UPDC REAL ESTATE INVESTMENT TRUST
UNAUDITED REPORTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Classified as Confidential | 1 |
UPDC REAL ESTATE INVESTMENT TRUST
UNAUDITED REPORTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024
STATEMENT OF COMPREHENSIVE INCOME
30 September | 30 September | ||
Notes | 2024 | 2023 | |
N'000 | N'000 | ||
Revenue | |||
972,514 | 1,091,981 | ||
Rental income | 6 | ||
Interest income on deposit with banks | 8 | 809,166 | 253,490 |
Interest income on assets measured at fair value through profit or loss | 7 | 8,957 | 87,726 |
Fair value gain/(loss) on investment property | 18 | - | - |
Profit/(Loss) on financial assets held for trading | 9 | (21,129) | (23,090) |
Net gain on disposal of investment property | 11 | 410,000 | - |
Total Revenue | 2,179,509 | 1,410,107 | |
Impairment charge on receivables | 17 | (43,752) | - |
Operating expenses | 13 | (481,551) | (488,917) |
Profit/(loss) Profit before tax | 1,654,205 | 921,190 | |
Tax | - | - | |
Profit/(loss) profit after tax | 1,654,205 | 921,190 | |
Increase/(decrease) in net assets attributable to unit holders | 1,654,205 | 921,190 | |
Earnings/(Loss) per unit to unit holders of the Trust | |||
Earnings/(Loss) per unit - basic and diluted (Naira) | 26 | 0.62 | 0.35 |
The accompanying notes form an integral part of these financial statements.
Classified as Confidential | 2 |
UPDC REAL ESTATE INVESTMENT TRUST
UNAUDITED REPORTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024
STATEMENT OF FINANCIAL POSITION
Notes | |
Assets: | |
Balances with banks | 14 |
Financial assets held for trading | 15 |
Other assets | 17 |
Property and equipment | 19 |
Right of use assets | 16 |
Investment property | 18 |
Total assets | |
Liabilities: | |
Other liablities | 20 |
Rent received in advance | 21 |
Lease liabilities | 16 |
Total liabilities | |
Net assets attributable to unit holders of the Trust | |
Represented by: | |
Units and reserves attributable to unit holders of the Trust | |
Unit holders' contributions | 22 |
Retained (loss) |
30 September | 30 September | |
2024 | 2023 | |
N'000 | N'000 | |
6,065,489 | 3,315,612 | |
74,648 | 178,449 | |
84,021 | 119,399 | |
268,606 | 117,115 | |
29,245 | 16,731 | |
24,454,596 | 23,089,557 | |
30,976,604 | 26,836,863 | |
161,923 | 96,648 | |
755,273 | 652,348 | |
40,416 | 17,414 | |
957,611 | 766,410 | |
30,018,993 | 26,070,453 | |
26,682,69526,682,695
3,336,298(612,242)
30,018,99326,070,453
Classified as Confidential | 3 |
UPDC REAL ESTATE INVESTMENT TRUST
UNAUDITED REPORTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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 |
Transactions with unit holders in their capacity as unit holders: | 3,802,545 | 3,802,545 | |
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 | - | 1,654,205 | 1,654,205 |
Transactions with unit holders in their capacity as unit holders: | 1,654,205 | 1,654,205 | |
Distributions paid to unit holders | - | (587,019) | (587,019) |
- | 1,067,186 | 1,067,186 | |
At 30 SEPTEMBER 2024 | |||
26,682,695 | 3,336,298 | 30,018,993 |
Classified as Confidential | 4 |
Notes to the financial statements
For the year ended 30 September 2024
30 September 2024 | 30 September 2023 | ||||
6 | Rental Income | N'000 | N'000 | ||
972,514 | 1,091,981 | ||||
Rental Income | |||||
972,514 | 1,091,981 | ||||
7 | Interest income on assets measured at fair value through profit or loss | ||||
Held for trading assets: | |||||
Bonds | 8,957 | 28,455 | |||
FGN Promissory notes | - | 59,271 | |||
8,957 | 87,726 | ||||
8 | Interest income on deposit with banks | ||||
Interest earned on placements | 778,723 | 253,036 | |||
Credit interest on bank balance | 30,443 | 454 | |||
809,166 | 253,490 | ||||
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 | (21,129) | (23,090) | |||
(21,129) | (23,090) | ||||
11 | Net gain on disposal of investment property | ||||
Gain on disposal of investment property (Sale of UAC complex) | 410,000 | - | |||
410,000 | - | ||||
30 September 2024 N'000
30 September 2023 N'000
13 Operating expenses
Fund manager's fee
Property maintenance expenses Registrar's fees
Trustees' fees Audit fees Professional fees Custodian fees
Printing, advert and travels SEC fees
Property manager's fees Insurance premium
Depreciation on property & equipment (see note 19) Depreciation on right of use assets (Note 16) Interest expense on lease
Other operating expenses
95,421 | 85,821 | |
113,911 | 183,094 | |
8,465 | 7,500 | |
5,953 | 3,204 | |
22,500 | 6,809 | |
31,925 | 15,493 | |
17,891 | 16,091 | |
805 | 2,723 | |
44,382 | 39,916 | |
28,626 | 37,355 | |
25,485 | 21,266 | |
70,214 | 46,128 | |
3,698 | 620 | |
2,628 | 1,549 | |
9,647 | 21,347 | |
481,551 | 488,917 |
14 Balances with banks | |||
