To The Board of The Elephant Reintroduction Foundation

Opinion

I have audited the accompanying financial statements of The Elephant Reintroduction Foundation ("the Foundation") which comprise the statement of financial position as at 31 December 2020, and the related statements of revenues and expenses and changes in fund balance for the year then ended, and notes to financial statements including a summary of significant accounting policies.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Elephant Reintroduction Foundation as at 31 December 2020, and its revenues and expenses for the year then ended in accordance with Thai Financial Reporting Standards for Non-Publicly Accountable Entities.

Basis for Opinion

I conducted my audit in accordance with Thai Standards on Auditing. My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Foundation in accordance with the Code of Ethics for Professional Accountants as issued by the Federation of Accounting Professions as relevant to my audit of the financial statements, and I have fulfilled my other ethical responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Other

Since The Elephant Reintroduction Foundation is a foundation which operates for the public benefit and not for profit, therefore changes have been made to the recognition of transactions and the reporting in the financial statements to make them appropriate to a non-profit organisation.

Responsibilities of Management for the Financail Statements

Management is responsible for the preparation and fair presentation of the finacial statements in accordance with Thai Financial Reporting Standards for Non-Publicly Accountable Entities, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Foundation's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Foundation or to cease operations, or has no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

My objectives are to obtain reasonable assurance about whether the financial statement as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Thai Standards on Auditing will alway detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Thai Standards on Auditing, I exercise professional judgement and maintain professional skepticism throughout the audit. I also:

- Identify and assess the risk of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Foundation's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Foundation's ability to continue as going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusion are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the Foundation to cease to continue as a going concern.

- evaluate the overall presentation, structure and content of the finacail statements, including the sidclosures, and whether the financial statements represents the underlying transactions and events in a manner that achieves fair presentation.

I communicate with the management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal contral that I identify during my audit.

I am responsible for audit resulting in this independent auditor's report.

Preecha Arunnara
Certified Public Accountant (Thailand) No. 5800

EY Office Limited
Bangkok : 30 Mayl 2022

The accompanying notes are an integral part of the financial statements.

The accompanying notes are an integral part of the financial statements.

The accompanying notes are an integral part of the financial statements.

1. General information
The Elephant Reintroduction Foundation ("the Foundation") was incorporated as a foundation under Thai laws on 9 August 2002. The main objectives of the Foundation are to return elephants to the wild in cooperation with other organisations to conserve Thai elephants, to act for the public benefit, to operate not for profit and to the exclusion of political action. Its registered address is 888 i Tower Building, 18th Fl., Vibhavadi Rangsit Road,Khwaeng Chatuchak, Khet Chatuchak, Bangkok 10900.

At present, the Foundation has 3 offices as follow:-
- The Bangkok office located on 888 i Tower Building, 18th Fl., Vibhavadi Rangsit Road,Khwaeng Chatuchak, Khet Chatuchak, Bangkok 10900.
- The Chiangmai office located at room D 206, 2nd floor Faculty of Veterinary Medicine, Chiangmai University, Mae Hiae, Muang, Chiangmai 50100.
- The Lopburi office located at Sab Langka Wildlife Sanctuary Area, Gudtaphet Sub-District, Lam Sonthi District, Lopburi, 15190.

On 14 March 2003, the Ministry of Finance announced the Foundation had been listed as public charity organisation or institution No. 508 under Notification of the Ministry of Finance (No. 210).

2. Basis of preparation
The financial statements have been prepared in accordance withThai Financial Reporting Standard for Non-Publicly Accountable Entities as issued by the Federation of Accounting Professions.
The financial statements in Thai language are the official statutory financial statements of the Foundation. The financial
statements in English language have been translated from the Thai language financial statements.

3. Significant accounting policies

3.1 Revenues and expenses
Revenues and expenses are recorded under an accrual basis.

3.2 Cash and cash equivalents
Cash and cash equivalents consist of cash in hand, and at banks, and all highly liquid investments with an original maturity of three months or less and not subject to withdrawal restrictions.

3.3 Investments
Held to maturity debt investments are recorded at amortised cost. The premium/discount on debt securities is amortised/accreated by the effecttive rate method.

