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.
Company financial statements
These company financial statements are part of the (complete) 2023 financial statements of Vesteda Residential Fund FGR (Vesteda) and therefore, they should be read in conjunction with the consolidated financial statements of Vesteda, and the 2023
Balance sheet (after proposed appropriation of result)
For the year ended 31 December 2023; amounts in € million