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YAYASAN GERAKAN INDONESIA MENGAJAR

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FINANCIAL STATEMENTS 31 DECEMBER2Oll AND 2O1O

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KantorAkuntanPublik Tanudiredja, Wibisanq" & Rekan


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INDoNESIFTMENGAJAR

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FO,R']M.IE FII NANCIAL STATEMENTS A,S A']T 3f DECEMBER 2011 AND 2O1O

T a e e

A.lt'lD FOR THE

t t I I I I I I I t I I I I I I I I I

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oF RESPoNSI BILITY

YEAR ENDED 31 DECEMBER 2011

A,[IID F@R THE PERIOD FROM THE ESTABLISHMENT DATE TO

31 BECEIIBER

2O1O

YAYASAN GERAKAN INDONESIA MENGAJAR

- =:':.:'cance with a resolution of the directors of Yayasan Gerakan lndonesia Mengajar (the '=:-.catron'). in the opinion of the management:

3

me financial statements of the Foundation are drawn up so as to present fairly the 1nancial cosition as at 31 December 2011 and 2O1O,and the results of its activities and cash flows of lndonesia Mengajar for the year ended 31 December 2011 and for the period from the establishment date to 31 December 2010; and

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the financial statements have been prepared in accordance with lndonesian Financial

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R"ECTOR,S STATEMENT

Accounting Standards.

and on behalf of the Board of Management, I

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MITERAI TE^4PEI, &rcsi

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EC0A8F023526s29 Erjs4l13+r.r

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6w_w_wffi Hikmat Hardono Executive Director

JAIGRTA 3 Cctober 2012


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-L wc INDEPENDENT AI.]DITOR'S REPORT

TO THE ADVISORY BOARD, SITPERVISORY BOARD AND EXECUTTVE BOARD OF

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YAYASAN GERAKAN INDONESIA MENGAJAR

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have audited the- agcompanying statements of financial position of yayasan Gerakan Indonesia \lengajar (the "Foundation") as at 3l December zorr and zolo', and the related statements of activities and cash flows for tfe yeq ended 3r December 2011 and for ihe period from the establishment date to 3l December 2o1o. These financial statements are^the responsibility of the Fo""auiio",s management. Our responsibility is to express an opinion on these financiaistatements based on o* urrditr. We conducted our audits in accordance with auditing standards established by the Indonesian Institute of

certified Public Accountants. Those standarfu

."qii."

that we plan and

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audits to obtain

reasonable assurance about whether the financial s^tatements 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. iccounting principles used u"a-.ffin"ant estimates made by management, as well as evalrrating ihe overall nnan"ciat statement presentation. We believe that our audits provide a reasonable basis for oui opinion.

In our opinion, the financial statements referred- to above present fairly, in all material respects, the financial position of Yayasan Gerakan Indonesia Mengajar a^s at 31 December zorr and eoro, and t1,e results of its activities and cash flows for the year ende-d"3r December 2011 and for the period from the establishment date to 3r December 2o1o, in conformity wiih tndonesian Financial Accounting Standards. JAKARTA 3 October zorz

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Yusron, S.E.,Ak., CPA Lrcense of Public Accountant No_ Ap.oz43

= = = = = = I

NO'IICE'IO READERS The accompanying

in

accordance

financial statements are not intended. to present

position, results of actiuities and cash flows i"rirai"n other than

financial _the ""iiiptia with accounting.principles and practices'gn""r"tta i"

Indonesia.Thestandards,procediresaidpracttcisu.tilisedt6""dtttl"iii\iitol ,t ";;";i";*;"i "s t" rntsmaadifferfromthosegenerally accepted in countries and jurisdictions oihe, than Ind"onesia. eccordingla ihi ,""o^porying fi.nancial statements and the auditor's report thereon are.not intended for use by those who are auditing standards, and their applicationln practiie. "oi

iifiriia

aboui ndonisiin

i"iliirtirs

principles and

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Kantor Akuntan publik Tanudiredja, wibisqna & Rekan Plaza 89, Jl. H.R. Rasuna said Kau. x-7No.6 Jakorto

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T: +62 21 5212901, F: + 6z 21 S2goSSS5 i-saha: KEp-15l/KM.1/201o.

