Elephant Reintroduction Foundation
Audited Financial Statements Elephant Reintroduction Foundation : Audited Financial Statements
2003 - 2002
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2005 - 2004
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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 2018, 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 2018, and its revenues and expenses 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 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 Auditing, I exercise professional judgement and maintain 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.

I am responsible for audit resulting in this independent auditor's report.

Siraporn Ouaanunkun
Certified Public Accountant (Thailand) No. 3844

EY Office Limited
Bangkok : 24 April 2018




THE ELEPHANT REINTRODUCTION FOUNDATION
Statement of financial position
AS AT 31 DECEMBER 201
8
(Unit : Baht)
  Note 2018 2017
ASSETS  
CURRENT ASSETS
Cash and cash equivalents
5 8,611,504 5,152,327
Current investments
6 56,755,871 32,089,985
Elephants
7 64,905,604 61,155,604
Other current assets    
Interest receivable
51,651 55,563
Others
888,164 466,640
TOTAL CURRENT ASSETS 131,212,794 98,920,119
NON-CURRENT ASSETS
Long-term investments
6 3,000,000 7,049,495
Equipment
8 2,448,615 3,467,665
Deposits
16,500 16,500
TOTAL NON-CURRENT ASSETS 5,465,115 10,533,660
TOTAL ASSETS 136,677,909 109,453,779
LIABILITIES AND ACCUMULATED FUNDS  
CURRENT LIABILITIES
Accrued expenses
79,188 71,136
Other current liabilities
76,992 52,891
TOTAL CURRENT LIABILITIES 156,180 124,027
TOTAL LIABILITIES 156,180 124,027
ACCUMULATED FUNDS
Initial capital funds
9 776,911 776,911
Balance of funds
135,744,818 108,552,841
TOTAL ACCUMULATED FUNDS 136,521,729 109,329,752
TOTAL LIABILITIES AND ACCUMULATED FUNDS 136,677,909 109,453,779

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
18
(Unit : Baht)
  Note 2018 2017
REVENUES
Donations
10 41,694,593 16,922,046
Interest income
714,444 626,257
Other income
32,675 13,258
TOTAL REVENUES 42,441,712 17,561,561
EXPENSES
Administrative expenses
14,646,531 13,558,421
Other expenses
603,204 117,692
TOTAL EXPENSES 15,249,735 13,676,113
DEFICIT OF REVENUES TO EXPENSES FOR THE YEAR 27,191,977 3,885,448

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
18
(Unit : Baht)
  Accumulated funds  
  Initial capital funds Balance of funds Total
Balance as at 31 December 2016 776,911 104,667,393 105,444,304
Deficit of revenues to expenses for the year - 3,885,448 3,885,448
Balance as at 31 December 2017 776,911 108,552,841 109,329,752
      -
Balance as at 31 December 2017 776,911 108,552,841 109,329,752
Deficit of revenues to expenses for the year - 27,191,977 27,191,977
Balance as at 31 December 2018 776,911 135,744,818 136,521,729

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
17

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 888 i Tower Building, 18th Fl., Vibhavadi Rangsit Road,Khwaeng Chatuchak, 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 Chatuchak, 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 withThai Financial Reporting Standard for 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 Revenues and expenses
Revenues and expenses are recorded under 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. The premium/discount on debt securities is amortised/accreated by the effecttive rate method.

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. No depreciation is provide on assets under construction

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)
2018 2017
Cash and Cash equivalents held by the Foundation    
Cash
10 10
Bank deposits
8,602 5,142
Total 8,612 5,152

6. Invesment
As at 31 December 2018 and 2017, the balance of current investments and long-term investments consist of :-

(Unit :Thousand Baht)
2018 2017
Current investments    
Investment in the Foundation's private fund  
Bank deposits
770 100
Debentures/Bonds - due within one year
55,986 31,990
Total current investments 56,756 32,090
Long-term investments    
Investment in the Foundation's private fund    
Debentures/Bonds
3,000 7,049
Total long-term investments 3,000 7,049
Total invesments in the foundation's private fund 59,756 39,139

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 2018 amounting to approximately Bath 0.06 million (2017 : Bath 0.05 million) were recognised as expenses.

7. ELEPHANTS
As at 31 December 2018 and 2017, elephants under care of the Foundation are listed as follow :-

31 December 2018 Elephants
acquired by donation
Elephant
purchased
using cash
from donation
Total
Elephants released to natural habitat but still under observation of the Foundation 3 - 3
Elephants under control of the Foundation 6 81 87
Total 9 81 90
31 December 2017 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

During the year 2018 and 2017, 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 2017 4 83 87
Additions - - -
From donation - - -
Birth - - -
Deaths - - -
Balance as at 31 December 2017 4 83 87
Additions - - -
From donation - - -
Birth - 5 5
Deaths (1) (1) (2)
Balance as at 31 December 2018 3 87 90

8. EQUIPMENT
(Unit : Thousand Baht)
Mobile
office
Furniture
and fixtures
Computer
and
equipment
Vihicle
and
equipment
Others Asset
under
construction
Total
Cost:
1 January 2017 554 6,581 445 4,383 2,255 934 15,152
Acquisition using cash from donation/Transfer in - 201 125 1,338 52 80 1,796
Transfer in (out) - 1,014 - - - (1,014) -
Donated/Write off - (43) - (163) (2) - (208)
31 December 2017 554 7,753 570 5,558 2,305 - 16,740
Acquisition using cash from donation - 4 27 31 22 - 84
Transfer in (out) - - - - - - -
Donated/Write off - (8) - - - - (8)
31 December 2018 554 7,749 597 5,589 2,327 - 16,816
Accumulated depreciation :  
1 January 2017 554 5,552 397 3,881 2,095 - 12,479
Depreciation charged for the year - 507 20 421 50 - 998
Accumulted depreciation of donated equipment/Write off - (43)   (162) - - (205)
31 December 2017 554 6,016 417 4,140 2,145 - 13,272
Depreciation charged for the year - 513 44 482 60 - 1,099
Accumulted depreciation of donated equipment/Write off - (4) - - - - (4)
31 December 2018 554 6,525 461 4,622 2,205 - 14,367
Net book value :
31 December 2017 - 1,737 153 1,418 160 - 3,468
31 December 2018 - 1,224 136 967 122 - 2,449

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 2018 and 2017 as listed below :

(Unit :Thousand Baht)
2018 2017
Corporate 21,456 14,830
Government 14,836 900
Individual 497 513
Other 4,906 661
Total 41,695 16,922

11. Approval of financial statements
These financial statements were authorised for issue by the Foundation's Authorised Directors on 9 April 2018..


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

E-mail : erf2545@gmail.com