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, 2014, 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, 2014, and its financial performance for the year then ended in accordance with Thai Financial Reporting Standard for Non-Publicly Accountable Entities.


BANGKOK

February 26, 2015

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, 2014
Baht
  Notes 2014 2013
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents 5 1,164,622 2,538,423
Temporary investments 6 26,040,410 27,126,109
Supplies 7 1,426,953 1,521,454
Other current assets 8 294,125 1,359,166
 Total Current Assets   28,926,110 32,545,152
   
NON-CURRENT ASSETS  
Leasehold improvement and equipment 9 513,785 413,790
Intangible asset 10 6,873 8,743
Art collection   20,191,253 19,386,253
 Total Non-Current Assets   20,711,911 19,808,786
TOTAL ASSETS   49,638,021 52,353,938
LIABILITIES AND FUND'S EQUITY  
CURRENT LIABILITIES  
Accrued expenses
  169,047 2,153,419
Foundation income tax payable
  385,295 414,478
 Total Current Liabilities   554,342 2,567,897
TOTAL LIABILITIES   554,342 2,567,897
   
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   47,856,079 48,558,441
 Total Fund's Equity   49,083,679 49,786,041
TOTAL LIABILITIES AND FUND'S EQUITY   49,638,021 52,353,938
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, 2014
Baht
  Notes 2014 2013
INCOME  
Donation income   2,909,010 7,660,805
Donated artworks   1,320,000 -
Interest income   6,692 11,719
Investment income   914,386 943,198
Other income   120,000 898,336
 Total Income   5,270,088 9,514,058
EXPENDITURE  
Personnel expenses   2,754,678 2,105,303
Rental fee   607,653 590,571
Professional fees   143,500 123,000
Depreciation and amortization   147,273 113,818
Printing service fee   94,473 83,862
Artwork written off   515,000 -
Artist sponsorship program expenses   200,000 -
1 Century of science and the role of Thailand Project expenses   - 840,256
Classics Jeeb Bangkok project expenses 11 5,508 6,026,998
70th anniversary Bangkok project expenses   391,318 -
The Most Illustrious Artist project expense   149,663 -
Other office expenses   871,276 743,057
Income tax expense 12 92,108 111,058
 Total Expenditure   5,972,450 10,737,923
INCOME OVER EXPENDITURE   (702,362) (1,223,865)
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, 2014
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, 2013
Beginning balance as at January 1, 2013 200,000 1,027,600 49,782,306 51,009,906
Income under 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
  For the year ended December 31, 2014
Beginning balance as at January 1, 2014
200,000 1,027,600 48,558,441 49,786,041
Income under expenditure - - (702,362) (702,362)
Ending balance as at December 31, 2014 200,000 1,027,600 47,856,079 49,083,679
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, 2014


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 (“TFRS for NPAEs”) issued by the Federation of Accounting Professions and accounting practices generally accepted in Thailand.

The financial statements have been prepared on an accrual basis under the measurement basis of historical cost except as disclosed in the accounting policies.

4. SIGNIFICANT ACCOUNTING POLICIES

4.1 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.

4.2 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 diminution in value of an investment has occurred, a resultant loss on diminution is recognized as expense in the statement of income and expenditure and a related allowance for diminution is established.

4.3 Supplies

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

4.4 Leasehold improvement and equipment

Leasehold improvement and equipment are stated at cost less accumulated depreciation.

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

Leasehold improvement 3 years
Office equipment 5 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 Intangible asset

Intangible asset which is computer program is stated at cost less accumulated amortization.

Amortization is calculated by the straight-line method, based on the estimated useful lives over the period of 5 years.

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 and expenditure recognition

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

4.8 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.

