C A M B R I D G E I N D U S T R I A L T R U S T
A N N U A L R E P O R T 2 0 1 5
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REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Cambridge Industrial Trust (the “Trust”) and its subsidiaries
(the “Group”), which comprise the Statement of Financial Position and Portfolio Statement of the Group and the Trust
as at 31 December 2015, the Statement of Total Return, Distribution Statement, and Statement of Movements in
Unitholders’ Funds of the Group and of the Trust 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 97 to 160.
MANAGER’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
Cambridge Industrial Trust Management Limited, the Manager of the Trust (the Manager), 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 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 controls relevant to the entity’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 entity’s internal controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by the Manager, 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 2015 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
11 March 2016
INDEPENDENT AUDITORS’ REPORT
Unitholders
Cambridge Industrial Trust (the “Trust”)
(Constituted under a Trust Deed in the Republic of Singapore)
