SAO SARY FOUNDATION (SSF)

FINANCIAL STATEMENTS

FOR THE PERIOD 01 SEPTEMBER 2008 TO

31 AUGUST 2009

SAO SARY FOUNDATION (SSF) FINANCIAL STATEMENTS FOR THE PERIOD 01 SEPTEMBER 2008 TO 31 AUGUST 2009

CONTENTS Page

Statement by management 1 Auditors’ report 2 Balance sheet 3 Statement of income, expenditure and fund balance 4 Note to Statement of income, expenditure and fund balance 5-6

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STATEMENT BY MANAGEMENT OF SAO SARY FOUNDATION (SSF) It is the responsibility of the management to prepare the financial statements for each financial year which gives a true and fair view of the state of affairs of Sao Sary Foundation (SSF) as at the end of the year and the income and expenses for that period. In preparing these financial statements, the management is required to:

- Select suitable accounting policies and then apply them consistently; and - Make judgments and estimates that are reasonable and prudent.

The management is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the organization. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Organization and to prevent and detect fraud and other irregularities. On behalf of Management ____________________________________ Vichetr Uon Executive Director Date: 13 October 2009

 

SAO SARY FOUNDATION (SSF) BALANCE SHEET AS AT 31 AUGUST 2009

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2009Notes USD

ASSETS

Current assetsCash on hand 1,202 Cash in bank 1,930 Other current assets 1,368

4,500

LIABILITIESCurrent liabilitiesOther payables 3 4,117

4,117

NET ASSETS 383

FINANCED BY:

Beginning balance 500 Excess of income over expenditure (118)

FUND BALANCE, END 383

The accompanying notes on pages 5 to 6 form part of these financial statements.

SAO SARY FOUNDATION (SSF) STATEMENT OF INCOME, EXPENSES AND FUND BALANCE FOR THE PERIOD 01 SEPTEMBER 2008 TO 31 AUGUST 2009

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Riverkids Groundwork Global Private Paypal and CSFEFoundation Opportunities Colors donors other donors donors Total

RECEIPTS USD USD USD USD USD USD USD

Grants and donations 11,630 6,300 3,500 1,905 868 1,268 25,47111,630 6,300 3,500 1,905 868 1,268 25,471

DISBURSEMENTSBack-to-School 10,184 1,064 14 383 - - 11,645 Cerebral Palsy 1,388 - 70 - - - 1,458 Cottage Industry - 58 479 51 - - 588 Emergency Needs 318 561 360 314 - - 1,552 Handicraft Produce - - 200 10 - - 210 Micro-Credit 200 150 880 - - - 1,230 Operations and Administration 1,686 993 1,467 630 - - 4,776 Water and Sanitation - 1,855 30 35 - - 1,920 Social Welfare 1,653 10 - 481 - 65 2,209

15,428 4,690 3,500 1,905 - 65 25,588

Excess of income over expenses (3,798) 1,610 - - 868 1,202 (118)

Fund balance, beginning - - - - 500 - 500

Fund balance, end (3,798) 1,610 - - 1,368 1,202 383

The accompanying notes on pages 5 to 6 form part of these financial statements.

SAO SARY FOUNDATION (SSF) NOTES TO STATEMENT OF INCOME, EXPENSES AND FUND BALANCE FOR THE PERIOD 01 SEPTEMBER 2008 TO 31 AUGUST 2009

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1. Background Information

Sao Sary Foundation (SSF) (“the Organisation”) was registered in Cambodia as a Local Non-Government Organization (NGO) under the Ministry of Interior in 2007. It is governed by the Board Directors whose members do not receive any compensation. The Organisation aims to improve the quality of life for families living in extreme destitution in Cambodia, develop educational support programs for children who run a high risk for being trafficked and helps these children by protecting them from all forms of violence, exploitation and abuse including: commercial sexual exploitation, trafficking, child labor and child marriage.

SSF works to achieve its mission by financially supporting two different programs, Child Protection and Livelihood programs. Child Protection Program primarily focuses on providing target beneficiaries with clothing, books, fees, and other expenses that the child family could not provide. There are five projects under Child Protection Program namely: Health, Education, Social Welfare, Shelter and Income Generation Projects. Livelihood Program works to strengthen the economic stability of families so that they can provide for their children. The program educates families about different methods they employ to become financially independent.

The registered office of the Organization is No.181, Group 5, Peanicha Kam Village, Rocha Thom Commune, Chbar Morn District, Kampong Speu Province, Kingdom of Cambodia.

2. Summary of Significant Accounting Policies Basis of Preparation

The financial statements, expressed in U.S. dollars, are prepared under the historical cost

convention. The financial statements are not intended to present the financial position and result of operations

of the Organisation in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Cambodia. The accounting principles and practices in Cambodia may differ from those generally accepted in countries and jurisdiction other than Cambodia.

Capital Expenditures Capital expenditures are charged to expense when incurred. This practice differs from International Accounting Standards which require the capitalization and depreciation of property and equipment

Income Recognition Revenue is recognized in the income and expenditure statement as follows:

(i) Grant is recognized when received. (ii) Interest income from deposit in bank is recognized when received.

SAO SARY FOUNDATION (SSF) NOTES TO STATEMENT OF INCOME, EXPENSES AND FUND BALANCE FOR THE PERIOD 01 SEPTEMBER 2008 TO 31 AUGUST 2009

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2. Summary of Significant Accounting Policies (Cont’d) Foreign Currency Transactions

Transactions in currencies other than in US$ are converted into US$ at the rate of exchange prevailing on the date of transaction.

3. Other payables

This represents amount payable to Mr. Oun Vichetr Mr. Vichetr provided the temporary funding needed to support the projects’ operation.