Financial performance 2022
2022 was a painful year for stocks and the worst for Wall Street since 2008. The S&P 500 went down 19,4%. Reasons for that were high inflation, aggressive rate hikes from the FED and geopolitical concerns.
As a result, the Foundation had a negative return of -16,8% on its assets managed by JP Morgan.
The average performance however since inception date in 2008 is +5,4%, which is well above the inflation rate of 2,2% for that same period.
The net revenue securities was $ 4,018 and the value adjustment $1,355,864 negative. The result 2022 is $2,235,124 negative.
The operating expenses in 2022 were $97.278. As in previous years, the major part of it related to consulting fees EY (including advise for the new FACTA/CRS reporting), salaries and the reporting tool Diligent Board.
Two new commitments for Grants were made for a total of $818,300.
The Foundation continued its support for The Ocean Cleanup for $368,300 and for African Parks for $450,000.
Since the start of the Foundation, $8Mio were granted to the four focus areas we defined as mission: Medical ($1,8Mio), Wildlife and nature ($3,8Mio), Children and family planning ($1,1Mio) and The Arts ($1,2Mio).
The Equity at end December 2022 decreased to $5,694,675 and the assets to $6,008,358. The Current Liabilities relate to provisions for grants and accruals for incurred but unpaid expenses.
Breakdown of grants payable 2022
$
African Parks 450,000
The Ocean Cleanup 368,300
Exch. Diff. -32,300
786,000
Over the past 12 years, the Bennink Foundation has provided philanthropic support totaling $ 7,817,088
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. 2022: $786,00
Safeguarding the planet $3,863,295 | 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, 2022
After treatment of loss
2022 2021
Assets $ $
Non-current assets
Financial assets 5,971,057 8,287,776
Current assets
Cash at bank and in hand 37,301 55,807
Total assets 6,008,358 8,343,583
Equity and liabilities
Foundation capital
General reserves 5,694,675 7,929,799
Non-current liabilities 150,000 264,272
Current liabilities 163,683 149,512
Total equity and liabilities 6,008,358 8,343,583
Statement of Revenue and expenditure for 2022
2022 2021
$ $ $ $
Net revenue securities 4,018 4,888
Total net revenue 4,018 4,888
Wages and salaries 16,049 18,210
Social security charges 2,622 3,065
Grants Payable 786,000 886,028
general expenses 78,607 89,902
Total of sum of expenses 883,278 997,205
Total of operating result (879,260) (992,317)
Value adjustment from securities (1,355,864) 1,587,570
Grants payable (2,235,124) 595,253
Income Tax expense _ _
(Shortage) exess of rev. over expenditure (2,235,124) 595,253
Transparancy and control
The Board approved the 2022 results in their Board meeting of May 11, 2023.
EY Accountants LLP issued on May 16, 2023 their final compilation report on the financial statements 2022 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 2022 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2022. 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.
2022 was a painful year for stocks and the worst for Wall Street since 2008. The S&P 500 went down 19,4%. Reasons for that were high inflation, aggressive rate hikes from the FED and geopolitical concerns.
As a result, the Foundation had a negative return of -16,8% on its assets managed by JP Morgan.
The average performance however since inception date in 2008 is +5,4%, which is well above the inflation rate of 2,2% for that same period.
The net revenue securities was $ 4,018 and the value adjustment $1,355,864 negative. The result 2022 is $2,235,124 negative.
The operating expenses in 2022 were $97.278. As in previous years, the major part of it related to consulting fees EY (including advise for the new FACTA/CRS reporting), salaries and the reporting tool Diligent Board.
Two new commitments for Grants were made for a total of $818,300.
The Foundation continued its support for The Ocean Cleanup for $368,300 and for African Parks for $450,000.
Since the start of the Foundation, $8Mio were granted to the four focus areas we defined as mission: Medical ($1,8Mio), Wildlife and nature ($3,8Mio), Children and family planning ($1,1Mio) and The Arts ($1,2Mio).
The Equity at end December 2022 decreased to $5,694,675 and the assets to $6,008,358. The Current Liabilities relate to provisions for grants and accruals for incurred but unpaid expenses.
Breakdown of grants payable 2022
$
African Parks 450,000
The Ocean Cleanup 368,300
Exch. Diff. -32,300
786,000
Over the past 12 years, the Bennink Foundation has provided philanthropic support totaling $ 7,817,088
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. 2022: $786,00
Safeguarding the planet $3,863,295 | 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, 2022
After treatment of loss
2022 2021
Assets $ $
Non-current assets
Financial assets 5,971,057 8,287,776
Current assets
Cash at bank and in hand 37,301 55,807
Total assets 6,008,358 8,343,583
Equity and liabilities
Foundation capital
General reserves 5,694,675 7,929,799
Non-current liabilities 150,000 264,272
Current liabilities 163,683 149,512
Total equity and liabilities 6,008,358 8,343,583
Statement of Revenue and expenditure for 2022
2022 2021
$ $ $ $
Net revenue securities 4,018 4,888
Total net revenue 4,018 4,888
Wages and salaries 16,049 18,210
Social security charges 2,622 3,065
Grants Payable 786,000 886,028
general expenses 78,607 89,902
Total of sum of expenses 883,278 997,205
Total of operating result (879,260) (992,317)
Value adjustment from securities (1,355,864) 1,587,570
Grants payable (2,235,124) 595,253
Income Tax expense _ _
(Shortage) exess of rev. over expenditure (2,235,124) 595,253
Transparancy and control
The Board approved the 2022 results in their Board meeting of May 11, 2023.
EY Accountants LLP issued on May 16, 2023 their final compilation report on the financial statements 2022 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 2022 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2022. 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.