Quarter 1 - financial statement for 2024

Classified as Confidential

1

Notes

31 March 2024

31 March 2023

N'000

N'000

Rental income

6

349,737

354,729

Interest income on deposit with banks

8

214,159

85,166

Interest income on assets measured at fair value through profit or loss

7

2,975

44,249

Fair value gain/(loss) on investment property

18

-

-

Profit/(Loss) on financial assets held for trading

9

348

(15,328)

Net gain on disposal of investment property

11

410,000

-

Revenue

977,218

468,816

Impairment charge on receivables

17

(7,625)

65,415

Operating expenses

13

(180,076)

(165,186)

Profit/(loss) Profit before tax

789,517

369,045

Tax

-

-

Profit/(loss) profit after tax

789,517

369,045

Increase/(decrease) in net assets attributable to unit holders

789,517

369,045

Earnings/(Loss) per unit to unit holders of the Trust

Earnings/(Loss) per unit - basic and diluted (Naira)

26

0.30

0.14

Classified as Confidential

2

Notes

31 March 2024

31 March 2023

N'000

N'000

Assets:

Balances with banks

14

6,574,564

2,571,753

Financial assets held for trading

15

95,107

1,599,982

Other assets

17

99,691

145,000

Property and equipment

19

119,199

111,117

Right of use assets

16

31,710

17,144

Investment property

18

23,796,557

23,026,444

Total assets

30,716,828

27,471,440

Liabilities:

Other liablities

20

136,347

161,672

Rent received in advance

21

800,530

866,399

Lease liabilities

16

38,629

17,208

Total liabilities

975,505

1,045,279

Net assets attributable to unit holders of the Trust

29,741,323

26,426,161

Represented by:

Units and reserves attributable to unit holders of the Trust

Unit holders' contributions

22

26,682,695

26,682,695

Retained (loss)

3,058,628

(256,534)

29,741,323

26,426,161

Classified as Confidential

3

STATEMENT OF CHANGES IN UNITS AND RESERVES

ATTRIBUTABLE TO UNIT HOLDERS OF THE TRUST

Unitholders'

Retained

Total

contributions

(loss)/earnings

N'000

N'000

N'000

At 1 January 2023

26,682,695

(560,164)

26,122,531

Comprehensive income

Profit after tax

-

3,802,545

3,802,545

3,802,545

3,802,545

Transactions with unit holders in their capacity as unit holders:

Distribution paid to unit holders

-

(973,269)

(973,269)

-

2,829,276

2,829,276

At 31 December 2023

26,682,695

2,269,111

28,951,806

Comprehensive income

Profit after tax

-

789,517

789,517

789,517

789,517

Transactions with unit holders in their capacity as unit holders:

Distributions paid to unit holders

-

-

-

789,517

789,517

At 31 March 2024

26,682,695

3,058,628

29,741,323

Classified as Confidential

4

31 March 2024

31 March 2023

N'000

N'000

6

Rental Income

Rental Income

349,737

354,729

349,737

354,729

7

Interest income on assets measured at fair value through profit or loss

Held for trading assets:

Bonds

2,975

16,893

FGN Promissory notes

-

27,356

2,975

44,249

8

Interest income on deposit with banks

Interest earned on placements

204,584

85,137

Credit interest on bank balance

9,575

29

214,159

85,166

Credit interest relates to interest earned on bank balances during the period

9

Net gain/(loss) on financial assets held for trading

Fair value loss on held for trading instruments

348

(15,328)

348

(15,328)

13 Operating expenses

Fund manager's fee

31,959

28,422

Property maintenance expenses

57,850

43,272

Registrar's fees

2,794

240

Trustees' fees

1,069

1,060

Audit fees

4,044

2,253

Professional fees

16,452

4,875

Custodian fees

5,992

5,329

Printing, advert and travels

267

265

SEC fees

14,864

13,220

Property manager's fees

9,588

8,527

Insurance premium

8,495

28,355

Depreciation on property & equipment (see note 19)

19,271

14,376

Depreciation on right of use assets (Note 16)

