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INDEPENDENT AUDITORS’ REPORT
Unitholders of Ascendas Real Estate Investment Trust
(Constituted under a trust deed dated 9 October 2002 (as amended and restated) in the Republic of Singapore)
We have audited the accompanying fnancial statements of Ascendas Real Estate Investment Trust (the “Trust”) and its subsidiaries (the
“Group”), which comprise the Balance Sheets of the Group and of the Trust and Investment Properties Portfolio Statement of the Group
as at 31 March 2012, and the Statements of Total Return, Distribution Statements, Statements of Movements in Unitholders’ Funds of the
Group and of the Trust and the Statement of Cash Flows of the Group for the year then ended, and a summary of signifcant accounting
policies and other explanatory information, as set out on pages 121 to 183.
Manager’s responsibility for the fnancial statements
The Manager of the Trust is responsible for the preparation and fair presentation of these fnancial statements in accordance with the
recommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of
Certifed Public Accountants of Singapore, and for such internal control as the Manager of the Trust determines is necessary to enable the
preparation of fnancial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these fnancial 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 fnancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fnancial statements. The
procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the fnancial
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 the fnancial 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 of the Trust, as well
as evaluating the overall presentation of the fnancial statements.
We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated fnancial statements of the Group and the balance sheet, statement of total return, distribution statement
and statement of movements in Unitholders’ funds of the Trust present fairly, in all material respects, the fnancial position of the Group
and the Trust as at 31 March 2012 and the total return, distributable income, movements in Unitholders’ funds of the Group and the Trust
and cash fows 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 Certifed Public Accountants of Singapore.
KPMG LLP
Public Accountants and
Certifed Public Accountants
Singapore
28 May 2012
ASCENDAS REAL ESTATE INVESTMENT TRUST
ANNUAL REPORT FY11/12
120