The Mutapa Investment Fund has disclosed a comprehensive income of $8.02 million for the fiscal year ending December 31, 2024. This announcement came alongside a qualified audit opinion that raised several concerns.
During this reporting period, the Fund generated total income of $11.9 million. This income primarily originated from $6.08 million in grant income and $5.77 million in dividends sourced from its portfolio of government-owned enterprises.
However, the Fund”s administrative expenses, which included staff costs and depreciation, amounted to $8.04 million. This resulted in a surplus of $3.58 million. Additionally, a fair value gain of $4.43 million on equity instruments contributed to the overall comprehensive income figure.
In its statement of financial position, the Fund reported total assets worth $14.86 billion, with a significant portion, $14.7 billion, attributed to investments in subsidiaries. Capital contributions from the Government of Zimbabwe totaled $13.7 billion.
By the end of the reporting period, the Fund had $3.49 million in cash and cash equivalents, while its liabilities stood at $1.14 billion, which included a long-term loan of $1.13 billion.
The audit raised critical issues regarding the valuation methods employed, the use of unaudited financial information, and non-compliance with international accounting standards, prompting scrutiny of the Fund”s financial practices.
