Financial performance 2020
The year 2020 was marked by the Covid virus and the pandemic had a significant impact on the world economy.
Despite this negative news, the Foundation realized a positive return on its assets managed by JP Morgan of no less than 12%.
The S&P500 was up 16% in 2020, but the EuroStoxx 600 was down 5%.
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 5,9%.
The Foundation had a net revenue of $843,611 and the result was
$362,606 positive.
During 2020 three new commitments were made for a total amount of $ 353,976. All three concerned projects were for children in need.
Two new grants, Amref in Malawi and Care Nederland in the Democratic Republic Congo, are spent for family planning projects.
Payments in 2020 for earlier commitments for different projects amounted to $971,767
The expenses were $60,920 and remained around the same level of last year. The main expense items were for consulting fees E&Y, salaries and the reporting tool Diligent Board.
The Equity at end December 2020 increased to $7,334,546 and the Assets were at $7,864,262
Most of the liabilities relate to provisions for grants.
Breakdown of grants payable 2020
$
Amref Flying Doctors 141,271
CARE Nederland 153,600
SOS Children Villages 59,105
Exchange diff. Grants payable 69,109
423,085
Over the past 10 years, the Bennink Foundation has provided philanthropic support totaling $6,145,060
2011: $ 151,133 2015 $ 381,640 2019 $ 410,916
2012: $ 95,543 2016 $ 332,831 2020 $ 423,085
2013: $ 718,291 2017 $ 699,622
2014: $ 643,373 2018 $ 2,288,62
Safeguarding the planet | Children in Need | The Arts | Medical /Scientific Research | Other |
Balance sheet as at December 31, 2020
Assets 2020 2019
$ $
Non-current assets
Financial assets 7,820,889 8,004,294
Current assets
Cash at bank and in hand 43,373 43,449
Total assets 7,864,262 8,047,743
Equity and liabilities
Equity
General reserves 7,334,546 6,971,940
Non-current liabilities _ 329,178
Current liabilities 529,716 746,625
Total equity and liabilities 7,864,262 8,047,743
Statement of Revenue and expenditure for 2020
2020 2019
$ $ $ $
Net revenue securities 843,611 1,406,297
Total net revenue 843,611 1,406,297
Wages and salaries 15,939 14,777
Social security charges 2,806 2,865
Organization and administration
expenses 39,175 46,027
Total of sum of expenses 57,920 63,669
785,691 1,342,628
Grants payable 423,085 410,916
Excess of rev. over expenditure 362,606 931,712
Transparancy and control
The Board approved the 2020 results in their Board meeting of May 12, 2021.
EY Accountants LLP issued on March 26, 2021 their final compilation report on the financial statements 2020 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 2020 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2020. 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 year 2020 was marked by the Covid virus and the pandemic had a significant impact on the world economy.
Despite this negative news, the Foundation realized a positive return on its assets managed by JP Morgan of no less than 12%.
The S&P500 was up 16% in 2020, but the EuroStoxx 600 was down 5%.
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 5,9%.
The Foundation had a net revenue of $843,611 and the result was
$362,606 positive.
During 2020 three new commitments were made for a total amount of $ 353,976. All three concerned projects were for children in need.
Two new grants, Amref in Malawi and Care Nederland in the Democratic Republic Congo, are spent for family planning projects.
Payments in 2020 for earlier commitments for different projects amounted to $971,767
The expenses were $60,920 and remained around the same level of last year. The main expense items were for consulting fees E&Y, salaries and the reporting tool Diligent Board.
The Equity at end December 2020 increased to $7,334,546 and the Assets were at $7,864,262
Most of the liabilities relate to provisions for grants.
Breakdown of grants payable 2020
$
Amref Flying Doctors 141,271
CARE Nederland 153,600
SOS Children Villages 59,105
Exchange diff. Grants payable 69,109
423,085
Over the past 10 years, the Bennink Foundation has provided philanthropic support totaling $6,145,060
2011: $ 151,133 2015 $ 381,640 2019 $ 410,916
2012: $ 95,543 2016 $ 332,831 2020 $ 423,085
2013: $ 718,291 2017 $ 699,622
2014: $ 643,373 2018 $ 2,288,62
Safeguarding the planet | Children in Need | The Arts | Medical /Scientific Research | Other |
Balance sheet as at December 31, 2020
Assets 2020 2019
$ $
Non-current assets
Financial assets 7,820,889 8,004,294
Current assets
Cash at bank and in hand 43,373 43,449
Total assets 7,864,262 8,047,743
Equity and liabilities
Equity
General reserves 7,334,546 6,971,940
Non-current liabilities _ 329,178
Current liabilities 529,716 746,625
Total equity and liabilities 7,864,262 8,047,743
Statement of Revenue and expenditure for 2020
2020 2019
$ $ $ $
Net revenue securities 843,611 1,406,297
Total net revenue 843,611 1,406,297
Wages and salaries 15,939 14,777
Social security charges 2,806 2,865
Organization and administration
expenses 39,175 46,027
Total of sum of expenses 57,920 63,669
785,691 1,342,628
Grants payable 423,085 410,916
Excess of rev. over expenditure 362,606 931,712
Transparancy and control
The Board approved the 2020 results in their Board meeting of May 12, 2021.
EY Accountants LLP issued on March 26, 2021 their final compilation report on the financial statements 2020 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 2020 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2020. 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.