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Registered number: 10529680
SOUTHSIDE GENERAL PARTNER LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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SOUTHSIDE GENERAL PARTNER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The directors of Southside General Partner Limited (the "Company") present their report and the audited financial statements for the year ended 31 March 2022.
Directors' responsibilities statement
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The directors are responsible for preparing the the Directors' Report and the audited financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited financial statements in accordance with UK adopted international accounting standards (IFRSs and IRFICs) as applied in accordance with the provisions of the Companies Act 2006. Under company law the directors must not approve the audited financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these audited financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the audited financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the audited financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity, review of the business and future developments
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The Company has continued its business of acting as a acting as a General Partner Company. No changes in the Company’s principal activity are anticipated in the foreseeable future.
The directors have placed a particular focus on the appropriateness of adopting the going concern basis in preparing the financial statements for the year ended 31 March 2022. Given the Company’s operating model, the directors believe that the Company has sufficient resources to meet its obligations as they fall due for the going concern assessment period to 31 March 2024. Based on this, together with available market information and the directors’ knowledge and experience of the Company, the directors continue to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2022.
Results for the year and dividend
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The results are set out in the Statement of Comprehensive Income on page 6.
The directors do not recommend the payment of a dividend for the year ended 31 March 2022 (2021: £Nil).
The directors who held office during the year and up to the date of this report unless otherwise stated were:
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C T Treadwell (resigned 6 May 2022)
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J S Gillard (resigned 15 June 2022)
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I S Bramley (appointed 6 May 2022)
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J Chapman (appointed 18 July 2022)
A J Russell (alternate - appointed 18 July 2022)
I Petts (alternate - appointed 18 July 2022)
The Company has made qualifying third party indemnity provisions for the benefit of the respective directors which were in place throughout the year and which remain in place at the date of this report.
Small companies exemption
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The Directors' Report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
The Company has taken advantage of the exemption under s414B of the Companies Act 2006 not to prepare a Strategic Report.
Page 1
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SOUTHSIDE GENERAL PARTNER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
Statement of disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This report was approved by the Board and signed on its behalf by:
I Bramley A Fukuta
Director Director
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Date: 16 March 2023 Date: 16 March 2023
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Registered and domiciled in England and Wales
Registered number: 10529680
Page 2
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOUTHSIDE GENERAL PARTNER LIMITED
Opinion
We have audited the financial statements of Southside General Partner Limited (the 'Company') for the year ended 31 March 2022 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes 1 to 14, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards (IFRSs and IFRICs) as applied in accordance with the provisions of the Companies Act 2006.
In our opinion, the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 March 2022 and of its profit for the year then ended;
∙have been properly prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report below. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period to 31 March 2024.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the directors' report has been prepared in accordance with applicable legal requirements.
Page 3
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOUTHSIDE GENERAL PARTNER LIMITED (CONTINUED)
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the directors were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK adopted international accounting standards (IFRSs and IFRICs) as applied in accordance with the provisions of the Companies Act 2006 and the Companies Act 2006) and the relevant tax regulations in the United Kingdom.
∙We understood how the Company is complying with those frameworks through enquiry with the Company and by identifying the Company’s policies and procedures regarding compliance with laws and regulations. We also identified those members of the Company who have the primary responsibility for ensuring compliance with laws and regulations, and for reporting any known instances of non-compliance to those charged with governance.
∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur through enquiry with the Management during the planning and execution phases of the audit. Where the risk was considered to be higher we performed audit procedures to address each identified fraud risk.
∙Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved:
°Enquiry of Management, and when appropriate, those charged with governance, regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could impact the financial statements; and
°Reading minutes of the meetings of those charged with governance.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s report.
Page 4
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOUTHSIDE GENERAL PARTNER LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Graeme Downes (Senior statutory auditor)
For and on behalf of
Ernst & Young LLP, Statutory Auditor
London
21 March 2023
Page 5
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SOUTHSIDE GENERAL PARTNER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
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Profit for the financial year
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Other comprehensive income:
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Fair value increase/(reduction) of other investments
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Total comprehensive income for the year
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There were no recognised gains and losses for 2022 or 2021 other than those included in the Statement of Comprehensive Income.
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All amounts are derived from continuing activities.
Page 6
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SOUTHSIDE GENERAL PARTNER LIMITED
REGISTERED NUMBER: 10529680
BALANCE SHEET
AS AT 31 MARCH 2022
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Investments in subsidiary undertakings
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Amount due from related parties
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Amounts owed to related parties
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The financial statements on pages 6 to 15 were approved by the Board of Directors and were signed on its behalf by:
Page 7
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SOUTHSIDE GENERAL PARTNER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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Fair value reduction of other investments
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Page 8
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SOUTHSIDE GENERAL PARTNER LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
Cash flows from operating activities
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(Increase) in receivables
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Increase/(decrease) in payables
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Net cash generated from operating activities
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Cash and cash equivalents at beginning of year
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Net movement in cash and cash equivalents in the year
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Cash and cash equivalents at the end of year
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Page 9
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SOUTHSIDE GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
1.Accounting policies
The financial statements have been prepared on a going concern basis and in accordance with with UK adopted international accounting standards (IFRSs and IFRICs) as applied in accordance with the provisions of the Companies Act 2006. The financial statements are prepared under the historical cost convention.
