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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

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A.lt'lD FOR THE

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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t" -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

p".r".* tr*

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.

f, SR /ll / zotz

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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 1

E =

E =

e =

E

e e e

=

CURRENT ASSETS Cash and cash equivalents Advance and prepayment Cther receivables

NON.CURRENT ASSETS Fixed assets - net

TOTAL ASSETS

170,659

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

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

7 2f ,B

2k,15

Total current liabilities

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

N

t I

2e,6

Total non-current assets

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Total cunent assets

= -

t t t

2010

ASSETS

E

e

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

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

2i 11

12

13

__J53UJ12) __2pqs54

(5.354,712) 2.047,554 2.047.554

___GJqZJ58) ___2pq$5L

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2010

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

-t

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)

-a

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

3,296,399 (26.551)

1,400,000

L

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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-4.

1,..f

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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',)

__lz0*659

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

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. 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,

E

tr

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 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

L-t

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t:

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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2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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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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Schedule 4/6

YAYASAN GERAKAN INDONESIA MENGAJAR

3.

CASH AND CASH EQUIVALENTS 2010

2011

t:

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.

t:

ADVANCE AND PREPAYMENT

L-,

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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

ffice equipments

566.348 :

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)

.-D_ )

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:

h P) b

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

h

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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


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YAYASAN GERAKAN INDONESIA MENGAJAR

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

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12.

MANAGEMENT AND GENERAL EXPENSES 2011

a

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

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Total management and general expenses

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13.

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

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Total fund raising expenses

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

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

3J54990

____1-WJS4

2011

a

:I a a a 2 a a

____

15.

2010

63.467

FUND RAISING EXPENSES

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Schedule 4/10

2010

934,955 147,134

508,718 55.464

___l*082*089

__564Jil

2011

2010

NET ASSETS

Unrestricted Tem porari ly restricted Permanently restricted

(3,307,158)

2,047,554

Total net (liabilities)/assets

(3.307.158)

___2.04J-554

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


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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

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


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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.


t E E E E

YAYASAN GERAKAN INDONESIA MENGAJAR FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011

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Kantor AkuntanPublik Tanudiredja, Wibisana & Rekan


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INDoNESIiYMENGAIAR

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DIRECTOR'S STATEMENT OF RESPONSIBILITY FOR THE FINANCIAL STATEMENTS AS AT AND FOR THE YEARS ENDED 3I DECEMBER 2O{2 AND 2O{1

YAYASAN GERAKAN INDONESIA MENGA.'AR

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ln accordance with a resolution of the directors of Yayasan Gerakan lndonesia Mengajar (the 'Foundation"), in the opinion of the directors:

(a)

the financial statements of the Foundation are drawn up so as to present fairly the financial position as at 31 December 2012 and 2011, and the results of its activities and cash flows for the years then ended; and

(b)

the financial statements of the Foundation have been prepared in accordance with lndonesian Financial Accounting Standards.

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For and on behalf of the Board, JAKARTA 4 Apil 2414 -;: : - :'-:i!::.:-

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Hikmat Hardono Executive Director


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wc INDEPENDENT AUDITOR'S REPORT TO THE EXECUTTVE BOARD OF

YAYASAN GERAKAN INDONESIA MENGAJAR

We have audited the accompan),lng statements of financial position of Yayasan Gerakan Indonesia Mengajar (the "F-oundation") as at 31 December zorz and zott, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Foundation's management. Our responsibility is to express an opinion on these financial statements based on our audits.

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We conducted our audits in accordance with auditing standards established by the Indonesian Institute of

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Certified Public Accountants. Those standards require that we plan and perform the audits 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 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.

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In our opinion, the financial statements referred to above, present fairly, in all material respects, the financial position of the Foundation as at 3r December 2o!2 and zorr, and the results of its activities and its cash flows for the years then ended in conformity with Indonesian Financial Accounting Standards.

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JAKARTA 4

April zor4

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Yusron, S,B.,Ak., CPA License of Public Accountant No. AP" 0243

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NOTICETOREADERS

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to present the

financial posirron, results of actiuities and cash flows accepted in countries and jurisdtctions other than Indonesia. The standards, procedures and practices utilised to audit suchfinancial statements may dffirfrom those generally accepted in countries and jurisdictions other than Indonesia. Accordinglg the accompanying financial stotements and the auditor's report thereon are not intendedfor use by those who are not informed about Indonesian accounting principles and auditinq standards, and their application in practice. The accompanying

in

'

accordance

financial stotements are not intended

with accounting principles and practices generally

Kqntor Akuntan Publik Tanudiredja, Wibisqna & Rekan

Plaza 89, Jl. H.R. Rasuna Said Kau. X-7 No.6 Jakarta 12940 -INDONESA, P.O. Box 2473 JKP tooor T: +62 21 5212901, F:+ 6z zt SzgoSSSS / S2goSoSo, toww.pwc.com/id

Nomor Izin Usaha: KEP-151/KM.1/2010.

At4o 4o4oog I DCz /Y SR I III / zot +


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YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule

1

STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2012 AND 2011 (Expressed In thousand Rupiah, unless othenvise stated)

Notes

2012

2011

ASSETS CURRENT ASSETS Cash and cash equivalents Advance and prepayment Other receivables

3 4 5

Total current assets NON.CURRENT ASSET Fixed assets - net

6

Total non-current asset

TOTAL ASSETS

45,235 100,674 84.424

170,659 73,204 129,525

230,333

373.387

620 768

903.044

620.768

903,044

_______851-M

1.276.431

25,000 406,491 673,059 37,905 151,974 448,490 1,400,000 4,457.982

50,000 136,117 386,030 37,905

7.600,891

1,444,205

69,491

1,592.413

107,396 3,031,988

1,661,904

3,139.384

-***9.262J95

4.583.589

LIAB!LITIES CURRENT LIABILITIES Purchase payables Salary payables and reimbursement Taxes payables Finance lease payables - current portion Accrued expenses Other payables Bank loan Borrowing - current portion

7

8 9

10 11

Total current Iiabilities NON-CURRENT LIABILITIES Finance lease payables non-current portion Borrowing - non-current portion

-

I 11

Total non-current Iiabilities TOTAL LIABILITIES NET LIABILITIES Unrestricted net liabilities

TOTAL NET LIABILITIES TOTAL LIABILITIES AND NET LIABILITIES

16

(8,411 (8.41

1

,694) .694)

47,765 786,3S;

(3,307,158) (3.307.158)

____,851-101 ____1ASAA

The accompanying notes form an integral paft of these financial statements


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 2

STATEMENTS OF ACTIVITIES FOR THE YEARS ENDED 31 DECEMBER 2012 AND 2011 (Expressed in thousand Rupiah, unless otherwise stated) Notes

2012

12

10,1 19,973

9,810,944

486.895

6'16,646

10,605.868

10.427,590

11,422,447

3,418,822 869.135

11,547,223 3,152,990 1,082,089

15.710,404

15.782302

Decrease in unrestricted net assets

(5.104.536)

(5.354.712\

Decrease in net assets

(5,104,536)

$.354.712)

Net (liabilities)/assets at the beginning of the year

(3,307,158)

2.047,554

___18l_1l-694)

(3.307.158)

2011

CHANGES IN UNRESTRICTED NET ASSETS

Unrestricted incomes Contributions Others

Total unrestricted incomes Expenses "Pengajar Muda" program expenses Management and general expenses Fund raising expenses Total expenses

Net liabilities at the end of the year

13

14 15

The accompanying notes form an integral part of these financialsfafemenfs


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YAYASAN GERAKAN INDONESIA MENGAJAR STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 201 2 AND 201 (Expressed in thousand Rupiah, unless othenruise stated)

Schedule 3

1

2012

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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 Increase in accrued expenses (lncrease)/decrease in advance and prepayment Decrease/(increase) in other receivables lncrease in salary payables and reimbursement (Decrease)/increase in purchase payables lncrease in other payables lncrease in taxes payables Net cash used for by operating activities

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754,909 (394,044) 394,044 (477,087) 104,209 (27,470) 45,101 270,374 (25,000) 449,490 287,029

458,566 394,044 (601 ,128)

47,155 42,470 (46,337) 136,117 46,300 355.1 B0

(4.522.3451

Gash flows from investing activities: Acquisition of fixed assets

$8.627)

(491,754)

Net cash used for investing activities

(38,627)

(491,7541

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

2,275,100 1,400,000 (37,e05)

3,286,388

Net cash provided by financing activities

3.637.195

3.259.837

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

(26,551)

(12s.4231

fi.754,2621

170.658

1.924s20

45.235

______170*658

D

The accompanying notes form an integral paft of these financial statements

F

(5,354,712)

(3.723.991)

Net decrease in cash and cash equivalents

H

(5,104,536)

2011


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/1

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011 (Expressed in thousand Rupiah, unless otherurise stated)

1.

GENERAL Yayasan Gerakan lndonesia Mengajar (the "Foundation") was established based on Notarial Deed No. 8 dated 22 June 2010 of Zaenab, S.H. The Deed of Establishment was approved by the Minister of Justice and Human Rights of the Republic of lndonesia in Decision Letter No. AHU-1842.AH.01 .04 year 201 1 dated 12 April 2011 . The Foundation is domiciled at Jalan Galuh ll No.4, Kebayoran Baru, South Jakarta.

The Foundation was established to contribute on education activities.

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

As at 31 December 2012 and 2011, the compositions of the board members were as follow:

Advisory Board:

Advisors

: Arief T. Surowidjojo : Erry Riyana HardjaPamekas

Supervisory Board: Chairman :Ahmad Rizali : Hamid Chalid

Executive Board: Chairman :Anies Rasyid Baswedan

Secretaries . Endriartono Sutarto

Treasurer 2.

Hikmat Hardono : 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 4 April 2014.

