The National Disaster Fund has received an unqualified audit opinion for the 2021, 2022 and 2023 financial years (FYs).

This is according to auditor general Junias Kandjeke, who added that the Fund’s financial statements “present fairly, in all material respects, its financial position”.

In his report submitted and recently tabled in the National Assembly in November for scrutiny, Kandjeke audited the Fund’s books for the three FYs.

“In my opinion, the financial statements present fairly, in all material respects, the financial position of the National Disaster Fund as at 31 March 2021, 2022 and 2023 and its financial performance and cash flows for the years then ended in accordance with International Public Sector Accounting Standards,” he said.

An unqualified opinion indicates the auditor found the accounts properly prepared and free of material misstatements. The report was sent to the finance minister per the State Finance Act and tabled in Parliament as required. 

Despite this, Kandjeke raised concerns about late submission of the accounts.

“The accounts were submitted later than required by the accounting officer to the auditor-general on 9 July 2025, instead of within three months after the end of each financial year, as required by Section 51 (2a) of the Disaster Risk Management Act,” the report states.

This means the Fund did not comply with the legal deadline for submitting its financial statements for auditing.

Assets, cash position

According to the statement of financial position, the Fund’s total assets stood at N$278.2 million at the end of March 2023.

 This is a decrease from N$304.5 million in 2022 and N$339.9 million in 2021. Most of the Fund’s assets are cash and cash equivalents. 

In 2023, cash reserves were N$259.5 million, down from N$284.9 million in 2022 and N$319 million in 2021. Non-current assets, mainly property, plant, and equipment, valued at N$18.6 million in 2023. 

The Fund’s surplus declined to N$270.2 million in 2023 from N$286.8 million in 2022 and N$320.6 million in 2021. Current liabilities dropped to N$7.9 million in 2023, compared to N$17.7 million in 2022 and N$19.2 million in 2021, mostly relating to accounts payable.

Revenue

The statement of comprehensive income shows that the Fund recorded a deficit of N$16.5 million in 2023. 

This follows a deficit of N$33.8 million in 2022. 

In contrast, the Fund posted a surplus of N$135.7 million in 2021.

Total revenue declined significantly over the three years. 

In 2021, revenue stood at N$347.5 million.  This dropped to N$183.1 million in 2022 and further to N$147.7 million in 2023.

Government subsidy remained the main source of income. 

In 2023, the Fund received N$134.3 million in government support, slightly higher than the N$133.5 million received in 2022. 

However, this was far lower than the N$281.4 million allocated in 2021.

Donation income also decreased sharply.  The Fund received N$61.9 million in donations in 2021, N$41.6 million in 2022 and only N$2.6 million in 2023.

Meanwhile, finance income stood at N$10.7 million in 2023, up from N$7.9 million in 2022.

Total expenses in 2023 amounted to N$164.2 million, down from N$217 million in 2022 and N$211.8 million in 2021.

Management

Kandjeke said management is responsible for preparing and fairly presenting financial statements per International Public Sector Accounting Standards.

“Management is also responsible for assessing the Fund’s ability to continue as a going concern,” he said.

– ljason@nepc.com.na