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(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 6 February 2004 (as amended))
We have audited the accompanying financial statements of CapitaCommercial Trust (the “Trust”) and its subsidiary (the
“Group”), which comprise the Balance Sheets and Portfolio Statements of the Group and the Trust as at 31 December
2011, the Statements of Total Return, Distribution Statements, Statements of Movements in Unitholders’ Funds and Cash
Flow Statements of the Group and the Trust for the year then ended, and a summary of significant accounting policies
and other explanatory information, as set out on pages 65 to 135.
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 Certified Public Accountants of Singapore, and for such internal control as the
Manager of the Trust determines is necessary to enable the preparation of financial statements that are free frommaterial
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 efectiveness 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 sufcient 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 of the Trust as at 31 December 2011 and the total
return, distributable income, movements in unitholders’ funds and cash flows of the Group and of the Trust for the year
then ended in accordance with the recommendations of Statement of Recommended Accounting Practice 7 “Reporting
Framework for Unit Trusts” issued by the Institute of Certified Public Accountants of Singapore.
KPMG LLP
Public Accountants and
Certified Public Accountants
Singapore
27 February 2012
Auditors’ Report to the Unitholders of
CapitaCommercial Trust
64