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

We have audited the balance sheets of Rama IX Art Museum Foundation as at December 31, 2010 and 2009 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, 2010 and 2009 and the income and expenditure and changes in fundsí equity for the years then ended in conformity with generally accepted accounting principles.


BANGKOK

March 30, 2011

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, 2010 and 2009
Baht
  Notes 2010 2009
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents   1,211,045 848,189
Temporary investment 5 13,633,438 15,750,778
Supplies 6 531,968 558,145
Other current assets   156,090 156,090
Total Current Assets   15,532,541 17,313,202
 
NON-CURRENT ASSETS  
Building and equipment - net 7 273,259 427,378
Software - net 8 9,867 21,680
Art collection   19,138,153 19,088,153
Total Non-Current Assets   19,421,279 19,537,211
TOTAL ASSETS   34,953,820 36,850,413
LIABILITIES AND FUND'S EQUITY  
CURRENT LIABILITIES  
Accrued expenses
  177,517 85,566
Foundation income tax payable
  43,341 -
Total Current Liabilities   220,858 85,566
TOTAL LIABILITIES   220,858 85,566
 
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   33,505,362 35,537,247
Total Fund's Equity   34,732,962 36,764,847
TOTAL LIABILITIES AND FUND'S EQUITY   34,953,820 36,850,413
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, 2010 and 2009
Baht
  2010 2009
INCOME
Donation income 1,004,280 2,788,548
Donated artworks 50,000 280,000
Interest income 2,136 2,370
Investment income 431,278 579,199
Total Income 1,487,694 3,650,117
EXPENDITURE
Personnel expenses 2,153,062 2,254,559
Rental fee 623,161 623,161
Professional fees 80,000 70,000
Depreciation and amortization 237,854 264,085
Miscellaneous expenses 382,161 1,368,247
Foundation income tax 43,341 58,157
Total Expenditure 3,519,579 4,638,209
INCOME UNDER EXPENDITURE (2,031,885) (988,092)
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, 2010 and 2009
Baht
Capital Fund
From Donation

Accumulated
excess of income over expenditure
Total Fund's
equity
Initial capital
Fund
Additional
Fund
BEGINNING BALANCE, JANUARY 1, 2009 200,000 1,027,600 36,525,339 37,752,939
Income under expenditure - - (988,092) (988,092)
ENDING BALANCE, DECEMBER 31, 2009 200,000 1,027,600 35,537,247 36,764,847
BEGINNING BALANCE, JANUARY 1, 2010
200,000 1,027,600 35,537247 36,764,847
Excess (Deficit) income under expenditure - - (2,031,885) (2,031,885)
ENDING BALANCE, DECEMBER 31, 2010 200,000 1,027,600 33,505,362 34,732,962
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, 2010 and 2009

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 government organization, private organization, partnership, local and international company and international culture 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 maintains its accounting records in Thai Baht and prepares its statutory financial statements in the Thai language in conformity with accounting standards 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.

According to the Federation of Accounting Professions' Notification 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", No. 24 (Revised 2007) "Related Party Disclosures" and No. 107 "Financial Instruments : Disclosure and Presentation".

The Federation of Accounting Professions has issued the Notifications regarding the new and revised Thai Accounting Standards (TAS), Thai Financial Reporting Standards (TFRS) and Thai Financial Reporting Interpretation (TFRI), which are not yet effective for the current period as follows:

a) TAS, TFRS and TFRI which are effective on January 1, 2011:

  TAS    
  TAS 1 (Revised 2009) Presentation of Finacial 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    
  TAS 19   Employee Benefits
  TAS 23 (Revised 2009) Borrowing Costs
  TAS    
  TAS 24 (Revised 2009) Related Party Disclousures
  TAS 26   Accounting and Reporting by Retirement Benefit Plans
  TAS 27 (Revised 2009) Consolidated and Separate Financial Statements
  TAS 28 (Revised 2009) Investment in Associates
  TAS 29   Financial Reporting in Hyperinflationary Economies
  TAS 31 (Revised 2009) Interests in Joint Venture
  TAS 33 (Revised 2009) Earnings 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    
  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
  TFRI    
  TFRI 15   Agreements for the Construction of Real Estate

The Foundation's management will adopt the above TAS, TFRS and TFRI relevant to the Foundation in the preparation of Foundation's financial statements when they become effective. The Foundation's management has assessed the effects of these standards and believes that they will not have any significant impact on the financial statements for the period in which they are initially applied.

b) TAS which are effective on January 1, 2013:

  TAS    
  TAS 12   Income Taxes
  TAS 20   Accounting for Government Grants and Disclosure of Government Assistance
  TAS 21 (Revised 2009) The Effects of Changes in Foreign Exchange Rates

The Foundation's management anticipates that the Foundation will adopt the above TAS relevant to the Foundation in the preparation of Foundation's financial statements when they become effective. The Foundation's management is in the process of assessing the impact of these standards on the financial statements for the period in which they are initially applied.

The financial statements have been prepared under the historical cost convention excerpt as disclosed the significant accounting policies.

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 of investment are 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 statements of income and a related 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 calculated by the straight-line method, 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 generally accepted accounting principles also requires the Foundation's management to exercise judgments in on order to determine the accounting policies, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenditure during the reporting period. Although, these estimates are base on management's reasonable consideration of current events, actual results may differ from these estimates.

5. TEMPORARY INVESTMENT

As at December 31, 2010 and 2009, the unrealized gain on investment in short-term fixd income fund and opend-end fund are as follows:


  2010 2009
Cost Gross Unrealized Gain Net Asset Value Cost Gross Unrealized Gain Net Asset Value
Baht
Short-term fixed income fund and opened-end fund 12,300,000 1,333,438 13,633,438 12,300,000 3,450,778 15,750,778
Total 12,300,000 1,333,438 13,633,438 12,300,000 3,450,778 15,750,778

6. SUPPLIES

Supplies as at December 31, 2010 and 2009, consist of the following:

2008
Baht
2009
Baht
Art in the Reign of Rama IX Books and art catalogues 521,912 545,753
CD Project 6 Decades 10,056 12,392
531,968 558,145

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, consists of the following:

As at December 31, 2010
Balance
December 31,
2009
Additions Write-off Balance
December 31,
2010
Baht
Cost:
Office equipment 1,481,740 71,921 - 1,553,661
Building improvement 130,594 - - 130,594
Total cost 1,612,334 71,921 - 1,684,255
Accumulated depreciation:
Office equipment (1,131,883) (199,921) - (1,331,804)
Building improvement (53,073) (26,119) - (79,192)
Total accumulated depreciation (1,184,956) (226,040) - (1,410,996)
Building and Equipment - net 427,378 273,259
         
As at December 31, 2009
  Balance
December 31,
2008
Additions/
Transfer in
Write-off Balance
December 31,
2009
Baht
Office equipment 1,476,840 4,900 - 1,481,740
Building improvement 130,594 - - 130,594
Total cost 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)
Total accumulated depreciation (932,684) (252,2725) - (1,184,956)
Building and Equipment - net 674,750     427,378
Depreciation for the years††ended December 31,†
2010 Baht† 226,040
2009 Baht† 252,272

8. SOFTWARE - NET

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

As at December 31, 2010
Balance as at
December 31,
2009
Additions Disposals Balance as at
December 31,
2010
Baht
Software 59,068 - - 59,068
Less Accumulated amortization (37,388) (11,813) - (49,201)
Software - net 21,680 9,867
     
As at December 31, 2009
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) - (37,388)
Software - net 33,493 21,680
       
Amortization for the years ended December 31,†
2010 Baht† 11,813
2009 Baht† 11,813

9. LAWSUIT

During the year 2011, the Foundation has filed a police complaint against a resigned Foundation's officer who was found to have made fraudulent transactions since the year 2007 by taking Foundation's salary and art gallery items with the total value of Baht 693,380. The Foundation recognized such fraudulent transactions in the financial statements.

10. RECLASSIFICATIONS

Curtain accounts in the financial statements for the year ended December 31, 2009 have been reclassified to conform to the presentation in the financial statements for the year ended December 31, 2010 as follows:

Accounts Amount
Baht
Previous presemtation Current Presentation
Miscellaneous expenses 410,133 Personnel expenses Miscellaneous expenses

11. APPROVAL OF FINANCIAL STATEMENTS

These financial statements have been approved for issuing by the authorized director of the Foundation on March 30, 2011.
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Foundation Board of Directors
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