sofronie foundation SOFRONIE FOUNDATION (Registered Charity No. 1118621 and Company No. 06074877) ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SOFRONIE FOUNDATION ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTEKrs Page Annual Report of the Trustees Report of the Independent Auditor 8-10 statement of Flnancial Activilies (including Income and Expenditure Account) 11 12 Balance Sheet Cash Flow Statement 13 Notes to the Flnancial Statements 14-20
Page 1 SOFRONIE FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and the independently audited financial statements for the year to 31 Dember 2024. These have been prepared in accordance with the accounting policies set out on pages 14 to 16 and Comply with appllcable charity law. The finan¢lal statements Gomply wlth the Charities Act 2011 and where applicable, the Charities Act 2022, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reportlng by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("Charities SORP FRS 102"), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). REFERENCE AND ADMINISTRATIVE DETAILS Sofronle Foundation ("the Foundation. or he charitable company.), registered oharity number 1118621 and company number 06074877, is based and administered in the United Kingdom. The registered address is Eighth Floor, 6 New Street Square, New Fetter Lane, London EC4A 3AQ. Directors and Trustees: The names of the Directors, who are also the Trustees, who served throughout the year are: Hendricus (Harold) Coenradus Albertus Goddijn (Founding Trustee) Corinne Daniele Goddijn-vigreux (Founding Trustee) Robert Wilne Ajay Soni Boris Walbaum Key Management: Head of Foundation: Jacqueline Higgin Bankers: Goldman Sachs, Christchurch Court, 10-15 Newgate Street, London EC1 A 7HD Barclays Bank Plc. Hatton Gardan Branch, 99 Hatton Garden, London EC1 N 8DN Independent Auditor.. Rawlinson & Hunter Audit LLP, Statutory Auditor. Eighth Floor, 6 New Street Square, New Fetter Lane, London EC4A 3AQ Solicitors: Wrthers LLP, 20 Old Bailey, London EC4M 7EG Websltè: W*VW.sofronie.org
Page 2 SOFRONIE FOUNDATION ANNUAL REPORT OF THE TRUSTEES {contlnued) FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Foundation is a company limited by guaranteè, governed by its Memorandum and Articles of Association dated 3Q January 2007, as revised on 4 September 2017, 28 February 2022 and 9 April 2025. and is registered as a chartty wrth the Charity Commission. The Trustees meet at least four times each year to discuss and develop the Foundation's goals and strategy and to review grant proposals and general grant requests. The number of Trustees shall be a minimum of three at any one time and new Trustees shall be appointed by ordinary resolution by the Founding Trustees. The maxlmum number of Trustees may be fixed but if not fixed, will be seven. The range of skills represented on the Trustee Board will be kept under review as the Foundation develops over time. Induction and Training As part of their training, Trustees are provided with an infomation pack which includes the Foundation's Memorandum and Articles of Association, Charty Commission guidance on Trustees, Resp)nsibilities. past Trustee annual reports and relevant minutes of Trustee meetings. The Foundation will provide induction training for all new Trustees. All Trustees are reminded of their duties and obligations under the law in addltion to their proper conduct. Induction training is frequently reviewed. Trustees, Responslbllltles Statement The Trustees (who are also direGtors of the Foundation for the purposes of company law) are responsible for preparing the Annual Report of the Trustees (including the Strategic Report) and the financial statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare finanual statements for each financial year which give a true and fair view of the charitable company's financlal activities during the period and of its financial position at the end of the period. In preparing financial ststements giving a trua and fair view, the Trustees should follow bèst practicè and: select suitable accounting policies and then apply them consistenuy; observe the methods and principles in the Charltles SORP (FRS 102); make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explalned In the financial slatements; and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reason8ble accuracy at any time the financial position of the charitable company and enable them to ensure that the financial ststements comply with the Compsnies Act 2006. They are also responsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the Maintenan and integrity of the corporate and financlal infomiation included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial ststements may differ from legislation In other jurisdictiorbs.
