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 accompanying financial statements of Rama IX Art Museum Foundation, which comprise the statements of financial position as at December 31, 2012, and the statements of income and expenditure and statement of changes in funds’ equity for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statement

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Thai Financial Reporting Standard for Non-Publicly Accountable Entities, and for such internal control as management determines is neccessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Thai Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the fiancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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, 2012, and its financial performance for the year then ended in accordance with Thai Financial Reporting Standard for Non-Publicly Accountable Entities.


BANGKOK

February 28, 2013

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

Rama IX Art Museum Foundation
Statement of Financial Position
As at December 31, 2012 and 2011
Baht
  Notes 2012 2011
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents 5 1,566,593 10,158,779
Temporary investments 6 28,186,261 14,300,182
Supplies 7 1,606,721 2,032,647
Other current assets 8 305,237 977,157
Total Current Assets   31,664,812 27,468,765
   
NON-CURRENT ASSETS  
Building and equipment 9 391,582 258,416
Intangible asset 10 1 1
Art collection   19,386,153 19,198,153
Total Non-Current Assets   19,777,736 19,456,570
TOTAL ASSETS   51,442,548 46,925,335
LIABILITIES AND FUND'S EQUITY  
CURRENT LIABILITIES  
Accrued expenses
  223,006 3,134,681
Foundation income tax payable
  209,636 138,751
Total Current Liabilities   432,642 3,273,432
TOTAL LIABILITIES   432,642 3,273,432
   
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   49,782,306 42,424,303
Total Fund's Equity   51,009,906 43,651,903
TOTAL LIABILITIES AND FUND'S EQUITY   51,442,548 46,925,335
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, 2012 and 2011
Baht
  2012 2011
INCOME
Donation income 11,636,303 14,627,059
Donated artworks 188,000 60,000
Interest income 30,603 21,872
Investment income 878,253 682,435
Other income 60,602 -
Total Income 12,793,761 15,391,366
EXPENDITURE
Personnel expenses 1,661,825 1,336,340
Rental fee 590,571 603,378
Professional fees 118,000 122,000
Depreciation and amortization 122,545 198,789
Printing service fee 634,131 2,535,186
Miscellaneous expenses 2,216,744 1,606,301
Income tax expenses 91,942 70,431
Total Expenditure 5,435,758 6,472,425
INCOME OVER EXPENDITURE 7,358,003 8,918,941
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, 2012 and 2011
Baht
  Capital Fund
From Donation

Accumulated
Excess of Income over Expenditure
Total Fund's
Equity
Initial Capital
Fund
Additional
Fund
  For the year ended December 31, 2011
Beginning balance as at January 1, 2011 200,000 1,027,600 33,505,362 34,732,962
Income over expenditure - - 8,918,941 8,918,941
Ending Balance as at December 31, 2011 200,000 1,027,600 42,424,303 43,651,903
  For the year ended December 31, 2012
Beginning balance as at January 1, 2012
200,000 1,027,600 42,424,303 43,651,903
Income over expenditure - - 7,358,003 7,358,003
Ending balance as at December 31, 2012 200,000 1,027,600 49,782,306 51,009,906
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, 2012 and 2011


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 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 maintains its accounting records in Thai Baht and prepares its statutory financial statements in Thai language in conformity with Thai Financial Reporting Standard (TFRS) for Non-Publicly Accountable Entities (NPAEs) (“TFRS for NPAEs”) issued by the Federation of Accounting Professions and practices generally accepted in Thailand.

The financial statements have been prepared on the measurement basis of historical cost except as disclosed in the 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 when the donation is recieved.

4.2 Cash and cash equivalents

Cash and cash equivalents are cash and all types of deposits at financial institutions with maturity of three months or less and excluding deposits at financial institutions used as collateral.

4.3 Temporary investments

Temporary investments are carried at fair value. Changes in fair value of investment are recognized in the statement of income and expenditure.

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

4.4 Supplies

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

4.5 Building, equipment and intangible assets

Building and Equipment is stated at cost less accumulated depreciation.

Intangible asset which is computer program 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
Computer program 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.

4.6 Art collection

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

4.7 Income tax expense

The Foundation records income tax expense to be paid as expense of the year and records related tax liability using the accrual basis.

4.8 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 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 based on management’s reasonable consideration of current events, actual results may differ from these estimates.

