Year end financial statement for 2024

Classified as Confidential

1

31 December

31 December

Notes

2024

2023

N'000

N'000

Revenue

Rental income

6

1,435,865

1,435,242

Interest income on deposit with banks

8

767,778

367,298

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

7

330,710

91,087

Fair value gain/(loss) on investment property

16

2,540,999

2,474,594

Profit/(Loss) on financial assets held for trading

9

(16,465)

669

Net gain on disposal of investment property

10

410,000

-

Total Revenue

5,468,887

4,368,890

Impairment charge on receivables

15

(49,554)

(30,502)

Operating expenses

11

(667,930)

(535,843)

Profit/(loss) Profit before tax

4,751,403

3,802,545

Tax

-

-

Profit/(loss) profit after tax

4,751,403

3,802,545

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

4,751,403

3,802,545

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

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

24

1.78

1.43

Classified as Confidential

2

31 December

31 December

Notes

2024

2023

N'000

N'000

Assets:

Balances with banks

12

5,693,471

3,671,267

Financial assets held for trading

13

76,330

92,811

Other assets

15

122,156

35,599

Property and equipment

17

314,864

133,138

Right of use assets

14

28,012

32,943

Investment property

16

27,238,060

25,586,557

Total assets

33,472,893

29,552,315

Liabilities:

Other liablities

18

145,616

130,582

Rent received in advance

19

703,376

432,140

Lease liabilities

14

41,364

37,787

Total liabilities

890,356

600,509

Net assets attributable to unit holders of the Trust

32,582,537

28,951,806

Represented by:

Units and reserves attributable to unit holders of the Trust

Unit holders' contributions

20

26,682,695

26,682,695

Retained (loss)

5,899,842

2,269,111

32,582,537

28,951,806

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

-

4,751,403

4,751,403

4,751,403

4,751,403

Transactions with unit holders in their capacity as unit holders:

Distributions paid to unit holders

-

(1,120,673)

(1,120,673)

-

3,630,730

3,630,730

At 31 DECEMBER 2024

26,682,695

5,899,842

32,582,537

Classified as Confidential

4

31 December 2024

31 December 2023

N'000

N'000

6

Rental Income

Rental Income

1,435,865

1,435,242

1,435,865

1,435,242

7

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

Held for trading assets:

Bonds

11,964

31,816

Treasury bills

318,745

-

FGN Promissory notes

-

59,271

330,710

91,087

8

Interest income on deposit with banks

Interest earned on placements

728,533

359,838

Credit interest on bank balance

39,246

7,460

767,778

367,298

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

(16,465)

669

(16,465)

669

10

Net gain on disposal of investment property

Gain on disposal of investment property (Sale of UAC complex)

410,000

-

410,000

-

11 Operating expenses

Fund manager's fee

120,981

114,317

Incentive Fees

-

-

Property maintenance expenses

175,778

107,617

Registrar's fees

13,098

16,464

Trustees' fees

10,262

4,300

Audit fees

19,807

27,671

Professional fees

56,732

35,258

Custodian fees

23,937

21,434

Printing, advert and travels

571

1,505

SEC fees

53,346

53,170

Property manager's fees

30,085

45,904

Insurance premium

33,979

28,355

Depreciation on property & equipment (see note 19)

105,207

64,443

Depreciation on right of use assets (Note 16)

4,931

4,931

Interest expense on lease

3,577

5,559

Other operating expenses

15,639

4,915

667,930

535,843

12 Balances with banks

- Current account with banks in Nigeria

Balances with banks

5,693,471

3,671,267

5,693,471

3,671,267

Current

5,693,471

3,671,267

Non-Current

-

-

5,693,471

3,671,267

Classified as Confidential

5

13

Financial assets held for trading

31 December 2024

31 December 2023

N'000

N'000

Corporate bonds

-

FGN bonds

76,330

92,811

76,330

92,811

14

Leases

31 December 2024

31 December 2023

N'000

N'000

Opening balance as at 1 January 2024

41,178

20,655

Additions during the year

-

20,523

Closing balance as at 30 September 2024

41,178

41,178

Depreciation

Opening balance as at 1 January 2024

8,235

3,304

Charge for the year

4,931

4,931

Closing balance as at 30 September 2024

13,166

8,235

Net book value as at 30 September 2024

28,012

32,943

ii

Lease liabilities

31 December 2024

31 December 2023

N'000

N'000

Opening balance as at 1 January 2024

37,787

17,208

Additions

-

15,020

Interest expense

3,577

5,559

Payments made during the period

-

-

Closing balance as at 30 September 2024

41,364

37,787

Current lease liabilities

-

-

Non-current lease liabilities

41,364

37,787

41,364

37,787

31 December 2024

31 December 2023

N'000

N'000

Depreciation charge of right-of-use assets

4,931

4,931

Interest expense

3,577

5,559

31 December 2024

31 December 2023

N'000

N'000

15 Other assets

Financial:

Rent receivables

239,322

121,730

ECL provision

(169,664)

(120,110)

69,658

1,620

Non financial:

Prepaid expenses

52,498

33,979

52,498

33,979

122,156

35,599

Current

122,156

35,599

Non-Current

-

-

122,156

35,599

ECL provision

Opening Balance

(120,110)

(89,608)

Impairment Charge for the year

(49,554)

(30,502)

Clossing Balance

(169,664)

(120,110)

16 Investment property

Beginning balance

25,586,556

23,026,444

Additions

900,505

63,113

Disposals

(1,790,000)

-

Fair value gain/(loss)

2,540,999

2,474,594

27,238,060

25,586,557

Non-Current

27,238,060

25,586,557

Classified as Confidential

6

Office

17 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

269,735

17,198

286,933

Reclassifications

-

-

-

At 30 September 2024

724,234

208,778

933,012

Accumulated depreciation

At 1 January 2024

329,685

183,255

512,940

Charge for the year

92,926

12,282

105,208

At 30 September 2024

422,611

195,537

618,148

Net book amount at 1 January 2024

124,814

8,325

133,139

Net book amount at 31 December 2024

301,623

13,241

314,864

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

64,443

At 31 December 2023

329,685

183,255

512,941

Net book amount at 1 January 2023

73,685

17,687

91,372

Net book amount at 31 December 2023

124,814

8,325

133,138

18 Other liabilities

Financial liabilities:

Fund manager's fee payable

32,168

35,105

Custodian fees payable

6,032

5,329

Caution deposits

4,844

4,300

Accrued expenses

102,572

85,633

Other Payables

-

145,616

130,367

Non financial Liabilities

VAT payable

-

215

-

215

145,616

130,582

Current

145,616

130,582

Non-Current

-

-

145,616

130,582

19 Rent received in advance

Rent received in advance

703,376

432,140

703,376

432,140

Current

682,745

316,309

Non-Current

20,631

115,831

703,376

432,140

20 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

7

Classified as Confidential

8

Classified as Confidential

9