Financial performance 2023
The S&P500 was up about 24% in 2023, a stunning bounce back from year before, the index’s worst performance since the 2008 financial crisis. This performance was impacted by the outstanding result of the Magnificent Seven (Nvidea, Meta, Alphabet, …). Without the Magnificent Seven, the index would have risen only 8%.
As a result, the Foundation realized a positive return of 19,1% on its assets managed by JP Morgan.
The average performance since inception date in 2008 is 6,2%, which is well above inflation rate for that same period.
The net revenue securities was $4,964 and the value adjustment €1,089,015 positive. The result 2023 was $252,968 negative.
The operating expenses in 2023 were $88,008. The decline versus LY was the result of the impact of exchange differences and lower bank charges.
As in previous years, the major part of the expenses related to consulting fees EY, salaries and the reporting tool Diligent Board.
Three new commitments for Grants were made for a total of $1,251,771,
$823,745 for the ‘Stichting VUmc CCA’, $195,984 for ‘Van Gogh museum’ and $232,042 for ‘SOS Kinderdorpen’.
Payments in 2023 for earlier commitments for different projects amounted to $538,199.
Since the start of the Foundation, $9Mio were granted to the four focus areas we defined as mission: Medical ($2,6Mio), Wildlife and nature ($3,8Mio), Children and family planning ($1,3Mio) and The Arts ($1,4).
The Equity at end December 2023 decreased to $5,441,707 and the assets increased to $6,476,443. The Current Liabilities relate to provisions for grants and accruals for incurred but unpaid expenses.
Breakdown of grants payable 2023
$
VUmc Amsterdam 820,843
Van Gogh museum 196,740
SOS Children Villages NL 232,656
Exch. difference. 5,385
1,255,624
Over the past 13 years, the Bennink Foundation has provided philanthropic support totaling $ 9,072,712
2011: $151,133 2015: $381,640 2019: $410,916 2023: $1,255,624
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: $786,000
Safeguarding the planet $3,863,295 | Children in Need $1,343,120 |
The Arts $1,383,190| Medical /Scientific Research $2,622,525| Other $ 85,848
Balance sheet as at December 31, 2023
After treatment of loss
2023 2022
Assets $ $
Non-current assets
Financial assets 6,469,434 5,971,057
Current assets
Cash at bank and in hand 7,009 37,301
Total assets 6,476,443 6,008,358
Equity and liabilities
Foundation capital
General reserves 5,441,707 5,694,675
Non-current liabilities 619,905 150,000
Current liabilities 414,831 163,683
Total equity and liabilities 6,476,443 6,008,358
Statement of Revenue and expenditure for 2023
2023 2022
$ $ $ $
Net revenue securities 4,964 4,018
Total net revenue 4,018
Wages and salaries 17,978 16,049
Social security charges 2,946 2,622
Grants Payable 1,258,939 786,000
general expenses 67,084 78,607
Total of sum of expenses 1,346,947 883,278
Total of operating result (1,341,983) (879,260)
Value adjustment from securities 1,089,015 (1,355,864)
(252,968) (2,235,124)
Income tax expenses _ _
Shortage of revenues (252,968) (2,235,124)
over expenditure
Transparancy and control
The Board approved the 2023 results in their Board meeting of May 22, 2024.
EY Accountants LLP issued on May 28, 2024 their final compilation report on the financial statements 2023 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 2023 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2023. 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.
The S&P500 was up about 24% in 2023, a stunning bounce back from year before, the index’s worst performance since the 2008 financial crisis. This performance was impacted by the outstanding result of the Magnificent Seven (Nvidea, Meta, Alphabet, …). Without the Magnificent Seven, the index would have risen only 8%.
As a result, the Foundation realized a positive return of 19,1% on its assets managed by JP Morgan.
The average performance since inception date in 2008 is 6,2%, which is well above inflation rate for that same period.
The net revenue securities was $4,964 and the value adjustment €1,089,015 positive. The result 2023 was $252,968 negative.
The operating expenses in 2023 were $88,008. The decline versus LY was the result of the impact of exchange differences and lower bank charges.
As in previous years, the major part of the expenses related to consulting fees EY, salaries and the reporting tool Diligent Board.
Three new commitments for Grants were made for a total of $1,251,771,
$823,745 for the ‘Stichting VUmc CCA’, $195,984 for ‘Van Gogh museum’ and $232,042 for ‘SOS Kinderdorpen’.
Payments in 2023 for earlier commitments for different projects amounted to $538,199.
Since the start of the Foundation, $9Mio were granted to the four focus areas we defined as mission: Medical ($2,6Mio), Wildlife and nature ($3,8Mio), Children and family planning ($1,3Mio) and The Arts ($1,4).
The Equity at end December 2023 decreased to $5,441,707 and the assets increased to $6,476,443. The Current Liabilities relate to provisions for grants and accruals for incurred but unpaid expenses.
Breakdown of grants payable 2023
$
VUmc Amsterdam 820,843
Van Gogh museum 196,740
SOS Children Villages NL 232,656
Exch. difference. 5,385
1,255,624
Over the past 13 years, the Bennink Foundation has provided philanthropic support totaling $ 9,072,712
2011: $151,133 2015: $381,640 2019: $410,916 2023: $1,255,624
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: $786,000
Safeguarding the planet $3,863,295 | Children in Need $1,343,120 |
The Arts $1,383,190| Medical /Scientific Research $2,622,525| Other $ 85,848
Balance sheet as at December 31, 2023
After treatment of loss
2023 2022
Assets $ $
Non-current assets
Financial assets 6,469,434 5,971,057
Current assets
Cash at bank and in hand 7,009 37,301
Total assets 6,476,443 6,008,358
Equity and liabilities
Foundation capital
General reserves 5,441,707 5,694,675
Non-current liabilities 619,905 150,000
Current liabilities 414,831 163,683
Total equity and liabilities 6,476,443 6,008,358
Statement of Revenue and expenditure for 2023
2023 2022
$ $ $ $
Net revenue securities 4,964 4,018
Total net revenue 4,018
Wages and salaries 17,978 16,049
Social security charges 2,946 2,622
Grants Payable 1,258,939 786,000
general expenses 67,084 78,607
Total of sum of expenses 1,346,947 883,278
Total of operating result (1,341,983) (879,260)
Value adjustment from securities 1,089,015 (1,355,864)
(252,968) (2,235,124)
Income tax expenses _ _
Shortage of revenues (252,968) (2,235,124)
over expenditure
Transparancy and control
The Board approved the 2023 results in their Board meeting of May 22, 2024.
EY Accountants LLP issued on May 28, 2024 their final compilation report on the financial statements 2023 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 2023 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2023. 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.