teacher’

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

IMPACT• 12,414 A level users and 5956 GCSE users
from more than 100 countries• Over 1.3 million question attempts by learners• 96% of teachers and 88% of learners said
the resources are of high quality and easily
accessible• Teachers reported that the Isaac platform
saved them on average 2.6 hours a week
• 38 topics and more than 400 questions addedfor GCSE students• More than 130 events delivered to engage andsupport learners and train teachers

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

I would recommend it to‘ anyonestudying computerscience and even people
who just want to learn about
computer science. The
only reason I don’t want torecommend it is because
it’s too good to share.
– Learner
12 | Raspberry Pi Foundation’‘

I feel that this course was essential in
my understanding of where I may takemy students on their journey as coders.
Extremely practical advice and exercises.
– Online course participant’

In 2022, our online teacher training engaged 35,780
learners worldwide, and 83% of participants statedthat their confidence had grown as a result of taking
a course. Teachers in England were able to take ourcourses to work towards professional certificates aspart of the National Centre for Computing Education.
While overall course enrolments decreased
compared to 2021 to be broadly in line with figures
before the COVID-19 pandemic, we saw a 21%
increase in course completions.
We host two online courses tailored for US-based
educators on the Pathfinders Online Institute, basedon units from The Computing Curriculum. Funded by
the Infosys Foundation USA, in 2022 we distributed
915 Raspberry Pi Pico kits to teachers participating in
the online course Code a Rover with Raspberry Pi Pico.
We trialled the adaptation of our online training
content to the Atingi platform in partnership with
the Siemens Stiftung Foundation in order to reachteachers in Rwanda through the STEMedu Center

IMPACT• More than 35,000 users engaged, leading
to 18,671 course completions• 86% of participants said that theirprogramming skills had improved as a resultof taking one of our programming courses• 83% of participants reported that theirconfidence in their computing knowledge
had grown as a result of taking a course

for Teachers. 130 educators enrolled and engaged
positively with our two adapted courses.
We are grateful to England’s Department for
Education, Google, Siemens Stiftung Foundation,and Infosys Foundation USA for their support, whichmakes our online training for educators possible.

Not only did the course present a‘thoroughgrounding in computing
pedagogy, references were made tosupporting research, and the structure
and presentation was deceptively
straightforward — despite dealing
with some tricky concepts.
– Online course participant’

Annual Review | 13

The Computing
Curriculum

Physical computing
in the classroom

Comprehensive classroom resources forthe entire computing curriculum

Supporting physical computing in schools

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 system to programming and thesocietal impacts of technology, at an appropriate
level for each year group. We built the Curriculum
on a detailed progression framework to make itcohesive across units, year groups, and the whole
schooling period. The learning content (knowledge
and skills) is mapped out as interconnected
networks we call learning graphs, which help
teachers to plan and deliver lessons, and to monitor
their learners’ progress.

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

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

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

IMPACT• 12,928 schools in England downloaded
Computing Curriculum lessons• 1.7m Computing Curriculum lesson
downloads worldwide
These classroom resources are backed by our online
training courses and the Isaac Computer Science
online learning platform. Together they form acomplete suite of support for computing teachers.
We made sure The Computing Curriculum content
is suitable for all students irrespective of theiracademic performance, background, and additional
needs. All the materials are free to download, use,
and adapt (under an Open Government Licence),
allowing teachers to tailor them to their learners andsettings. Developed as part of the National Centre for
Computing Education, The Computing Curriculum
is mapped to exam board standards and covers theentire national computing curriculum in England.

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

‘[The learners] seem much moreengaged with seeing something
happen. [...] Our children are lesstheory-based, they tend to talk lessand do more. So having something intheir hands that is easy to program
and then see the results [...] definitelypiqued their interest.
– Teacher’

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

I’m grateful for the amount ofwork put [into The Computing
Curriculum], it’s helped me
throughout my training year andas a result has made a significant
difference in my practice.
– Teacher

14 | Raspberry Pi Foundation

Annual Review | 15

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

Computer Science‘Isaachas had a positive impact
on my workload.
’– Teacher• To train teachers and increase their knowledgeof the subject and effective teaching approaches,
we created free online courses about topics frommaths and logic, to machine learning, to computing
pedagogies in secondary school• To facilitate classroom teaching, we developed The
Computing Curriculum: a ground-breaking collectionof almost 500 hours of resources that supports
teachers to deliver computing lessons to 5- to
16-year-olds• To support learners and teachers of advanced
computer science, we built an online learning
platform called Isaac Computer Science incollaboration with University of Cambridge
researchers, for use in the classroom, at home,and for revision• To support teachers’ understanding of effective
computing pedagogy, we wrote and shared
51 reports, summaries, and newsletters about
research-informed teaching approaches• To promote learners’ understanding and skills ofphysical computing, we designed and distributed
physical computing kits to local hub schools,
which teachers can borrow to engage theirlearners in designing and programming physicalcomputing artefacts

16 | Raspberry Pi Foundation

I am teaching out of subject so [TheComputing Curriculum] is a godsend.
– Teacher

Annual Review | 17

Experience AI

Hello World

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

Inspiring computing and digitalmaking educators
the Raspberry Pi Computing Education ResearchCentre, we developed an AI education taxonomy
that we are using to inform the design of theeducational resources.
Experience AI has two strands: Experience AI
Lessons and the Experience AI Challenge.
Experience AI Lessons: To engage and inspire
students about AI and its impact on the world, we aredeveloping a set of free learning resources alongsidetraining and support for educators. This will include
an introduction to the technologies that enable AI;
how AI models are trained; how to frame problems
for AI to solve; the societal and ethical implications ofAI; and career opportunities. All of the resources aredesigned around real-world and relatable applicationsof AI, engaging a wide range of diverse interests anduseful to teachers from different subjects.

With the rapid advances in AI — from machinelearning 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 future. More than anything, we want tomake 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.
The initial focus of the Experience AI programmeis learners aged 11 to 14 in the UK. We are working
with teachers, students, and Google DeepMind
researchers and engineers to ensure that thematerials and learning experiences are engaging
and accessible to all, and that they reflect thelatest AI technologies and their application. Within

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

Hello World is a platform for computing anddigital making educators, with content provided
by practising educators themselves. Hello World
includes magazines and compendiums, a podcast,and blog content, all helping educators around theworld to find inspiration, share experiences, andlearn from each other.
Hello World is generously supported by Oracle.

‘I have been working in the fieldfor 25 years, but still really lookforward to Hello World to learn
new things and discover new
inspiring people to follow onsocial media.’– Hello World reader

IMPACT• Two new issues of Hello World magazine• The new special edition, The Big Book
of Computing Content, was downloaded
12,978 times• All 1500 teachers attending the CSTA Annual
Conference in the USA received a print copyof The Big Book of Computing Pedagogy• Hello World magazine had 36,705 subscribers
in 185 countries by year end• 12 new episodes of the Hello World podcast,
6788 episode downloads in 2022of the best resources available‘toOneteachersof computer science.
’– Hello World reader

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

Hello World’s second special edition
18 | Raspberry Pi Foundation

Annual Review | 19

Non-formal
learning

20 | Raspberry Pi Foundation

Digital making projects

CoderDojo

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

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

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.

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

We create projects according to our Digital Making
Framework, designing project pathways that develop
and support learners’ independence as well as skills
and knowledge. The framework is based on leading
research; experience of what works in Code Clubs,
CoderDojos, and our other programmes for young
people; and feedback from the community. Eachframework-aligned pathway is made up of six projects:• Explore projects introduce learners to a set ofskills and knowledge, and provide step-by-step
instructions to help learners develop
initial confidence• Design projects are opportunities for learners
to practise the skills they learnt in theprevious Explore projects, and to express
themselves creatively• The final Invent project, where learners focus oncompleting a project to meet a project brief, building
something for a particular audience or problem
In 2022, we launched three new project pathways,
and together our framework-aligned pathways
support learners to code story books, virtual pets,
musical instruments, Raspberry Pi Pico creations,data visualisations, websites, and much more. We
also introduced digital badges that learners earn

IMPACT• More than 3.1m unique users of our projects• Launch of digital badges for learners, whoearned 107,200 badges in total• Three new learning paths for web development,
Python, and Raspberry Pi Pico• 1800 project translations in total, projects
available in up to 32 languages

when they complete a project or pathway, andawarded 107,200 badges to young people.
As part of our efforts to translate our digitalmaking projects in order to support learners inareas of educational disadvantage, we beganbuilding new volunteer translation communities
for an additional five languages spoken in Kenya,
South Africa, and India.

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 and can make projects
such as games, mobile apps, and robots. The
CoderDojo movement is open-source and eachclub is unique, reflecting its community. The young
people in each Dojo have diverse abilities andinterests, and peer mentoring is encouraged, so
everyone is actively engaged, develops new skills,
and helps each other succeed.
In Dojo sessions, young people learn throughdetermination, innovation, and discovery, because
the volunteers who mentor participants encourage a‘trial and error’ approach to creating digital projects,
supporting young people to develop a growth mindset.
Many CoderDojos returned to running in-person
sessions in 2022 as restrictions put in place to stop
the spread of the coronavirus pandemic were being
unwound. By year end, 96% of active CoderDojos ran
their sessions in person again.

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

IMPACT• 946 CoderDojos were active in 71 countries,
running in-person or online events; 143 more
CoderDojos were planning sessions• 32% of participants were girls• 142 new CoderDojos verified• CoderDojo resources were accessed
21,323 times• 88% of Dojo champions reported thatyoung people improved their computing andprogramming skills as a result of taking partin CoderDojo• 87% of champions said young people are
more confident to explore computing andprogramming as a result of joining a Dojo

– CoderDojo volunteer
22 | Raspberry Pi Foundation

Annual Review | 23

Code Club

Code Club World

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

A free app where young people learn to makethings with code

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

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
network of islands incorporating a custom blockbased programming environment, four stand-alone
activities (with badges), curated beginner Scratch andPython projects, and a community gallery. Learners
earn badges as they progress, and have access toa safe and supportive community where they canshare their projects and remix their peers’ too.

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

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

IMPACT• 3539 Code Clubs were active in 87 countries,
running in-person or online sessions; 425 Code
Clubs were planning sessions• 41% of participants were girls• 3166 new Code Clubs verified• Code Club resources were accessed
14,730 times• 94% of club volunteers reported that young people
improved their computing and programming skills
as a result of taking part in Code Club

2022 saw 406,000 users visit Code Club World,compared to 26,000 visitors in 2021 – its launchyear. Learners completed 23,000 projects, and in thecommunity gallery we added this year, they shared
1279 projects and also made 2755 project remixes.
Code Club World was generously supported by
Cisco Systems Inc.

