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FINANCIAL
STATEMENT
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AS OF MAY 31,
2007 & 2006
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To : The Members of Bangkok Shipowners and Agents Association
I have
audited the balance sheet of the Bangkok Shipowners
and Agents Association as of May 31, 2003 and 2002,
the related statements of income and expenses for the
years then ended.The Executive Committeeis responsible
for the correctness and completeness of information
presented in these financial statements. My responsibility
is to express an opinion
on these financial statements
based on my audit
I conducted
my audit in accordance with generally accepted auditing
standards. Those standards require that I plan and perform
the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence
supporting the amount and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used significant estimates made by Board
of Directors, as well as evaluating the overall financial
statement presentation.
I believe that my audit provides
a reasonable basis for my opinion.
In my opinion,
the financial statements referred to above present fairly,
in all material respect, the financial position of the
Bangkok Shipowners and Agents Association at May 31,
2007 and 2006, and the result of income and expenses
for the years then ended, in conformity with generally
accepted accounting principles.
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STATEMENT
OF INCOME AND EXPENSES
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FOR THE YEARS
ENDED MAY 31, 2007 and 2006
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Baht |
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2007
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2006
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| INCOME |
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| Subscription
fees |
1,557,600.00
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1,563,000.00
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| Donation:- |
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| -
Sale of 'BSAA Thailand Shipping Handbook" |
6,882.24 |
12,299.06 |
| - BSAA Sport Activities |
108,211.26 |
203,176.66 |
| -
Meetings and Seminars |
271,794.77 |
266,851.63 |
| - Donation |
360,000.00 |
360,000.00 |
| - Other |
-
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1,668.89 |
| Interest
income |
34,482.16
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18,537.56
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| Total
income |
2,338,970.43
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2,425,533.80
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| EXPENSES |
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| Administrative
expenses |
1,987,043.33
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2,077,856.56
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| Income
tax |
31,578.47
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1,853.76
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| Total
expenses |
2,018,621.82
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2,079,710.32
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| Income Exceeds (less than)
Expenses |
320,348.63
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345,823.48
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Accompanying notes
are integral parts of the financial statement
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BALANCE
SHEET
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FOR
THE YEARS ENDED MAY 31, 2007 and 2006
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2007
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2006
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CURRENT ASSETS
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Cash on Hand
and At Financial Institutions
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2,353,333.78
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1,774,273.23
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Receivable from Members
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64,810.85
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101,466.04
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Other Current Assets
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48,773.86
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42,934.77
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Total Current Assets
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2,466,918.49
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1,918,674.04
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NON CURRENT ASSETS
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Property, Plant and Equipment - Net
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234,146.53
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403,227.00
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Other Non Current Assets
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129,987.38
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131,062.90
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Total Non Current Assets
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364,133.91
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534,289.90
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TOTAL ASSETS
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2,831,052.40
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2,452,963.94
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LIABILITIES
AND ACCUMULATED FUND
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2007
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2006
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LIABILITIES
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Accrued
Expenses
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14,586.60
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14,000.00
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Other
Current Liabilities
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67,874.09
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10,720.86
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Total
Current Liabilities
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82,460.69
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24,720.86
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Total
Liabilities
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82,460.69
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24,720.86
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ACCUMLATED FUND
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Accumlated
Fund Brought Forward
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Contributions from Bangkok Shipping Interest
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40,930.76
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40,930.76
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Income
exceeds (less than) expenditure
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2,707,660.95
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2,384,312.32
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Total
Accumlated Fund
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2,748,591.71
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2,428,243.08
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TOTAL
LIABILITIES AND ACCUMULATED FUND
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2,831,052.40
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2,452,963.94
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Accompanying notes are integral parts of the
financial statement |
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ADMINISTRATIVE
EXPENESE
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FOR
THE YEARS ENDED MAY 31, 2007 and 2006
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Baht |
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2007
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2006
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ADMINISTRATIVE EXPENSES
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Salary and Other Remunerations
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1,136,408.00
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1,165,090.75
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Office Rental
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316,013.38
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303,226.58
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Transportation
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41,130.00
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21,135.00
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Entertainment/Meeting Expenses
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3,695.68
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800.00
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Stationery and Office Supplies
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40,578.32
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28,708.89
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Depreciation
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170,340.28
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218,050.02
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Postage
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3,646.00
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5,204.00
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Electricity & Water
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11,472.61
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11,399.93
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Audit Fee
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14,000.00
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14,000.00
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Telephone