SOFRONIE FOUNDATION Page 3 ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees, Responsibilities Statement {contlnued) In so far as the Trustees are aware: there is no relevant audit infomiation of which the charitable company's audÉtor is unaware. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Internal Controls The Trustees have overall responsibilty for ensuring that the Foundation has appropriate systems of internal controls. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundabon and enable them to ensure Ihat the financial stalemenls follow best practi. They are also spOnSible for the Foundation safeguarding its assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss. Risk Management A risk assessment has been performed during the preparation of this report and the Financial Statements. The risk assessment undertaken comprises of: A review of the risks the Foundation faced during the period, since the period end and which it may fa in the future; The establishment of systems and procedures to mitigate those risks., and The implementation of procedures designed to minimise any potential impact on the Foundation should thos8 risks materialise. This work has identified that financial sustainability is the major financial risk for the Foundation. A key element in the management of financial risk is a regular review of available liquid funds lo settle debts as they fall due and active management of trade debtors and creditors balances to ensure sufticient working capital by the Foundation. Pay pollcy for senlor staff The directors, who are the Foundation's Trustees. and the Head of Foundation comprise the key management personnel of the Foundation in charge of directing and controlling, running and operating the Foundation on a day to day basis. All directors give of their time freely and no director received remuneration in the year. Details of directors. expenses and related paty transactions are disclosed in Note 11 to the accounts. The pay of the senior staff reffects the level of responsibilities and skills set required. The pay is reviewed annually. Relatsd partles Any transactions between the Foundation and the related parties must be approved by the non- conflicled Trustees. Any transaGtions with related parties which arose during the year are disclosed in Note 11 to the financlal statements.
Page 4 SOFRONIE FOUNDATION ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 STRATEGIC REPORT OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The Objects of the Foundation are to further such chariiable purposes and to benefit such charitable institutions as the Trustees think frt. However. its main interest is to improve social mobilty by supporting young people disadvantaged by lack of opportunity. These programmes may include support for academic, vocational or non-formal interventions as well as others that offer preparation for education, training, skills development or work, particularly selecting digital programmes to enhance skills for the technical requirements of future employment. The Trustees reserve the right to support special projects that may assist young people by other routes and these are determined by the measure of social impact. In summary, the Foundab'on focuses on activities and programmes which support children and young people.. who are struggling in school, college or university: who are at a severe disadvantage; who lack opportunity to improve their educatlonal attalnment; who have difflcult and challenging family lives; or who are unemployed. The Trustees have a number of powers which are detailed in the Articles of Association and which may be exercised in promoting the objects. The Trustees must use the income and may use the capital of the Foundation in promoting the objectives. The Trustees confirm that the Foundation complies with thé Code of Fundraising Practice and the Charty Commissions guide to Trustees on fundraising where relevant The Trusteps Confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives and in planning future activities and providing help in the fomi of gffts or grants or any combination of these. ststement of Public Benefit As a grant-funder, the Foundation's activitie8 will provide public benefit to the individuals and communities who are beneficiaries of the Foundation's funded projects. The Foundation's public benefit is not limited with reference to geography, by the charging of fees or otherwise. The Trustees are aware of the Charity Commission guidance on Publlc Benefit and confirm that they have complied with Ihe duty in Section 4 of the Charities Act 2011 to have due regard to it. They consider the information which follows in this annual report, about the Foundation's aims, activities and achievements in the areas of interest that the Foundation supports, demonstrates the benefft to its beneficiaries and through them to the public, that arise from those activities.
