The roles and responsibilities of the fund board هتايلوؤسمو قودنصلا ةرادإ سلجم راودأ .ج The responsibility of the members of the fund board. Monitor and, where appropriate, approve or ratify any conflicts of interest identified by the fund manager. IFRS", before the fund manager obtains approval or notice from the shareholders and the authority (if applicable).
To ensure that the fund manager fulfills its obligations in the best interests of unitholders, in accordance with the IFRs and the Fund's Terms and Conditions. Taking minutes of meetings in which all deliberations and facts of the meetings and the decisions of the board of directors of the fund are presented. A statement of any conflict or potential conflict of interest between the interests of a fund board member and the interests of the fund.
Kanaafuu, miseensi Boordii Fandii tokko hojii isaa raawwachuu keessatti fandii tokko yookiin isaa ol waliin haala waldhabdee dirqamaa yookiin dantaa ta’uu danda’u keessa of argachuu ni danda’a. Walgahii kana irratti Boordiin Daayirektaroota Fandichaa yeroo tokko walga’aniiru.
Report of investment fund’s performance during the
Mata dureewwan irratti mari’atamee fi murteewwan ba’an, akkasumas raawwii hojii Fandichaa fi galma ga’iinsa kaayyoo Fandichaa. 2) Funyoo humnaa /. 3) Hojii invastimantii yeroo sanatti Fandichi bara kana gabaa maallaqaaf %51, sukukiif %12, aksiyoonaaf %17 fi invastimantii filannoo kanneen akka REIT, liizii hojii, faayinaansii daldalaa, invastimantii qonnaaf %20 ramaduudhaan xumureera fi warqee.
During the year, the fund had an overweight stance on equity as the global economy recovered from the COVID-19 crisis. SNB Capital - King Saud University Waqf Fund Annual Report 2021. investment in other investment funds, delete the maximum limit paragraph for relationships with each party.
Any other information that would enable unitholders to make an informed judgment about the fund’s
Special commission received by the fund manager during the period
Period for the management of the person registered as fund manager
A disclosure of the expense ratio of each underlying fund at end of year and the weighted average expense
With regard to investment funds, the fund manager is responsible for the operation of the investment fund. The fund manager must maintain the books and records relating to the operation of the fund it operates. The fund manager must draw up a register of unit holders and maintain it in the Kingdom in accordance with the Investment Fund Regulations.
The fund operator will be responsible for the process of distributing dividends (if any) to unit owners. The fund operator must process requests for subscriptions or redemptions according to the fund's Terms and Conditions. The fund operator is responsible for the calculation of the price of the shares and the valuation of the fund's assets.
In this connection, the fund operator must carry out a complete and fair valuation in accordance with the fund's terms and conditions. INCOME STATEMENT AND OTHER COMPREHENSIVE INCOME For the period 4 October 2021 to 31 December 2021. STATEMENT OF CHANGES IN EQUITY REFERENCE TO THE PARTNERS For the period 4 October 2021 to 31 December 2021.
6 NOTES TO THE FINANCIAL STATEMENTS For the period from 4 October 2021 to 31 December 2021, expressed in 000 Saudi Arabian Riyals (unless otherwise stated) 1 THE FUND AND ITS ACTIVITIES. SNB Capital - King Saud University Waqf Fund (the "Fund") is an open-ended, Shariah-compliant investment fund managed by SNB Capital Company (formerly known as NCB Capital Company) (the "Fund Manager"), a subsidiary of The Saudi National Bank (formerly known as the National Commercial Bank) ("the Bank"), for the benefit of the Shareholders of the Fund. NCB Capital Company has completed the merger procedures with Samba Capital & Investment Management Company effective July 9, 2021 and the name has been changed to SNB Capital Company The objective of the Fund is to preserve and develop capital in the medium and long term and distribute a percentage of return on an annual basis to specified funds banks for the Fund and represented in support of research and development, university education and community service through the beneficiary, investing in a portfolio with a medium risk percentage investing in various asset classes in line with the legitimacy of fund committee controls.
The terms and conditions of the Fund were approved by the Capital Markets Authority (CMA) on 4 July 2021. The Fund is subject to the Investment Fund Regulations (the “Regulations”) published by the Capital Market Authority (“CMA”) on 3 Dhul Hijja 1427 H (corresponding to 24 December 2006), subsequently amended on 16 Sha'ban 1437 H (corresponding to May 23, 2016). The Fund has been established under Article 31 of the Investment Fund Regulations (“the Regulations”) issued by the Capital Market Authority (“CMA”).
