استلام مقلب كول و "رق رجب بلطام" هو إعداد لتحضير عدد من الدقائق ، وكذلك مدخل للجزء الرابع من كل منهما ، بمبلغ إجمالي قدره 4.4.
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تير نطوم ةريزجلا قودنصب)
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لا يزال طفلًا مولودًا بسمعة طيبة (سيتابع كل من دراسته الأكاديمية في رمتالاب على التوالي 16. نفقة والدته التي تصلي عام 2022) 31. متوسط عائد جملة مميق يافاس تاجومل 6.96. 41
عمو رارمتسا
نم نلآا
ايلاحةبقارمب
ةيدقنلا هزكرمو
هلاعأ ىرت
ةرادلإا ادانتسا
اهمييقت نأ
يفكينم
ءافولاهتامازتلاب
يفلبقتسلما
دنعاهقاقحتسا
Al-Jazira REIT Fund Annual Report
Fund reports are available upon request and free of charge
Al-Jazira REIT Fund
For more information on the fund's investment policies, please refer to the fund's terms and conditions.
Profits distributed to unit owners
Assets invested
Fund Performance
Comparison table covering the last three fiscal years
Previous performance of the fund Total return
Annual total return
2017 Period
Actual fees for the year 2020 in Saudi riyals
Ratio of fee to average net worth
Type
The material changes that occurred during the period that affected the fund
The approval of the Fund's Board of Directors on the recommendation of the Director of Operation and Maintenance to support the current tenants
Approval of distributing cash dividends to Al Jazira REIT unit holders for the whole year 2020
Annual report of the fund's board of directors
The meeting held on June 24, 2020 Topics Discussed
Decisions taken
Approval of the distribution of cash dividends to unitholders of Al-Jazira REIT Fund for the entire year 2020.
Also, there are no special commissions that the fund manager receives during the period
We have audited the attached financial statements of Al-Jazira Reit Fund ("Fund") managed by Aljazira Capital Company ("Fund Manager"), which comprise the statement of financial position as at 31 December 2020 and statement of comprehensive income, statement of changes in net assets , which can be attributed to the owners of the property units, and the statement of cash flows for the year then ended, as well as the notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Fund as at 31 December 2020 and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS) as approved in of the Kingdom of Saudi Arabia and other standards and statements approved by the Saudi Society of Certified Public Accountants (“SOCPA”).
Basis for Opinion
Key Audit Matters
Investment properties are remeasured for impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss, if any, is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. For the evaluation of the depreciation of the invested properties, the Fund manager monitors the volatility of the fair value of the properties by engaging independent certified property appraisers to perform an official valuation of the invested properties of the fund on a semiannual basis.
We considered this to be a key audit matter as the assessment of impairment requires significant judgment by the Fund Manager and the potential impact of impairment, if any, could be material to the financial statements. We assessed the independence of the external valuers and read their terms of engagement with the Fund to determine if there were any issues that could have affected their objectivity or imposed scope limitations on their work;. Assess the recoverable amount, whichever is higher of fair value or value in use of the related investment properties according to the above valuation reports.
We have determined that the recoverable amount of the investment properties exceeds their book value, with the exception of certain properties, which had an impairment effect and were therefore recorded by the Fund's management; And. We have reconciled the average fair value of the investment properties in accordance with note 9 to the reports of the external appraisers.
Other Information
Responsibilities of Management and Those Charged with Governance for the Financial Statements
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED) Responsibilities of the Auditor for the Audit of the Financial Statements. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit performed in accordance with International Standards on Auditing "ISA" as adopted in the Kingdom of Saudi Arabia will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to affect the economic decisions of users made on the basis of these financial statements.
As part of an audit in accordance with international auditing standards endorsed in the Kingdom of Saudi Arabia, we exercise professional judgment and maintain professional skepticism throughout the audit. 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. Determine whether management has appropriately applied the going concern basis of accounting and, based on the audit evidence obtained, determine whether a material uncertainty exists regarding 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 audit report to the related disclosures in the financial statements 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.
Auditor’s Responsibilities for the Audit of the Financial Statements (Continued)
REGULATING AUTHORITY
The Fund is subject to the Real Estate Investment Funds Regulations (the "Regulations") and REIT instructions published by CMA, and the circulating real estate investment fund instructions issued by the Capital Market Authority, which sets out the requirements met by all real estate funds traded in the Kingdom of Saudi Arabia must follow suit. 3) BASIS OF PRESENTATION 3-1) Declaration of Conformity.
