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, 2013, 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, 2013, and its financial performance for the year then ended in accordance with Thai Financial Reporting Standard for Non-Publicly Accountable Entities.


BANGKOK

February 28, 2014

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, 2013
Baht
  Notes 2013 2012
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents 5 2,538,423 1,566,593
Temporary investments 6 27,126,109 28,186,261
Supplies 7 1,521,454 1,606,721
Other current assets 8 1,359,166 305,237
Total Current Assets   32,545,152 31,664,812
   
NON-CURRENT ASSETS  
Building and equipment 9 413,790 391,582
Intangible asset 10 8,743 1
Art collection   19,386,253 19,386,153
Total Non-Current Assets   19,808,786 19,777,736
TOTAL ASSETS   52,353,938 51,442,548
LIABILITIES AND FUND'S EQUITY  
CURRENT LIABILITIES  
Accrued expenses
  2,153,419 223,006
Foundation income tax payable
  414,478 209,636
Total Current Liabilities   2,567,897 432,642
TOTAL LIABILITIES   2,567,897 432,642
   
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   48,558,441 49,782,306
Total Fund's Equity   49,786,041 51,009,906
TOTAL LIABILITIES AND FUND'S EQUITY   52,353,938 51,442,548
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, 2013
Baht
  Notes 2013 2012
INCOME  
Donation income 11 7,660,805 11,636,303
Donated artworks   - 188,000
Interest income   11,719 30,603
Investment income   943,198 878,253
Other income   898,336 60,602
Total Income   9,514,058 12,793,761
EXPENDITURE  
Personnel expenses   2,105,303 1,661,825
Rental fee   590,571 590,571
Professional fees   123,000 118,000
Depreciation and amortization   113,818 122,545
Printing service fee   83,862 634,131
1 Century of science and the role of Thailand Project expenses   840,256 -
Classics Jeeb Bangkok project expenses 11 6,026,998 -
Miscellaneous expenses   743,057 2,216,744
Income tax expenses 12 111,058 91,942
Total Expenditure   10,737,923 5,435,758
INCOME OVER EXPENDITURE   (1,223,865) 7,358,003
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, 2013
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, 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
  For the year ended December 31, 2013
Beginning balance as at January 1, 2013
200,000 1,027,600 49,782,306 51,009,906
Income over expenditure - - (1,223,865) (1,223,865)
Ending balance as at December 31, 2013 200,000 1,027,600 48,558,441 49,786,041
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, 2013


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 accounting 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 presented at price given by the 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:


  2013 2012
Baht
Cash on hand 27,000 27,000
Cash at banks - savings account 2,511,423 1,539,593
  2,538,423 1,566,593

As at December 31, 2013 and 2012, the weighted average interest rate of savings account was 0.625% per annum and 0.625% per annum, respectively.

6. TEMPORARY INVESTMENTS

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

  2013 2012
  Cost Gross
Unrealized
Gain
Fair
Value
Cost Gross
Unrealized
Gain
Fair
Value
Baht
Short-term fixed income fund and opened-end fund 26,182,911 943,198 27,126,109 27,308,008 878,253 28,186,261
Total 26,182,911 943,198 27,126,109 27,308,008 878,253 28,186,261

7. SUPPLIES

Supplies as at December 31, consist of the following:

2013 2012
Baht
Art in the Reign of Rama IX Books and art catalogues 1,512,150 1,597,457
CD Project 6 Decade 9,304 9,264
  1,521,454 1,606,721

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

8. OTHER CURRENT ASSETS

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

2013 2012
Baht
Deposit 509,442 204,323
Accrued income 764,400 -
Others 85,324 100,914
  1,359,166 305,237

9. BUILDING AND EQUIPMENT

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

As at December 31, 2013
Balance as at
December 31, 2012
Additions Disposals Balance as at
December 31, 2013
Baht
COST:
Office equipment 1,436,757
135,434 (220,280) 1,351,911
Building improvement 130,594
- - 130,594
Total cost 1,567,351
135,434 (220,280) 1,482,505
ACCUMULATED DEPRECIATION:
Office equipment (1,045,177) (113,208) 220,262 (938,123)
Building improvement (130,592)
- - (130,592)
Total accumulated depreciation (1,175,769)
(113,208) 220,262 (1,068,715)
Building and equipment 391,582
- - 413,790
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
DEPRECIATION FOR THE YEARS ENDED DECEMBER 31,
2013 Baht 113,208
2012 Baht 122,545

10. INTANGIBLE ASSET

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

As at December 31, 2013
Balance as at
December 31, 2012
Additions Disposals Balance as at
December 31, 2013
Baht
Computer program 59,068
9,352 - 68,420
Less Accumulated amortization (59,067)
(610) - (59,677)
Intangible asset 1
- - 8,743
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
AMORTIZATION FOR THE YEARS ENDED DECEMBER 31,
2013 Baht 610
2012 Baht -

11. CLASSICS JEEB BANGKOK PROJECT

The Foundation has arranged the classics concert project which the project expense is Baht 6,026,998 and donation income is Baht 5,882,250 during the year 2013. After the reporting peroid, the Foundation receives additional donation income in amount of Baht 2,500,000. Therefore, the total donation income for such project is Baht 8,382,250.

12. INCOME TAX EXPENSE

Income tax expense for the years ended December 31, 2013 and 2012 are calculated from revenues before expenses, for non-tax exempted revenues, according to the Revenue Code.

13. 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. As at December 31, 2013, the defendant has already compensated for Baht 170,000, therefore, the outstanding amount is Baht 523,380. The Foundation recognized as other income when the damage is received.


14. APPROVAL OF THE FINANCIAL STATEMENTS

These financial statements have been approved for issuing by the authorized director of the Foundation on February 28, 2014.
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Foundation Board of Directors
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