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PERENNIAL REAL ESTATE HOLDINGS LIMITED
Annual Report 2015
Members of the Company
Perennial Real Estate Holdings Limited
(formerly known as St. James Holdings Limited)
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Perennial Real Estate Holdings Limited (formerly known as
St. James Holdings Limited) (the Company) and its subsidiaries (the Group), which comprise the statements of financial position
of the Group and the Company as at 31 December 2015, the statement of profit or loss, statement of comprehensive income,
statement of changes in equity and statement of cash flows of the Group for the period from 1 July 2014 to 31 December 2015,
and a summary of significant accounting policies and other explanatory information, as set out on pages 186 to 256.
Management’s responsibility for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the
provisions of the Singapore Companies Act, Chapter 50 (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 are
safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are
recorded as necessary to permit the preparation of true and fair financial statements 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 management, 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.
INDEPENDENT AUDITORS’ REPORT
