The bank balances of € 80.0 million are freely available to the Fund as at 31 December 2019. In order to minimalise the costs of the negative interest rate on the bank balances, in 2019 the Fund used 30-day bank deposits.

For 2019, before appropriation of profit

The average discount rate used for discounting the lease payments is 3%.

The other payables relate to invoices yet to be received for maintenance of and investments in the portfolio.

Basic earnings per share are calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year.

In 2019, the Fund paid out a dividend of € 97.29 per share (2018: € 94.99) which amounts to a total of € 133.6 million (2018: € 121.9 million).

As at 31 December 2019, the Fund’s total future commitments amounted to € 784 million (2018: € 736 million).

The Fund’s subsidiaries and members of the Supervisory Board and Executive Board of Directors of Bouwinvest and the other entities under management by Bouwinvest, qualify as related parties of the Residential Fund.

Bouwinvest is the manager and the Statutory Director of the Fund. The management fee paid for the year 2019 amounted to € 30.3 million (2018: € 25.8 million).

The table below shows the fees charged over the year 2019 by Deloitte Accountants B.V. and the Deloitte Network in respect of activities for the Residential Fund.