BASIS OF ACCOUNTING
SNB Capital - King Saud University Waqf Fund. Managed by SNB Capital Company - formerly known as NCB Capital Company). The Regulations were further amended (the “Amended Regulations”) on 17 Rajab 1442 H (corresponding to 1 March 2021), detailing requirements for all funds within the Kingdom of Saudi Arabia.
BASIS OF PRESENTATION
7 NOTES TO THE FINANCIAL STATEMENTS For the period from October 4, 2021 to December 31, 2021, expressed in '000 Saudi Arabian Riyals (unless otherwise stated) 4. The financial statements have been prepared on the basis of the going concern concept and a historical cost convention using the accrual basis of accounting except for investments measured at fair value through profit or loss (“FVTPL”) which are recorded at fair value. The fund does not have a clearly identifiable operating cycle and therefore does not present current and long-term assets and liabilities separately in the statement of financial position.
FUNCTIONAL AND PRESENTATION CURRENCY
CRITICAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS
A financial asset is only measured at fair value through FVOCI if it meets both of the following conditions and is not designated as at FVTPL. If the cash flows after initial recognition are realized in a manner that differs from the Fund's original expectations, the Fund will not change the classification of the remaining financial assets held in that business model but will include such information in assessing newly purchased financial assets in the future. For the purposes of this assessment, “principal” is defined as the fair value of the financial asset upon initial recognition.
When assessing whether the contractual cash flow is exclusively payments of principal and commission, the Fund takes into account the contractual terms of the instrument. An entity must recognize a financial asset or a financial liability in its statement of financial position when, and only when, the entity becomes a party to the contractual terms of the instrument. Financial assets measured at FVTPL are initially recognized on the trade date, which is the date on which the Fund becomes a party to the contractual terms of the instrument.
On derecognition of the financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the part of the asset that is derecognised) and the consideration received (including any acquired new asset minus a new assumed liabilities) in the income statement and other comprehensive income. The Fund enters into transactions whereby it transfers assets recognized in its statement of financial position but retains either all or substantially all of the risks and rewards of the transferred assets or a portion of them. If all or substantially all risks and rewards are retained, the transferred assets are not deducted.
The Fund classified the financial instruments issued as financial liabilities or equity instruments in accordance with the substance of the contractual terms of the instruments. Redeemable units provide investors with the right to request redemption for cash in a value proportional to the investor's share of the Fund's net assets on any redemption date, as well as in the event of liquidation of the Fund. Zakat and income tax are considered an obligation of the unit holders and are not provided for in the financial statements.
Standards issued but not in force until the date of issuance of the Fund's financial statements are listed below.
INVESTMENTS
UNITS TRANSACTIONS
The Fund's related parties include the Fund Manager, the Fund Board, other funds managed by the Fund Manager, and Saudi National Bank, which is the parent company of the Fund Manager. The Fund Manager is also entitled to recover costs incurred on behalf of the Fund in relation to audit, custody, advisory, data processing and other similar costs. The maximum amount of such costs recoverable by the Manager from the Fund is limited to 1.5% per annum of the net assets (equity) of the Fund on the respective valuation days.
During the year, the Fund entered into the following transactions with related parties in the ordinary course of business. These transactions were carried out based on the approved terms and conditions of the Fund. The Fund's activities expose it to a variety of financial risks including market risk, credit risk, liquidity risk and operational risk.
The Fund Board supervises the Fund Manager and is ultimately responsible for the overall management of the Fund. Risk monitoring and control are primarily designed to be performed based on limits set by the Fund's Board. The Fund does not have any significant foreign exchange risk as most transactions are carried out in SAR.
All assets and liabilities of the Fund are non-commission bearing and therefore the Fund is not exposed to commission risk. Price risk is the risk that the value of the Fund's financial instruments will fluctuate due to changes in market prices caused by factors other than fluctuations in foreign currencies and commission rates. The price risk arises primarily from uncertainty about the future prices of financial instruments held by the Fund.
From the balance sheet date, the Fund has investments in investment funds.
LAST VALUATION DAY
18 NOTES TO THE FINANCIAL STATEMENTS For the period 4 October 2021 to 31 December 2021 Expressed in 1,000 Saudi Riyals (unless otherwise stated) 12. The COVID-19 pandemic continues to disrupt global markets as many areas experience repeated fluctuating waves of infection, although have previously controlled the outbreak with aggressive precautions. The Government of the Kingdom of Saudi Arabia ("Government") has managed to successfully control the outbreak to date mainly due to the effective measures taken by the Government.
However, the Fund Manager remains aware of the micro and macroeconomic challenges presented by COVID-19, the effects of which may be felt for some time, and is closely monitoring its exposures.
EVENTS AFTER THE END OF THE REPORTING PERIOD
APPROVAL OF THE FINANCIAL STATEMENTS
