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 2007 and 2006, 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 management of the Foundation 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 audit 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 management of the Foundation, 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 2007 and 2006, 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 : 28 March 2008




ELEPHANT REINTRODUCTION FOUNDATION
BALANCE SHEETS
AS AT 31 DECEMBER 2007 AND 2006
(Unit : Baht)
Note 2007 2006
ASSETS
CURRENT ASSETS
Cash and deposits at financial institutions
8,626,687 6,576,054
Current investments
4 11,499,308 17,022,674
Elephants
5 14,390,485 11,390,485
Other current assets
   
Receivables from lawsuits in respect of breach of contract
275,000 275,000
Interest receivable
256,344 308,039
Others
263,050 321,065
TOTAL CURRENT ASSETS 35,310,874 35,893,317
NON-CURRENT ASSETS
Long-term investment
4 13,530,027 7,485,939
Equipment - net
6 6,632,913 6,799,551
Deposit
30,000 30,000
TOTAL NON-CURRENT ASSETS 20,192,940 14,315,490
TOTAL ASSETS 55,503,814 50,208,807
LIABILITIES AND ACCUMULATED FUNDS
CURRENT LIABILITIES
Accrued expenses
134,366 71,799
Contribution awaiting transfer to provident fund
7,253 23,760
Others
38,269 25,973
TOTAL CURRENT LIABILITIES 179,888 121,532
ACCUMULATED FUNDS
Initial capital funds
7 776,911 776,911
Balance of funds
54,547,015 49,310,364
TOTAL ACCUMULATED FUNDS 55,323,926 50,087,275
TOTAL LIABILITIES AND ACCUMULATED FUNDS 55,503,814 50,208,807

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 2007 AND 2006
(Unit : Baht)
Note 2007 2006
REVENUES
Donations
8 14,123,767 13,059,576
Interest income
1,282,434 1,144,578
Other income
100 2,419
TOTAL REVENUES 15,406,301 14,206,573
EXPENSES
Administrative expenses
10,169,650 10,953,380
TOTAL EXPENSES 10,169,650 10,953,380
SURPLUS OF REVENUES TO EXPENSES FOR THE YEAR 5,236,651 3,253,193

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 2007 AND 2006
(Unit : Baht)
Accumulated funds  
Initial capital funds Balance of funds Total
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
Surplus of revenues to expenses for the year - 5,236,651 5,236,651
Balance as at 31 December 2007 776,911 54,547,015 55,323,926

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



ELEPHANT REINTRODUCTION FOUNDATION
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2007 AND 2006

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 Foundation had been listed as public charity organisation or institution No. 508 under Notification of the Ministry of Finance (No. 210).

2. ADOPTION OF NEW ACCOUNTING STANDARDS
The Federation of Accounting Professions (FAP) has issued Notifications No. 9/2550, 38/2550 and 62/2550 regarding Accounting Standards. The notifications mandate the use of the following new Accounting Standards.

2.1 Thai Accounting Standards which are effective for the year 2007

TAS 44 (revised 2007) Consolidated Financial Statement and Separate Financial Statements
TAS 45 (revised 2007) Investments in Associates
TAS 46 (revised 2007) Interests in Joints in Joint Ventures

These accounting standards become effective for the financial statements for fiscal years beginning on or after 1 January 2007. However, these revised accounting standards are not relevant to the business of the Foundation.

2.2 Thai Accounting Standards which are not effective for the year 2007

TAS 25 (revised 2007) Cash Flow Statements
TAS 29 (revised 2007) Leases
TAS 31 (revised 2007) Inventories
TAS 33 (revised 2007) Borrowing Costs
TAS 35 (revised 2007) Presentation of Financial Statements
TAS 39 (revised 2007) Accounting Policies, Changes in Accounting Estimates and Errors
TAS 41 (revised 2007) Interim Financial Reporting
TAS 43 (revised 2007) Business Combinations
TAS 49 (revised 2007) Construction Contracts
TAS 51   Intangible Assets

hese accounting standards will become effective for the financial statements for fiscal years beginning on or after 1 January 2008. The management has assessed the effect of these revised accounting standards and believes that they will not have any significant impact on the financial statements for the year in which they are initially applied.

