Unitholders
Parkway Life Real Estate Investment Trust
(Constituted in the Republic of Singapore pursuant to a trust deed dated 12 July 2007)
Report on the financial statements
We have audited the accompanying financial statements of Parkway Life Real Estate Investment Trust (the Trust) and its
subsidiaries (the Group), which comprise the statements of financial position and portfolio statements of the Group and the
Trust as at 31 December 2015, and the statements of total return, distribution statements and statements of movements in
unitholders’ funds of the Group and of the Trust and statements 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 77 to 143.
Manager’s responsibility for the financial statements
Parkway Trust Management Limited, 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 misstatements, 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 control relevant to the entity’s preparation and fair presentation of 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 of the Trust as at 31 December 2015, and the total return,
distributable income and movements in Unitholders’ funds of the Group and of 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
21 March 2016
Independent
auditors’ report
Year ended 31 December 2015
ParkwayLife REIT
Annual Report 2015
76
