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 2005 and 2004, 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 2005 and 2004, 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 : 11 April 2006



ELEPHANT REINTRODUCTION FOUNDATION
BALANCE SHEETS
AS AT 31 DECEMBER 2005 AND 2004
(Unit : Baht)
Note 2005 2004
ASSETS
CURRENT ASSETS
Cash and deposits at financial institutions
5,461,779 30,523,175
Current investments
3 1,993,594 -
Elephants
4 6,907,235 3,425,600
Other current assets
   
Receivables from lawsuits in respect of breach of contract
275,000 -
Interest receivable
311,325 -
Others
222,321 219,105
TOTAL CURRENT ASSETS 15,171,254 34,167,880
NON-CURRENT ASSETS
Long-term investment
3 24,630,081 6,000,000
Equipment - net
5 7,272,402 4,124,023
Deposit and advance paid for purchase of fixed assests
30,000 875,101
TOTAL NON-CURRENT ASSETS 31,932,483 10,999,124
TOTAL ASSETS 47,103,737 45,167,004
LIABILITIES AND ACCUMULATED FUNDS
CURRENT LIABILITIES
Accrued expenses
108,371 101,313
Contribution awaiting transfer to provident fund
136,988 270,579
Others
24,296 23,944
TOTAL CURRENT LIABILITIES 269,655 395,836
ACCUMULATED FUNDS
Initial capital funds
6 776,911 776,911
Balance of funds
46,057,171 43,994,257
TOTAL ACCUMULATED FUNDS 46,834,082 44,771,168
TOTAL LIABILITIES AND ACCUMULATED FUNDS 47,103,737 45,167,004

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



ELEPHANT REINTRODUCTION FOUNDATION
STATEMENTS OF REVENUES AND EXPENSES
AS AT 31 DECEMBER 2005 AND 2004
(Unit : Baht)
Note 2005 2004
REVENUES
Donations
7 7,868,392 2,044,157
Interest income
1,038,444 426,527
Other income
87,764 1,440
TOTAL REVENUES 8,994,600 2,472,124
EXPENSES
Administrative expenses
6,931,686 7,150,014
TOTAL EXPENSES 6,931,686 7,150,014
SURPLUS (DEFICIT) OF REVENUES TO EXPENSES FOR THE YEAR 2,062,914 (4,677,890)

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


ELEPHANT REINTRODUCTION FOUNDATION
STATEMENTS OF CHANGES IN FUND BALANCE
AS AT 31 DECEMBER 2005 AND 2004
(Unit : Baht)
Accumulated funds  
Initial capital funds Balance of funds Total
Balance as at 31 December 2003 776,911 48,672,147 49,449,058
Deficit 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
Surplus of revenues to expenses for the year - 2,062,914 2,062,914
Balance as at 31 December 2005 776,911 46,057,171 46,834,082

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 624 Yoawaraj Place Building, Room 209, Yaowaraj Road, Sampantawong, Bangkok 10100.

At present, the Foundation has 3 offices as follow:-
- The Bangkok office located on 624 Yoawaraj Place Building, Room 209, 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 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 Investments
Held to maturity debt investments are represented at amortized cost.

2.3 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.

2.4 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.

2.5 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 income tax.

2.6 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. INVESTMENTS
At as 31 December 2005 and 2004, the balance of current investments and long-time investments consist of :-

(Unit : Baht)
2005 2006
CURRENT INVESTMENTS    
Investment in the Foundation's private fund  
Treasury bills
1,993,594 -
Total current investments 1,993,594 -
LONG-TERM INVESTMENTS    
Investment in the Foundation's private fund    
State enterprise bond
12,370,736 -
Debenture
5,759,345 -
Long-term investments held by the Foundation    
Goverment bond
6,500,000 6,000,000
Total long-term investments 24,630,081 6,000,000

These investments represent investment in private fund 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.

4. ELEPHANTS
At as 31 December 2005, 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 11 - 11
Elephants under care of the Foundation 2 17 19
Total 13 17 30

5. EQUIPMENT - NET
(Unit : Baht)
Mobile
office
Furniture
and fixtures
Computer
and
equipment
Vihicle
and
equipment
Equipment
under
installation
Others Total
Cost:
31 December 2004 373,150 729,771 382,239 1,485,398 1,185,543 711,973 4,868,074
Acquisition using cash from donation/Transfer in - 3,880,005 92,520 1,067,300 2,339,414 409,469 7,788,708
Transfer out - - - - (3,465,927) - (3,465,927)
31 December 2005 373,150 4,609,776 474,759 2,552,698 59,030 1,121,442 9,190,855
Accumulated depreciation :  
31 December 2004 27,383 170,576 126,987 357,416 - 61,689 744,051
Depreciation charged for the year 74,589 426,081 80,397 401,614 - 191,721 1,174,402
31 December 2005 101,972 596,657 207,384 759,030 - 253,410 1,918,453
Net book value :
31 December 2004 345,767 559,195 255,252 1,127,982 1,185,543 650,284 4,124,023
31 December 2005 271,178 4,013,119 267,375 1,793,668 59,030 868,032 7,272,402
Depreciation charged to statement of revenues and expenses for the year ended 31 December
2004 521,364
2005 1,174,402

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 2005 and 2004 as listed below :-

(Unit : Baht)
2005 2004
Corporate 2,326,987 1,356,959
Individual 4,354,875 473,480
Donation box 1,186,530 213,718
Total 7,868,392 2,044,157

8. COMMITMENTS
As at December 2005, the Foundation has commitments regarding office building rental and service amounting Baht 0.13 million (2004 : Nil).

9. EMPLOYEES AND RELATED COSTS

2005 2004
Number of employees at the end of year (persons) 23 21
Employee costs during the year (Baht) 3,094,671 3,258,997

10. APPROVAL OF FINANCIAL STATEMENTS
These financial statements were authorised by the Foundation's Authorised Derectors on 11 April 2006.

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