Member of the Company
M&C Business Trust Management Limited
Report on the financial statements
We have audited the accompanying financial statements of M&C Business Trust Management Limited (the “Company”), which
comprise the statement of financial position as at 31 December 2014, the statement of comprehensive income, statement of
changes in equity and statement of cash flows of the Company for the year then ended, and a summary of significant accounting
policies and other explanatory information, as set out on pages 6 to 15.
Management’s responsibility for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the
provisions of the Singapore Companies Act, Chapter 50 (the “Act”) and Singapore Financial Reporting Standards, and for devising
and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded
against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary
to permit the preparation of true and fair profit and loss accounts and balance sheets and to maintain accountability of assets.
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 judgment, 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 entity’s preparation of financial statements that give a true and fair view 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 entity’s internal
control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, 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 financial statements are properly drawn up in accordance with the provisions of the Act and Singapore Financial
Reporting Standards to give a true and fair view of the state of affairs of the Company as at 31 December 2014 and the results,
changes in equity and cash flows of the Company for the year ended on that date.
Report on other legal and regulatory requirements
In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in
accordance with the provisions of the Act.
KPMG LLP
Public Accountants and
Chartered Accountants
Singapore
13 March 2015
INDEPENDENT AUDITORS’ REPORT
5
M&C BUSINESS TRUST MANAGEMENT LIMITED
