Page 68 - ar2011

CDL Hospitality Trusts 66
Independent Auditors’ Report
Unitholders
CDL Hospitality Business Trust
CDL Hospitality Real Estate Investment Trust
Report on the fnancial statements
We have audited:
(i) the fnancial statements of CDL Hospitality Business Trust (“HBT”) (constituted in the Republic of Singapore
pursuant to a trust deed dated 12 June 2006) for the fnancial year ended 31 December 2011;
(ii) the consolidated fnancial statements of CDL Hospitality Real Estate Investment Trust (constituted in the
Republic of Singapore pursuant to a trust deed dated 8 June 2006 as amended by the First Supplemental Deed
dated 11 January 2007, the Second Supplemental Deed dated 26 March 2010 and the Third Supplemental
Deed dated 20 July 2010 (collectively, the “H-REIT Trust Deed”)) and its subsidiaries (the “H-REIT Group”)
for the fnancial year ended 31 December 2011; and
(iii) the consolidated fnancial statements of CDL Hospitality Trusts (constituted in the Republic of Singapore
pursuant to a stapling deed dated 12 June 2006 (the “Stapling Deed”)) for the fnancial year ended 31
December 2011,
as set out on pages 68 to 119. CDL Hospitality Trusts, which comprises HBT and the H-REIT Group, is hereinafter
referred to as the “Stapled Group”.
The accompanying fnancial statements comprise the statements of fnancial position of HBT, the H-REIT Group
and the Stapled Group as at 31 December 2011; the statement of comprehensive income of HBT, statements of
total return of the H-REIT Group and the Stapled Group, statements of movements in unitholders’ funds of HBT,
the H-REIT Group and the Stapled Group, distribution statements of the H-REIT Group and the Stapled Group and
statements of cash fows of HBT, the H-REIT Group and the Stapled Group, all for the year ended 31 December
2011; portfolio statements of the H-REIT Group and the Stapled Group as at 31 December 2011; and a summary of
signifcant accounting policies and other explanatory information, as set out on pages 68 to 119.
HBT Trustee-Manager’s responsibilities for the fnancial statements
M&C Business Trust Management Limited, the Trustee-Manager of HBT (the “HBT Trustee-Manager”), is responsible
for the preparation of fnancial statements of HBT that gives a true and fair view in accordance with the provisions
of the Business Trusts Act, Chapter 31A of Singapore (the “Act”) and Singapore Financial Reporting Standards, and
for devising and maintaining a system of internal accounting controls suffcient to provide a reasonable assurance
that assets that are part of the trust property of the registered business trust are safeguarded against loss from
unauthorised use or disposition; and transactions by the Trustee-Manager entered into on behalf of or purported
to be entered into on behalf of the registered business trust are properly authorised and that they are recorded as
necessary to permit the preparation of true and fair accounts and to maintain accountability of assets.
H-REIT Manager’s responsibilities for the fnancial statements
M&C REIT Management Limited, the Manager of H-REIT (the “H-REIT Manager”), is responsible for the preparation
and fair presentation of the consolidated fnancial statements of the H-REIT Group and the Stapled Group in
accordancewith the recommendations of Statement of RecommendedAccounting 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.