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 2014, 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
Bangkok :29 March 2016




THE ELEPHANT REINTRODUCTION FOUNDATION
Statement offinancial position
AS AT 31 DECEMBER 2015 AND 20
14
(Unit : Baht)
  Note 2014 2013
ASSETS  
CURRENT ASSETS
Cash and cash equivalents
5 3,826,220 2,431,733
Current investments
6 9,019,801 6,096,758
Elephants
7 50,775,908 41,895,908
Other current assets    
Interest receivable
235615,191 237,191
Others
1,354,824 218,857
TOTAL CURRENT ASSETS 65,212,368 50,880,447
NON-CURRENT ASSETS
Long-term investments
6 23,499,203 15,123,722
Equipment
8 2,246,126 1,403,462
Deposits
132,780 132,780
TOTAL NON-CURRENT ASSETS 25,878,109 16,659,964
TOTAL ASSETS 91,090,477 67,540,411
LIABILITIES AND ACCUMULATED FUNDS  
CURRENT LIABILITIES
Accrued expenses
219,460 85,490
Other current liabilities
52,143 51,868
TOTAL CURRENT LIABILITIES 271,603 137,358
TOTAL LIABILITIES 271,603 137,358
ACCUMULATED FUNDS
Initial capital funds
9 776,911 776,911
Balance of funds
90,041,963 66,626,142
TOTAL ACCUMULATED FUNDS 90,818,874 67,403,053
TOTAL LIABILITIES AND ACCUMULATED FUNDS 91,090,477 67,540,411

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
15
(Unit : Baht)
  Note 2014 2013
REVENUES
Donations
10 37,082,030 13,817,122
Interest income
606,547 870,116
Other income
108,715 61,118
TOTAL REVENUES 37,797,292 14,748,356
EXPENSES
Administrative expenses
13562,705 12,248,421
Other expenses
818,766 879,085
TOTAL EXPENSES 14,381,471 13,379,153
DEFICIT OF REVENUES TO EXPENSES FOR THE YEAR 23,415,821 1,369,203

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
15
(Unit : Baht)
  Accumulated funds  
  Initial capital funds Balance of funds Total
Balance as at 31 December 2013 776,911 65,256,939 66,033,850
Deficit of revenues to expenses for the year - 1,369,203 1,369,203
Balance as at 31 December 2014 776,911 66,626,142 67,403,053
      -
Balance as at 31 December 2014 776,911 66,626,142 67,403,053
Deficit of revenues to expenses for the year - 23,415,821 23,415,821
Balance as at 31 December 2015 776,911 90,041,963 90,818,874

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
15

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 are stated at cost.
- Elephants acquired through donations are recorded at their fair value, which is appraised by specialist of the Foundation.
- Elephants are written off from the Foundation's statement of financial position when they die or have been missing for over 1 year.
- Elephants have borned in the project are recorded at their fair value, which is appraised by specialist of the Foundation.

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)
2015 2014
Cash and Cash equivalents held by the Foundation    
Cash
10 10
Bank deposits
3,599 1,519
Cash and cash equivalents in the Foundation's private fund    
Bank deposits
217 903
Total 3,826 2,432

6. Invesment
As at 31 December 2015 and 2004, the balance of current investments and long-term investments consist of :-

(Unit :Thousand Baht)
2015 2014
Current investments    
Investment in the Foundation's private fund  
Debentures
9,020 6,097
Total current investments 6,020 6,097
Long-term investments    
Investment in the Foundation's private fund    
Debentures
23,499 15,124
Long-term investments held by the Foundation    
Government bond
- -
Total long-term investments 23,499 15,124

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.The fees for the year 2015 amounting to approximately Bath 0.04 million (2014 : Bath 0.06 million) were recognised as expenses.

7. ELEPHANTS
As at 31 December 2015 and 2014, elephants under care of the Foundation are listed as follow :-

31 December 2015 Elephants
acquired by donation
Elephant
purchased
using cash
from donation
Total
Elephants released to natural habitat but still under observation of the Foundation 4 - 4
Elephants under control of the Foundation 7 66 73
Total 11 66 77
31 December 2014 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 7 60 67
Total 12 60 72

During the year 2015 and 2014, 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 2014 5 66 71
Additions - 2 2
From donation - - -
Birth - 1 1
Deaths - (2) (2)
Balance as at 31 December 2014 5 67 72
Additions - 5 5
From donation - - -
Birth - 3 3
Deaths (1) (2) (3)
Balance as at 31 December 2015 4 73 77

8. EQUIPMENT
(Unit : Thousand Baht)
Mobile
office
Furniture
and fixtures
Computer
and
equipment
Vihicle
and
equipment
  Others Total
Cost:
1January 2013 554 5,330 520 4,310   2,099 12,813
Acquisition using cash from donation/Transfer in - 31 30 38   74 173
Donated/Write off - (51) (88) -   (21) (160)
31 December 2014 544 5,310 462 4,348   2,152 12,826
Acquisition using cash from donation/Transfer in - 1,305 - -   98 1,403
Donated/Write off - (11) - -   - (11)
31 December 2014 554 6,604 462 4,348   2,250 14,218
Accumulated depreciation :  
1 January 2014 554 4,971 453 3,027   2,016 11,021
Depreciation charged for the year - 201 29 281   45 556
Accumulted depreciation of donated equipment/Write off - (50) (88) -)   (16)- (154)
Reclassifiration - - - -   - -
31 December 2014 544 5,122 394 3,308   2,045 11,423
Depreciation charged for the year - 201 26 285   48 560
Accumulted depreciation of donated equipment/Write off - (11) - -   - (11)
31 December 2015 554 5,312 420 3,593   2,093 11,972
Net book value :
31 December 2014 - 1888 68 1,040   107 1,403
31 December 2015 - 1,292 42 755   157 2,246

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 2015 and 2014 as listed below :

(Unit :Thousand Baht)
2015 2014
Corporate 30,657 8,714
Individual 4,719 3,259
Donation box 1,706 1,844
Total 37,082 13,817

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 the agreements are generally 1 years. Operating lease agreements are non-cancellable. As at 31 December 2015, 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 29 Marchl 2016.


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