Page 51 - Forterra

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INDEPENDENT
AUDITORS’ REPORT
Unitholders of Forterra Trust (formerly known as Treasury China Trust)
Report on the financial statements
We have audited the accompanying financial statements of Forterra 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 2012, 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 51 to 112.
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 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 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.