Financial performance 2014
As from 2014, the financial statements are prepared in US Dollars. The comparative figures are translated at the exchange rate ruling at year-end 2013.
In 2014, the Foundation had a net revenue of $304,434 which was the result of a positive return of 5,4% on its assets managed by JP Morgan.
The total return since the inception date beginning 2008 amounts to 34%, which is on average 4,9% per year.
The operating expenses in 2014 were exceptionally high at $140,828. The major part of it ($110,000) was related to one-time fees for obtaining a US ruling to have the Foundation also accepted by the IRS (Internal Revenue Service) and for the amendment of the Articles of Association.
The US ruling is expected to be received in the second half of 2015.
During 2014 we made commitments for five different grants. The most important ones were the projects
- to find innovative ways to help fight pancreatic cancer via a better diagnosis and personalized therapy (Stichting VUmc, Amsterdam),
- to provide/build two homes for handicapped children over 16 years old and to give them a chance to live a normal life (Yayasan Sayap Ibu, Indonesia)
- to harbour a well-managed ecological network in Zambia to hold/increase populations of the five large carnivores and this through actions like “anti-poaching, education & awareness, …” (WWF)
The net result was $479,767 negative.
The Equity at end December 2014 increased to $9,040,132 thanks to a capital contribution of $850,000 by the founder of the Bennink Foundation.
The Long and Current Liabilities relate mostly to grants committed but not paid yet at year-end.
Breakdown of grants payable
2014
$
Yayasan sayab Ibu, Pusat, Indonesia 232,590
Stichting VUmc CCA 254,940
WWF/WNF 150,000
SOS Children Villages Belgium 63,550
Summer Camp Order van Malta 7,504
Exch. Diff. Grants payable (65,211)
643,373
Over the past 4 years, the Bennink Foundation has provided philanthropic support totalling $1,608,340
2011: $ 151,133
2012: $ 95,543
2013: $ 718,291
2014: $ 643,373
Balance sheet as at December 31, 2014
Assets 2014 2013
$ $
Fixed assets
Financial fixed assets 9,654,257 9,064,425
Current assets
Cash at bank and in hand 25,394 39,885
Total assets 9,679,651 9,104,310
Equity and liabilities
Equity
General reserves 9,040,132 8,669,899
Long term liabilities 121,036 275,591
Current liabilities 518,483 158,820
Total equity and liabilities 9,679,651 9,104,310
Statement of Revenu and expenditure for 2014
2014 2013
$ $
Net revenue securities 304,434 569,439
Wages and salaries 8,160 _
Social security charges 1,501 _
Organization and administration
expenses 131,167 16,395
Total operating expenses 140,828 1 6,395
163,606 553,044
Grants payable 643,373 718,291
Excess of rev. over expenditure (479,767) ( 165,247)
Transparancy and control
The Board approved the 2014 results in their Board Meeting of June 11, 2015.
Ernst & Young Accountants LLP issued on August 13, 2015 their final compilation report on the financial statements 2014 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 2014 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2014. As from 2014 onwards the functional and presentation currency of the Foundation is US Dollar. Commitments for grants are fully expensed in the accounting year in which the decision to commit has taken by the Board.
As from 2014, the financial statements are prepared in US Dollars. The comparative figures are translated at the exchange rate ruling at year-end 2013.
In 2014, the Foundation had a net revenue of $304,434 which was the result of a positive return of 5,4% on its assets managed by JP Morgan.
The total return since the inception date beginning 2008 amounts to 34%, which is on average 4,9% per year.
The operating expenses in 2014 were exceptionally high at $140,828. The major part of it ($110,000) was related to one-time fees for obtaining a US ruling to have the Foundation also accepted by the IRS (Internal Revenue Service) and for the amendment of the Articles of Association.
The US ruling is expected to be received in the second half of 2015.
During 2014 we made commitments for five different grants. The most important ones were the projects
- to find innovative ways to help fight pancreatic cancer via a better diagnosis and personalized therapy (Stichting VUmc, Amsterdam),
- to provide/build two homes for handicapped children over 16 years old and to give them a chance to live a normal life (Yayasan Sayap Ibu, Indonesia)
- to harbour a well-managed ecological network in Zambia to hold/increase populations of the five large carnivores and this through actions like “anti-poaching, education & awareness, …” (WWF)
The net result was $479,767 negative.
The Equity at end December 2014 increased to $9,040,132 thanks to a capital contribution of $850,000 by the founder of the Bennink Foundation.
The Long and Current Liabilities relate mostly to grants committed but not paid yet at year-end.
Breakdown of grants payable
2014
$
Yayasan sayab Ibu, Pusat, Indonesia 232,590
Stichting VUmc CCA 254,940
WWF/WNF 150,000
SOS Children Villages Belgium 63,550
Summer Camp Order van Malta 7,504
Exch. Diff. Grants payable (65,211)
643,373
Over the past 4 years, the Bennink Foundation has provided philanthropic support totalling $1,608,340
2011: $ 151,133
2012: $ 95,543
2013: $ 718,291
2014: $ 643,373
Balance sheet as at December 31, 2014
Assets 2014 2013
$ $
Fixed assets
Financial fixed assets 9,654,257 9,064,425
Current assets
Cash at bank and in hand 25,394 39,885
Total assets 9,679,651 9,104,310
Equity and liabilities
Equity
General reserves 9,040,132 8,669,899
Long term liabilities 121,036 275,591
Current liabilities 518,483 158,820
Total equity and liabilities 9,679,651 9,104,310
Statement of Revenu and expenditure for 2014
2014 2013
$ $
Net revenue securities 304,434 569,439
Wages and salaries 8,160 _
Social security charges 1,501 _
Organization and administration
expenses 131,167 16,395
Total operating expenses 140,828 1 6,395
163,606 553,044
Grants payable 643,373 718,291
Excess of rev. over expenditure (479,767) ( 165,247)
Transparancy and control
The Board approved the 2014 results in their Board Meeting of June 11, 2015.
Ernst & Young Accountants LLP issued on August 13, 2015 their final compilation report on the financial statements 2014 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 2014 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2014. As from 2014 onwards the functional and presentation currency of the Foundation is US Dollar. Commitments for grants are fully expensed in the accounting year in which the decision to commit has taken by the Board.