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5z9o5o5o, www.pu.tc.com/id

Box 2473

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YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule

1

STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2011 AND 2O1O Lvp,rsssed in thousand Rupiah, unless otherwise stated)

= =

Notes

1

e a e

CURRENT ASSETS Cash and cash equivalents Advance and prepayment Cther receivables

NON.CURRENT ASSETS Fixed assets - net

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e =

E

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=

TOTAL ASSETS

CURRENT LIABILITIES Purchase payables Salary payables and reimbursement Taxes payables Finance lease payables - current portion Borrowing from related party Accrued expenses

73,204 129,525

1,924,920 509,719 83.188

373.387

2.517.826

903.044

509.848

903,044

509,848

____1?75fr1

___3pzg4

50,000 136,117 396,030 37,905 7g6,3gg 47.765

3,700

2f ,B

2k,15

30,950

610

1,444.205

35,1 60

107,396 3.031.988

944,96;

3,139.384

944.960

____4583J89

980.120

(s.307.158)

2,047.554

TOTAL NET (L|ABILtTtESyASSETS

__l3J0zJ58)

___2pfri54

TOTAL LIABILITIES AND NET (LtABtLtTtES)/ASSETS

____1Jf5fi7

3.027.674

NON.CURRENT LlABILITIES Finance lease payables non-current portion Borrowing from third party

-

2f ,g

29,9

Total non-current liabilities TOTAL LIABILITIES

3

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7

Total current liabilities

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170,659

LIABILITIES

= -

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2e,6

Total non-current assets

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Total cunent assets

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=

2010

ASSETS

1

=

2011

ET (LtABtLtTtESyASSETS U n restricted net (liabilities)/assets

2h,14

The accompanying notes form an integral part

of these financial statements


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YAYASAT{ GERAKAN INDONESIA MENGAJAR

Schedule 2

NTS OF ACTIVITIES YEAR ENDED 31 DECEMBER 2011 AfidD FOR THE PERIOD FROM THE ESTABLISHMENT DATE ]rc 31 BECEHBER 2010 = u;n=Es€d n thousand Rupiah, unless othenvise stated) S']N"A]I'E fu[E

FOR

']tr-hNE

Notes

2011

2010

Ch.itAII{GES IN UNRESTRICTED NET

ASSETS llX m

restricted i ncomes

l":,rtnbutions

2i 10

Totatr unrestricted incomes

Erpenses 'Fengajar Muda" program expenses f,,llanagement and general expenses Fund raising expenses Total expenses

(Decrease)/increase in unrestricted net assets (Decrease)/increase in net assets Net assets at the beginning of the yearl period Net (liabilities)/assets at the end of the year/period

9,910,944 616.646

5,937,135 467.219

10,427,590

6,404.354

11,547,223 3,152,990 1.082.089

2,471,954 1,320,764 564.182

15.782.302

4.356.800

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12

13

__J53UJ12) __2pqs54

(5.354,712) 2.047,554 2.047.554

___GJqZJ58) ___2pq$5L

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The accompanying notes form an integrat part of these financial statements


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YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 3

STATEMENTS OF GASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2011 AND FOR THE PERIOD FROM THE ESTABLISHMENT DATE TO 31 DECEMBER2OlO (Expressed in thousand Rupiah, unless othenruise stated)

2011

2010

J

Cash flows from operating activities Reconciliation of changes in net assets to net cash used for operating activities: Changes in net assets Adjustments to reconcile changes in net assets to net cash used for operating activities: Depreciation and amortisation Non-cash contribution Rental expenses Discount on loan Other expenses Decrease/(increase) in advance lncrease in other receivables Increase in salary payables and reimbursement lncrease in purchase payables lncrease in taxes payables

