Page 139 - TGIA_AnnualReport2014

Costs recognized in income statement is higher than expenses above shown as follows.
Baht
2014 2013
For the year ended on December 31
Administrative Costs 1,372,638.00 583,579.00

Main assumption in actuarial projection on the date of reporting.

2014 2013
Discount rate 4.30 % / Year 4.10 % / Year
Rate of Salary Increase 7% 7%
Staff Turnover Rate In variable to employment In variable to employment

period or 0-19% period or 0-19%
Mortality rate Thai Mortality Table 2008 Thai Mortality Table 1997
Classified by Male and Female Classified by Male and Female

14. Accumulated Fund

Established by the resolutions of the 36 Annual General meeting and March 26, 2002 of the association
th
to use when necessary.

15. Working Fund

Working fund was set up according to the resolution of the Executive Board to be used for purchasing
consumable material, hiring or servicing, etc. The amount of fund that has been spent will be recompensed to
full amount of 1,000,000.00 Baht.

16. Reserve for New Premises of the Association

The Reserve was set up according to the resolution of on 1/2013 of the Executive Board on June 25, 2013
for the Association new premises with the fund of 40,000,000 baht as at December 31, 2013. The Association
has put up additional fund of 20,000,000 baht from the excess budget of 2013-2014 and 11,000,000 baht from
the budget of 2014-2015 totaling 71,000,000.00 baht. An expense of 155,000.00 baht has been paid out under
this reserve. Hence, the Reserve as at December 31, 2014 was 70,845,000 baht.

17. Reserve of Contingency
The Reserve of Contingency was set up according to the Extra Annual General Meeting 1/2013 dated June
25, 2013. As at December 31, 2013 the reserve was 2,369,600 baht. For the budget 2014-2015, 2% of the
reserve was collected from the annual budget of 107,500,000 baht being part of contribution rule no.9.3.

Therefore, the Reserve of Contingency as at December 31, 2014 was 4,519,600 baht.

18. Approval of Financial Statements

This financial statement was approved and allowed to be published by the Executive Board on February
10, 2015.

สมาคมประกันวินาศภัยไทย | Thai General Insurance Association 137