INDEPENDENT AUDITORS’ REPORT
Unitholders of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust
(Constituted in the Republic of Singapore pursuant to a trust deed dated 29 October 2010 (as amended))
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Sabana Shari’ah Compliant Industrial Real
Estate Investment Trust (the “Trust”) and its subsidiaries (the “Group”), which comprise the statements of
financial position of the Group and the Trust and portfolio statement of the Group as at 31 December 2014,
the statements of total return, distribution statements and statements of movements in Unitholders’ funds of
the Group and 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 89 to 143.
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 judgement, 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 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
SABANA REIT
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ANNUAL REPORT 2014
88