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


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YAYASAN GERAKAN INDONESIA MENGAJAR NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011 (Expressed in thousand Rupiah, unless othenvise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

a.

The statement of activities provides the information regarding the incomes

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received and the expenses spent by the Foundation in one accounting period 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 Rupiah ("Rp"), unless otheruise stated, which is the functional currency of the Foundation. b.

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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 financial statements The financial statements have been prepared on the basis of historical cost 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 flnancial statements include statements of financial position, statements of activities and statements of cash flows.

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Schedule 4/2

c.

Prepayment Prepayment is amo(ised 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 asset. lf not, they are presented as non*current asset.


Schedule 4/3

YAYASAN GERAKAN INDONESIA MENGAJAR NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011 (Expressed in thousand Rupiah, unless otherwise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

e.

Fixed assets

Fixed assets are initially recognised at acquisition cost and subsequently, carried 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 carrying amount or recognised as separate asset, as appropriate, only when it is probable that future economic benefits 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 follow:

Estimated useful life (vears) Vehicles Computer Equipments and furniture

4 4

2-4

At every financial year end, the residual values, useful lives and method of depreciation of fixed assets are reviewed and adjusted prospectively, as appropriate.

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 statement, and the resulting gains and losses on the disposal of fixed assets are recognised in the statement of activities. Assets under construction represent costs for the construction and acquisition of fixed assets and other costs. These costs are transferred to the relevant asset account when the construction ls complete. Depreciation is charged from the date the assets are ready for use.


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YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/4

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011 (Expressed in thousand Rupiah, unless othenvise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

f.

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 activlties on a straight-line basis over the period of the lease.

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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.

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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.

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g.

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, using the effective interest method.

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Borrowings are classified as current liabilities unless the Foundation has an unconditional right to defer the settlement of the liability for at least 12 months after the reporting date.

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Borrowings

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. 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.


Schedule 4/5

YAYASAN GERAKAN INDONESIA MENGAJAR NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011 (Expressed in thousand Rupiah, unless otherwise 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. 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. Expenditures from projects, operating expenditures and other expenditures for activities are recognised when they are incurred.

j.

Foreign currency transactions Transactions 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.

The exchange rates used at the financial reporting date, based on the Bank lndonesia middle rate, were as follow:

2012 US Dollars/Rupiah

k.

9,670

2011 9,068

Transactions with related parties

The Company entered 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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YAYASAN GERAKAN INDONESIA MENGAJAR

t-,._

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011 (Expressed in thousand Rupiah, unless othenruise stated)

9)

2.

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differ from these estimates. There are no significant estimates and assumptions

that have a significant risk of causing a material adjustment to the carrying

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amount of assets and liabilities within the next financial year.

3.

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4,343

78,343

23,860 17.032

79,325

Total cash and cash equivalents

45.235

____lz0*658

12,990

ADVANCE AND PREPAYMENT

Prepaid rental Advance

Total advance and prepayment

5.

2011

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

2012

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CASH AND CASH EQUIVALENTS 2012

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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

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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.

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lncome tax

Based on Law No. 10

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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Schedule 4/6

2011

65,674 35,000

65,674 7.530

100.674

73.204

OTHER RECEIVABLES

The other receivables represent the Foundation's employee receivables as at 31 December 2012 amounting to Rp84,424 (2011: Rpl29,525).


Schedule 4/7

YAYASAN GERAKAN INDONESIA MENGAJAR NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011 (Expressed in thousand Rupiah, unless othenruise stated)

6.

FIXED ASSETS 2012

Beginning Disposals/ balance Additions Transfers

Ending balance

Acquisition costs: Office equipments Furniture 1

903,007 155,095

38,627_

,058,'102

38,627

941,634 155,095

1,096,729

Finance lease asset: 171,852

Vehicles

Total acquisition costs Accumulated depreciation Office equipments Furniture

Finance lease assets: Vehicles

Total accumulated depreciation Net book value

171,852

1.229.954 :

38.627

(25e,848)

1.268.581

(23e,166)

GA,ttql

(4ee,014) (91,515)

(312.589)

Q77.940)

(590,529)

(14,321)

(42,963)

(57,284)

(326.e10)

(320,e03)

(647.813)

(52.741)

______lo3*044

_______620J68

2011

Beginning

balance

Additions

Disposals/ Transfers

Ending balance

Aequisition costs: Office equipments Furniture Asset under construction

369,718 101 ,630

438,289 53,465

903,007 155,095

(95,ooo)

95,000 566,348

95,000

491,754

1

,058,102

Finance lease asset: Vehicles

Total acquisition costs

566,348

171,852

171.852

663.606

1,229.954


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YAYASAN GERAKAN INDONESIA MENGAJAR NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011 (Expressed in thousand Rupiah, unless otherwise stated)

6.

FIXED ASSETS (continued)

H

2011

Beginning balance

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Accumulated depreciation Office equipments

:

Furniture

E

Total accumulated depreciation Net book value

7.

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(219,683) (36,406)

(259,848)

(56,500)

(256,08e)

(312.589)

fi4.321)

fi4,321)

Q70.4101

(326.e10)

$2.741)

(56.5001 _____-509,949

_____103.044

SALARY PAYABLES AND REIMBURSEMENT

2012 Salary payables Reimbursement

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Ending balance

(40,165) (16,335)

Vehicles

L ]-rJ

E

Disposals/ Additions Transfers

Finance Iease assets:

L,

k

Schedule 4/8

Total salary payables and reimbursement 8.

406,491-

_______406J91

130,693 5,424

_____tioJfi

TAXES PAYABLES 2012 Article 21 Article 23

Total taxes payables 9.

2011

2011

668,339 4,720

381,736 4.294

_*____iz3J59

_____396*030

2012

2011

FINANCE LEASE PAYABLES

Astra Credit Company

107.396

145,301

L{ri

Less: Portion due within one year

(37,905)

(37,e05)

tlL

Non-current portion

L. g 4

t

69.491

____l!7J96


YAYASAN GERAKAN INDONESIA

MENGAJAR

Schedule 4/9

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011 (Expressed in thousand Rupiah, unless otheruuise stated)

9.

FINANCE LEASE PAYABLES (continued)

The future minimum lease payments under the finance lease agreement are as follows:

year

Payables not later than one Payables later than one year and not later than five

years

Less: Future finance

charges

Present value of minimum finance lease payments

2012 48,948 89,738 138,686 (31,290)

2011 48,948 138,686

187.634 (42,333)

___-__l_02J96 --__--145,1D1

is no collateral given in respect of the leases. lnterest expenses on the obligations during the year ended 31 December 2012 was Rp11,043 with an average rate of interest 7.28%. The finance lease is related to vehicle purchase. There is no covenant stipulated on this lease agreement.

There

10.

BANK LOAN

On 25 May 2012, the Foundation and Bank Saudara entered into a credit facility agreement, wherein Bank Saudara acts as the creditor, in an aggregate amount of Rp1,400,000, for working capital purposes. This facility bears an interest rate of 16% p.a. until 27 November 2012 (14o/o p.a. after the facility was amended starting from 28 November 2012) and has a maturity date on 28 February 2013. As at 31 December 2012, the Foundation has a total drawdown of Rp1,400,000.

ln the credit facility agreement with Bank Saudara, there are several restrictions that have to be fulfilled by the Foundation, such as:

. obtain credit from any other bank without prior written consent of the lender

.

is

prohibited;

binds the foundation as surety against other parties or encumber the Foundation's property to other party is prohibited; . Encumber the Foundation's property for the benefit of other party is prohibited; and o entered into agreement with affiliated organization, in which the agreement had no correlation with the achievement of the aims and objectives of the Foundation is prohibited. The Foundation has complied with the covenants in the credit facility agreement.

The Foundation has made repayment in January and February 2013 amounting to Rpl,400,000. On 28 February 2013, the Foundation extended the credit facility and amended the due date to 28 February 2014 with total credit facility of Rp900,000.


L r)) L L l-r; L irr b l-t/

h l-rj h

YAYASAN GERAKAN INDONESIA MENGAJAR NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 201{ (Expressed in thousand Rupiah, unless othenrvise stated)

11.

BORROWING

As of 31 December 2012 and 2011, the Foundation has

r E rfl

2012

PJ

b b L:

L IJ

b b b b !: i-4 ,))

E

2011

Third parties Related parties Unamortised discount

6,294,500 666,988 (911,0e3)

3,900,000 7g6,3BB (868,012)

Total

6.050.395

3.818.376

Less: Portion due within one year

4,457.982

786.388

Non-current portion

1.592.413

---3J31-9SS

Based on mutual agreement, borrowing from third parties amounting to Rp3,900,000 is agreed to be converted to donations for the Foundation in 2013.

12.

CONTRIBUTIONS

VJ

F el

non-interest-bearing

borrowing as follows:

l-rl

b h h h h L

Schedule 4/10

Companies and institutions lndividuals

Total contributions

2012 9,759,875 360,098

2011 g,0B1,0gg

729,855

--l!Jlt8*923 __lSllLEl4

The contributions in 2012 were mainly from the donation received from

PT

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


Schedule 4/11

YAYASAN GERAKAN INDONESIA MENGAJAR NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011 (Expressed in thousand Rupiah, unless othenruise stated)

13.

"PENGAJAR MUDA" PROGRAM EXPENSES 2412

14.

Operational exPenses Training expenses Recruitment and partnership expenses

9,217,746 1,634,591 570,110

8,071,895 2,847,348 627.980

Total "Pengajar Muda" program expenses

11.422.447

_11*5q*28

MANAGEMENT AND GENERAL EXPENSES 2012 Operational and emPloYee costs Consultant costs Rental expenses Depreciation expenses Amortisation of loan discount Utilities expenses

Total management and general expenses

15.

