We have audited the accompanying financial statements of Cambridge Industrial Trust (the “Trust”) and its subsidiary (the
“Group”), which comprise the Statement of Financial Position and Portfolio Statement of the Group and the Trust as at
31 December 2014, and the Statement of Total Return, Distribution Statement, Statement of Movements in Unitholders’
Funds and Statement of Cash Flows of the Group for the year then ended, and a summary of significant accounting
policies and other explanatory information, as set out on pages 101 to 167.
MANAGER’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Manager of the Trust is responsible for the preparation of financial statements that give a true and fair view 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 controls 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 of financial statements that give a true and fair view
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 of the Trust as at 31 December 2014 and the total
return, distributable income, movements in Unitholders’ funds of the Group and the Trust and cash flows of the Group
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 Singapore Chartered Accountants.
KPMG LLP
Public Accountants and
Chartered Accountants
Singapore
27 February 2015
AUDITORS’ REPORT
TO THE UNITHOLDERS OF CAMBRIDGE INDUSTRIAL TRUST (THE “TRUST”)
(CONSTITUTED UNDER A TRUST DEED IN THE REPUBLIC OF SINGAPORE)
CAMBRIDGE INDUSTRIAL TRUST | ANNUAL REPORT 2014
100
