RELIGARE HEALTH TRUST
62
Independent Auditor’s Report
to the Unitholders of Religare Health Trust
For the financial year ended 31 March 2015
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Religare Health Trust (the “Trust”) (constituted in the Republic of Singapore
pursuant to a trust deed dated 29 July 2011) and its subsidiaries (collectively, the “Group”) set out on pages 63 to 124, which comprise
the consolidated balance sheet of the Group and the balance sheet of the Trust as at 31 March 2015, and the consolidated statement
of comprehensive income, the statement of changes in unitholders’ funds and cash flow statement of the Group and the statement of
changes in unitholders’ funds of the Trust for the financial year then ended, and a summary of significant accounting policies and other
explanatory information.
Trustee-Manager’s responsibility for the financial statements
The Trustee-Manager of the Trust is responsible for the preparation and fair presentation of these financial statements in accordance with
the provisions of the Singapore Business Trusts Act, Chapter 31A (the “Act”) and International Financial Reporting Standards as issued
by International Accounting Standards Board (“IFRS”), and for such internal control as the Trustee-Manager determines is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with
International 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 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 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.
Opinion
In our opinion, the consolidated financial statements of the Group and the balance sheet and statement of changes in unitholders’ funds
of the Trust give a true and fair view of the financial position of the Group and of the Trust as at 31 March 2015, and of the financial
performance, changes in unitholders’ funds and cash flows of the Group and the changes in unitholders’ funds of the Trust for the financial
year then ended in accordance with the provisions of the Act and IFRS.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In our opinion, the accounting and other records kept by the Trustee-Manager for the Trust and by those subsidiaries incorporated in
Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Singapore Business Trusts Act,
Chapter 31A and the Singapore Companies Act, Chapter 50, respectively.
Ernst & Young LLP
Public Accountants and
Chartered Accountants
Singapore
25 June 2015
