27. Financial risk management objectives and policies

Vesteda’s principal financial liabilities, other than derivatives, are loans and borrowings. The main purpose of Vesteda’s loans and borrowings is to finance the Vesteda Companies' property portfolio.

28. Capital management

The primary objective of the Vesteda Companies’ capital management is to ensure that the Fund remains within its banking covenants and maintains a strong credit rating.

29. Management Board and other identified staff remuneration

With regard to remuneration, Vesteda is in compliance with the Dutch Financial Supervision Act (FSA) provision on the remuneration of Identified Staff.

30. Supervisory Committee remuneration

The remuneration for the five Supervisory Committee members in 2023 was €202,000 (2022: €181,000).

31. Service fees to external auditors

The management expenses include the following amounts charged by Deloitte for audit services €498,000 (2022: €457,000), for audit related services €134,000 (2022: €122,000) and for other services €92,000 (2022: €84,000).

32. Contingencies and commitments

The total liabilities for obligations entered into for construction contracts, rental and lease instalments stood at €195 million at year-end (2022: €354 million). Rental and lease instalment liabilities are accounted for under Lease liabilities.

33. New and amended standards and interpretations

In the current year, Vesteda has applied a number of amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board (IASB) – and endorsed by the European Union – that are effective for an annual period that

34. Events after balance sheet date

There were no significant events after the reporting date.

9. Cash and cash equivalents

The cash and cash equivalents are made up as follows: