The Raspberry Pi Foundation has seen its total income fall by £128m after its group underwent a restructuring in June 2024.
Accounts for the year ending 31 December 2025 show that the technology education charity received total income of £15.7m compared with £144m in 2024.
In May 2024, Raspberry Pi Limited, the commercial operating entity, became a fully owned subsidiary of Raspberry Pi Holdings plc, a subsidiary of Raspberry Pi Mid Co Limited.
The following month, Raspberry Pi Holdings plc was listed on the London Stock Exchange and the group holding was reduced to 46.7%.
The accounts show that the foundation’s income in 2024 included £136m in gift aid, arising from the sale of shares in Raspberry Pi Holdings plc.
Total consolidated charitable group income (grants, donations and contract income) increased by 135% to £11.4m (2024: £4.9m).
The group’s total income – which comprises Raspberry Pi Foundation, Raspberry Pi Mid Co Limited and legal entities in America, India and Ireland – was £21.8m (2024: £232m).
Meanwhile, total consolidated charitable group expenditure rose by 49% to £21.3m (2024: £14.4m), while reported group expenditure stood at £21.9m (2024: £118m).
New endowment established
The accounts say that following the listing of the commercial subsidiary in 2024, the Raspberry Pi Foundation established the Raspberry Pi Foundation Endowment Trust.
The endowment helps fund the foundation’s work, “ensuring that everything we offer is available at no costs to schools, educators, or students”, the accounts say.
“Our work is part-funded through an endowment that was created through the IPO (initial public offering) of our commercial subsidiary and the foundation remains a significant shareholder in the listed company.”
“We combine this with funding from a wide range of individuals and organisations that share our mission.”
The foundation is the sole trustee of the Raspberry Pi Foundation Endowment Trust, whose objects are aligned to the foundation’s charitable purpose.
“Capital and income from the trust are deployed in supporting the wider activities of the foundation and its subsidiaries,” the accounts read.
“As at 31 December 2025, the trust held £144.6m (2024: £140.3m) in cash and investments.”
The accounts show that as of April 2026, the foundation completed a partial sell-down of the shareholding, reducing the holding to 41% and realising net proceeds of £58.8m.
“In June 2026, the Raspberry Pi Foundation signed a deed of transfer with Ezrah Charitable Trust to initiate the transfer of the ECT shareholding over a 10-15-year period,” the accounts read.
“This transfer was subject to review and approval by the takeover panel.
“The first transfer of 643,010 shares took place on 5 August 2026, increasing the Raspberry Pi Foundation shareholding in Raspberry Pi Holdings plc to 41.3%.”
