SEO Version
FORTERRA
ANNUAL REPORT 2013
INDEPENDENT
AUDITORS’ REPORT
63
Unitholders of Forterra 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 2013, the consolidated statement of profit or loss, 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 65 to 144.
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.
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