3. SIGNIFICANT ACCOUNTING POLICIES

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

3.2 Investments
Held to maturity debt investments are represented at amortized cost.

3.3 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 have been missing for over 1 year or die.

3.4 Equipment / 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 provided for equipment under installation.

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

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 income tax.

3.7 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.

4. INVESTMENTS
At as 31 December 2007 and 2006, the balance of current investments and long-time investments consist of :-

(Unit : Baht)
2007 2006
CURRENT INVESTMENTS    
Investment in the Foundation's private fund  
Fixed deposits
- 2,600,000
State enterprise bond
6,032,773 12,222,411
Debenture
2,496,419 2,200,263
Treasury bills
2,970,116 -
Total current investments 11,499,308 17,022,674
LONG-TERM INVESTMENTS    
Investment in the Foundation's private fund    
Debenture
7,030,027 985,939
Long-term investments held by the Foundation    
Goverment bond
6,500,000 6,500,000
Total long-term investments 13,530,027 7,485,939

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.

5. ELEPHANTS
At as 31 December 2007, 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 9 - 9
Elephants under control of the Foundation 2 39 41
Total 11 39 50

During 2007, 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 2007 8 32 40
Additions - 11 11
Deaths - (2) (2)
Undeer observation by other party (1) - (1)
Missing but found later 2 - 2
Total 9 41 50

6. EQUIPMENT
(Unit : Baht)
Mobile
office
Furniture
and fixtures
Computer
and
equipment
Vihicle
and
equipment
Equipment
under
installation
Others Total
Cost:
31 December 2006 554,650 4,854,211 678,611 3,374,352 64,662 1,236,467 10,762,953
Acquisition using cash from donation/Transfer in - 337,209 133,356 2,096,874 37,692 340,509 2,945,640
Donated/Write off - (38,327) (38,592) (1,081,953) - (256,221) (1,415,093)
31 December 2007 554,650 5,153,093 773,375 4,389,273 102,354 1,320,755 12,293,500
Accumulated depreciation :  
31 December 2006 192,266 1,546,166 325,347 1,400,240 - 499,383 3,963,402
Depreciation charged for the year 110,868 1,011,706 152,419 772,529 - 232,733 2,280,255
Accumulted depreciation of donated equipment/Write off - (26,141) (38,799) (395,359) - (122,771) (583,070)
31 December 2007 303,134 2,531,731 438,967 1,777,410 - 609,345 5,660,587
Net book value :
31 December 2006 362,384 3,308,045 353,264 1,974,112 64,662 737,084 6,799,551
31 December 2007 251,516 2,621,362 334,408 2,611,863 102,354 711,410 6,632,913
Depreciation for the year
2006 2,064,435
2007 2,280,255
As at 31 December 2007, certain equipment items have been fully depreciated but are still in use. The original cost of those assets amounted to approximately Baht 0.21 million.

7. 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.

8. DONATIONS
The Foundation received the donations for the year ended 31 December 2007 and 2006 as listed below :-

(Unit : Baht)
2007 2006
Corporate 7,417,366 4,225,145
Individual 5,603,928 7,554,646
Donation box 1,102,473 1,279,785
Total 14,123,767 13,059,576

9. EMPLOYEES AND RELATED COSTS

2007 2006
Number of employees at the end of year (persons) 31 27
Employee costs during the year (Baht) 4,101,618 3,304,759

10. PROVIDENT FUND
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 86,887 (2006 : Baht 65,320) to the fund.

11. COMMITMENTS
As at December 2007, the Foundation has commitments regarding office building rental and service amounting Baht 0.15 million (2006 : Baht 0.15 million).

12. APPROVAL OF FINANCIAL STATEMENTS
These financial statements were authorised for issue by the Foundation's Authorised Directors on 28 March 2008.

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