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Independent Auditors’ Report
Unitholders of Treasury China Trust
Report on the financial statements
We have audited the accompanying financial statements of Treasury China Trust (the “Trust”) (constituted in the Republic
of Singapore pursuant to a Trust Deed dated 19 May 2010 (the “Trust Deed”)) and its subsidiaries (the “Group”), which
comprise the statements of financial position of the Group and the Trust as at 31 December 2011, the consolidated income
statement, consolidated statement of comprehensive income, consolidated statement of movements in unitholders’ funds
and consolidated 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 57 to 116.
Trustee-Manager’s responsibility for the financial statements
The Trustee-Manager is responsible for the preparation of financial statements that give a true and fair view in accordance with
the provisions of the Singapore Business Trusts Act, Chapter 31A (the “Act”) and Singapore Financial Reporting Standards,
and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that
assets that are part of the trust property of the registered business trust are safeguarded against loss from unauthorised use
or disposition; and transactions by the Trustee-Manager entered into on behalf of or purported to be entered into on behalf
of the registered business trust are properly authorised and that they are recorded as necessary to permit the preparation of
true and fair accounts and to maintain accountability of assets.
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 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 Trustee-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 statement of financial position of the Trust are
properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards to give a true and
fair view of the state of affairs of the Group and of the Trust as at 31 December 2011 and the results, changes in unitholders’
funds and cash flows of the Group for the year ended on that date.
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