Philanthropic support over the past 7 years.
Financial performance 2018
2018 was the year of investment. 2,4 mio $ new commitments were made for the different programs we support.
The most important one was for The Ocean Cleanup ($1,3 mio).
The other commitments were for the restoration of Rembrandt’s Nachtwacht painting ($570K), the research to fight pancreas cancer for the VUmc ($428K) and the second part of the family strengthening program in the Senegal for SOS Children Villages ($122K).
After a strong return in 2017, the Foundation had a negative return of 7% on its assets managed by JP Morgan. The average return since inception in 2008 is still above 4%.
The operating expenses were in line with previous years. The major part related to fees for the US Ruling administration. The other expenses were for salaries and for the accountant’s compilation report.
The result was $2,912,305 negative.
The Equity at end December 2018 decreased to $6,048,878 and the Assets were at $7,782,028.
The Current Liabilities relate to provisions for grants and accruals for incurred but unpaid expenses.
Breakdown of grants payable 2018
$
Rijksmuseum 568,700
Stichting The Ocean Cleanup 1,284,990
Stichting VUmc CCA 428,330
SOS Kinderdorpen 122,380
Exchange Diff. Grants payable -115,774
2,288,626
Over the past 8 years, the Bennink Foundation has provided philanthropic support totaling
$5,311,059.
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
Safeguarding the planet | Children in Need | The Arts | Medical /Scientific Research | Other |
Balance sheet as at December 31, 2018
Assets 2018 2017
$ $
Fixed assets
Financial fixed assets 7,730,593 9,272,831
Current assets
Cash at bank and in hand 49,710 48,314
Total assets 7,780, 303 9,321,145
Equity and liabilities
Equity
General reserves 6,040, 228 8,961,183
Long term liabilities 778,941 96,172
Current liabilities 961,134 263,790
Total equity and liabilities 7,780,303 9,321,145
Statement of Revenue and expenditure for 2018
2018 2017
$ $ $ $
Net revenue securities (585,895) 1,408,908
Total net revenue (585,895) 1,408,908
Wages and salaries 13,233 8,615
Social security charges 2,559 1,541
Organization and administration
expenses 30,642 33,246
Total operating expenses 46,434 43,402
(632,329) 1,365,506
Grants payable 2,288,626 699,622
Excess of rev. over expenditure (2,920,955 ) 665,884
Transparancy and control
The Board approved the 2018 results in their Board Meeting of May 14, 2019.
E &Y Accountants LLP issued on May 20, 2019 their final compilation report on the financial statements 2018 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 2018 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2018. 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.
2018 was the year of investment. 2,4 mio $ new commitments were made for the different programs we support.
The most important one was for The Ocean Cleanup ($1,3 mio).
The other commitments were for the restoration of Rembrandt’s Nachtwacht painting ($570K), the research to fight pancreas cancer for the VUmc ($428K) and the second part of the family strengthening program in the Senegal for SOS Children Villages ($122K).
After a strong return in 2017, the Foundation had a negative return of 7% on its assets managed by JP Morgan. The average return since inception in 2008 is still above 4%.
The operating expenses were in line with previous years. The major part related to fees for the US Ruling administration. The other expenses were for salaries and for the accountant’s compilation report.
The result was $2,912,305 negative.
The Equity at end December 2018 decreased to $6,048,878 and the Assets were at $7,782,028.
The Current Liabilities relate to provisions for grants and accruals for incurred but unpaid expenses.
Breakdown of grants payable 2018
$
Rijksmuseum 568,700
Stichting The Ocean Cleanup 1,284,990
Stichting VUmc CCA 428,330
SOS Kinderdorpen 122,380
Exchange Diff. Grants payable -115,774
2,288,626
Over the past 8 years, the Bennink Foundation has provided philanthropic support totaling
$5,311,059.
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
Safeguarding the planet | Children in Need | The Arts | Medical /Scientific Research | Other |
Balance sheet as at December 31, 2018
Assets 2018 2017
$ $
Fixed assets
Financial fixed assets 7,730,593 9,272,831
Current assets
Cash at bank and in hand 49,710 48,314
Total assets 7,780, 303 9,321,145
Equity and liabilities
Equity
General reserves 6,040, 228 8,961,183
Long term liabilities 778,941 96,172
Current liabilities 961,134 263,790
Total equity and liabilities 7,780,303 9,321,145
Statement of Revenue and expenditure for 2018
2018 2017
$ $ $ $
Net revenue securities (585,895) 1,408,908
Total net revenue (585,895) 1,408,908
Wages and salaries 13,233 8,615
Social security charges 2,559 1,541
Organization and administration
expenses 30,642 33,246
Total operating expenses 46,434 43,402
(632,329) 1,365,506
Grants payable 2,288,626 699,622
Excess of rev. over expenditure (2,920,955 ) 665,884
Transparancy and control
The Board approved the 2018 results in their Board Meeting of May 14, 2019.
E &Y Accountants LLP issued on May 20, 2019 their final compilation report on the financial statements 2018 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 2018 have been prepared in accordance with RJK C1. The figures as stated above are adopted from the financial statements 2018. 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.