• 92% of club volunteers said that young people
are more confident to explore computing andprogramming as a result of taking part

IMPACT[Taking part in Code Club] helps
them realise making mistakes
does not equate failing, but isjust another step to figuring out
the way to a solution.

• Code Club World had 406,000 users in 2022
• Learners completed 23,000 projects• Learners earned 40,300 digital badges• Learners shared 1279 projects in the gallery– Code Club volunteer

24 | Raspberry Pi Foundation

Annual Review | 25

Scouts’ Digital Maker Badge

The European
Astro Pi Challenge

Supporting Scouts to develop digital skills for life

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

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.

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

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

IMPACT• 22,353 Digital Maker Staged Activity Badges
awarded in 2022
• 119,013 badges awarded in total since thepartnership started in 2018
• 80 Scout leaders trained through in-person
workshops

In Mission Space Lab, teams of young people design
and program a scientific experiment to run on
board the ISS. This mission runs over eight months,
culminating in the teams analysing and reporting on
the data their experiments gather. Examples fromthe 2021/22 teams included an experiment thatused the machine learning accelerator on the newly
upgraded Astro Pi computers to analyse imagesof clouds in real time, and a project that identified
seaweed rafts associated with macroplastics in theocean by calculating the NDVI (normalised difference
vegetation index) for captured images.
Mission Zero is a beginners’ coding activity that canbe completed in an hour in a classroom, a coding clubsession, or at home. The young people who participate
write a simple program in an online interface. Their
program runs on the Astro Pi computers on board the
ISS to take a sensor reading and communicate it to
the astronauts with a personalised message or image
created by the participants.

IMPACT• 28,126 young people from 26 countries
participated in the Astro Pi Challenge 2021/22
across Mission Space Lab and Mission Zero
• 44% of participants were girls• 299 teams progressed through Mission SpaceLab to run their experiments in space, anincrease of 29% compared to 2021
• Since 2015, 83,891 young people have run
their own programs on board the ISS thanks
to the Astro Pi Challenge

In my opinion, Astro Pi is theperfect place to give students theopportunity to become creative
and apply what they are learning
in STEM subjects.
— Astro Pi mentor

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

Annual Review | 27

Coolest Projects
A global showcase of creative tech projects
made by young people
Coolest Projects is an online showcase to inspire,motivate, and celebrate young tech creators. It
gives young people everywhere the opportunity
to share their tech creations with the world in an
online gallery, to discover the cool things their peers
have made, and to be inspired to continue creatingwith digital technology. In addition to the online
showcase, there are country-wide Coolest Projects
events, run by us or by partner organisations to give
regional communities of young people, educators,
volunteers, and parents the space to come togetherin person.
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.
In 2022, we saw more than 2500 young people from46 countries share projects in the Coolest Projects
online gallery, as well as regional events in six
countries that reached around 1000 young people.

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

28 | Raspberry Pi Foundation

IMPACT• 2508 young people in 46 countries showcased2092 projects in the online gallery• 45% of participants were girls• Six regional Coolest Projects events took
place in Belgium, Czechia, Hungary, Iraq,
Malaysia, and South Africa, hosted by partnerorganisations, which together engaged
approximately 1000 young people• 94% of participants surveyed said they are moreinterested in programming and computers as aresult of taking part in Coolest Projects

Every year we see young people creating purposedriven projects. Examples from 2022 include: ahardware project that determines the proximityand behaviour of elephants by classifying their
vocalisations to help rural villages share elephants’habitat more peacefully; a mobile app that helps
families to save water easily and enjoyably; anda data dashboard and platform to track pollution
and measure the impact of climate change.
Broadcom Foundation partners with us to bring
the Broadcom Coding with Commitment™
programme to Coolest Projects in order toencourage participants to ‘act locally and thinkglobally’ by using coding to solve problems theycare about that impact their communities related
to health, sanitation, energy, climate change, andthe other world-scale challenges aligned with theUnited Nation’s 17 Sustainable Development Goals.

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

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

Annual Review | 29

Community partnerships
Partnering with local organisations to support young
people from underserved communities
In 2022, we partnered with a range of community
organisations in the UK and the USA to provide
hardware and experiences in computing anddigital making to young people who might nototherwise have access to a computer at home, or
to opportunities to explore creative activities withdigital technologies.
Through the Learn at Home campaign, we worked
with 48 youth and community organisations to
distribute Raspberry Pi computers to educationallydisadvantaged young people in England, Scotland,
and Wales. Recipients included young people
in recently relocated refugee families fromAfghanistan and Ukraine. We distributed 2490
sets of Raspberry Pi computers and all necessary
peripherals, alongside a programme of training
and support for youth and social workers to enable
them to help young people with the setup and useof the computers. The impact was immediate:
The computers enabled young people to engage
with their schooling and the offers of community
organisations, to apply for jobs, to improvetheir digital literacy skills, and to explore digitalmaking. 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.
The Learn at Home campaign was supported bygenerous donations from the Bloomfield Trust, Lazar
Family, ServiceNow, and S&P Global Foundation.
We partnered with 21 youth organisations in
England, Scotland, and the Republic of Ireland to run
digital making workshops. In addition to providing
donated hardware, we trained more than 60 youth
workers and volunteers to incorporate coding

30 | Raspberry Pi Foundation

If I’d known [a digital making
workshop] was this easy to run, we
would’ve done it a long time ago.
– Lead facilitator at a UK
children’s charity
as part of their regular provision, reaching over1000 underserved young people. This work was
generously funded by Meta and the PA Foundation.
In the USA, we supported five youth organisations
to run three- to six-week digital making initiatives,
including a Cultura con Raspberry Pi programme(culturally relevant digital making workshops inSpanish) based on our 2021 pilot. Two partnerorganisations integrated digital making into their
ongoing offering. This work was generously fundedby Broadcom Foundation and Best Buy Foundation.
We also ran physical computing workshops at theNortheast Ohio STEM Ecosystem event, reaching an
estimated 1500 young people.

devices provided are supporting school‘The
children from Reception to Year 13, and have‘

We are so grateful to you as acommunity. And because of
the Raspberry Pi Foundationand its brilliant support, I got
to know more families in mycommunity.
– Teacher’made a massive impact on the education of
special needs children who require more touchtyping due to their fine motor skills and latemuscle development/disability and mental
health. Additionally, children who have anxiety
and are unable to use library facilities, as well as
those who struggle with social skills, have greatly
benefited from the provision of these devices.
– Learn at Home partner organisation’

IMPACT• Collaboration with 62 youth and community
organisations in England, Scotland, Wales,
and the Republic of Ireland• 2490 Raspberry Pi computers distributed toeducationally disadvantaged young people• Work with five youth organisations in the USA,
including culturally relevant digital making
workshops in Spanish

Annual Review | 31

Case studies

32 | Raspberry Pi Foundation

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

It gave me power of… getting involved‘withnew things…Any challenge thatcomes my way I am willing to takeafter the Raspberry Pi class now…
– Learner in Kakuma refugee camp’

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

Partnership with Kenya
Connect and Team4Tech

Learners work on creating their own website
project by the end of the course. We piloted thiscourse with 25 learners from October 2022 andwill finalise the materials based on their feedback
early in 2023. The aim is for the course to beincorporated into the Amala Education’s HighSchool Diploma programme.
This work is generously funded by the Ezrah
Charitable Trust.

I joined the course, I really‘Beforedidn’t know much about how to
operate technology, but through thelearning and the process, now I am
able to learn something that will bebeneficial for me and the people in
my community.

’– Learner in Kakuma refugee camp

In the rural county of Machakos, Kenya, wepartnered with Team4Tech and Kenya Connect toestablish an EdTech Hub in Wamunyu, providing
hardware including Raspberry Pi 400 computersand physical computing kits with Raspberry Pi Pico
microcontrollers, LEDs, buzzers, buttons, motors andmore. We also trained a first cohort of educators at
the Hub, and the educators in this pilot programme
will cascade training to schools across the county
and support the setup of a network of Code Clubs
and learning opportunities for teachers and learners.
Through our two-year partnership with Kenya
Connect, we aim to reach at least 1000 learners
between age 9 and 14 from 62 schools in

34 | Raspberry Pi Foundation

Machakos county. We will work with at least
150 teachers to build their knowledge, skills, andconfidence to teach coding, digital making, androbotics, and to run after-school Code Clubs. We’ll
help teachers offer learning experiences to theirstudents based on our established digital making
project paths, and these experiences will include
basic coding skills aligned to Kenya’s Competency
Based Curriculum. We are putting particularfocus on adapting our learning content so thatteachers in Machakos can offer culturally relevant
educational activities in their community.
This work is generously funded by the Ezrah
Charitable Trust.

Annual Review | 35

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

Partnership with Pratham
Education Foundation‘ The training session wasvery amazing and useful.
I personally was very excitedand enjoyed every bit.
– Teacher’

We have been working with Pratham Education
Foundation since 2018 to introduce coding
to children in hard-to-reach, disadvantaged
communities around India. We co-designed a
Pratham–Code Club programme to provide young
people in underserved communities with training
and access to devices and learning resources.
The goal of the training is to build the young people’s
programming confidence so that they can go on
to teach children in their communities. The young
people also receive training to use the PraDigi kit, aninnovative, portable device for teaching children tocode, developed by Pratham Education Foundation
and based on the Raspberry Pi computer.
We made adaptations to our learning resources
and training content to make them relevant to thecontext of the learners, and we worked with volunteer
translators to translate the materials into Hindi,
Kannada, and Marathi.
Using a train-the-trainer model, we are now scaling
the programme with Pratham Education Foundation
to train 3000 youth from underserved communities36 | Raspberry Pi Foundation

around the country, who will in turn reach 15,000
young learners.
In 2022, we supported registration of 1689 Code
Clubs across India through this programme, andtrained 30 lead mentors, 300 community mentors,
and 1000 youth volunteers.

