Page 45 - UNAM Annual Report 2017
P. 45
FINANCIAL MATTERS
Financial Report
Office of the Bursar
General Review Namibia loan amounted to N$391 million, and
the balance of N$14,2 million will continue to
An unqualified audit opinion on the financial fund capital development projects during 2018.
statements indicated that the year under review
ended with a total comprehensive surplus of As a result of a decline in property markets,
N$105,3 million (2016: N$154,9 million deficit). the University recorded an impairment loss
The Statement of Cash Flows reflects a positive of N$39,6 million on investment property. The
cash movement of N$61,3 million (2016: positive fair value of investment property, of N$413,9
cash movement of N$11,3 million) and a positive million (2016: N$722,8 million) was determined
bank balance of N$78,5 million (2016: N$17,2 by an independent valuator, Pierewiet Wilders
million positive) for commencing operations for Valuations, on 16 January 2018, with a valuation
the next financial year. Accounting policies were date of 16 January 2018. The valuation was
applied consistently throughout the financial carried on the basis of market value, as defined
year. The new revenue standards, IFRS 15 and in the RICS Valuation-Professional Standards
IFRS 9 Financial Instruments, will be adopted for (2014). There was a total impairment of N$39,6
the financial year ending 31 December 2018. million for the current year on investment
property comprising hostels, of which N$11,7
During the year under review, the University million was for Sam Nujoma Campus, N$9,9
invested substantially in physical infrastructure million for Neudamm Campus, N$6,3 million for
and equipment, to the value of N$346,3 Eng. José Eduardo dos Santos Campus, N$3,9
million, which brought total non-current million for Rundu Campus and N$7,8 million for
assets to N$2,836 billion (2016: N$2,609 billion). Khomasdal Campus.
Government contributed N$108 million (2016:
N$20 million) towards development projects. The Revenue and Expenditure
N$108 from the government was repayment of
the first instalment on a loan from FNB Namibia. Revenue
The balance of the capital projects was funded The government of the Republic of Namibia
using operational funds, as well as a government- remains the major revenue source for the
guaranteed loan from FNB Namibia. The FNB University’s operations. During the 2017 financial
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