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.