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

’– Mentor trained in the Pratham–CodeClub programme

Annual Review | 37

Community story: Jay teaches
robotics in his local community

Jay is from Preston, UK, and wants everyone tolearn about programming. At a young age, Jay
began to experiment with code to make his own
games. He attended free local coding groups suchas CoderDojo and soon started combining his
interest in programming with robotics to build
his own inventions.
When he found out about Coolest Projects, Jay
decided to channel his creativity into making
something to exhibit there. He built a security alarmfrom low-cost, accessible materials, and he left
Coolest Projects having made lots of new friends
who were young digital makers just like himself.

38 | Raspberry Pi Foundation

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

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

Community story: Sophie encourages
learning through play at her Code ClubA teacher for ten years, Sophie is always looking for
new opportunities and ideas to inspire and encourage
her learners. The school where she teaches in rural
Yorkshire, UK, is very small. With only five teachers
supporting the children, any new activity has to becarefully planned. Sophie was also slightly nervous
about setting up a Code Club because she doesn’t
have a computer science background, sharingthat ‘there’s always one subject that you feel lessconfident in.’Sophie started the Code Club off small, with only a
few learners. But then she grew it quickly, and now
half of the school’s learners aged 7 to 11 attend.
Thanks to our digital making projects and coding
challenges like Astro Pi Mission Zero, Sophie’s CodeClub has plenty of activities and resources for thechildren to learn to code with confidence — while
having fun too. Sophie says: ‘I like the idea that thechildren can be imaginative: it’s play, but it’s learningat the same time. They might not even realise it.’At Code Club, Sophie enables her learners to codeanimations, games, and stories, and to work as ateam and build resilience. Sophie’s Code Club isincreasing children’s confidence and through this,she has had a clear positive impact on the learners
and on her school as a whole.

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

Annual Review | 39

Research

40 | Raspberry Pi Foundation

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 newtechnology. 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 of 2022 was an in-person event with over
90 participants held at the University to formallylaunch the Research Centre, together with a dedicatedwebsite at computingeducationresearch.org. The
Centre was officially opened by Professor Mark
Guzdial of the University of Michigan.

42 | Raspberry Pi Foundation

In 2022:• We were able to offer studentships to two PhD
students starting in October 2022 and January2023 respectively.
• We ran two projects relating to culturally relevantpedagogy: one investigating how culturally
relevant pedagogy can be implemented in schools,
developing a framework based on sociologicalresearch, and the other focused on culturally
relevant computing resources for primary schools.
Part of this work is generously funded by Cognizant.
• We developed our understanding of theteaching and learning of AI through an analysisof resources, development of a conceptual
framework, and a systematic literature review.
The Foundation is using this research to underpin
the Experience AI programme.
• We published a systematic literature review of
non-formal learning of computing. The Foundation
is using the findings from the review to inform thedesign of its digital making projects.
• We conducted a survey of computing teachers
in the UK and Ireland, which we are using tobetter understand the experiences of educatorsin those countries.

Prof. Mark Guzdial and Dr Sue Sentance at the launch ceremonyof the Raspberry Pi Computing Education Research Centre
Annual Review | 43

Gender Balancein Computing

Computing education
research seminars

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

Showcasing the world’s leading-edge
computing education research

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

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.

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

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

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

Interventions:• Teaching approach: Trialling pair programming,
peer instruction, and storytelling as approaches toteaching computing• Belonging: Encouraging a sense of belonging in thesubject, including work with role models and involving
parents and guardians• Non-formal learning: Making the link between
non-formal activities and future opportunities
in computing• Relevance: Supporting teachers to bring students’interests and topics they care about into
their teaching[The AI and data science education
series] is the cusp of the next
new, and very exciting, teaching
and learning phenomenon. I lookforward to seeing more researchdevelop in this area.

The interaction between theparticipants, the facilitator, andmoderator was great. The breakout
group was another thing I enjoyedso much, learning from different
backgrounds and nations.
– Seminar participant

IMPACT• Eight seminars in our 2021/22 series on AI anddata science education with 490 attendees
from 55 countries, in total 835 attendances• Publication of a volume of seminarproceedings based on the series about AI
and data science education• Six seminars in our 2022 series on crossdisciplinary computing with 252 attendees
from 30 countries, in total 394 attendances

Raspberry Pi Fou

ndationResearch Seminars

Sue Senta
Universi nce and JaneWaite
ty of Cambridgeand Raspberry Pi Fo
Perspec
undationscience tives on AI
and daeducatitaon– Seminar participant

Sentance, S. &Wascience educat ite, J. (2022)
comput.
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on AI andation Re cation (Vol 3). science, anddata
yousearchProceedings of ng people.
SeminaUn
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Available.io/semi

nar-proc
eeding• Subject choice and options materials: Exploratory
research into potential barriers to choosing to study
computing further
44 | Raspberry Pi Foundations-vol-3-s
entancewa

ite1Annual Review | 45

Computers

46 | Raspberry Pi Foundation

Raspberry Pi hardware
Raspberry Pi computers and microcontrollers are usedin their millions in business, in education, and at home
Raspberry Pi Ltd is the UK’s best selling computercompany. Low-cost, high-quality, compact andefficient, Raspberry Pi products make computing
accessible to people and businesses all over theworld. Used everywhere from homes and schools tofactories, call centres and hospitals, they give people
access to technology for enterprise, education,entertainment, and creativity.
2022 saw increasing sales into industry, especially of
our microcontroller chip, RP2040, and microcontroller
board, Raspberry Pi Pico – both released theprevious year in 2021. Sales of both products
ramped up quickly, and we saw an overall increasein microcontroller unit sales of 83% in 2022
compared with 2021. For the first time, we beganoffering Raspberry Pi hardware for direct sale tobusinesses: business customers can now purchase
RP2040 and Pico directly from Raspberry Pi Ltd
via our new online platform, Raspberry Pi Direct,
launched in January 2022.
June saw the launch of Raspberry Pi Pico W, a Picovariant featuring a fully certified wireless module,
providing a capable IoT platform at a price of just $6
US. We were excited, and delighted, to announce inNovember the first African-manufactured Raspberry
Pi hardware: Raspberry Pi Pico for the African market
is now made in Kenya, at Gearbox Europlacer in
Nairobi. We continued to expand our activities inAfrica in other ways, extending our networks ofRaspberry Pi Approved Resellers and Design Partners
on the continent.
Across the global electronics sector, 2022 saw
ongoing supply chain challenges for silicon chips aswell as for other components. We had recognisedin 2021 that we have many commercial customers— small and medium-sized companies, for the most48 | Raspberry Pi Foundation

part — whose businesses depend on the availabilityof our hardware: with careful planning and directcommunication with end customers as well as ourtrusted approved resellers, we remained able toallocate stock to ensure these businesses could
secure sufficient inventory to meet their needs.
Happily, constraints around supply are easing, andwe were pleased to end 2022 with a positive outlook
for steadily improving availability.
We saw makers and hobbyists use Raspberry Pi
products to build everything from a rotary phone thatlets you listen to oral history, to a Ceefax revival that
attracted interest from national media, alongside anincreasing number of research applications fromfield ecology to aerospace engineering and beyond.
To support home users and individual makers, welaunched a new section of our website, For home,including a growing collection of tutorials aimed at
helping both new and experienced users to get things
done with Raspberry Pi.
We relished the opportunity to meet customers
around the UK in person when we took ourhugely popular Raspberry Pi pop-up store on tour
to Gateshead, Edinburgh, and London, where
shoppers queued out of the door to buy computers,
accessories, and more.
In early December, we announced that the IQaudio
family of hi-fi audio products, which we acquired in
2020, are now available as Raspberry Pi–brandedboards. Raspberry Pi Audio Boards offer the great
hi-fi–quality sound customers had learned to expectfrom IQaudio at the low prices they expect fromus. These products are still made in the UK, now
manufactured by Bedford-based Asteelflash.

2022 marked the tenth anniversary of the launchof our very first product, the original Raspberry
Pi Model B; The National Museum of Computing
celebrated the occasion with an exhibition showing
how Raspberry Pi products have developed andjust a few of the enormous variety of projects they
have enabled over the last decade. In December,the Museum awarded honorary fellowships to
Raspberry Pi co-founders Liz and Eben Upton, now
our CMO and CEO. The award recognises them as‘outstanding individuals who have made significant
and lasting contributions to the fields of computing
and technology’.

Annual Review | 49

Donors

50 | Raspberry Pi Foundation

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

8x8 UK LTD.

CanaKit

Infosys Foundation USA

Riot Games

Algorand Foundation

Cisco Systems Inc

Jeremy Gumbley

Robert Sansom

Allianz

CognizantLazar Family

S&P Global Foundation

Amazon Future EngineerEndless

Liberty Global

Sage

Atlassian Foundation
International Limited

David Cleevely Family
Charitable Trust

The late Mr Gerry Fillery

ServiceNow

Meta

Simon Peyton Jones

Barclays

DeepMind

OracleThe Bloomfield TrustBest Buy Foundation

EPAM Systems, Inc

The PA Foundation

BNY Mellon

Ezrah Charitable Trust

Qube Research andTechnologies

Broadcom Foundation

GoTo

Remote.it

Supporters providing in-kind services
Google, GoTo, Microsoft, Red Sift, Slack, Zendesk

52 | Raspberry Pi Foundation

Unity Social Impact
Vodafone UK

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

Financial
review

54 | Raspberry Pi Foundation

Financial review
The Group is comprised of Raspberry Pi Foundation(the main operating charity through which all
charitable activity in the UK is undertaken), Raspberry
Pi Ltd (a commercial subsidiary), and legal entities inIndia, Ireland, and the United States which carry out
educational activities in those jurisdictions.
The Foundation’s charitable activities are fundedthrough a combination of Gift Aid from the profits
of Raspberry Pi Ltd, contracts for the delivery ofeducational services e.g. professional development
for teachers, and donations from individuals,
foundations and other organisations that support
our mission.
In 2022, the Foundation received income of £8.9m(2021 £10.4m). Total Consolidated Group (including
Raspberry Pi Limited) income grew by 40% to£157.3m (2021 £112.7m).
Expenditure on the Foundation’s charitable activities
in 2022 was £11.7m (2021 £11.0m) which included
expenditure related to the expansion of activities inAfrica and India, in accordance with the grant received
in 2021 from the Ezrah Charitable Trust. Total
Consolidated Group expenditure (including Raspberry
Pi Limited) grew by 48% to £151.1m (2021 £101.8m).
Total Reserves (cash and investments) held by
the Foundation at the end of 2022 totalled £13.4m(2021 £17.9m). Total Consolidated Group reserves
decreased by 4% to £44.8m (2021 £46.7m)

56 | Raspberry Pi Foundation

Investments
The Foundation’s investment portfolio is managed
by external investment managers. The Foundation
tolerates a moderate level of risk. We anticipate
moderate capital volatility associated with typicalmarket cycles, but look for active management
and a diversified portfolio to minimise risk, withnot more than 10% of the portfolio placed withany one counterparty.
Total Funds under investment at the end of 2022
of £10.6m represented a £1.1m reduction on
the 2021 year end position, comprising £1.5m of
unrealised losses offset by £0.3m of investment
dividends received.
The Foundation’s investments are managed throughthe Sarasin Endowments Strategy. It operates a
bespoke ethical policy, developed over many yearsof 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.