- Current account with banks in Nigeria | 6,065,489 | 3,315,612 | |
Balances with banks | |||
6,065,489 | 3,315,612 | ||
Current | 6,065,489 | 3,315,612 | |
Non-Current | - | - | |
6,065,489 | 3,315,612 | ||
Classified as Confidential | 5 |
Notes to the financial statements
For the year ended 30 September 2024
15 | Financial assets held for trading | 30 September 2024 | 30 September 2023 | |
N'000 | N'000 | |||
Corporate bonds | - | 80,253 | ||
FGN bonds | 74,648 | 98,196 | ||
FGN promissory note | - | - | ||
74,648 | 178,449 | |||
16 | Leases | 30 September 2024 | 30 September 2023 | |
N'000 | N'000 |
- Right-of-useassets
Opening balance as at 1 January 2024 | 41,178 | 20,655 | ||
Additions during the year | - | - | ||
Closing balance as at 30 September 2024 | ||||
41,178 | 20,655 | |||
Depreciation | ||||
Opening balance as at 1 January 2024 | 8,235 | 3,304 | ||
Charge for the year | 3,698 | 620 | ||
Closing balance as at 30 September 2024 | 11,933 | 3,924 | ||
Net book value as at 30 September 2024 | 29,245 | 16,731 | ||
ii | Lease liabilities | 30 September 2024 | 30 September 2023 | |
N'000 | N'000 | |||
Opening balance as at 1 January 2024 | 37,787 | 15,865 | ||
Additions | - | - | ||
Interest expense | 2,628 | 1,549 | ||
Payments made during the period | - | - | ||
Closing balance as at 30 September 2024 | 40,416 | 17,414 | ||
Current lease liabilities | - | - | ||
Non-current lease liabilities | 40,416 | 17,414 |
-
Amounts recognised in the statement of profit or loss
Depreciation charge of right-of-use assets Interest expense
17 Other assets
Financial:
Rent receivables ECL provision
Non financial: Prepaid expenses
Current Non-Current
ECL provision Opening Balance Impairment Charge for the year Clossing Balance
40,416 | 17,414 | |
30 September 2024 | 30 September 2023 | |
N'000 | N'000 | |
3,698 | 620 | |
2,628 | 1,549 | |
30 September 2024 | 30 September 2023 | |
N'000 | N'000 | |
219,713 | 201,919 | |
(163,862) | (89,609) | |
55,850 | 112,310 | |
28,171 | 7,089 | |
28,171 | 7,089 | |
84,021 | 119,399 | |
84,021 | 119,399 | |
- | - | |
84,021 | 119,399 | |
(120,110) | (89,609) | |
(43,752) | - | |
(163,862) | (89,609) |
18 Investment property Beginning balance
Additions (Asset under construction) Disposals
Fair value gain/(loss)
Non-Current
25,586,558 | 23,026,444 | |
658,038 | 63,113 | |
(1,790,000) | - | |
- | - | |
24,454,596 | 23,089,557 | |
24,454,596 | 23,089,557 |
Classified as Confidential | 6 |
Notes to the financial statements
For the year ended 30 September 2024
Details of the investment property is in note 4.2.
Office | |||||
19 Property and equipment | equipment | Fixtures & fittings | Total | ||
N'000 | N'000 | N'000 | |||
Cost | 454,499 | 191,580 | 646,079 | ||
At 1 January 2024 | |||||
Additions | 191,499 | 14,558 | 206,057 | ||
Reclassifications | (376) | - | (376) | ||
At 30 September 2024 | 645,622 | 206,138 | 851,760 | ||
Accumulated depreciation | 329,685 | 183,255 | 512,940 | ||
At 1 January 2024 | |||||
Charge for the year | 60,886 | 9,328 | 70,214 | ||
At 30 September 2024 | 390,571 | 192,583 | 583,154 | ||
Net book amount at 1 January 2024 | 124,814 | 8,325 | 133,139 | ||
Net book amount at 30 September 2024 | 255,051 | 13,555 | 268,606 | ||
Office | |||||
Property and equipment continued | equipment | Furnitures & fittings | Total | ||
N'000 | N'000 | N'000 | |||
Cost | 356,868 | 183,002 | 539,870 | ||
At 1 January 2023 | |||||
Additions | 97,631 | 8,578 | 106,209 | ||
At 31 December 2023 | 454,499 | 191,580 | 646,079 | ||
Accumulated depreciation | 283,183 | 165,315 | 448,498 | ||
At 1 January 2023 | |||||
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: | 37,856 | 28,396 | |||
Fund manager's fee payable | |||||
Custodian fees payable | 5,844 | 5,324 | |||
Caution deposits | 2,644 | 6,173 | |||
Accrued expenses | 90,210 | 36,768 | |||
Other Payables | 25,153 | 19,772 | |||
SEC Supervisory Fees Payable | - | - | |||
Non financial Liabilities | 161,707 | 96,433 | |||
VAT payable | 215 | 215 | |||
215 | 215 | ||||
161,923 | 96,648 | ||||
Current | 161,923 | 96,648 | |||
Non-Current | - | - | |||
161,923 | 96,648 | ||||
21 Rent received in advance Rent received in advance
Current Non-Current
30 September 2024 N'000
755,273
755,273
717,320
37,953
755,273
30 September 2023 N'000
652,348
652,348
614,395
37,953
652,348
22 Unit holders' contribution | |||
Authorised | 30,000,000 | 30,000,000 | |
3,000,000,000 units of N10 each | |||
Issued and fully paid | 26,682,695 | 26,682,695 | |
2,668,269,500 units of N10 each | |||
Classified as Confidential | 7 |
Notes to the financial statements
For the year ended 30 September 2024
Classified as Confidential | 8 |
Notes to the financial statements
For the year ended 30 September 2024
Classified as Confidential | 9 |