Southside General Partner Limited (the ‘Company’) is a private company limited by shares and is incorporated, domiciled and registered in England and Wales (Registered number: 10529680). The nature of the Company’s operations is set out in the Directors' Report on page 1.
The accounting policies which follow set out those policies which apply in preparing the financial statements for the year ended 31 March 2022. The financial statements are prepared in Pounds Sterling (£) and are rounded to the nearest pound (£), unless otherwise stated.
The financial statements present information about the Company as an individual undertaking as at 31 March 2022, and not about its group. The Company has not prepared group accounts based on the immaterial nature of it subsidiaries.
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Investment in subsidiary undertakings
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Investments in subsidiary undertakings are stated at cost in the Company’s Balance Sheet, less any provision for impairment in value.
Other investments are financial assets held at fair value. Changes to fair value are recorded within Other Comprehensive Income.
A provision is recognised in the Balance Sheet when the Company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. Where relevant, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.
The directors have placed a particular focus on the appropriateness of adopting the going concern basis in preparing the financial statements for the year ended 31 March 2022. Given the Company’s operating model, the directors believe that the Company has sufficient resources to meet its obligations as they fall due for the going concern assessment period to 31 March 2024. Based on this, together with available market information and the directors’ knowledge and experience of the Company, the directors continue to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2022.
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Income from a participating interest
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Income from a participating interest is recognised as a direct proportion of realised income from the Company's share of the participating interest held up to a maximum of £5,000.
Costs are expensed as incurred.
The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated (see below). An impairment loss is recognised in the Statement of Comprehensive Income whenever the carrying amount of an asset exceeds its recoverable amount.
The recoverable amount of an asset is the greater of its fair value less costs to sell and its value in use. The value in use is determined as the net present value of the future cash flows expected to be derived from the asset, discounted using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount after the reversal does not exceed the amount that would have been determined, net of applicable depreciation, if no impairment loss had been recognised.
Ordinary shares are classified as equity.
Page 10
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SOUTHSIDE GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
1.Accounting policies (continued)
Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the tax payable on the taxable income for the year and any adjustment in respect of previous years. Deferred tax is provided in full using the Balance Sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled.
No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than on a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future.
Amounts owed to related parties
Amounts owed to related parties are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, amounts owed to related parties are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the Statement of Comprehensive Income over the period of the loan, using the effective interest method.
Amounts due from related parties
Amounts due from related parties are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, amounts due from related parties are stated at amortised cost and, where relevant, adjusted for the time value of money. The Company assesses on a forward-looking basis, the expected credit losses associated with its amounts due from Group undertakings. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the amounts due. If collection is expected in more than one year, the balance is presented within non-current assets.
In determining the expected credit losses, the Company takes into account any future expectations of likely default events based on the level of capitalisation of the counterparty.
Trade and other payables with no stated interest rate and payable within one year are recorded at transaction price. Trade and other payables after one year are discounted based on the amortised cost method using the effective interest rate.
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Changes in accounting policies and standards
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The accounting policies used in these financial statements are consistent with those applied in the last annual financial statements, as amended where relevant to reflect the adoption of new standards, amendments and interpretations which became effective in the year. There have been no new accounting standards, amendments or interpretations during the year that have a material impact on the financial statements of the Company.
Amendments to accounting standards
A number of new standards, amendments to standards and interpretations have been issued but are not yet effective for the Company none of which are expected to have a material impact on the financial statements of the Company.
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Critical accounting judgements and key estimates
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The Company’s significant accounting policies are stated in note 1 above. Not all of these significant accounting policies require management to make difficult, subjective or complex judgements or estimates. The following is intended to provide an understanding of the policies that management consider critical because of the level of complexity, judgement or estimation involved in their application and their impact on the financial statements. These estimates involve assumptions or judgements in respect of future events. Actual results may differ from these estimates.
Estimates
(a) Amounts due from related parties
The Company is required to estimate the impairment of amounts due from related parties. It does this by assessing on a forward-looking basis, the expected credit losses associated with its amounts due from related parties. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the amounts due. In determining the expected credit losses, the Company takes into account any future expectations of likely default events based on the level of capitalisation of the counterparty.
Page 11
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SOUTHSIDE GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Income from a participating interest
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Total distribution income
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Management and administrative expenses
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(a) Management services
The Company had no employees during the year (2021: None). Management services were provided to the Company throughout the year by Southside Limited Partnership, which is a related party, charges for which amount to £Nil (2021: £Nil).
(b) Directors’ remuneration
The directors received no emoluments for their services to the Company (2021: £Nil).
(c) Auditor remuneration
The Company's auditor remuneration amounts to £2,740 (2021: £2,740). No non-audit services were provided to the Company during the year (2021: None).