2,122,258 16,117 394,044 320,903 434,006 131,494

2011 1,724,850 430,250 394,044 270,410 188,156 145.280

---ia18,822

___1J52j90

2012

2011

FUND RAISING EXPENSES

Publication and emPloYee costs Others (below Rp100,000 (full amount))

Total fund raising expenses

16.

2011

793,117 76,018

934,955 147.134

____869J35

__-lJIUJ8g

2012

2011

NET ASSETS

Unrestricted Temporarily restricted Permanently restricted

Total net (liabilities)/assets

(8,4'11,694)

(3,307,158J

___13a11.694) --J3,3!Zj5B)


L H H

h H h

YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/12

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011 (Expressed in thousand Rupiah, unless othenrvise stated)

17.

CHANGES IN UNRESTRICTED NET ASSETS 2012

2011

Unrestricted incomes Contributions Others

10,118,973 486.895

9,810,944 616.646

10.605.868

10,427.590

11,422,447

3,419,922 869,135

11,547,223 3,152,990 1,082.089

Total expenses

15,710.404

15.782,302

Decrease in unrestricted net assets

(5.104.536)

$.354.712\

Total unrestricted incomes

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

H 18.

SIGNIFICANTAGREEMENTS Starting from2010 up to 2012, the Foundation entered into an agreement with lndika in which lndika supports the Foundation to develop and expand its movement.

PJ

h L PJ b b h,

L PJ

b b h L:

L H]

b F

On 25 June 2012, the Foundation entered into an agreement with Mandiri in which Mandiri agreed to become sponsors for "Pengajar Muda" program to support 1B fostered elementary schools, where Pengajar Muda placed for period 2012 until2013. On 31 October 2012, the Foundation entered into an agreement with PGN in which PGN agreed to contribute funds to support recruitment phase of "Pengajar Muda" for batch Vl and Vll during year 2012 until year 2013. The Foundation subsequently entered into another agreement on 14 February 2013 in which PGN agreed to support financially the assignment of 31 young teachers for one assignment period.

On 21 December 2012, the Foundation entered into an agreement with PT Bank Negara lndonesia (Persero), Tbk ("BNI"). BNI agreed to become sponsors for

"Pengajar Muda" program to support 46 fostered elementary schools, where Pengajar Muda placed for period 2013 until 2014.

On 27 May 2013, the Foundation entered into an agreement with PT Pertamina

(Persero), ("Pertamina") in which Pertamina agreed to become sponsors for "Pengajar Muda" program to support 14 fostered elementary schools, where Pengajar Muda placed for period 2013 until 2014.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/13

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011 (Expressed in thousand Rupiah, unless othenruise stated)

18.

SIGNIFICANT AGREEMENTS (continued) with Chevron West On 27 Septembe r ZO13,the Foundation entered into an agreement to Fup* t, LtO. and Chevron West Papua lll, Ltd. ("Chevron") regarding cooperation for sponsors become to agreed support fostered elementary schools. Chevron "Pengajar Muda" program for one year period until 2014'

19.

GOING CONCERN bitlion As at 31 December 2012, the Foundation had negative working clpital of. Rp7.4 the 2012, December year 31 ended and net liabilities of Rp8.a billion. Moreover, for the flows cash operating net assets of the Foundation decreased by Rp5.1 billion and the in the negative amount of Rp3.7 billion. These conditions raise doubt about the Foundatioi's ability to continue as going concern. To overcome the above conditions, the Foundation rras entered into tfre cooperation agreements with third partiesin ,rbr"qr"nt to 31 December 2012 and is also planning for open public donation do not order to obtain more funds for operational purposes. The financial statements of this include the effect of any adjusiments that might result from the outcome

uncertaintY.

I I I I I I

t

I I

I

I I

t

I

I

I

I

I

I

I

I

I

I

I

I


YAYASAN GERAKAN INDONESIA MENGAJAR FINANCIAL STATEMENTS 31 DECEMBER 2014


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 1

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated) Notes

2014

2013

ASSETS Current assets Cash and cash equivalents Other receivables Advance and prepayment

Non-current assets Fixed assets Intangible asset

4 5

6

TOTAL ASSETS

479,231 26,000 240,713

135,608 157,500 176,591

745,944

469,699

114,835 3,775

400,926 3,775

118,610

404,701

864,554

874,400

900,000 17,998 777,528 1,440,267 970,000

900,000 145,653 263,745 1,045,846 69,491 1,030,000

4,105,793

3,454,735

1,979,055

420,950

6,084,848

3,875,685

(5,220,294)

(3,001,285)

LIABILITIES Current liabilities Short-term bank loan Other payables Accruals Taxes payable - other taxes Finance lease payables Borrowings - current maturities

Non-current liability Borrowings - net of current maturities TOTAL LIABILITIES NET LIABILITIES Unrestricted net liabilities TOTAL LIABILITIES AND NET LIABILITIES

7 8 9 10

10

864,554

The accompanying notes form an integral part of these financial statements

874,400


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 2

STATEMENT OF ACTIVITIES FOR THE YEARS ENDED 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated) Notes

2014

2013

CHANGES IN UNRESTRICTED NET LIABILITIES Unrestricted income Unrestricted contributions Others

11

13,223,401 444,256

23,411,855 100,894

13,667,657

23,512,749

(13,098,963) (2,368,062) (419,641)

(12,122,237) (4,148,384) (1,831,719)

(15,886,666)

(18,102,340)

(Decrease)/increase in unrestricted net liabilities

(2,219,009)

5,410,409

Net liabilities at the beginning of the year

(3,001,285)

(8,411,694)

Net liabilities at the end of the year

(5,220,294)

(3,001,285)

Total unrestricted income Expenses “Pengajar Muda” program expenses Management and general expenses Fund raising expenses Total expenses

12 13 14

The accompanying notes form an integral part of these financial statements


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 3

STATEMENT OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated) 2014 Cash flows from operating activities: Reconciliation of changes in net liabilities to net cash used in operating activities: Changes in unrestricted net liabilities Adjustments to reconcile changes in net liabilities to net cash used in operating activities: Depreciation Loss from disposal of fixed assets Payables written off Discount amortisation on borrowings

(2,219,009)

244,408 8 (287,895) (2,262,488)

Changes in assets and liabilities: Other receivables Advance and prepayment Other payables Accruals Taxes payable - other taxes Net cash flows (used in)/generated from operating activities

131,500 (64,122) (127,655) 513,783 394,421 (1,414,561)

2013

5,410,409

350,179 (25,000) 848,043 6,583,631 (73,076) (75,917) (302,827) (294,720) 372,787 6,209,878

Cash flows from investing activities: Proceeds from sale of fixed assets Acquisition of intangible assets Acquisition of fixed assets

50,900 (9,225)

(3,775) (21,950)

Net cash flows generated from/(used in) investing activities

41,675

(25,725)

Cash flows from financing activities: Repayment of short-term bank loan Receipt from borrowings Repayment of borrowings Finance lease payables written off

6,997,901 (5,211,901) (69,491)

(500,000) 2,589,137 (8,145,012) (37,905)

Net cash flows generated from/(used in) financing activities

1,716,509

(6,093,780)

Net increase in cash and cash equivalents

343,623

90,373

Cash and cash equivalents at the beginning of the year

135,608

45,235

Cash and cash equivalents at the end of the year

479,231

135,608

The accompanying notes form an integral part of these financial statements


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/1

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated)

1.

GENERAL Yayasan Gerakan Indonesia Mengajar (the “Foundation”) was established based on Notarial Deed No. 8 dated 22 June 2010 of Zaenab, S.H. The Deed of Establishment was approved by the Minister of Justice and Human Rights of the Republic of Indonesia in Decision Letter No. AHU-1842.AH.01.04 year 2011 dated 12 April 2011. The Foundation is domiciled at Jalan Galuh II No.4, Kebayoran Baru, South Jakarta. The Foundation was established to contribute on education activities. The Foundation actively encourages the intellectual life of the nation through active role in improving the quality of education in Indonesia by sending the best graduates of universities, which have been intensively trained to master skills in teaching and leadership, to work as a teacher in remote areas for one year. As at 31 December 2014 and 2013, the compositions of the board members were as follow: Advisory Board: Advisors : Arief T. Surowidjojo : Erry Riyana Hardjapamekas Supervisory Board: Chairman : Ahmad Rizali : Hamid Chalid Executive Board: Chairman : Anies Rasyid Baswedan Secretaries : Endriartono Sutarto Hikmat Hardono Treasurer : Shofwan Al Banna Chairuzzad

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Foundation were prepared and completed by Management on 27 October 2016. Presented below are the significant accounting policies adopted in preparing the financial statements of the Foundation, which are in conformity with Indonesian Financial Accounting Standards. a.

Basis of preparation of the financial statements The Foundation’s financial statements have been prepared in accordance with Indonesian Financial Accounting Standards (“PSAK”) 45, “Financial Reporting for Non-Profit Organisations”, which include statement of financial position, statement of activities and statement of cash flows.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/2

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) a.

