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 2006 and 2005, 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 2006 and 2005, 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 : 30 March 2007



ELEPHANT REINTRODUCTION FOUNDATION
BALANCE SHEETS
AS AT 31 DECEMBER 2006 AND 2005
(Unit : Baht)
Note 2006 2005
ASSETS
CURRENT ASSETS
Cash and deposits at financial institutions
6,576,054 5,461,779
Current investments
3 17,022,674 1,993,594
Elephants
4 11,390,485 6,907,235
Other current assets
   
Receivables from lawsuits in respect of breach of contract
275,000 275,000
Interest receivable
308,039 311,325
Others
321,065 222,321
TOTAL CURRENT ASSETS 35,893,317 15,171,254
NON-CURRENT ASSETS
Long-term investment
3 7,485,939 24,630,081
Equipment - net
5 6,799,551 7,272,402
Deposit
30,000 30,000
TOTAL NON-CURRENT ASSETS 14,315,490 31,932,483
TOTAL ASSETS 50,208,807 47,103,737
LIABILITIES AND ACCUMULATED FUNDS
CURRENT LIABILITIES
Accrued expenses
71,799 108,371
Contribution awaiting transfer to provident fund
23,760 136,988
Others
25,973 24,296
TOTAL CURRENT LIABILITIES 121,532 269,655
ACCUMULATED FUNDS
Initial capital funds
6 776,911 776,911
Balance of funds
49,310,364 46,057,171
TOTAL ACCUMULATED FUNDS 50,087,275 46,834,082
TOTAL LIABILITIES AND ACCUMULATED FUNDS 50,208,807 47,103,737

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



ELEPHANT REINTRODUCTION FOUNDATION
STATEMENTS OF REVENUES AND EXPENSES
AS AT 31 DECEMBER 2006 AND 2005
(Unit : Baht)
Note 2006 2005
REVENUES
Donations
7 13,059,576 7,868,392
Interest income
1,144,578 1,038,444
Other income
2,419 87,764
TOTAL REVENUES 14,206,573 8,994,600
EXPENSES
Administrative expenses
10,953,380 6,931,686
TOTAL EXPENSES 10,953,380 6,931,686
SURPLUS (DEFICIT) OF REVENUES TO EXPENSES FOR THE YEAR 3,253,193 2,062,914

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


ELEPHANT REINTRODUCTION FOUNDATION
STATEMENTS OF CHANGES IN FUND BALANCE
AS AT 31 DECEMBER 2006 AND 2005
(Unit : Baht)
Accumulated funds  
Initial capital funds Balance of funds Total
Balance as at 31 December 2004 776,911 43,994,257 44,771,168
Deficit 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
Surplus of revenues to expenses for the year - 3,253,193 3,253,193
Balance as at 31 December 2006 776,911 49,310,364 50,087,275

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



ELEPHANT REINTRODUCTION FOUNDATION
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2006 AND 2005

1. GENERAL INFORMATION
The Elephant Reintroduction Foundation (hereinafter refered to as "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 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. SIGNIFICANT ACCOUNTING POLICIES

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 or died.

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
Depreciation is included in determining operating results.
No depreciation is provided for equipment under installation.

2.5 Employee benefits
Salary, wages and contributions to the social security fund and provident fund are recognised as expenses when incurred.

2.6 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 income tax.

2.7 Use of accounting estimates
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.

3. INVESTMENTS
At as 31 December 2006 and 2005, the balance of current investments and long-time investments consist of :-

(Unit : Baht)
2006 2005
CURRENT INVESTMENTS    
Investment in the Foundation's private fund  
Fixed deposits
2,600,000 -
State enterprise bond
12,222,411 -
Debenture
2,200,263 -
Treasury bills
- 1,993,594
Total current investments 17,022,674 1,993,594
LONG-TERM INVESTMENTS    
Investment in the Foundation's private fund    
State enterprise bond
- 12,370,736
Debenture
985,939 5,759,345
Long-term investments held by the Foundation    
Goverment bond
6,500,000 6,500,000
Total long-term investments 7,485,939 24,630,081

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 2006, elephants under care of the Foundation are listed as follow :-

Elephants
acquired by donation
Elephant
purchased
using cash
from donation
Total
Elephants released to natural habitat but still under observation of the Foundation 8 - 8
Elephants under care of the Foundation 2 30 32
Total 10 30 40

5. EQUIPMENT - NET
(Unit : Baht)
Mobile
office
Furniture
and fixtures
Computer
and
equipment
Vihicle
and
equipment
Equipment
under
installation
Others Total
Cost:
31 December 2005 373,150 4,609,776 474,759 2,552,698 59,030 1,121,442 9,190,855
Acquisition using cash from donation/Transfer in 181,500 298,437 247,080 821,654 5,632 115,025 1,669,328
Donated - (54,002) (43,228) - - - (97,230)
31 December 2006 554,650 4,854,211 678,611 3,374,352 64,662 1,236,467 10,762,953
Accumulated depreciation :  
31 December 2005 101,972 596,657 207,384 759,030 - 253,410 1,918,453
Depreciation charged for the year 90,294 963,361 123,597 641,210 - 245,973 2,064,435
Accumulted depreciation of donated equipment - (13,852) (5,634) - - - (19,486)
31 December 2006 192,266 1,546,166 325,347 1,400,240 - 499,383 3,963,402
Net book value :
31 December 2005 271,178 4,013,119 267,375 1,793,668 59,030 868,032 7,272,402
31 December 2006 362,384 3,308,045 353,264 1,974,112 64,662 737,084 6,799,551
Depreciation for the year
2005 1,174,402
2006 2,064,435

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 2006 and 2005 as listed below :-

(Unit : Baht)
2006 2005
Corporate 4,225,145 2,326,987
Individual 7,554,646 4,354,875
Donation box 1,279,785 1,186,530
Total 13,059,576 7,868,392

8. PROVIDENT FUNDS
The Foundation and its employees have jointly established a provident fund in accordance with the Provident Fund Act B.E. 2530. The Foundation contributed to the fund monthly at the rate of 5 - 10 percent of basic salary and employees contributed to the fund monthly at the rate of 5 percent of basic salary. The fund, which is managed by TISCO Asset Management Company Limited, will be paid to employees upon termination of their membership of the fund, in accordance with the fund rules. During the year 2006, the Foundation contributed Baht 65,320 (2005 : Baht 65,390) to the fund.

9. COMMITMENTS
As at December 2006, the Foundation has commitments regarding office building rental and service amounting Baht 0.15 million (2005 : Baht 0.13 million).

10. EMPLOYEES AND RELATED COSTS

2006 2005
Number of employees at the end of year (persons) 27 21
Employee costs during the year (Baht) 3,304,759 3,094,671

11. APPROVAL OF FINANCIAL STATEMENTS
These financial statements were authorised for issue by the Foundation's Authorised Directors on 30 March 2007.

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