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 2022, we have been compliant with thesestandards and we are not aware of any instanceswhere those acting in aid of the charity have failed
to comply.
Our fundraising is based on the responsible useof personal data. Whenever we process personal
data we ensure it is fair and that the reasonsfor processing data are brought to the publics’
attention, enabling them to control how their data
is used. We are transparent about how we use
personal data and aim to ensure that our supporters
feel confident in how we are using it. Full details
about how we use data is available in our privacy
statement on our website.

Financial review | 57

Principal risks anduncertainties
The Trustees are responsible for the managementof risks within the Raspberry Pi Foundation
Group. We have an established risk management
framework that includes a risk appetite statementthat articulates the Board’s appetite for risk acrossdifferent categories.
The Foundation has an overall risk register, which isregularly reviewed by management and by the Audit,
Risk, and Investment Committee on a quarterly
basis. Subsidiaries and individual programmes ofactivity also have their own risk registers.
The principal risks and uncertainties identified
include:• Safeguarding: The failure to prevent or respondadequately to a safeguarding incident.
• Income: The failure to generate diverse, sustainablesources of income sufficient to fund our medium
term plans.
• Talent: The inability to attract and retain a diverse
and talented team adversely impacts on our ability
to deliver our mission.
• Data protection and network security: The
mismanagement, misuse or loss of data, and/or acompromise to our network results in a loss of data
and/or service.
• Business continuity: The failure to plan for and/or
manage significant business disruptions leads toloss of income, damage to our brand, or our ability
to achieve impact.
• Expenditure: The failure to effectively manage
rising costs as a result of inflation affects longterm sustainability and the ability to achieve
desired impact.

58 | Raspberry Pi Foundation• Financial Risk Management, Objectives andPolicies: The charity aims to minimise financial
risk including through the preparation of incoming
resources and cash flow forecasts; regularmonitoring of actual performance against these
forecasts; and ensuring that adequate financing
facilities are in place to meet the requirements ofthe business.
Costs are carefully monitored by management on aregular basis to ensure that they remain within theconstraints of the approved budget. The organisation
re-forecasts its financial position periodically.
The trading subsidiary uses various financial
instruments such as trade debtors and tradecreditors that arise directly from its operations. The
main purpose of these financial instruments is toprovide working capital for the trading operations.
The primary risks arising from the group’s trading
operations are currency, credit and component
supply risk. Management reviews and agrees
policies for managing each of these risks and they
are summarised as:• Currency Risk: The group generates revenue
and sources a significant proportion of its goods
in foreign currency. The company holds bankaccounts in foreign currency to help mitigate thecompany’s foreign exchange risk; and• Credit Risk: In order to manage credit risk,
management sets limits for customers basedon payment history. Credit limits are reviewed bymanagement on a regular basis in conjunction withdebt ageing and collection history.
• Component Supply Risk: Production of Raspberry
Pi products is dependent with multiple suppliers
to reduce risk and has entered into long term
agreements to reinforce the certainty of supply.

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 successof the Charity – Section 172 statement
The trustees have a duty to promote the successof Raspberry Pi Foundation and, in doing so, arerequired by section 172(1) of the Companies Act
2006 to have regard to various specific factors,
including:• the likely consequences of decisions in thelong term• the interests of employees• the need to foster relationships with stakeholders• the impact of operations on our communities andthe environment• 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
the charity’s values.
The Raspberry Pi Foundation’s Board is committed
to adopting the principles set out in the Charity
Governance Code and undertakes a selfassessment against the Code on an annual basis.
The Board is supported by a number ofCommittees.

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

Nominations Committee
The Nominations Committee develops andmaintains formal, rigorous and transparent
procedures for the appointment of members of
the Foundation and trustees, directors and officersof the Foundation and its subsidiaries, and it
regularly reviews issues of diversity in relation
to appointments.
Financial review | 59

Audit, Risk and Investment Committee

Our employment practices

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

Dignity at work

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

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

60 | Raspberry Pi Foundation

We are committed to ensuring that all of ourworkplaces (in person and online) are safe andinclusive spaces where people from all backgrounds
feel respected and valued, and able to contribute
their best.
We do not tolerate bullying or harassment. 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 which we updated in 2022.

Equality, diversity and inclusion (EDI)
We know that we are able to advance our mission
more effectively when we build diverse teams ofpeople with a wide range of skills, backgrounds,
and perspectives; and create an inclusive
environment and culture that gives colleagues
a sense of belonging.
In 2022 a staff-led equality, diversity andinclusion working group developed a range ofrecommendations to further improve our workon EDI; a number of recommendations have been
approved and actioned during the period, including
improvements to our recruitment processes,
workforce diversity data, and other actions thatreinforce the importance of EDI in everything that
we do.

Safeguarding

Our commitment to the environment

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

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

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

Gender pay reporting
We undertake gender pay analysis as part of ourannual pay review. Following the 2022 Pay Review
the Foundation had a gender pay gap for employees
in the UK of 4.35% in favour of men (0.57% in favourof women in the 2021 Pay Review). This compares
to a UK benchmark of 15.4% in favour of men.
As the designer and manufacturer of the Raspberry
Pi single-board computer, software, accessories andsemiconductors, approximately half of Raspberry
Pi Ltd employees are engineers engaged in thedevelopment of these products. In common withother companies in the sector these engineers
are more highly paid than the average of theworking population and are predominantly male.
As a consequence, the gender pay gap of averagesalaries for Raspberry Pi Ltd is 52% (2021 48%).

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

2021

349,949

252,495

Scope 1 emissions(tCO2e)--Scope 2 emissions(tCO2e)

46.46

46.43

Scope 3 emissions(tCO2e)

27.06

8.32

Total emissions(tCO2e)

73.53

54.75

Intensity ratio:
tCO2e per FTE

0.35

0.28

Consolidated
Energy consumption(kWh)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;

enable them to ensure that the financial statementscomply with the Companies Act 2006. They arealso responsible for safeguarding the assets of thecharitable company and hence for taking reasonable
steps for the prevention and detection of fraud andother irregularities. The Trustees confirm that:• so far as each Trustee is aware, there is no
relevant audit information of which the charitablecompany’s auditor is unaware; and• the Trustees have taken all the steps that theyought to have taken as Trustees in order to makethemselves aware of any relevant audit informationand to establish that the charitable company’s
auditor is aware of that information.
The Trustees are responsible for the maintenanceand integrity of the corporate and financial
information included on the charitable company’s
website. Legislation in the United Kingdom
governing the preparation and dissemination offinancial statements may differ from legislation inother jurisdictions.
The auditors, Grant Thornton UK LLP, will be
proposed for reappointment in accordance withsection 485 of the Companies Act 2006.
This Trustees’ Report, incorporating the strategic
report, was approved by the Trustees on 22 June
2023 and signed on their behalf by:• prepare the financial statements on the going
concern basis unless it is inappropriate to presume
that the charitable group will continue in operation.
The Trustees are responsible for keeping adequate
accounting records that are sufficient to show andexplain the charitable company’s transactions anddisclose with reasonable accuracy at any time thefinancial position of the charitable company andProf. R Plumbly-Clegg
TrusteeDate: 3/7/23

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 2022, 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 2022 and of the group’s and the parent
charitable company’s incoming resources andapplication of resources, including the group’s
and the parent income and expenditure for theyear 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, war in Ukraine and thecost of living crisis, we assessed and challenged thereasonableness of estimates made by the trustees
and the related disclosures and analysed how thoserisks might affect the group’s and parent charitablecompany’s financial resources or ability to continue
operations over the going concern period.

Based on the work we have performed, we havenot identified any material uncertainties relating toevents or conditions that, individually or collectively,
may cast significant doubt on the group’s and parent
charity’s ability to continue as a going concern fora period of at least twelve months from when thefinancial statements are authorised for issue.

Opinion on other matters prescribedby the Companies Act 2006
In our opinion, based on the work undertaken in thecourse of the audit:

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 information given in the Strategic Report andthe Directors’ 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 responsibilities of the trustees with respect togoing concern are described in the ‘Responsibilitiesof trustees for the financial statements’ section ofthis report.

• the Strategic Report and the Directors’ Report
included in the Trustees’ Annual Review andAccounts have been prepared in accordancewith applicable legal requirements.

Other information

Matter on which we are required to reportunder the Companies Act 2006

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 misstatement of
the other information. If, based on the work we have
performed, we conclude that there is a material
misstatement of this other information, we are
required to report that fact.
We have nothing to report in this regard.

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 includedin the Trustees’ Annual Review and Accounts.

Matters on which we are required to reportby exception
We have nothing to report in respect of the following
matters where the Companies Act 2006 and Charities
Act 2011 requires us to report to you if, in our opinion:• 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 33, 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 free frommaterial 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
have no realistic alternative but to do so.

Auditor’s responsibilities for the auditof the financial statements• 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.

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.

• Management and those charged with governancehave not noted any instances of non-compliancewith laws and regulations or fraud.

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

⁃ 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;

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.

⁃ challenging assumptions and judgements madeby management in its significant accounting
estimates; and66 | Raspberry Pi Foundation• We assessed the susceptibility of the group andparent charitable company’s financial statements
to material misstatement, including how fraud
might occur. Audit procedures performed by theengagement team included:⁃ identifying and 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.
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.

