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Assurance report of the independent auditor

To: the fund manager of Amvest Living & Care Fund

Our conclusion

We have reviewed the selected sustainability indicators in the Annual Report 2022 ('the annual report') of Amvest Living & Care Fund, based in Amsterdam (‘the Fund manager’).

Based on the procedures performed nothing has come to our attention that causes us to believe that the selected sustainability indicators in the annual report are not, in all material respects, prepared in accordance with the internal reporting criteria of the Fund manager as described in the ‘Reporting criteria’ section below.

The selected sustainability indicators are the following:

  • Resident satisfaction

  • Energy use intensity (EUI)

  • Carbon emission

  • Fire safety

  • GRESB score

  • Generated economic value

  • Water use intensity (WUI)

  • Renovation roadmap

  • GPR Certificates

  • Energy performance certificates

Basis for our conclusion

We performed our review in accordance with Dutch law, including Dutch Standard 3000A ’Assurance-opdrachten anders dan opdrachten tot controle of beoordeling van historische financiële informatie (attest-opdrachten) (assurance engagements other than audits or reviews of historical financial information (attestation engagements)). This engagement is aimed to obtain limited assurance. Our responsibilities in this regard are further described in the ‘Auditor’s responsibilities’ section of our report.  

We are independent of Amvest Living & Care Fund 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). Furthermore, we have complied with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics). We believe the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Reporting criteria

The selected sustainability indicators need to be read and understood together with the internal reporting criteria of the Fund manager. The Fund manager is solely responsible for selecting and applying these reporting criteria, taking into account applicable laws and regulations related to reporting.

The reporting criteria used for the preparation of the selected sustainability indicators are the applied internal reporting criteria as disclosed in the Annex ‘KPIs for the purpose of non-financial data in the annual report’ of the annual report.

The absence of an established practice on which to draw, to evaluate and measure the non-financial information allows for different, but acceptable, measurement techniques and can affect comparability between entities and over time. Consequently, the non-financial information needs to be read and understood together with the reporting criteria used.

Materiality

Based on our professional judgement we determined materiality levels for each of the sustainability indicators. When evaluating our materiality levels, we have taken into account quantitative and qualitative considerations as well as the relevance of information for both stakeholders and the Fund manager.

The Management Board’s Responsibilities

The Management Board of the Fund manager is responsible for the preparation of the selected sustainability indicators in the annual report in accordance with the internal reporting criteria of the Fund manager.

The Board of Management 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.

Furthermore, the Management Board is responsible for such internal control as it determines is necessary to enable the preparation of the selected sustainability indicators that is free from material misstatement, whether due to fraud or error.

Auditor’s responsibilities

Our responsibility is to plan and perform our review in a manner that allows us to obtain sufficient and appropriate assurance evidence for our conclusion.  

Procedures performed to obtain a limited level of assurance are aimed to determining 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 engagements with a limited level of assurance is therefore substantially less than the reasonable assurance obtained in audit engagements. 

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 applicable legal and regulatory requirements.  

Our review included among others:

  • performing an analysis of the external environment and obtaining an understanding of relevant societal themes and issues, and the characteristics of the Fund manager;

  • evaluating the appropriateness of the reporting criteria used, their consistent application and related disclosures in the report. This includes the reasonableness of estimates made by the Management Board;

  • obtaining through inquiries a general understanding of control environment, processes and information systems relevant to the preparation of the sustainability information, but not to obtain assurance evidence about their implementation or their operating effectiveness;

  • obtaining an understanding of the reporting processes for the selected sustainability indicators, including obtaining a general understanding of internal control relevant to our review;

  • identifying areas of the sustainability indicators with a higher risk of misleading or unbalanced information or material misstatements, whether due to fraud or error;

  • designing and performing further assurance procedures aimed at determining the plausibility of the sustainability indicators responsive to this risk analysis. These procedures included among others:

    • interviewing relevant staff responsible for providing the information for, carrying out internal control procedures over, and consolidating the selected sustainability indicators in the annual report;

    • obtaining assurance information that the disclosures on the selected sustainability indicators in the annual report reconcile with underlying records of the company;

    • reviewing, on a limited test basis, relevant internal and external documentation;

    • performing an analytical review of the data and trends in relation to the selected
      sustainability indicators.

  • evaluating the consistency of the selected sustainability indicators with other information in the annual report which is not included in the scope of our review;

  • evaluating the presentation, structure and content of the selected sustainability indicators in the report;

We communicated with the Fund Manager our planned scope and timing of the review and significant findings that we identified following our review.

Rotterdam, 24 April 2023

KPMG Accountants N.V.

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