SOFRONIE FOUNDATION Page 5 ANNUAL REPORT OF THE TRUSTEES (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2024 Grant Making Pollcles The Trustees approve grants to registered and non-registered charitable organisatlons. Grants are for a variety of costs, depending on requlreTnents. These include specific projects but also core operating costs. The length of grant can be foi one or more years. The Foundation will consider further funding after reviewing the progress report and evaluation. The Trustees pay due care and attention to ensure that the work considered for fvnding delivers public benefrt as per the Charity Commission's guidance. During the year the Foundation funded seven charities (year to 31 Dernber 2023.- nine). The Foundation made one payment related to commrtments made in the previous year (year to 31 December 2023.. two). No charities were UK registered (year to 31 Dember 2023: none), but all grantees would be deemed lo be charitable under the laws of England and Wales. ACHIEVEMEKfs AND PERFORMANCE Total grants paid in the year to 31 Dember 2024 afflounted to É2,305,000 (year to 31 December 2023: Q.689,000). This incjudes é25.000 paid in Fespect of previous years, commitments (year to 31 December 2023: É155,000). During the year, new grants totalling É2.280,000 were approved and pald (year to 31 December 2023: É2,534.000). A further Q,500,000 of future commtiments were provided for. to be paid in future years (year to 31 Detsmber 2023: Q5,000). France Festival d,A1xn-Pr0vence The fests'val was founded In 1948 to showcase operas and workshops and includes a special outreach segment which promotes to a young audlence who would not usually have acc&ss to live performances. Its non-profrt social responsibility is one of the core values and is commttted to reaching a wider audienc&. The Sofronie Foundation made a one-off donation of É20,000 toward the Costs of their event in August. The Netherland5 Stichtlng Techmeup The trustees agreed a final grant of E25.000 in 2023, which was paid in February 2024, to the interest free loan fund whtch provides funding for eligible can¢Jidates to participate in compuler software training and job search support. The students repay the loan once employed enabling ongoing loan provision for future students. Techmeup supported 100 students in 2024 and continues to build on their local profile to increase the scope of their funding support. The Aida Paalman de Miranda Fund Sofronie has supported the Aida Paalman de Miranda Fund al the Untversty of Amsterdam which offers scholarships and study abroad for two exceptional students from the University of Anton de Kom University in Suriname. Aimed at promoting Science, Mathematics and Computer Sciences the university offers a semester to work closely with the academic team and students to further their knOwdge in their chosen field. The Trustees agreed a multi-year grant (3 years) of É10,000 per year commencing in 2023 and ending in 2025. The fund was set up in the name of Alda Paalman-de Miranda as she was one of the first two female professors of Mathematics in the Netherlands and taught at UVA'S Faculty of Science.
Page 6 SOFRONIE FOUNDATION ANNUAL REPORT OF THE TRUSTEES (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2024 Lelden University Fund The trustees paid a yearly grant of É30,000 as part of a four-year grant agreed in 2023 to fund a researGh project to anatyse mood disorders in young people. This is part of a wider intemational projeci (Enigma) and carried out at Leiden University under the supeNision of Dr Moji Aghajani, in the department of Institute of Education and Child studies Forensic family and youth care. The analysis could potentially provide improvements in speed of diagnostics. tsrgeted treatments and outcomes for patients and families. stichting Het Rljksmuseum Fonds The Rijksmuseum is the national museum of art and history in Amsterdam and strives to play an active role in society, irbspiring and enriching its Gollections. The museum has actively focused on a research project to elevate the female contribution, perspective, and relevance to present day, to inspire future generations and provide a more complete historical narrative. This programrne will elevate female artists work in Amsterdam, Edinburgh, Hamburg, London. Paris, Stockholm, and Washington. Several exhlbitions and displays have b*n staged, including Barbara Hepworth, Women on paper, Irma Boom Art and Books, the largesl-ever gift to the museum of Japanese prints donated by Elise Wessels and the summer exhibition litled "Polnt of View,. The trustees agreed a five-year grant of é20,000 per year commencing in 2023 and ending in 2027. stichting OBA (Openbare Blbllotheek Amsterdam) Sofronie partnered with OBA the public library of Amsterdam in a collaboration which brought together the support of Tom Tom, Adyen, Just Eat Takeaway. Miro and the City of Amsterdam to launch a free creative technical programme for school children 12- 16years old. The TUMO programme originated in Armenia and offers weekly activities in disciplines SUGh as videolfilm creation, robotics. coding, music composltion and game development. The Board awarded É100,000 per year until 2026. stlchting Codam Stichting Codam was founded by Corinne Vigreux in 2018 to provide free skills education in computer software engineering lo those young people looking for a second chance. Available to those over 18 years old and committed to a 2-year course, Codarn's students can achieve real progress to employment. The programme is delivered through a unique pr to peer leaming model which teaches students to self-motivate to complete challenges and. although the onty providei in the Netherlands, it is a member of a Global 42 network. The trustees agreed a grant of É2.3m ft>r operational costs for 2024 and an additional grant of É2.3m in Oclober 2024 related to costs in 2025. These costs cover the curriculum delivery to 403 students and full operational cost5 of the school facility and events. Currently the student cohort consists of 360/0 female students, higher than most Tech institutions. The mission Is to provide cutting-edge technical skills for everyone to access job opportunities and change lives. Codam has gained a reputation of excellence from the business sectors who employ their graduates and support the college by volunteering expertise and financial donalions. Current key supporters include IMC, Adyen and Wipro.