Andrew Hodgekins
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Cambridge
Date: 3/7/23
Grant Thornton UK LLP is eligible to act as anauditor in terms of section 1212 of the Companies
Act 2006

Financial review | 67

Financial statements
Raspberry Pi Foundation (A company limited by guarantee)
Registered number: 06758215
Consolidated statement of financial activities(Incorporating consolidated income & expenditure account) For the year ended 31 December 2022
Note

Unrestrictedfunds 2022£

Restrictedfunds 2022£

Total funds
2022£

Total funds 2021
(restated)£

Donations and grants

2

365,883

2,109,646

2,475,529

6,595,649

Other trading activities

3

149,803,245-

149,803,245

101,307,210

Investments

4319,053-

319,053

279,837

Other income

54,643,627

20,576

4,664,203

4,480,571

155,131,808

2,130,222

157,262,030

112,663,267

139,410,738-

139,410,738

90,580,928(24,190)-(24,190)(17,837)

9,014,729

2,663,683

11,678,412

11,260,781

148,401,277

2,663,683

151,064,960

101,823,872

6,730,531(533,461)

6,197,070

10,839,395(1,464,120)-(1,464,120)

894,195

5,266,411(533,461)

4,732,950

11,733,590

1,941,302-

1,941,302

1,430,145

3,325,109(533,461)

2,791,648

10,303,445

Raspberry Pi Foundation

2,429,931(533,461)

1,896,470

10,127,777

Non-controlling interest

895,178-

895,178

175,668

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

6

Investment management
Charitable activities

7

TOTAL EXPENDITURE
NET INCOME BEFOREINVESTMENT GAINS AND LOSSESNet gains 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 102 form part of these financial statements.
68 | Raspberry Pi Foundation

Consolidated statement of other comprehensive income
For the year ended 31 December 2022
Unrestrictedfunds 2022£

Restricted funds
2022£

Total funds
2022£

Total funds
2021£

NET MOVEMENT IN FUNDS

3,325,109(533,461)

2,791,648

10,303,445

Exchange difference ontranslating foreign operations

7,553,595(12,680)

7,540,915

445,358

TOTAL COMPREHENSIVE
MOVEMENT IN FUNDS FOR
THE FINANCIAL YEAR

10,878,704(546,141)

10,332,563

10,748,803

Dividends paid to non-controllinginterests(377,644)-(377,644)-

Share based payments(328,613)-(328,613)

873,858

Issue of growth shares in
trading subsidiary

15,233-

15,23333,262,120

Total funds at 1 January 2021

76,489,610

4,258,314

80,747,924

35,863,143

TOTAL FUNDS AT 31
DECEMBER 2022

86,677,290

3,712,173

90,389,463

80,747,924

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

Financial review | 69

Company statement of financial activities
For the year ended 31 December 2022
Unrestrictedfunds 2022£

Restrictedfunds 2022£

Total Funds
2022£

Total Funds
2021£

Donations and grants

211,971

1,732,139

1,944,110

5,984,764

Investments

319,053-

319,053

279,837

Other income

6,615,925-

6,615,925

4,134,395

TOTAL INCOME

7,146,949

1,732,139

8,879,088

10,398,996

Investment management(24,190)-(24,190)(17,837)

Charitable activities

9,423,754

2,275,136

11,698,890

11,005,981

TOTAL EXPENDITURE

9,399,564

2,275,136

11,674,700

10,988,144

NET INCOME BEFORE INVESTMENT GAINSAND LOSSES(2,252,615)(542,997)(2,795,612)(589,148)

Net gains on investments(1,464,120)-(1,464,120)

894,195

NET MOVEMENT IN FUNDS(3,716,735)(542,997)(4,259,732)

305,047

Total funds at 1 January 2021

13,481,103

4,076,345

17,557,448

17,252,401

TOTAL FUNDS AT 31 DECEMBER 2022

9,764,368

3,533,348

13,297,716

17,557,448

INCOME FROM:

EXPENDITURE ON:
Raising funds:

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

70 | Raspberry Pi Foundation

Consolidated balance sheet
As at 31 December 2022
Note

£

2022
£

£

2021
£

FIXED ASSETS
Intangible assets

15

8,515,807

4,591,816

Tangible assets

16

3,413,184

2,981,133

Investments

17

10,551,850

11,689,163

22,480,841

19,262,112

CURRENT ASSETSStocks19

39,729,341

30,062,539

Debtors

20

22,616,267

15,906,453

Cash at bank and in hand25

34,240,423

35,038,672

96,586,031

81,007,664

LIABILITIESAmounts falling due within one year21

(24,138,860)(18,470,451)

Amounts falling due after one year21

(2,488,800)-

Deferred tax (liability)/asset

14(2,049,749)(1,051,401)

NET CURRENT ASSETS

72,447,171

62,537,213

NET ASSETS

90,389,463

80,747,924

CHARITY FUNDS
Restricted funds

22

3,712,173

4,258,314

Unrestricted funds

22

80,112,995

71,093,302

Non-controlling interest

22

6,564,295

5,396,308

90,389,463

80,747,924

TOTAL FUNDS

The financial statements were approved by the Trustees and signed on their behalf, by:Prof. R Plumbly-Clegg
TrusteeDate: 3/7/23
The notes on pages 74 to 102 form part of these financial statements.

Financial review | 71

Company balance sheet
As at 31 December 2022
Note

£

2022
£

£

2021
£

FIXED ASSETS
Tangible assets

16

315,123

339,181

Investments

17

10,601,317

11,738,630

10,916,440

12,077,811

CURRENT ASSETS
Debtors

20

Cash at bank and in hand

CREDITORS: amounts falling due
within one year21

1,153,484

593,666

2,785,566

6,211,489

3,939,050

6,805,155(1,557,774)(1,325,518)

NET CURRENT ASSETS

2,381,276

5,479,637

NET ASSETS

13,297,716

17,557,448

CHARITY FUNDS
Restricted funds

22

9,764,368

4,076,345

Unrestricted funds

22

3,533,348

13,481,103

13,297,716

17,557,448

TOTAL FUNDS

The financial statements were approved by the Trustees and signed on their behalf, by:Prof. R Plumbly-Clegg
TrusteeDate: 3/7/23
The notes on pages 74 to 102 form part of these financial statements.

72 | Raspberry Pi Foundation

Consolidated statement of cash flows
For the year ended 31 December 2022
Note

2022
£

2021
£

24

(793,163)(4,938,792)

326,807297,195

Purchase of property, plant and equipment(1,802,777)(2,101,637)

Purchase of intangible assets(1,307,450)

22,108Net cash used in investing activities(2,783,420)(1,782,334)

Interest on loans and borrowings(125,964)-

Dividends paid to non-controlling interests(377,644)-Interest on cash deposits

39,228-Proceeds for issue of growth shares in trading
subsidiary

15,23333,262,120

Net cash (used)/generated in financing activities(449,147)

33,262,120

Change in cash and cash equivalents in the year

(4,025,729)

26,540,994

Net exchange differences on cash and cash
equivalents

3,227,480-

Cash and cash equivalents brought forward

35,038,672

8,497,678

34,240,423

35,038,672

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:

Cash and cash equivalents carried forward

25

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

Financial review | 73

Notes to the financial statements forthe year ended 31 December 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared inaccordance with Accounting and Reporting by
Charities: Statement of Recommended Practiceapplicable to charities preparing their accounts inaccordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) (Charities SORP(FRS 102)), the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.
Raspberry Pi Foundation meets the definition ofa public benefit entity under FRS 102. Assets andliabilities are initially recognised at historical costor transaction value unless otherwise stated in therelevant accounting policy.
The Statement of Financial Activities (SOFA) and
Balance Sheet consolidate the financial statementsof the company and its subsidiary undertakings. The
results of the subsidiaries are consolidated on a line
by line basis.
The financial statements are presented in Sterling (£).
The individual accounts of Raspberry Pi Foundation
have adopted the following disclosure exemption
under FRS 102:
- the requirement to present a statement of cash
flows and related notes.
1.2 Significant judgements and estimates
Preparation of the financial statements requires
management to make significant judgements andestimates. The items in the financial statements
where these judgements and estimates have been
made include:
Where funded projects remain in progress at theyear end, the directors exercise judgement regarding
the amount of income to be recognised based

74 | Raspberry Pi Foundation

upon the progress of the project and any service
conditions that are required to be satisfied.
An amount of £48,155 has been recognised inrelation to donated rent, cloud services and legal
services provided to Hello World Foundation.
During 2020, a Long Term Incentive Plan for theemployees of the trading subsidiary, Raspberry Pi
Limited was approved and 13,077 B ordinary shareswere issued and a further 3,512 B ordinary sharesissued in 2021. 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 Charity combinations
Assets and liabilities transferred into the controlof the charity at nil or nominal consideration are in
substance a gift. A gain is recognised to the extent
the fair value of assets received exceeds the fairvalue of liabilities assumed. The gain is shown
separately as a gift within income.
1.4 Basis of consolidation
The financial statements consolidate the accountsof Raspberry Pi Foundation and all of its trading
subsidiary undertakings (‘subsidiaries’) andcharitable entities of which Raspberry Pi Foundationis the member.
1.5 Company status
The company is a company limited by guarantee. The
Trustees of the company, who are also members, arenamed on page 75. There are currently 10 Trustees(8 in 2021). In the event of the company being wound
up, the liability in respect of the guarantee is limited to£1 per member of the company.

1.6 Fund accounting
General funds are unrestricted funds which areavailable for use at the discretion of the Trustees infurtherance of the general objectives of the charity.
Restricted funds are funds which are to be used inaccordance with specific restrictions imposed bydonors or which have been raised by the charity
for particular purposes. An element of overhead
costs is charged against the specific fund whereappropriate. The aim and use of each restricted fundis set out in the notes to the financial statements.
Investment income, gains and losses are allocated“to unrestricted funds”.
1.7 Income
All income is recognised once the company has
entitlement to the income, it is probable that theincome will be received and the amount of income
receivable can be measured reliably.

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.
1.8 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 andthe amount of the obligation can be measured reliably.

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

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

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

Support costs are those costs incurred directlyin support of expenditure on the objects of thecompany and include project management carriedout at Headquarters. Governance costs are thoseincurred in connection with administration of thecompany and compliance with constitutional andstatutory requirements.

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.

