Table of Contents
1
159
Al-`Aqar Healthcare REIT Annual Report 2020
ALAQAR 2020
1
Contents
1
Corporate Overview
4
2020 Highlights
5
Objective, Policy and Strategies
6
Corporate Profile
7
Corporate Information
8
Letter to Stakeholders
10
Salient Features
14
5-Year Financial Performance
15
Trading Performance
17
Analysis of Unitholdings
19
The Driving Forces
21
Trust Structure
22
Organisation Structure
23
The Board of Directors
24
The Shariah Advisory Committee
31
The Management Team
34
Strategic Performance
37
Management Discussion and Analysis
38
FINANCIAL REVIEW
38
OPERATIONA L REVIEW
42
CAPITAL REVIEW
44
RISK MANAGEMENT
46
Market Report Summary
48
Portfolio Summary and Details
54
Sustainability Statement
67
ABOUT THIS REPORT
68
THE SUSTAINABLE REIT
68
GOVERNANCE & ACCOUNTABILITY
70
ENGAGING STAKEHOLDERS
71
MATERIALITY ASSESSMENT
72
SUSTAINABILITY PILLARS
72
GOVERNANCE
73
PEOPLE
74
PARTNER
76
Governance Structure
77
Corporate Governance Statement
78
Board Audit and Risk Committee Report
88
Statement on Risk Management and Internal Control
92
Additional Compliance Information
96
Shariah Adviser’s Report
97
Trustee’s Report
98
Financial Reports
99
Manager’s Report
100
Statement by the Directors of the Manager
105
Statutory Declaration
105
Independent Auditors’ Report
106
Statements of Comprehensive Income
110
Statements of Financial Position
112
Statements of Changes in Net Asset Value
114
Statements of Cash Flows
116
Notes to the Financial Statements
117
Corporate information
117
Significant accounting policies
118
Significant accounting judgements and estimates
130
Revenue
131
Property expenses
132
Investment revenue
132
Income tax expense
133
Earnings per unit
134
Income distributions
134
Investment properties
135
Investments in subsidiaries
140
Trade receivables, other receivables and prepaid expenses
141
Amount due from a subsidiary
142
Cash and cash equivalents
143
Other payables
143
Amount due to a subsidiary
144
Deferred tax liabilities
144
Islamic financing
146
Unitholders’ capital
150
Management Expense Ratio (“MER”)
150
Significant related party transactions
151
Operating leases - Group as lessor
151
Financial risk management objectives and policies
151
Segment reporting
156
Capital management
157
Portfolio Turnover Ratio (“PTR”)
158
Comparative figures
158
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