Page 100 - ar2012

98 Notes to the Financial
Statements
Cambridge Industrial Trust • Annual Report 2012
These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Manager and the Trustee on 12 March 2013.
1 General
Cambridge Industrial Trust (“CIT” or the “Trust”) is a Singapore-domiciled unit trust constituted pursuant
to the trust deed dated 31 March 2006 (as amended) entered into between Cambridge Industrial Trust
Management Limited (the “Manager”) and RBC Investor Services Trust Singapore Limited (the “Trustee”),
and is governed by the laws of the Republic of Singapore (“Trust Deed”). On 31 March 2006, CIT was
declared as an authorised unit trust scheme under the Trustees Act, Chapter 337. The Trustee is under a
duty to take into custody and hold the assets of the Trust and its subsidiary (the “Group”) held by it in trust
for the holders (“Unitholders”) of units in the Trust (the “Units”).
On 25 July 2006, CIT was admitted to the Official List of the Singapore Exchange Securities Trading Limited
(“SGX-ST”). On 3 April 2006, CIT was included under the Central Provident Fund (“CPF”) Investment Scheme.
The financial statements of the Group as at and for the year ended 31 December 2012 comprise the Trust
and its subsidiary (together referred to as the “Group”).
The principal activity of CIT is to invest in a diverse portfolio of properties with the primary objective of
achieving an attractive level of return from rental income and long-term capital growth. The principal activity
of the subsidiary is set out in Note 6 to the financial statements.
CIT has entered into several service agreements in relation to the management of CIT and its property
operations. The fee structures of these services are as follows:
(A) Trustee’s Fees
Pursuant to the Trust Deed, the Trustee’s fees shall not exceed 0.1% per annum of the value of all
the gross assets of CIT (“Deposited Property”), excluding out-of-pocket expenses and GST. The
actual fee payable will be determined between the Manager and the Trustee from time to time.
The Trustee’s fee is presently charged on a scaled basis of up to 0.03% per annum of the value of
the Deposited Property.
(B) Manager’s Management Fees
Under the Trust Deed, the Manager is entitled to receive the base fee and performance fee as follows:
(i) A base fee (“Base Fee”) of 0.5% per annum of the value of the Deposited Property or such
higher percentage as may be fixed by an Extraordinary Resolution of Meeting of Unitholders.