MOTOR VEHICLE ACCIDENTS FUND

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1 Republic of Namibia AUDIT REPORT ON THE ACCOUNTS OF THE MOTOR VEHICLE ACCIDENTS FUND FOR THE FINANCIAL YEAR ENDED 31 MARCH Published by authority Price (Vat excluded): N$ Report no: 363 Office of the Auditor-General

2 REPUBLIC OF NAMIBIA TO THE HONOURABLE SPEAKER OF THE NATIONAL ASSEMBLY I have the honour to submit herewith my report on the accounts of the Motor Vehicle Accidents Fund for the financial year ended 31 March 2005, in terms of Article 127(2) of the Namibian Constitution. The report is transmitted to the Honourable Minister of Finance in terms of Section 27(1) of the State Finance Act, 1991 (Act 31 of 1991) to be laid upon the Table of the National Assembly in terms of Section 27(4) of the Act. WINDHOEK, December 2005 JUNIAS ETUNA KANDJEKE AUDITOR-GENERA

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4 REPORT of the AUDITOR-GENERAL on the ACCOUNTS of the MOTOR VEHICLE ACCIDENTS FUND for the financial year ended 31 March INTRODUCTION The accounts of the Motor Vehicle Accidents Fund (the Fund) for the year ended 31 March 2005 are being reported on in accordance with the provisions set out in the State Finance Act, 1991 (Act 31 of 1991) and the Motor Vehicle Accidents Fund Act, 2001 (Act 4 of 2001) herein after called the Act. The firm BDO Spencer Steward Chartered Accountants has been appointed by the Auditor-General under the provisions of Section 26(2) of the State Finance Act, 1991, to audit the accounts of the Fund on his behalf and under his supervision. Figures in the report are rounded off to the nearest Namibia dollar. 2. ESTABLISHMENT The Motor Vehicle Accidents Fund was established in terms of Section 2 of the Act. The Act provides for the establishment, management and administration of the Fund, payment of compensation to victims of motor vehicle accidents and incidental matters. Section 18(2) of the Act provides that any claim or obligation which arose before the commencement of the Act, be dealt with in accordance with the repealed law, but any payment due to the claimant under the repealed law (Act No. 30 of 1990) shall be paid out of the Fund. 3. FINANCIAL STATEMENTS The Fund's statements of account referred to in Section 4(3) of the Act and other statements in respect of the financial year were audited in terms of Section 4(4) of the Act and are filed in the Office of the Auditor-General. Those published in this report are: Annexure A: Annexure B: Annexure C: Annexure D: Annexure E: Annexure F: Report of the directors Balance sheet Income and expenditure account Statement of changes in equity Cash flow statement Notes to the financial statements 4. SCOPE OF THE AUDIT The Accounting Officer of the Fund is responsible for the preparation of the financial statements and for ensuring the regularity of the financial transactions. It is the responsibility of the Auditor-General to form an independent opinion, based on the audit, on those statements and on the regularity of the financial transactions included in them and to report his opinion to the National Assembly. The audit as carried out by the said firm included: a) examination on a test basis of evidence relevant to the amounts, disclosure and regularity of financial transactions included in the financial statements, b) assessment of the significant estimates and judgements made by the Accounting Officer of the Fund in the preparation of the financial statements and of whether the accounting policies are appropriate to the Fund's circumstances, consistently applied and adequately disclosed, and 1

5 c) evaluation of the overall adequacy of the presentation of information in the financial statements. The audit was planned and performed so as to obtain all the information and explanations considered necessary to provide sufficient evidence to give reasonable assurance that: the financial statements are free from material misstatement, whether caused by error, fraud or other irregularity; in all material respects, the expenditure and income have been applied to the purposes intended, and the financial transactions conform to the authorities, which govern them. 5. AUDIT OBSERVATIONS 5.1 Accounting systems and control Accounting systems and business structures are currently being reviewed by selected individuals and firms. The Fund is undergoing a transformation process as part of its restructuring programme. 5.2 Investments made by the Fund No Ministerial approval was sought. During the year, the Fund made long term investments amounting to N$ without prior approval from the Minister of Finance as required in terms of Section 3(2) of the Motor Vehicle Accident Fund Act, Claims and solvency of the Fund The Fund had a significant backlog in the capturing of claims both settled and outstanding claims. As at the time of audit, the Fund had unrecorded claim files counting to eleven thousand. Casuals have been employed to speed up the process of recording of all claims on the system. Due to this fact, completeness of the outstanding claims could not be confirmed. No actuarial valuation was done as at the time of audit pending the clearance of the backlog, hence the auditors could not establish the solvency of the Fund and the accuracy, existence and completeness of the provision for outstanding claims as at balance sheet date. 5.4 VAT balances The Fund is showing a refundable VAT balance of N$ as at year end. Part of this amount (N$ ) is in respect of the November 2004 and January 2005 return periods which have not yet been received subsequent to year end. According to the results of the reasonability tests, VAT input was understated by approximately N$ and no explanation in this regard could be availed during the audit. Owing to this fact, the auditors could not ascertain the recoverability and accuracy of the VAT balances shown in the Fund s records. 5.5 Reinsurance income The auditors could not verify reinsurance income amounting to N$ to satisfy themselves regarding the completeness of this income. They were therefore unable to express an opinion on this income. 2