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Net cash (used for)/provided by operating activities

--u

Cash flows from investing activities Acquisition of fixed assets

i491.754\

(402.235)

Net cash used for investing activities

(491,7541

@02.235)

3,296,399 (26.551)

1,400,000

-a

Cash flows from financing activities: Receipt from borrowings Principal payment of finance lease

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Net cash provided by financing activities

3.259.937

1,400,000

-a

Net (decrease)/increase in cash and cash equivalents

fi,754.262)

1.924,920

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Cash and cash equivalents at the beginning of the year/period Cash and cash equivalents at the end of the year/period

(5,354,712)

458,566

394,044 (601,128) 47,155 42,470 (46,337) 136,117 46,300 355,1 80 u,522,345',)

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56,500 (952,201) 329,370 (455,040) 610 (50,000) (83,188) 3,700 30,850

927.155

1.924.920

:

7

2,047,554

The accompanying notes form an integral part of these financial statements

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YAYASAT-I

G

ERAKAI{ INDONESIA MENGAJAR

Schedule 4/1

NOTES TO THE FINA}{CIAL STATEMENTS 3T DECEMBER 2O'!1 AND 2O1O arcrmsed in thousand Rupiah, unless otherwise stated)

1.

GENERAL

7

a

yayasan Gerakan lndonesia Mengajar (the "Founda!o.1") was establlsled based on Noiarial Deed No. g dated 22 June 2olo of zaenab, S.H. The Deed of Establishment was approved by the Minister of Justice and Human Rights of the Republic of 'l 2011. lndonesia in Decilion Letter No. AHU-1842.AH.01 .04 year 201 dated 12 April

,,

The Foundation is domiciled at Jalan Galuh ll No.4, Kebayoran Baru, South Jakarta.

-1 -q

The Foundation was established to contribute on education activities.

The role Foundation actively encourages the intellectual life of the nation through active in improving the quality of eJucation in lndonesia by sending the best graduates of and universitiesl which have been intensively trained to master skills in teaching leadership, to work as a teacher in remote areas for one year.

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as As at 31 December 2011 and 2010, the compositions of the board members were follows:

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Advisory Board:

Advisors

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Supervisory Board: Chairman :Ahmad Rizali

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: Hamid Chalid

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Executive Board: Chairman :Anies RasYid Baswedan

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Secretaries : Endriartono Sutarto

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Hikmat Hardono

Treasurer

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T. Surowidjojo : Erry RiYana HardjaPamekas

: Arief

2.

: Shofwan Al Banna Chairuzzad

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the Foundation were prepared, completed

and

authorised by the Board of Management on 3 October 2012.

presented below are significant accounting policies adopted in preparing the financial statements of ilie Foundation, which are in conformity with lndonesian Financial Accounting Standards.


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YAYASAN GERAKAN I NI}ONESIA MENGA'AR NOTES TO THE FINA}ICIAL STATEMENTS 31 DECEMBER2Oll AI{D 2O1O (Erpressed in thousand Rupiah, unless othenruise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

a.

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The statement of activities provides the information regarding the incomes received and the expenses spent by the Foundation in one accounting period

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using the accrual basis. The difference between the incomes and expenses are presented as the changes in the Foundation's net assets for the current period which consists of only unrestricted net assets.

The statement of cash flows is prepared based on indirect method by classifying cash flows on the basis of operating, investing and financing activities.

The financial statements are presented in thousand of rupiah ("RP"), unless othenruise stated, which is the functional currency of the Foundation.

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Cash and cash equivalents Cash and cash equivalents are cash on hand and cash in banks with maturity periods of three months or less at the time of placement and which are not used as collateral or are not restricted.

