12 Set-up costs

Set-up costs (i.e. establishment expenses) are charged immediately to income after the initial closing date. This adjustment represents the impact on NAV of the capitalisation and amortisation of set-up costs over the first five years of the terms of the Fund. When capitalising and amortising set-up costs, a possible impairment test should be taken into account every time the adjusted NAV is calculated when market circumstances change and it is not to be expected that the capitalised set-up costs can be profitable.

As per 31 December 2014, the set-up costs of the Fund have been amortised, so no adjustment had been made per 31 December 2014.

Calculation adjustment NAV 
Total set-up costs3,000
Accumulated depreciation of set-up costs (5 years)600
Total amortised value as per 31 December 20143,000
Set-up costs booked directly charged to income as per 31 December 2014-
Adjustment NAV (excluding tax)-
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