Financial performance 2021Despite the uncertain situation because of the Covid virus and the pandemic, the economy and the stock markets performed extremely well. As a result, the Foundation realized a positive return of 21% on its assets and $1,6Mio in value.
We were able to achieve this good result due to the fact that the portfolio is mainly invested in equities and especially US equities.
The average annual return since the inception date increased to 6,9%. The Foundation had a net revenue of $1,556,023 and the result was $595,253 positive.
During 2021 three new commitments were made for a total amount of $916,000. The Foundation continues its support for the research to fight pancreatic cancer for the period 2022-24.
New grants were also given for 2021 to African Parks and The Ocean Cleanup.
Payments in 2021 for earlier commitments for different projects amounted to $1,002,441.
The expenses were $74,742. The main expense items were for consulting fees EY, salaries, the reporting tool Diligent Board and unfavorable exchange differences.
The Equity at end December 2021 increased to $7,929,799 and the Assets were at $8,343,583.
Most of the liabilities relate to provisions for grants.
Breakdown of grants payable 2021
$
Umc CCA 406,000
African Parks 104,000
The Ocean Cleanup 406,000
Exch. Diff. -29,972
886,028
Over the past 11 years, the Bennink Foundation has provided philanthropic support totaling $ 7,031,088
2011: $151,133 2015: $381,640 2019: $410,916
2012: $95,543 2016: $332,831 2020: $423,085
2013: $718,291 2017: $699,622 2021: $886,028
2014: $643,373 2018: $2,288,62.
Safeguarding the planet $3,044,995 | Children in Need $1,110,464 |
The Arts $1,186,450 | Medical /Scientific Research $1,801,682 | Other $85,848
Balance sheet as at December 31, 2021
2021 2020
$ $
Non-current assets
Financial assets 8,287,776 7,820,889
Current assets
Cash at bank and in hand 55,807 43,373
Total assets 8,343,583 7,864,262
Equity and liabilities
Equity
General reserves 7,929,799 7,334,546
Non-current liabilities 264,272 _
Current liabilities 149,512 529,716
Total equity and liabilities 8,343,583 7,864,262
Statement of Revenue and expenditure for 2021
2021 2020
$ $ $ $
Net revenue securities 1,556,023 843,611
Total net revenue 1,556,023 843,611
Wages and salaries 18,210 15,939
Social security charges 3,065 2,806
Organization and administration
expenses 53,467 39,175
Total of sum of expenses 74,742 57,920
1,481,281 785,691
Grants payable 886,028 423,085
Excess of rev. over expenditure 595,253 362,606
Transparancy and control
The Board approved the 2021 results in their Board meeting of May 3, 2022.
EY Accountants LLP issued on May 23, 2022 their final compilation report on the financial statements 2021 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 2021 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2021. 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.
We were able to achieve this good result due to the fact that the portfolio is mainly invested in equities and especially US equities.
The average annual return since the inception date increased to 6,9%. The Foundation had a net revenue of $1,556,023 and the result was $595,253 positive.
During 2021 three new commitments were made for a total amount of $916,000. The Foundation continues its support for the research to fight pancreatic cancer for the period 2022-24.
New grants were also given for 2021 to African Parks and The Ocean Cleanup.
Payments in 2021 for earlier commitments for different projects amounted to $1,002,441.
The expenses were $74,742. The main expense items were for consulting fees EY, salaries, the reporting tool Diligent Board and unfavorable exchange differences.
The Equity at end December 2021 increased to $7,929,799 and the Assets were at $8,343,583.
Most of the liabilities relate to provisions for grants.
Breakdown of grants payable 2021
$
Umc CCA 406,000
African Parks 104,000
The Ocean Cleanup 406,000
Exch. Diff. -29,972
886,028
Over the past 11 years, the Bennink Foundation has provided philanthropic support totaling $ 7,031,088
2011: $151,133 2015: $381,640 2019: $410,916
2012: $95,543 2016: $332,831 2020: $423,085
2013: $718,291 2017: $699,622 2021: $886,028
2014: $643,373 2018: $2,288,62.
Safeguarding the planet $3,044,995 | Children in Need $1,110,464 |
The Arts $1,186,450 | Medical /Scientific Research $1,801,682 | Other $85,848
Balance sheet as at December 31, 2021
2021 2020
$ $
Non-current assets
Financial assets 8,287,776 7,820,889
Current assets
Cash at bank and in hand 55,807 43,373
Total assets 8,343,583 7,864,262
Equity and liabilities
Equity
General reserves 7,929,799 7,334,546
Non-current liabilities 264,272 _
Current liabilities 149,512 529,716
Total equity and liabilities 8,343,583 7,864,262
Statement of Revenue and expenditure for 2021
2021 2020
$ $ $ $
Net revenue securities 1,556,023 843,611
Total net revenue 1,556,023 843,611
Wages and salaries 18,210 15,939
Social security charges 3,065 2,806
Organization and administration
expenses 53,467 39,175
Total of sum of expenses 74,742 57,920
1,481,281 785,691
Grants payable 886,028 423,085
Excess of rev. over expenditure 595,253 362,606
Transparancy and control
The Board approved the 2021 results in their Board meeting of May 3, 2022.
EY Accountants LLP issued on May 23, 2022 their final compilation report on the financial statements 2021 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 2021 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2021. 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.