The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated.
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The risk management function within the Fund is carried out with respect to financial risks. Financial risks are risks arising from financial instruments to which the Fund is exposed during or at the end of the reporting period.
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Estimates and judgements are continually evaluated and are based on historical experience and adjusted for current market conditions and other factors.
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A spread by strategy is applied in the analysis of the valuation of the investment property portfolio.
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The future contractual rent from leases in existence on 31 December 2017, until the end of the contract (accounted for on the basis of the minimum rent) can be analysed as follows:
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In 2017, € 0.1 million (2016: € 0.2 million) of the maintenance expenses related to unlet properties.
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Where administrative expenses relate directly to the operation of the property portfolio, they are charged to operating expenses. Where administrative expenses relate directly to the development of the property portfolio, they are capitalised.
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The Fund had no external loans and borrowings during 2017. The Fund was subject to the negative interest rate development for its bank balances.
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The Fund is structured as a fiscal investment institution (fiscale beleggingsinstelling, or ‘FII’) within the meaning of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de vennootschapsbelasting 1969).
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The Retail Fund has no employees.
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