To the participants and the Supervisory Committee of Vesteda Residential Fund FGR
Limited assurance report of the independent auditor on Vesteda's sustainability information
We have reviewed the sustainability information in the accompanying annual report for the year 2022 of Vesteda Residential Fund FGR (hereafter: Vesteda) at Amsterdam. A review is aimed at obtaining a limited level of assurance.
Based on our review nothing has come to our attention that causes us to believe that the sustainability information does not present, in all material respects, a reliable and adequate view of:
The policy and business operations with regard to sustainability
The thereto related events and achievements for the year 2022
in accordance with the reporting criteria as included in the ‘Reporting criteria’ section of our report.
The sustainability information consists of sustainability data as included in the following chapters:
Vesteda at a glance, (page 7-9);
Management Report, paragraphs Market developments (pages 12-14), Social Value (pages 29-45), Organisation (pages 46-49);
About this report (pages 73-75);
Annex 5: GRI content index (p. 156-159).
Our procedures did not cover the information regarding the EU-Taxonomy references in paragraph ‘Governance’ (page 38 and 42), the SFDR disclosure in annex 6 (page 160-164) and the TCFD disclosure in annex 7 (page 165) as a result of the exclusion from the limited assurance scope.
Basis for our conclusion
We have performed our review of the sustainability information in accordance with Dutch law, including Dutch Standard 3810N ‘Assurance-opdrachten inzake maatschappelijke verslagen’ (Assurance engagements relating to sustainability reports)’. Our responsibilities under this standard are further described in the section ‘Our responsibilities for the review of the sustainability information’ section of our report.
We are independent of Vesteda in accordance with the ‘Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten’ (ViO, Code of Ethics for professional accountants, a regulation with respect to independence) and other relevant independence regulations in The Netherlands. This includes that we do not perform any activities that could result in a conflict of interest with our independent assurance engagement. Furthermore, we have complied with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch code of Ethics).
We believe that the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
The sustainability information needs to be read and understood together with the reporting criteria. Vesteda is solely responsible for selecting and applying these reporting criteria, taking into account applicable law and regulations related to reporting.
The reporting criteria used for the preparation of the sustainability information are the reporting criteria as disclosed on page 73 of the annual report and the applied supplemental reporting criteria (Vesteda reporting manual).
The absence of an established practice on which to draw, to evaluate and measure sustainably information allows for different, but acceptable, measurement techniques and can affect comparability between entities and over time.
Limitations to the scope of our review
The sustainability information includes prospective information such as ambitions, strategy, plans, expectations and estimates and risk assessments. Inherent to prospective information, the actual future results are uncertain. We do not provide any assurance on the assumptions and achievability of prospective information in the sustainability information.
The references to external sources or websites in the sustainability information are not part of the sustainability information as reviewed by us. We therefore do not provide assurance on this information.
We also refer to our scope exceptions under Our conclusion.
Our conclusion is not modified in respect of these matters.
Responsibilities of the Management Board and the Supervisory Committee for the sustainability information
The Management Board is responsible for the preparation of reliable and adequate sustainability information in accordance with the reporting criteria as included in the ‘Reporting criteria’ section, including the identification of stakeholders and the definition of material matters. The Management Board is also responsible for selecting and applying the reporting criteria and for determining that these reporting criteria are suitable for the legitimate information needs of stakeholders, taking into account applicable law and regulations related to reporting. The choices made by the Management Board regarding the scope of the sustainability information and the reporting policy are summarised on page 73 of the annual report.
Furthermore, the Management Board is responsible for such internal control as the Management Board determines is necessary to enable the preparation of the sustainability information that is free from material misstatement, whether due to fraud or error.
The Supervisory Committee is responsible for overseeing the reporting process of Vesteda.
Our responsibilities for the review of the sustainability information
Our responsibility is to plan and perform the review in a manner that allows us to obtain sufficient and appropriate evidence to provide a basis for our conclusion.
Procedures performed to obtain a limited level of assurance are aimed to determine the plausibility of information and vary in nature and timing from, and are less in extent, than for a reasonable assurance engagement. The level of assurance obtained in review is therefore substantially less than the assurance obtained in an audit.
We apply the ‘Nadere voorschriften kwaliteitssystemen’ (NVKS, regulations for quality management systems) and accordingly maintain a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and other relevant legal and regulatory requirements.
Our review included amongst others:
Identifying areas where a material misstatement of the subject matter information is likely to arise, designing and performing procedures to address the areas identified and to obtain limited assurance to support our conclusion;
Considering internal control relevant to the examination in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control;
Reviewing working papers underlying to the non-financial information on sustainability reported in the Annual Report 2022 prepared by Vesteda in accordance with the Prepared by Client list supplied by Deloitte;
Determining that the applied reporting guidelines are suitable;
Performing an analysis on publicly available information related to the company;
Determining if the contents of the Report are in accordance with the GRI Universal Standards;
Inquiry with Corporate staff and relevant management;
Reviewing the processes and systems for data gathering, including the aggregation of the data of the sustainability KPIs as included in the Report;
Evaluating internal and external documentation;
Analytical review of the data and trend explanations submitted for consolidation at group level;
Reviewing Risk Management, including Risk paragraph, in relation to non-financial information on sustainability;
Reviewing Corporate Governance documentation in relation to non-financial information on sustainability.
We communicate with the Supervisory Committee regarding, among other matters, the planned scope and timing of the review and significant findings that we identify during our review.
Amsterdam, 23 March 2023
Deloitte Accountants B.V.
Signed on the original: J. Holland