SFS REAL ESTATE INVESTMENT TRUST : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

SFS REAL ESTATE INVESTMENT TRUST FUND

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS

ON THE UNAUDITED IFRS RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2021

SFS REAL ESTATE INVESTMENT TRUST FUND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2021

CONTENT	PAGE
Statement of Comprehensive Income	3
Statement of Financial Position	4
Statement of Changes in Equity	5
Statement of Cash Flows	6
Notes to the Financial Statements	7

SFS REAL ESTATE INVESTMENT TRUST FUND

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2021

		Dec-21	Dec-20
	Notes	N'000	N'000
Total Income	2	232,105	244,324
Distribution/Admin and Other Expenses	3	(72,106)	(69,187)
Other Income		-	-
Financial Charges		-	-
Net Income		159,999	175,138
Basic Earnings per Unit		8.00	8.76

The notes on page 7 form an integral part of these financial statements.

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SFS REAL ESTATE INVESTMENT TRUST FUND

STATEMENT OF FINANCIAL POSITION

FOR THE PERIOD ENDED 31 DECEMBER 2021

		Dec-21	Dec-20
Assets		N'000	N'000
Investment property	4	1,820,390	1,775,390
Trading portfolio assets	5	1,006,453	923,410
Total Non Current Assets		2,826,843	2,698,800
Debtors and Other Assets	6	1,681	1,118
Cash and cash equivalents		37,827	134,262
Total Current Assets		39,508	135,379
Total Assets		2,866,351	2,834,179
Liabilities
Payables		(23,953)	(64,974)
Unclaimed Dividend		(348,512)	(311,592)
Deferred Income		(90,304)	(52,030)
Total Current Liabilities		(462,769)	(428,595)
Net Assets		2,403,582	2,405,584
Represented By:
Unitholders' Equity		2,000,000	2,000,000
Revenue Reserve		403,582	405,584
Unitholders' Equity		2,403,582	2,405,584

The financial statements has been approved and authorised for issue by the Board of Directors on January 14, 2022 and signed on its behalf by;

…………………………………………..	……………………………………..	…………………………………………..
PATRICK ILODIANYA	AKINYEMI GBENRO	DIMEJI SONOWO
MANAGING DIRECTOR	DIRECTOR	EXECUTIVE DIRECTOR
FRC/2013/ICAN/00000002177	FRC/2013/CIBN/00000002091	FRC/2013/ICAN/00000002089

The notes on page 7 form an integral part of these financial statements.

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SFS REAL ESTATE INVESTMENT TRUST FUND

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2021

	Share Capital	Retained Earnings	Total Equity
Balance as at January 1, 2020	2,000,000	376,446	2,376,446
Changes in Accounting Policy	-		-
Restated Balance	-		-
Changes in Equity for the Prior Year:			-
Dividend	-	(146,000)	(146,000)
Total Comprehensive Income	-	175,138	175,138
Write Back of over provision			-
Balance as at December 31, 2020	2,000,000	405,584	2,405,584
Changes in Equity Current year:			-
Dividend	-	(162,000)	(162,000)
Total Comprehensive Income	-	159,999	159,999
Balance as at December 31,2021	2,000,000	403,582	2,403,582

The notes on page 7 form an integral part of these financial statements.

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