Pioneer Self Storage Fund - Equity Trustees · Pioneer Self Storage Fund Directors’ report 30...

1

Pioneer Self Storage FundARSN 601 881 690

Annual ReportFor the year ended 30 June 2017

2

Pioneer Self Storage FundARSN 601 881 690

Annual reportFor the year ended 30 June 2017

Contents

Directors’ report

Auditor’s independence declaration

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

Directors’ declaration

Independent auditor’s report to the unit holders of Pioneer Self Storage Fund

This annual report covers Pioneer Self Storage Fund as an individual entity.

The Responsible Entity of Pioneer Self Storage Fund is Equity Trustees Limited (ABN 46 004 031 298) (AFSL 240975).

The Responsible Entity’s registered office is:Level 1, 575 Bourke StreetMelbourne, VIC 3000

Pioneer Self Storage FundDirectors’ report

30 June 2017

3

Directors’ report

The directors of Equity Trustees Limited, the Responsible Entity of Pioneer Self Storage Fund (the “Fund”), present their report together with the financial statements of the Fund for the year ended 30 June 2017.

Principal activities

The Fund invests in self-storage property assets in accordance with the Product Disclosure Statement and the provisions of the Fund’s Constitution.

The Fund did not have any employees during the year.

There were no significant changes in the nature of the Fund’s activities during the year.

The various service providers for the Fund are detailed below:

Service Provider

Responsible Entity and Custodian Equity Trustees Limited Investment Manager Pioneer Investment Group Pty LtdFund Administrator Bishop Collins Pty LtdStatutory Auditor Ernst & Young

Directors

The following persons held office as directors of Equity Trustees Limited during or since the end of the year andup to the date of this report:

Philip D Gentry Chairman Harvey H KalmanMartin G Walsh (resigned 9 June 2017)Geoffory R Rimmer (resigned 4 October 2016)Ian C Westley (appointed 12 December 2016)

Review and results of operations

During the year, the Fund continued to invest in self-storage property assets in accordance with the Product Disclosure Statement and the provisions of the Fund’s Constitution.

The Fund’s annualised performance was 6.0% (2016: 5.5%), net of fees, for the year ended 30 June 2017.

The performance of the Fund, as represented by the results of its operations, was as follows:

Year ended30 June 2017 30 June 2016

Net profit/(loss) for the year ($’000) (903) (311)Adjustment for non-operating lossNet change in fair value of investment properties 1,869 928Net change in fair value of financial instruments (47) 78 Other non-operating expenses 25 19 Operating profit for the year ($’000) 944 714

Distributions paid and payable ($’000) 944 714Distributions (cents per unit) 6.0 5.5


30 June 2017(continued)

4

Directors’ report (continued)

Significant changes in the state of affairs

Geoffrey R Rimmer resigned as a director of Equity Trustees Limited on 4 October 2016.

Ian C Westley was appointed as a director of Equity Trustees Limited on 12 December 2016.

Martin G Walsh resigned as a director of Equity Trustees Limited on 9 June 2017.

In the opinion of the directors, there were no other significant changes in the state of affairs of the Fund that occurred during the financial year.

Matters subsequent to the end of the financial year

Subsequent to 30 June 2017, the Fund entered into a variation to the existing loan agreement with Commonwealth Bank of Australia. The Fund’s loan facilities have been extended to 24 June 2019 with quarterly principal payments of $60,625 to May 2019 commencing in August 2017.

No other matter or circumstance has arisen since 30 June 2017 that has significantly affected, or may have a significant effect on:

(i) the operations of the Fund in future financial years;(ii) the results of those operations in future financial years; or(iii) the state of affairs of the Fund in future financial years.

Likely developments and expected results of operations

The Fund will continue to be managed in accordance with the investment objectives and guidelines as set out in the Product Disclosure Statement and the provisions of the Fund’s Constitution.

The results of the Fund’s operations will be affected by a number of factors, including the performance of the self-storage assets in which the Fund invests. Investment performance is not guaranteed and future returns may differ from past returns. As investment conditions change over time, past returns should not be used to predict future returns.

Indemnification and insurance of officers

No insurance premiums are paid for out of the assets of the Fund in regards to insurance cover provided to the officers of Equity Trustees Limited. So long as the officers of Equity Trustees Limited act in accordance with the Fund’s Constitution and the Law, the officers remain indemnified out of the assets of the Fund against losses incurred while acting on behalf of the Fund.

Indemnification of auditor

The auditor of the Fund is in no way indemnified out of the assets of the Fund.

Fees paid to and interests held in the Fund by the Responsible Entity and its associates

Fees paid to the Responsible Entity and its associates out of Fund property during the year are disclosed in Note 15 to the financial statements.

No fees were paid out of Fund property to the directors of the Responsible Entity during the year.

The number of interests in the Fund held by the Responsible Entity or its associates as at the end of the financial year are disclosed in Note 15 to the financial statements.


30 June 2017(continued)

5

Directors’ report (continued)

Interests in the Fund

The movement in units on issue in the Fund during the year is disclosed in Note 4 to the financial statements.

The value of the Fund’s assets and liabilities is disclosed on the statement of financial position and derived using the basis set out in Note 2 to the financial statements.

Environmental regulation

The operations of the Fund are not subject to any particular or significant environmental regulations under Commonwealth, State or Territory law.

Rounding of amounts to the nearest thousand dollars

Amounts in the Directors’ report have been rounded to the nearest thousand dollars in accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, unless otherwise indicated.

Auditor’s independence declaration

A copy of the Auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 6.

This report is made in accordance with a resolution of the directors of Equity Trustees Limited.

