Table of Contents 1 166

AL-SALAM REIT ANNUAL REPORT 2020

ALSREIT AR 2020 1
Contents 1
CORPORATE OVERVIEW 3
2020 HIGHLIGHTS 4
OBJECTIVES, POLICY & STRATEGIES 5
Corporate Profile 6
Corporate Information 8
Letter to Stakeholders 10
Salient Features 14
5-Year Financial Performance 15
Trading Performance 16
Analysis of Unitholdings 17
THE DRIVING FORCE 19
Trust Structure 20
Organisation Structure 21
The Board of Directors 22
The Shariah Advisory Committee 31
The Management Team 34
STRATEGIC PERFORMANCE 37
Management Discussion and Analysis 38
Market Report Summary 57
Portfolio Summary and Details 61
SUSTAINABILITY STATEMENT 75
About this Report 76
The Sustainable REIT 77
Governance & Accountability 78
Engaging Stakeholders 79
Materiality Assessment 80
Sustainability Pillars 80
Governance 81
Environment 82
People 82
Partners 83
Corporate Social Responsibility 85
CORPORATE GOVERNANCE 87
Governance Structure 88
Board Audit & Risk Committee Report 97
Statement on Risk Management & Internal Control 101
Statement on Risk Management & Internal Control 105
Shariah Advisor’s Report 107
Trustee’s Report 108
FINANCIAL REPORTS 109
Manager’s Report 110
Statement by Directors of the Manager 115
Statutory Declaration 115
Independent Auditors’ Report 116
Statements of Comprehensive Income 119
Statements of Financial Position 121
Statements of Changes in Net Asset Value 123
Statements of Cash Flows 124
Notes to the Financial Statements 126
CORPORATE INFORMATION 126
SIGNIFICANT ACCOUNTING POLICIES 127
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES 138
GROSS RENTAL INCOME 138
OTHER INCOME 139
INVESTMENT INCOME 139
TAX 139
(LOSS)/EARNINGS PER UNIT 140
INCOME DISTRIBUTION 141
INVESTMENT PROPERTIES 142
INVESTMENTS IN A SUBSIDIARY 146
EQUIPMENT 146
TRADE RECEIVABLES, OTHER RECEIVABLES AND PREPAID EXPENSES 147
CASH AND CASH EQUIVALENTS 149
DEFERRED TAX LIABILITY 149
OTHER PAYABLES AND ACCRUED EXPENSES 149
ISLAMIC FINANCING 150
UNITHOLDERS' CAPITAL 154
MANAGEMENT EXPENSE RATIO ('MER') 155
SIGNIFICANT RELATED PARTY TRANSACTIONS 155
FAIR VALUES OF FINANCIAL INSTRUMENTS 156
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 157
SEGMENT REPORTING 159
CAPITAL MANAGEMENT 164
COMMITMENTS 164
SIGNIFICANT EVENTS 165
COMPARATIVE FIGURES 165

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