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ANNUAL REPORT 2014
INDEPENDENT AUDITORS’ REPORT
Unitholders
CDL Hospitality Business Trust
CDL Hospitality Real Estate Investment Trust
Report on the financial statements
We have audited:
(i)
the consolidated financial statements of CDL Hospitality Business Trust (constituted in the Republic of Singapore
pursuant to a trust deed dated 12 June 2006) and its subsidiaries (the “HBT Group”) for the financial year ended
31 December 2014;
(ii)
the consolidated financial 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
financial year ended 31 December 2014; and
(iii) the consolidated financial 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 financial year ended 31 December 2014,
as set out on pages 95 to 166. CDL Hospitality Trusts, which comprises the HBT Group and the H-REIT Group,
is hereinafter referred to as the “Stapled Group”.
The accompanying financial statements comprise the statements of financial position of the HBT Group, the H-REIT
Group and the Stapled Group as at 31 December 2014; the statement of comprehensive income of the HBT Group,
statements of total return of the H-REIT Group and the Stapled Group, statements of movements in unitholders’ funds
of the HBT Group, the H-REIT Group and the Stapled Group, distribution statements of the H-REIT Group and the
Stapled Group and statements of cash flows of the HBT Group, the H-REIT Group and the Stapled Group, all for the
year ended 31 December 2014; portfolio statements of the H-REIT Group and the Stapled Group as at 31 December
2014; and a summary of significant accounting policies and other explanatory information, as set out on pages 95 to 166.
HBT Trustee-Manager’s responsibilities for the financial statements
M&C Business Trust Management Limited, the Trustee-Manager of HBT (the “HBT Trustee-Manager”), is responsible for
the preparation of the consolidated financial statements of the HBT Group 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 sufficient 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 financial 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 financial statements of the H-REIT Group and the Stapled Group 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.
