These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Board of Directors on 13 March 2015.
1 DOMICILE AND ACTIVITIES
M&C Business Trust Management Limited (the “Company”) is incorporated in the Republic of Singapore and has its
registered office at 36 Robinson Road, #04-01 City House, Singapore 068877.
The principal activities of the Company are those relating to the provision of property fund management services.
The Company is the trustee-manager for CDL Hospitality Business Trust, a business trust which is part of CDL Hospitality
Trusts (“CDLHT”), a stapled group comprising CDL Hospitality Real Estate Investment Trust, a real estate investment trust
and CDL Hospitality Business Trust. CDLHT is listed on Singapore Exchange Securities Trading Limited.
The immediate holding company is M&C REIT Management Limited. The directors consider the ultimate holding company
to be Hong Leong Investment Holdings Pte. Ltd.. Both companies are incorporated in the Republic of Singapore.
2 GOING CONCERN
The financial statements have been prepared on a going concern basis, notwithstanding the deficiency in shareholders’
equity, as the immediate holding company has confirmed its intention to provide the necessary financial support to the
Company to continue its operations and meet its liabilities as and when they fall due.
3 BASIS OF PREPARATION
3.1 Statement of compliance
The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (“FRS”).
3.2 Basis of measurement
The financial statements have been prepared on the historical cost basis.
3.3 Functional and presentation currency
The financial statements are presented in Singapore dollars which is the Company’s functional currency.
4 SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently to all periods presented in these financial statements,
and have been applied consistently by the Company.
4.1 Foreign currencies
Transactions in foreign currencies are translated into Singapore dollars at exchange rates ruling at the dates of the
transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated
into Singapore dollars at exchange rate ruling at that date. Foreign exchange differences arising from retranslation
are recognised in profit or loss.
4.2 Financial instruments
Non-derivative financial assets
The Company initially recognises loans and receivables, and deposits on the date that they are originated. All other
financial assets are recognised initially on the trade date, which is the date that the Company becomes a party to the
contractual provisions of the instrument.
NOTES TO THE FINANCIAL STATEMENTS
10
ANNUAL REPORT 2014
