Cromwell European REIT - Annual Report 2021

CROMWELL EUROPEAN REIT 195 ANNUAL REPORT 2021 REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Opinion We have audited the financial statements of Cromwell European Real Estate Investment Trust (“Trust”) and its subsidiaries (collectively referred to as “CEREIT”), which comprise the Consolidated Balance Sheet of CEREIT and the Balance Sheet of the Trust as at 31 December 2021, and the Consolidated Statement of Total Return, Consolidated Statement of Comprehensive Income, Consolidated Distribution Statement, Consolidated Statement of Movements in Unitholders’ Funds, Consolidated Statement of Cash Flows and Statement of Portfolio of CEREIT and the Statement of Movements in Unitholders’ Funds of the Trust for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, as set out on pages 199 to 272. In our opinion, the accompanying consolidated financial statements of CEREIT, and the Balance Sheet and Statement of Movements in Unitholders’ Funds of the Trust are properly drawn up in accordance with International Financial Reporting Standards (“IFRS”) and the recommendations of The Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” (“RAP 7”) (Revised 2017) issued by the Institute of Singapore Chartered Accountants so as to give a true and fair view of the Consolidated Balance Sheet of CEREIT and the Balance Sheet of the Trust as at 31 December 2021, and of the Consolidated Statement of Total Return, Consolidated Statement of Comprehensive Income, Consolidated Distribution Statement, Consolidated Statement of Movements in Unitholders’ Funds, Consolidated Statement of Cash Flows and Statement of Portfolio of CEREIT and the Statement of Movements in Unitholders’ Funds of the Trust for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of CEREIT in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF CROMWELL EUROPEAN REAL ESTATE INVESTMENT TRUST