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Basis of preparation of the financia! statements The financial statements have been prepared on the basis of historical costs and accrual concept. The financial statements are presented in accordance with Statement of Financial Accounting Standards ("SFAS") No. 45 (Revised 2011), "Financial Reporting for Non-Profit Organisations". The financial statements include statement of financial position, statement of activities and cash flows.

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Schedule 42

Prepayment Prepayment is amortised on a straight-line basis over the estimated beneficial periods of the prePaYment.

d.

Receivables Receivables are recognised initially at fair value and subsequently measured at amortised costs using the effective interest method, less any provision for impairment. lf the collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. lf not, they are presented as non-current assets.


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NOTES TO THE FINA}.{CIAL STATEMENTS 31 DEGEMBER2Oll AND 2O1O (Expressed in thousand Rupiah, unless othenrvise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLIGIES (continued)

e.

Fixed assets

Fixed assets are initially recognised at acquisition cost and subsequently, canied at acquisition cost less accumulated depreciation and accumulated impairment loss. The acquisition cost includes the replacement cost when incurred, if it fulfills the recognition criteria. Furthermore, when a significant inspection occurs for the continuity of operation, all costs incurred for the inspection is recognised in the fixed assets carrying amount as a replacement if it fulfills the recognition criteria. Subsequent costs are included in the asset's canying amount or recognised as separate asset, as appropriate, only when it is probable that future economic beneflts associated with the item will flow to the Foundation and the costs of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the statement of activities during the financial period in which they are incurred.

Fixed assets are depreciated using the straight-line method over their estimated useful lives as follows:

Estimated useful life (vears)

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Schedule 4/3

YAYASAN GERAKAN INDONESIA MENGAJAR

Vehicles Computer Equipments and furniture

4 4

2-4

At each financial year end, the residual values, useful lives and method of

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depreciation of assets are reviewed and adjusted prospectively, as appropriate.

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Fixed assets are derecognised when they are disposed or there is no more economic useful life expected from the assets. When assets are disposed of or retired, their carrying values are eliminated from the financial statements, and the resulting gains and losses on the disposal of fixed assets are recognised in the statement of activities.

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Assets under construction represent costs for the construction and acquisition of fixed assets and other costs. These costs are transfened to the relevant asset account when the construction is complete. Depreciation is charged from the date the assets are ready for use.


YAYASAN GERAKAN INDONESIA MENGAJAR

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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2011 AND 2O1O (Expressed in thousand Rupiah, unless othenrvise stated)

2.

E

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

f.

Leases of fixed assets where the Foundation substantially has all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease's commencement at the lower of the fair value of the leased property or the present value of the minimum lease payments.

|-D)

Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate of interest on the outstanding finance balance. The interest element of the finance cost is charged to the statements of activities over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

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Fixed assets acquired under finance leases are depreciated similarly to owned assets. lf there is no reasonable certainty that the Foundation will hold the ownership by the end of the lease term, the asset is depreciated over the shorter of the useful life of the asset and the lease term. g.

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Borrowings Borrowings are recognised initially at their fair value, net of any transaction costs incurred. Borrowings are subsequently carried at amortised cost. The difference between the proceeds (net of transaction costs) and the redemption value is recognised in statement of activities over the period of the borrowing,

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Lease Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to statement of activities on a straight-line basis over the period of the lease.

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Schedule 4/4

using the effective interest method. h.

Net assets

Net assets are the Foundation's net wealth which is the difference between assets and liabilities that only consist of unrestricted net assets.

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Every donation received from third party's grant or contribution is presented as unrestricted net assets, unless there is explicit restriction by donors.

The Foundation presented the grant or donation in the form of land, building and equipment as unrestricted contribution, unless there is explicit restriction which states the purpose of those assets utilisation from the donors.

