Elephant Reintroduction Foundation
Audited Financial Statements Elephant Reintroduction Foundation : Audited Financial Statements
2003 - 2002
2004 - 2003
2005 - 2004
2006 - 2005
2007 - 2006
2008 - 2007
2009 - 2008
2010 - 2009
2011 - 2010
2012 - 2011
2013 - 2012
2014 - 2013
2015 - 2014
2016 - 2015
2017 - 2016
Report of Independent Auditor
Elephant Reintroduction Foundation, Bangkok, Thailand.

To The Board of The Elephant Reintroduction Foundation

I have audited the accompanying statements of financial position of The Elephant Reintroduction Foundation which comprise the statement of financial position as at 31 December 2013, and the related statements of revenues and expenses and changes in fund balance for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statement

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Thai Financial Reporting Standards applicable to non-publicly accountable entities, and for such internal control as management determines is necessary to enable the preparation of finacail statements that are free from material misstatement, whether due to fraud of error

Auditor's Resposibility

My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with Thai Standards on Auditing. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud of error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statement. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

Opinion

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Elephant Reintroduction Foundation as at 31 December 2013, and its financial performance for the year then ended in accordance with Thai Financial Reporting Standards applicable to non-publicly accountable entities.

Other

Since The Elephant Reintroduction Foundation is a foundation which operates for the public benefit and not for profit, therefore changes have been made to the recognition of transactions and the reporting in the financial statements to make them appropriate to a non-profit organisation.

Siraporn Ouaanunkun
Certified Public Accountant (Thailand) No. 3844

EY Office Limited
(Formerly known as Ernst & Young Office Limited)
Bangkok :25 March 2014




THE ELEPHANT REINTRODUCTION FOUNDATION
Statement offinancial position
AS AT 31 DECEMBER 2013 AND 20
12
(Unit : Baht)
  Note 2013 2012
ASSETS  
CURRENT ASSETS
Cash and cash equivalents
5 2,819,745 6,974,558
Current investments
6 6,041,732 7,100,000
Elephants
7 38,716,398 33,761,398
Other current assets    
Interest receivable
282,102 349,498
Others
375,329 434,994
TOTAL CURRENT ASSETS 48,235,306 48,620,448
NON-CURRENT ASSETS
Long-term investments
6 16,035,058 20,141,565
Equipment
8 1,791,796 758,635
Deposits
131,310 131,310
TOTAL NON-CURRENT ASSETS 17,958,164 21,031,510
TOTAL ASSETS 66,193,470 69,651,958
LIABILITIES AND ACCUMULATED FUNDS  
CURRENT LIABILITIES
Accrued expenses
91,962 75,742
Other current liabilities
67,658 145,375
TOTAL CURRENT LIABILITIES 159,620 221,117
TOTAL LIABILITIES 159,620 221,117
ACCUMULATED FUNDS
Initial capital funds
9 776,911 776,911
Balance of funds
65,256,939 68,653,930
TOTAL ACCUMULATED FUNDS 66,033,84150 69,430,841
TOTAL LIABILITIES AND ACCUMULATED FUNDS 66,193,470 69,651,958

The accompanying notes are an integral part of the financial statements.



ELEPHANT REINTRODUCTION FOUNDATION
STATEMENTS OF REVENUES AND EXPENSES
FOR THE YEARS ENDED 31 DECEMBER 20
13
(Unit : Baht)
  Note 2013 2012
REVENUES
Donations
10 7,721,678 16,613,046
Interest income
1,083,977 1,212,757
Other income
533,595 10,600
TOTAL REVENUES 9,339,250 17,836,403
EXPENSES
Administrative expenses
11,857,156 17,964,419
Other expenses
879,085 1,821,824
TOTAL EXPENSES 12,736,241 19,786,243
DEFICIT OF REVENUES TO EXPENSES FOR THE YEAR (3,396,991) (1,949,840)

The accompanying notes are an integral part of the financial statements.