Page 7 SOFRONIE FOUNDATION ANNUAL REPORT OF THE TRUSTEES (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Incomlng Resources Incoming resources totalled É5.027,248 for the year to 31 Dernber 2024 (year to 31 December 2023= E37,073>. Charitable activities Charitable activities include direct charitable expenditure during the year of É4,780.000 (year to 31 December 2023: Q,559,000). Commitments for fuiure periods of É2.500.000 (year to 31 December 2023.. Q5,000) have bn provided for within the financial statements. All grants made are in line with the Trustees, grant-making policy as prescribed under Section 3 of this reporL A full list of the grants made during the year ended 31 Dmber 2024 is shown on page 17. Reserves Pollcy and Golng Concern During this period donations received by the Foundation were exceeded by those paid out. The reserves brought forward were partially expended in to cover the net deficFts arising. The Trustees, continuing aim is to make arrangements to secure required funding to support the Foundation. The Trustees have no outstanding commltments or cash demands which are not adequately covered by existing resources. The balance held as unrestricted funds as at 31 Dember 2024 was 3,352,442 (2023.. É3.410,606). All the Foundation's reserves are regarded as free reserves. The Trustees consider that this level of free reserves is sufficient to continue its current activities until further donations can be secured. PLANS FOR THE FUTURE Sofronie continues to build on the Foundation's mission to create opportunities for young people through education. skills training and activities to unlock talent for those young people who fa obstacles. Last year the Tiustees pledged funding support for the TUMO programme for creattve technologies in Amsterdam. The TUMO skills education programme originated in Armenia and is a free-of-charge weekly activty open to secondary school pupils aged 12-16 year5 old and delivers turtion in Graphic Design, Film Editing, Animation. programming and more. As a funding partner Sofronie would like to galvanise further support with the aim of bringing the concept to the UK. AUDITOR A resolution was passed at the Trustees. meeting that Rawlinson & HunterAudit LLP be r&appointed as auditor lo the Foundation for the year to 31 December 2024. In approving the Annual Report of the Trustees, the Trustees also approve the Strategic Report included therein, in their capacity as company directors. Approved by the Trustees on and slgned on thelr behalf by 2 5 JUN 2025 Aiay Soni
Page 8 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE SOFRONIE FOUNDATION Oplnion We have audited the financial statements of The Sofronie Foundation {'the charitable company,) for the year ended 31 December 2024 which comprise Statement of Financial Activities (including Income & Expenditure Account), Balance Sheet, Cash Flow Statement 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 Accounting Standards, including Financial Reporting Standard 102 The Financial R8POrting Standard applicable in the UK and RepubliG of Iland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state Ot the charitable company's affairs as at 31 December 2024, and of its incoming resources and application of resources, including its Income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting PraGtlce' and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinlon We conduGted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibllities under those standaTds are further described In the Auditor's responsibilitiés for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements Is approprlate. Based on the work we have performed, we have not idenlified any material unrtaint18S relating to events or conditions that, individually or collectively, may cast signiflcant doubt on the charitable companys abiSity to continue as a going concern for 8 perlod of at least twelve months from when the financial statements arè authorised for issue. Our responsibilities and the responsibillties of the Trustees with respect to going concern are described in the relevant sections of this report. other infomiatlon The Truslees are responsible for the other information. The other information comprises the information included in the Annual Report of the Trustees and Financial Statements. other than the financial statements and our auditorfs report thereon. Our opinion on the linancial statements does not cover the other information and, expt to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other Information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, wa are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomed, we conclude that there is a material misstatement of this other infomiatlon, we are required to report that fact. We have nothing to report in this regard.