Basis of preparation of the financial statements (continued) The financial statements have been prepared on the basis of historical cost and using the accrual basis, except for the statement of cash flows. The statement of cash flows has been prepared using the indirect method by classifying cash flows on the basis of operating, investing and financing activities. The preparation of financial statements in conformity with Indonesian Financial Accounting Standards requires the use of certain accounting estimates. It also requires management to exercise its judgment in the process of applying the Foundation’s accounting policies. Estimates and judgments 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. Changes to the Statements of Financial Accounting Standards (“PSAK”) and Interpretations of Financial Accounting Standards (“ISAK”) which become effective on or after 1 January 2014 The issuance of several new PSAK and ISAK for the year begin on or after 1 January 2014 did not result in changes to the Foundation’s accounting policies and had no significant impact to the financial statements. Changes to PSAK and ISAK which will become effective for the year begin on or after 1 January 2015, 2016 and 2017 As at the date of this report, the Foundation is still assessing the impact of the following relevant new and revised PSAK and ISAK on the Foundation's financial statements: Effective on or after 1 January 2015: - PSAK 1 (revised 2013) “Presentation of financial statements” - PSAK 24 (revised 2013) “Employee benefits” - PSAK 46 (revised 2014) “Income taxes” - PSAK 48 (revised 2014) “Impairment of assets” - PSAK 50 (revised 2014) “Financial instrument: Presentation” - PSAK 55 (revised 2014) “Financial instrument: Recognition and measurement” - PSAK 60 (revised 2014) “Financial instruments: Disclosures” - PSAK 68 “Fair value measurement” Effective on or after 1 January 2016: - PSAK 16 (revised 2015) “Fixed assets” - PSAK 19 (revised 2015) “Intangible assets” - PSAK 24 (revised 2015) “Employee benefits” - ISAK 30 “Levies” Effective on or after 1 January 2017: - PSAK 1 (revised 2015) “Presentation of financial statements”


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/3

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) b.

Foreign currency translation (1) Functional and presentation currency Items included in the financial statements of the Foundation are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The financial statements are presented in Rupiah (“Rp”), which is the functional currency of the Foundation. (2) Transactions and balances Transactions denominated in foreign currencies are translated into Rupiah at the exchange rates prevailing at the date of the transactions. At the reporting date, monetary assets and liabilities in foreign currencies are translated into Rupiah using the exchange rate prevailing at the date. Foreign exchange gains and losses resulting from the settlement of transactions in foreign currencies and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of activities.

c.

Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instruments of another entity. (1) Financial assets Management determines the classification of its financial assets at initial recognition. As at 31 December 2014 and 2013, the Foundation only had financial assets classified as loans and receivables, which consist of other receivables. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturity greater than twelve months after the end of reporting period. Loans and receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method. Financial assets are derecognised when the rights to receive cash flows from the assets have ceased to exist or have been transferred and the Foundation has transferred substantially all risks and rewards of ownership. (2) Financial liabilities As at 31 December 2014 and 2013, the Foundation only has financial liabilities measured at amortised cost, which consists of short-term bank loan, other payables, accruals, finance lease payables and borrowings. After initial recognition which is at fair value plus transaction costs, the Company measures all financial liabilities at amortised cost using effective interest method. Financial liabilities are derecognised when extinguished.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/4

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) c.

Financial instruments (continued) (3) Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. (4) Impairment of financial assets

At the end of each reporting period, the Foundation assesses whether there is objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliable estimated. d.

Cash and cash equivalents Cash and cash equivalents represent cash on hand, cash in banks and deposits held at call with banks with original maturity of three months or less since its placement, which are not pledged as collateral nor restricted for use.

e.

Prepayment Prepayment is amortised on a straight-line basis over the estimated beneficial period of the prepayment.

f.

Fixed assets The Foundation adopts cost models, in which fixed assets are stated at historical cost less accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the following estimated useful lives: Years Office equipments Furniture Vehicles

4 2-4 4

The assets’ depreciation method, residual value and useful lives are reviewed, and adjusted if appropriate, at each reporting date.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/5

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) f.

Fixed assets (continued) Subsequent costs are included in the fixed asset’s carrying amount or recognised as separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Foundation and the cost 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 current year expenses during the period in which they are incurred. When assets are retired or otherwise disposed of, their carrying values and the related accumulated depreciation are eliminated from the financial statements, and the resulting gains or losses on the disposals of fixed assets are recognised in the statement of activities. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount, which is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).

g.

Bank loan and borrowings Bank loan and borrowings are recognised initially at their fair value, net of any transaction costs incurred. Bank loan and borrowings are subsequently carried at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Foundation has an unconditional right to defer the settlement of the liability for at least twelve months after the reporting date.

h.

Income 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 donor-imposed 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. Unrestricted contributions are recognised in the statement of activities when they were received unconditionally.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/6

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) h.

Income and expense recognition (continued) Every contribution received from third party’s grant or donation is presented as unrestricted contributions, 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. Expenditures for projects, operating expenditures and other expenditures for activities are recognised when they are incurred.

i.

Income tax Based on Law No. 10 year 1994 as amended by Law No. 36 year 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.

k.

Transactions with related parties The Foundation entered into transactions with related parties as defined in PSAK No. 7, “Related Party Disclosures”. All significant transactions and balances with related parties are disclosed in the notes of these financial statements.

3.

FINANCIAL RISK MANAGEMENT a.

Financial risk factors In its activities, the Foundation is exposed to certain financial risks, mainly credit risk and liquidity risk. The Foundation has limited exposure to interest rate risk as there is no liabilities with floating interest rate. The Foundation’s overall risk management program focuses on minimising potential adverse effects in the Foundation’s activities through a close monitoring of its financial performance. Financial risk management is carried out under monitor by the Management. (1) Credit risk Credit risk mainly arises from cash in banks and other receivables. The Foundation manages credit risk in relation with its cash in banks by placing its large portion of cash at reputable banks.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/7

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated)

3.

FINANCIAL RISK MANAGEMENT (continued) a.

Financial risk factors (continued) (2) Liquidity risk Liquidity risk arises in situations where the Foundation has difficulties in obtaining funding. Prudent liquidity risk management implies maintaining sufficient cash to meet operating capital requirement. The Foundation manages liquidity risk by monitoring the forecast and actual cash flows by matching the maturity profiles of financial assets and liabilities. Management believes that the Company has sufficient liquidity to settle its financial liabilities when they are due. The table below analyses the undiscounted cash flows required to settle the Company’s financial liabilities based on the remaining period to the contractual maturity date. Less than 1 year 31 December 2014 Short-term bank loan Other payables Accruals Borrowings

b.

Total

1,022,228 17,998 777,528 970,000

2,330,000

1,022,228 17,998 777,528 3,300,000

2,787,754

2,330,000

5,117,754

Less than 1 year 31 December 2013 Short-term bank loan Other payables Accruals Financial lease payables current maturities Borrowings

Between 1 and 2 years

Between 1 and 2 years

Total

1,022,228 145,653 263,745

-

1,022,228 145,653 263,745

24,479 1,030,000

45,012 484,000

69,491 1,514,000

2,486,105

529,012

3,015,117

Fair value of financial instruments The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes. As at 31 December 2014, the carrying amounts of cash and cash equivalents, other receivables, short-term bank loan, other payables and accruals approximated their fair values as the impact of discounting is not considered significant. Borrowings, which has maturity more than one year are presented at its fair value (Note 10) using inputs from non-observable current market transactions (fair value measurement hierarchy Level 3).


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/8

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated)

4.

CASH AND CASH EQUIVALENTS 2014 Cash on hand Cash in banks

5.

2013

4,471 474,760

12,710 122,898

479,231

135,608

ADVANCE AND PREPAYMENT 2014 Advance Prepaid rental

6.

2013

240,713 -

124,275 52,316

240,713

176,591

FIXED ASSETS 2014 Beginning balance Acquisition cost: Office equipment Furniture Vehicles Finance lease asset: - Vehicles

Accumulated depreciation Office equipment Furniture Vehicles Finance lease assets: - Vehicles

Net book value

Additions

Disposals

Ending balance

958,884 159,795 108,387

5,875 3,350 -

(18,819) -

945,940 163,145 108,387

171,852

-

(171,852)

-

1,398,918

9,225

(190,671)

1,217,472

(746,448) (130,974) (20,323)

(171,564) (24,265) (27,097)

18,034 -

(100,247)

(21,482)

121,729

(997,992)

(244,408)

139,763

400,926

(899,978) (155,239) (47,420) (1,102,637) 114,835


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/9

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated)

6.

FIXED ASSETS (continued) 2013 Beginning balance Acquisition cost Office equipment Furniture Vehicles Finance lease asset: - Vehicles

Accumulated depreciation Office equipment Furniture Vehicles Finance lease assets: - Vehicles

Net book value 7.

Additions

Ending balance

Disposals

941,634 155,095 -

17,250 4,700 108,387

-

958,884 159,795 108,387

171,852

-

-

171,852

1,268,581

130,337

-

1,398,918

(499,014) (91,515) -

(247,434) (39,459) (20,323)

-

(746,448) (130,974) (20,323)

(57,284)

(42,963)

-

(100,247)

(647,813)

(350,179)

-

(997,992)

620,768

400,926

SHORT-TERM BANK LOAN On 22 February 2013, the Foundation and PT. Bank Woori Saudara Indonesia 1906, Tbk entered into a credit facility agreement for working capital purposes with aggregate amount of Rp 900 million which have been fully drawdown as at 31 December 2014. This facility bears an interest rate of 14% p.a. and has a maturity date on 22 February 2014 and subsequently extended annually with the latest extension up to 28 August 2016. Subsequently until the date of this financial statement, the subsequent extension letter is still on process. Under the loan agreements, the Foundation is required to comply with certain covenants, such as financial ratio covenants and administrative requirements. As at 31 December 2014, the Foundation has complied with all the covenants in the credit facility agreement.

8.

ACCRUALS 2014 Salary Other

2013

378,022 399,506

263,745

777,528

263,745


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/10

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated)

9.

TAXES PAYABLE

Other tax: Article 21 Article 23

10.

2014

2013

1,432,164 8,103

1,039,243 6,603

1,440,267

1,045,846

BORROWINGS As of 31 December 2014 and 2013, the Foundation has non-interest bearing borrowings as follows: 2014 Third parties - various individual creditors Related parties Fair value adjustment

Less: current maturities Borrowings, net of current maturities 11.

