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Financial statements

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4 Critical accounting estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and adjusted for current market conditions and other factors.

10 Income taxes

The Fund has opted for the status of Fiscal Investment Institution (FII). Although an FII is not transparent for tax purposes the FII regime is based on the principle of tax transparency.

Notes to the consolidated financial statements

All amounts in € thousands, unless otherwise stated

1 General information

The Residential Fund (Chamber of Commerce number 34366452) is a public limited liability company incorporated under the laws of the Netherlands, with its corporate seat in Amsterdam, the Netherlands.

2 Summary of significant accounting policies

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.

3 Financial risk management

The credit risk relating to the receivables is maximised to € 1.4 million in 2022 (2021: € 4.0 million) and the receivables are closely monitored.

5 Core regions

A spread by core regions is applied in the analysis of the valuation of the investment property portfolio.

6 Gross rental income and service charge income

The Fund leases its property investments in the form of non-cancellable operating leases. The nature of the theoretical rent has an indefinite duration because there are no fixed contract periods.

7 Property operating expenses

Maintenance expenses increased significantly in 2022 compared to 2021 as more maintenance projects were realised and costs were higher due to inflation.

8 Administrative expenses

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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