REPORT OF THE INDEPENDENT AUDITOR Page 9 TO THE MEMBERS OF THE SOFRONIE FOUNDATION {contlnued) Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the Course of the audit: the infomiation given in the Annual Report of the Trustees (incorporating the Strategic Report and Directors. Report) for the financial year for which the financial ststements are prepared is consistent with the financial statements., and the Strategic Report and Directors. Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of Dur knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors, Report. We have nothing to report in respect of the following matters in relation to whlch the Companies Act 2006 requires us to report to you rf, in our opinion". adequate accounting records have not been kept, or return5 adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors, remuneration specified by law are not made: or we have not received all the infomation and explanations we require for our audit. Responsibillties of Trustees As explained more fully in the Trustees. responsibilities statement set out on page 2 and 3, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financlal statements and for being satisfied that they give a true arKI fair view, and for such Internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the charitsble company's ability to continue as a going conrn, disclosing, as applicable, matters related to going concern and using the going Gonrn basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations. or havè no realistic alternalive but to do so. Auditof s responsibilitles for the audit of the financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material rnisstaternent, whether due to fraud or errol. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of a&8urance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of Irregularities, including fraud. The extent to which our procedures are capable of detecting irregularilies, Including fraud, Is detailed below. Our assessment of the susceptibillty of the entity's financial statements to material misstatement, including how fraud might occur, Is considered to be low. This conclusion was reached after the consideration of the following-
Page 10 REPORT OF THE INDEPENDEr AUDITOR TO THE MEMBERS OF THE SOFRONIE FOUNDATION (continued) due to the relatively simple business model and a low volume of transactions within the charitable company there are comparatively few unexpected fluctuations in the reported resutts and balances and any such unexpected items would be specifically enquired into by us. and there are a number of indivhluals which comprise'management. and therefore there is no single individual who is likely to be able to override controls to effect a fraud. We designed our audit procedures to Spond to identified audit risks, including non-compliance with laws and regulations (irregularities) that are material to Ihe financial statements. Some of the specific procedures performed to detect irregularities, including fraud, are detailed below., the review of control a¢counts and journal entries for large, unusual OT unauthorised entries", the analytical review of the detailed ststement of financial activities for variances that are either unexpected or felt not to be in accordance with our understanding of the charitable activities during the year; obtaining and reviewing for completeness a list of entities and persons considered lo be related parties (as defined by Financial Reporting Standard 102) and reviewing the ledgers of Éhe Foundation for previously unreported related party transactions. review of transactions and journals for any indication of fraud or management overTKIe' review of Trustees, meeting minutes for unrecorded transactions. Because of the inherent limitations of an audit, there is a rfsk that we will not detect all Irregularities, inGluding those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that Complian with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of oui responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: wM.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state lo them in an auditorfs report and for no other purpose. To the fullest exlent permitted by law, we do not accept or assume responsibilty to anyone other than the charitable company and the Charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Yueling Wel (Senior Slatutory Auditor) FOT and on bahalf of Rawllnson & Hunter Audit LLP ststutory Auditor and Chartered Accouniants Eighth Floor 6 New Street Squar& New Fetter Lane London EC4A 3AQ Date
Page11 SOFRONIE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Unrestricted Funds Funds 2024 2023 Page Income from: Donations and legacies (note 2) Investment income 17 5,013,490 13,758 12,902 24.171 Total Income 5,027,248 37,073 Expenditure: Charitable activities (note 3) 17 5,086,005 2,842.836 Total expendlture 5,086,005 2,842,836 Net expenditure (58.757) (2,805,763) Other recognised galnsl{losses) Realised gainl(loss) on foreign currency transactions Net movement In funds 593 (367) (58,164) (2,806,130) Reconciliatlon of funds: Total funds brought forward 3,410,606 6.216,736 Total lunds ¢arrl?d forward 3,352,442 3.410,606 All of the above results are derived from continuing activities. There were no recognised gain8 and losses for years 31 Drnber 2023 and 31 December 2024 other than those stated above. The notes on pages 14 to 20 fomi part of the finan¢lal statements
Page 12 SOFRONIE FOUNDATION (COMPANY REGISTRATION NO. 06074877) BALANCE SHEEr AT 31 DECEMBER 2024 Unrestricted Unrestricted Funds Funds 2024 2023 Page Fixed assets: Tangible assets (Note 4> 18 1,456 596 Current assets: Debtors (note S) Cash at bank (note 6) 18 19 516.986 5,387,764 3,016,436 469,306 Total current assets 5,904,750 3.485.742 Liabllitles: Creditors: Amounts falling due In one year (note 7> Net Current assets 19 2.553,764 75,732 3,350,986 3,410,010 Totsl net assets 3,352,442 é 3,410,606 The funds of the charlty: Unrestricted funds 3,352,442 3,410,606 The financial statements were approved and authorised for issue by the Board and were signed on IÈS beha by: 2 5 JUN 2025 Dlrector of Sofronio Foundation Ajay Sonl (Trustee} The notes on pages 14 to 20 form part of the financial statements
