The roles and responsibilities of the fund board هتايلوؤسمو قودنصلا ةرادإ سلجم راودأ .ج The responsibilities of the members of the fund board must. Approval of all changes set out in Article (62) and (63) of the Investment Funds Regulations "IFRs" before the Fund Manager obtains approval or notice from the Unitholders and the Authority (if applicable). Ensure that the fund manager carries out its obligations in the best interests of the shareholders in accordance with IFRS and the fund's terms and conditions.
Recording minutes of meetings which provide all deliberations and facts of the meetings and the decisions taken by the fund's board of directors. A statement of any conflict or potential conflict of interest between the interests of a fund board member and the interests of the fund. هفادهلأ قودنسلا قيقحتو قودنسلا ءادأ كلذ يف The Fund's Board of Directors held three meetings.
Second: Adding the minimum subscription and the additional subscription through the Individual Saving Program (ISP) to the fund overview and where relevant. Sixth: Amending subsection (j) “Investment of the Fund's assets in mutual fund units managed by the Fund Manager or. Ninth: Adding new risks in subsection (f) “A list of the principal potential risks associated with investing in the Fund” from section (4) "The main risks of investing in the fund".
Guidance ATEL GCC Leasing (OEIC) Ltd. 8) Special commission received by the fund manager during the period.
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
The custodian will be liable to the fund manager and unitholders for any loss caused to the investment fund due to the custodian's fraud, negligence, misconduct or willful default. The custodian will be responsible for safeguarding and protecting the fund's assets on behalf of the unitholders, and taking all necessary administrative measures related to the safeguarding of the fund's assets. With respect to investment funds, the fund operator is responsible for the operation of the investment fund.
The fund operator must keep books and records related to the operation of the fund it operates. The fund operator must establish and maintain a register of unitholders in the United Kingdom in accordance with the Investment Funds Regulations. The fund operator will be responsible for the process of distributing dividends (if any) to unit owners.
The fund manager must process subscription or redemption requests in accordance with the fund's Terms and Conditions. The fund manager is responsible for calculating the price of the units and valuing the assets of the fund. In doing so, the fund manager will carry out a full and fair valuation in accordance with the fund's General Terms and Conditions.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRS”) adopted in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Chartered and Professional Accountants (“SOCPA”). We are independent of the Fund in accordance with the International Code of Ethics for Professional Accountants (including the International Independence Standards) adopted in the Kingdom of Saudi Arabia (the “Code”) and which are relevant to our audit of the financial overviews. and we have fulfilled our other ethical responsibilities in accordance with the requirements of the Code. Responsibilities of the Fund Manager and those charged with governance for the financial statements The Fund Manager is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS adopted in the Kingdom of Saudi Arabia and other standards.
In preparing the financial statements, the Fund Manager is responsible for assessing the Fund's ability to continue as a going concern, disclosing, as appropriate, issues related to continuity and using the going concern basis of accounting, unless the Fund Manager intends to liquidate the Fund or to cease operations, or has no real alternative but to do so. Those in charge of governance, the Fund's Board, are responsible for overseeing the Fund's financial reporting process. SNB Capital Multi-Asset Income Plus (the “Fund”) is an open-ended, Sharia-compliant investment fund established under Article 31 of the Investment Funds Regulations (the “Regulations”) issued by the Capital Markets Authority (“ CMA” ) and is managed by SNB Capital Company (the “Fund Manager”), a subsidiary of Saudi National Bank (the “Bank”), for the benefit of the Fund's Shareholders.
The terms and conditions of the fund were approved by the CMA on 24 April 2016 corresponding to 17 Rajab 1437. The fund is governed by the regulations published by the CMA on 3 Dhul Hijja 1427 H (corresponding to 24 December 2006).
BASIS OF ACCOUNTING
The Fund's objective is to achieve medium and long-term capital growth and generate returns higher than those achievable from money markets and fixed income transactions by investing in a variety of money market securities and financial instruments, with fixed income and other investments.
BASIS OF MEASUREMENT
FUNCTIONAL AND PRESENTATION CURRENCY
CHANGES IN THE FUND’S TERMS AND CONDITIONS
CRITICAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS
CRITICAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (continued)
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2 Financial assets and liabilities (continued)
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 cancels a financial liability when its contractual obligations are fulfilled or canceled or expires.
Financial assets and financial liabilities are offset and the net amount is presented in the statement of financial position when and only when the fund has a legally enforceable right to set off the amounts and intends to settle them on a net basis or liquidate the asset. and at the same time settle the obligations. Income and expenses are shown net of gains and losses from financial instruments measured at fair value net and gains and losses from foreign exchange differences. A provision is recognized when the fund has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources involving economic benefits will be required to settle the obligation, and the amount can be reliably estimated.
The net asset value per unit is calculated by dividing the net assets attributable to unitholders included in the statement of financial position by the number of units outstanding at the end of the year. The distribution to unitholders is calculated as a deduction from net assets attributable to unitholders. The Fund classifies the financial instruments issued as financial liabilities or equity instruments in accordance with the substance of the contractual terms of the instruments.
The redeemable units provide investors with the right to demand redemption for cash at a value proportional to the investor's share of the Fund's net assets on each redemption date as well as in the event of the Fund's liquidation.
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 7 Units in issue (continued)
CASH AND CASH EQUIVALENTS
RECONCILIATION OF CHANGES IN NET ASSETS
RELATED PARTY TRANSACTIONS AND BALANCES
RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) Transactions with related parties (continued)
FINANCIAL RISK MANAGEMENT 1 Financial risk factors
The credit quality of the financial assets is managed using assessments from reputable credit rating agencies.
12-month
Lifetime
Lifetime-
LAST VALUATION DAY
EVENTS AFTER THE END OF THE REPORTING PERIOD
APPROVAL OF THE FINANCIAL STATEMENTS
