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 financial statements of Ascendas Real Estate Investment Trust (the “Trust”) and its subsidiaries
(the “Group”), which comprise the Balance Sheets of the Group and the Trust and Investment Properties Portfolio Statement of the
Group as at 31 March 2015, 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
significant accounting policies and other explanatory information, as set out on pages 122 to 202.
Manager’s responsibility for the financial statements
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 of the Trust determines is necessary to
enable the preparation of financial statements that are free from material misstatement, 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 the 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 of the Trust, 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 financial statements of the Trust present fairly, in all
material respects, the financial position of the Group and the Trust as at 31 March 2015 and the total return, distributable income,
movements in Unitholders’ funds of the Group and 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
28 May 2015
I n d e p e n d e n t a u d i t o r s ’ r e p o r t
120 121