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Income tax on profit for the year
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Total income tax on profit in the Statement of Comprehensive Income
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Factors affecting tax charge / (credit) for the year
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The tax assessed for the year is lower than (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19%) as set out below:
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Profit before tax multiplied by UK corporation tax rate
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Share of taxable result from Limited Partner
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Adjustment in respect of prior years
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Total tax charge / (credit) in the Statement of Comprehensive Income (as above)
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Page 12
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SOUTHSIDE GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Investment in subsidiary undertakings
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At the beginning of the year
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The total cost of investment in subsidiary undertakings is £4 (2021: £4). The total provision for impairment of investment in subsidiary undertakings is £Nil (2021: £Nil). The directors believe that the carrying value of the investment is supported by the fair value of the subsidiaries.
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The subsidiary undertakings of the Company are:
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Class of shares /
units owned
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Principal country
of incorporation
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Southside Nominees No.1 Limited
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Southside Nominees No.2 Limited
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All subsidiary undertakings are registered at 100 Victoria Street, London, SW1E 5JL.
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At the beginning of the year
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The Company holds an interest of 0.1% in Southside Limited Partnership, an entity registered in Jersey which draws up accounts to 31 March. The directors believe that the carrying value of the investment is supported by net assets of the underlying assets.
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Amounts due from related parties
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Amounts due from Southside Limited Partnership
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Amounts due from Land Securities Portfolio Management Limited
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Amounts due from IREEF Southside Propco Sarl
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Total amounts due from related parties
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The amounts due from Southside Limited Partnership, Land Securities Portfolio Management Limited and IREEF Southside Propco Sarl, related parties, are unsecured, interest free and repayable on demand with no fixed repayment date.
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Page 13
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SOUTHSIDE GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Amounts owed to related parties
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Amounts due to Southside Nominees No.1 Limited
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Amounts due to Southside Nominees No.2 Limited
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Total amounts owed to related parties
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The amounts due to Southside Nominees No.1 Limited and Southside Nominees No.2 Limited, which are related parties, are unsecured, interest free and repayable on demand with no fixed repayment date.
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Ordinary A shares of £1.00 each
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Ordinary B shares of £1.00 each
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There is no difference in voting rights, rights to dividends and rights on the winding up of the Company for each share class.
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Financial risk management
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Financial risk management objectives and policies
The Company has amounts due to and from related parties that arise directly from its operations. The carrying value equals the fair value of the amounts due to and from related parties due to their short-term nature.
The Company is exposed to minimal credit risk and liquidity risk due to the nature of the receivables and payables detailed below.
Credit risk
Credit risk arises from the financial assets of the Company, which comprise amounts due from related parties. The Company assesses on a forward-looking basis, the expected credit losses associated with its amounts due from related parties. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the amounts due. If collection is expected in more than one year, the balance is presented within non-current assets.
In determining the expected credit losses, the Company takes into account any future expectations of likely default events based on the level of capitalisation of the counterparty. The credit risk of the related parties are considered to be low.
Liquidity risk
The Company is exposed to liquidity risk and needs to ensure that the cash flows from operations are sufficient to enable the Company to pay their trade and other payables. The Company carefully monitors actual cash flows against forecasts and budgets in order to manage this risk.
Capital management
The Company considers its capital to include Shareholders’ capital. The primary objective of the Company’s capital management is to ensure that Company’s obligations in relation to its liabilities are met on a timely basis. For this purpose, the Company has entered into an agreement with another related party to ensure sufficient funds are available to meet the external obligations when these arise.
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Related party transactions
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Included within amounts due from related parties is an amount of £11,446 (2021: £9,186) due from Southside Limited Partnership. The movement during the year relates to distribution income receivable from Southside Limited Partnership, offset by Southside Limited Partnership providing working capital to the Company. Also included within amounts due from related parties are amounts of £100 (2021: £100) due from Land Securities Portfolio Management Limited and £100 (2021: £100) due from IREEF Southside Propco Sarl in relation to their respective investments in the Company.
Within amounts owed to related parties is an amount of £2 (2021: £2) due to Southside Nominees No.1 Limited and £2 (2021: £2) due to Southside Nominees No.2 Limited in relation to the Company’s investments in the respective entities.
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SOUTHSIDE GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
At 31 March 2022, the Company is jointly owned by Land Securities Portfolio Management Limited, registered in England and Wales, and IREEF Southside Propco Sarl, registered in Luxembourg, with each owning 50% of the share capital. Therefore, there is no ultimate controlling party.
Consolidated financial statements for the year ended 31 March 2022 for Land Securities Group PLC, the ultimate parent of Land Securities Portfolio Management Limited, can be obtained from the Company Secretary at the registered office of the ultimate parent company, 100 Victoria Street, London, SW1E 5JL, and from the Group’s website at www.landsec.com.
IREEF Southside Propco Sarl is included in the consolidated Annual Accounts of Invesco Real Estate - European Fund FCP-SIF. The consolidated financial statements can be obtained from the Register of Commerce and Companies, Luxembourg.
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