170135 Schroder UK Real Estate Interim 170135 Schroder UK Real … · (Financial Conduct Authority) requires the Authorised Fund Manager to prepare financial statements for each accounting

Schroder UK Real

Estate Fund Feeder TrustInterim Unaudited

Financial Statements30 September 2017

For professional investors

and advisers only

170135 Schroder UK Real Estate Interim_170135 Schroder UK Real Estate Interim 15/12/2017 16:35 Page a

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Contents

Governance

Report of the Authorised Fund Manager andStatement of Responsibilities* 2

Financial Statements

Statement of Total Return 3

Statement of change in net assets attributableto shareholders 3

Balance Sheet 4

Cashflow 4

Accounting policies 5

Reports & Accounts 6

Manager Contacts 6

Key Service Providers Inside back cover

1

*Collectively these comprise the Authorised Fund Manager’s Report

Interim Unaudited Financial Statements

for the period ended 30 September 2017

170135 Schroder UK Real Estate Interim_170135 Schroder UK Real Estate Interim 15/12/2017 16:35 Page 1

2Schroder UK Real Estate Fund Feeder Trust

The Financial StatementsWe are pleased to present the interim Unaudited FinancialStatements of the Schroder UK Real Estate Fund Feeder Trust(“the Trust”) for the year ended 30 September 2017.

Statement of the Authorised FundManager’s ResponsibilitiesThe Collective Investment Schemes Sourcebook of the FCA(Financial Conduct Authority) requires the Authorised FundManager to prepare financial statements for each accountingperiod which give a true and fair view of the financial positionof the Trust at the period end and of the net income and netgains or losses on the scheme property of the Trust for theperiod then ended.

In preparing the financial statements the Manager isrequired to:

– follow applicable accounting standards;

– make judgements and estimates that are reasonable andprudent;

– select suitable accounting policies and then apply themconsistently;

– prepare the financial statements on the going concernbasis unless it is inappropriate to presume that the Trustwill continue in operation for the foreseeable future; and

– comply with the disclosure requirements of theStatement of Recommended Practice for AuthorisedFunds issued by the IMA (Investment ManagementAssociation) in May 2014.

The Manager is required to keep proper accounting recordsand to manage the Trust in accordance with the Regulationsand the Instrument of Incorporation.

The Manager is responsible for taking reasonable steps forthe prevention and detection of fraud and otherirregularities.

We hereby approve the Unaudited Financial Statements ofthe Schroder UK Real Estate Fund Feeder Trust for the periodto 30 September 2017 in accordance with the requirementsof the Collective Investment Schemes Sourcebook of the FCA.

J. A. Walker-Hazell

P. Chislett

Schroder Unit Trusts Limited 15 December 2017

Governance

Report of the Authorised Fund Manager and Statement of

Responsibilities



for the period ended 30 September 2017 3


Statement of Total Return

Period to Period to30 September 31 March

2017 2017

Income

Net capital (losses)/gains (3,421) 4,767

Revenue 4,850 2,337

Expenses – –

Net revenue before taxation 4,850 2,337

Taxation (753) (440)

Net revenue after taxation 4,097 1,897

Total return before distribution 676 6,664

Finance costs: distribution (4,097) (1,897)

Change in net assets attributable to shareholders from investment activities (3,421) 4,767

Statement of change in net assets attributableto shareholders

Period to Period to30 September 31 March

2017 2017

Opening net assets attributable to shareholders 148,530 143,204

Amounts receivable on issue of shares 275,118 3,730

Amounts payable on cancellation of shares (2,426) (3,171)

Net amounts receivable on issue of shares 272,692 559

Change in net assets attributable to shareholders from investment activities (3,421) 4,767

Closing net assets attributable to shareholders 417,801 148,530



As at As at30 September 31 March

2017 2017

ASSETS

Investment Assets 417,801 148,530

Debtors 1,177 401

Cash and Cash equivalents 565 356

Total other assets 1,742 757

Total Assets 419,543 149,287

LIABILITIES

Creditors 751 443

Distribution payable 991 314

Total liabilities 1,742 757

Net assets attributable to shareholders 417,801 148,530

Number of units 9,311,960.235 3,418,404.773

Net asset value per unit £44.87 £43.45

Cashflow

As at As at30 September 31 March

2017 2017

Net cash inflow from operating activities 3,636 1,873

Servicing of finance

Distributions paid (3,427) (1,919)

Total cash outflow from servicing of finance (3,427) (1,919)

Financial investments

Purchase of investments (272,692) (559)

Total cash outflow from financial investments (272,692) (559)

Financing

Amounts received on issue of shares 272,692 559

Total cash inflow from financing 272,692 559

Increase/(decrease) in cash in the period 209 (46)

Net cash at the start of the period 356 402

Net cash at the end of the period 565 356


Balance Sheet


Notes to the Financial Statements (unaudited)

Accounting policies

Basis of accountingThe accounts have been prepared under the historical costbasis, as modified by the revaluation of investments, and inaccordance with the Statement of Recommended Practice forAuthorised Funds issued by the IMA in May 2014.

The accounting policies applied are consistent with those ofthe annual accounts for the year ended 31 March 2017 andare described in those annual accounts.


for the period ended 30 September 2017 5


Unaudited General Information

Reports & AccountsThis document is a short report for the Schroder UK RealEstate Fund Feeder Trust for the period to 30 September2017. Further information about the activities andperformance of the Fund during this period can be foundwithin the Quarterly Investor Reports on the Schroder UKReal Estate Fund Feeder Trust website:http://www.schroders.com/en/uk/schroder-uk-real-estate-fund.

Manager ContactsFor general information and queries on secondary marketavailability, please contact:

Tom DoreyProduct [email protected]+44 (0)20 7658 3552

James LassFund [email protected]+44 (0)20 7658 3980





Key Service Providers

Authorised Corporate DirectorSchroder Unit Trusts Limited 31 Gresham StreetLondon EC2V 7QA

Investment ManagerSchroder Real Estate Investment Management Limited31 Gresham Street LondonEC2V 7QASchroder Unit Trusts Limited and Schroder Real Estate InvestmentManagement are authorised and regulated by the FCA.

RegistrarNorthern Trust Global Services Limited 50 Bank StreetCanary WharfE14 5NT

DepositaryNational Westminster Bank plc135 BishopsgateLondon EC2M 3UR

Standing Independent ValuersBNP Paribas Real Estate Advisory& Property Management Limited 90 Chancery LaneLondon WC2A 1EU

Knight Frank LLP 55 Baker Street LondonW1U 8AN

Legal Adviser Eversheds LLP One Wood Street LondonEC2V 7WS

Independent Auditors PricewaterhouseCoopers LLP 7 More London Riverside LondonSE1 2RT

Real Estate Managers Jones Lang LaSalle Austin HouseSt Crispens Road NorwichNR3 1YF

Knight Frank 55 Baker Street LondonW1U 8AN

The terms of all appointments including remuneration andtermination provisions can be made available upon request.


Main Heading

Schroder UK Real Estate Fund Feeder Trust

Schroder Investment Management Limited

31 Gresham Street, London EC2V 7QA, United Kingdom

Tel: +44 (0) 20 7658 6000


Documents

170135 Schroder UK Real Estate Interim 170135 Schroder UK Real … · (Financial Conduct Authority) requires the Authorised Fund Manager to prepare financial statements for each accounting