The supervision and, as the case may be, the approval of any conflict of interest disclosed by the Fund Manager in accordance with article (13) of the IFR. Ensuring that the Fund Manager is fulfilling its responsibilities in a way that makes it happen. the interests of the unit holders in accordance with the Terms and Conditions of the Fund, and the amended provisions of the Regulation of Investment Funds. There is no real or potential conflict between the interests of any Board member and the interests of the Fund.
Alawwal Invest GCC Equity Income Fund. G) Subjects discussed and resolutions adopted thereon, including the results of the Foundation and the achievement of its objectives. Fund Management Migration Updating the fund's board with the process of transferring the fund's management from HSBC Saudi Arabia to Alawwal Invest. Risk procedures The department's board has approved risk procedures for managing non-financial risks.
Separate the Fund's assets and register Fund Securities under its name for the benefit of the Investment Fund;. The Custodian will be responsible for taking all necessary administrative measures in relation to the safekeeping of the Fund's assets.
Name & Address of the Fund Operator Head Office, Olaya Street
5 Vote on the waiver of the liability of the Board members for the fiscal year ending on. 12 Vote on the amendment of article (40) of the company's by-laws in relation to the committee formation. 13 Vote on the amendment of article (48) of the company's by-laws in relation to the distribution of profits.
Approval Disapproval Abstention 1 Vote on the amendment of article (Second article) of the company's articles of association with regard to (name of the company). 5 Vote to release the members of the Board of Directors from liability for the fiscal year ending December G. 5 Vote on the delegation of the Board of Directors to pay interim cash dividend on a semi-annual or quarterly basis or annually for the fiscal year 2022.
6 Voting for an amount of (800,000) Saudi Riyals as remuneration for the members of the board of directors for the fiscal year ending on. Alkhorayef Group Company (in the capacity of service provider), for the Chairman of the Board of Directors Mr. Chairman of the Board of Directors Mr.
Muhammad Abdullah Alkhorayef, in his capacity as Chairman of the Board of Directors of Alkhorayef Commercial Company, has an indirect interest and the aggregate amounts of the transactions during the financial year up to and including. Alkhorayef Printing Solutions Company (in its capacity as seller), on behalf of the Chairman of the Board of Directors, Mr. Alkhorayef Lubricating Oil Company “Castrol”. as seller) in which the Chairman of the Board of Directors, Mr.
5 Vote on the release of the members of the Board of Directors from their obligations for the financial year ending December 31, 2021. 14 Vote on the changes to the policy of rules and controls for nomination and appointment to the Board of Directors and its committees ( attached ). 5 Vote on the recommendation of the Board of Directors to pay cash dividends to the.
6 Voting for the dismissal of the members of the Board of Directors for the fiscal year ended on 12/31/2021. 9 Approval of transactions and contracts made between the company and Riyad Capital, which the member of the Board of Directors Mr.
ALAWWAL INVEST GCC EQUITY FUND (Formerly known as HSBC GCC Equity Fund)
Managed by Alawwal Invest)
FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT
31 DECEMBER 2022
FOR UNITHOLDERS OF ALAWWAL INVEST GCC EQUITY FUND (FORMERLY KNOWN AS HSBC GCC EQUITY FUND). MANAGED BY ALAWWAL INVEST) Opinion. We have audited the financial statements of Alawwal Invest GCC Equity Fund (formerly known as HSBC GCC Equity Fund) (the "Fund") managed by Alawwal Invest (the "Fund Manager"), which include the statement of financial position as at 31 December 2022, and the statement of comprehensive income, changes in equity attributable to unitholders and cash flows for the year then ended, and 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 2022, and its financial performance and cash flows for the year then ended in accordance with International Accounting Standards. Financial Reporting that have been adopted in the Kingdom of Saudi Arabia and other standards and statements that have been adopted by the Saudi Organization for Chartered and Professional Accountants.
We conducted our audit in accordance with International Auditing Standards endorsed in the Kingdom of Saudi Arabia. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Fund in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) endorsed in the Kingdom of Saudi Arabia relevant to our audit of the financial statements, and we have our other ethical responsibilities in accordance with this Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of management and those charged with governance for the financial statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards that have been adopted in the Kingdom of Saudi Arabia and other standards and statements that are approved by the Saudi Organization for Chartered and Professional Accountants and the applicable provisions of the Investment Funds Regulation issued by the Capital Market Authority Board, the terms and conditions of the Fund and the Information Memorandum, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management 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 management intends to liquidate the Fund or cease operations, or has no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
STATEMENT OF CHANGES IN EQUITY ATTRIBUTABLE TO THE UNITHOLDERS
The Fund invests in accordance with Shariah investment guidelines as determined by the Shariah Fund supervisory committee. The Fund Manager has made several revisions to the terms and conditions of the Fund. The most recent update was approved by the CMA on 18 September 2022. The following are the significant accounting policies applied by the Fund in the preparation of its financial statements.
The fund recognizes a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. After the first measurement, the fund measures financial instruments classified as FVTPL at fair value. The redeemable shares entitle the shareholder to a proportionate share of the fund's net assets in the event of the fund's liquidation.
Total cash flows are largely based on operating profit, the change in recognized net assets, or the change in the fair value of the fund's recognized and unrecognized net assets. In the statement of comprehensive income, no profit or loss is recognized on the purchase, issue or cancellation of the fund's own capital instruments. Fund management fees are charged at rates agreed with the fund manager and as set out in the fund terms and conditions.
Related parties of the Fund consist of Alawwal Invest (being the Fund Manager, the Fund Board and administrator of the Fund), mutual funds managed by the Fund Manager and The Saudi British Bank (“SABB”) (being a significant shareholder of the Fund Manager ). In the ordinary course of its activities, the Fund deals with Fund Manager and related parties. These transactions were executed on the basis of approved Terms and Conditions of the Fund.
The following mutual funds managed by the fund manager have had transactions with the fund units:. The fund has investments measured at fair value through profit or loss, which are measured at fair value and classified in level 1 of the fair value hierarchy. The board supervises the fund manager and is ultimately responsible for the overall risk management of the fund.
Concentration indicates the relative sensitivity of the fund's performance to developments affecting a particular industry or geographic location. The following table shows the fund's maximum exposure to credit risk for components of the statement of financial position.