3.4 Elephants
- Elephants purchased are stated at cost.
- Elephants acquired through donations are recorded at their fair value, which is appraised by specialist of the Foundation.
- Elephants are written off from the Foundation's statement of financial position when they die or have been missing for over 1 year.
- Elephants born on the project are recorded at the value appraised by the specialist of the Foundation. The Foundation appraises the value of elephants when they reach an appropriat age, which is generally 6 months or older.

3.5 Equipment and depreciation
Equipment is stated at cost less accumulated depreciation. Depreciation is calculated by reference to cost on the straight-line basis over the following estimated useful lives :-

Mobile Office	-	5	Years
Furniture and fixtures	-	5	Years
Computer and equipment	-	5	Years
Vehicle and equipment	-	5	Years
Others	-	5	Years

Depreciation is included in determining operating results. No depreciation is provided on assets in process

3.6 Corporate income tax
Under the Revenue Code, the Foundation is a public charity organization or institution under Notification of the Ministry of Finance (No.210) which is exempted from corporate income tax.

4. USE OF ACCOUNTING ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions in certain circumstances, affecting amounts reported in these financial statements and related notes. Actual results could differ from these estimates.

5. Cash and Cash equivalents

(Unit :Thousand Baht)
	2021	2020
Cash and Cash equivalents held by the Foundation
Cash	10	10
Bank deposits	4,421	4,591
Total	4,431	4,601

6. Invesment
As at 31 December 2021 and 2020, the balance of current investments and long-term investments consist of :-

This investments in private fund represents invesment made under the private fund management agreement date 20 January 2005, which the Foundation entered into with an asset management company, assigning the asset management company to manage the Foundation's private fund ("the Fund") for investment in debt instruments. The asset management company is to receive a management fee and a fund custody fee at a certain percentage rate per annum of the net asset value of the Fund as stipulated in the agreement.The fees for the year 2021 amounting to approximately Bath 0.09 million (2020 : Bath 0.09 million) were recognised as expenses.

7. ELEPHANTS
As at 31 December 2021 and 2020, elephants under care of the Foundation are listed as follow :-

During the year 2021 and 2020, movements of elephants under care of the Foundation were as follow:

As at 31 December 2021, the Foundation had 13 elephants born on the project whose values have not yet been appraised by the specialist of the Foundation (2020: 4 elephants)

8. EQUIPMENT

(Unit : Thousand Baht)
	Mobile office	Furniture and fixtures	Computer and equipment	Vihicle and equipment	Others	Asset under construction	Total
Cost:
1 January 2019	554	6,509	544	5,627	2,376	1,200	16,810
Acquisition using cash from donation	-	-	-	-	30	8,529	8,559
	-	-	-	-	-	-	-
Donated/Write off	-	-	-	-	--)	-	-
31 December 2020	554	6,509	544	5,627	2,406	9,729	25,369
Acquisition using cash from donation	-	-	21		65	18,233	18,319
Write-off	-	-	-	-	(4)	-	(4)
31 December 2021	554	6,509	565	5,627	2,467	27,962	43,684
Accumulated depreciation :
1 January 2020	554	5,974	445	4,910	2,258	-	14,141
Depreciation charged for the year	-	257	35	294	49	-	635
	-	-	-	-	-)	-	--)
31 December 2020	554	6,231	480	5,204	2,307	-	14,776
Depreciation charged for the year	-	251	32	283	44	-	610
Write-off	-	-	-	-	(1)	-	(1)
31 December 2021	554	6,482	512	5,487	2,350	-	15,385
Net book value :
31 December 2020	-	278	64	423	99	9,729	10,593
31 December 2021	-	27	53	140	117	27,962	28,299

9. INITIAL CAPITAL FUNDS
Initial capital funds consists of cash donations of approximately Baht 0.50 million and fixed assets of approximately Baht 0.27 million donated by WWF Thailand Programme office.

10. DONATIONS
The Foundation received the donations for the year ended 31 December 2021 and 2020 as listed below :

11. Capital commitment
As at December 2021, the Foundation had a capital commitment of Baht 3 million in respect of construction of a solar-powered electric fence, contracting to improvethe wildlife and nature knowledge center building, hire of decoration work and creation of permanent exibitions, and video production hire for educating young people and the general public about elephants and natural ecosystems (2020: Bath 21.2 million in respect of video production hirefor educating young people and the general public about elephants and natural ecosystems).

12. Approval of financial statements
These financial statements were authorised for issue by the Foundation's Authorised Directors on 30 Mayl 2022.