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Schedule 4/5

YAYASAN GERAKAN INDONESIA MENGAJAR

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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER2Oll AND 2O1O (Expressed in thousand Rupiah, unless othenruise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

i.

lncome and expense recognition

)-)-

Restricted contributions are donations received in support of specified projects or activities mutually agreed upon by the Foundation and donors.

)-)_

Restricted contribution may either be temporarily or permanently restricted. Temporarily restricted contribution is those whose usage by the Foundation has been limited by donors to later periods of time or after specified dates or to specific purposes. Permanently restricted grants are those whose donorimposed restriction limits the Foundation's use of the assets or their economic benefits neither expires with the passage of time nor can be removed by the Foundation's meeting certain requirements.

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Unrestricted contributions are recognised in the statement of activities when they were received unconditionally. Other income is recognised in the period in which it is earned.

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Expenditures from projects, operating expenditures and other expenditures for activities are recognised when they are incurred.

j.

Transaction denominated in currencies other than Rupiah are converted into Rupiah at the exchange rate prevailing at the date of the transaction. At the financial reporting date, monetary assets and liabilities in currencies other than Rupiah are translated at the exchange rate prevailing at that date. Exchange gains and losses resulting from the settlement of such transactions and the translation of monetary assets and liabilities in currencies other than rupiah are recognised in the statement of activities.

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The exchange rates used at the financial reporting date, based on the Bank

2

lndonesia middle rate, were as follow:

2011 US Dollars/Rupiah

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Foreign currency transactions

k.

9,068

2010 8,991

Transactions with related parties

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The Company enters into transactions with related parties as defined in SFAS No. 7, "Related Party Disclosures". All significant transactions and balances with related parties are disclosed in the notes of these financial statements.


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NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2011 AND 2O1O (Expressed in thousand Rupiah, unless othenrvise stated)

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Schedule 4/6

YAYASAN GERAKAN INDONESIA MENGAJAR

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

l.

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lncome tax

on Law No. 10 of 1994 as amended by Law No. 36 of

2008 concerning the estimated income tax for foundations or similar organisations, the donations received from grantors or donors are not a tax object as long as there is no connection between the donors and receivers.

Based

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Critical accounting estimates and assumptions Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. There are no significant estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

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3.

CASH AND CASH EQUIVALENTS 2010

2011

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Cash on hand Cash in banks: - Rupiah - US Dollars

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Total cash and cash equivalents

78,343

43,294

79,325 12.990

1,878,719 2.907

______1-Z0*658

----1-9U,920

2011

2010

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4.

ADVANCE AND PREPAYMENT

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Prepaid rent Advance

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Total advance and prepayment

5.

65,674 7.530 73.204

459,718 50.000 509.718

OTHER RECEIVABLES

The other receivables represent the Foundation's employee receivables during 2011 of Rp129,525 (2010: Rp83,188).


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YAYASAN GERAKAN INDONESIA MENGAJAR NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2011 AND 2O1O (Expressed in thousand Rupiah, unless otherwise stated)

6.

FIXED ASSETS

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Schedule 4/7

2011

Beginning

balance

Disposals/ Transfers

Additions

Ending balance

Acquisition costs:

ffice

equipments Furniture Asset under construction

369,718

438,289 53,465

101 ,630

95,000

903,007 155,095

(95,000)

95,000 566,348

491.754

1

,058,102

Finance lease assets: Vehicles

Total acquisition costs Accumulated depreciation

566.348 :

ffice equipments Furniture

(40,165) (16.335) (56.500)

171.852

171.852

663.606

1,229.954

(51 ,924) (204.165)

(92,089) (220,500)

(256,08e)

(312.58e)

(14,321)

(14.321)

QZO.t1OT

(326.910)

Finance lease assets: Vehicles

Total accumulated depreciation

(56.5001

Net book value

______509*848

________903*044

2010

Date

of

establishment

Disposals/ Additions Transfers

Ending balance

Acquisition costs: Office equipments Furniture Asset under construction

369,718 101,630 95,000

369,718

Total acquisition costs

566,348

566,348

Office equipments Furniture

(40,165) (16,335)

(40,165) (16.335)

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Total accumulated depreciation

(56.s00)

(s6.500)

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Net book value

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Accum u lated depreciation

101 ,630

95.000

:

________509J48


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/8

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2011 AND 2O1O (Expressed in thousand Rupiah, unless othenrvise stated)

7.

