FINANCIAL STATEMENT & OTHER INFORMATION 160 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 Al-`Aqar Healthcare REIT | Annual Report 2024 1. CORPORATE INFORMATION (CONT’D) (ii) Manager’s fee Pursuant to the Second Restated Trust Deed dated 25 November 2019 and the Supplemental Deed to the Second Restated Trust Deed dated 29 December 2022, the Manager is entitled to receive the following fees from the Fund: (a) Management fee of up to 0.30% per annum of the total assets value of the Fund calculated based on monthly accrual basis and payable monthly in arrears; The management fee for the current financial year is RM4,651,967 (2023: RM4,430,769). Prior to the execution of the Supplemental Deed to the Second Restated Trust Deed dated 29 December 2022, the Manager is entitled to receive management fee of 0.1% per annum of the total assets value of the Fund that is below RM1,000,000,000 and 0.125% of the total assets value of the Fund that exceeds RM1,000,000,000 calculated based on monthly accrual basis and payable monthly in arrears; (b) An acquisition fee of 1% of the acquisition price of any investment property purchased directly or indirectly by the Fund which is payable after the completion of the acquisition; and The acquisition fee paid to the Manager during the current financial year is RMNil (2023: RMNil). (c) A disposal fee of 0.5% of the disposal price of any investment property to be disposed directly or indirectly by the Fund which is payable upon completion of the disposal. The disposal fee to the Manager during the current financial year is RM65,000 (2023: RMNil). (iii) Trustee’s fee Pursuant to the Second Restated Trust Deed dated 25 November 2019, the Trustee is entitled to receive a fee of up to 0.04% per annum of the net asset value of the Fund, calculated based on the monthly accrual basis and payable monthly in arrears. The Trustee’s fees for the financial year ended 31 December 2024 of RM428,995 (2023: RM418,825). The financial statements of the Group and of the Fund were authorised by the board of directors of the Manager for issuance on 24 February 2025. 2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES 2.1 Basis of preparation The financial statements of the Group and of the Fund have been prepared in accordance with the applicable provisions of the Second Restated Trust Deed dated 25 November 2019, Supplemental Deed to the Second Restated Trust Deed dated 29 December 2022, MFRS Accounting Standards as issued by Malaysia Accouting Standards Board and IFRS Accounting Standards. These financial statements also comply with the applicable disclosure provisions of the Listing Requirements of Bursa Malaysia Securities. The financial statements of the Group and the Fund are prepared under the historical cost basis except for investment properties and applicable financial instruments that have been measured at their fair values. The financial statements are presented in Ringgit Malaysia (“RM”) except when otherwise stated. As of 31 December 2024, the current liabilities of the Fund have exceeded the current assets by RM18,425,026. In the opinion of the Manager, the Fund will be able to meet their obligations and liabilities as and when they fall due on the basis that the Fund will be able to repay their borrowings when it matures.
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