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

Financial review | 75

1.9 Going concern

1.11 Tangible fixed assets and depreciation

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

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:

During 2022, Raspberry Pi Limited has continued
to operate in the face of trading risks principally inrespect of semiconductor and other component
shortages and demand for its products. In 2022, it hasdone this while maintaining its investment programand paying dividends to its investors. Management
continues to take appropriate action to monitor,
identify, address and mitigate these risks and anyother major uncertainties facing the business.
The forecasts and projections of Raspberry Pi
Foundation show that the organisation should be
able to operate using the cash it currently holds
together with the additional investment received
post year end of £4.2m ($5m). Having consideredthese forecasts and projections and assessed avariety of downside scenarios, the Trustees haveformed the view that Raspberry Pi Foundation
will generate sufficient cash to meet its ongoing
liabilities as they fall due for at least 12 months
from the date on which the financial statements are
signed and accordingly, the going concern basis has
been adopted.
1.10 Intangible assets and amortisation
Intangible assets are measured at cost lessaccumulated amortisation and any accumulated
impairment losses.
Amortisation is charged so as to allocate thecost of intangibles less their residual values overtheir estimated useful lives, using the straight-line
method. The estimated useful life and amortisation
rate used for intellectual property is 3 - 4 years. The
estimated useful life and amortisation rate used
for goodwill is 2 years. All intangible assets are
considered to have a finite useful life.
76 | Raspberry Pi Foundation

Leasehold Property

Straight line over life oflease

Plant and machinery

3 years straight line

Furniture and fittings

3 years straight line

Office and computerequipment

3 years straight line

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

1.15 Taxation

1.17 Cash at bank and in hand

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

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

The trading subsidiary may be subject to 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.

1.18 Creditors and provisions
Creditors and provisions are recognised where thecompany has a present obligation resulting from apast event that will probably result in the transfer
of funds to a third party and the amount due tosettle the obligation can be measured or estimatedreliably. Creditors and provisions are normallyrecognised at their settlement amount after
allowing for any trade discounts due.
1.19 Operating leases
Rentals payable under operating leases are charged
to the profit or loss on a straight-line basis over thelease term.

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

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

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

1.20 Financial instruments

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

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

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

Financial review | 77

2. Group income from donations and grants
Unrestrictedfunds 2022£

Restrictedfunds 2022£

Total funds
2022£

Total funds
2021£

Other donations

223,058

120,500

343,558

1,212,230

Donated services – D-I-K

48,155-

48,15590,910Grants

94,6701,989,146

2,083,816

5,292,509

Total donations and grants

365,883

2,109,646

2,475,529

6,595,649

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

3. Trading income

Raspberry Pi Limited

Unrestrictedfunds 2022£

Restrictedfunds 2022£

Total funds
2022£

Total funds
2021£

149,803,245-

149,803,245

101,307,210

149,803,245-

149,803,245

101,307,210

In 2021 all trading income was unrestricted.

4. Investment income
Unrestrictedfunds 2022£

Restrictedfunds 2022£

Total funds
2022£

Total funds
2021£

Investment income ‑ investments

302,561-

302,561

279,292

Interest receivable

16,492-

16,492546

319,053-

319,053

279,837

In 2021 all investment income was unrestricted.

78 | Raspberry Pi Foundation

5. Other income
Unrestrictedfunds 2022£

Restricted funds
2022£

Total funds
2022£

Total funds
2022£

991,283-

991,283

26,7373,652,344

20,576

3,672,920

4,453,834

4,643,627

20,576

4,664,203

4,480,571

Other operating income of Raspberry
Pi Limited
Other incoming resources

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

6. Trading expenditure
Unrestrictedfunds 2022£

Restrictedfunds 2022£

Total funds 2022
(restated)£

Total funds
2021£

Direct trading costs of Raspberry Pi Limited

116,514,054-

116,514,054

71,624,865

Administration costs of Raspberry Pi Limited

7,268,808-

7,268,808

6,621,813

Staff costs of Raspberry Pi Limited

11,136,288-

11,136,288

9,817,537

Depreciation and amortisation of
Raspberry Pi Limited

2,800,571-

2,800,571

1,116,547

Other exceptional costs of Raspberry Pi
Limited

1,691,017-

1,691,017

1,400,166

139,410,738-

139,410,738

90,580,928

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

7. Charitable activities expenditure
Unrestrictedfunds 2022£

Restricted funds
2022£

Total funds
2022£

Total funds
2021£

Direct charitable costs (note 8)

460,732

1,582,913

2,043,645

2,047,835

Charitable support costs (note 9)8,553,997

1,080,770

9,634,767

9,212,946

Total

9,014,729

2,663,683

11,678,412

11,260,781

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

Financial review | 79

8. Direct charitable costs
Charitable
Activities
£

Total
2022
£

Total
2021
£

228,298

228,298

200,000

Wages and salaries

1,553,562

1,553,562

1,612,970

National insurance

149,037

149,037

117,462

Pension cost

112,748

112,748

117,403

2,043,645

2,043,645

2,047,835

Donations

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

9. Charitable support costs
Governance£Primary purpose£

Total 2022£

Total 2021£

Legal and professional fees-

31,161

31,161

43,355

Rent and rates-

340,328

340,328

374,574

Utilities-

55,77855,77842,979Hotels

-58,83558,835

7,600

Travel and subsistence-

143,515

143,515

24,097

Other premises expenses-

14,37814,37819,277

Catering-

31,82831,8281,069

Event related costs-

28,44228,442

24,034

Printing costs-

26,39926,39923,996

Raspberry Pi hardware-

13,696

13,696

218,604

Irrecoverable VAT-

213,003

213,003250,769

163,872-

163,872

112,375

Consultancy fees-

549,138

549,138

457,854

IT costs-

340,982

340,982

317,316

Marketing-

144,346

144,346

200,563

Postage and shipping-

47,37547,37549,255

Audit and accountancy fees

80 | Raspberry Pi Foundation

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

Total 2022£

Total 2021£

IT and telecommunications

-

5,787

5,787

5,552

Office supplies-

11,01011,0103,653

Foreign exchange gain/(loss)-(249,959)(249,959)(164,712)

Insurance-

45,64145,641

28,509Subscriptions-

22,542

22,542

13,085

Repairs and maintenance-

23,481

23,481

33,965

Recruitment fees-

147,000

147,000

39,835Contractor fees and associated costs-

1,250,656

1,250,656

1,761,181

Entertainment-

27,34427,34429,843Fixed asset disposal

-

(41)

(41)

-

Bank charges

-

3,944

3,944

3,739

Temporary staff-

13,182

13,18228,964

Staff welfare and benefits-

216,389

216,389

183,176

Wages and salaries-

4,845,813

4,845,813

4,144,019

National insurance-

511,045

511,045414,544Pension cost-

402,434

402,434

334,846

Depreciation-

108,046

108,046

178,501

Members’ Management costs-

49,30649,306

4,518

Trustee expenses

-

3,725

3,725

5,840

Holiday pay provision-(5,654)(5,654)(3,829)163,872

9,470,895

9,634,767

9,212,946

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

Financial review | 81

10. Charitable governance costs
Unrestrictedfunds 2022£

Restrictedfunds 2022£

Total funds
2022£

Total funds
2021£

163,872-

163,872

112,375

Audit and accountancy fees

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

2022
£

2021
£

1,690,495

1,198,366

1,218,123

96,682548,822585,306

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

During the year, no Trustees received any remuneration (2021 - £Nil).
During the year, no Trustees received any benefits in kind (2021 - £Nil).
During the year, two Trustees received £1,957 reimbursement of expenses (2021 - £599).

12. Auditors’ remuneration
2022£

2021 (restated)£

44,00043,500177,867

165,010

Taxation compliance services--

Other taxation advisory services--

328,142

211,963

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

Other services as reporting accountant on financial
or other information

82 | Raspberry Pi Foundation

13. Staff costs
Staff costs were as follows:
2022
£

2021
£

Wages and salaries

15,685,602

13,407,132

Social security costs

1,498,790

1,411,816

Other pension costs

1,050,608

932,821

Share based payments

328,613873,858

18,563,613

16,625,627

The average monthly number of employees was 249 (2021 - 226) and the average number of employees
on a headcount basis for the year was as follows (including part time staff):
2022 No.

2021 No.

Company

136

120

Subsidiaries

113

106

249

226

Financial review | 83

13. Staff costs (continued)
The number of higher paid employees was (including subsidiaries) 58 in 2022 (2021 – 55), of which 47 are
employees of subsidiaries (2021 – 45):2022 No.

2021 No.

In the band £60,001 ‑ £70,000

5

7

In the band £70,001 - £80,000

8

4

In the band £80,001 ‑ £90,000

4

8

In the band £90,001 - £100,000

4

3

In the band £100,001 ‑ £110,000

2

2

In the band £110,001 ‑ £120,000

6

6

In the band £120,001 - £130,000

4

7

In the band £130,001 - £140,000

8

1

In the band £140,001 - £150,000

1

0In the band £150,001 - £160,000

010

In the band £160,001 - £170,000

10

1

In the band £170,001 - £180,000

01

In the band £180,001 - £190,000

1

0In the band £240,001 - £250,000

02

In the band £250,001 - £260,000

2

1

In the band £260,001 - £270,000

1

0In the band £300,001 - £310,000

01

In the band £320,001 - £330,000

1

0In the band £420,001 - £430,000

01

In the band £450,001 - £460,000

1

0

58

55

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

84 | Raspberry Pi Foundation

14. Taxation
2022
£

2021
£

Corporation tax

1,409,659

286,814

Adjustment In respect of prior years(311,892)-

Tax in relation to overseas subsidiary

1,817

-

1,099,584

286,814

Current year charge

40,626896,105

Effect of changes in tax rates

12,828247,226

Adjustment In respect of prior years

788,264-

1,941,302

1,430,145

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:
2022
£

2021
£

4,732,950

11,733,590

899,261

2,229,382

115,506

1,405,869

3,638

-

-

(2,232,203)

12,828247,226(767,162)(177,125)

1,817

3,934

Non-taxable income(160,020)-

Prior year adjustments

476,372-

Activities exempt from corporation tax

1,359,062(46,938)

Taxation charge for the year

1,941,302

1,430,145

Profit before taxation

Corporation tax at 19% in respect of all periods
Effect of:
Expenses not deductible for tax purposes
Depreciation on ineligible assets
Deduction for Research and Development
Tax rate changes
Effect of group relief/other reliefs
Tax in relation to overseas subsidiary

In 2022 the expenses not deductible for tax purposes are made up of other exceptional costs,
share based payment charges, and intangible asset amortisation.
Financial review | 85

14. Taxation (continued)
2022
£

2021
£

(475,991)(286,814)

2022
£

2021
£

(1,051,401)

114,153

Deferred tax charge(55,408)(1,143,331)

Adjustments in respect of prior periods(817,075)-

Foreign exchange(125,865)(22,223)(2,049,749)(1,051,401)

