83
82
STARHILL
GLOBAL
REIT
Annual
Report
FY 2014/15
Statement
by the Manager
In the opinion of the directors of YTL Starhill Global REIT Management Limited (the “Manager”), the accompanying financial
statements set out on pages 84 to 126, comprising the balance sheets, statements of total return, distribution statements and
statements of movements in unitholders’ funds of the Group and of the Trust, the investment properties portfolio statement and cash
flow statement of the Group and a summary of significant accounting policies and other explanatory information, are drawn up so
as to give a true and fair view of the financial position of Starhill Global Real Estate Investment Trust (the “Trust”) and its subsidiaries
(the “Group”) as at 30 June 2015, the total return, distributable income and movements in unitholders’ funds of the Group and the
Trust, and the cash flows of the Group for the period from 1 January 2014 to 30 June 2015 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 the provisions of the Trust Deed. At the date of this statement, there are reasonable grounds to believe
that the Group and the Trust will be able to meet its financial obligations as and when they materialise.
For and on behalf of the Manager,
YTL STARHILL GLOBAL REIT MANAGEMENT LIMITED
HO SING
Director
Singapore
28 August 2015
Independent
Auditors’ Report
Unitholders of Starhill Global Real Estate Investment Trust
(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 8 August 2005 (as amended))
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Starhill Global Real Estate Investment Trust (the “Trust”) and its
subsidiaries (collectively, the “Group”), which comprise the balance sheets of the Group and the Trust, the investment properties
portfolio statement of the Group as at 30 June 2015, the statements of total return, distribution statements and statements of
movements in unitholders’ funds of the Group and the Trust and the cash flow statement of the Group for the period from
1 January 2014 to 30 June 2015, and a summary of significant accounting policies and other explanatory information, as set out
on pages 84 to 126.
THE MANAGER’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Manager of the Trust is responsible for the preparation and fair presentation of these financial statements 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.
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 Trust’s preparation and fair presentation of the financial statements 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 Trust’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the
Manager of the Trust, 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 consolidated financial statements of the Group and the financial statements of the Trust present fairly, in all
material respects, the financial position of the Group and the Trust as at 30 June 2015, the total return, distributable income and
movements in unitholders’ funds of the Group and the Trust, and the cash flows of the Group for the period from 1 January 2014 to
30 June 2015 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.
Public Accountants and
Chartered Accountants
Singapore
28 August 2015
