NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2023 11. Investment in subsidiaries Fund 2023 2022 RM RM Unquoted shares, at cost 42,492,186 42,492,186 Less: Accumulated impairment losses (42,492,183) (39,952,545) Net carrying amount 3 2,539,641 The movement in the accumulated impairment losses is as follows: 2023 2022 RM RM At 1 January 39,952,545 39,058,753 Allowance for impairment losses 2,539,638 893,792 At 31 December 42,492,183 39,952,545 During the financial year, the Fund conducted a review of the recoverable amount of its investment in a subsidiary and the review led to recognition of an impairment loss of RM2,539,638 (2022: RM893,792), as the recoverable amount was lower than the carrying value. The recoverable amount was determined based on the Fund’s share of net assets in its subsidiary, which represents the Fund’s estimation of fair value less cost to sell of its subsidiary. Details of the subsidiaries are as follows: Name of subsidiaries Country of incorporation Principal activities Proportion of ownership interest and voting power held by the Group 2023 % 2022 % Al-`Aqar Capital Sdn Bhd (i) Malaysia Special purpose company for the purpose of raising Islamic Financing for the Fund 100 100 Al-Aqar Australia Pty Ltd (ii) Australia Special purpose company for the purpose of acquisition of Australian property for the Fund 100 100 (i) Audited by Ernst & Young PLT (ii) Audited by a firm other than Ernst & Young PLT 12. Trade receivables, other receivables and prepaid expenses Group Fund 2023 2022 2023 2022 RM RM RM RM Trade receivables Current Related companies 39,818,314 40,318,496 6,423,878 14,562,257 Unbilled rental income 11,549,755 9,184,916 11,549,755 9,184,916 51,368,069 49,503,412 17,973,633 23,747,173 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2023 208 FINANCIAL STATEMENTS 1 2 3 4 5
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