2013

3,300,000 (350,945)

1,484,000 30,000 (63,050)

2,949,055

1,450,950

970,000

1,030,000

1,979,055

420,950

UNRESTRICTED CONTRIBUTIONS 2014 Companies and institutions Individuals

2013

12,675,481 547,920

18,303,076 5,108,779

13,223,401

23,411,855

The contributions received in 2014 were mainly from companies and institutions, including but not limited to, PT Bank Negara Indonesia (Persero) Tbk, PT Perusahaan Gas Negara (Persero) Tbk, PT Pertamina (Persero), PT Bank Mandiri (Persero) Tbk, PT Chevron Pacific Indonesia, Chevron West Papua I Ltd. And Chevron West Papua III Ltd. During 2013 until 2014, the Foundation entered into agreements with the above donators in which they agreed to become sponsors for “Pengajar Muda” program held by the Foundation.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/11

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated)

12.

“PENGAJAR MUDA” PROGRAM EXPENSES 2014 Operational and employee costs Training Recruitment and partnership

13.

9,258,463 2,112,771 751,003

13,098,963

12,122,237

2014

2013

1,814,742 244,408 145,865 110,731 52,316

2,299,246 350,179 934,260 132,811 431,888

2,368,062

4,148,384

2014

2013

FUND RAISING EXPENSES

Publication and employee costs Others (below Rp 50 million)

15.

10,233,123 2,237,731 628,109

MANAGEMENT AND GENERAL EXPENSES

Operational and employee costs Depreciation Amortisation of discount on borrowings Utilities Rental

14.

2013

382,250 37,391

1,729,578 102,141

419,641

1,831,719

SUPPLEMENTARY INFORMATION FOR CASH FLOWS Significant non-cash activities as follows: 2014 Borrowings written off Donation of fixed assets from third party

2013 -

4,333,387 108,387


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/12

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2014 (Expressed in thousands of Rupiah, unless otherwise stated)

16.

SUBSEQUENT EVENT

Based on Notarial Deed No. 108 dated 14 September 2015 of Raden Mas Soediarto Soenarto, S. H., SpN., the shareholders approved a change in the composition of the board members to become as follows: Advisory Board: Chairman : Anies Rasyid Baswedan Advisors : Arief T. Surowidjojo : Elan Sastriawan Supervisory Board: Chairman : Eko Suwardiyanto Executive Board: Chairman : Hikmat Hardono Secretaries : Yundriati Erdani Nia Kurnianingtyas Treasurer : Evi Herawati Trisna


YAYASAN GERAKAN INDONESIA MENGAJAR FINANCIAL STATEMENTS 31 DECEMBER 2015


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 1

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated) Notes

2015

2014

ASSETS Current assets Cash and cash equivalents Advance and prepayments Other receivables

Non-current assets Fixed assets Intangible asset

4 5

6

TOTAL ASSETS

391,242 413,652 -

479,231 240,713 26,000

804,894

745,944

220,770 3,775

114,835 3,775

224,545

118,610

1,029,439

864,554

900,000 434,498 724,126 1,732,697 3,135,999

900,000 17,998 777,528 1,440,267 970,000

6,927,320

4,105,793

668,048

1,979,055

7,595,368

6,084,848

(6,565,929)

(5,220,294)

LIABILITIES Current liabilities Short-term bank loan Other payables Accruals Taxes payable - other taxes Borrowings - current maturities

Non-current liability Borrowings - net of current maturities TOTAL LIABILITIES NET LIABILITIES Unrestricted net liabilities TOTAL LIABILITIES AND NET LIABILITIES

7 8 9 10 11

11

1,029,439

The accompanying notes form an integral part of these financial statements

864,554


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 2

STATEMENT OF ACTIVITIES FOR THE YEARS ENDED 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated) Notes

2015

2014

CHANGES IN UNRESTRICTED NET LIABILITIES Unrestricted income Unrestricted contributions Others

12

13,992,523 159,513

13,223,401 444,256

14,152,036

13,667,657

(11,524,017) (3,745,072) (228,582)

(13,098,963) (2,368,062) (419,641)

(15,497,671)

(15,886,666)

(Decrease) in unrestricted net liabilities

(1,345,635)

(2,219,009)

Net liabilities at the beginning of the year

(5,220,294)

(3,001,285)

Net liabilities at the end of the year

(6,565,929)

(5,220,294)

Total unrestricted income Expenses “Pengajar Muda” program expenses Management and general expenses Fund raising expenses Total expenses

13 14 15

The accompanying notes form an integral part of these financial statements


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 3

STATEMENT OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated) 2015 Cash flows from operating activities: Reconciliation of changes in net liabilities to net cash used in operating activities: Changes in unrestricted net liabilities Adjustments to reconcile changes in net liabilities to net cash used in operating activities: Depreciation Loss from disposal of fixed assets Discount amortisation on borrowings

(1,345,635)

63,121 244,693

2014

(2,219,009)

244,408 8 (287,895)

(1,037,821)

(2,262,488)

Changes in assets and liabilities: Other receivables Advance and prepayments Other payables Accruals Taxes payable - other taxes

26,000 (172,939) 416,500 (53,402) 292,430

131,500 (64,122) (127,655) 513,783 394,421

Net cash flows used in operating activities

(529,232)

(1,414,561)

Cash flows from investing activities: Proceeds from sale of fixed assets Acquisition of fixed assets

(169,056)

50,900 (9,225)

Net cash flows (used in) / generated from investing activities

(169,056)

41,675

Cash flows from financing activities: Receipt from borrowings Repayment of borrowings Payment of finance lease payables

1,900,300 (1,290,001) -

6,997,901 (5,211,901) (69,491)

Net cash flows generated from financing activities

610,299

Net (decrease)/increase in cash and cash equivalents

(87,989)

343,623

Cash and cash equivalents at the beginning of the year

479,231

135,608

Cash and cash equivalents at the end of the year

391,242

479,231

The accompanying notes form an integral part of these financial statements

1,716,509


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/1

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated)

1.

GENERAL Yayasan Gerakan Indonesia Mengajar (the “Foundation”) was established based on Notarial Deed No. 8 dated 22 June 2010 of Zaenab, S.H. The Deed of Establishment was approved by the Minister of Justice and Human Rights of the Republic of Indonesia in Decision Letter No. AHU-1842.AH.01.04 year 2011 dated 12 April 2011. The Foundation is domiciled at Jalan Galuh II No.4, Kebayoran Baru, South Jakarta. The Foundation was established to contribute on education activities. The Foundation actively encourages the intellectual life of the nation through active role in improving the quality of education in Indonesia by sending the best graduates of universities, which have been intensively trained to master skills in teaching and leadership, to work as a teacher in remote areas for one year. As at 31 December 2015 and 2014, the compositions of the board members were as follow: 2015

Advisory Board: Chairman : Advisors

: :

Anies Rasyid Baswedan

Anies Rasyid Baswedan

Arief T. Surowidjojo Elan Sastriawan

Arief T. Surowidjojo Erry Riyana Hardjapamekas

Supervisory Board: Chairman : Eko Suwardiyanto Executive Board: Chairman : Secretaries : : Treasurer :

2.

2014

Hikmat Hardono Yundriati Erdani Nia Kurnianingtyas Evi Herawati Trisna

Ahmad Rizali Hamid Chalid Anies Rasyid Baswedan Endriartono Sutarto Hikmat Hardono Shofwan Al Banna Chairuzzad

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Foundation were prepared and completed by Management on 10 April 2017. Presented below are the significant accounting policies adopted in preparing the financial statements of the Foundation, which are in conformity with Indonesian Financial Accounting Standards. a.

Basis of preparation of the financial statements The Foundation’s financial statements have been prepared in accordance with Indonesian Financial Accounting Standards (“PSAK”) 45, “Financial Reporting for Non-Profit Organisations”, which include statement of financial position, statement of activities and statement of cash flows.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/2

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) a.

Basis of preparation of the financial statements (continued) The financial statements have been prepared on the basis of historical cost and using the accrual basis, except for the statement of cash flows. The statement of cash flows has been prepared using the indirect method by classifying cash flows on the basis of operating, investing and financing activities. The preparation of financial statements in conformity with Indonesian Financial Accounting Standards requires the use of certain accounting estimates. It also requires management to exercise its judgment in the process of applying the Foundation’s accounting policies. Estimates and judgments 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. Changes to the statements of financial accounting standards (“PSAK”) and interpretations of financial accounting standards (“ISAK”) which become effective on or after 1 January 2015 The issuance of several new PSAK and ISAK for the year begin on or after 1 January 2015 did not result in changes to the Foundation’s accounting policies and had no significant impact to the financial statements. Changes to PSAK and ISAK which will become effective for the year begin on or after 1 January 2016 and 2017 As the date of this report, the Foundation is still assessing the impact of the following relevant new and revised PSAK and ISAK on the Foundation's financial statements: Effective on or after 1 January 2016: - PSAK 16 (revised 2015) “Fixed assets” - PSAK 19 (revised 2015) “Intangible assets” - PSAK 24 (revised 2015) “Employee benefits” - ISAK 30 “Levies” Effective on or after 1 January 2017: - PSAK 1 (revised 2015) “Presentation of financial statements”

b.

Foreign currency translation (1) Functional and presentation currency Items included in the financial statements of the Foundation are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The financial statements are presented in thousands of Rupiah (“Rp”), which is the functional currency of the Foundation.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/3

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) b.

Foreign currency translation (continued) (2) Transactions and balances Transactions denominated in foreign currencies are translated into Rupiah at the exchange rates prevailing at the dates of the transactions. At the reporting date, monetary assets and liabilities in foreign currencies are translated into Rupiah using the exchange rate prevailing at the date. Foreign exchange gains and losses resulting from the settlement of transactions in foreign currencies and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of activities.

c.

Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instruments of another entity. (1) Financial assets Management determines the classification of its financial assets at initial recognition. As at 31 December 2015, the Foundation only had financial assets consist of cash and cash equivalents. As at 31 December 2014, the Foundation only had financial assets classified as loans and receivables, which consist of other receivables. (2) Financial liabilities As at 31 December 2015 and 2014, the Foundation only has financial liabilities measured at amortised cost, which consists of short-term bank loan, other payables, accruals and borrowings. After initial recognition which is at fair value plus transaction costs, the Company measures all financial liabilities at amortised cost using effective interest method. Financial liabilities are derecognised when extinguished.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/4

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) c.

