Associated Discount House

BALANCE SHEET AT 31 JULY 2007
		THE GROUP		THE COMPANY
	NOTE	2007 N'000	2006 N'000	2007 N'000	2006 N'000
ASSETS
Cash and bank balances	2	376,954	40,944	82,412	30,110
Trading securities	3	33,571,579	25,497,177	32,834,181	25,276,170
Assets under repurchase agreements	4	1,000,000	2,000,000	1,000,000	2,000,000
Investments	5	66	35,180	150,066	185,180
Other assets	6	1,165,293	1,427,647	864,321	1,380,953
Fixed assets	7	151,741	99,190	134,931	82,310
		36,265,633	29,100,138	35,065,911	28,954,723

LIABILITIES
Deposits	8	1,959,910	1,224,445	2,056,976	1,304,737
Managed Funds		685,997	97,580	-	-
Bank overdraft		147,190	-	-	-
Liabilities under repurchase agreements	4	1,000,000	2,000,000	1,000,000	2,000,000
Taxation	9	351,372	108,758	215,024	107,362
Deferred taxation	10	17,543	9,911	12,431	8,049
Dividend payable	11	-	300,000	-	300,000
Other Income	12	520,652	920,559	468,433	908,694
		31,387,636	25,772,944	30,301,954	25,633,339

CAPITAL AND RESERVES
Share capital	13	1,820,000	1,500,000	1,820,000	1,500,000
Share premium	14	90,281	50,278	90,281	50,278
Statutory reserve	15	1,081,853	874,384	1,081,853	874,384
Bonus issue reserve	16	364,000	300,000	364,000	300,000
General reserve	17	1,521,863	602,532	1,407,906	596,722
SHAREHOLDERS' FUNDS		4,877,997	3,327,194	4,763,957	3,321,384
		36,265,633	29,100,138	35,065,911	28,954,723

The financial statements were approved by the Board of Directors on 24 September 2007 and signed on its behalf by:	Erastus B.O. Akingbola			Directors
	Yetunde O.A. Ogunseye			Directors