The Office Fund is a public limited liability company incorporated under the laws of the Netherlands, with its corporate seat in Amsterdam, the Netherlands.
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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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3.1 Financial risk factors
The risk management function within the Fund is carried out with respect to financial risks.
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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 core regions is applied in the analysis of the valuation of the investment property portfolio. Amsterdam, Rotterdam, The Hague and Utrecht are considered prime office regions in 2014.
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20142013
Theoretical rent44,67543,794
Incentives(2,283)(1,865)
Vacancies(4,472)(4,145)
Total gross rental income37,92037,784
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The future contractual rent from leases in existence on 31 December 2014, until
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20142013
Taxes1,173775
Insurance152158
Maintenance3,1183,242
Valuation fees67116
Property management fees1,017947
Letting and lease renewal fees1,151634
Other operating expenses2,4211,541
Addition to provision
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20142013
Management fee Bouwinvest2,3172,430
Audit fees2316
Other administrative expenses 12174
Legal fees336
Other Fund expenses32161
Total administrative expenses2,5262,687
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Where administrative
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20142013
Interest income215
Total finance income215
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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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