SFS REAL ESTATE INVESTMENT TRUST FUND
STATEMENT TO THE NIGERIAN EXCHANGE GROUP AND THE SHAREHOLDERS
ON THE UNAUDITED IFRS RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024
SFS REAL ESTATE INVESTMENT TRUST FUND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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 30 SEPTEMBER 2024
Sep-24 | Sep-23 | ||
Notes | N'000 | N'000 | |
Total Income | 2 | 262,800 | 250,374 |
Admin and Other Expenses | 3 | (54,269) | (56,087) |
Net Income | 208,531 | 194,287 | |
Basic Earnings per Unit | 10.43 | 9.71 |
The notes on page 7 form an integral part of these financial statements.
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SFS REAL ESTATE INVESTMENT TRUST FUND STATEMENT OF FINANCIAL POSITION
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Assets | |
Investment property | 4 |
Investment in Securities | 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
Sep-24 | Dec-23 |
N'000 | N'000 |
1,980,043 | 1,968,950 |
1,294,536 | 574,471 |
3,274,579 | 2,543,421 |
892 | 1,183 |
9,929 | 755,421 |
10,821 | 756,604 |
3,285,401 | 3,300,025 |
(305,363) | (206,642) |
(377,364) | (377,328) |
(90,569) | (122,482) |
(773,297) | (706,452) |
2,512,104 | 2,593,573 |
2,000,000 | 2,000,000 |
512,104 | 593,573 |
2,512,104 | 2,593,573 |
The financial statements has been approved and authorised for issue by the Board of Directors on October 29, 2024 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.
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SFS REAL ESTATE INVESTMENT TRUST FUND
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Share Capital | Retained Earnings | Total Equity | |
Balance as at January 1, 2023 | 2,000,000 | 445,069 | 2,445,069 |
Changes in Accounting Policy | - | - | - |
Restated Balance | - | - | - |
Changes in Equity for the Prior Year: | - | - | |
Distribution | - | (169,000) | (169,000) |
Total Comprehensive Income | - | 317,503 | 317,503 |
Balance as at December 31, 2023 | 2,000,000 | 593,573 | 2,593,573 |
Changes in Equity Current year: | - | ||
Distribution | - | (290,000) | (290,000) |
Total Comprehensive Income | - | 208,531 | 208,531 |
Balance as at September 30, 2024 | 2,000,000 | 512,104 | 2,512,104 |
The notes on page 7 form an integral part of these financial statements.
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SFS REAL ESTATE INVESTMENT TRUST FUND
STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Sep-24 | Sep-23 | |
N'000 | N'000 | |
Cash Flow from Operating Activities | ||
Rental Income Received | 74,642 | 73,233 |
Operating Cash Payments | (17,021) | (20,993) |
(Increase)/Decrease in prepayments & Receivables | (764) | 7,192 |
Increase/ (Decrease) in payables & accruals | 64,202 | 475,252 |
Net Cash Generated from Operating Activities | 121,058 | 534,684 |
Cash Flow from Investing Activities | ||
Purchase of Investment Properties | (11,093) | - |
Investment in Securities | (565,493) | (908,559) |
Net Cash flow used in Investing Activities | (576,587) | (908,559) |
Cash Flow from Financing Activities | ||
Unclaimed distribution | 36 | (11,037) |
Distribution Paid | (290,000) | (169,000) |
Net Cash flow used in Investing Activities | (289,964) | (180,037) |
Net Increase/Decrease Cash and Cash Equivalent | (745,492) | (553,912) |
Cash and Cash Equivalent Beginning of period | 755,421 | 559,406 |
Cash and Cash Equivalent End of period | 9,929 | 5,495 |
The notes on page 7 form an integral part of these financial statements.
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SFS REAL ESTATE INVESTMENT TRUST FUND
NOTES TO THE FINANCIAL STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
-
Reporting entity
The SFS Real Estate Investment Trust Fund is a fund incorporated under the laws of Nigeria. The address of the Fund's registered office is Plot 287, Ajose Adeogun Street., Victoria Island, and Lagos. It is governed by a Trust Deed approved by the Securities and Exchange Commission. The fund's units are listed on the Floor of the Nigerian Stock Exchange. Its financial statements are filed with Securities and Exchange Commission and other regulatory authorities.
The SFS Real Estate Investment Trust Fund is a close - ended Real Estate Investment Trust (REIT), primarily involved in acquiring investment properties which are held for capital appreciation.
The investment activities of the fund are managed by SFS Capital Nigeria Limited (the fund manager) while Apel Capital and Trust Limited are the Trustees.
The fund management is carried out by SFS Capital Nigeria Limited.
2 Total Income | Sep-24 | Sep-23 |
N'000 | N'000 | |
Fixed Interest Income | 106,801 | 110,286 |
Rental Income | 156,000 | 140,088 |
262,800 | 250,374 | |
3 Other Operating Expenses | Sep-24 | Sep-23 |
N'000 | N'000 | |
Manager's Fees | 28,420 | 26,609 |
Trustee fee | 1,875 | 1,875 |
Custodian fee | 1,740 | 1,740 |
Registrars' fee | 530 | 391 |
Other administrative expenses | 12,339 | 17,457 |
Stock exchange | - | 907 |
Insurance | 1,427 | 1,331 |
Annual report publication and dividend expenses | 5,892 | 5,777 |
Fund Rating | 1,000 | - |
GM Expenses | 1,047 | - |
54,269 | 56,087 | |
4 Investment in Properties | Sep-24 | Dec-23 |
Cost | Cost | |
Description | N'000 | N'000 |
Properties in Victory Park Estate Lekki | 376,493 | 365,400 |
Properties in Sapphire Gardens Awoyaya | 132,000 | 132,000 |
Properties in Bourdillon Court Lekki | 360,000 | 360,000 |
Properties in Milverton Lekki | 685,000 | 685,000 |
Properties in Cromwell Estate | 75,300 | 75,300 |
Properties in Maben Estate | 173,250 | 173,250 |
Properties in Victoria Crest Estate | 178,000 | 178,000 |
1,980,043 | 1,968,950 |
The cost model is used in the measurement of investment properties.
The properties have a combined value of N3,520,000,000 by Ubosi Eleh & Co Estate Surveyors & Valuers (FRC/2014/00000003997). Valuation was conducted in December 2023 and March 2024.
5 Investment in securities | Sep-24 | Dec-23 |
N'000 | N'000 | |
Real Estate Related Investments | 317,786 | 417,374 |
Investment in securities | 976,750 | 157,097 |
1,294,536 | 574,471 | |
6 Debtors and Other Assets | Sep-24 | Dec-23 |
N'000 | N'000 | |
Prepaid expenses | 471 | 1,134 |
Other Receivables | 421 | 49 |
892 | 1,183 |
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