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Ascott Residence Trust
Annual Report 2015
Notes to the Financial Statements
Year ended 31 December 2015
These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Manager and the Trustee on 25 February 2016.
1 General
Ascott Residence Trust (the “Trust”) is a Singapore-domiciled unit trust constituted pursuant to the trust
deed dated 19 January 2006 (as amended) (the “Trust Deed”) between Ascott Residence Trust Management
Limited (the “Manager”) and DBS Trustee Limited (the “Trustee”). The Trust Deed is governed by the laws of
the Republic of Singapore. The Trustee is under a duty to take into custody and hold the assets of the Trust
held by it or through its subsidiaries (collectively, the “Group”) in trust for the holders (“Unitholders”) of units
in the Trust (the “Units”).
The Trust was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited
(“SGX-ST”) on 31 March 2006 and was included under the Central Provident Fund (“CPF”) Investment Scheme
on 31 March 2006.
The principal activities of the Trust and its subsidiaries are those relating to investment in real estate and real
estate related assets which are income-producing and which are used or predominantly used, as serviced
residences, rental housing properties and other hospitality assets in any country in the world.
For financial reporting purposes, the Group is regarded as a subsidiary of The Ascott Limited (“TAL”).
Accordingly, the ultimate holding company is CapitaLand Limited. The immediate and ultimate holding
companies are incorporated in Singapore.
The consolidated financial statements relate to the Group and the Group’s interest in its associate.
The Group has entered into several service agreements in relation to management of the Trust and its property
operations. The fee structures for these services are as follows:
(i) Trustee’s fees
Pursuant to Clause 16.2 of the Trust Deed, the Trustee’s fee shall not exceed 0.1% per annum of the
value of the assets of the Group (“Deposited Property”), subject to a minimum of $10,000 per month,
excluding out-of-pocket expenses and goods and services tax which is borne by the Trust. The Trustee
is also entitled to reimbursement of expenses incurred in the performance of its duties under the Trust
Deed. The Trustee’s fees are payable monthly in arrears.
(ii) Manager’s fees
Management fees
The Manager is entitled under Clauses 15.1.1 and 15.1.2 of the Trust Deed to the following management
fees:
(a) a base fee of 0.3% per annum of the property values; and
The accompanying notes form an integral part of these financial statements.
