Statement of financial position
At December 31
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Statement of changes in fund capital
At December 31
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Statement of comprehensive income
At December 31
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Statement of cash flows
At December 31
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Summary of accounting policies
MASSIF ("the Fund") was established in 2006 by the Dutch Ministry of Foreign Affairs to provide risk capital and local currency financing to financial intermediaries in developing countries who in turn serve micro- and small scale entrepreneurs and
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Notes to the annual accounts
The cash on bank accounts can be freely disposed of. All bank accounts are classified as Stage 1.
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Risk management
For FMO, acting in its role as Fund Manager (hereafter ‘FMO’), to be able to carry out the Fund’s strategy, it is essential to have an adequate risk management system in place to identify, measure, monitor and mitigate financial risks.
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