6 5.6 Leave pay provision The leave pay records could not reflect the correct information regarding the leave days as they were not updated with leave days taken during the current year. Therefore, the auditors could not verify the accuracy and completeness of the leave pay provision amounting to N$ Improper segregation of duties During the year under review, there was no proper segregation of duties, thus incompatible functions of recording and approval were being performed by the same individuals. The payroll function is run by the accountant who also updates the leave days taken despite the presence of a human resources manager. Before the recruitment of the accountant in January 2005, the finance manager performed most of the functions himself, namely preparation and checking of reconciliations. 5.8 Retrenchments costs The Fund incurred retrenchment costs amounting to N$ in total, part of which (N$ ) could not be verified due to unavailability of information. The auditors could not confirm whether associated taxes were accurately calculated and properly accounted for. Furthermore, their reconciliation of the retrenchment costs as disclosed in the general ledger compared with the summary of retrenchment payments made, revealed that the general ledger is overstated by N$ , and no explanation could be provided to account for this difference. 5.9 Fixed assets Completeness Fixed assets are not serially numbered, and as a result, the auditors could not trace the fixed assets selected to the fixed asset register, because they could not distinguish one asset from the other. Therefore, they were unable to satisfy themselves as to whether all the fixed assets are recorded in the fixed asset register Going concern The Fund is facing serious cash flow problems due to the excessive claims paid in the 2003/2004 financial year, thus the Fund s assets are well below its liabilities even before considering the current year s actuarial valuation of claims which will only be done in October The Fund s going concern in the future is dependant on whether additional funding is secured from the Government. 6. ACKNOWLEDGEMENT The assistance and co-operation given by the staff of the Fund during the audit is appreciated. 3

7 7. QUALIFIED AUDIT OPINION The financial statements of the Motor Vehicle Accidents Fund for the financial year ended 31 March 2005 have been audited in accordance with the provisions of Section 25(1)(b) of the State Finance Act, 1991, read with Section 4(4)(a) of the Motor Vehicle Accidents Fund Act, 2001 (Act 4 of 2001). Except for the matters highlighted in the preceding paragraphs, Claims and solvency of the Fund, VAT balances, Reinsurance income, Leave pay provision, Retrenchment costs, Fixed assets and Going concern, in my opinion these financial statements fairly present the net assets of the Motor Vehicle Accidents Fund at 31 March 2005, its net costs of operations and its cash flows for the year then ended. WINDHOEK, December 2005 JUNIAS ETUNA KANDJEKE AUDITOR-GENERAL 4

8 ANNEXURE A MOTOR VEHICLE ACCIDENTS FUND ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2005 REPORT OF THE DIRECTORS The directors present their annual report, which forms part of the audited financial statements of the Fund for the year ended 31 March ACTIVITIES OF THE FUND The Fund has been established to pay compensation to a person who has suffered loss or damages as a result of a motor vehicle accident and incidental matters. STATE OF AFFAIRS AND FINANCIAL RESULTS The state of affairs and full details of financial results are dealt with in the annual financial statements and can be summarised as follows: Fuel levy income Interest income Reinsurance recoveries Claim expenses Provision for claims and related expenditure Actual claims paid decreased by 90% showing major efforts by management to control claim payments. Analytical review of the Fund's operations and state of affairs The fuel levy rate remained constant at per litre of petrol and diesel. Following the actuarial valuation performed during the previous year, provisions for claims and related expenditure were charged to income in that financial year, with the following effect: Total assets Total liabilities Fund deficit Ratio : 1 6% Note: No figures for the current year period are shown as the actuarial valuation was not done at the time of audit. 5

