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, 2001 and the related statements of income and expenditure and changes in funds' equity for the years then ended. These financial statements are the responsibility of the Foundation's management as to their correctness and completeness of the presentation. Our responsibility is to express an opinion on theses financial statements based on our audits. The financial statements of the Foundation for the year ended December 31, 2000, were advised by another auditor being of the same firm, whose report thereon dated March 15, 2001 qualified an opinion about unable to audit the quantities of supplies as at December 31,1998 and unable to satisfy the value of donated artworks.

Except as discussed on the third paragraph, 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.

As discussed in Note 4.4 to the financial statements, value of donated artworks estimated by the individual artists as at December 31, 2001 was Baht 15.48 million. We were unable to satisfy ourselves as to the value of the artworks by means of other auditing procedure because there was no market price for comparison.

In our opinion, except for the effect of adjustment on the financial statements for 2001, which might have been determined to be necessary, had we been able to audit the value of donated artworks as discussed in the third paragraph, the financial statements referred to in the first paragraph present fairly, in all material respects, the financial position of Rama IX Art Museum Foundation as at December 31, 2001 and the income and expenditure and changes in funds' equity for the year then ended in conformity with generally accepted accounting principles.

As discussed in Note 5 to the financial statements, the Foundation has elected to discontinue the application of certain accounting standards for the current year's financial statements and the prior year's financial statements have been restated to conform to the current accounting and reporting policies.



BANGKOK
April 4, 2002

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, 2001 and 2000
Baht
2001 2000
ASSETS
CURRENT ASSETS
Cash in hand and at banks 209,213 1,328,536
Deposits at financial institutions 757,974 4,037,258
Supplies (Notes 4.2 and 6) 804,510 916,269
Other current assets 785,911 239,878
Total Current Assets 2,557,608 6,521,941
Equipment (Notes 4.3 and 7) 453,771 1,451,173
Art collection (Note 4.4) 15,481,598 14,499,598
TOTAL ASSETS BAHT 18,492,977 22,472,712
LIABILITIES AND FUND'S EQUITY
CURRENT LIABILITIES
Current portion of long-term debt (Note 8) 1,500,000 1,500,000
Accrued expenses 270,576 1,343,151
Foundation income tax payable 14,551 36,263
Total Current Liabilities 1,785,127 2,879,414
Long-term loan (Note 8) - 1,500,000
Total Liabilities 1,785,127 4,379,414
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 15,480,250 16,865,698
Total Fund's Equity 16,707,850 18,093,298
TOTAL LIABILITIES AND FUND'S EQUITY BAHT
18,492,977 22,472,712
Notes to the financial statements form an integral part of these statements
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Rama IX Art Museum Foundation
Statement of Income and Expenditure
For the Years ended December 31, 2001 and 2000
Baht
2001 2000
INCOME
Donation income 266,121 5,905,113
Donated artworks 982,000 578,000
Interest received 87,202 206,799
Management fee 724,863 77,600
Rental fee 15,050 42,750
Total Income 2,075,236 6,810,262
EXPENDITURE
Salaries and wages 1,671,726 1,533,640
Rental fee 169,940 292,672
Remuneration to donor 111,759 1,094,788
Professional fees 100,000 100,000
Depreciation 1,057,005 1,085,167
Miscellaneous expenses 932,399 673,291
Penalty on failing to repay debt on schedule (606,867) 678,151
Foundation income tax 24,722 26,507
Total Expenditure 3,460,684 5,484,216
EXCESS OF INCOME OVER EXPENDITURE BAHT
1,385,448 1,326,046
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, 2001 and 2000
Baht
2001 2000
Initial capital fund from donation
Beginning balance 200,000 200,000
Ending balance 200,000 200,000
Additional funds from donation
Beginning balance 1,027,600 1,027,600
Ending balance 1,027,600 1,027,600
Accumulated excess of income over expenditure
Beginning balance 16,865,698 15,539,652
Additions - Excess of income over expenditure (1,385,448) 1,326,046
Ending balance 15,480,250 16,865,698
Total Baht 16,707,850 18,093,298
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, 2001 and 2000

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 conformity with accounting standards in Thailand.

The Foundation does not present the statement of cash flows for the years ended December 31, 2000 and 1999 due to consideration that the cash flows statement is not relevant to the decision making of users of financial statements and the cost of preparing the cash flows statement may exceed the benefits derived from such statements.

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

4.3 Equipment is stated at cost.
Depreciation is calculated by the straight-line method, based on the estimated useful lives of the assets as follows:
Exhibition equipment 5 years
Office equipment 5 years

For office equipment, which was transferred from the Golden Jubilee Art Celebration, depreciation is based on its remaining life.

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

5. ACCOUNTING CHANGE

In December 2001, the Institute of Certified Accountants and Auditors of Thailand issued an announcement re: Exemption of Accounting Standards for Non-public Limited Company. Accordingly, the Foundation has elected to discontinue the application of Thai Accounting Standards No. 48 "Financial Instruments: Disclosure and Presentation". The Foundation's financial statements for the year ended December 31, 2001 reflect these changes and the financial statements for the prior years have been restated to conform to the current accounting and reporting policies.


6. SUPPLIES

Supplies consist of the following :

2001 2000
T-shirts 392,539 484,781
Art in the Reign of Rama IX Books and art catalogues 411,971 431,488
Baht  804,510 916,269

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

7. EQUIPMENT

Equipment consists of the following :

Balance
December 31,
2000
Additions/
Transfer in
(Disposals)
(Transfer out)
Balance
December 31,
2001
Cost :
Equipment used at exhibition 3,783,306 - - 3,783,306
Office equipment 1,806,210 59,603 - 1,865,813
5,589,516 59,603 - 5,649,119
Accumulated depreciation :
Equipment used at exhibition (3,026,644) (756,461) - (3,783,105)
Office equipment (1,111,699) (300,544) - (1,412,243)
(4,138,343) (1,057,005) - (5,195,348)
Equipment-net 2,262,595 1,451,173
2001 2000
Depreciation for the year Baht 1,057,005 1,085,167


8. LONG-TERM LOAN

Long-term loan consists of the following :
2001 2000
Loan to be repaid every year for the total of 2 repayment periods, the first period starting on July 21, 2001 and the last period ending on July 21, 2002. 1,500,000 3,000,000
Loan to be repaid every 4 months for the total of 6 repayment periods, the first period starting on June 30, 1999 and the last period ending on February 28, 2000. - -
Less Current portion (1,500,000) (1,500,000)

Baht 

- 1,500,000

The above mentioned loan is provided by the Office of the National Culture Commission to support the production of 200 sets of Art in the Reign of Rama IX Books in the Golden Jubilee Art Celebration. There is no interest charge for the period of one year from March 1, 1997 to February 28, 1999. Failure to meet debt repayment schedule will result in a penalty charge of 15% per annum of the overdue amount.

Such loan is under personal guaranty of members of the Board of Directors. Lender has the rights to call back part or the whole amount of loan before its maturity. Debt repayment must be made within 30 days from the date receiving notice from the lender.

The Foundation did not repay debt due in full. However, the Foundation has recorded penalty on failing to repay debt on schedule for the years ended December 31, 2000

In 2000, the Foundation is negotiating to decrease penalty on failing such loan agreement with the National Culture Commission. Subsequently, during 2001, the Foundation has negotiated to decrease penelty on failing such loan agreement. The Foundation will make payment such loan with penalty and fine amounting to Baht 1,623,801 on July 21, 2002.


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