4.9 Use of accounting estimates

The preparation of financial statements in conformity with TERS for NPAEs 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 end of the reporting period 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:


  2014 2013
Baht
Cash on hand 27,000 27,000
Cash at banks - savings account 1,137,622 2,511,423
  1,164,622 2,538,423

As at December 31, 2014 and 2013, the weighted average interest rate of savings account was 0.5% 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:

  2014 2013
  Cost Gross
Unrealized
Gain
Fair
Value
Cost Gross
Unrealized
Gain
Fair
Value
Baht
Short-term fixed income fund and opened-end fund 25,126,024 914,386 26,040,410 26,182,911 943,198 27,126,109
Total 25,126,024 914,386 26,040,410 26,182,911 943,198 27,126,109

7. SUPPLIES

Supplies as at December 31, consist of the following:

2014 2013
Baht
Art in the Reign of Rama IX Books and art catalogues 507,877 508,458
Supreme Artist Book 909,218 1,003,692
CD Project 6 Decade 9,858 9,304
  1,426,953 1,521,454

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:

2014 2013
Baht
Deposit 149,682 509,442
Accrued income 56,170 764,400
Others 88,273 85,324
  294,125 1,359,166

9. LEASEHOLD IMPROVEMENT AND EQUIPMENT

Leasehold improvement and equipment as at December 31, consists of the following:

As at December 31, 2014
Balance as at
January 1, 2014
Additions Disposals Balance as at
December 31, 2014
Baht
COST:
Leasehold improvement 130,594 - - 130,594
Office equipment 1,351,911 245,431 (172,550) 1,424,792
   Total cost 1,482,505
245,431 (172,550) 1,555,386
ACCUMULATED DEPRECIATION:
Leasehold improvement (130,592) - - (130,592)
Office equipment (938,123) (145,403) 172,517 (911,009)
   Total accumulated depreciation (1,068,715)
(145,403) 172,517 (1,041,601)
Leasehold improvement and equipment 413,790
- - 513,785
As at December 31, 2013
Balance as at
January 1, 2013
Additions Disposals Balance as at
December 31, 2013
Baht
COST:
Leasehold improvement 130,594 - - 130,594
Office equipment 1,436,757 135,434 (220,280) 1,351,911
   Total cost 1,567,351
135,434 (220,280) 1,482,505
ACCUMULATED DEPRECIATION:
Leasehold improvement (130,592) - - (130,592)
Office equipment (1,045,177) (113,208) 220,262 (938,123)
   Total accumulated depreciation (1,175,769)
(113,208) 220,262 (1,068,715)
Leasehold improvement and equipment 391,582
- - 413,790
DEPRECIATION FOR THE YEARS ENDED DECEMBER 31,
2014 Baht 145,403
2013 Baht 113,208

10. INTANGIBLE ASSET

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

As at December 31, 2014
Balance as at
January 1, 2014
Additions Disposals Balance as at
December 31, 2014
Baht
Computer program 68,420
- - 68,420
Less Accumulated amortization (59,677)
(1,870) - (61,547)
Intangible asset 8,743
- - 6,873
As at December 31, 2013
Balance as at
January 1, 2013
Additions Disposals Balance as at
December 31, 2013
Baht
Computer program 59,068
9,352 - 64,208
Less Accumulated amortization (59,067)
(610) - (59,677)
Intangible asset 1
- - 8,743
AMORTIZATION FOR THE YEARS ENDED DECEMBER 31,
2014 Baht 1,870
2013 Baht 610

11. CLASSICS JEEB BANGKOK PROJECT

The Foundation has arranged the classics concert project which the project expense during the years 2014 and 2013 is the amount of Baht 5,508 and Baht 6,026,998, respectively, and donation income during the year 2014 and 2013 is the amount of Baht 2,510,000 and Baht 5,882,250, respectively. Therefore, the total donation income and total project expense for such project is Baht 8,382,250 and Baht 6,032,506, respectively.

12. INCOME TAX EXPENSE

Income tax expense for the years ended December 31, 2014 and 2013 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, which has already recognized in the financial statements.

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 of Baht 693,380 by paying not less than Baht 10,000 per month and to be complete within 3 years. As at December 31, 2014, the defendant has already compensated for Baht 290,000, therefore, the outstanding amount is Baht 403,380. 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 26, 2015.
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