5. CASH AND CASH EQUIVALENTS

Cash and cash equivalents as at December 31, consist of the following:


  2012 2011
Baht
Cash on hand 27,000 10,771
Cash at banks - savings account 1,539,593 10,148,008
  1,566,593 10,158,779

As at December 31, 2012 and 2011, the weighted average interest rate of savings account was 0.625% per annum and 0.1% per annum, respectively.

6. TEMPORARY INVESTMENTS

As at December 31, 2012 and 2011, the unrealized gains on investments in short-term fixed income fund and opened-end fund are as follows:

  2012 2011
  Cost Gross
Unrealized
Gain
Fair
Value
Cost Gross
Unrealized
Gain
Fair
Value
Baht
Short-term fixed income fund and opened-end fund 27,308,008 878,253 28,186,261 13,617,747 682,435 14,300,182
Total 27,308,008 878,253 28,186,261 13,617,747 682,435 14,300,182

7. SUPPLIES

Supplies as at December 31, 2012 and 2011, consist of the following:

2012 2011
Baht
Art in the Reign of Rama IX Books and art catalogues 1,597,457 2,023,264
CD Project 6 Decade 9,264 9,383
  1,606,721 2,032,647

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

8. OTHER CURRENT ASSETS

Other current assets as at December 31, 2012 and 2011, consist of the following:

2012 2011
Baht
Deposit 204,323 927,943
Others 100,914 49,214
  305,237 977,157

9. BUILDING AND EQUIPMENT

Building and Equipment as at December 31, consists of the following:

As at December 31, 2012
Balance as at
December 31, 2011
Additions Disposals Balance as at
December 31, 2012
Baht
COST:
Office equipment 1,727,740
257,859 (548,842) 1,436,757
Building improvement 130,594
- - 130,594
Total cost 1,858,334
257,859 (548,842) 1,567,351
ACCUMULATED DEPRECIATION:
Office equipment (1,494,609) (97,262) 546,694 (1,045,177)
Building improvement (105,309)
(25,283) - (130,592)
Total accumulated depreciation (1,599,918)
(122,545) 546,694 1,175,769
Building and equipment 258,416
- - 391,582
As at December 31, 2011
Balance as at
December 31, 2010
Additions Disposals Balance as at
December 31, 2011
Baht
COST:
Office equipment 1,553,661
174,079 - 1,727,740
Building improvement 130,594
- - 130,594
Total cost 1,684,255
174,079 - 1,858,334
ACCUMULATED DEPRECIATION:
Office equipment (1,331,804) (162,805) - (1,494,609)
Building improvement (79,192)
(26,117) - (105,309)
Total accumulated depreciation (1,410,996)
(188,922) - (1,599,918)
Building and equipment 273,259
- - 258,416
DEPRECIATION FOR THE YEARS ENDED DECEMBER 31,
2012 Baht 122,545
2011 Baht 188,922

10. INTANGIBLE ASSET

Intangible asset as at December 31, consists of the following:

As at December 31, 2012
Balance as at
December 31, 2011
Additions Disposals Balance as at
December 31, 2012
Baht
Computer program 59,068
- - 59,068
Less Accumulated amortization (59,067)
- - (59,067)
Intangible asset 1
- - 1
As at December 31, 2011
Balance as at
December 31, 2010
Additions Disposals Balance as at
December 31, 2011
Baht
Computer program 59,068
- - 59,068
Less Accumulated amortization (49,201)
(9,866) - (59,067)
Intangible asset 9,867
- - 1
AMORTIZATION FOR THE YEARS ENDED DECEMBER 31,
2012 Baht -
2011 Baht 9,866

11. INCOME TAX EXPENSE

Income tax expense for the years ended December 31, 2012 and 2011 are calculated from revenues before expenses, for non-tax exempted revenues, according to the Revenue Code.

12. 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 between the years 2007 to 2010 with the total damage value of Baht 693,380.

On July 17th 2012, a court hearing was held at The Pathumwan Municipal Court and the defendant pleaded guilty to all charges and to reimburse the damage in full amount by paying not less than Baht 10,000 per month and to be complete within 3 years. The defendant has already compensated for Baht 50,000, therefore, the outstanding amount is Baht 643,380.


13. APPROVAL OF THE FINANCIAL STATEMENTS

These financial statements have been approved for issuing by the authorized director of the Foundation on February 28, 2013.
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