Financial performance 2013
In 2013, the Foundation had a net revenue of €413.251 which was the result of a positive return of 8% on its assets managed by JP Morgan.
The total return since the inception date beginning 2008 amounts to 28% which is several points above the return made by other benchmarked funds.
This result allowed us to finance for €521.275 in different projects. The most important ones were grants to a family strengthening program of SOS Children Villages in Togo, a project with Sayap Ibu in Indonesia, the support of a cancer research program with the VUmc, a longer term contribution to the Rijksmuseum in Amsterdam and a donation to the Wildlife Conservation Society, as earlier described.
The operational expenses were limited to €11.898 and represented only 3% of the total revenue.
The main items of these expenses were audit fees and travel expenses regarding the Foundation’s Indonesian project.
The net result was €119.922 negative.
The Equity at end December 2013 is €6.291.885. The Equity of end December 2012 was reduced with the negative result but increased with a €1.000.000 capital contribution by the founder of the Bennink Foundation.
In 2013, the Foundation had a net revenue of €413.251 which was the result of a positive return of 8% on its assets managed by JP Morgan.
The total return since the inception date beginning 2008 amounts to 28% which is several points above the return made by other benchmarked funds.
This result allowed us to finance for €521.275 in different projects. The most important ones were grants to a family strengthening program of SOS Children Villages in Togo, a project with Sayap Ibu in Indonesia, the support of a cancer research program with the VUmc, a longer term contribution to the Rijksmuseum in Amsterdam and a donation to the Wildlife Conservation Society, as earlier described.
The operational expenses were limited to €11.898 and represented only 3% of the total revenue.
The main items of these expenses were audit fees and travel expenses regarding the Foundation’s Indonesian project.
The net result was €119.922 negative.
The Equity at end December 2013 is €6.291.885. The Equity of end December 2012 was reduced with the negative result but increased with a €1.000.000 capital contribution by the founder of the Bennink Foundation.
Financial Statement
Balance sheet as at December 31, 2013
after treatment of loss
Assets 2013 2012
€ €
Fixes Assets
Financial fixed Assets 6,578,197 5,406,075
Currents assets
Cash at bank and in hand 28,945 5,732
Total Assets 6,607,142 5,411,807
Equity and Liabilities
Equity
General reserves 6,291,885 5,411,807
Long Term Liabilities 200,000 _
Total Equities and Liabilities 115, 257 _
Statement of Revenu and expenditure for 2013
2013 2012
€ €
Net revenu donations ----- 1,000
Net revenu securities 413,251 407,783
Total net revenu 413.251 408,783
Organisation and administration expense 11,898 247
Grants Payable 521,275 74,365
Excess of revenues over expenditure (119,922) ( 334,171)
after treatment of loss
Assets 2013 2012
€ €
Fixes Assets
Financial fixed Assets 6,578,197 5,406,075
Currents assets
Cash at bank and in hand 28,945 5,732
Total Assets 6,607,142 5,411,807
Equity and Liabilities
Equity
General reserves 6,291,885 5,411,807
Long Term Liabilities 200,000 _
Total Equities and Liabilities 115, 257 _
Statement of Revenu and expenditure for 2013
2013 2012
€ €
Net revenu donations ----- 1,000
Net revenu securities 413,251 407,783
Total net revenu 413.251 408,783
Organisation and administration expense 11,898 247
Grants Payable 521,275 74,365
Excess of revenues over expenditure (119,922) ( 334,171)
Transparancy and control
Ernst & Young Accountants LLP issued on June 12, 2014 a compilation report on the financial statements 2013 of The Bennink Foundation.
The full Board discusses bills in detail and gives approval. Important decisions, like investing part of the base Capital of the Foundation, are taken with approval of at least 75% of the votes.
The Board meets at least twice a year. Additional meetings will be added, as necessary, to follow up on the progress of agreed projects and discuss new proposals.
Accounting policies
The financial statements 2013 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2013. The financial statement 2013 are prepared in euros. As from 2014 onwards the functional and presentation currency of the foundation will be the US Dollar. Commitments for grants are fully expensed in the accounting year in which the decision to commit has been taken by the Board.
Ernst & Young Accountants LLP issued on June 12, 2014 a compilation report on the financial statements 2013 of The Bennink Foundation.
The full Board discusses bills in detail and gives approval. Important decisions, like investing part of the base Capital of the Foundation, are taken with approval of at least 75% of the votes.
The Board meets at least twice a year. Additional meetings will be added, as necessary, to follow up on the progress of agreed projects and discuss new proposals.
Accounting policies
The financial statements 2013 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2013. The financial statement 2013 are prepared in euros. As from 2014 onwards the functional and presentation currency of the foundation will be the US Dollar. Commitments for grants are fully expensed in the accounting year in which the decision to commit has been taken by the Board.