SFS REIT
Annual report
For the year ended December 31, 2022
SFS Real Estate Investment Trust
Annual Report for the year ended December 31, 2022
Page
Contents
Corporate Information 2
Trustee Responsibility 3
Fund Managers Duties to the Nigerian Exchange Group 4
Certification of Account 5
Independent Auditors' Report 6
Statement of Financial Position 9
Statement of Comprehensive Income 10
Statement of Cash flow 11
Statement of Changes in Equity 12
Portfolio Statement 13
Statement of Accounting Policies 14
Notes to the Financial Statements 24
Value Added Statement 29
Financial Summary 30
SFS Real Estate Investment Trust
Annual Report for the year ended December 31, 2022
Corporate Information
Fund Manager
Directors of Fund ManagerTrusteesCustodianAuditor:RegistrarsReal Estate Surveyors & Valuers
SFS Capital Nigeria Limited Plot 287 Ajose Adeogun Street Victoria Island
Lagos
Dr. Layi Fatona (Chairman)
Mr. Patrick Ilodianya (Managing Director)
Mr. Dimeji Sonowo (Executive Director)
Mr. Yemi Gbenro (Director)
Dr. Yemi Kale (Director)
Apel Capital and Trust Limited 8, Alhaji Bashorun Street
Off Norman Williams Crescent South - West Ikoyi
Lagos
Stanbic IBTC Bank Plc Walter carington Crescent Victoria Island
Lagos
DOC Advisory Chartered Accountants 6B, Ireti Street
Sabo, Yaba LagosPace Registrars Limited
8th Floor, Knight Frank Building 24 Campbell Street
Lagos
Ubosi Eleh & Co. NUJ Lighthouse
3/5 Adeyemo Alakija Street Victoria Island
Lagos
2
SFS Real Estate Investment Trust
Annual Report for the year ended December 31, 2022
Trustees Responsibility Statement
The Trustees responsibilities to the Fund are as follows:
1 To stand possessed of the deposited property upon trust for the Unitholders.
2 To retain in its possession or in the possession of such third parties as it may with the consent of the Manager appoint, on a safe custody basis, all the investment and documents of title or value connected therewith that are actually received by the Trustees.
3 At all times to act with prudence and honesty in relation to all investments and documents of title or value kept in its custody.
4 To forward to the Manager without delay all notices of meetings, reports and circulars received by its nominees as holders of any investment.
5 To jointly issue (with the Manager) certificates evidencing ownership of Units in the fund.
6 To grant its consent to the appointment of the Auditors of the fund.
7 To send copies of the accounts of the Fund to all Unitholders.
8 To make the trust deed available for inspection by the Unit holders of the Fund and/or to consent to the Manager convening such meetings.
9 To convene General Meetings of the Unit holders of the Fund and/or to consent to the Manager convening such meetings
10 To nominate the chairman for every General meeting of the fund and to approve the form of the proxy used for meetings.
3
SFS Real Estate Investment Trust
Annual Report for the year ended December 31, 2022
Fund Managers Duties To The Nigerian Exchange Group
The Fund Manager shall render periodic returns and projections to the office of the Chief Executive of the Nigerian Exchange Group.
The Fund Manager shall abide by all the rules and regulations of the Nigerian Exchange Group.
4
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Skye Shelter Fund published this content on 29 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2023 19:04:23 UTC.