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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 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 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 Fund is exposed during or at the end of the reporting period to financial risk.

4 Critical accounting estimates and judgements

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 2023, 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 2023, € 0.0 million (2022: € 0.1 million) of the maintenance expenses related to unlet properties. The gain in the 2023 promotion and marketing expenses is primarily due to a release of a provision which was accounted for as at 31 December 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.

9 Finance income and expenses

The Fund had no external loans and borrowings during 2023. The Fund was subject to the positive interest rate development for its bank balances.

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