107
Annual Report 2015
REPORT ON THE FINANCIAL STATEMENTS
We have audited:
(i)
the consolidated financial statements of CDL Hospitality Business Trust and its subsidiaries (the "
HBT Group
") for the
financial year ended 31 December 2015;
(ii)
the consolidated financial statements of CDL Hospitality Real Estate Investment Trust and its subsidiaries (the "
H-REIT
Group
") for the financial year ended 31 December 2015; and
(iii)
the consolidated financial statements of CDL Hospitality Trusts for the financial year ended 31 December 2015,
as set out on pages 109 to 186. 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 and the portfolio statements of the H-REIT Group and Stapled Group as at 31 December 2015;
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
statement of 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 2015, and a summary of significant accounting policies and other explanatory information,
as set out on pages 109 to 186.
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.
INDEPENDENT AUDITORS’ REPORT
Unitholders
CDL Hospitality Business Trust
CDL Hospitality Real Estate Investment Trust