Philip D GentryChairman

Melbourne26 September 2017

A member firm of Ernst & Young Global Limited

Liability limited by a scheme approved under Professional Standards Legislation

Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Auditor’s Independence Declaration to the Directors of Equity Trustees Limited

As lead auditor for the audit of Pioneer Self Storage Fund for the financial year ended 30 June 2017, I declare to the best of my knowledge and belief, there have been:

a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

b) no contraventions of any applicable code of professional conduct in relation to the audit. Ernst & Young Daniel Cunningham Partner 26 September 2017

Pioneer Self Storage FundStatement of comprehensive income

For the year ended 30 June 2017

7

Statement of comprehensive income

Year endedNote 30 June 2017

$’00030 June 2016

$’000

RevenueStorage rental income 3,290 2,630Interest income 2 6Total revenue 3,292 2,636

ExpensesStorage property expenses 1,280 866Finance costs 774 632Responsible Entity and Custodian fees 15(g) 41 70Investment Manager fees 15(g) 170 241Fund Administrator fees 15(g) 15 54Remuneration of auditor 14 41 39Other expenses 27 20Total expenses 2,348 1,922

Operating profit/(loss) before fair value adjustments and pursuit costs 944 714

Net change in fair value of investment properties 9 (1,869) (928)Net change in fair value of financial instruments 47 (78)Pursuit cost for acquisitions which did not proceed - (5)Amortisation of licence fees (25) (14)Net profit/(loss) (903) (311)

Other comprehensive income - -Total comprehensive income for the year (903) (311)

The above statement of comprehensive income should be read in conjunction with the accompanying notes.

Pioneer Self Storage FundStatement of financial position

As at 30 June 2017

8

Statement of financial position

As atNote 30 June 2017

$’00030 June 2016

$’000

Current assetsCash and cash equivalents 6 564 287Receivables 8 43 654Other assets 40 22Total current assets 647 963

Non-current assetsInvestment properties 9 28,700 30,550Intangibles 10 85 109Total non-current assets 28,785 30,659

Total assets 29,432 31,622

Current liabilities Payables 11 439 440Borrowings 12 17,923 565Financial liabilities held at fair value through profit and loss 13 31 -Distribution payable 5 158 138Total current liabilities 18,551 1,143

Non-current liabilitiesBorrowings 12 - 17,894Financial liabilities held at fair value through profit and loss 13 - 78Total non-current liabilities - 17,972

Total liabilities 18,551 19,115

Net assets 10,881 12,507

EquityContributed equity 4 15,603 15,382Accumulated losses (4,722) (2,875)Total equity 10,881 12,507

The above statement of financial position should be read in conjunction with the accompanying notes.

Pioneer Self Storage FundStatement of changes in equity


9

Statement of changes in equity

Note

Contributedequity$’000

Accumulated losses$’000

Total$’000

Total equity at 1 July 2015 12,640 (1,850) 10,790Profit/(loss) for the period - (311) (311)Other comprehensive income - - -Total comprehensive income - (311) (311)

Transactions with unit holders in their capacity as unit holders:Issue of units 4 2,802 - 2,802Equity raising costs 4 (60) - (60)Distributions paid or payable 5 - (714) (714)Total equity at 30 June 2016 15,382 (2,875) 12,507

Profit/(loss) for the year - (903) (903)Other comprehensive income - - -Total comprehensive income - (903) (903)

Transactions with unit holders in their capacity as unit holders:Issue of units 4 221 - 221Distributions paid or payable 5 - (944) (944)Total equity at 30 June 2017 15,603 (4,722) 10,881

The above statement of changes in equity should be read in conjunction with the accompanying notes.

Pioneer Self Storage FundStatement of cash flows


10

Statement of cash flows

Year endedNote 30 June 2017

$’00030 June 2016

$’000

Cash flows from operating activitiesReceipts from storage rental income 3,923 2,850Payment to suppliers (1,610) (2,033)Interest expense paid (742) (589)Interest income received 2 6Net cash inflow/(outflow) from operating activities 7 1,573 234

Cash flows from investing activitiesPurchase of investment properties and capital expenditure (28) (6,321)Net cash inflow/(outflow) from investing activities (28) (6,321)

Cash flows from financing activitiesProceeds from borrowings - 3,955Repayment of borrowings (565) -Proceeds from issue of units 445 6,027Payments for redemptions of units (224) (3,225)Transaction costs on issue of units - (59)Distributions paid to unit holders (924) (638)Net cash inflow/(outflow) from financing activities (1,268) 6,060

Net increase/(decrease) in cash and cash equivalents 277 (27)Cash and cash equivalents at the beginning of the year 287 314Cash and cash equivalents at the end of the year 6 564 287

The above statement of cash flows should be read in conjunction with the accompanying notes.

Pioneer Self Storage FundNotes to the financial statementsFor the year ended 30 June 2017

11

Notes to the financial statements

Contents

1 General information

2 Summary of significant accounting policies

3 Financial risk management

4 Contributed equity

5 Distributions to unit holders

6 Cash and cash equivalents

7 Reconciliation of profit/(loss) to net cash inflow/(outflow) from operating activities

8 Receivables

9 Investment properties

10 Intangibles

11 Payables

12 Borrowings

13 Financial liabilities held at fair value through profit and loss

14 Remuneration of auditor

15 Related party transactions

16 Events occurring after the reporting period

17 Contingent assets and liabilities and commitments


(continued)

12

1 General information

These financial statements cover Pioneer Self Storage Fund (the “Fund”) as an individual entity. The Fund is an Australian registered managed investment scheme which was constituted on the 15 September 2014 and will terminate on 14 September 2094, unless terminated earlier in accordance with the provisions of the Fund’s Constitution.