Financial instruments (continued) (3) Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. (4) Impairment of financial assets At the end of each reporting period, the Foundation assesses whether there is objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliable estimated.

d.

Cash and cash equivalents Cash and cash equivalents are cash on hand, cash in banks and deposits held at call with banks with original maturity of three months or less since its placement, which are not pledged as collateral nor restricted for use.

e.

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

f.

Fixed assets The Foundation adopts cost models, in which fixed assets are stated at historical cost less accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the following estimated useful lives: Years Office equipments Furniture Vehicles

4 2–4 4

The assets’ depreciation method, residual value and useful lives are reviewed, and adjusted if appropriate, at each reporting date.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/5

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) f.

Fixed assets (continued) Subsequent costs are included in the fixed asset’s carrying amount or recognised as separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Foundation and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to current year expenses during the period in which they are incurred. When assets are retired or otherwise disposed of, their carrying values and the related accumulated depreciation are eliminated from the financial statements, and the resulting gains or losses on the disposals of fixed assets are recognised in the statement of activities. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount, which is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).

g.

Bank loan and borrowings Bank loan and borrowings are recognised initially at their fair value, net of any transaction costs incurred. Bank loan and 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, using the effective interest rate method. Borrowings are classified as current liabilities unless the Foundation has an unconditional right to defer the settlement of the liability for at least twelve months after the reporting date.

h.

Income 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 donor-imposed 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.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/6

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) h.

Income and expense recognition (continued) Unrestricted contributions are recognised in the statement of activities when they were received unconditionally. Every contribution received from third party’s grant or donation is presented as unrestricted contributions, 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. Expenditures from projects, operating expenditures and other expenditures for activities are recognised when they are incurred.

i.

Income tax Based on Law No. 10 year 1994 as amended by Law No. 36 year 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.

j.

Transactions with related parties The Foundation entered into transactions with related parties as defined in PSAK 7, “Related Party Disclosures”. All significant transactions and balances with related parties are disclosed in the notes of these financial statements.

3.

FINANCIAL RISK MANAGEMENT a.

Financial risk factors In its activities, the Foundation is exposed to certain financial risks, mainly credit risk and liquidity risk. The Foundation has limited exposure to interest rate risk as there are no liabilities with floating interest rate. The Foundation’s overall risk management program focuses on minimising potential adverse effects in the Foundation’s activities through a close monitoring of its financial performance. Financial risk management is carried out under monitor by the Management. (1) Credit risk Credit risk mainly arises from cash in banks and other receivables. The Foundation manages credit risk in relation with its cash in banks by placing its large portion of cash at reputable banks.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/7

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated)

3.

FINANCIAL RISK MANAGEMENT (continued) (2) Liquidity risk Liquidity risk arises in situations where the Foundation has difficulties in obtaining funding. Prudent liquidity risk management implies maintaining sufficient cash to meet operating capital requirement. The Foundation manages liquidity risk by monitoring the forecast and actual cash flows by matching the maturity profiles of financial assets and liabilities. In relation to the short-term bank loan and borrowings, subsequently it is extended and revolved until 2019 and 2017, respectively. Management believes that the Company has sufficient liquidity to settle its financial liabilities when they are due. The table below analyses the undiscounted cash flows required to settle the Company’s financial liabilities based on the remaining period to the contractual maturity date. Less than 1 year 31 December 2015 Borrowings Short-term bank loan Other payables Accruals

b.

Total

3,135,999 1,026,894 434,498 724,126

774,300 -

3,910,299 1,026,894 434,498 724,126

5,321,517

774,300

6,095,817

Less than 1 year 31 December 2014 Short-term bank loan Other payables Accruals Borrowings

Between 1 and 2 years

Between 1 and 2 years

Total

1,022,228 17,998 777,528 970,000

2,330,000

1,022,228 17,998 777,528 3,300,000

2,787,754

2,330,000

5,117,754

Fair value of financial instruments The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes. As at 31 December 2015, the fair value of cash and cash equivalents, shortterm bank loan, other payables and accruals approximated their carrying amounts as the impact of discounting is not considered significant. Borrowings, which has maturity more than one year are presented at its fair value (Note 11) using inputs from non-observable current market transactions (fair value measurement hierarchy Level 3).


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/8

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated)

4.

CASH AND CASH EQUIVALENTS 2015 Cash in banks Cash on hand

5.

2014

389,314 1,928

474,760 4,471

391,242

479,231

ADVANCE AND PREPAYMENT 2015 Advance Prepaid rental

6.

2014

346,191 67,461

240,713 -

413,652

240,713

FIXED ASSETS 2015 Beginning balance Acquisition costs: Office equipment Furniture Vehicle

Accumulated depreciation: Office equipment Furniture Vehicle

Net book value

Additions

Ending balance

Disposals

945,940 163,145 108,387

169,056 -

-

1,114,996 163,145 108,387

1,217,472

169,056

-

1,386,528

(899,978) (155,239) (47,420)

(32,181) (3,843) (27,097)

-

(932,159) (159,082) (74,517)

(1,102,637)

(63,121)

-

(1,165,758)

114,835

220,770


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/9

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated)

6.

FIXED ASSETS (continued) 2014 Beginning balance Acquisition costs: Office equipment Furniture Vehicle Finance lease asset: Vehicles

Accumulated depreciation: Office equipment Furniture Vehicle Finance lease assets: Vehicles

Net book value 7.

Additions

Disposals

Ending balance

958,884 159,795 108,387

5,875 3,350 -

(18,819) -

945,940 163,145 108,387

171,852

-

(171,852)

-

1,398,918

9,225

(190,671)

1,217,472

(746,448) (130,974) (20,323)

(171,564) (24,265) (27,097)

18,034 -

(100,247)

(21,482)

121,729

(997,992)

(244,408)

139,763

400,926

(899,978) (155,239) (47,420) (1,102,637) 114,835

SHORT-TERM BANK LOAN On 22 February 2013, the Foundation and PT Bank Woori Saudara Indonesia 1906 Tbk entered into a credit facility agreement for working capital purposes with aggregate amount of Rp 900 million which have been fully drawdown. This facility bears an interest rate of 14% p.a. and has a maturity date on 22 February 2014 which is extended annually until 28 August 2016. On 28 August 2016, this loan is extended up to 28 August 2019. Under the loan agreements, the Foundation is required to comply with certain covenants, such as financial ratio covenants and administrative requirements. As at 31 December 2015, the Foundation has complied with all the covenants in the credit facility agreement.

8.

OTHER PAYABLES 2015 Training Others

2014

338,845 95,653

17,998

434,498

17,998


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/10

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated)

9.

ACCRUALS 2015 Salary Other

10.

212,968 511,158

378,022 399,506

724,126

777,528

TAXES PAYABLE

Other taxes: Article 21 Article 23

11.

2014

2015

2014

1,721,773 10,924

1,432,164 8,103

1,732,697

1,440,267

BORROWINGS As of 31 December 2015 and 2014, the Foundation has non-interest-bearing borrowings as follows: 2015 Third parties - various individual creditors Related parties Fair value adjustment

Less: current maturities Borrowings, net of current maturities

2014

2,940,000 970,299 (106,252)

3,300,000 (350,945)

3,804,047

2,949,055

3,135,999

970,000

668,048

1,979,055

Borrowings from related parties come from the Foundation’s board members. 12.

UNRESTRICTED CONTRIBUTIONS 2015 Companies and institutions Individuals

2014

12,810,068 1,182,455

12,675,481 547,920

13,992,523

13,223,401

The contributions received in 2015 were mainly from companies and institutions, including PT Bank Negara Indonesia (Persero) Tbk, PT Perusahaan Gas Negara (Persero) Tbk, PT Bank Mandiri (Persero) Tbk and PT Chevron Pacific Indonesia.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/11

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated)

12.

UNRESTRICTED CONTRIBUTIONS (continued) During 2014 until 2015, the Foundation entered into various agreements with several donators in which they agreed to become sponsor “Pengajar Muda” to support various programs held by the Foundation.

13.

“PENGAJAR MUDA” PROGRAM EXPENSES 2015 Operational and employee costs Training Recruitment and partnership

14.

10,233,123 2,237,731 628,109

11,524,017

13,098,963

2015

2014

2,696,371 467,829 385,445 132,306 63,121

1,814,742 52,316 145,865 110,731 244,408

3,745,072

2,368,062

2015

2014

FUND RAISING EXPENSES

Publication and employee costs Others (below Rp 50 million)

16.

9,436,974 1,778,415 308,628

MANAGEMENT AND GENERAL EXPENSES

Operational and employee costs Rental Amortisation of discount on borrowings Utilities Depreciation

15.

2014

212,575 16,007

382,250 37,391

228,582

419,641

GOING CONCERN As at 31 December 2015, the Foundation had negative working capital of Rp 6.1 billion and net liabilities of Rp 6.6 billion. These conditions raise doubt about the Foundation’s ability to continue as a going concern. To overcome the above conditions, the Foundation has entered into the cooperation agreements with third parties subsequent to 31 December 2015 and is also planning for open public donation in order to obtain more funds for operational purposes. Subsequently the Foundation managed to improve its liquidity position through obtaining additional contribution from several companies.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/12

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2015 (Expressed in thousands of Rupiah, unless otherwise stated)

16.

GOING CONCERN (continued) The financial statements do not include the effect of any adjustments that might result from the outcome of this uncertainty.

17.

SUBSEQUENT EVENT On 17 October 2016, the Foundation vacates its premises at Jalan Galuh II No. 4, Kebayoran Baru, South Jakarta and The Foundation will henceforth be domiciled at Jalan Senayan Bawah No. 17, Kebayoran Baru, South Jakarta.


