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 2010 and 2009, 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 2010 and 2009, 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 : 29 March 2011




THE ELEPHANT REINTRODUCTION FOUNDATION
BALANCE SHEETS
AS AT 31 DECEMBER 2010 AND 2009
(Unit : Baht)
Note 2010 2009
ASSETS
CURRENT ASSETS
Cash and cash equivalents
6 12,795,448 19,547,209
Current investments
7 5,309,629 3,000,830
Elephants
8 30,730,485 28,450,485
Other current assets
   
Interest receivable
286,065 272,418
Others
307,712 323,237
TOTAL CURRENT ASSETS 49,429,339 51,594,179
NON-CURRENT ASSETS
Long-term investments
7 22,697,534 20,314,000
Equipment - net
9 2,048,342 2,745,141
Deposits
131,610 131,610
TOTAL NON-CURRENT ASSETS 24,877,486 23,190,751
TOTAL ASSETS 74,306,825 74,784,930
LIABILITIES AND ACCUMULATED FUNDS
CURRENT LIABILITIES
Accrued expenses
118,527 94,609
Contribution awaiting transfer to provident fund
1003 1,879
Others
43,381 25,299
TOTAL CURRENT LIABILITIES 162,911 121,787
NON CURRENT LIABILITIES
Retention payable
23,917 23,917
Total Non-current Liabilities
23,917 23,917
Total Liabilities
186,828 145,704
ACCUMULATED FUNDS
Initial capital funds
10 776,911 776,911
Balance of funds
73,343,086 73,862,315
TOTAL ACCUMULATED FUNDS 74,119,997 74,639,226
TOTAL LIABILITIES AND ACCUMULATED FUNDS 74,306,825 74,784,930

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 20
10 AND 2009
(Unit : Baht)
Note 2010 2009
REVENUES
Donations
11 11,864,215 22,183,784
Interest income
1,290,662 1,247,446
Other income
140,874 25,057
TOTAL REVENUES 13,295,751 23,456,287
EXPENSES
Administrative expenses
11,384,980 11,022,060
Other expenses
2,430,000 11,794,703
TOTAL EXPENSES 13,814,980 22,816,763
SURPLUS OF REVENUES TO EXPENSES FOR THE YEAR (519,229) 639,524

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 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
       
Balance as at 31 December 2009 776,911 73,862,315 74,639,226
Deficit of revenues to expenses for the year - (519,229) (519,229)
Balance as at 31 December 2010 776,911 73,343,086 74,119,997

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



ELEPHANT REINTRODUCTION FOUNDATION
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 20
10 AND 2009

1. General information
The Elephant Reintroduction Foundation ("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 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 Heng 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

3.1 During the current year, the Federation of Accounting Professions ('FAP') issued a number of revised and new accounting standards (TAS, TFRS, TFRIC, SIC) as listed below.

a) Accounting standards that are effective for fiscal years beginning on or after 1 January 2011 (except Framework for Preparation and Presentation of Financial Statements, which is immediately effective)

Framework for Preparation and Presentation of Financial Statements (revised 2009)

TAS 1 (revised 2009) Presentation of Financial Statements
TAS 2 (revised 2009) Inventories
TAS 7 (revised 2009) Statement of Cash Flows
TAS 8 (revised 2009) Accounting Policies, Changes in Accounting Estimates and Errors
TAS 10 (revised 2009) Events after the Reporting Period
TAS 11 (revised 2009) Construction Contracts
TAS 16 (revised 2009) Property, Plant and Equipment
TAS 17 (revised 2009) Leases
TAS 18 (revised 2009) Revenue
TAS 19 Employee Benefits
TAS 23 (revised 2009) Borrowing Costs
TAS 24 (revised 2009) Relates Party Disclosures
TAS 26 Accounting and Reporting by Retirement Benefit Plans
TAS 27 (revised 2009) Consolidated and Separate Financial Statements
TAS 28 (revised 2009) Invesments in Associates
TAS 29 Financial Reporating in Hyperinflationary Economies
TAS 31 (revised 2009) Interests in Joint Ventures
TAS 33 (revised 2009) Earning per Share
TAS 34 (revised 2009) Interim Financial Reporting
TAS 36 (revised 2009) Impairment of Assets
TAS 37 (revised 2009) Provisions, Contingent Liabilities and Contingent Assets
TAS 38 (revised 2009) Intangible Assets
TAS 40 (revised 2009) Investment Property
TFRS 2 Share-Based Payment
TFRS 3 (revised 2009) Business Combinations
TFRS 5 (revised 2009) Non-current Assets Held for Sale and Discontinued Operations
TFRS 6 Exploration for and Evaluation of Mineral Resources
TFRIC 15 Agreements for the Construction of Real Estate
SIC 31 Revenue - Barter Transactions Involving Advertising Services

b) Accounting standards that are effective for fiscal years beginning on or after 1 January 2013:

