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, 2006 and 2005 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, 2006 and 2005 and the income and expenditure and changes in fundsí equity for the years then ended in conformity with generally accepted accounting principles.


BANGKOK

May 11, 2007

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, 2006 and 2005
Baht
  2006 2005
ASSETS
CURRENT ASSETS
Cash and deposits at financial institutions 1,167,820 333,700
Current investment (Notes 4.2 and 5) 19,331,431 23,362,389
Supplies (Notes 4.3 and 6) 1,045,051 705,520
Other current assets 167,869 149,180
Total Current Assets 21,712,171 24,550,789
NON-CURRNET ASSETS
Equipment - net (Notes 4.4 and 7) 973,656 384,798
Software - net (Note 4.4) 19,224 -
Art collection (Notes 4.5) 17,107,153 16,790,153
Total Non-Current Assets 18,100,033 17,174,951
TOTAL ASSETS 39,812,204 41,725,740
LIABILITIES AND FUND'S EQUITY
CURRENT LIABILITIES
Accrued expenses
606,000 98,260
Foundation income tax payable
35,295 -
Total Current Liabilities 641,295 98,260
TOTAL LIABILITIES 641,295 98,260
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 37,943,309 40,399,880
Total Fund's Equity 39,170,909 41,627,480
TOTAL LIABILITIES AND FUND'S EQUITY 39,812,204 41,725,740
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, 2006 and 2005
Baht
  2006 2005
INCOME
Donation income 1,084,300 1,076,040
Donated artworks 317,000 477,500
Interest received 3,035 45,077
Advisory fee - 25,000
Investment income 1,041,079 327,233
Rental fee - 19,396
Other income 2,979 -
Total Income 2,448,393 1,970,246
EXPENDITURE
Salaries and wages 1,899,000 1,774,625
Rental fee 397,490 213,443
Professional fees 60,000 60,000
Depreciation and amortization 137,733 103,110
Miscellaneous expenses 409,569 494,669
60 years anniversary project expenses 1,896,463 -
Foundation income tax 104,709 41,671
Total Expenditure 4,904,964 2,687,518
EXCESS (DEFICIT) INCOME OVER EXPENDITURE (2,456,571) (717,272)
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, 2006 and 2005
Baht
Capital Fund
From Donation

Accumulated
excess of income over expenditure
Total Fund's
equity
Initial capital
Fund
Additional
Fund
BEGINNING BALANCE, JANUARY 1, 2005 200,000 1,027,600 41,117,152 42,344,752
Excess (Deficit) income over expenditure - - (717,272) (717,272)
ENDING BALANCE, DECEMBER 31, 2005 200,000 1,027,600 40,399,880 41,627,480
BEGINNING BALANCE, JANUARY 1, 2006
200,000 1,027,600 40,399,880 41,627,480
Excess (Deficit) income over expenditure - - (2,456,571) (2,456,571)
ENDING BALANCE, DECEMBER 31, 2006 200,000 1,027,600 37,943,309 39,170,909
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, 2006 and 2005

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 accordance with accounting principles and practices generally accepted in Thailand.

The financial statements are prepared in accordance with the Notification of the Department of Commercial Registration (currently the Department of Business Development) dated September 14, 2001 regarding "The Brief Particulars in the Financial Statements B.E.2544".

The Board of Supervision of Auditing Practices (BSAP) issued an announcement No. 47 (B.E. 2545) re: Exemption of Accounting Standards for Non-public Limited Company. Accordingly, the Company adopted the exemption of the application of the Thai Accounting Standards No. 25 "Cash Flow Statements" and No. 48 "Financial Instruments Disclosure and Presentation".

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 Investment

Securities classified as available for sale are sated at fair value. Gain or loss on the change in fair value is recognized as a component of shareholders' equity.

In case an impairment in value of an investment has occurred, a provision for impairment is recognized in the statement of income.

For equity securities which are listed securities, fair value or market value are estimated using the bidding prices at the Stock Exchange of Thailand on the last business day of the year.

4.3 Supplies

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

4.4 Equipment and software

Equipment and software is stated at cost.

Depreciation 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

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

5. CURRENT INVESTMENT

Current investment as at December 31, consist of the following:


2006 2005
Cost
Baht
Fair value
Baht
Cost
Baht
Fair value
Baht
 Available-for-sales securities
   Securities investment 19,331,431 19,331,431 23,362,389 23,362,389
   Add (less) Revaluation surplus (deficit)
   on investments - - - -
19,331,431 19,331,431 23,362,389 23,362,389

6. SUPPLIES

Supplies as at December 31, consist of the following:

2006
Baht
2005
Baht
T-shirts 325,780 325,780
Art in the Reign of Rama IX Books and art catalogues 697,655 379,740
CD Project 6 Decades 21,616 -
1,045,051 705,520

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

7. EQUIPMENT

Equipment consists of the following:

Balance
December 31,
2005
Additions/
Transfer in
Write-off Balance
December 31,
2006
Baht
Cost:
Office equipment 661,335 722,276 - 1,383,611
661,335 722,276 - 1,383,611
Accumulated depreciation:
Office equipment (276,537) (133,418) - (409,955)
(276,537) (133,418) - (409,955)
Equipment - net 314,082 973,656
Depreciation and amortization for the years
2006 137,733
2005 103,110

8. APPROVAL OF FINANCIAL STATEMENTS

These financial statements have been approved for issuing by the authorized director of the Foundation on May 11, 2007.
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Foundation Board of Directors
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