Current Liabilities
Corporation tax
Deferred tax disclosure:

Provision at the start of the year

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

Deferred tax assets

Deferred tax liabilities

2022
£

2021
£

Provided

Provided(357,291)

22,455(1,811,267)(1,119,196)

5,102

45,340113,707-(2,049,749)(1,051,401)

2022
£

2021
£

Recognised

Recognised

118,808

67,795

Provided

Provided(2,168,557)(1,119,196)

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

86 | Raspberry Pi Foundation

15. Intangible fixed assets
Intellectual Property£

Goodwill
£

Total
£

At 1 January 2022

4,593,613

292,989

4,886,602

Additions

4,473,438-

4,473,438

757,269

35,074

792,3439,824,320

328,063

10,152,383

At 1 January 2022

52,921

241,864

294,785

Charge for the year

1,176,703

41,4201,218,123

Foreign exchange

93,19930,469123,668

1,322,823

313,753

1,636,576

At 31 December 2022

8,501,497

14,3108,515,807

At 31 December 2021

4,540,692

51,124

4,591,816

GROUP
Cost

Foreign exchange
At 31 December 2022
Amortisation

At 31 December 2022
Net book value

Amortisation of intangible fixed assets is included in trading expenditure.
Intellectual Property is composed of payments made to third parties for the development
and design of key components intended to be used in future Raspberry Pi products. In 2021,
the Company entered into a four year licence with a term until March 2026. The first payment
milestone of the licence agreement was made during the year with the remainder falling due
in September 2023 and March 2025. The £4.5m ($5m) licence has been capitalised underIntellectual Property within Intangibles, and the amount still due is reflected within Long Term
Liabilities and Other creditors. The full value of the licence rather than its discounted cashflow
value has been capitalised due to the difference between the two values being immaterial. The
licence is being amortised over its 4 year term.
Also included within Intellectual Property is one individually material item which has a net bookvalue of £4.5m (31 December 2021: £4.5m) in respect of outsourced costs incurred in thedevelopment of components complementary to the application processors of future single board
computers. The development is not yet complete and therefore amortisation has not yet been
charged. The amortisation period is expected to be six years.

Financial review | 87

16. Tangible fixed assets
Leasehold
Property£

Plant andmachinery£

Furniture andfittings£

Office and computerequipment
£

Total
£

679,063

4,239,959

489,312

1,257,858

6,666,192

Additions-

1,445,531

10,330346,9141,802,775

Disposals--(1,075)(2,863)(3,938)Foreign exchange

37,936560,406-

115,784

714,126

At 31 December 2022

716,999

6,245,896

498,567

1,717,693

9,179,155

At 1 January 2022

231,038

2,045,641

472,920

935,460

3,685,059

Charge for the year

60,5631,400,502

12,909216,521

1,690,495

-

-

(41)

(2,863)(2,904)Foreign exchange

14,807

296,075-

82,439393,321

At 31 December 2022

306,408

3,742,218

485,788

1,231,557

5,765,971

At 31 December 2022

410,591

2,503,678

12,779486,136

3,413,184

At 31 December 2021

448,025

2,194,318

16,392

322,3982,981,133

Leasehold
Property£

Fixturesand fittings£

Office and computerequipment
£

Total
£

362,167

489,312354,954

1,206,433

Additions-

10,33069,79880,128

Disposals-(1,075)(2,863)(3,938)362,167

498,567

421,889

1,282,623

At 1 January 2022

114,777

472,919

279,556

867,252

Charge for the year

36,217

12,90954,026103,152-(41)(2,863)(2,904)150,994

485,787

330,719

967,500

At 31 December 2022

211,173

12,78091,170315,123

At 31 December 2021

247,390

16,39375,398339,181

GROUP
Cost
At 1 January 2022

Depreciation

Disposals

Net book value

COMPANY
Cost
At 1 January 2022

At 31 December 2022
Depreciation

Disposals
At 31 December 2022
Net book value

88 | Raspberry Pi Foundation

17. Fixed asset investments
Investment portfolio£
GROUP
Market value
At 1 January 2022

11,689,163

Dividends reinvested net of fees

326,751

Interest

56

Revaluations(1,464,120)

At 31 December 2022

10,551,850

GROUP INVESTMENTS AT MARKET VALUE COMPRISE:

2022
£

2021
£

10,551,850

11,689,163

Investment portfolio£

Shares in group
undertakings
£

Total
£

11,689,163

49,467

11,738,630

326,751-

326,751

56-

56

Revaluations(1,464,120)-(1,464,120)

At 31 December 2022

10,551,850

49,467

10,601,317

Investments

COMPANY
Market value
At 1 January 2022
Dividends received net of fees
Interest received

Financial review | 89

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

Nature of business

Interest

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
LimitedMaurice Wilkes Building
St. John’s Innovation
Park, Cowley Road,
Cambridge, CB4 0DS,
United Kingdom

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

Majority owned subsidiary:
Raspberry Pi Foundation
owns 91% of entity via its
wholly owned subsidiary
Raspberry Pi Mid Co
LimitedRaspberry Pi
MidCo Limited

37 Hills Road, Cambridge,
Cambridgeshire, CB2
1NT, United Kingdom

Non-trading company,
incorporated forstructural reasons

Wholly owned subsidiary

In the year to which these financial statements relate, Raspberry Pi Mid Co Limited has made donations by
way of gift aid to Raspberry Pi Foundation of £3m (2021 - £nil). This was the result of a dividend received
from Raspberry Pi Limited in December 2021. A summary of Raspberry Pi Limited’s results is disclosed
below. Audited accounts will be filed with the Registrar of Companies. The cost of the investment in thesubsidiary is £1 (2021 - £1).
In 2020, a Long-Term Incentive Plan (LTIP) was approved by the board of directors of Raspberry Pi Limited.
In October 2020, 13,077 B ordinary shares were issued under this plan to certain employees; in December
2021, a further 3,512 B ordinary shares were issued to employees under this plan.
Under the terms of the plan, the B ordinary shares will share in the proceeds payable in respect of an Exit of
the Company above a minimum hurdle. An Exit is broadly defined in the Articles of Association as the 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.
The unrestricted market value of the B ordinary shares issued in 2020 was determined by a specialist
valuation company and deemed to be £1.10 per share. The unrestricted market value of the B ordinary sharesissued in 2021 was determined by a specialist valuation company and deemed to be £5.50 per share.

90 | Raspberry Pi Foundation

A summary of the B ordinary shares is detailed below:
SchemeAwarded as at 31
December 2021

LTIP

Awarded during 2022

16,589Awarded as at 31
December 2022-

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

Volatility:

Expected life of B ordinary shares:

49%

2 years

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

Volatility:
34%

Expected life of B ordinary shares:
4 months

The charge for the year ended 31 December 2021 was £873,858 ($1,204,000) which includes
the additional charge for those B ordinary shares issued in 2020 following the reassessment bymanagement of Raspberry Pi Limited of the date of the expected Exit process.
In 2022, management reconsidered the expected timing of an Exit process. The compensation credit in
2022 for B ordinary shares issued during 2020 was revised to be calculated based on an expected Exit
process happening almost 4 years after the date of issue. The compensation credit in 2022 for those B
ordinary shares issued in 2021 was calculated based on an expected Exit process happening 31 months
after the date of issue. The resultant credit for the year ended 31 December 2022 was £328,942 ($411,000)
which is the result of the life of the B ordinary shares being extended.

Financial review | 91

18. Investment in subsidiary companies (continued)
Profit and Loss Account for Raspberry Pi Limited
2022
£

2021
£

Turnover150,352,298

102,052,178

Cost of sales(116,514,054)(71,624,865)

Gross profit

33,838,244

30,427,313

Administration expenses(22,817,654)(18,797,353)

Other operating income

991,283

26,737--

Operating profit

12,011,873

11,656,697

Finance charges net of interest receivable(125,964)(170,148)

11,885,909

11,486,549

Tax on profit on ordinary activities(1,939,485)(1,426,212)

Profit for the financial year

9,946,424

10,060,337

2022
£

2021
£

Intangible fixed assets

8,515,807

4,591,816

Tangible fixed assets

3,086,665

2,636,744

Current assets

88,506,124

70,933,519

Current liabilities(22,633,438)(18,203,100)

Non-current liabilities(4,538,549)-

Aggregate share capital and reserves

72,936,609

59,958,979

Other operating expenditure

Balance Sheet

92 | Raspberry Pi Foundation

19. Stocks
GROUP

Raw materials, finished goods
and goods for resale

COMPANY
2022
£

2021
£

2022
£

2021
£

39,729,341

30,062,539--

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

20. Debtors
GROUP

Trade debtors

COMPANY
2022
£

2021
£

2022
£

2021
£

18,426,099

11,319,132

759,687

123,985

-

-

3,989

-

4,190,168

4,587,321

389,808

469,681

22,616,267

15,906,453

1,153,484

593,666

Amounts owed by group undertakings
Other debtors

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

21. Creditors
AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP

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

COMPANY
2021£

2020 (restated)
£

2022
£

2021
£

18,056,461

13,474,382

188,754254,215--

158,037

83,277

1,835,347

1,565,854

379,020304,869

44,69959,568--4,202,353

3,370,647

831,963

683,157

2,488,800---

26,627,660

18,470,451

1,557,774

1,325,518

Amounts falling due after one year:
Trade creditors

The intercompany debt is unsecured and repayable upon demand and does not attract any interest charges.
Financial review | 93

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

Carriedforward£General funds

12,812,232

4,337,280(8,990,539)

3,800,000

7,553,595

19,512,568

Revaluation reserve

3,087,528---(1,464,120)

1,623,408

Trading subsidiary

58,861,837

150,794,528(141,352,040)(3,800,000)(362,411)

64,141,914

Share based payment

1,249,125--(328,613)-

920,512Gift on contribution with
Hello World Foundation

478,888

-

-

-

-

478,888

76,489,610

155,131,808(150,342,579)(328,613)

5,727,064

86,677,290

Algorand Foundation-

38,891(38,891)---

Allianz Technology SE-

55,951---

55,951

Atlassian Foundation
International Limited

203,347

386,547(370,861)--

219,033

Barclays

100,000-(100,000)---

BNY Mellon-

28,045(28,045)---

Broadcom Foundation-

328,817(328,817)---

56,273-(56,273)

