Rama IX Art Museum
Audited Financial Statements
Auditor Thaveekiarti Krishnamra CPA No.104
Deloitte Touche Tohmatsu Jaiyos Co., Ltd.
 
Audited Financial Statements

We have audited the balance sheets of Rama IX Art Museum Foundation as at December 31, 2008 and 2007 and the related statements of income and expenditure and changes in fundsí equity for the years then ended. These financial statements are the responsibility of the Foundationís management as to their correctness and completeness of the presentation. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance as to 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 management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the aforementioned financial statements present fairly, in all material respects, the financial position of Rama IX Art Museum Foundation as at December 31, 2008 and 2007 and the income and expenditure and changes in fundsí equity for the years then ended in conformity with generally accepted accounting principles.


BANGKOK

March 27, 2009

Thaveekiarti Krishnamra
Certified Public Accountant (Thailand)
Registration No. 104
DELOITTE TOUCHE TOHMATSU JAIYOS AUDIT CO., LTD.

Rama IX Art Museum Foundation
Balance Sheets
As at December 31, 2008 and 2007
Baht
  2008 2007
ASSETS
CURRENT ASSETS
Cash and deposits at financial institutions 289,402 382,539
Current investment (Notes 4.2 and 5) 17,329,761 21,159,376
Supplies (Notes 4.3 and 6) 563,002 568,702
Other current assets 171,877 85,431
Total Current Assets 18,354,042 22,196,048
NON-CURRNET ASSETS
Equipment - net (Notes 4.4 and 7) 674,750 750,948
Software - net (Note 4.4 and 8) 33,493 45,307-
Art collection (Notes 4.5) 18,808,153 18,155,153
Total Non-Current Assets 19,516,396 18,951,408
TOTAL ASSETS 37,870,438 41,147,456
LIABILITIES AND FUND'S EQUITY
CURRENT LIABILITIES
Accrued expenses
92,041 120,284
Foundation income tax payable
25,458 -
Total Current Liabilities 117,499 120,284
TOTAL LIABILITIES 117,499 120,284
FUND'S EQUITY
Initial capital fund from donation 200,000 200,000
Additional funds from donation 1,027,600 1,027,600
Accumulated excess of income over expenditure 36,525,339 39,799,572
Total Fund's Equity 37,752,939 41,027,172
TOTAL LIABILITIES AND FUND'S EQUITY 37,870,438 41,147,456
Notes to the financial statements form an integral part of these statements
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Rama IX Art Museum Foundation
Statements of Income and Expenditure
For the Years ended
December 31, 2008 and 2007
Baht
  2008 2007
INCOME
Donation income 195,300 5,552,959
Donated artworks 653,000 1,048,000
Interest received 2,609 8,548
Investment income 1,094,346 669,461
Total Income 1,945,494 7,278,968
EXPENDITURE
Personnel expenses 3,101,736 2,411,339
Rental fee 498,181 402,144
Professional fees 70,000 60,000
Depreciation and amortization 287,758 256,229
Miscellaneous expenses 430,356 886,107
60 years anniversary project expenses 720,000 1,339,085
Foundation income tax 109,696 67,801
Total Expenditure 5,219,727 5,422,705
EXCESS INCOME (DEFICIT) OVER EXPENDITURE (3,274,233) 1,856,263
Notes to the financial statements form an integral part of these statements
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Rama IX Art Museum Foundation
Statements of Changes in Funds' Equity
For the Years ended
December 31, 2008 and 2007
Baht
Capital Fund
From Donation

Accumulated
excess of income over expenditure
Total Fund's
equity
Initial capital
Fund
Additional
Fund
BEGINNING BALANCE, JANUARY 1, 2007 200,000 1,027,600 37,943,309 39,170,909
Excess income over expenditure - - 1,856,263 1,856,263
ENDING BALANCE, DECEMBER 31, 2007 200,000 1,027,600 39,799,572 41,027,172
BEGINNING BALANCE, JANUARY 1, 2008
200,000 1,027,600 39,799,572 41,027,172
Excess (Deficit) income over expenditure - - (3,274,233) (3,274,233)
ENDING BALANCE, DECEMBER 31, 2008 200,000 1,027,600 36,525,339 37,752,939
Notes to the financial statements form an integral part of these statements
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Rama IX Art Museum Foundation
Notes to The Financial Statements
For the Years ended
December 31, 2008 and 2007

1. OBJECTIVES OF THE FOUNDATION

Office of the National Culture Commission approved the setup of the Rama IX Art Museum Foundation (“"the Foundation”") on August 15, 1996. The registration for the setup of the Foundation was completed on October 4, 1996, with the following objectives:

1.1 To manage the Project of Art Exhibition in the honor of His Majesty King Bhumibol Adulyadej, the Supreme Artist, in Art and Culture, commemoration of the 50th anniversary of His Majesty The King’s accession to the throne.

1.2 To be responsible to fund raising in order to build up and manage a modern art museum to be named in the honor of His Majesty The King.

1.3 To support and develop knowledge of art. To collect and promote Thai artworks in the country and throughout the other countries around the world.

1.4 To promote and support the attitude to preserve the Thai contemporary art.

1.5 To organize a quality art publishing house concentrating in conventional publications and electronic educational aids for further understanding of Thai contemporary arts and to support and develop artistical knowledge.

1.6 To organize with other non-profit organization, education institution, art activities and others which have its same objectives in order to stimulate more grants and funding for public and young artists.

1.7 To encourage local and international artistic and cultural collaborations in order to support objectives of the foundation.

2. FUNDING POLICIES

The Foundation was established with the initial funds of Baht 200,000. The Foundation may raise additional funds as follows:.

