Guidelines

The basis, frequency and timing of delivery of the audited and non-audited financial statements, and management reporting for investors should be defined in the vehicle documentation.

The investment manager should provide at least one interim report to its investors, in addition to the annual report.

Annual

Interim

For annual reports, define any terms or KPIs not already included in Definitions.

Annual

The quantitative information presented in the SDDS should be provided either using the SDDS template proposed by INREV or otherwise disclosed in annual and interim reporting to investors.

Annual

Interim

The financial statements provided in the annual report to investors should be audited.

Annual

Elements of the overall package of annual and interim reporting to investors, however configured, should be internally consistent.

For instance, information presented in the manager, property and other reports should be consistent with information in the SDDS template, if separate, and the financial statements. Also, the basis of preparation of information contained in interim reporting to investors should be consistent with annual reporting to investors. Any differences or exceptions should be explained.

Annual

Interim

Full year-end audited financial statements should be provided to investors. These should contain:

• Balance sheet;
• Income statement;
• Statement of changes in equity;
• Statement of cash flows;
• Notes to the financial statements.

SDDS references:

1.13 Accounting standards, 1.15 Vehicle Auditor, 3.3 Cash and cash equivalents, 3.4 Total Number of Outstanding Shares, Section 11. details of fees paid to the manager and affiliates, 13.6 Net Capital Contributed – During the Reporting Period.

Annual

Full year-end audited financial statements should be provided to investors. These should contain:

• Balance sheet;
• Income statement;
• Statement of cash flows;
• Notes to the financial statements.

SDDS references:

1.13 Accounting standards, 1.15 Vehicle Auditor, 3.3 Cash and cash equivalents, 3.4 Total Number of Outstanding Shares, Section 11. details of fees paid to the manager and affiliates, 13.6 Net Capital Contributed – During the Reporting Period.

Annual

Abridged interim financial statements should be provided to investors. Investment managers and investors should agree on the format of the interim financial statements.

Interim

For interim reports, use the same terminology and KPIs as used in the annual report. If new terms or KPIs are used, the investment manager should explicitly define them.

SDDS references:

Same as RG06

Interim

For annual reports, describe the overall status of the vehicle’s INREV compliance.

The governing body of the vehicle, in collaboration with the investment manager, should thereafter, periodically, perform a self-assessment against the intended reporting framework and take actions as appropriate. The level of adoption of the guidelines and the annual score representing implementation effectiveness should be disclosed to investors in the annual report. This process is facilitated by using INREV’s self-assessment tool, the use of which is described in more detail in the Adoption and Compliance Framework of the INREV Guidelines.

In doing so, disclose the level of compliance with INREV Guidelines by module. Include any relevant explanations, reconciliations and calculations as appropriate. Additionally, disclose the result of the INREV self-assessment tool with commentary on how the self-assessment score compares to the level of compliance assessed by the investment manager.

Management (in the event that, for instance, the INREV Governance framework is not being adopted) and/or independent non-executive directors/those in charge of governance should review this statement and the basis for making it.

Annual

For interim reports, disclose the level of compliance with INREV interim reporting guidelines. Reference should be made to the annual report for detailed description of the level of compliance with reporting requirements.

Interim

Disclose that the interim report should be read in conjunction with year-end investor report.

Interim

General information on the vehicle characteristics including, among others, name, domicile, legal form, vehicle style (by reference to INREV’s vehicle style definitions), description of vehicle structure, vehicle currency, vehicle year-end.

SDDS references:

1.1 Vehicle Name, 1.7 Vehicle Jurisdiction, 1.8 Legal Vehicle Structure, 1.9 Vehicle Structure, 1.12 Vehicle Reporting Currency, 1.6 Vehicle Financial Year-end

Annual

Interim

Describe material changes

Contact details of the vehicle.

SDDS references:
1.3 Contact Person Name and 1.4 Contact Person Telephone

Annual

Interim
 

Describe material changes

Describe the vehicle’s governance framework and the organisation of management and administration. For example, identify the AIFM, administrators, trustees, depositories, general partners, risk managers, investment advisors, portfolio managers, asset and property managers, valuers and other key functions as appropriate.

Identify and discuss vehicle governance and oversight frameworks such as the use of independent non-executive directors and investor or other special committees, and how they operate.

SDDS references:
1.2 Investment Manager

Annual

Interim

Describe material changes

Describe the structure and governance principles of the investment manager organisation (rather than the vehicle), for instance on potential areas of conflict between alternative capital sources under management, conflict management processes, investment committee composition and processes, alignment through promote distribution etc.

Annual

Interim

Describe material changes

Describe the level of adoption of the INREV governance best practices.

Annual

Interim

Describe material changes

Annual and interim reports should describe any material changes to the level of compliance with the (vehicle)  governance framework defined in the vehicle documentation.

Annual

Interim

Describe material changes

Present a short, high-level summary of the vehicle strategy.

SDDS references:
1.10 Style – defined by investment manager, 1.11 Style of the vehicle according to the INREV Style Classification

Annual

Interim

Describe material changes

Describe key milestone dates in the life of the vehicle (including vehicle term, investment period, closing dates, etc).

SDDS references:
Section 2 Critical Dates

Annual

Interim

Describe material changes

Describe the investment stage of the vehicle in the context of key milestone dates, by sector/geography.

SDDS references:
Same as RG19

Annual

Interim

Describe material changes