The Responsible Entity of the Fund is Equity Trustees Limited (ABN 46 004 031 298) (AFSL 240975) (the “Responsible Entity”). The Responsible Entity’s registered office is Level 1, 575 Bourke Street, Melbourne, VIC 3000.

The financial statements are presented in the Australian currency unless otherwise noted.

The Fund invests in self storage assets in accordance with the Product Disclosure Statement and the provisions of the Fund’s Constitution.

The financial statements were authorised for issue by the directors on the date the Directors’ declaration was signed. The directors of the Responsible Entity have the power to amend and reissue the financial statements.

2 Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated in the following notes.

(a) Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001 in Australia. The Fund is a for-profit entity for the purpose of preparing the financial statements. The financial statements have been prepared on a going concern basis.

The financial statements have been prepared on the basis of fair value measurement of assets and liabilities, except where otherwise stated. Fair values approximate the carrying value.

(i) Going Concern

The financial report has been prepared on a going concern basis which assumes continuity of normal business activities and realisation of assets and settlement of liabilities in the ordinary course of business.

At year end the Fund’s current liabilities exceeded its current assets by $17,904,000 (2016: $180,000). During the year ended 30 June 2017 the Fund derived operating profit of $944,000 (2016: $714,000).

Subsequent to 30 June 2017, the Fund entered into a variation to the existing loan agreement with Commonwealth Bank of Australia. The Fund’s loan facilities have been extended to 24 June 2019 with quarterly principal payments of $60,625 to May 2019. The Fund will fund the first 2 principal repayments in August and November 2017 with current cash at hand. In relation to future principal repayments the Fund has access to cash flows with the Fund being open to investment to new and existing unitholders. During the year ended 30 June 2017 the Fund increased units on issue by $221,000. If necessary, the Fund also has the option to fund principal repayments through the operating profits derived by the Fund.

The Directors consider there are reasonable grounds to believe the Fund will be able to pay its debts as and when they become due and payable.

(ii) Compliance with International Financial Reporting Standards (IFRS)

The financial statements of the Fund also comply with IFRS as issued by the International Accounting Standards Board (IASB).


(continued)

13

2 Summary of significant accounting policies (continued)

(iii) New and amended standards adopted by the Fund

There are no new standards, interpretations or amendments to existing standards that are effective for the first time for the financial year beginning 1 July 2016 that have a material impact on the Fund.

(iv) New standards and interpretations not yet adopted

Certain new accounting standards and interpretations have been published that are not mandatory for the 30 June 2017 reporting period and have not been early adopted by the Fund. The directors’ assessment of the impact of these new standards (to the extent relevant to the Fund) and interpretations is set out below:

AASB 9 Financial Instruments (and applicable amendments) (effective from 1 January 2018)

AASB 9 addresses the classification, measurement and derecognition of financial assets and financial liabilities. It has now also introduced revised rules around hedge accounting and impairment. The standard is not applicable until 1 January 2018 but is available for early adoption. The directors do not expect this to have a significant impact on the recognition, classification and measurement of the Fund’s financial instruments as they are carried at fair value through profit or loss. The derecognition rules have not changed from the previous requirements, and the Fund does not apply hedge accounting. AASB 9 introduces a new impairment model. However, as the Fund’s investments are all held at fair value through profit or loss, the change in impairment rules will not impact the Fund. The Fund has not yet decided when to adopt AASB 9.

AASB 15 Revenue from Contracts with Customers (effective from 1 January 2018)

AASB 15 will replace AASB 118 Revenue which covers contracts for goods and services and AASB 111 Construction Contracts which covers construction contracts. AASB 15 is based on the principle that revenue is recognised when control of a good or service transfers to a customer – so the notion of control replaces the existing notion of risks and rewards.

The Fund’s main sources of income are storage rental income and interest income. All of these are outside the scope of the new revenue standard. As a consequence, the directors do not expect the adoption of AASB 15 to have a significant impact on the Fund’s accounting policies or the amounts recognised in the financial statements. The Fund has not yet decided when to adopt AASB 15.

AASB 16 Leases (effective from 1 January 2019)

This standard contains requirements about lease classification and recognition, measurement and presentation and disclosures of leases for lessees and lessors. The Fund currently does not have any operating leases where it acts as a lessee therefore this standard is not expected to have a significant impact on the financial statements on application.

There are no other standards that are not yet effective and that are expected to have a material impact on the Fund in the current or future reporting periods and on foreseeable future transactions.

(b) Financial instruments

(i) Classification

The Fund’s investments are classified as at fair value through profit or loss. These include financial assets and liabilities that are not held for trading purposes and may not be sold. These include Market Rate Loan Range Agreements.

Financial assets and liabilities designated at fair value through profit or loss at inception are those managed and their performance evaluated on a fair value basis in accordance with the Fund’s documented investment strategy as outlined in the Product Disclosure Statement. The Fund’s policy is for the Investment Manager to evaluate information about these financial instruments on a fair value basis together with other related financial information.


(continued)

14


(b) Financial instruments (continued)

(ii) Recognition and derecognition

The Fund recognises financial assets and financial liabilities on the date it becomes party to the contractual agreement (trade date) and recognises changes in the fair value of the financial assets or financial liabilities from this date. Financial liabilities are derecognised when the obligation under the liabilities are discharged.

