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 accompanying statements of financial position of The Elephant Reintroduction Foundation, a non-profit organisation, as at 31 December 2011 and 2010, 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 2011 and 2010, and the results of its operations for the years then
ended in accordance with generally accepted accounting principles applicable to non-publicly accountable entities.

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 2012




THE ELEPHANT REINTRODUCTION FOUNDATION
BALANCE SHEETS
AS AT 31 DECEMBER 2011 AND 20
10
(Unit : Baht)
  Note 2011 2010
ASSETS  
CURRENT ASSETS
Cash and cash equivalents
6 9,352,184 12,795,448
Current investments
7 18,341,361 5,309,629
Elephants
8 30,416,485 30,730,485
Interest receivable
228,305 286,065
Other current assets 222,396 307,712
TOTAL CURRENT ASSETS 58,560,731 49,429,339
NON-CURRENT ASSETS
Long-term investments
7 11,607,917 22,697,534
Equipment - net
9 1,234,527 2,048,342
Deposits
131,610 131,610
TOTAL NON-CURRENT ASSETS 12,974,054 24,877,486
TOTAL ASSETS 74,534,785 74,306,825
LIABILITIES AND ACCUMULATED FUNDS  
CURRENT LIABILITIES
Accrued expenses
103,902 118,527
Other current liabilities
50,202 44,384
TOTAL CURRENT LIABILITIES 154,104 162,911
NON CURRENT LIABILITIES
Retention payable
- 23,917
Total Non-current Liabilities
- 23,917
Total Liabilities
154,104 186,828
ACCUMULATED FUNDS
Initial capital funds
10 776,911 776,911
Balance of funds
70,603,770 73,343,086,
TOTAL ACCUMULATED FUNDS 71,380,681 74,119,997
TOTAL LIABILITIES AND ACCUMULATED FUNDS 71,534,785 74,306,825

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
11 AND 2010
(Unit : Baht)
  Note 2011 2010
REVENUES
Donations
11 11,792,967 11,864,215
Interest income
1,269,704 1,290,662
Other income
10,588 140,874
TOTAL REVENUES 13,073,259 13,295,751
EXPENSES
Administrative expenses
13,656,185 11,384,980
Other expenses
2,156,390 2,430,000
TOTAL EXPENSES 15,812,575 13,814,980
DEFICIT OF REVENUES TO EXPENSES FOR THE YEAR (2,739,316) (519,229)

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 20
11 AND 2010
(Unit : Baht)
  Accumulated funds  
  Initial capital funds Balance of funds Total
Balance as at 31 December 2009 776,911 73,862,315 73,999,702
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
       
Balance as at 31 December 2010 776,911 73,343,086 74,119,997
Deficit of revenues to expenses for the year - (2,739,316) (2,739,316)
Balance as at 31 December 2011 776,911 70,603,770 71,380,681

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 ,7th 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 during the year

In May 2011, the Federation of Accounting Professions issued the financial reporting standard for non-publicly accountable entities ("TFRS for NPAEs"). The Foundation adopted this financial reporting standard during the current year.

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.

4.6 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 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 :Thousand Baht)
2011 2010
Cash and Cash equivalents held by the Foundation    
Cash
185 20
Bank deposits
9,078 6,543
Cash and cash equivalents in the Foundation's private fund    
Bank deposits
89 3,234

Government bonds

- 1,998
Bank of Thailand bonds
- 1,000
Total 9,352 12,795

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

(Unit :Thousand Baht)
2011 2010
Current investments    
Investment in the Foundation's private fund  
Debentures
18,341 5,310
Total current investments 18,341 5,310
Long-term investments    
Investment in the Foundation's private fund    

Fixed deposit

- 1,000

State enterprise bond

- 8,080
Debentures
5,608 7,618
Long-term investments held by the Foundation    
Government bond
6,000 6,000
Total long-term investments 11,608 22,698

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 2011, 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 5 - 5
Elephants under control of the Foundation 2 56 58
Total 7 56 63

During the year 2011, 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 2011 7 61 68
Additions - 2 2
From donation - - -
Deaths (2) (5) (7)
Balance as at 31 December 2011 5 58 63

9. EQUIPMENT
(Unit : Thousand Baht)
Mobile
office
Furniture
and fixtures
Computer
and
equipment
Vihicle
and
equipment
  Others Total
Cost:
1January 2010 554 5,362 674 4,371   1,453 12,414
Acquisition using cash from donation/Transfer in - 117 14 -   738 869
Donated/Write off - - - (695)   (8) (703)
31 December 2010 554 5,479 688 3,676   2,183 12,580
Acquisition using cash from donation/Transfer in - 59 69 20-   1 149
Donated/Write off   (197) (262) (5)   (84) (548)
31 December 2011 554 5,341 495 3,691   2,100 12,181
Accumulated depreciation :  
1 January 2010 498 4,394 518 3,160   1,099 9,669
Depreciation charged for the year 36 718 91 582   136 1,563
Accumulted depreciation of donated equipment/Write off - - - (696)   (4) (700)
31 December 2010 534 5,112 609 3,046   1,231 10,532
Depreciation charged for the year 11 327 64 454   94 950
Accumulted depreciation of donated equipment/Write off - (189)- (258)- (5)   (84) (536)
31 December 2011 545 5,250 145 3,495   1,241 10,946
Net book value :
31 December 2010 20 367 79 630   952 2,048
31 December 2011 9 91 80 196   859 1,235
Depreciation for the year included in administrative expenses:
2010 1,563
2011 950

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 2011 and 2010 as listed below :

(Unit :Thousand Baht)
2011 2010
Corporate 9,914 8,001
Individual 812 2,398
Donation box 1,067 1,465
Total 11,793 11,864

12. 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 theagreements are generally 3 years. Operating lease agreements are non-cancellable. As at 31 December 2011, future minimum lease payments required under these non-cancellable operating leases contracts were as follows:

 

 

Million Baht

Payable within:

Less than 1 year

0.2


13. Approval of financial statements
This financial statements were authorised for issue by the Foundation's Authorised Directors on 30 March 2012.


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