Page 13 SOFRONIE FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 Page 2024 2023 Cash flows from operatlng actlvities: Net movement in funds for the year Adjustment for.. 11 (58,164) {2,806.130) Depreciation charge for the year (note 4) Decrease in debtOTS Increasel(decrease) in CdItOrS (Gain)Iloss on foreign exchange 18 518 2,499.450 2.478.032 (593) 357 2,496.772 (125,12n 367 Net cash inflowslloutflows) from operating activltles Cash flows from investlng activltles 4,919.243 (433,761) Purchase of fixed assets {1.378) Increasel{decrease) in cash for the year 4,917.865 (433,761) Reconciliation of net cash flow to movement In net funds Net cash resources at 1 January 2024 Increasel(decrease) in cash Foreign exchange movements 469.306 4,917,865 593 903.434 (433,761) (367) Cash at 31 December 2024 19 5,387.764 469,306 Cash eonslsts of: Cash at bank 19 5,387,764 469,306 The notes on pages 14 to 20 form part of the financial statements
Page 14 SOFRONIE FOUNDATION NOTES TO THE ACcourS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES General Information The Sofronie Foundation ('Yhe Foundation" or charitsble company.) is a registered charity (charity number 1118621) limited by guarantee incorporated In England and Wales, whose principal object is to support charitable purposes In whatever manner the Trustees. In their absolute discretion, think fit. Its place of business is 16 Great Queen Street, London, WC2B 5DH, The Trustees, overriding aim is to promote social mobilty by improvlng educational disadvantages and by providing pathways out of poverty. The policy of the Foundation is to provide sufficient finance to continue to fund its charitable activities. In the event of the Foundation being wound up, the liabilty in respect of the guarantee is limited to £1 per member ofthe charitable company. The address of the registered Offi Is given in the charity information on page l of these financial statements. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to chariti8s preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ('Charities SORP FRS 102.), the Financial Reporting Standard applicable in the United Kingdom and Republlc of Ireland (FRS 102). theCharitiesAct 2011 and where relevant, the Charities Act 2022, the Companies Act 2006 and UK Generally Accepted Practice. The Foundation constitutes a public benefit entity as defined by Charities SORP FRS 102, The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. In applying the flnanclal reporting framework. the Trustees are required to rnake a number of subjective judgements, for example in respect of significant aGcounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors. including expeclations of future events that are believed to be reasonable under the circumstances. The nature of the e8timation means the actual outcomes could differ from those estimates. The Trustees confimi that they have made no significant estimates and judgements affecting these financial statements. Incomlng resources Interest from deposit accounts are included as and when Teceivable. All incorning resources are included in the Statement of Financial Activity when the Foundation is entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary donations Include donations under Gift Aid with the associated tax credits included when receivable.
SOFRONIE FOUNDATION Page 15 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (continued) Resources axpended All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation committing the Trustees to the expenditure. It is categorised under the following headings.. Support Costs - consists of advertising, marketing and direct mail materials, including publicity costs nol associated with educational material designed wholly or mainly to further the charitable company's purposes. Support costs are those that assist the work of the Foundation but do not directly represent charitable activities and include office costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charitable company. Charitable activities comprise grants and donations made during the period and are expended through the Statement of Financial Activities when the offer is conveyed to the recipient. Irrecoverable VAT Is charged against the activity for which expenditure wa5 incurred. Tanglble fixed assets Tangible fixed assets are included at their cost value and depreciated using the straight line method over 5 yeais. Status of funds The entire resources of the fund are unrestricted and the Trustees have complete discretlon for their use in pursuance of its objectives. Taxatlon The Foundation is not subject to any taxes on its charltable activities. Debtors and creditors recelvablelpayable within one year Debtors and creditors with no stated interest rate and retsivablo or payable wtthin one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Cash and cash equivalents Cash and cash equivalenls include cash in hand, depostts held on call with banks. other short-temi highly liquid investtnents wlth original maturities of three months or less and bank overdrafts. Provislons Provisions are recognised when the Foundalion has an obligation at the Balance Sheet date as a result of 8 Past event, it is probable that an oufflow of economic benefits will be required in settlement and the amount can be reliably estimated. Flnancial Instruments The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially at transaction cost and subsequently at amortised cost.