(iii) Measurement

Financial instruments held at fair value through profit or loss

At initial recognition, the Fund measures a financial asset at its fair value. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the statement of comprehensive income. Subsequent to initial recognition, all financial assets and liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of ‘financial assets or liabilities at fair value through profit or loss’ category are presented in the statement of comprehensive income in the period in which they arise.

(c) Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Fund and the revenue can be reliably measured, regardless of when the payment is received. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty.

(i) Storage rental income

Rental income arising from the Storage King investment properties is accounted for on a straight-line basis over the lease term and is included in revenue in the statement of comprehensive income.

(ii) Interest income

Interest income on cash and cash equivalents is recognised in the statement of comprehensive income on an accruals basis.

(d) Expenses

All expenses are recognised in the statement of comprehensive income on an accruals basis.

(e) Income tax

Under current legislation, the Fund is not subject to income tax as unit holders are presently entitled to the income of the Fund.

(f) Distributions

The Fund distributes its distributable income, in accordance with the Fund’s Constitution, to unit holders by cashor investment.

(g) Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions and other short term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

(h) Receivables

Receivables may include amounts for interest and storage rental income. Collectability of receivables is reviewed on an ongoing basis. Receivables which are known to be uncollectable are written off by reducing the carrying amount directly. The amount of the impairment loss is recognised in the statement of comprehensive income within other expenses. Subsequent recoveries of amounts previously written off are credited against other expenses in the statement of comprehensive income.


(continued)

15


(i) Investment properties

Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment properties are included in the statement of comprehensive income in the period in which they arise.

Investment properties are derecognised either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefits is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in the statement of comprehensive income in the period of derecognition.

(j) Intangible assets

Storage King sign on fees acquired are initially recognised at cost and are subsequently carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to profit or loss using the straightline method over 5 years, which is the renewable period of contractual rights.

(k) Payables

Payables include liabilities and accrued expenses owed by the Fund which are unpaid as at the end of the reporting period. As the Fund has a contractual obligation to distribute its distributable income, a separate distribution payable is recognised in the statement of financial position as at the end of each reporting period where this amount remains unpaid as at the end of the reporting period.

(l) Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Interest expense is accrued over the period it becomes due and is recorded in the statement of comprehensive income with the offsetting amount recorded as part of payables in current liabilities.

(m) Borrowing costs

Borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that the Fund incurs in connection with the borrowing of funds.

(n) Contributed equity

Units on issue are recognised at the fair value of the consideration received by the Fund. Any transactions costs arising on the issue of units are recognised directly in equity as a reduction of the proceeds received.

Applications received for units in the Fund are recorded net of any entry fees payable when units are issued in the Fund. Redemptions from the Fund are recorded gross of any exit fees payable after the cancellation of units redeemed. There were no entry fees payable with respect to units issued or redemption of units during the year ended 30 June 2017 and 30 June 2016.

(o) Goods and services tax (GST)

The GST incurred on the costs of various services provided to the Fund by third parties such as management, administration and custodian services where applicable, have been passed on to the Fund. Fees for these services and any other expenses have been recognised in the statement of comprehensive income net of the amount of GST recoverable from the Australian Taxation Office (ATO). Amounts payable are inclusive of GST. The net amount of GST recoverable from the ATO is included in receivables in the statement of financial position. Cash flows relating to GST are included in the statement of cash flows on a gross basis.

(p) Use of estimates

The Fund makes estimates and assumptions that affect the reported amounts of assets and liabilities within thecurrent and next financial year. Estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.


(continued)

16


(q) Current versus non-current classification

The Fund presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is:

Expected to be realised or intended to be sold or consumed in the normal operating cycle;Held primarily for the purpose of trading;Expected to be realised within twelve months after the reporting period; or Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current. A liability is current when:

It is expected to be settled in the normal operating cycle;It is held primarily for the purpose of trading;It is due to be settled within twelve months after the reporting period; or

There is no unconditional right to defer the settlement of the liability for at least twelve months after thereporting period

The Fund classifies all other liabilities as non-current.

(r) Rounding of amounts

The Fund is an entity of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 relating to the “rounding off” of amounts in the financial statements. Amounts in the financial statements have been rounded to the nearest thousand dollars unless otherwise indicated.

(s) Comparative revisions

Comparative information has been revised where appropriate to enhance comparability. Where necessary, comparative figures have been adjusted to conform with changes in presentation in the current year.

3 Financial risk management

The Fund’s activities are exposed to a variety of financial risks including market risk, liquidity risk and credit risk.

The Fund’s overall risk management programme focuses on ensuring compliance with the Fund’s Product Disclosure Statement and the investment guidelines of the Fund. It also seeks to maximise the returns derived for the level of risk to which the Fund is exposed and seeks to minimise potential adverse effects on the Funds’ financial performance.

The investments of the Fund, and associated risks, are managed by a specialist Investment Manager, Pioneer Investment Group Pty Ltd under an Investment Management Agreement (IMA) approved by the Responsible Entity, and containing the investment strategy and guidelines of the Fund, consistent with those stated in the Product Disclosure Statement.

The Fund uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of market risks, and ratings analysis for credit risk.

(a) Market risk

(i) Interest rate risk

The Fund’s investment in interest bearing financial assets exposes it to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. The risk is measured using sensitivity analysis. The Fund is a geared investment product. Changes in interest rates, the terms and the availability and cost of finance will affect operating cash flows and therefore the amount available to pay distributions. The Fund has reduced its exposure to interest rate risk by entering into a market rate loan range agreement to hedge against interest rate movement. The agreement will mature on the 13 November 2017.