1,233

207

Interest expense on lease

842

671

Other operating expenses

5,356

14,112

180,076

165,186

14 Balances with banks

- Current account with banks in Nigeria

Balances with banks

6,574,564

2,571,753

6,574,564

2,571,753

Current

6,574,564

2,571,753

Non-Current

-

-

6,574,564

2,571,753

Classified as Confidential

5

15 Financial assets held for trading

31 March 2024

31 March 2023

N'000

N'000

Corporate bonds

-

149,644

FGN bonds

95,107

198,395

FGN promissory note

-

1,251,943

95,107

1,599,982

16 Leases

31 March 2024

31 March 2023

N'000

N'000

i

Right-of-use assets

Opening balance as at 1 January 2024

41,178

20,655

Additions during the year

-

-

Closing balance as at 31 March 2024

41,178

20,655

Depreciation

Opening balance as at 1 January 2024

8,235

3,304

Charge for the year

1,233

207

Closing balance as at 31 March 2024

9,468

3,511

Net book value as at 31 March 2024

31,710

17,144

ii

Lease liabilities

31 March 2024

31 March 2023

N'000

N'000

Opening balance as at 1 January 2024

37,787

17,208

Additions

-

-

Interest expense

842

Payments made during the period

-

-

Closing balance as at 31 March 2024

38,629

17,208

Current lease liabilities

-

-

Non-current lease liabilities

38,629

17,208

38,629

17,208

31 March 2024

31 March 2023

N'000

N'000

Depreciation charge of right-of-use assets

1,233

207

Interest expense

842

-

31 March 2024

31 March 2023

N'000

N'000

17 Other assets

Financial:

Rent receivables

201,941

206,253

ECL provision

(127,735)

(89,608)

74,206

116,645

Non financial:

Prepaid expenses

25,485

28,355

25,485

28,355

99,691

145,000

Current

99,691

145,000

Non-Current

-

-

99,691

145,000

ECL provision

Opening Balance

(120,110)

(155,023)

Impairment Charge for the year

(7,625)

65,415

Clossing Balance

(127,735)

(89,608)

18 Investment property

Beginning balance

25,586,557

23,026,444

Disposals

(1,790,000)

-

Fair value gain/(loss)

-

-

23,796,557

23,026,444

Non-Current

23,796,557

23,026,444

Classified as Confidential

6

Office

19 Property and equipment

equipment

Fixtures & fittings

Total

N'000

N'000

N'000

Cost

At 1 January 2024

454,499

191,580

646,079

Additions

5,332

(0)

5,332

At 31 March 2024

459,831

191,580

651,411

Accumulated depreciation

At 1 January 2024

329,685

183,255

512,940

Charge for the year

15,476

3,796

19,271

At 31 March 2024

345,161

187,051

532,211

Net book amount at 1 January 2024

124,814

8,325

133,139

Net book amount at 31 March 2024

114,670

4,529

119,199

Office

Property and equipment continued

equipment

Furnitures & fittings

Total

N'000

N'000

N'000

Cost

At 1 January 2023

356,868

183,002

539,870

Additions

97,631

8,578

106,209

At 31 December 2023

454,499

191,580

646,079

Accumulated depreciation

At 1 January 2023

283,183

165,315

448,498

Charge for the year

46,502

17,940

64,442

At 31 December 2023

329,685

183,255

512,940

Net book amount at 1 January 2023

73,685

17,687

91,372

Net book amount at 31 December 2023

124,814

8,325

133,139

20 Other liabilities

Financial liabilities:

Fund manager's fee payable

38,569

63,151

Custodian fees payable

5,978

10,587

Caution deposits

4,300

8,121

Accrued expenses

64,124

59,826

Other Payables

23,160

19,772

SEC Supervisory Fees Payable

-

-

136,131

161,457

Non financial Liabilities

VAT payable

215

215

215

215

136,347

161,672

Current

136,347

161,672

Non-Current

-

-

136,347

161,672

Classified as Confidential

7

31 March 2024

31 March 2023

N'000

N'000

21 Rent received in advance

Rent received in advance

800,530

866,399

800,530

866,399

Current

762,577

828,446

Non-Current

37,953

37,953

800,530

866,399

22 Unit holders' contribution

Authorised

3,000,000,000 units of N10 each

30,000,000

30,000,000

Issued and fully paid

2,668,269,500 units of N10 each

26,682,695

26,682,695

Classified as Confidential

8

Classified as Confidential

9