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 Independent Auditor
Elephant Reintroduction Foundation, Bangkok, Thailand.

To The Board of
The Elephant Reintroduction Foundation

I have audited the balance sheets of The Elephant Reintroduction Foundation, a non-profit organisation, as at 31
December 2009 and 2008, 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 the 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 2009 and 2008, 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 appropriateto a non-profit organisation.

Siraporn Ouaanunkun
Certified Public Accountant (Thailand) No. 3844

Ernst & Young Office Limited
Bangkok : 25 March 2010




ELEPHANT REINTRODUCTION FOUNDATION
BALANCE SHEETS
AS AT 31 DECEMBER 2009 AND 2008
(Unit : Baht)
Note 2009 2008
ASSETS
CURRENT ASSETS
Cash and cash equivalents
19,547,209 18,079,428
Current investments
6 3,000,830 3,003,840
Elephants
7 28,450,485 23,720,485
Other current assets
   
Receivables from lawsuits in respect of breach of contract-net
- 275,000
Interest receivable
272,418 243,017
Others
323,237 227,526
TOTAL CURRENT ASSETS 51,594,179 45,549,296
NON-CURRENT ASSETS
Long-term investment
6 20,314,000 16,294,858
Equipment - net
8 2,745,141 12,932,750
Deposit
131,610 131,310
TOTAL NON-CURRENT ASSETS 23,190,750 29,358,9180
TOTAL ASSETS 74,784,930 74,908,214
LIABILITIES AND ACCUMULATED FUNDS
CURRENT LIABILITIES
Accrued expenses
94,609 86,938
Contribution awaiting transfer to provident fund
1,879 4,181
Others
25,299 36,710
TOTAL CURRENT LIABILITIES 121,787 127,829
NON CURRENT LIABILITIES
Retention payable
23,917 780,683
Total Non-current Liabilities
23917 780,683
Total Liabilities
145,704 908,512
ACCUMULATED FUNDS
Initial capital funds
9 776,911 776,911
Balance of funds
73,862,315 73,222,791
TOTAL ACCUMULATED FUNDS 74,639,226 73,999,702
TOTAL LIABILITIES AND ACCUMULATED FUNDS 74,784,930 74,908,214

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 2009 AND 2008
(Unit : Baht)
Note 2009 2008
REVENUES
Donations
10 22,183,784 29,577,303
Interest income
1,247,446 1,464,859
Other income
25,057 33,487
TOTAL REVENUES 23,456,287 31,075,649
EXPENSES
Administrative expenses
11,022,060 11,213,298
Other expenses
11,794,703 1,186,575
TOTAL EXPENSES 22,816,763 12,399,873
SURPLUS OF REVENUES TO EXPENSES FOR THE YEAR 639,524 18,675,776

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 2009 AND 2008
(Unit : Baht)
Accumulated funds  
Initial capital funds Balance of funds Total
Balance as at 31 December 2007 776,911 54,547,015 55,323,926
Surplus of revenues to expenses for the year - 18,675,776 18,675,776
Balance as at 31 December 2008 776,911 73,222,791 73,999,702
Surplus of revenues to expenses for the year - 639,524 639,524
Balance as at 31 December 2009 776,911 73,862,315 74,639,226

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



ELEPHANT REINTRODUCTION FOUNDATION
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2009 AND 2008

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 255-257 ,7 floor Hua Seng Heng 2 Building, Soi Mangkorn, Yaowaraj Road, Sampantawong, Bangkok 10100.

At present, the Foundation has 3 offices as follow:-
- The Bangkok office located on 255-257,7th floor Hua Seng Heng2 Building, Soi Mangkorn, 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. Basis of preparation
The financial statements in Thai language are the official statutory financial statements of the Foundation. The financial
statements in English language have been translated from the Thai language financial statements.

3. Adoption of new accounting standards

In June 2009, the Federation of Accouting Professions issued Notification No. 12/2552, assigning new number to Thai Accouting Standard that match the corresponding International Accounting Standards. The numbers of Thai Accounting Standards as referred to in these financial statements reflect such change.

The Federation of Accounting Professions has issued Notification No. 86/2551 and 16/2552, mandating the use of new accouting standards,financial reporting standard and accounting treatment guidance as follws.

3.1 Accounting Standards, financial reporting standard and accouting treatment guidance which are effective for the year 2009

Framework for the Preparation and Presentation of Financial Statements (revised 2007)

TAS 36 (revised 2007) Impairment of Assets
TFRS 5 (revisred 2007) Non-current Assets Held for Sale and Discontinued Operations

Accouting Treatment Guidance for Leasehold Right
Accouting Tretment Guidance for Business Combination under common Control

These accounting standards, financial reporting standard and accounting treatment guidance became effective for the financial statements for fiscal years beginning on or after 1 January 2009. The management of the Foundation has assessed the effect of these standards and believes that TFRS 5 (revised 2007), Accounting Treatment Guidance for Leasehold Right and Accouting Treatment Guidance for Business Combination under Common Control are not relevant to the business of the Foundation, while Framework for the preparation and Presentation of Financial Statements (revised 2007) and TAS 36 (revised 2007) donot have any significant impact on the financial statemenst for the current year.

