8 Administrative expenses

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.

9 Finance income and expenses

The Fund had no external loans and borrowings during 2023. The Fund was subject to the negative interest rate development for its bank balances during the first half of the year. During the second half of the year the interest was positive.

10 Income taxes

11 Employee benefits expense

The Residential Fund has no employees.

12 Investment property

The Fund’s investment properties are valued by independent external appraisers on a quarterly basis.