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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 Retail Fund (Chamber of Commerce number 34366471) 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 Fund is exposed during or at the end of the reporting period to financial risk.

5 Retail locations by strategy

A spread by strategy is applied in the analysis of the valuation of the investment property portfolio. The Fund’s key retail strategic segments are: Experience, Convenience, Mixed and Other.

6 Gross rental income and service charge income

The future contractual rent from leases in existence on 31 December 2022, until the end of the contract (accounted for on the basis of the minimum rent) can be analysed as follows:

7 Property operating expenses

In 2022, € 0.1 million (2021: € 0.1 million) of the maintenance expenses related to unlet properties. The addition to provision for doubtful debtors is significantly decreased compared to 2021 due to lower Covid-19 compensations in 2022.

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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