3.2 Accounting standards which are not effective for the year 2009
The Federation of Accounting Professions has also issued Notification No.86/2551 mandating the use of the following new
accounting standards:

    Effective date
TAS 20 Accouting for Government Grants and Disclosure of Government Assistance 1 January 2012
TAS 24 Related Party Disclosures 1 January 2011
TAS 40 Invesment property 1 January 2011


However, TAS 24 (revised 2007)and TAS 40 allow early adoption by the entity before the effective date.
The managment of the Foundation has assessed the effect of these standards and believes that TAS 20 and TAS 40 are not revant to the business of the Foundation, while TAS 24 (revised 2007) will not have any significant impact on the financial statements for the year in which it is initially applied.

4. Significant accounting policies

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

4.2 Cash and cash equivalents
Cash and cash equivalents consist of cash in hand, and at banks and all highly liquid investments with an original maturity of three months or less and not subject to withdrawal restrictions.

4.3 Investments
Held to maturity debt investments are recorded at amortized cost.

4.4 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.

4.5 Equipment and 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.

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

4.7 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 corporate income tax.

5. USE OF ACCOUNTING ESTIMATES
The 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.

6. INVESTMENTS
As at 31 December 2009 and 2008, the balance of current investments and long-term investments consist of :-

(Unit : Baht)
2009 2008
CURRENT INVESTMENTS    
Investment in the Foundation's private fund  
Debentures
3,000,830 3,003,840
Total current investments 3,000,830 3,003,840
LONG-TERM INVESTMENTS    
Investment in the Foundation's private fund    

State enterprise bond

1,476,114 1,457,986
Debentures
12,337,886 8,336,872
Long-term investments held by the Foundation    
Government bond
6,500,000 6,500,000
Total long-term investments 20,314,000 16,294,858

This investments in private fund represents invesment 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.

7. ELEPHANTS
As at 31 December 2009, 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 58 60
Total 11 58 69

During 2009, 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 2009 9 54 63
Additions - 9 9
Acquisition by donation - - -
Deaths - (3) (3)
Balance as at 31 December 2009 9 60 69

8. EQUIPMENT
(Unit : Baht)
Mobile
office
Furniture
and fixtures
Computer
and
equipment
Vihicle
and
equipment
Equipment
under
installation
Others Total
Cost:
31 December 2008 554,650 5,364,826 720,515 4,389,273 8,353,304 1,387,892 20,770,480
Acquisition using cash from donation/Transfer in - 94,933 40,745 - 2,216,062 79,233 2,430,973
Donated/Write off - (98,241) (86,729) (18,210) (10,569,366) (14,487) (10,787,033)
31 December 2009 554,650 5,361,518 674,531 4,371,063 - 1,452,638 12,414,400
Accumulated depreciation :  
31 December 2008 414,306 3,515,223 493,241 2,532,261 - 882,679 7,837,710
Depreciation charged for the year 83,486 964,887 92,117 645,538 - 227,369 2,013,397
Accumulted depreciation of donated equipment/Write off - (85,657) (66,619) (18,208) - (11,364) (181,848)
31 December 2008 497,792 4,394,453 518,739 3,159,591 - 1,098,684 9,669,259
Net book value :
31 December 2008 140,344 1,849,603 227,274 1,857,012 8,353,304 505,213 12,932,750
31 December 2009 56,858 967,065 155,792 1,211,472 - 353,954 2,745,141
Depreciation for the year included in administrative expenses:
2008 2,288,571
2009 2,013,397

As at 31 December 2009, certain equipment items have been fully depreciated but are still in use. The original cost of those assets amounted to approximately Baht 3.34 million.(2008: Baht 1.52 million).

9. 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.

10. DONATIONS
The Foundation received the donations for the year ended 31 December 2009 and 2008 as listed below :-

(Unit : Baht)
2009 2008
Bank of Thailand - 1,000,000
Corporate 15,632,888 22,051,220
Individual 4,958,701 4,726,555
Donation box 1,592,195 1,799,528
Total 22,183,784 29,577,303

11. EXPENSES BY NATURE

Significant expenses by nature are as follow:

(Unit : Baht)
2009 2008
Salaries and wages and other employee benefits 5,489,228 4,818,512
Depreciation 2,013,397 2,288,571
Write off of elephants 1,205,000 1,160,000
Donated equipment 10,569,366 -
Rental expenses 524,847 460,349

12. 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 2009, the Foundation contributed Baht 379,307 (2008 : Baht243,912) to the fund.

13. Operating Lease Commitments

The Foundation has entered into several lease agreements in respect of the lease and service of office building space. The terms of the agreements are generally 3 years.Operating lease agreements are non-cancellable.

As at 31 December 2009, future minimum lease payments required under these non-cancellable operating lease contracts were as follows:

 

Million Baht

Payable within:

less than 1 year

0.5

1 to 2 years

0.2

14. APPROVAL OF FINANCIAL STATEMENTS
These financial statements were authorised for issue by the Foundation's Authorised Directors on 25 March 2010.

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