Page 16 SOFRONIE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (contlnued) Employee beneflts When employees have rendered service to the charitable cornpany. short-term employee benefits to whlch the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The Foundation contributes lo personal pension plans in respect of its employees. The expenditure charged in the financial statements represents contributions payable in respect of this scheme during the period. Contributions are expensed as they become payable. Foreign currencies Items included in the financial statements of the Foundation are measured using the currency of the primary economic environmenl in which the Foundation operate5 ('the functional currency,). The Trustees believe that the functional currency continues to be the Euro. The flnancial statements are presented in Euros. Transactions denominated in foreign currencies are recorded at the actual exchange rate wling at the date of the transaction. Monetary assets and liabilities denominated in forei9n currencies are translated at the rate of exchange prevailing at the year-end. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss in the Statement of Financial Activities. Notable exchange rates: 2024 EurolGBP 1.1789 1.2099 2023 EurolGBP 1.1492 1.1539 Average rate Year end rate Going concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Gufrent uncertainty in the global economy, arising from geopolitical conflicts, have increased financial pressure on charbties. The Trustees have considered the level of funds held, the expected level and security of income and committed expenditure for twelve months from the date of signing of these financial statements, The Trustees are satisfied the forecast income and reserves are sufficient to cover all of the budgeted expenditur6 to be able to ontinue as a going concern. The Trustees therefore consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate.
SOFRONIE FOUNDATION Page 17 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 DONATIONS AND LEGACIES Page 2024 2023 Corporate donation Gift Aid Tax Relief (note 9) HMRC Repayment interest on Gift Aid 5,000,000 12,995 495 20 12,902 11 5,013,490 12,902 CHARITABLE ACTIVITIES 2024 2023 Grants payable: Stichting Codam Stichting Openbare Bibliotheek Amsterdam Leiden Unverslty Fund Foundation Stichting Het Rijksmuseum Festival D'AIX En Provence Aida Paalman De Miranda Fund EcolHuma ESSEC Foundation Stichting IMC Weekendschool 2,100,000 100,000 30,000 20,000 20,000 10,000 2,400,000 30,000 20,000 10,000 40,000 25.000 9.000 Total donations paid relating to 2024 Addl{Less): Donations paid relatlng to previous year commitments Provision for commitments brought forward Provision for future commitments due within one year Total grants payable 2,280,000.00 2.534,000 25,000 (25,000) 2,500,000 155,000 (155,000) 25,000 19 4.780,000 2,559,000 Support Costs: Staff salary Employer's national insurance Travel and subsistence expenses Employee benefits Accountancy fees (governance costs) Staff pensions Bank charges and custody fees Audit fees (9overnance costs) Legal & professional (governance costs) Payroll expenses Entertaining Phone and internet Depreciation Insurance (governance costs) IT Support 197,325 45.663 10,035 11,928 8,155 7,570 7,166 6,533 4.910 2,592 1,963 906 518 37g 362 184,673 42.996 14,129 8,078 8,485 6,995 5,157 6,231 2,592 827 2,016 357 469 831 Total charitable activitles 11 5,086,005 é 2,842,836
Page 18 SOFRONIE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 CHARITABLE ACTIVITIES (continued) Auditor remuneration in respect of their audit of the Financial Statemenls for the year to 31 Dernber 2024 totalled É5,445 (2023.. É5,192) net of VAT. Total average number of employees, excluding Trustees, was 2 (2023.. 2). The Trustees and the Head of Foundation constitute the key management of the Foundation. The Trustees were not paid any salaries during the year. The total amount of benefsts received by key management personel was É154,977 (2023: E140,730) which was received by the Head of Foundation. During the year, 1 employee eained bebNeen É130,000 and É140,000 {2023'. 1 between É120,000 and 130,000). 2023 2024 TANGIBLE FIXED ASSET Fixtures, fittings and equipment at cost Balance at 1 January 2024 Additions during the year Page 2,472 1,378 2,472 Balance at 31 December 2024 3,850 2,472 Accumulated depreclation Balance at 1 January 2024 Charge for the year 1,876 518 1,519 357 Balance at 31 December 2024 2,394 1,876 Net Book Value at 31 December 2024 12 1,456 596 Tangible fixed assets are depreciated over a five year period using the straight line method. The fixed assets are still being used by the Foundation. 2024 2023 DEBTORS Donations recelvable HM Revenue & Customs - Gift Aid Prepaid office expenses 500,000 12.994 3,992 3,000,000 12,779 3,657 12 616,986 É 3,016,436 All donations receivable are due within one year (2023: É500,000 due for receipt by the Foundation in more than one year).