9 ANNEXURE A MOTOR VEHICLE ACCIDENTS FUND ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2005 (continued) REPORT OF THE DIRECTORS Fuel sales in litres Diesel Petrol Increase in litres sold The increase in litres of fuel sold mainly contributed to the increase in fuel levies by 6% from the prior year seeing that the fuel levy rate remained unchanged from the prior year (N$ per litre). CASH AND INVESTMENTS Surplus cash and part of investment returns invested at various financial institutions comprise: 2005 N$ Fixed deposits - 90 to 180 days Call account investments Total short-term cash investments Overdraft facility - Current account ( ) Cash on hand Total cash and cash equivalents as per financial statements Investments in Treasury bills, Internally Registered/Registered Government Stock Total cash and investments STAFF COSTS Staff costs increased by a wide margin of 203% mainly due to the staff retrenchments carried out in September 2004 as part of the restructuring programme and amounted to N$ This reorganisation programme also entailed new organization structures and job evaluation processes which substantially contributed to the increase in the salaries component of 80 % from the prior year. 6

10 ANNEXURE A MOTOR VEHICLE ACCIDENTS FUND ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2005 (continued) REPORT OF THE DIRECTORS POST BALANCE SHEET EVENTS AND CONTINGENCIES On 25 April 2005, the Ministry of Mines and Energy reviewed the levy rates by 4 cents per litre, from 7 cents to 11 cents, effected as from 27 April DIRECTORATE The following directors continued to serve during the financial year under review: P. Amunyela (Chairman, Nam) T.N Shiimbi (Nam) C. Katjazengi (Nam) Dr. F.U. Kaura (Nam) Adv. D. Sauls (Nam) WINDHOEK September

11 MOTOR VEHICLE ACCIDENTS FUND ANNEXURE B BALANCE SHEET AT 31 MARCH 2005 ASSETS Notes Non-current assets Investments Property, plant and equipment Current assets Accounts receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Funds and reserves Accumulated (Deficit)/ Funds (Annexure D) ( ) ( ) Non-current liabilities Claim provisions and reserves Current liabilities Accounts payable Total equity and liabilities

12 MOTOR VEHICLE ACCIDENTS FUND ANNEXURE C INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31 MARCH 2005 Notes Income Fuel levy revenue Interest received Reinsurance recoveries Sundry income Expenditure Claims paid General administrative expenses Legal fees Collection commission NET SURPLUS/ (DEFICIT) FOR THE YEAR BEFORE ADJUSTMENTS Change in accounting policy NET SURPLUS/ (DEFICIT) FOR THE YEAR ( ) 9

13 MOTOR VEHICLE ACCIDENTS FUND ANNEXURE D STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2005 ACCUMULATED FUNDS Balance at the beginning of the year ( ) Net surplus/ (deficit) for the year ( ) Balance at the end of the year ( ) ( ) 10

14 MOTOR VEHICLE ACCIDENTS FUND ANNEXURE E CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2005 CASH FLOW FROM OPERATING ACTIVITIES Notes Cash receipts Cash payments ( ) ( ) Cash generated/ (utilised) by operations Investment income Net cash flow from operating activities CASH FLOW FROM INVESTING ACTIVITIES Acquisition of fixed assets 6 ( ) ( ) Acquisition of investments ( ) ( ) Net cash flow from investing activities ( ) ( ) Net increase/ (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year ( ) Cash and cash equivalents at the end of the year

15 ANNEXURE F MOTOR VEHICLE ACCIDENTS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH ACCOUNTING POLICIES 1.1 Basis of presentation The financial statements are prepared on the historical cost basis. The following are the principal accounting policies used by the Fund and are consistently applied (except as disclosed in note 1.2) in compliance with Namibian Statements of General Accepted Accounting Practice (GAAP). 1.2 Change in accounting policy The Fund changed its accounting policy with regard to the recognition of outstanding claims and related expenditure not settled in the 2003/2004 financial period. Provisions were based on an actuarial valuation carried out for that financial year. 1.3 Property, plant, equipment and depreciation Property, plant and equipment are stated at cost. Cost includes all costs directly attributable to bring the assets to working conditions for their intended use. Depreciation is recorded by a charge to income on a straight-line basis so as to write off the cost of the assets over their expected useful lives, as follows: Motor vehicles Office furniture & equipment Computer equipment 4 years 10 years 3 years Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount and an impairment loss is recognised. Gains and losses on disposal of plant and equipment are determined by reference to their carrying amount and are taken into account in determining the operating surplus. 1.4 Cash and cash equivalents For purposes of the cash flow statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks, and a net bank overdraft. 1.5 Accounting for leases - where the Fund is the lessee Leases of assets under which all risks and benefits of ownership are effectively retained by the lessor are classified as operating leases. Payments made under operating leases are charged on a straight-line basis over the period of the lease. When an operating lease is terminated before the expiry of the lease period, any payment required to be made to the lessor by way of penalty is recognised as an expense in the period in which termination takes place. 12

