A Cambridge-based charity and its subsidiaries have reported a 40% rise in income to £221m, according to their recently filed accounts.
Accounts for the year ending 31 December 2023 show that the Raspberry Pi Foundation, its commercial subsidiary Raspberry Pi Ltd and legal entities in America, India and Ireland received a total income of £221m compared with £157m the previous year.
Welsh software entrepreneur Eben Upton co-founded the foundation in 2008 and serves as chief executive of its commercial subsidiary.
In 2013, Raspberry Pi split into two parts, with one responsible for charitable and educational activities, including helping young people thrive through computing and digital technologies.
The other part is responsible for the engineering and trading activities such as the sale of low-cost computers.
Seven-fold increase in income
Financial data filed with the Charity Commission shows that income at the foundation and its subsidiaries increased seven-fold between 2017-18 and 2022-23, from £31.5m to £221m.
In June 2024, Raspberry Pi Ltd became a fully owned subsidiary of Raspberry Pi Holdings plc, which is a subsidiary of Raspberry Pi MidCo Ltd.
“Subsequently, on 11 June 2024, Raspberry Pi Holdings plc was listed on the London Stock Exchange and the group holding was reduced to below 50%, generating net funds of £136m,” the accounts read.
Looking at the income generated by the foundation alone last year, it more than doubled to £19.3m (2022: £8.9m) and included £15.6m in gift aid arising from the sale of shares in Raspberry Pi Ltd.
Total reserves held by the foundation, which include cash and investments, increased from £13.4m to £22.3m.
Meanwhile, Raspberry Pi MidCo Ltd made donations by way of gift aid to the foundation of £16m (2022: £3m).
This, the accounts say, “was the result of a dividend received from Raspberry Pi Ltd of £4m in December 2022 and profit on sale of shares in the year of £12m”.
By selling a portion of shareholding in Raspberry Pi Holdings plc, “the foundation has created an endowment that will support the sustainable growth of our educational work over the next ten years and beyond,” the accounts add.
“Our ambition is that around 50% of our activities will be funded from the endowment and 50% through partnerships and donations, enabling us to reach many more teachers and students by combining our resources and expertise with those of the many partners who share our mission.”
Wages and salaries
Wages and salaries at the foundation and its subsidiaries increased from £15.7m to £18.9m between 2021-23 and 2022-21.
On average, the monthly number of employees totalled 244 last year, down from 249 in 2022.
The total number of higher-paid employees was 73 (2022: 58), of which 57 were employees of Raspberry Pi Ltd (2022: 47).
The highest-paid employee received between £520,001 and £530,000 last year compared with £450,001-460,000 the previous year.
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