-

-

-

-

246,407(90,491)--

155,916

3,612,717-(667,863)--

2,944,854

40,500120,500(132,485)--

28,515

Oracle-59,719(59,719)---

S&P Global Foundation-

207,659(207,659)---

The Bloomfield Trust-

63,000(63,000)--

The PA Foundation-

110,000(45,873)--

64,127

Unity Social Impact

13,50886,603(35,159)--

64,952

Vodafone Ltd

50,000-(50,000)---

4,076,345

1,732,139(2,275,136)--

3,533,348

UNRESTRICTED FUNDSRESTRICTED FUNDS
Raspberry Pi Foundation

Cisco Systems, Inc.
CognizantEzrah Charitable Trust
Individual donors

94 | Raspberry Pi Foundation

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

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

Carriedforward£

Hello World Foundation

75,503

122,447(110,774)

-

2,452

89,628Raspberry Pi
Foundation North
America

106,466

275,636(277,773)-(15,132)

89,197

-

-

-

-

-

-

4,258,314

2,130,222(2,663,683)-(12,680)

3,712,173

80,747,924

157,262,030(153,006,262)(328,613)

5,714,384

90,389,463

Brought
forward(restated)£

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

Carriedforward£General funds

10,393,575

7,146,949(9,399,564)--

8,140,960

Revaluation reserve

3,087,528---(1,464,120)

1,623,408

13,481,103

7,146,949(9,399,564)-(1,464,120)

9,764,368

Raspberry Pi Limited

TOTAL OF FUNDSCOMPANYUNRESTRICTED FUNDS

Financial review | 95

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

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

Carriedforward£

Algorand Foundation-

38,891(38,891)---

Allianz Technology SE-

55,951---

55,951

Atlassian Foundation
International Limited

203,347

386,547(370,861)--

219,033

Barclays

100,000-(100,000)---

BNY Mellon-

28,045(28,045)---

Broadcom Foundation-

328,817(328,817)---

56,273-(56,273)

-

-

-

-

246,407(90,491)--

155,916

3,612,717-(667,863)--

2,944,854

40,500120,500(132,485)--

28,515

Oracle-59,719(59,719)---

S&P Global Foundation-

207,659(207,659)---

The Bloomfield Trust-

63,000(63,000)--

The PA Foundation-

110,000(45,873)--

64,127

Unity Social Impact

13,50886,603(35,159)--

64,952

Vodafone Ltd

50,000-(50,000)---

4,076,345

1,732,139(2,275,136)--

3,533,348

17,557,448

8,879,088(11,674,700)-(1,464,120)

13,297,716

RESTRICTED FUNDS
Raspberry Pi Foundation

Cisco Systems, Inc.
CognizantEzrah Charitable Trust
Individual donors

TOTAL OF FUNDS

96 | Raspberry Pi Foundation

22. Statement of funds (continued)
Atlassian Foundation International
This restricted fund is to increase young people’s access to coding and digital making skills 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.
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.
Broadcom Foundation
This restricted fund is to support Coolest Projects, global NGO partnerships, CoderDojo and Code Club
programmes, enhance online education experiences and increase outreach in underserved communities.
Ezrah Charitable Foundation
This restricted grant is to support the expansion of the Foundation’s educational programmes in low andmiddle-income countries, particularly India, Kenya, and South Africa.
S&P Global Foundation
This restricted fund is to deliver free desktop computing kits to young people who are in need ofcomputers to learn from home. This fund also supports our UK coding club program.
The PA Foundation
This restricted fund is to deliver digital-making pilot programmes for underserved communities inManchester and Belfast in the UK, and in San Francisco in the USA.

Financial review | 97

23. Analysis of net assets between funds
GROUP
Unrestrictedfunds 2022£

Restrictedfunds 2022£

Total funds
2022£

Total funds
2021£

Intangible fixed assets

8,515,807-

8,515,807

4,591,816

Tangible fixed assets

3,413,184-

3,413,184

2,981,133

Fixed asset investments

10,551,850-

10,551,850

11,689,163

Current assets

92,873,860

3,712,171

96,586,031

81,007,664

Creditors(28,677,409)-(28,677,409)(19,521,852)

86,677,292

3,712,171

90,389,463

80,747,924

Unrestrictedfunds 2022£

Restrictedfunds 2022£

Total funds
2022£

Total funds
2021£

315,123-

315,123

339,181

10,601,317-

10,601,317

11,738,630

405,7023,533,348

3,939,050

6,805,155(1,557,774)-(1,557,774)(1,325,518)

9,764,368

3,533,348

13,297,716

17,557,448

COMPANY

Tangible fixed assets
Fixed asset investments
Current assets
Creditors

98 | Raspberry Pi Foundation

24. Reconciliation of net movement in funds to net cash flow from operating activities
2022
£

2021
£

2,791,648

10,303,444

Tax charge

1,941,302

1,430,145

Depreciation charges

1,693,399

1,198,366

Amortisation charges

1,218,123

96,682(Gains)/losses on investments

1,464,120(894,195)

Dividends, interest and rents from investments(326,807)(297,195)

Finance costs

125,964-

Finance income(39,228)-

Increase in stocks(5,854,010)(16,219,198)

Increase in debtors(4,723,708)(5,091,888)

Increase in creditors

2,175,953

3,873,072

Share based payments(328,613)

498,591

Currency translation (gains)/losses(931,306)

163,384

Total(793,163)

4,938,792

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

Adjustment for:25. Analysis of cash and cash equivalents

Cash in hand

2022
£

2021
£

34,240,423

35,038,672

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

Financial review | 99

27. Operating lease commitments
At 31 December 2022 the total minimum lease payments under non cancellable operatingleases are due in the following periods by the group:
Land and buildings
2022
£

2021
£

630,254

608,436

Between 2 and 5 years

2,423,817

2,280,643

Over 5 years

1,702,649

2,129,479

Total

4,756,720

5,018,558

GROUP
Within 1 year

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

2022
£

2021
£

Within 1 year

323,534

323,534

1,294,136

1,294,136

161,767

485,301

1,779,437

2,102,971

Between 2 and 5 years
Over 5 years
Total

28. Other financial commitments and financial assets and liabilities
In 2021, Raspberry Pi Limited entered into a licence agreement to purchase licences for intellectual
property to be used in its products. At 31 December 2022, the total remaining commitment amounts to£3.3m ($4m) payable in instalments between September 2023 and March 2025 (at 31 December 2021,£4.1m ($5.5m) payable in instalments between March 2022 and March 2025). In July 2022 Raspberry Pi
Limited entered into a further commitment to purchase other licences for intellectual property and related
tools over the period to Jul 2025. The value of the outstanding commitment at 31 December 2022 was£7.6m ($9.1m).
To ensure the continuing supply of key components to meet forecast demand Raspberry Pi Limited 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 £299m ($360m) over a
period of four years for use in the manufacture of products for sale by itself and its licensee.
Raspberry Pi Limited is committed to a lease for a warehouse for which a planning application has beenmade. The lease is expected to commence in 2023. Raspberry Pi Limited is committed to a total liabilityof £422,000 ($509,000) which would be payable in 36 equal instalments; this would start to fall due nomore than 12 months after the date of planning permission having been granted.

100 | Raspberry Pi Foundation

28. Other financial commitments and financial assets and liabilities (continued)
2021£

2020 (restated)£

Financial assets measured at fair value through profit or loss

10,551,850

11,689,163

Financial assets measured at amortised cost

52,843,029

46,677,320

Financial liabilities measured at amortised cost

20,875,003

16,412,612

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

29. Related party transactions
During the year, the charity reimbursed expenses of £355 (2021 - £241) to Ms K D Shillinglaw and £302
(2021 - £152) to Dr M P Blyth for accommodation, subsistence and travel costs. As at 31 December
2022 a balance of £nil (2021 - £nil) was payable to the trustees.
During the year, the charity made payments to third parties of £735 (2021 - £nil) on behalf of Mr D
Labbad and £566 (2021 - £nil) on behalf of Prof. R Plumbly-Clegg for accommodation and travel costs.
FRS102 does not require disclosure of transactions entered into between two or more members of agroup, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by amember of that group. The company has utilised this exemption.

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

31. Post balance sheet events
On 30 March 2023, Raspberry Pi Limited entered into a 3 year revolving credit facility of £20.7m ($25m)with Barclays Bank plc to fund general corporate purposes. This replaces the existing revolving credit
facility of £7m ($9.5m) and the £3m ($4.1m) overdraft with immediate effect. The new facility contains
the usual provisions of a facility of this size including a covenant that gross debt should not exceed twotimes EBITDA. It is secured with a fixed and floating charge over the assets of the company.
On 28 March 2023, Sony Semiconductor Solutions Inc. invested £4.2m ($5m) in Raspberry Pi Ltd in
exchange for 1,103 ordinary shares in the Company. Sony Semiconductor Solutions Inc. also invested£4.2m ($5m) in exchange for the same number of ordinary shares in Raspberry Pi Ltd purchased from
Raspberry Pi Mid Co Limited.

Financial review | 101

32. Borrowings
During the year ended 31 December 2020, Raspberry Pi Limited put a £3m ($4.1m) overdraft facility inplace. The overdraft is repayable on demand. The facility is secured by a debenture granted by the Company
in favour of Barclays Bank plc.
At 31 December 2022, Raspberry pi Limited had £nil overdraft borrowings (31 December 2021: £nil).
During the year ended 31 December 2020, Barclays Bank plc offered Raspberry Pi Limited a revolving credit
facility of £7m ($9.5m). The facility is secured by a debenture granted in favour of Barclays Bank plc. The
facility has covenants relating to leverage (gross borrowings to EBITDA) and interest coverage. The facility
lasts for three years from October 2020.
At 31 December 2022, Raspberry Pi Limited owed £nil under this facility (2021: £nil).

102 | Raspberry Pi Foundation

Reference and administrative details
Trustees

Company Secretary

Dr J W Lazar

Mr S Huntley (appointed 2 March 2023)

Ms J Astall (appointed 9 February 2023)

Chief Executive Officer

Dr M P Blyth

Mr P A Colligan

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

Company registered number
06758215 - Country of Incorporation Englandand Wales

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

Bankers
Barclays Bank plc
Chesterton Road
Cambridge
CB4 3AZ

Charity registered number
1129409

Registered office
37 Hills Road
Cambridge
CB2 1NT

Financial review | 103

www.raspberrypi.org

Raspberry Pi Foundation UK registered charity 1129409