SFS Real Estate Investment Trust Fund : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

SFS REAL ESTATE INVESTMENT TRUST FUND

STATEMENT TO THE NIGERIAN EXCHANGE GROUP AND THE SHAREHOLDERS

ON THE UNAUDITED IFRS RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2022

SFS REAL ESTATE INVESTMENT TRUST FUND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

CONTENT	PAGE
Statement of Comprehensive Income	3
Statement of Financial Position	4
Statement of Changes in Equity	5
Statement of Cash Flows	6
Notes to the Financial Statements	7

SFS REAL ESTATE INVESTMENT TRUST FUND

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2022

		Dec-22	Dec-21
	Notes	N'000	N'000
Total Income	2	247,785	232,623
Admin and Other Expenses	3	(60,931)	(72,106)
Net Income		186,854	160,517
Basic Earnings per Unit		9.34	8.03

The notes on page 7 form an integral part of these financial statements.

3

SFS REAL ESTATE INVESTMENT TRUST FUND STATEMENT OF FINANCIAL POSITION

FOR THE PERIOD ENDED 31 DECEMBER 2022

Assets
Investment property	4
Trading portfolio assets	5
Total Non Current Assets
Debtors and Other Assets	6

Cash and cash equivalents

Total Current Assets

Total Assets

Liabilities

Payables

Unclaimed Dividend

Deferred Income

Total Current Liabilities

Net Assets

Represented By:

Unitholders' Equity

Revenue Reserve

Unitholders' Equity

Dec-22	Dec-21
N'000	N'000
1,820,390	1,820,390
755,731	686,255
2,576,121	2,506,645
1,839	2,199
378,997	358,025
380,837	360,224
2,956,958	2,866,870
(196,189)	(23,953)
(388,565)	(348,512)
(95,249)	(90,304)
(680,003)	(462,769)
2,276,955	2,404,101
2,000,000	2,000,000
276,955	404,101
2,276,955	2,404,101

The financial statements has been approved and authorised for issue by the Board of Directors on January 20, 2023 and signed on its behalf by;

…………………………………………..	……………………………………..	…………………………………………..
PATRICK ILODIANYA	AKINYEMI GBENRO	DIMEJI SONOWO
MANAGING DIRECTOR	DIRECTOR	EXECUTIVE DIRECTOR
FRC/2013/ICAN/00000002177	FRC/2013/CIBN/00000002091	FRC/2013/ICAN/00000002089

The notes on page 7 form an integral part of these financial statements.

4

SFS REAL ESTATE INVESTMENT TRUST FUND

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2022

	Share Capital	Retained Earnings	Total Equity
Balance as at January 1, 2021	2,000,000	405,584	2,405,584
Changes in Accounting Policy	-		-
Restated Balance	-		-
Changes in Equity for the Prior Year:			-
Dividend	-	(162,000)	(162,000)
Total Comprehensive Income	-	160,517	160,517
Write Back of over provision			-
Balance as at December 31, 2021	2,000,000	404,101	2,404,101
Changes in Equity Current year:			-
Dividend	-	(314,000)	(314,000)
Total Comprehensive Income	-	186,854	186,854
Balance as at December 31, 2022	2,000,000	276,955	2,276,955

The notes on page 7 form an integral part of these financial statements.

5