UPDC REAL ESTATE INVESTMENT TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023
UPDC REAL ESTATE INVESTMENT TRUST
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
STATEMENT OF COMPREHENSIVE INCOME
Notes
Income from investment property | 1 |
Interest income | 2 |
Net gain/(loss) on financial assets held for trading | 3 |
Net income | |
Operating expenses | 4 |
Profit before tax | |
Tax | |
Profit after tax |
Earnings per unit attributable to unit holders of the Trust Earnings per unit - basic and diluted (Naira)
31 Mar 2023 | 31 Mar 2022 |
N '000 | N '000 |
354,729 327,860
129,416 90,740
(15,328) 30,416
468,816 449,016
(165,186) (158,999)
303,630 290,017
-
303,630 290,017
0.11 0.11
UPDC REAL ESTATE INVESTMENT TRUST
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
STATEMENT OF FINANCIAL POSITION
Notes | 31 Mar 2023 | 31 Mar 2022 | |
N'000 | N'000 | ||
Assets: | 2,571,753 | 2,614,140 | |
Bank balances | 5 | ||
Financial assets held for trading | 6 | 1,599,982 | 1,713,145 |
Other assets | 8 | 145,000 | 140,564 |
Investment property | 7 | 23,026,444 | 21,480,000 |
Property and equipment | 9 | 89,330 | 28,379 |
Fixtures and fittings | 10 | 21,787 | 32,984 |
Right of use assets | 11 | 17,144 | 17,970 |
Total assets | 27,471,440 | 26,027,182 | |
Liabilities: | 161,672 | 123,780 | |
Accounts payable | 12 | ||
Rent received in advance | 13 | 866,399 | 669,083 |
Lease liabilities | 11 | 17,208 | 15,272 |
Total liabilities | 1,045,279 | 808,135 | |
Net assets attributable to unit holders of the Trust | 26,426,161 | 25,219,047 | |
Represented by: | |||
Units and reserves attributable to unit holders of the Trust | 26,682,695 | 26,682,695 | |
Unit holders' contributions | |||
Retained earnings | (256,534) | (1,463,648) | |
26,426,161 | 25,219,047 |
The financial statements have been approved and signed on behalf of the Board of Directors of the Fund Manager on 26, April 2023 by:
Oladele Sotubo (Director of the Fund Manager)
Emmanuel Adebayo (Financial Controller of the Fund Manager)
UPDC REAL ESTATE INVESTMENT TRUST
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
STATEMENT OF CHANGES IN UNITS AND RESERVES | ATTRIBUTABLE TO UNIT HOLDERS OF THE TRUST | ||
Unitholders' | Retained | Total | |
contributions | earnings | ||
N'000 | N'000 | N'000 | |
At 31 December 2022 | 26,682,695 | (560,164) | 26,122,531 |
Comprehensive income | |||
Profit for the year | - | 303,630 | 303,630 |
Transactions with unit holders in their capacity as unit holders: | 303,630 | 303,630 | |
Distributions paid to unit holders | - | - | - |
- | 303,630 | 303,630 | |
At 31 March 2023 | 26,682,695 | (256,534) | 26,426,161 |
UPDC REAL ESTATE INVESTMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
31 Mar 2023 | 31 Mar 2022 | |
1 Income from investment property | N'000 | N'000 |
Rental Income | 354,729 | 327,860 |
354,729 | 327,860 | |
2 Interest income | ||
Credit interest on bank balance | 29 | - |
Bonds | 16,893 | 16,601 |
Treasury bills | - | - |
Commercial papers | - | - |
Fixed deposits | 85,137 | 46,783 |
FGN promissory notes | 27,356 | 27,356 |
129,416 | 90,740 | |
3 Net gain/(loss) on financial assets held for trading | ||
Fair value gain on held for trading instruments | (15,328) | 30,416 |
(15,328) | 30,416 | |
31 Mar 2023 | 31 Mar 2022 | |
4 Operating expenses | N'000 | N'000 |
Fund manager's fee | 28,422 | 32,050 |
Property maintenance expenses | 43,272 | 20,664 |
Registrar's fees | 240 | 7,922 |
Trustees' fees | 1,060 | 1,075 |
Audit fees | 2,253 | 2,125 |
Professional fees | 4,875 | 12,420 |
Custodian fees | 5,329 | 6,009 |
Statutory charges & fees | 13,220 | 14,907 |
Property manager's fees | 8,527 | 20,364 |
Insurance premium | 28,355 | 4,598 |
Depreciation | 14,583 | 16,136 |
Other operating expenses | 15,049 | 20,729 |
165,186 | 158,999 |
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