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32,359.44
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40,991.65
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Office Cleaning Expenses
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35,991.00
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34,800.00
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Staff Accident and Health Insurance
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39,952.00
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51,545.00
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Membership Fee (Board of trade)
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15,000.00
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15,000.00
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Newspaper Subscription
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5,162.00
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8,738.00
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Repair and Maintenance
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42,972.00
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53,720.00
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Donation
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-
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50,000.00
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Sundry Expenses
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73,444.61
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53,201.74
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Bank Charge
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2,878.01
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2,245.00
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Translation
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2,000.00
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-
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Total Administrative Expenses
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1,987,043.33
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2,077,856.56
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NOTES
TO CONSOLIDATED FINANCIAL STATEMENT
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FOR THE YEARS
ENDED MAY 31, 2007 and 2006
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| 1. SIGNIFICANT ACCOUNTING POLICIES |
| 1.1 Income and Expenses are recorded on accrual
basis but donation is recorded on cash basis. |
1.2 Property, Plant and Equipment
Equipment are stated at cost after deduction of
accumulated depreciation.
Depreciation is calculate by straight-line method over
the estimated useful of the assets at
20% per year..
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Baht |
| 2. CASH ON HAND AND AT FINANCIAL INSTITUTIONS |
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Baht
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2007
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2006
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Cash in Hand
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1,557.83
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3,825.40
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Cash in Bank - Current
Account
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414,373.50
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365,053.83
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Cash in Bank - Saving
Account
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22,442.16
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22,341.78
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Cash in Bank - Fixed
Deposit
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1,914,960.29
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1,383,052.22
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Total
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2,353,333.78
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1,774,273.23
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Baht
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2007
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2006
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Interest Receivable
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14,715.86
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15,798.64
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Prepayment (Board
of Trade Membership)
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8,750.00
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8,750.00
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Pen - Gift for VIP
Guest
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-
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3,336.46
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Wine & Whisky
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20,720.00
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7,600.00
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Towel
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4,588.00
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4,588.00
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Plastic Envelope
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-
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2,227.50
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Map of Koh Sichang Area
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-
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634.17
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Total
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48,773.86
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42,934.77
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| 4. PROPERTY, PLANT AND EQUIPMENT (NET) |
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Baht
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2007
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2006
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Office Furniture
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385,587.75
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385,587.75
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Office Equipment
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1,180,419.47
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1,179,159.66
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Telephone
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78,140.19
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78,140.19
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Total
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1,644,147.41
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1,642,887.60
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Less Accrued
Depreciation
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1,410,000.88
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1,239,660.60
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Property, Plant and
Depreciation (Net)
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234,146.53
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403,227.00
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Depreciation
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170,340.28
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218,050.02
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| 5. OTHER NON-CURRENT ASSETS |
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Baht
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2007
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2006
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withholding Income Tax
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106,768.38
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106,768.38
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Lease Deposit - Office space
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23,219.00
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19,902.00
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Deposit - Telephone Service
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4,392.52
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Total
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129,987.38
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131,062.90
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| 6.ACCRUED EXPENSES |
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Baht
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2007
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2006
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Seminar
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586.60
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-
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Accrued Audit Fee
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14,000.00
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14,000.00
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Total
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14,586.60
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14,000.00
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| 7. OTHER CURRENT LIABILITIES |
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Baht
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2007
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2006
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Value Added Tax Payable
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39,852.11
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8,867.10
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Income Tax Payable
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28,021.98
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1,853.76
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Total
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67,874.09
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10,720.86
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