2.1 Funds provided by Governmental organizations or state enterprises, or others in the country.

2.2 Funds or properties donated by charitable persons or organizations in the country or abroad.

2.3 Fund or properties bequeathed under a will or other juristic acts, provided that there are no conditions obligating the Foundation to any liabilities or whatsoever.

2.4 Interest and dividends arising from funds and the property which constitute the assets of the Foundation.

2.5 Contributions from the usage of the property or facilities of the Foundation, or services provided by the Foundation with free of charge.

2.6 Other income from the Foundation's activities.

3. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The Foundation prepares its statutory financial statements in the Thai language in accordance with accounting principles and practices generally accepted in Thailand.

The financial statements are prepared in accordance with the Notification of the Department of Commercial Registration (currently the Department of Business Development) dated September 14, 2001 regarding "The Brief Particulars in the Financial Statements B.E.2544".

According to the Federation of Accounting Professions' Announcement No. 21/2550 regarding "Exemption of Accounting Standards", the Foundation elected to adopt the exemption by not applying Thai Accounting Standard No.25 "Cash Flow Statements" and No. 48 "Financial Instruments Disclosure and Presentation".

The Federation of Accounting Professions has issued Notifications of Federation of Accounting Professions No. 9/2550 dated May 2, 2007, No. 38/2550 dated September 21, 2007 and No. 62/2550 dated December 7, 2007 regarding the following accounting standards that were announced in the Royal Gazette, but were not in effect in 2007:

  TAS 36 (Revised 2007) Impairment of assets
  TAS 54 (Revised 2007) Non-current assets held for sales and discontinued operation

These accounting standards will supersede previously issued accounting standards when they become effective. The management has assessed the impact of these accounting standards, when they are effective, for financial periods beginning on or after January 1, 2008 and does not expect them to have a material effect on the Foundation financial statements.

4. SIGNIFICANT ACCOUNTING POLICIES

4.1 Income and expenditure recognition

Income and expenditure are recognized on an accrual basis, except for income from donation, which is recognized on cash basis.

4.2 Current investment

Current investment are carried at fair value. Change in fair value recognized in the statement of income.

In case an impairment in value of an investment has occurred, a provision for impairment is recognized in the statement of income and a relates allowance for impairment is established.

4.3 Supplies

Supplies are stated at cost which is calculated on an average basis.

4.4 Equipment and intangible assets

Equipment is stated at cost less accumulated depreciation.

Intangible asset which is software is stated at cost less accumulated amortization.

Depreciation is calculated by the straight-line method, based on the estimated useful lives of the assets as follows:

Office equipment 5 years
Software 5 years
Building Improvement 3 years

For office equipment, which was transferred from the Golden Jubilee Art Celebration, depreciation is based on its remaining useful life.

4.5 Art collection

The artworks transferred from the Golden Jubilee Art Celebration as well as donated by artists, are estimated their value by individual artists.

4.6 Use of accounting estimates

Preparation of financial statements in conformity with Thai generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosoures of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses in the reported periods. Actual results may differ from those estimates.

5. CURRENT INVESTMENT

As at December 31, 2008 and 2007, the unrealized gain on investment in short-term fixd income fund and opend-end fund are as follows:


2008
Cost

Baht
Gross
Unrealized Gain

Baht
Net Asset
Value

Baht
   Securities investment 14,400,000 2,929,761 17,329,761
   Total 14,400,000 2,929,761 17,329,761
2007
Cost

Baht
Gross
Unrealized Gain

Baht
Net Asset
Value

Baht
   Securities investment 19,200,000 1,959,376 21,159,376
   Total 19,200,000 1,959,376 21,159,376

6. SUPPLIES

Supplies as at December 31, consist of the following:

2008
Baht
2007
Baht
Art in the Reign of Rama IX Books and art catalogues 549,858 555,004
CD Project 6 Decades 13,144 13,698
563,002 568,702

Supplies will be given to donors who provide the Foundation with financial support.

7. EQUIPMENT - NET

Equipment - net as at December 31, consists of the following:

Balance
December 31,
2007
Additions/
Transfer in
Write-off Balance
December 31,
2008
Baht
Cost:
Office equipment 1,407,687 69,153 - 1476,8407
Building improvement - 130,594 - 130,594
1,407,687 199,747 - 1,607,434
Accumulated depreciation:
Office equipment (656,739) (248,991) - (905,730)
Building improvement - (26,954) - (26,954)
(656,739) (275,945) - (932,684)
Building and Equipment - net 750,948 674,750
       
  Balance
December 31,
2006
Additions/
Transfer in
Write-off Balance
December 31,
2007
Baht
Office equipment 1,383,611 24,076 - 1,407,687
Building improvement - - - -
  1,383,611 24,076 - 1,407,687
Accumulated depreciation:      
Office equipment (409,955) (246,784) - (656,739)
Building improvement - - - -
  (409,955) (246,784) - (656,739)
Building and Equipment - net 973,656     750,948
Depreciation for the years
2008 275,945
2007 246,784

8. SOFTWARE - NET

Software - net as at December 31, consists of the following:

Balance as at
December 31,
2007
Additions Disposals Balance as at
December 31,
2008
Baht
Software 59,068 - - 59,068
Less Accumulated amortization (13,761) (11,814) - (25,575)
Software - net 45,307 33,307
     
Balance as at
December 31,
2006
Additions Disposals Balance as at
December 31,
2007
Baht
Software 23,540 35,528 - 59,068
Less Accumulated amortization (4,316) (9,445) - (13,761)
Software - net 19,224 45,307
       
Amortization for the years    
2007 11,814
2006 9,445

9. APPROVAL OF FINANCIAL STATEMENTS

These financial statements have been approved for issuing by the authorized director of the Foundation on March 27, 2009.
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Foundation Board of Directors
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