YAYASAN GERAKAN INDONESIA MENGAJAR FINANCIAL STATEMENTS 31 DECEMBER 2016


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 1

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016 (Expressed in thousands of Rupiah, unless otherwise stated) Notes

2016

2015

ASSETS Current assets Cash and banks Advances and prepayments

Non-current assets Fixed assets Intangible assets

4 5

6

TOTAL ASSETS

530,640 629,634

391,242 413,652

1,160,274

804,894

208,748 3,775

220,770 3,775

212,523

224,545

1,372,797

1,029,439

176,618 979,950 1,757,699 273,696 3,865,199

434,498 724,126 1,732,697 900,000 3,135,999

7,053,162

6,927,320

542,659 936,464

668,048

1,479,123

668,048

8,532,285

7,595,368

(7,159,488)

(6,565,929)

1,372,797

1,029,439

LIABILITIES Current liabilities Other payables Accruals Taxes payable - other taxes Bank loan - current maturities Borrowings - current maturities

Non-current liabilities Bank loan Borrowings

TOTAL LIABILITIES NET LIABILITIES Unrestricted net liabilities TOTAL LIABILITIES AND NET LIABILITIES

7 8 9 10 11

10 11

The accompanying notes form an integral part of these financial statements


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 2

STATEMENT OF ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2016 (Expressed in thousands of Rupiah, unless otherwise stated) Notes

2016

2015

CHANGES IN UNRESTRICTED NET LIABILITIES Unrestricted income Unrestricted contributions Others

12

11,259,872 240,829

13,992,523 159,513

11,500,701

14,152,036

(9,096,001) (2,680,588) (39,437) (278,234)

(11,524,017) (3,212,833) (228,582) (532,239)

(12,094,260)

(15,497,671)

(593,559)

(1,345,635)

Net liabilities at the beginning of the year

(6,565,929)

(5,220,294)

Net liabilities at the end of the year

(7,159,488)

(6,565,929)

Total unrestricted income Expenses “Pengajar Muda” program expenses General and administration expenses Fund raising expenses Finance costs Total expenses Decrease in unrestricted net liabilities

13 13 13

The accompanying notes form an integral part of these financial statements


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 3

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2016 (Expressed in thousands of Rupiah, unless otherwise stated) Notes Cash flows from operating activities: Changes in unrestricted net liabilities

2016

(593,559)

Adjustments to reconcile changes in net liabilities to net cash used in operating activities: Depreciation 6 Finance costs Gain from disposal of fixed assets

2015

(1,345,635)

76,092 278,234 (91,829)

63,121 532,239 -

(331,062)

(750,275)

Changes in assets and liabilities: Advances and prepayments Other payables Accruals Taxes payable - other taxes Payment of finance costs

(215,982) (257,880) 255,824 25,002 (272,881)

(146,939) 416,500 (53,402) 292,430 (287,546)

Net cash flows used in operating activities

(796,979)

(529,232)

125,187 (97,428)

(169,056)

27,759

(169,056)

Cash flows from investing activities: Proceeds from sale of fixed assets Acquisition of fixed assets

6

Net cash flows generated from/(used in) investing activities Cash flows from financing activities: Receipt from borrowings Payment of borrowings Receipt from bank loan Payment of bank loan

2,159,895 (1,167,632) 900,000 (983,645)

1,900,300 (1,290,001) -

Net cash flows generated from financing activities

908,618

610,299

Net increase/(decrease) in cash and banks

139,398

(87,989)

Cash and banks at beginning of the year

391,242

479,231

530,640

391,242

Cash and banks at end of the year

4

The accompanying notes form an integral part of these financial statements


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/1

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2016 (Expressed in thousands of Rupiah, unless otherwise stated)

1.

GENERAL Yayasan Gerakan Indonesia Mengajar (the “Foundation”) was established based on Notarial Deed No. 8 dated 22 June 2010 of Zaenab, S.H. The Deed of Establishment was approved by the Minister of Justice and Human Rights of the Republic of Indonesia in Decision Letter No. AHU-1842.AH.01.04 year 2011 dated 12 April 2011. The Foundation is domiciled at Jalan Senayan Bawah No.17, Kebayoran Baru, Jakarta, Indonesia. The Foundation was established to contribute to education activities. The Foundation actively encourages the intellectual life of the nation through active role in improving the quality of education in Indonesia by sending the best graduates of universities, which have been intensively trained to master skills in teaching and leadership, to work as teachers (“Pengajar Muda”) in remote areas for one year. As at 31 December 2016 and 2015, the composition of the Advisory Board, Supervisory Board and Executive Board were as follows: Advisory Board Chairman Advisors

: Anies Rasyid Baswedan : Arief T. Surowidjojo : Elan Sastriawan

Supervisory Board Chairman : Eko Suwardiyanto Executive Board Chairman Secretaries Treasurer 2.

: : : :

Hikmat Hardono Yundriati Erdani Nia Kurnianingtyas Evi Herawati Trisna

SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Foundation were prepared and completed by the Executive Board on 31 July 2018. Presented below are the significant accounting policies adopted in preparing the financial statements of the Foundation, which are in conformity with Indonesian Financial Accounting Standards. a.

Basis of preparation of the financial statements The Foundation’s financial statements have been prepared in accordance with Indonesian Financial Accounting Standards (“PSAK”) 45, “Financial Reporting for Non-Profit Organisations”, which include statement of financial position, statement of activities and statement of cash flows.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/2

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2016 (Expressed in thousands of Rupiah, unless otherwise stated)

2.

SIGNIFICANT ACCOUNTING POLICIES (continued) a.

Basis of preparation of the financial statements (continued) The financial statements have been prepared on the basis of historical cost and using the accrual basis, except for the statement of cash flows. The statement of cash flows has been prepared using the indirect method by classifying cash flows on the basis of operating, investing and financing activities. The preparation of financial statements in conformity with Indonesian Financial Accounting Standards requires the use of certain accounting estimates. It also requires the Executive Board to exercise its judgment in the process of applying the Foundation’s accounting policies. Estimates and judgments 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. Changes to the Statements of Financial Accounting Standards (“PSAK”) and Interpretations of Statements of Financial Accounting Standards (“ISAK”) The Foundation adopted below standards and interpretation which issued and effective on 1 January 2016 but did not result in a significant effect on the financial statements: - Amendment to PSAK 16, “Fixed assets” - Amendment to PSAK 24, “Employee benefits” - Amendment to PSAK 68, “Fair value measurement” New standards, amendments, annual improvements and interpretations issued but not yet effective for the financial year beginning 1 January 2016 are as follows: Effective 1 January 2017: - Amendment to PSAK 1, “Presentation of financial statements” - ISAK 32, “Interpretation on definition and hierarchy of financial accounting standards” - PSAK 24, “Employee benefits” - Amendment to PSAK 60, “Financial instruments: Disclosure” Effective 1 January 2018: - Amendment to PSAK 2, “Statement of cash flows” - Amendment to PSAK 16, “Fixed assets” Effective 1 January 2019: - ISAK 33, “Foreign currency transactions and advance consideration” Effective 1 January 2020: - Amendment to PSAK 71, “Financial instruments” As at the authorisation date of these financial statements, the Foundation is still evaluating the potential impact of the implementation of these new and amendment accounting standards to its financial statements.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/3

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2016 (Expressed in thousands of Rupiah, unless otherwise stated)

2.

SIGNIFICANT ACCOUNTING POLICIES (continued) b.

Foreign currency translation (1) Functional and presentation currency Items included in the financial statements of the Foundation are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The financial statements are presented in thousands of Rupiah (“Rp”), which is the functional currency of the Foundation. (2) Transactions and balances Transactions denominated in foreign currencies are translated into Rupiah at the exchange rates prevailing at the dates of the transactions. At the reporting date, monetary assets and liabilities in foreign currencies are translated into Rupiah using the exchange rate prevailing at the date. Foreign exchange gains and losses resulting from the settlement of transactions in foreign currencies and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of activities.

c.

Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instruments of another entity. (1) Financial assets The Executive Board determines the classification of its financial assets at initial recognition. The classification depends on the purpose for which the financial assets were acquired. As at 31 December 2016, the Foundation did not have any financial assets other than cash and banks. (2) Financial liabilities As at 31 December 2016 and 2015, the Foundation only had financial liabilities measured at amortised cost, which consists of other payables, accruals, bank loan and borrowings. After initial recognition which is at fair value plus transaction costs, the Foundation measures all financial liabilities at amortised cost using effective interest method. Financial liabilities are derecognised when extinguished. (3) Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/4

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2016 (Expressed in thousands of Rupiah, unless otherwise stated)

2.

SIGNIFICANT ACCOUNTING POLICIES (continued) d.

Cash and banks Cash and banks represent cash on hand and cash in banks, which are not pledged as collateral nor restricted for use.

e.

Advances and prepayments Advances are cash paid in advance to the “Pengajar Muda” which will be settled through reimbursement when the “Pengajar Muda” complete their engagements. Prepayments represents building rental which is paid in advance for certain period and amortised on a straight-line basis over the beneficial period of the contract.

f.

Fixed assets The Foundation adopts cost models, in which fixed assets are stated at historical cost less accumulated depreciation and impairment, if any. Depreciation is calculated using the straight-line method over the following estimated useful lives: Office equipment Furniture Vehicle

: 4 years : 2 - 4 years : 4 years

The assets’ depreciation method, residual value and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Subsequent costs are included in the fixed asset’s carrying amount or recognised as separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Foundation and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to current year expenses during the period in which they are incurred. When assets are retired or otherwise disposed of, their carrying values and the related accumulated depreciation are eliminated from the financial statements, and the resulting gains or losses on the disposals of fixed assets are recognised in the statement of activities. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount, which is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/5

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2016 (Expressed in thousands of Rupiah, unless otherwise stated)

2.