(continued)

17

3 Financial risk management (continued)

(a) Market risk (continued)

(i) Interest rate risk (continued)

The Fund has a maximum gearing ratio of 65%. As at 30 June 2017, the Fund’s gearing ratio was 61% (2016:59%). The gearing ratio is calculated by dividing the total interest bearing liabilities by the total assets. The Fund has a minimum property level interest cover ratio of 2.6 times.

The Fund’s property-level interest cover ratio, for the year ended 30 June 2017 is 2.7 times (2016: 2.9 times).The property level interest cover ratio is calculated by taking the earnings of the Fund before non-property fund costs and unrealised losses divided by interest expense.

Subsequent to 30 June 2017, the Fund entered into a variation to the existing loan agreement with Commonwealth Bank of Australia. The Fund’s loan facilities have been extended to 24 June 2019 with quarterly principal payments of $60,625 to May 2019 commencing in August 2017. Upon expiration of the Fund’s debt facility in June 2019, if the Fund requires refinancing, the ability to source refinancing and the terms upon which credit is made available may vary depending on market liquidity. This may impact on the value of the Fund.

The table below summarises the Fund’s exposure to interest rate risk on financial assets and liabilities at the end of the reporting period.

As at 30 June 2017

Floating interest rate

$’000

Non-interest bearing$’000

Total$’000

AssetsCash and cash equivalents 323 241 564 Receivables - 43 43 Total assets 323 284 607

LiabilitiesPayables - 439 439Distribution payable - 158 158Financial liabilities held at fair value through profit and loss 31 - 31Borrowings 17,948 - 17,948Total liabilities 17,979 597 18,576

Exposure decrease from interest rate swaps (notional principal) (14,558) - (14,558)

Net exposure (3,098) (313) (3,411)

As at 30 June 2016

AssetsCash and cash equivalents 137 150 287Receivables - 654 654Total assets 137 804 941

LiabilitiesPayables - 440 440Distribution payable - 138 138Financial liabilities held at fair value through profit and loss 78 - 78Borrowings 18,513 - 18,513Total liabilities 18,591 578 19,169

Exposure decrease from interest rate swaps (notional principal) (14,558) - (14,558)

Net exposure (3,896) 226 (3,670)


(continued)

18


(b) Summarised sensitivity analysis

The following table summarises the sensitivity to reasonable possible changes in year end interest rates, with all other variables held constant. A negative amount in the table reflects a potential net reduction in profit or equity, whilst a positive amount reflects a potential net increase.

Impact on operating profit/net assets attributable to unit holdersInterest rate risk

-100bps$’000

+100bps$’000

As at 30 June 2017 31 (31)As at 30 June 2016 39 (39)

(c) Credit risk

Credit risk is the risk that a contracting entity will not complete its obligations in full and cause the Fund to make a financial loss. The maximum exposure to credit risk before any credit enhancements at the end of each reporting period is the carrying amount of the financial assets. None of these assets are impaired nor past due.

The Fund manages credit risk with respect to cash assets by banking with Australian leading banks, National Australia Bank and Commonwealth Bank of Australia. In respect to receivables, the Fund manages credit risk by billing and collecting rent one month in advance. As at 30 June 2017 and as at 30 June 2016, there were no trade receivables past due or impaired.

(d) Liquidity risk

Liquidity risk is the risk that the Fund may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous.

In order to manage the Fund’s overall liquidity, the Responsible Entity has the discretion to reject an application for units. The Fund does not allow any redemption under normal circumstances during the initial 2 year period (before October 2017). After that date, unit holders will be provided with a limited annual withdrawal facility.Under this facility the Responsible Entity is required to deem that the Fund has sufficient liquidity to meet the withdrawal request. Due to the limited and conditional nature of the annual withdrawal facility, unit holders should consider an investment in the Fund as relatively illiquid.

(i) Maturities of non-derivative financial liabilities

The table below analyses the Fund’s non-derivative financial liabilities into relevant maturity groupings based on the remaining period at reporting date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows.

Less than 1 year$’000

1 to 2years$’000

2 to 5years$’000

Total$’000

As at 30 June 2017

Financial liabilitiesPayables 439 - - 439Distribution payable 158 - - 158Borrowings 18,218 - - 18,218Total financial liabilities 18,815 - - 18,815

As at 30 June 2016

Financial liabilitiesPayables 440 - - 440Distribution payable 138 - - 138Borrowings 1,319 14,929 3,532 19,780Total financial liabilities 1,897 14,929 3,532 20,358


(continued)

19


(e) Fair value of financial assets and liabilities

(i) These financial assets and liabilities are classified as current, whereby their fair values approximate carrying amounts.(ii) These financial liabilities are subject to interest rate risk and markets risks, the basis of determining the fair value is set out in the fair value hierarchy below.

Determination of fair value

The Fund uses the following hierarchy for determining and disclosing the fair value of a financial instrument. The valuation techniques comprise:

Level 1: the fair value is calculated using quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: the fair value is estimated using inputs other than quoted prices that are observable, either directly (as prices) or indirectly (derived from prices).

Level 3: the fair value is estimated using inputs that are not based on observable market data.

In assessing the fair value of the Fund's financial instruments, consideration is given to the available market data and if the market for a financial instrument changes then the valuation technique applied will change accordingly.

During the year, there were no transfers between Level 1, Level 2 and Level 3 fair value measurements.

