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 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 2004 and 2003, the related statements of revenues and expenses and changes in fund balance for the years then ended. 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 2004 and 2003, and the results of its operations for the years then ended 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 : 15 February 2005



ELEPHANT REINTRODUCTION FOUNDATION
BALANCE SHEETS
AS AT 31 DECEMBER 2004 AND 2003
(Unit : Baht)
Note 2004 2003
ASSETS
CURRENT ASSETS
Cash and deposits at financial institutions
30,523,175 47,993,307
Advance to employees
66,067 232,642
Elephants
3 3,425,600 -
Other current assets
30,068 30,068
TOTAL CURRENT ASSETS 34,167,880 48,256,017
NON-CURRENT ASSETS
Long-term investment
4 6,000,000 -
Equipment - net
5 4,124,023 1,451,074
Deposit and advance paid for purchase of fixed assests
875,101 -
TOTAL NON-CURRENT ASSETS 10,999,124 1,451,074
TOTAL ASSETS 45,167,004 49,707,091
LIABILITIES AND ACCUMULATED FUNDS
CURRENT LIABILITIES
Accrued expenses
101,313 98,630
Contribution awaiting transfer to provident fund
270,579 139,133
Other current liabilities
23,944 20,270
TOTAL CURRENT LIABILITIES 395,836 258,033
ACCUMULATED FUNDS
Initial capital funds
6 776,911 776,911
Balance of funds
43,994,257 48,672,147
TOTAL ACCUMULATED FUNDS 44,771,168 49,449,058
TOTAL LIABILITIES AND ACCUMULATED FUNDS 45,167,004 49,707,091

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



ELEPHANT REINTRODUCTION FOUNDATION
STATEMENTS OF REVENUES AND EXPENSES
AS AT 31 DECEMBER 2004 AND 2003
(Unit : Baht)
Note 2004 2003
REVENUES
Donations
7 2,044,157 50,075,145
Interest income
426,527 489,751
Other income
1,440 6,720
TOTAL REVENUES 2,472,124 50,571,616
EXPENSES
Administrative expenses
7,150,014 4,465,291
TOTAL EXPENSES 7,150,014 4,465,291
SURPLUS (DEFICIT) OF REVENUES TO EXPENSES FOR THE YEAR (4,677,890) 46,106,325

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


ELEPHANT REINTRODUCTION FOUNDATION
STATEMENTS OF CHANGES IN FUND BALANCE
AS AT 31 DECEMBER 2004 AND 2003
(Unit : Baht)
Accumulated funds  
Initial capital funds Balance of funds Total
Initial capital funds from donations (Note 4) 776,911 2,565,822 3,342,733
Surplus of revenues to expenses for the period - 46,106,325 46,106,325
Balance as at 31 December 2003 776,911 48,672,147 49,449,058
Surplus of revenues to expenses for the year - (4,677,890) (4,677,890)
Balance as at 31 December 2004 776,911 43,994,257 44,771,168

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 7th floor, Parking Building, Toursim Authority of Thailand, 10600 New Petchaburi Road, Makkasan, Rajchathewi, Bangkok 10400.

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 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 balance sheets when they are offically released to their natural habitat.

2.3 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 :-

Mobile Office - 5 Years
Furniture and fixtures - 5 Years
Computer and equipment - 5 Years
Vehicle and equipment - 5 Years
Other - 5 Years
No depreciation is provided for equipment under installation.

2.4 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.

2.5 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. ELEPHANTS
At as 31 December 2004, elephants under care of the Foundation are listed as follow :-

Elephants
acquired by
Donation
Elephant
purchased
using cash
from donation
Total
Elephants re;eased to natural habitat but still
under observation of the Foundation
15 - 15
Elephants under care of the Foundation 1 9 10
Total 16 9 25

5. EQUIPMENT - NET
(Unit : Baht)
Mobile
office
Furniture
and
Fixtures
Computer
and
equipment
Vihicle
and
equipment
Equipment
under
installation
Others Total
Cost:
31 December 2003 - 426,279 264,799 864,206 - 148,204 1,703,488
Additional fixed assets from donations - 19,900 295,110 - - - 315,010
Acquisition using cash from donations 373,150 283,592 26,700 706,838 1,185,543 563,769 3,139,592
Disposal by donation - - (204,370) (85,646) - - (290,016)
31 December 2004 373,150 729,771 382,239 1,485,398 1,185,543 711,973 4,868,074
Accumulated depreciation :  
31 December 2003 - 47,557 55,517 147,445 - 1,895 252,414
Depreciation charged for the year 27,383 123,019 78,355 232,813 - 59,794 521,364
Disposal by donation - - (6,885) (22,842) - - (29,727)
31 December 2004 27,383 170,576 126,987 357,416 - 61,689 744,051
Net book value :
31 December 2003 - 378,722 209,282 716,761 - 146,309 1,451,074
31 December 2004 345,767 559,195 255,252 1,127,982 1,185,543 650,284 4,124,023
Depreciation charged to statement of revenues and expenses for the year ended 31 December
2004 521,364
2003 252,414

6. 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.

7. DONATIONS
The Foundation received the donations for the year ended 31 December 2004 and 2003 as listed below :-

(Unit : Baht)
2004 2003
Ministry of Finance - 50,000,000
Corporate 1,356,959 58,500
Individual 473,480 16,645
Donation box 213,718 -
Total 2,044,157 50,075,145

8. EMPLOYEES AND RELATED COSTS

2004 2003
Number of employees at the end of year (persons) 23 21
Employee costs during the year (Baht) 3,258,997 2,754,639

9. 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