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

Opinion

I have audited the accompanying financial statements of The Elephant Reintroduction Foundation ("the Foundation") which comprise the statement of financial position as at 31 December 2016, and the related statements of revenues and expenses and changes in fund balance for the year then ended, and notes to financial statements including a summary of significant accounting policies.

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 2016, and its financial performance for the year then ended in accordance with Thai Financial Reporting Standards for Non-Publicly Accountable Entities.

Basis for Opinion

I conducted my audit in accordance with Thai Standards on Auditing. My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Foundation in accordance with the Code of Ethics for Professional Accountants as issued by the Federation of Accounting Professions under the Royal Patronage of His Majesty the King as relevant to my audit of the financial statements, and I have fulfilled my other ethical responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

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.

Responsibilities of Management for the Financail Statements

Management is responsible for the preparation and fair presentation of the finacial statements in accordance with Thai Financial Reporting Standards for Non-Publicly Accountable Entities, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Foundation's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Foundation or to cease operations, or has no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

My objectives are to obtain reasonable assurance about whether the financial statement as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Thai Standards on Auditing will alway detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Thai Standards on Auding, I exercise professional judgement and maintain profession professional skepticism throughout the audit. I also:

- Identify and assess the risk of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit 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 Foundation's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Foundation's ability to continue as going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusion are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the Foundation to cease to continue as a going concern.

- evaluate the overall presentation, structure and content of the finacail statements, including the sidclosures, and whether the financial statements represents the underlying transactions and events in a manner that achieves fair presentation.

I communicate with the management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal contral that I identify during my audit.

The engagement partner on the audit resulting in this independent auditor's report is Miss Siraporn Ouaanunkun

Siraporn Ouaanunkun
Certified Public Accountant (Thailand) No. 3844

EY Office Limited
Bangkok :28 March 2017




THE ELEPHANT REINTRODUCTION FOUNDATION
Statement of financial position
AS AT 31 DECEMBER 201
6
(Unit : Baht)
  Note 2016 2015
ASSETS  
CURRENT ASSETS
Cash and cash equivalents
5 4,897,766 3,826,220
Current investments
6 23,126,735 9,019,801
Elephants
7 61,155,604 50,775,908
Other current assets    
Interest receivable
333,816 235,615
Others
1,187,639 1,354,824
TOTAL CURRENT ASSETS 90,701,560 65,212,368
NON-CURRENT ASSETS
Long-term investments
6 12,205,197 23,499,203
Equipment
8 2,673,258 2,246,126
Deposits
16,500 132,780
TOTAL NON-CURRENT ASSETS 14,894,955 25,878,109
TOTAL ASSETS 105,596,515 91,090,477
LIABILITIES AND ACCUMULATED FUNDS  
CURRENT LIABILITIES
Accrued expenses
79,587 219,460
Other current liabilities
72,624 52,143
TOTAL CURRENT LIABILITIES 152,211 271,603
TOTAL LIABILITIES 152,211 271,603
ACCUMULATED FUNDS
Initial capital funds
9 776,911 776,911
Balance of funds
104,667,393 90,041,963
TOTAL ACCUMULATED FUNDS 105,444,304 90,818,874
TOTAL LIABILITIES AND ACCUMULATED FUNDS 105,596,515 91,090,477

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
16
(Unit : Baht)
  Note 2014 2013
REVENUES
Donations
10 27,835,968 37,082,030
Interest income
722,851 606,547
Other income
69,674 108,715
TOTAL REVENUES 28,628,493 37,797,292
EXPENSES
Administrative expenses
13,291,904 13,562,705
Other expenses
711,159 818,766
TOTAL EXPENSES 14,003,063 14,381,471
DEFICIT OF REVENUES TO EXPENSES FOR THE YEAR 14,625,430 23,415,821

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
16
(Unit : Baht)
  Accumulated funds  
  Initial capital funds Balance of funds Total
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
      -
Balance as at 31 December 2015 776,911 90,041,963 90,818,874
Deficit of revenues to expenses for the year - 14,625,430 14,625,430
Balance as at 31 December 2016 776,911 104,667,393 105,444,304

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. On 26 December 2016, the Foundation moved the Bangkok office to 888 i Tower Building, 18th Fl., Vibhavadi Rangsit Road,Khwaeng Lad Yao, Khet Chatuchak, Bangkok 10900.

At present, the Foundation has 3 offices as follow:-
- The Bangkok office located on 888 i Tower Building, 18th Fl., Vibhavadi Rangsit Road,Khwaeng Lad Yao, Khet Chatuchak, Bangkok 10900.
- 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)
2016 2015
Cash and Cash equivalents held by the Foundation    
Cash
10 10
Bank deposits
3,902 3,599
Cash and cash equivalents in the Foundation's private fund    
Bank deposits
989 217
Total 4,898 3,826

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

(Unit :Thousand Baht)
2016 2015
Current investments    
Investment in the Foundation's private fund  
Debentures
23,127 9,020
Total current investments 23,127 9,020
Long-term investments    
Investment in the Foundation's private fund    
Debentures
12,205 23,499
Long-term investments held by the Foundation    
Government bond
- -
Total long-term investments 12,205 23,499

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 2016 amounting to approximately Bath 0.06 million (2015 : Bath 0.04 million) were recognised as expenses.

7. ELEPHANTS
As at 31 December 2016 and 2015, elephants under care of the Foundation are listed as follow :-

31 December 2016 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 6 77 83
Total 10 77 87
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   66 73
Total 11 66 77

During the year 2016 and 2015, 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 2015 5 67 72
Additions - 5 5
From donation - - -
Birth - 3 3
Deaths (1) (2) (3)
Balance as at 31 December 2014 4 73 77
Additions - 4 4
From donation - - -
Birth - 7 7
Deaths - (1) (1)
Balance as at 31 December 2015 4 83 87

8. EQUIPMENT
(Unit : Thousand Baht)
Mobile
office
Furniture
and fixtures
Computer
and
equipment
Vihicle
and
equipment
Asset
under
construction
Others Total
Cost:
1January 2015 554 5,310 462 4,348 - 2,099 12,813
Acquisition using cash from donation/Transfer in - 1,305 - - - 98 1,403
Donated/Write off - (11) - - - - (11)
31 December 2015 544 6,604 462 4,348   2,250 14,218
Acquisition using cash from donation/Transfer in - 29 25 35 934 53 1,076
Donated/Write off - (52) (42) -   (48) (142)
31 December 2016 554 6,581 445 4,383 934 2,255 15,152
Accumulated depreciation :  
1 January 2015 554 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)
Reclassifiration - - - -   - -
31 December 2015 544 5,312 420 3,593   2,093 11,972
Depreciation charged for the year - 289 19 288   48 644
Accumulted depreciation of donated equipment/Write off - (49) (42) -   (46) (137)
31 December 2015 554 5,552 397 3,881   2,095 12,479
Net book value :
31 December 2014 - 1,292 42 755   157 2,246
31 December 2015 - 1,029 48 502 934 160 2,673

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)
2016 2015
Corporate 22,746 30,657
Individual 416 4,719
Donation box 4,674 1,706
Total 27,836 37,082

11. Operating lease commitments

The Foundation has entered into several lease agreements in respect of the lease of office building space and service. The terms of the agreements are generally 1 years. Operating lease agreements are non-cancellable. As at 31 December 2016, the Foundation had no 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 28 Marchl 2017.


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