Fair value Carrying amountNote Fair value

Hierarchy30 Jun 17

$’00030 Jun 16

$’00030 Jun 17

$’00030 Jun 16

$’000

AssetsCash and cash equivalents 6 564 287 564 287Receivables (i) 8 43 654 43 654

LiabilitiesPayables (ii) 11 439 440 439 440Interest bearing liabilities- Floating rate borrowings (ii) 12 Level 2 17,948 18,513 17,948 18,513Financial liabilities held at fair value through profit and loss

13 31 78 31 78

Distribution payable (i) 158 138 158 138


(continued)

20

4 Contributed equity

Movements in the number of units on issue during the year were as follows:

$’000Units‘000

Opening balance as at 1 July 2015 12,640 12,785Redemption of foundation units – October 2015 (830) (830)Issue of units – October 2015 830 830Redemption of foundation units – November 2015 (566) (566)Issue of units – November 2015 566 566Redemption of foundation units – December 2015 (384) (384)Issue of units – December 2015 386 386Redemption of foundation units – January 2016 (40) (40)Issue of units – January 2016 40 40Redemption of foundation units – March 2016 (1,405) (1,405)Issue of units – March 2016 1,435 1,435Issue of units – April 2016 250 250Issue of units – May 2016 1,520 1,520Issue of units – June 2016 1,000 1,000Transactions costs on issuing units (60) -Closing balance as at 30 June 2016 15,382 15,587

Issue of units – July 2016 100 103Issue of units – December 2016 30 31Redemption of foundation units – December 2016 (30) (31)Issue of units – February 2017 305 314Redemption of foundation units – February 2017 (194) (200)Issue of units – April 2017 10 12Closing balance as at 30 June 2017 15,603 15,816

Capital management

For the purpose of the Fund’s capital management, capital includes units issued and all other equity reserves attributable to the unitholders. The primary objective of the Fund’s capital management is to maximise the unitholder value.

The Fund manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Fund may adjust the distribution payment to unitholders, return capital to unitholders or issue new units. The Fund monitors capital using a gearing ratio, as disclosed in Note 3 (a)(i). The Fund includes within net debt, interest bearing loans, trade and other payables, less cash.

No changes were made in the objectives, policies or processes for managing capital during the years ended 30 June 2017 and 30 June 2016.


(continued)

21

5 Distributions to unit holders

The distributions declared during the year were as follows: Year ended 30 June 2017

$’000 Cents per unit

Special distribution – period ended 31 July 2016 78 0.5Period ended 31 July 2016 78 0.5Period ended 31 August 2016 78 0.5Period ended 30 September 2016 78 0.5Period ended 31 October 2016 78 0.5Period ended 30 November 2016 78 0.5Period ended 31 December 2016 78 0.5Period ended 31 January 2017 78 0.5Period ended 28 February 2017 81 0.5Period ended 31 March 2017 81 0.5Period ended 28 April 2017 (payable) 47 0.3Period ended 31 May 2017 (payable) 47 0.3Period ended 30 June 2017 (payable) 64 0.4Total distributions 944 6.0

Distribution payable at 30 June 2017 158 1.0

Year ended30 June 2016

$’000 Cents per unit

Period ended 30 September 2015 192 1.5Period ended 31 October 2015 64 0.5Period ended 30 November 2015 64 0.5Period ended 31 December 2015 64 0.5Period ended 31 January 2016 64 0.5Period ended 29 February 2016 64 0.5Period ended 31 March 2016 64 0.5Period ended 30 April 2016 (payable) 65 0.5Period ended 31 May 2016 (payable) 73 0.5Total distributions 714 5.5

Distribution payable at 30 June 2016 138 1.0

6 Cash and cash equivalentsAs at

30 June 2017$’000

30 June 2016$’000

Cash at bank 564 287Total cash and cash equivalents 564 287

These accounts are earning a floating interest rate of between 0% and 0.6% as at 30 June 2017 (30 June 2016: 0% to 0.6%).


(continued)

22

7 Reconciliation of profit/(loss) to net cash inflow/(outflow) from operating activities


$’00030 June 2016

$’000

(a) Reconciliation of profit/(loss) to net cash inflow/(outflow) from operating activities

Profit/(loss) for the year (903) (311)Net change in fair value adjustments 1,822 1,006Capitalised borrowing costs paid net of amortisations 29 (4)Capitalised Storage King sign-on fees net of amortisations 24 (109)Net change in receivables 611 (532)Net change in payables 8 179Net change in other assets (18) 5Net cash inflow from operating activities 1,573 234

Non-cash operating and financing activitiesUnits transferred between unit holders where the Fund did not receive or pay cash 1,194 2,670Total non-cash operating and financing activities 1,194 2,670

8 ReceivablesAs at

30 June 2017$’000

30 June 2016$’000

Trade debtors 43 54GST receivable - 550Other receivables - 50Total receivables 43 654

9 Investment propertiesAs at

30 June 2017$’000

30 June 2016$’000

Storage King Braeside, Vic 12,800 12,650Storage King Bibra Lake, WA 8,550 11,400Storage King Lawson, NSW 7,350 6,500Total investment properties 28,700 30,550

Movement in investment properties during the period is as follows:

Opening BalanceAs at 30 June 2017 $’000

Acquisition of property

$’000

Other acquisition

costs$’000

Capital expenditure

$’000

Net change in fair value

$’000

Closing balance

$’000

Braeside, Vic 12,650 - - - 150 12,800Bibra Lake, WA 11,400 - - - (2,850) 8,550Lawson, NSW 6,500 - - 19 831 7,350Total 30,550 - - 19 (1,869) 28,700

As at 30 June 2016

Braeside, Vic 11,517 - - 106 1,027 12,650Bibra Lake, WA 13,700 - 4 - (2,304) 11,400Lawson, NSW - 5,650 501 - 349 6,500Total 25,217 5,650 505 106 (928) 30,550


(continued)

23

9 Investment properties (continued)

The Fund’s investment properties consist of three Storage King managed properties in Australia.

