Elephant Reintroduction Foundation
Audited Financial Statements Elephant Reintroduction Foundation : Audited Financial Statements
2003 - 2002
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Report of Indepent Auditor
Elephant Reintroduction Foundation, Bangkok, Thailand.

To The Board of
Elephant Reintroduction Foundation

I have audited the balance sheets of The Elephant Reintroduction Foundation, a non-profit organisation, as at 31 December 2003 and 2002, the related statements of revenues and expenses and changes in fund balance for the year ended 31 December 2003 and for the period as from 9 August 2002 (incorporation date) to 31 December 2002. These financial statements are the responsibility of the Foundation's management as to their correctness and completeness of the presentation. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Foundation's management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my 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 2003 and 2002, and the results of its operations for the year ended 31 December 2003 and for the period as from 9 August 2002 to 31 December 2002 in accordance with generally accepted accounting principles.

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

Ernst & Young Office Limited
Bangkok : 11 February 2004



ELEPHANT REINTRODUCTION FOUNDATION
BALANCE SHEETS
AS AT 31 DECEMBER 2003 AND 2002
(Unit : Baht)
Note 2003 2002
ASSETS
CURRENT ASSETS
Cash and deposits at financial institutions
47,993,307 3,008,549
Advance to employees
232,642 24,090
Other current assets
30,068 36,926
TOTAL CURRENT ASSETS 48,256,017 3,069,565
NON-CURRENT ASSETS
Equipment - net
3 1,451,074 329,116
Other assets - deposits
- 108,195
TOTAL NON-CURRENT ASSETS 1,451,074 437,311
TOTAL ASSETS 49,707,091 3,506,876
LIABILITIES AND ACCUMULATED FUNDS
CURRENT LIABILITIES
Accrued expenses
98,630 144,397
Contribution awaiting transfer to provident fund
139,133 -
Other current liabilities
20,270 19,746
TOTAL CURRENT LIABILITIES 258,033 164,143
ACCUMULATED FUNDS
Initial capital funds
4 776,911 776,911
Balance of funds
48,672,147 2,565,822
TOTAL ACCUMULATED FUNDS 49,449,058 3,342,733
TOTAL LIABILITIES AND ACCUMULATED FUNDS 49,707,091 3,506,876

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



ELEPHANT REINTRODUCTION FOUNDATION
STATEMENTS OF REVENUES AND EXPENSES
(Unit : Baht)
Note For the year ended31 December 2003 For the periodas from9 August 2002 to 31 December 2002
REVENUES
Donations
5 50,075,145 3,556,185
Interest income
489,751 5,171
Other income
6,720 -
TOTAL REVENUES 50,571,616 3,561,356
EXPENSES
Administrative expenses
4,465,291 995,534
TOTAL EXPENSES 4,465,291 995,534
SURPLUS OF REVENUES TO EXPENSES FOR THE YEAR 46,106,325 2,565,822

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


ELEPHANT REINTRODUCTION FOUNDATION
STATEMENTS OF CHANGES IN FUND BALANCE
AS AT 31 DECEMBER 2003 AND 2002
(Unit : Baht)
  Accumulated funds  
Initial capital funds Balance of funds Total
Initial capital funds from donations (Note 4) 776,911 - 776,911
Surplus of revenues to expenses for the period - 2,565,822 2,565,822
Balance as at 31 December 2002 776,911 2,565,822 3,342,733
Surplus of revenues to expenses for the year - 46,106,325 46,106,325
Balance as at 31 December 2003 776,911 48,672,147 49,449,058

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



ELEPHANT REINTRODUCTION FOUNDATION
NOTES TO FINANCIAL STATEMENTS

1. GENERAL INFORMATION
The Elephant Reintroduction 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 Na Nakorn Building, No. 99/349, Moo 2, Changwattana Road, Thungsonghong, Laksi, Bangkok 10210.

At present, the Foundation has 2 offices as follow:-
- The Bangkok office located on 7th floor, Parking Building, Tourism Authority of Thailand, 1600 New Petchaburi Road, Makkasan, Rajchathewi, Bangkok 10400.
- The Chiangmai office located at room D 206, 2nd floor Faculty of Veterinary Medicine, Chiangmai University, Mae Hiae, Muang, Chiangmai 50100.

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant accounting policies adopted by The Elephant Reintroduction Foundation (hereinafter referred to as "the Foundation") are summarised below:-

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

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

Furniture and fixtures - 5 Years
Computer and equipment - 5 Years
Vehicle and equipment - 5 Years
Other - 5 Years

2.3 Corporate income tax
Under the Revenue Code, the Foundation is a public charity organization or institution under Notification of the Ministry of Finance which is exempted from income tax.

2.4 Use of accounting estimates
Preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates for certain accounting transactions, affecting amounts reported in the financial statements and notes related thereto. Subsequent actual results may differ from these estimates.

3. EQUIPMENT - NET

(Unit : Baht)

Furniture andfixtures Computer andequipment Vehicle andequipment Others Total
Cost :
31 December 2002 80,291 163,179 85,646 - 329,116
Additional fixed assets from donations - - 15,000 - 15,000
Acquisition using cash from donations 345,988 101,620 763,560 148,204 1,359,372
31 December 2003 426,279 264,799 864,206 148,204 1,703,488
Accumulated depreciation :
31 December 2002 - - - - -
Depreciation charged for the year 47,557 55,517 147,445 1,895 252,414
31 December 2002 47,557 55,517 147,445 1,895 252,414
Net book value :
31 December 2002 80,291 163,179 85,646 - 329,116
31 December 2003 378,722 209,282 716,761 146,309 1,451,074
Depreciation charged to statement of revenues and expenses for the year ended 31 December
2003 252,414
2002 -

4. 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.

5. DONATIONS
During the year 2003, the Foundation received the donations of approximately Baht 50 million from the Ministry of Finance.

As at 31 December 2003, the Foundation has 16 elephants under its care, all being elephants received as a result of donations. The Foundation did not record these elephants in its accounts because the Foundation's objective is to return them to the wild after a period of adjustment and rehabilitation. In addition, it is not possible to estimate the value of these elephants.

6. EMPLOYEES AND RELATED COSTS

2003 2002
Number of employees at the end of year (persons) 21 14
Employee costs during the year (Baht) 2,754,639 558,175

7. APPROVAL OF FINANCIAL STATEMENTS
These financial statements have been approved by the Foundation Board Members.

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