SIGNIFICANT ACCOUNTING POLICIES (continued) g.

Bank loan and borrowings Bank loan and borrowings are recognised initially at their fair value, net of any transaction costs incurred. Bank loan and 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, using the effective interest rate method. Borrowings are classified as current liabilities unless the Foundation has an unconditional right to defer the settlement of the liability for at least twelve months after the reporting date.

h.

Income and expense recognition Every contribution received from third party’s grant or donation is presented as unrestricted contributions, unless there is explicit restriction by donors which states the specific purpose of the contributions. Unrestricted contributions are recognised in the statement of activities when they were received unconditionally. Expenses are recognised when they are incurred.

i.

Income tax Based on Law No. 10 year 1994 as amended by Law No. 36 year 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.

j.

Transactions with related parties The Foundation entered into transactions with related parties as defined in PSAK 7 “Related Party Disclosures”, which consist of borrowing as disclosed in Note 11.

3.

FINANCIAL RISK MANAGEMENT a.

Financial risk factors In its activities, the Foundation is exposed to certain financial risks, mainly credit risk and liquidity risk. The Foundation has limited exposure to interest rate risk as there is no liabilities with floating interest rate. The Foundation’s overall risk management program focuses on minimising potential adverse effects in the Foundation’s activities through a close monitoring of its financial activities. Financial risk management is carried out under monitor by the Executive Board.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/6

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2016 (Expressed in thousands of Rupiah, unless otherwise stated)

3.

FINANCIAL RISK MANAGEMENT (continued) a.

Financial risk factors (continued) (1) Credit risk Credit risk mainly arises from cash in banks. The Foundation manages credit risk in relation with its cash in banks by placing its large portion of cash at reputable banks. (2) Liquidity risk Liquidity risk arises in situations where the Foundation has difficulties in obtaining funding and settling its liabilities. Prudent liquidity risk management implies maintaining sufficient cash to meet operating requirement. The Foundation manages liquidity risk by monitoring the forecast and actual cash flows by matching the maturity profiles of financial assets and liabilities. The table below analyses the undiscounted cash flows (including interest payment) required to settle the Foundation’s financial liabilities based on the remaining period to the contractual maturity date. Less than 1 year 31 December 2016 Other payables Accruals Bank loan Borrowings

31 December 2015 Other payables Accruals Bank loan Borrowings

Between 1 and 3 years

Total

176,618 979,950 363,895 3,865,199

606,491 1,037,363

176,618 979,950 970,386 4,902,562

5,385,662

1,643,854

7,029,516

434,498 724,126 1,026,894 3,135,999

774,300

434,498 724,126 1,026,894 3,910,299

5,321,517

774,300

6,095,817

As at 31 December 2016, the Foundation has negative working capital of Rp 5.9 billion (2015: Rp 6.1 billion). To manage liquidity, the Foundation has extend the period of its bank loans up to August 2019, while continuously finding new channel of contributions to raise funding to settle its maturing obligations. Refer to Note 14 for details.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/7

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2016 (Expressed in thousands of Rupiah, unless otherwise stated)

3.

FINANCIAL RISK MANAGEMENT (continued) b.

Fair value of financial instruments As at 31 December 2016, the fair value of the Foundation’s financial asset and liabilities with maturities less than one year, including cash in banks, other payables and accruals, approximate their carrying amounts as the impact of discounting is not significant due to short-term nature. Bank loan with maturity more than one year is presented at its fair value as the interest charged represent market rate. Borrowings with maturity more than one year are presented at its fair value using inputs from observable current market transactions (fair value measurement hierarchy level 2).

4.

CASH AND BANKS 2016 Cash in banks Cash on hand

5.

2015

525,523 5,117

389,314 1,928

530,640

391,242

ADVANCES AND PREPAYMENTS 2016 Prepaid building rental Advances to “Pengajar Muda”

2015

426,534 203,100

67,461 346,191

629,634

413,652


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/8

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2016 (Expressed in thousands of Rupiah, unless otherwise stated)

6.

FIXED ASSETS 2016 Beginning balance Acquisition cost: Office equipment Furniture Vehicle

Accumulated depreciation: Office equipment Furniture Vehicle

Net book value

Additions

Ending balance

Disposals

1,114,996 163,145 108,387

97,428 -

(946,072) (163,145) (108,387)

266,352 -

1,386,528

97,428

(1,217,604)

266,352

(932,159) (159,082) (74,517)

(66,862) (2,457) (6,773)

941,417 161,539 81,290

(57,604) -

(1,165,758)

(76,092)

1,184,246

(57,604)

220,770

208,748 2015

Beginning balance Acquisition cost: Office equipment Furniture Vehicle

Accumulated depreciation: Office equipment Furniture Vehicle

Net book value 7.

Additions

Ending balance

Disposals

945,940 163,145 108,387

169,056 -

-

1,114,996 163,145 108,387

1,217,472

169,056

-

1,386,528

(899,978) (155,239) (47,420)

(32,181) (3,843) (27,097)

-

(932,159) (159,082) (74,517)

(1,102,637)

(63,121)

-

(1,165,758)

114,835

220,770

OTHER PAYABLES 2016 Training Others

2015

169,790 6,828

338,845 95,653

176,618

434,498


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/9

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2016 (Expressed in thousands of Rupiah, unless otherwise stated)

8.

ACCRUALS 2016 Employee cost Other

9.

430,637 549,313

212,968 511,158

979,950

724,126

TAXES PAYABLE

Other taxes: Article 21 Article 23

10.

2015

2016

2015

1,745,758 11,941

1,721,773 10,924

1,757,699

1,732,697

2016

2015

BANK LOAN

PT Bank Woori Saudara Indonesia 1906 Tbk Less: current maturities Bank loan - non-current portion

816,355 (273,696) 542,659

900,000 (900,000) -

On 22 February 2013, the Foundation and PT Bank Woori Saudara Indonesia 1906 Tbk (the “Bank�) entered into a credit facility agreement whereby the Bank provided loan facility for working capital purposes with aggregate amount of Rp 900 million which have been fully drawdown. This facility bears an interest rate of 14% p.a. and has a maturity date on 22 February 2014 which is extended annually until 28 August 2016. On 28 August 2016, the Foundation has fully repaid all of its bank loan under this facility. On 8 August 2016, the Foundation and the Bank entered into a new credit facility agreement whereby the Bank provided loan facility for working capital purposes with aggregate amount of Rp 900 million which have been fully drawdown. This facility bears an interest rate at 13% p.a. and has a maturity date on 28 August 2019. This loan will be repaid monthly including the bearing interest. Under the loan agreement, the Foundation is required to comply with certain administrative covenants. As at 31 December 2016, the Foundation has complied with all the covenants in the credit facility agreement.


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/10

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2016 (Expressed in thousands of Rupiah, unless otherwise stated)

11.

BORROWINGS As of 31 December 2016 and 2015, the Foundation has non-interest-bearing borrowings with various individual creditors as follows: 2016 Third parties - various individual creditors Related parties Fair value adjustment

Less: current maturities Borrowings - non-current portion

2015

2,915,000 1,987,562 (100,899)

2,940,000 970,299 (106,252)

4,801,663

3,804,047

(3,865,199)

(3,135,999)

936,464

668,048

Borrowings from related parties come from the Foundation’s board members. These borrowings generally will be matured after 2 years from its drawdown date. 12.

UNRESTRICTED CONTRIBUTIONS 2016 Companies and institutions Individuals

2015

8,365,798 2,894,074

12,810,068 1,182,455

11,259,872

13,992,523

The contributions received during 2016 were mainly from companies and institutions, including PT Perusahaan Gas Negara (Persero) Tbk, PT Chevron Pacific Indonesia, PT Orica Mining Services, PT Donggi Senoro LNG, PT First State Investments Indonesia, PT Bank BTPN Tbk and PT Telekomunikasi Selular. During 2015 until 2016, the Foundation entered into various agreements with many donators in which they agreed to become sponsor for “Pengajar Muda” program. 13.

EXPENSES BY NATURE Total “Pengajar Muda”, general and administration and fund raising expenses are as follows: 2016 2015 “Pengajar Muda” program expenses General and administration expenses Fund raising expenses

9,096,001 2,680,588 39,437

11,524,017 3,212,833 228,582

11,816,026

14,965,432


YAYASAN GERAKAN INDONESIA MENGAJAR

Schedule 4/11

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2016 (Expressed in thousands of Rupiah, unless otherwise stated)

13.

EXPENSES BY NATURE (continued) The classification of significant expenses by nature are as follows: 2016 Employee costs Transportation Accommodation Rental Training Utilities Others (each below Rp 100,000)

14.

2015

8,540,822 832,443 811,793 590,064 390,052 281,146 369,706

10,921,435 774,339 903,483 480,551 995,844 299,996 589,784

11,816,026

14,965,432

GOING CONCERN The Foundation incurred an excess of expenses over unrestricted income amounting to Rp 593.5 million for the year ended 31 December 2016 (2015: Rp 1.3 billion), and, as of that date, the Foundation’s current liabilities exceeded its current assets by Rp 5.9 billion (2015: Rp 6.1 billion) and had net liabilities position of Rp 7.2 billion (2015: Rp 6.6 billion). These conditions raise substantial doubt about the ability of the Foundation to continue as a going concern. To overcome the above conditions, the Foundation make effort to increase public donation program in order to obtain more funds for operational purposes, while also continuously finding new contribution channels, including from several e-commerce companies, and partnering with several companies for donation programs. The Executive Board believe that the Foundation will be able to fulfil its financial obligations and gradually improves its liquidity and cash flows. As such, the financial statements have been prepared on the basis that the Foundation will continue as a going concern and do not include any adjustments that may result from the outcome of this condition.

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