ELEPHANT REINTRODUCTION FOUNDATION
STATEMENTS OF CHANGES IN FUND BALANCE
FOR THE YEARS ENDED 31 DECEMBER 20
13
(Unit : Baht)
  Accumulated funds  
  Initial capital funds Balance of funds Total
Balance as at 31 December 2011 776,911 70,603,770 71,380,681
Deficit of revenues to expenses for the year - (1,949,840) (1,949,840)
Balance as at 31 December 2012 776,911 68,653,930 69,430,841
      -
Balance as at 31 December 2012 776,911 68,653,930 69,430,841
Deficit of revenues to expenses for the year - (3,396,991) (3,396,991)
Balance as at 31 December 2013 776,911 65,256,939 66,033,850

The accompanying notes are an integral part of the financial statements.



ELEPHANT REINTRODUCTION FOUNDATION
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 20
12

1. General information
The Elephant Reintroduction Foundation ("the Foundation") was incorporated as a foundation under Thai laws on 9 August 2002. The main objectives of the Foundation are to return elephants to the wild in cooperation with other organisations to conserve Thai elephants, to act for the public benefit, to operate not for profit and to the exclusion of political action. Its registered address is 255-257 ,7th floor Hua Seng Heng Building, Soi Mangkorn, Yaowaraj Road, Sampantawong, Bangkok 10100.

At present, the Foundation has 3 offices as follow:-
- The Bangkok office located on 255-257,7th floor, Hua Seng Heng Building, Soi Mangkorn, Yaowaraj Road, Sampantawong, Bangkok 10100.
- The Chiangmai office located at room D 206, 2nd floor Faculty of Veterinary Medicine, Chiangmai University, Mae Hiae, Muang, Chiangmai 50100.
- The Lopburi office located at Sab Langka Wildlife Sanctuary Area, Gudtaphet Sub-District, Lam Sonthi District, Lopburi, 15190.

On 14 March 2003, the Ministry of Finance announced the Foundation had been listed as public charity organisation or institution No. 508 under Notification of the Ministry of Finance (No. 210).

2. Basis of preparation
The financial statements have been prepared in accordance with financial reporting standard applicable to non-publicly accountable entities as issued by the Federation of Accounting Professions.
The financial statements in Thai language are the official statutory financial statements of the Foundation. The financial
statements in English language have been translated from the Thai language financial statements.

3. Significant accounting policies

3.1 Accrual basis
The financial statements have been generally prepared on an accrual basis.

3.2 Cash and cash equivalents
Cash and cash equivalents consist of cash in hand, and at banks, and all highly liquid investments with an original maturity of three months or less and not subject to withdrawal restrictions.

3.3 Investments
Held to maturity debt investments are recorded at amortised cost.

3.4 Elephants
Elephants purchased using cash from donation are stated at cost.
Elephants acquired through donations are recorded at their fair value, which is evaluated by specialist of the Foundation. Elephants are written off from the Foundation's statement sheets when they have been missing for over 1 year or die.

3.5 Equipment and depreciation
Equipment is stated at cost less accumulated depreciation. Depreciation is calculated by reference to cost on the straight-line basis over the following estimated useful lives :-

Mobile Office - 5 Years
Furniture and fixtures - 5 Years
Computer and equipment - 5 Years
Vehicle and equipment - 5 Years
Other - 5 Years
Depreciation is included in determining operating results.

3.6 Corporate income tax
Under the Revenue Code, the Foundation is a public charity organization or institution under Notification of the Ministry of Finance (No.210) which is exempted from corporate income tax.

4. USE OF ACCOUNTING ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions in certain circumstances, affecting amounts reported in these financial statements and related notes. Actual results could differ from these estimates.

5. Cash and Cash equivalents
(Unit :Thousand Baht)
2013 2012
Cash and Cash equivalents held by the Foundation    
Cash
10 10
Bank deposits
1,814 6,574
Cash and cash equivalents in the Foundation's private fund    
Bank deposits
996 391
Total 2,820 6,975

6. Invesment
As at 31 December 2010 and 2009, the balance of current investments and long-term investments consist of :-

(Unit :Thousand Baht)
2013 2012
Current investments    
Investment in the Foundation's private fund  
Debentures
6,042 7,100
Total current investments 6,042 7,100
Long-term investments    
Investment in the Foundation's private fund    
Debentures
10,035 14,142
Long-term investments held by the Foundation    
Government bond
6,000 6,000
Total long-term investments 16,035 20,142

This investments in private fund represents invesment made under the private fund management agreement date 20 January 2005, which the Foundation entered into with an asset management company, assigning the asset management company to manage the Foundation's private fund ("the Fund") for investment in debt instruments. The asset management company is to receive a management fee and a fund custody fee at a certain percentage rate per annum of the net asset value of the Fund as stipulated in the agreement.

