Financial performance 2015
In 2015, the Foundation had a negative income of $134,836. The assets managed by JP Morgan were invested mostly in US equity and our negative return of 1,6% followed the overall performance of the major US stock indexes.
The average yearly return since inception date is 4%.
The operating expenses in 2015 were $51,306. Half of this amount relates to the US ruling process which we started last year and is expected to be completed during the second half of 2016.
The Grants payable in 2015 amounts to $381,640.
The most important commitment of $300,000 was for an additional two years extension of the Zambian Carnivore Program of WWF.
The other grants were for the SOS Children Villages Family Strengthening Program in Dapaong, Togo ($53,035) and for four smaller program requests.
The net result was $567,782 negative. As a result the equity at end December 2015 decreased to $8,472,350.
The Long and Current Liabilities relate mostly to the commitment for the WWF Zambian Carnivore Program.
The commitments at end December 2014 for the pancreatic cancer project (VUmc) and for the construction of the two homes for handicapped children (Yayasan Sayap Ibu) were paid during 2015.
Breakdown of grants payable 2015
$
Yayasan Sayap Ibu Pusat, Indonesia 28,299
WWF/WNF 300,000
DKMS 10,000
Eardrop Stichting 14,558
Stichting Maltezer projecten 10,955
SOS Children’s villages 53,035
Special Olympics 9,691
Stichting VUmc CCA 0
Exch. Diff. Grants payable (44,898)
381,640
Over the past 5 years, the Bennink Foundation has provided philanthropic support totalling $1,989,980
2011: $ 151,133
2012: $ 95,543
2013: $ 718,291
2014: $ 643,373
2015: $ 381,640
Balance sheet as at December 31, 2015
Assets 2015 2014
$ $
Fixed assets
Financial fixed assets 8,799,984 9,654,257
Current assets
Cash at bank and in hand 10,112 25,394
Total assets 8,810,096 9,679,651
Equity and liabilities
Equity
General reserves 8,472,350 9,040,132
Long term liabilities 150,000 121,036
Current liabilities 187,746 518,483
Total equity and liabilities 8,810,096 9,679,651
Statement of Revenu and expenditure for 2014
2015 2014
$ $
Net revenue securities (134,836) 304,434
Total net revenue (134,836) 304,434
Wages and salaries 6,660 8,160
Social security charges 1,138 1,501
Organization and administration
expenses 43,508 131,167
Total operating expenses 51,306 140,828
(186,142) 163,606
Grants payable 381,640 643,373
Excess of rev. over expenditure (567,782) (479,767)
Transparancy and control
The Board approved the 2015 results in their Board Meeting of April 20, 2016.
E &Y Accountants LLP issued on June 2, 2016 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 2015 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2015. 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.
In 2015, the Foundation had a negative income of $134,836. The assets managed by JP Morgan were invested mostly in US equity and our negative return of 1,6% followed the overall performance of the major US stock indexes.
The average yearly return since inception date is 4%.
The operating expenses in 2015 were $51,306. Half of this amount relates to the US ruling process which we started last year and is expected to be completed during the second half of 2016.
The Grants payable in 2015 amounts to $381,640.
The most important commitment of $300,000 was for an additional two years extension of the Zambian Carnivore Program of WWF.
The other grants were for the SOS Children Villages Family Strengthening Program in Dapaong, Togo ($53,035) and for four smaller program requests.
The net result was $567,782 negative. As a result the equity at end December 2015 decreased to $8,472,350.
The Long and Current Liabilities relate mostly to the commitment for the WWF Zambian Carnivore Program.
The commitments at end December 2014 for the pancreatic cancer project (VUmc) and for the construction of the two homes for handicapped children (Yayasan Sayap Ibu) were paid during 2015.
Breakdown of grants payable 2015
$
Yayasan Sayap Ibu Pusat, Indonesia 28,299
WWF/WNF 300,000
DKMS 10,000
Eardrop Stichting 14,558
Stichting Maltezer projecten 10,955
SOS Children’s villages 53,035
Special Olympics 9,691
Stichting VUmc CCA 0
Exch. Diff. Grants payable (44,898)
381,640
Over the past 5 years, the Bennink Foundation has provided philanthropic support totalling $1,989,980
2011: $ 151,133
2012: $ 95,543
2013: $ 718,291
2014: $ 643,373
2015: $ 381,640
Balance sheet as at December 31, 2015
Assets 2015 2014
$ $
Fixed assets
Financial fixed assets 8,799,984 9,654,257
Current assets
Cash at bank and in hand 10,112 25,394
Total assets 8,810,096 9,679,651
Equity and liabilities
Equity
General reserves 8,472,350 9,040,132
Long term liabilities 150,000 121,036
Current liabilities 187,746 518,483
Total equity and liabilities 8,810,096 9,679,651
Statement of Revenu and expenditure for 2014
2015 2014
$ $
Net revenue securities (134,836) 304,434
Total net revenue (134,836) 304,434
Wages and salaries 6,660 8,160
Social security charges 1,138 1,501
Organization and administration
expenses 43,508 131,167
Total operating expenses 51,306 140,828
(186,142) 163,606
Grants payable 381,640 643,373
Excess of rev. over expenditure (567,782) (479,767)
Transparancy and control
The Board approved the 2015 results in their Board Meeting of April 20, 2016.
E &Y Accountants LLP issued on June 2, 2016 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 2015 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2015. 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.