TAXES PAYABLES 2011 Article 21 Article 23

Total taxes payables

8.

381,736

2010

4,294

____380J30

30,497 353

______30J50

FINANCE LEASE PAYABLES 2011

Astra Credit Company

145.301

Less: Portion due within one year

(37.e05)

Non-current portion

107.396

2010

The future minimum lease payments under the finance lease agreement are as follows: 2011 Payables not later than one year Payables later than one year and not later than five years

2010

4g,g4g 138,686 187.634

Less: Future finance charges

Present value of minimum finance Iease payments

@2.333)

__145Jt01

_-______________

is no collateral given in respect of the leases. lnterest expenses on the obligations during the year ended 31 December 201'1 was Rp1,841 with an average rate of interest 7.28o/o. The finance lease is related to vehicle purchase. There is no covenant stipulated on this lease agreement. There


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YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/9

NOTES TO THE FINANCIAL STATEMENTS 31 DEGEMBER 2011 AND 2O1O (Expressed in thousand Rupiah, unless otherwise stated)

9.

BORROWING FROM THIRD PARTY

As of 31 December 2011 and 2010, the Foundation has non-interest-bearing borrowing to a third party which will become due at the end of December 2013 amounted to as follows:

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Individuals Discount Amortisation of discount

Total borrowing from third party

10.

20'11

2010

3,900,000 ,056,169) 1 88,1 56

1,400,000 (455,040)

(1

3.031.988

CONTRIBUTIONS 2011

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Com panies and institutions

lndividuals

P)

Total contributions

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F

9,081,089 729,855

2010 5,936,935 200

__lj1_0*gt4 __5p32J35

The contributions in 2011 and 2010 were mainly from the donation received from PT lndika Energy, Tbk ("lndika"), PT Perusahaan Gas Negara (Persero), Tbk ('PGN') and PT lmaji.

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____944p60

11.

"PENGAJAR MUDA" PROGRAM EXPENSES 2011 Operational expenses Training expenses Recruitment and partnership expenses

Total "Pengajar Muda" program expenses

2010

8,071,895 2,947,349 627.980

1,409,048 854,436 208.370

---1iq,223

___2fr1.854


il

I il

YAYASAN GERAKAN INDONESIA MENGAJAR

it

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER2Oll AND 2O1O (Expressed in thousand Rupiah, unless othenruise stated)

d a

il

12.

MANAGEMENT AND GENERAL EXPENSES 2011

a

Operational and employee costs Consultant costs Rental expenses Depreciation expenses Amortisation of loan discount Utilities expenses

iI iI a a

Total management and general expenses

il DI

13.

Publication and employee costs Others (below Rp1 00,000)

I

Total fund raising expenses

z 14.

3J54990

____1-WJS4

63.467

2010

934,955 147,134

508,718 55.464

___l*082*089

__564Jil

2011

2010

NET ASSETS

Unrestricted

(3,307,158)

2,047,554

(3.307.158)

___2.04J-554

Permanently restricted

Total net (liabilities)/assets

z

'lEI

679,481 192,946 328,370 56,500

Tem porari ly restricted

)

z

1,724,850 430,250 394,044 270,410 188,156 145,280

2011

a

:I a a a 2 a a

____

2010

FUND RAISING EXPENSES

i!

a a a a

Schedule 4/10

15.