TAS 12 Income Taxes
TAS 20 (revised 2009) Accounting for Govenment Grants and Disclosure of Government Assistance
TAS 21(revised 2009) The Effects of Changes in Foreign Exchange Rate
SIC 10 Government Assistance - No Specific Relation to Operating Activitues
SIC 21 Income Taxes - Recovery of Revalued Non-Depreciable Assets
SIC 25 Income Taxes - Changes in the Tax Status of an Entity or its Shareholders

3.2 In addition, FAP is in the process of preparing a new set of accounting standards exclusively for non-publicly accountable entieies (NPAE). It is expected that these accounting standards will be announces in early 2011 and effective prospectively. However, NPAE may choose to maintain its books of account based on the existing accounting standards.

At present, the Foundation's management is in the process of deciding what set of accounting standards to apply.

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 amortised 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. Cash and Cash equivalents
(Unit : Baht)
2010 2009
Cash and Cash equivalents held by the Foundation    
Cash
20,000 20,000
Bank deposits
6,5420,983 8,891,681
Cash and cash equivalents in the Foundation's private fund    
Bank deposits
3,234,519 643,720

Government bonds

1,998,153 9,991,808
Bank of Thailand bonds
999,793 -
Total 12,795,448 19,547,209

7. Invesment
As at 31 December 2010 and 2009, the balance of current investments and long-term investments consist of :-

(Unit : Baht)
2010 2009
Current investments    
Investment in the Foundation's private fund  
Debentures
5,309,629 3,003,830
Total current investments 5,309,629 3,003,830
Long-term investments    
Investment in the Foundation's private fund    

Fixed deposit

1,000,000 -

State enterprise bond

8,079,303 1,476,114
Debentures
7,618,231 12,337,886
Long-term investments held by the Foundation    
Government bond
6,000,000 6,500,000
Total long-term investments 22,697,534 20,314,000

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.

8. ELEPHANTS
As at 31 December 2010, 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 7 - 7
Elephants under control of the Foundation 3 58 61
Total 10 58 68

During the year 2010, 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 60 69
Additions - 5 5
From donation - 1 1
Deaths (2) (5) (7)
Balance as at 31 December 2010 7 61 68

9. EQUIPMENT
(Unit : Baht)
Mobile
office
Furniture
and fixtures
Computer
and
equipment
Vihicle
and
equipment
  Others Total
Cost:
31 December 2009 554,650 5,361,518 674,531 4,371,063   1,452,638 12,414,400
Acquisition using cash from donation/Transfer in - 117,439 13,735 -   738,250 869,424
Donated/Write off - - - (695,385)   (7,688) (703,073)
31 December 2010 554,650 5,478,957 688,266 3,675,678   2,183,200 12,580,751
Accumulated depreciation :  
31 December 2009 497,792 4,394,453 518,739 3,159,591   1,098,684 9,669,259
Depreciation charged for the year 36,280 717,709 90,683 581,441   136,639 1,562,752
Accumulted depreciation of donated equipment/Write off - - -) (695,384)   (4,218) (699,602)
31 December 2010 534,072 5,112,162 609,422 3,045,648   1,231,105 10,532,409
Net book value :
31 December 2009 56,858 967,065 155,792 1,211,472   353,954 2,745,141
31 December 2010 20,578 366,795 78,844 630,030   952,095 2,048,342
Depreciation for the year included in administrative expenses:
2009 2,013,397
2010 1,562,752

As at 31 December 2010, certain equipment items have been fully depreciated but are still in use. The original cost of those assets amounted to approximately Baht 6.6 million.(2009: Baht 3.34 million).

10. 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.

11. DONATIONS
The Foundation received the donations for the year ended 31 December 2010 and 2009 as listed below :

(Unit : Baht)
2010 2009
Corporate 8,001,650 15,632,888
Individual 2,397,727 4,958,701
Donation box 1,464,838 1,592,195
Total 11,864,215 22,183,784

12. EXPENSES BY NATURE

Significant expenses by nature are as follow:

(Unit : Baht)
2010 2009
Salaries and wages and other employee benefits 6,076,626 5,489,228
Depreciation 1,562,752 2,013,397
Write off of elephants 2,430,000 1,205,000
Donated equipment - 10,569,366
Rental expenses from operating lease agreements 521,640 524,847

13. 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 2010, the Foundation contributed Baht427,114 (2009 : Baht379,307 ) to the fund.

14. 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 2010, future minimum lease payments required under these non-cancellable operating lease contracts were as follows:

 

Million Baht

Payable within:

less than 1 year

0.2

15. APPROVAL OF FINANCIAL STATEMENTS
These financial statements were authorised for issue by the Foundation's Authorised Directors on 29 March 2011.

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