SOFRONIE FOUNDATION Page 19 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 CASH AT BANK Page 2024 2023 Goldman Sachs Revenue Account Goldman Sachs Income Account ($3,860) 5,373,068 3,729 439.593 2,077 5,376,797 441,670 Barclays Bank Euro Current Account Barclays Bank Current Account GBP (£4,230) 5.850 5,117 13,486 14,150 12 5.387,764 É 469,306 CREDITORS - amounts falllng due wlthin one year Grants payable (note 8) Invoiced - staff cost Accountancy fees Audit fees Expense control account Credit card 2024 2023 19 2,500.000 38,330 8,280 6,428 674 52 25,000 35,407 7.782 6,231 387 925 12 2,553,764 É 75,732 CHARITABLE ACTIVITIES - GRANTS PAYABLE 2024 2023 At 31 Dember 2024. the following grants were committed to be paid in subsequent years: Payable within one year {note 7): stichting Codam Techmeup 2,500.000 25,000 Grants payable withln one year (notes 3 & 7) 17&19 É2,500,000 É 25,000
Page 20 SOFRONIE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL INSTRUMENTS Financial assets méasured at fair value through income and expenditure 5,387,764 É 469,306 Financial assets measured at amortised cost through Income and expenditure (note 5) 512,994 é 3,012.779 Financial liabilities measured at amortised cost 53,712 É 49,807 Financial assets measured at fair value Ihrough income and expenditure comprise cash at bank. Financial liabilities measured at amortised cost comprise other creditors and accruals. 10. RELATED PARTY TRANSACTIONS Corinne Goddijn-vigreux transferred funds totalling £2,500,000 (year to 31 December 2023: ,500.000) to the Foundation in the year paying down pledges of É10,000,000 made in 2020 and 2,500,000 made In 2021 to the Foundation. During the year É5,000,000 (2023: nil) was r1Ved from Starfish Participations C.V. which Is controlled by three of the Foundation's Trustees. During the year there were staff and other office costs payable as recharges from Rinkelberg Capital Limited of É169,675 (year to 31 Drnber 2023: É156,927) incurred by the charitable company. As at the year end the Foundation owed Rinkelberg Capitsl Limited É38.330 (year to 31 December 2023: É35,407) In relation to staff costs. Three Trustees of the Foundation. Harold Coenradus Albertus Goddijn, Corinne Daniele Goddijn- Vigreux and Ajay Soni are directors of Rinkelberg Capital Limited. During the year, grants of 4,6,000 were awarded to Stichting Codam, of which É2,500,000 remained outstanding year end. (2023: E2.300,000 awarded - none outstanding). Corinne Daniele Goddijn-vigreux is a Trustee of that charity. No remuneration was received by the Trustees. During the year to 31 December 2024, Trustees were reimbursed a total of É897 in expenses in relation to travel and subsistence costs. The Foundation incurred an additional £1,951 of expenses on behalf of the Trustees in the course of the duties which were setued directly (31 December 2023: no trustees were reimbursed but E843 was incurred directly). 11. ULTIMATE CONTROLLING PARTY The Trustees consider that the charity is jointly controlled by the Trustees and that there is no ultlmate controlling party.