BORROWING FROM RELATED PARTY

As of 31 December 2011, the Foundation has non-interest-bearing borrowing from key management personnel as follow: 2011 Key management personnel

786.388

2010


tb

5

5 b H b b 5 b h b b h 5 h b b b LLr)

E

b b 5 b .r) ..r) -D)

r)

YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/11

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2011 AND 2O1O (Expressed in thousand Rupiah, unless othenrvise stated)

16.

CHANGES IN UNRESTRICTED NET ASSETS

2011

2010

Unrestricted incomes Contributions Others

9,810,944 616.646

5,937,135 467.219

Total unrestricted incomes

10.427.590

6.404.354

Expenses "Pengajar Muda" program expenses Management and general expenses Fund raising expenses

11,547,223 3,152,990 1.082.089

2,471,954 1,320,764 564.182

Total expenses

15.782.302

4.356.800

(Decrease)/increase in unrestricted net assets

17.

__J5354J12) ___29qi54

S!GNIFICANTAGREEMENTS Starting from 2010 up to 2012, the Foundation entered into an agreement with lndika in which lndika supports the Foundation to develop and expand its movement.

On 12 October 2011, the Foundation entered into an agreement with PT Tiki Jalur Nugraha Ekakurir ('JNE'). JNE agreed to provide free delivery service for the Foundation relating to young teachers (.PM') needs to their placement area for one

year period from October 2011.

On 1 November 2011, the Foundation entered into an agreement with pT Acer

lndonesia ("ACER") where ACER shall be responsible to provide 250 units of Acer notebooks to be used by PM as ACER's contribution to the Foundation. This agreement is valid for 2 years from its signing date. On 21 December 2011, the Foundation entered into an agreement with pGN in which PGN agreed to contribute funds to support 25 young teachers participating in batch lll of the "Pengajar Muda" program during their engagement in 2012.

ln April 2012, the Foundation entered into an agreement with PT Bentang pustaka ("Bentang")where both parties intend to publish the book "lndonesia Mengajir ll".

ln April and September 2012, the Foundation entered into an agreement with pT

-D) .-D)

E -J2 .)-l

lndosat, Tbk ("lndosat") in which lndosat shall be responsible to facilitate trainings for two batches that were held on April and September 2012.


L PJ L. P)

b b h b b h b b b h h h b b b b b b h b b b b b b b b b b b b F

YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 412

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER2Oll AND 2O1O (Expressed in thousand Rupiah, unless othenrvise stated)

17.

SIGNIFICANT AGREEMENTS (continued)

ln May 2012, the Foundation entered into an agreement with PT Bank Himpunan Saudara 1906, Tbk ("Bank Saudara") in which Bank Saudara agreed to lend the funds to the Foundation with certain interest rate.

ln June 2012, the Foundation entered into an agreement with PT Bank

Mandiri (Persero), Tbk ("Mandiri")and PT Bank Permata, Tbk ("Permata") in which Mandiri and Permata agreed to become sponsors for "Pengajar Muda" program for one year period from June 2012.

ln August 2012, the

Foundation launched public donation program to attract 3,000 individual donors. The program is in collaboration with visa/MasterCard/BCA/ BN

18.

l/Mandiri credit card.

GOING CONCERN As at 3'1 December 2011, the Foundation had negative working capital of Rp1.1 billion and net liabilities of Rp3.3 billion. Moreover, for the year ended 31 December 2011, the net assets of the Foundation decreased of Rp5.4 billion and the operating cash flow in the negative amount of Rp4.5 billion. These conditions raise doubt about the Foundation's ability to continue as going concern. To overcome the above conditions, on the subsequent periods, the Foundation has entered into the cooperation agreements with third parties and also open public donation in order to obtain funds for operational. The financial statements do not include the effect of any adjustments that might result from the outcome of this uncertainty. Management believes that the Foundation will continues as going concern, since the Foundation will receive funds from the donors as a result of the cooperation agreements between the Foundation and third parties as disclosed in Note 17.

Financial Statement Indonesia Mengajar 2010-2011  
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