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Financial statements

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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 material 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 € 1.3 million in 2023 (2022: € 1.4 million) and the receivables are closely monitored.

4 Critical accounting estimates and judgements

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 as more maintenance projects were performed in 2023 compared to 2022. In 2023, € 0.5 million (2022: € 0.7 million) of the maintenance expenses related to unlet properties.

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.

9 Finance income and expenses

The Fund had no external loans and borrowings during 2023. The Fund was subject to the negative interest rate development for its bank balances during the first half of the year. During the second half of the year the interest was positive.

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