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 De￿mber 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 con￿rn 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 De￿rnber 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 De￿mber 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 De￿mber 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,A1x￿n-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
knOw￿dge 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 p￿r 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 De￿rnber 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 b￿n 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 D￿mber 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 De￿mber 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 I￿land (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 un￿rtaint18S 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, ex￿pt 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 con￿rn, disclosing, as applicable, matters related to going concern and using
the going Gon￿rn 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 INDEPENDE￿r 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 D￿rnber 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 C￿dItOrS
(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 ACcou￿rS
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 De￿rnber
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 De￿mber 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 r￿1Ved 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 D￿rnber 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.