7. ELEPHANTS
As at 31 December 2012 and 2011, elephants under care of the Foundation are listed as follow :-

31 December 2013 Elephants
acquired by donation
Elephant
purchased
using cash
from donation
Total
Elephants released to natural habitat but still under observation of the Foundation 7 - 5
Elephants under control of the Foundation 5 59 66
Total 12 59 71
31 December 2012 Elephants
acquired by donation
Elephant
purchased
using cash
from donation
Total
Elephants released to natural habitat but still under observation of the Foundation 5 - 5
Elephants under control of the Foundation 6 56 62
Total 11 56 67

During the year 2013 and 2012, movements of elephants under care of the Foundation were as follow:

  Elephants released to
natural habitat
but still under
observation of
the Foundation
Elephants
under control of
the Foundation
Total
Balance as at 1 January 2012 5 58 63
Additions - 2 2
From donation - 4 4
Birth - 1 1
Deaths - (3) (3)
Balance as at 31 December 2012 5 62 67
Additions - 3 3
From donation - 1 1
Birth - 2 2
Deaths - (2) (2)
Balance as at 31 December 2013 5 66 71

8. EQUIPMENT
(Unit : Thousand Baht)
Mobile
office
Furniture
and fixtures
Computer
and
equipment
Vihicle
and
equipment
  Others Total
Cost:
1January 2012 554 5,341 495 3,691   2,100 12,181
Acquisition using cash from donation/Transfer in - 92 - -   5 97
Donated/Write off - (103) (4) -   (27) (134)
31 December 2012 554 5,330 491 3,691   2,078 12,144
Acquisition using cash from donation/Transfer in - - 29 1,374   21 1,424
Donated/Write off - - - (755)   - (755)
31 December 2013 554 5,330 520 4,310   2,099 12,813
Accumulated depreciation :  
1 January 2012 545 5,250 415 3,495   1,241 10,946
Depreciation charged for the year 9 124 30 183   211 557
Accumulted depreciation of donated equipment/Write off - (93) (4) -   (84) 536)
31 December 2012 554 5,281 441 3,678   1,431 11,385
Depreciation charged for the year - 207 28 104   48 387
Accumulted depreciation of donated equipment/Write off - - - (755)   - (755)
Accumulate depreciation on reclassifiration - (517) (16) -   537 4
31 December 2013 554 4,971 453 3,027   2,027 11,021
Net book value :
31 December 2012 - 49 50 13   647 759
31 December 2013 - 358 67 1,284   83 1,792

9. INITIAL CAPITAL FUNDS
Initial capital funds consists of cash donations of approximately Baht 0.50 million and fixed assets of approximately Baht 0.27 million donated by WWF Thailand Programme office.

10. DONATIONS
The Foundation received the donations for the year ended 31 December 2012 and 2011 as listed below :

(Unit :Thousand Baht)
2013 2012
Corporate 2,985 7,644
Individual 2,202 4,941
Donation box 2,535 4,028
Total 7,722 16,613

11. Operating lease commitments

The Foundation has entered into several lease agreements in respect of the lease and service of office building space. The terms of theagreements are generally 3 years. Operating lease agreements are non-cancellable. As at 31 December 2013, future minimum lease payments required under these non-cancellable operating leases contracts were as follows:

 

 

Unit: Million Baht

Payable

in up to 1 year

0.4


12. Approval of financial statements
This financial statements were authorised for issue by the Foundation's Authorised Directors on 25 Marchl 2014.


Elephant Reintroduction Foundation : Audited Financial Statements
Elephant Reintroduction Foundation
888 i Tower Building, 18th Fl., Vibhavadi Rangsit Road,Khwaeng Lad Yao, Khet Chatuchak, Bangkok 10900
Tel. (+66) 0-2512-2627-8 Fax. (+66) 0-2512-2629

E-mail : erf2545@gmail.com