Quarter 2 - financial statement for 2023

Notes

30 June 2023

30 June 2022

N'000

N'000

Rental income

6

725,718

652,541

Interest income on deposit with banks

8

158,645

83,497

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

7

76,249

87,931

Loss on financial assets held for trading

9

(15,032)

17,102

Revenue

945,580

841,071

Impairment charge on receivables

17

-

Operating expenses

13

(324,596)

(300,457)

Profit/(loss) Profit before tax

620,984

540,614

Tax

-

-

Profit/(loss) profit after tax

620,984

540,614

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

620,984

540,614

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

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

26

0.23

0.20

Notes

30 June 2023

30 June 2022

N'000

N'000

Assets:

Balances with banks

14

2,380,615

2,888,181

Financial assets held for trading

15

1,594,950

1,723,624

Other assets

17

152,743

78,285

Property and equipment

19

96,185

53,786

Right of use assets

16

16,938

17,764

Investment property

18

23,026,444

21,509,901

Total assets

27,267,875

26,271,541

Liabilities:

Other liablities

20

141,296

109,799

Rent received in advance

21

812,897

676,207

Lease liabilities

16

17,207

15,891

Total liabilities

971,400

801,897

Net assets attributable to unit holders of the Trust

26,296,475

25,469,644

Represented by:

Units and reserves attributable to unit holders of the Trust

Unit holders' contributions

22

26,682,695

26,682,695

Retained (loss)

(386,220)

(1,213,051)

26,296,475

25,469,644

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 2022

26,682,695

(1,753,665)

24,929,030

Comprehensive income

Profit after tax

-

1,676,856

1,676,856

1,676,856

1,676,856

Transactions with unit holders in their capacity as unit holders:

Distribution paid to unit holders

-

(483,355)

(483,355)

-

1,193,501

1,193,501

At 31 December 2022

26,682,695

(560,164)

26,122,531

Comprehensive income

Profit after tax

-

620,984

620,984

620,984

620,984

Transactions with unit holders in their capacity as unit holders:

Distributions paid to unit holders

-

(447,040)

(447,040)

-

173,944

173,944

At 30 June 2023

26,682,695

(386,220)

26,296,475

30 June 2023

30 June 2022

N'000

N'000

6 Rental Income

Rental Income

725,718

652,541

725,718

652,541

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

Held for trading assets:

Bonds

21,233

32,915

Treasury bills

-

-

FGN Promissory notes

55,016

55,016

76,249

87,931

8 Interest income on deposit with banks

Interest earned on placements

158,541

83,497

Credit interest on bank balance

104

-

158,645

83,497

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

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

Trading income

-

-

Fair value loss on held for trading instruments

(15,032)

17,102

(15,032)

17,102

13 Operating expenses

Fund manager's fee

57,424

60,091

Incentive Fees

-

Property maintenance expenses

104,584

66,577

Registrar's fees

16,550

21,967

Trustees' fees

2,132

2,150

Audit fees

4,531

4,250

Professional fees

6,864

12,420

Custodian fees

10,767

11,267

AGM Expenses

-

Printing, advert and travels

1,173

SEC fees

26,708

27,949

Property manager's fees

28,836

28,275

Insurance premium

14,177

9,196

Depreciation on property & equipment (see note 19)

30,008

28,215

Depreciation on right of use assets (Note 16)

413

Interest expense on lease

1,342

Withholding Tax Credit note write-off

-

-

Other operating expenses

19,086

28,099

324,595

300,457