Financial performance 2016
In 2016, the Foundation had a net revenue of $211,084 which was the result of a positive return of 2,4% on its assets managed
by JP Morgan.
The total return since inception date amounts to 34,8%, which is on average 3,9% per year.
The operating expenses in 2016 were $55,304. The major part of it related to fees for obtaining a US Ruling to have the Foundation accepted by the IRS.
The most important other expenses were E&Y fees for accounting and tax services, salary and travel expenses.
The Grants payable in 2016 amounts to $332,831. The most important commitments were for:
The result was $177,051 negative.
The Equity at end December 2016 decreased to $8,295,299 and the Assets were at $8,704,356.
The Current Liabilities relate to provisions for grants and accruals for incurred but unpaid expenses.
Breakdown of grants payable 2016
$
Yayasan Sayap Ibu Pusat, Indonesia 13,780
WCS 75,000
DKMS 10,000
Rotary reimbursement (28,131)
SOS Children’s villages 108,850
Stichting VUmc CCA 163,275
Exch. Diff. Grants payable (9,943)
332,831
Over the past 6 years, the Bennink Foundation has provided philanthropic support totalling $ 2,322,711
2011: $ 151,133
2012: $ 95,543
2013: $ 718,291
2014: $ 643,373
2015: $ 381,640
2016: $ 332,831
Balance sheet as at December 31, 2016
Assets 2016 2015
$ $
Fixed assets
Financial fixed assets 8,679,864 8,799,984
Current assets
Cash at bank and in hand 24,492 10,112
Total assets 8,704,356 8,810,096
Equity and liabilities
Equity
General reserves 8,295,299 8,472,350
Long term liabilities - 150,000
Current liabilities 409,057 187,746
Total equity and liabilities 8,704,356 8,810,096
Statement of Revenu and expenditure for 2016
2016 2015
$ $
Net revenue securities 211,084 (134,836)
Total net revenue 211,084 (134,836)
Wages and salaries 7,494 6,660
Social security charges 1,362 1,138
Organization and administration
expenses 46,448 43,508
Total operating expenses 55,304 51,306
155,780 (186,142)
Grants payable 332,831 381,640
Excess of rev. over expenditure (177,051) (567,782)
Transparancy and control
The Board approved the 2016 results in their Board Meeting of April 25, 2017.
E &Y Accountants LLP issued on May 11, 2017 their final compilation report on the financial statements 2016 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 2016 have been prepared in accordance with RJK C1. The figures as stated above are adopted
from the financial statements 2016. 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 2016, the Foundation had a net revenue of $211,084 which was the result of a positive return of 2,4% on its assets managed
by JP Morgan.
The total return since inception date amounts to 34,8%, which is on average 3,9% per year.
The operating expenses in 2016 were $55,304. The major part of it related to fees for obtaining a US Ruling to have the Foundation accepted by the IRS.
The most important other expenses were E&Y fees for accounting and tax services, salary and travel expenses.
The Grants payable in 2016 amounts to $332,831. The most important commitments were for:
- VUmc CCA : $163,275 for 2016
- SOS Children Villages : $108,850 for 2016 and 2017
- WCS – Niassa Airplane : $75,000 for 2016
The result was $177,051 negative.
The Equity at end December 2016 decreased to $8,295,299 and the Assets were at $8,704,356.
The Current Liabilities relate to provisions for grants and accruals for incurred but unpaid expenses.
Breakdown of grants payable 2016
$
Yayasan Sayap Ibu Pusat, Indonesia 13,780
WCS 75,000
DKMS 10,000
Rotary reimbursement (28,131)
SOS Children’s villages 108,850
Stichting VUmc CCA 163,275
Exch. Diff. Grants payable (9,943)
332,831
Over the past 6 years, the Bennink Foundation has provided philanthropic support totalling $ 2,322,711
2011: $ 151,133
2012: $ 95,543
2013: $ 718,291
2014: $ 643,373
2015: $ 381,640
2016: $ 332,831
Balance sheet as at December 31, 2016
Assets 2016 2015
$ $
Fixed assets
Financial fixed assets 8,679,864 8,799,984
Current assets
Cash at bank and in hand 24,492 10,112
Total assets 8,704,356 8,810,096
Equity and liabilities
Equity
General reserves 8,295,299 8,472,350
Long term liabilities - 150,000
Current liabilities 409,057 187,746
Total equity and liabilities 8,704,356 8,810,096
Statement of Revenu and expenditure for 2016
2016 2015
$ $
Net revenue securities 211,084 (134,836)
Total net revenue 211,084 (134,836)
Wages and salaries 7,494 6,660
Social security charges 1,362 1,138
Organization and administration
expenses 46,448 43,508
Total operating expenses 55,304 51,306
155,780 (186,142)
Grants payable 332,831 381,640
Excess of rev. over expenditure (177,051) (567,782)
Transparancy and control
The Board approved the 2016 results in their Board Meeting of April 25, 2017.
E &Y Accountants LLP issued on May 11, 2017 their final compilation report on the financial statements 2016 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 2016 have been prepared in accordance with RJK C1. The figures as stated above are adopted
from the financial statements 2016. 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.