As at 30 June 2017, the fair values of the properties have been assessed with reference to valuations performedduring the year by Urbis Valuations Pty Limited, certified practicing valuers and specialists in valuing these types of investment properties.

As at 30 June 2016, the fair values of the properties have been assessed with reference to valuations performedduring the year by Robertson & Robertson (Braeside, VIC & Lawson, NSW) and Malcolm Collins, director of Collins & Associates (Bibra Lake, WA), both certified practicing valuers and specialists in valuing these types of investment properties.

The valuation policy of the Fund is to value investment properties on an annual basis.

The fair value of the investment properties as at 30 June 2017 and 30 June 2016, have been classified as a Level 3 fair value based on the inputs to the valuation techniques used. Description of valuation techniques used and key inputs to valuation of investment properties:

Valuation technique Significant unobservable inputs Range

DCF method & Estimated rental value per sqm per month $16 - $24Capitalisation rate method Rental growth p.a. 2.1% - 2.3%

Discount rate 9.0% - 9.3%Capitalisation rate 7.23% - 7.8%

Sensitivity information

The following table summarises the impact that changes in inputs would have on the fair value of investment properties.

Significant input Fair value measurement sensitivity to significant increase in input

Fair value measurement sensitivity decrease in input

Adopted capitalisation rate Decrease IncreaseOptimal occupancy Increase DecreaseAdopted discount rate Decrease Increase

The following table summarises the direct operating profit arising from investment properties carried at fair value for the periods:

As at30 June 2017

$’00030 June 2016

$’000

Rental income derived from investment properties 3,290 2,630 Direct operating expenses generating rental income (1,280) (866)Operating profit arising from investment properties carried at fair value

2,010 1,764

10 IntangiblesAs at

30 June 2017$’000

30 June 2016$’000

Storage King sign-on fees 124 123Less: accumulated amortisation (39) (14)Total intangibles 85 109


(continued)

24

11 PayablesAs at

30 June 2017$’000

30 June 2016$’000

Trade creditors 102 66Prepaid rent 194 163GST payable 43 -Interest expense payable 74 71Other payables 26 140Total payables 439 440

12 BorrowingsAs at

30 June 2017$’000

30 June 2016$’000

Current

Commonwealth Bank of Australia market rate loans 17,948 -Less unamortised borrowing costs (25) -Property acquisition GST facility - 565Total current borrowings 17,923 565

Non-current

Commonwealth Bank of Australia market rate loans - 17,948Less unamortised borrowing costs - (54)Total non-current borrowings - 17,894

The Commonwealth Bank of Australia loans are secured by a first ranking mortgage over the Braeside, Victoria, Bibra Lake, Western Australia and Lawson, New South Wales properties. As at 30 June 2017, the Fund’s loan facilities totalling $17.95 million were fully drawn (2016: $17.95 million). The Fund’s GST property acquisition overdraft was repaid and extinguished in full in August 2016.

The Fund is required to comply with certain financial covenants in respect of its borrowings of $17.95 million. During the year ended 30 June 2017, the Fund was in breach of the loan covenants. A letter of waiver was obtained from the lender, Commonwealth Bank of Australia, stating the bank would not exercise its rights relatingto the breach. Subsequent to 30 June 2017, the Fund entered into a variation to the existing loan agreement with Commonwealth Bank of Australia. The Fund’s loan facilities have been extended to 24 June 2019 with quarterly principal payments of $60,625 to May 2019.

13 Financial liabilities held at fair value through profit and loss

As at30 June 2017

$’00030 June 2016

$’000

Current

Commonwealth Bank of Australia cap and collar 31 -Total financial liabilities held at fair value through profit and loss 31 -

Non-current

Commonwealth Bank of Australia cap and collar - 78Total financial liabilities held at fair value through profit and loss - 78

In November 2015 the Fund entered into an agreement with the Commonwealth Bank of Australia to put an interest cap and collar on the loan held as at that date ($14.56 million) to manage the interest rate risk. This agreement matures in November 2017.


(continued)

25

14 Remuneration of auditor

During the year the following fees were paid or payable for services provided by the auditor of the Fund:

Year ended

Ernst & Young

30 June 2017$

30 June 2016$

Audit and other assurance servicesAudit of financial statements 31,155 29,000

Total remuneration for audit and other assurance services 31,155 29,000

Audit and other assurance servicesAudit of compliance plan 4,295 4,000

Total remuneration for audit and other assurance services 4,295 4,000

Taxation servicesTax compliance services 5,948 5,600

Total remuneration for taxation services 5,948 5,600

Total remuneration of Ernst & Young 41,398 38,600

The auditors’ remuneration is borne by the Fund. Fees are stated exclusive of GST

15 Related party transactions

The Responsible Entity of Pioneer Self Storage Fund is Equity Trustees Limited (ABN 46 004 031 298) (AFSL 240975). Accordingly, transactions with entities related to Equity Trustees Limited are disclosed below.

The Responsible Entity has contracted services to Pioneer Investment Group Pty Ltd, to act as InvestmentManager for the Fund and Bishop Collins Pty Ltd to act as Administrator for the Fund. Bishop Collins Pty Ltd is a related party of Pioneer Investment Group Pty Ltd. The contracts are on normal commercial terms and conditions.


(continued)

26

15 Related party transactions (continued)

(a) Key management personnel

(i) Directors

Key management personnel include persons who were directors of Equity Trustees Limited at any time during or since the end of the financial years and up to the date of this report.

Philip D Gentry Chairman Harvey H KalmanMartin G Walsh (resigned 9 June 2017)Geoffory R Rimmer (resigned 4 October 2016)Ian C Westley (appointed 12 December 2016)

(b) Transactions with key management personnel

There were no transactions with key management personnel during the reporting period.

(c) Key management personnel unit holdings

There were no personal unit holdings held by key management personnel in the Fund during the reporting years.

(d) Key management personnel compensation

Key management personnel are paid by EQT Services Pty Ltd. Payments made from the Fund to Equity Trustees Limited do not include any amounts directly attributable to the compensation of key management personnel.

(e) Key management personnel loans

The Fund has not made, guaranteed or secured, directly or indirectly, any loans to the key management personnel or their personally related entities at any time during the reporting period.

(f) Other transactions within the Fund

Apart from those details disclosed in this note, no key management personnel have entered into a material contract with the Fund during the financial years and there were no material contracts involving management personnel’s interests existing at year end.

(g) Responsible Entity, Investment Manager and Fund Administrator fees and other transactions

Under the terms of the Fund’s Constitution and Product Disclosure Statement for the Fund, the Responsible Entity, Investment Manager and Fund Administrator are entitled to receive management fees. The fees paid and or payable for the year ended 30 June 2017 by the Fund to the Responsible Entity, Investment Manager and Fund Administrator were as follows:


(continued)

27

15 Related party transactions (continued)


$30 June 2016

$

Equity Trustees Limited (Responsible Entity)Responsible Entity and custodian fees 40,645 70,287Total 40,645 70,287

Fees payable at the end of the year 4,661 28,432

Pioneer Investment Group Pty Ltd (Investment Manager)Investment Manager management fees 169,668 240,685Investment Manager acquisition fees - 115,825Total 169,668 356,510


Bishop Collins Pty Ltd (Fund Administrator)Accounting and administration fees 14,911 54,000Total 14,911 54,000


For information on how these fees are calculated, please refer to the Fund’s Product Disclosure Statement.

(h) Related party unit holdings

Parties related to the Fund (including Equity Trustees Limited, its related parties and other schemes managed by Equity Trustees Limited and the Investment Manager) hold units in the Fund, as follows:

Number of units

heldopening

Number of units held

closing

Fair value of

investment$

Interest held

%

Number of units

acquired

Number of units

disposed

Distributions paid/payable by the Fund

$

As at 30 June 2017

Unit holderPioneer Investment Group Ltd - - - - - - -

As at 30 June 2016

Unit holderPioneer Investment Group Ltd 225,000 - - - - 225,000 2,250

(h) Investments

The Fund did not hold any investments in Equity Trustees Limited or its related parties during the year (2016:Nil).


(continued)

28

16 Events occurring after the reporting period

Subsequent to 30 June 2017, the Fund entered into a variation to the existing loan agreement with Commonwealth Bank of Australia. The Fund’s loan facilities have been extended to 24 June 2019 with quarterly principal payments of $60,625 to May 2019 commencing in August 2017.

No other significant events have occurred since the end of the year which would impact on the financial position of the Fund as disclosed in the statement of financial position as at 30 June 2017 or on the results and cash flows of the Fund for the year ended on that date.

17 Contingent assets and liabilities and commitments

There are no outstanding contingent assets, liabilities or commitments as at 30 June 2017 and 30 June 2016.

Pioneer Self Storage FundDirectors’ declaration

30 June 2017

29

Directors’ declaration

In the opinion of the directors of the Responsible Entity:

(a) The financial statements and notes set out on pages 7 to 28 are in accordance with the Corporations Act 2001, including:

(i) complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

(ii) giving a true and fair view of the Fund’s financial position as at 30 June 2017 and of its performance for the financial year ended on that date.

(b) There are reasonable grounds to believe that the Fund will be able to pay its debts as and when they become due and payable.

(c) Note 2(a) confirms that the financial statements also comply with the International Financial Reporting Standards as issued by the International Accounting Standards Board.

This declaration is made in accordance with a resolution of the directors of Equity Trustees Limited.

Philip D GentryChairman

Melbourne26 September 2017

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Independent Auditor's Report to the Members of Pioneer Self Storage Fund

Opinion

We have audited the financial report of Pioneer Self Storage Fund (‘the Fund’), which comprises the statement of financial position as at 30 June 2017, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes to the financial statements, including a summary of significant accounting policies, and the directors' declaration.

In our opinion, the accompanying financial report of the Fund is in accordance with the Corporations Act 2001, including:

a) giving a true and fair view of the Fund's financial position as at 30 June 2017 and of its financial performance for the year ended on that date; and

b) complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Fund in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Information Other than the Financial Report and Auditor’s Report Thereon

The directors of Equity Trustees Limited, the Responsible Entity of the Fund, are responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.


Responsibilities of the Directors for the Financial Report

The directors of Equity Trustees Limited, the Responsible Entity of the Fund, are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors of Equity Trustees Limited, the Responsible Entity of the Fund, are responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Fund or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial report, whether due to fraud

or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit 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 Fund’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Fund to cease to continue as a going concern.


Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the directors of Equity Trustees Limited, the Responsible Entity of the Fund, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Ernst & Young Daniel Cunningham Partner Sydney 26 September 2017

Pioneer Self Storage Fund - Equity Trustees · Pioneer Self Storage Fund Directors’ report 30...

Documents

Transcript of Pioneer Self Storage Fund - Equity Trustees · Pioneer Self Storage Fund Directors’ report 30...