108
Ascott Residence Trust
Annual Report 2015
Independent Auditors’ Report
Unitholders of Ascott Residence Trust
(Constituted under a Trust Deed in the Republic of Singapore)
We have audited the accompanying financial statements of Ascott Residence Trust (the “Trust”) and its subsidiaries
(collectively, the “Group”), which comprise the Statements of Financial Position and Portfolio Statements of the
Group and the Trust as at 31 December 2015, and the Statements of Total Return, Distribution Statements and
Statements of Movements in Unitholders’ Funds of the Group and the Trust and the Consolidated Statement of
Cash Flows of the Group for the year then ended, and a summary of significant accounting policies and other
explanatory information, as set out on pages 109 to 217.
Manager’s responsibility for the financial statements
Ascott Residence Trust Management Limited, the Manager of the Trust, is responsible for the preparation and fair
presentation of these financial statements in accordance with the recommendations of
Statement of Recommended
Accounting Practice 7 “Reporting Framework for Unit Trusts”
issued by the Institute of Singapore Chartered
Accountants, and for such internal control as the Manager determines is necessary to enable the preparation of
financial statements that are free from material misstatements, whether due to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the Trust’s preparation and fair presentation of financial statements
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 Trust’s internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting estimates made by the Manager, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the consolidated financial statements of the Group and the Statement of Financial Position,
Statement of Total Return, Distribution Statement, Statement of Movements in Unitholders’ Funds and Portfolio
Statement of the Trust present fairly, in all material respects, the financial position of the Group and the Trust as at
31 December 2015 and the total return, distributable income and movements in Unitholders’ funds of the Group
and of the Trust and cash flows of the Group for the year then ended in accordance with the recommendations of
Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts”
issued by the Institute
of Singapore Chartered Accountants.
KPMG LLP
Public Accountants and
Chartered Accountants
Singapore
25 February 2016
