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, 2009 and 2008 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, 2009 and 2008 and the income and expenditure and changes in fundsí equity for the years then ended in conformity with generally accepted accounting principles.


BANGKOK

April 1, 2010

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, 2009 and 2008
Baht
  2009 2008
ASSETS
CURRENT ASSETS
Cash and cash equivalents 848,189 289,402
Temporary investment 15,750,778 17,329,761
Supplies 558,145 563,002
Other current assets 156,090 171,877
Total Current Assets 17,313,202 18,354,042
NON-CURRENT ASSETS
Building and equipment - net 427,378 674,750
Software - net 21,680 33,493-
Art collection (Notes 4.5) 19,088,153 18,808,153
Total Non-Current Assets 19,537,211 19,516,396
TOTAL ASSETS 36,850,413 37,870,438
LIABILITIES AND FUND'S EQUITY
CURRENT LIABILITIES
Accrued expenses
85,566 92,041
Foundation income tax payable
- 25,458
Total Current Liabilities 85,566 117,499
TOTAL LIABILITIES 85,566 117,499
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 35,537,247 36,525,339
Total Fund's Equity 36,764,847 37,752,939
TOTAL LIABILITIES AND FUND'S EQUITY 36,850,413 37,870,438
Notes to the financial statements form an integral part of these statements
Back To Top
Rama IX Art Museum Foundation
Statements of Income and Expenditure
For the Years ended
December 31, 2009 and 2008
Baht
  2009 2008
INCOME
Donation income 2,788,548 195,539
Donated artworks 280,000 653,000
Interest income 2,370 2,609
Investment income 579,199 1,094,346
Total Income 3,650,117 1,945,494
EXPENDITURE
Personnel expenses 2,664,692 3,103736
Rental fee 623,161 498,181
Professional fees 70,000 70,000
Depreciation and amortization 264,085 287,758
Miscellaneous expenses 958,114 430,356
60 years anniversary project expenses - 720,000
Foundation income tax 58,157 109,696
Total Expenditure 4,638,209 5,219,727
EXCESS INCOME (DEFICIT) OVER EXPENDITURE (988,092) (3,274,233)
Notes to the financial statements form an integral part of these statements
Back To Top
Rama IX Art Museum Foundation
Statements of Changes in Funds' Equity
For the Years ended
December 31, 2009 and 2008
Baht
Capital Fund
From Donation

Accumulated
excess of income over expenditure
Total Fund's
equity
Initial capital
Fund
Additional
Fund
BEGINNING BALANCE, JANUARY 1, 2008 200,000 1,027,600 39,799,572 41,027,172
Income under expenditure - - 3,274,233 3,274,233
ENDING BALANCE, DECEMBER 31, 2008 200,000 1,027,600 36,525,339 37,752,939
BEGINNING BALANCE, JANUARY 1, 2009
200,000 1,027,600 36,525,339 37,752939
Excess (Deficit) income under expenditure - - (988,092) (988,092)
ENDING BALANCE, DECEMBER 31, 2009 200,000 1,027,600 35,537,247 36,764,847
Notes to the financial statements form an integral part of these statements
Back To Top
Rama IX Art Museum Foundation
Notes to The Financial Statements
For the Years ended
December 31, 2009 and 2008

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 statement of the Foundation are prepared in compliance with the Department of Business Development regarding "The Brief Particulars in the Financial statements B.E.2552" dated January 30,2009, which are effective for financial periods beginning on or after January 1, 2009, onwards. The financial statement for the year ended December 31, 2008, presented herein for comparison, have been reclassify accordingly.

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.7(Revised 2007) "Cash Flow Statements" (previously No.25) and No. 24 (Revised 2007) "Related Party Disclosures" (previously No.24) and No.32 "Financial Instruments : Disclosure and Presentation" (previously No.48).

The Federation of Accounting Professions has issued Notifications of Federation of Accounting Professions No. 12/2552 dated May 15, 2009 regarding the renumbering of Thai accounting standing to be equivalent to the International Accounting Standarts. Therefore, the reference Accounting Standarts in these financial statement have used the new numbers to be in accordance with sure Notification.

The Federation of Accounting Professions issued Notifications of Federation of Accounting Professions No. 86/2551 dated November 12, 2008 regarding the following accounting standards the were announced in the Royal Gazette which become effective for the financial period on or after January 1, 2009 and has no material impact to the Foundation's financial statements.

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

The Federation of Accounting Professions has issued Notifications of Federation of Accounting Professions No. 16/2552 dated May 21, 2009 regarding the the following new and revised accounting standards that have been announced in the Royal Gazette , but not yet in effective in 2009.

    Accounting Standards Effactive date
  Accounting Framework (Revised 2007) January 1, 2011
  No.20 Accounting for Govermment Grants and Disclosure of Govemment Assistance January 1, 2011
  No.24(Revised 2007) Related Party Disclosures (previously No.47) January 1, 2011
  No.40 Investment Property January 1, 2011

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 Temporary investment

Temporary 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 Building, Equipment and intangible assets

Building and Equipment is stated at cost less accumulated depreciation.

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

Depreciation and amortization 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

The 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. TEMPORARY INVESTMENT

As at December 31, 2009 and 2008, the unrealized gain on investment in short-term fixd income fund and opend-end fund are as follows:


2009
Cost

Baht
Gross
Unrealized Gain

Baht
Net Asset
Value

Baht
   opened-end fund 12,300,000 3,450,778 15,750,778
   Total 12,300,000 3,450,778 15,750,778
2008
Cost

Baht
Gross
Unrealized Gain

Baht
Net Asset
Value

Baht
   opened-end fund 14,400,000 2,929,761 17,329,761
   Total 14,400,000 2,929,761 17,329,761

6. SUPPLIES

Supplies as at December 31, consist of the following:

2009
Baht
2008
Baht
Art in the Reign of Rama IX Books and art catalogues 545,753 549,858
CD Project 6 Decades 12,392 13,144
558,145 563,002

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

7. BUILDING AND EQUIPMENT - NET

Building and Equipment - net as at December 31, 2009 and 2008 consists of the following:

Balance
December 31,
2008
Additions/
Transfer in
Write-off Balance
December 31,
2009
Baht
Cost:
Office equipment 1,476,840 4,900 - 1,481,740
Building improvement 130,594 - - 130,594
1,607,434 4,900 - 1,612,334
Accumulated depreciation:
Office equipment (905,730) (226,153) - (1,131,883)
Building improvement (26,954) (26,119) - (53,073)
(932,684) (252,272) - (1,184,956)
Building and Equipment - net 674,750 427,378
       
  Balance
December 31,
2007
Additions/
Transfer in
Write-off Balance
December 31,
2008
Baht
Office equipment 1,407,687 69,153 - 1,476,840
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
Depreciation for the years
2009 252,272
2008 275,945

8. SOFTWARE - NET

Software - net as at December 31, 2009 and 2008, consists of the following:

Balance as at
December 31,
2008
Additions Disposals Balance as at
December 31,
2009
Baht
Software 59,068 - - 59,068
Less Accumulated amortization (25,575) (11,813) - (25,575)
Software - net 33,493 33,307
     
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 33,493
       
Amortization for the years    
2009 11,813
2008 11,814

9. APPROVAL OF FINANCIAL STATEMENTS

These financial statements have been approved for issuing by the authorized director of the Foundation on April 1, 2010.
Back To Top
Foundation Board of Directors
<< Back Forward >>
webmaster@rama9art.org


1997-1998
1998-1999
1999-2000
2000-2001
2001-2002
2002-2003
2003-2004
2004-2005
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
2013-2014
2014-2015
2015-2016