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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


Financial Statement Indonesia Mengajar 2013-2014