The risk management function within the Fund is carried out with respect to financial risks. Financial risks are risks arising from financial instruments to which the Fund is exposed during or at the end of the reporting period.

Estimates and judgements are continually evaluated and are based on historical experience and adjusted for current market conditions and other factors.

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 core office regions in 2019. The Fund is currently active in these 4 regions.

The future contractual rent from leases in existence on 31 December 2019, until the end of the contract (accounted for on the basis of the minimum rent) can be analysed as follows:

In 2019, € 0.8 million (2018: € 0.1 million) of the maintenance expenses related to unlet properties.

Where administrative expenses relate directly to the operation of the property portfolio, they are charged to operating expenses. Where administrative expenses relate directly to the development of the property portfolio, they are capitalised.

The Fund had no external loans and borrowings during 2019. The Fund was subject to the negative interest rate development for its bank balances.

The Fund has opted for the status of Fiscal Investment Institution (FII). Although an FII is not transparent for tax purposes the FII regime is based on the principle of tax transparency.

The Office Fund has no employees.

The Fund’s investment properties are valued by external valuation experts on a quarterly basis. The external valuation expert is changed every three years.