BASIS OF PRESENTATION 3-1) statement of compliance
The preparation of the financial statements requires management to make assessments, estimates and assumptions that affect the reported amounts of income, costs, assets and liabilities and the accompanying information and the disclosure of contingent liabilities. The fund's manager has made an assessment of the fund's ability to continue operations and is convinced that the fund has the resources to continue its operations for the foreseeable future. The carrying amount of the non-financial assets is reviewed at the end of each accounting day or more frequently to determine whether there is any indication of impairment.
The Fund Manager of the REIT determines the estimated residual value and useful life of its investment properties for the calculation of depreciation. These estimates are determined after consideration of the expected use of the assets or physical wear and tear. Measuring the expected credit loss allowance for financial assets measured at amortized cost is an area that requires the use of complex models and significant assumptions about future economic conditions and credit behavior.
The fair value less costs to sell calculation is based on available data from binding sale transactions, executed at arm's length, for similar assets or observable market prices less incremental costs for selling the asset. The cash flows are derived from the budget for the assets' useful life and do not include restructuring activities to which the Fund is not yet committed or significant future investments that will improve each asset's performance of the cash-generating unit being tested.
SIGNIFICANT ACCOUNTING POLICIES Cash and cash equivalents
Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for extrapolation purposes.
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Investment properties (continued)
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Units in issue
AL-JAZIRA REIT FUND – (FORMERLY KNOWN AL-JAZIRA MAWTEN REIT FUND) A real estate investment traded.
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Financial assets at fair value through profit or loss
Financial assets
- SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Derecognition
- SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Expected credit loss assessment (continued)
- SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Definition of default (continued)
The recognition of a financial asset is canceled when: the rights to receive cash flows from the asset have expired, or the fund has transferred its rights to receive cash flows from the asset or has assumed the obligation to pay the cash flows received in full without material delay to a third party under a "pass-through" arrangement and either: a) the fund has transferred substantially all the risks and rewards of the asset, or . b) the fund has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. The recognition of credit losses is no longer dependent on the fund first identifying a credit loss event. Instead, when assessing credit risk and measuring expected credit losses, the Fund considers a broader range of information, including past events, current conditions, reasonable and supported forecasts that affect the expected collectability of the instrument's future cash flows.
The fund uses the simplified IFRS 9 method for measuring expected credit losses, which uses an allowance for expected losses throughout the lifetime. The Fund has identified the GDP of the Kingdom of Saudi Arabia (the country in which it provides the Services), the rate of inflation and government spending as the most relevant factor and therefore adjusts the historical loss rates based on expected changes in these factors. The Fund uses a probability of default (PIT) model to measure its impairment of financial assets.
In the last step, a weighted average ECL lifetime is determined based on the probabilities of the scenarios. The Fund evaluates its financial assets based on credit risk characteristics using segmentations such as geographic region, customer type, customer rating, etc.
Financial liabilities
- SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Modifications of financial assets and financial liabilities (continued)
- CASH AND CASH EQUIVALENTS
- ACCRUED FUND MANAGEMENT FEES AND OTHER
- INVESTMENTS AS FVTPL
- INVESTMENTS PROPERTIES
- BALANCES AND TRANSACTIONS WITH RELATED PARTIES
- UNEARNED RENTAL REVENUE
- EFFECT OF NET ASSET VALUE IF INVESTMENT PROPERTIES ARE FAIR VALUED
- EFFECT OF NET ASSET VALUE IF INVESTMENT PROPERTIES ARE FAIR VALUED Net asset attributable to each unit
- RENTAL INCOME
- OTHER EXPENSES
- FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
- NEW STANDARDS, AMENDMENTS TO STANDARDS AND INTERPRETATIONS
- SUBSEQUENT EVENTS
- SEGMENT INFORMATION
- LAST VALUATION DAY
- APPROVAL OF FINANCIAL STATEMENTS
The Fund derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are materially different. The Company holds these properties for usufruct ownership of the fund and has no controlling interest in and does not present any risk to the invested properties. According to the periodic evaluation reports provided by the Fund's independent evaluation experts.
Related parties to the fund include Al-Jazira Capital "Fund Manager Bank Al-Jazira" (a shareholder of Al-Jazira Capital) and other managed funds managed by the board of directors of the fund and Al-Inma Investment Company (custodian). Accordingly, the fair value below is disclosed for information purposes and has not been included in the Fund's financial statements. The company holds these properties for the benefit of the fund and has no controlling interests and does not pose any risk to the property.
The amendments specify that the "costs of fulfilling" the contract include "the costs directly related to the contract." These changes apply to contracts where the entity has not yet fulfilled all its obligations. The application of these interpretations and amendments may not have a material impact on the Fund's financial statements during the initial application period.
