Financial performance 2019
In 2019, the Foundation had a net revenue of $1,406,297 which was the result of a positive return of 19,3% on its assets managed by JP Morgan. The average annual return since the inception date increased to 5,3%.
During 2019 one commitment of $450,000 was made for a grant to African Parks. The project aims to improve security and monitor the wildlife-diseases in the area of Odzala-Kokouala, Congo. The Foundation’s support will focus on the creation of 5 houses, an office, staff accommodation and workshops. The project covers a period of 3 years (2019-2021).
Payments in 2019 for earlier commitments for different projects amounted to $1,073,388.
The expenses increased by $15,385 versus 2018 and was due to an investment in the reporting tool “Diligent Boards” and lower interest income.
The result was $913,712 positive. The Equity at end December 2019 increased to $6,971,940 and the Assets were at $8,047,743.
Most of the liabilities relate to provisions for grants.
Breakdown of grants payable 2019
$
African Parks 450,000
Exchange Diff. Grants payable -39,084
410,916
Over the past 9 years, the Bennink Foundation has provided philanthropic support totaling $5,721,975
2011: $ 151,133 2015 $ 381,640
2012: $ 95,543 2016 $ 332,831
2013: $ 718,291 2017 $ 699,622
2014: $ 643,373 2018 $ 2,288,626
2019 $ 410,916
Safeguarding the planet | Children in Need | The Arts | Medical /Scientific Research | Other |
Balance sheet as at December 31, 2019
Assets 2019 2018
$ $
Non-current assets
Financial assets 8,004,294 7,730,593
Current assets
Cash at bank and in hand 43,449 49,710
Total assets 8,047,743 7,780,303
Equity and liabilities
Equity
General reserves 6,971,940 6,040,228
Non-current liabilities 329,178 778,941
Current liabilities 746,625 961,134
Total equity and liabilities 8,047,743 7,780,303
Statement of Revenue and expenditure for 2019
2019 2018
$ $ $ $
Net revenue securities 1,406,297 (585,895)
Total net revenue 1,406,297 (585,895)
Wages and salaries 14,777 13,233
Social security charges 2,865 2,559
Organization and administration
expenses 46,027 30,642
Total of sum of expenses 63,669 46,434
1,342,628 (632,329)
Grants payable 410,916 2,288,626
Excess of rev. over expenditure 931,712 (2,920,955)
Transparancy and control
The Board approved the 2019 results in their Board meeting of April 22, 2020.
EY Accountants LLP issued on April 17, 2020 their final compilation report on the financial statements 2019 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 2019 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2019. 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 2019, the Foundation had a net revenue of $1,406,297 which was the result of a positive return of 19,3% on its assets managed by JP Morgan. The average annual return since the inception date increased to 5,3%.
During 2019 one commitment of $450,000 was made for a grant to African Parks. The project aims to improve security and monitor the wildlife-diseases in the area of Odzala-Kokouala, Congo. The Foundation’s support will focus on the creation of 5 houses, an office, staff accommodation and workshops. The project covers a period of 3 years (2019-2021).
Payments in 2019 for earlier commitments for different projects amounted to $1,073,388.
The expenses increased by $15,385 versus 2018 and was due to an investment in the reporting tool “Diligent Boards” and lower interest income.
The result was $913,712 positive. The Equity at end December 2019 increased to $6,971,940 and the Assets were at $8,047,743.
Most of the liabilities relate to provisions for grants.
Breakdown of grants payable 2019
$
African Parks 450,000
Exchange Diff. Grants payable -39,084
410,916
Over the past 9 years, the Bennink Foundation has provided philanthropic support totaling $5,721,975
2011: $ 151,133 2015 $ 381,640
2012: $ 95,543 2016 $ 332,831
2013: $ 718,291 2017 $ 699,622
2014: $ 643,373 2018 $ 2,288,626
2019 $ 410,916
Safeguarding the planet | Children in Need | The Arts | Medical /Scientific Research | Other |
Balance sheet as at December 31, 2019
Assets 2019 2018
$ $
Non-current assets
Financial assets 8,004,294 7,730,593
Current assets
Cash at bank and in hand 43,449 49,710
Total assets 8,047,743 7,780,303
Equity and liabilities
Equity
General reserves 6,971,940 6,040,228
Non-current liabilities 329,178 778,941
Current liabilities 746,625 961,134
Total equity and liabilities 8,047,743 7,780,303
Statement of Revenue and expenditure for 2019
2019 2018
$ $ $ $
Net revenue securities 1,406,297 (585,895)
Total net revenue 1,406,297 (585,895)
Wages and salaries 14,777 13,233
Social security charges 2,865 2,559
Organization and administration
expenses 46,027 30,642
Total of sum of expenses 63,669 46,434
1,342,628 (632,329)
Grants payable 410,916 2,288,626
Excess of rev. over expenditure 931,712 (2,920,955)
Transparancy and control
The Board approved the 2019 results in their Board meeting of April 22, 2020.
EY Accountants LLP issued on April 17, 2020 their final compilation report on the financial statements 2019 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 2019 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2019. 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.