16 MOTOR VEHICLE ACCIDENTS FUND ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2005 (continued) 1.6 Trade receivables Trade receivables are carried at anticipated realisable value. An estimate is made for doubtful receivables based on a review of all outstanding amounts at year-end. Bad debts are written off during the year in which they are identified. 1.7 Provisions Provisions are recognised when the Fund has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Employee entitlements to annual and long-service leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave and long-service leave as a result of services rendered by employees up to the balance sheet date. 1.8 Revenue recognition All revenue is accounted for on an accrual basis. 1.9 Financial instruments Financial instruments carried on the balance sheet include cash and cash equivalents, receivables, and trade creditors and investments. All the investments made by the Fund are classified as held to maturity financial instruments, as management has no intention to gain from short- term fluctuations in market rates. The investments are measured initially at cost and subsequently at amortized cost. 2. INVESTMENT INCOME Interest received Interest paid on short-term borrowings (793) (69 404) Interest on late payments - claims - (4 680)

17 MOTOR VEHICLE ACCIDENTS FUND ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2005 (continued) 3. GENERAL ADMINISTRATIVE EXPENSES General administrative expenses include the following: Depreciation of fixed assets Auditors' remuneration - Current year (Over) provision previous year (3 057) (3 985) Staff costs- payroll Remuneration for managerial, technical, administrative or secretarial services other than to bona fide employees CHANGE IN ACCOUNTING POLICY The Fund changed its accounting policy with respect to the treatment of claims and related expenditure in the 2003/04 financial year. The following amounts have been charged to income: Provision for outstanding claims Undertakings reserve Provision for claim related expenses Contingency reserve INVESTMENTS Internal Registered Government Stock at nominal value* Registered Government Stock at nominal value ** Treasury Bills *** Total *Matured on 15 April 2005, coupon rate of 12% and biannual interest payments. ** Maturing on 21 November 2010,coupon rate of % *** Maturing on 10 November 2005,coupon rate of 8,20% No Ministerial approval for these investments as required by the Act was submitted for audit purposes. 14

18 MOTOR VEHICLE ACCIDENTS FUND ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2005 (continued) 6. PROPERTY, PLANT AND EQUIPMENT 31 March 2005 Motor vehicles Office equipment & furniture Computer equipment Total Opening net book value Additions Depreciation - (55 151) (88 076) ( ) Closing net book value Cost Accumulated depreciation ( ) ( ) ( ) ( ) Closing net book value March 2004 Opening net book value Additions Depreciation - ( ) (54 042) ( ) Closing net book value Cost Accumulated depreciation ( ) ( ) ( ) ( ) Closing net book value

19 MOTOR VEHICLE ACCIDENTS FUND ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2005 (continued) 7. ACCOUNTS RECEIVABLE Fuel levies receivable VAT Refundable Interest receivable CASH AND CASH EQUIVALENTS Standard Bank of Namibia Ltd. - Current account ( ) ( ) - Call account days deposit Bank Windhoek - 90 days deposit First National Bank Current account days deposit Nedbank - Call Account days deposit IJG Money Market(Pty) Ltd Cash on hand CLAIM PROVISIONS AND RESERVES Provision for outstanding claims Undertakings reserve Provision for claim related expenses Contingency reserve The provision for outstanding claims includes (1). Notified Outstanding Claims Reserve (NOCR) and (2). Claims Incurred but Not Reported Reserve (IBNR)

20 MOTOR VEHICLE ACCIDENTS FUND ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2005 (continued) 10. ACCOUNTS PAYABLE Notes Accrued expenses Provision for accrued expenses Claims authorised and payable CASH GENERATED/ (UTILISED) BY OPERATIONS Net profit/ (deficit) for the year ( ) Adjusted for: Allocation to provisions/reserves ( ) Depreciation Investment income 2 ( ) ( ) Changes in working capital ( ) Increase in accounts payable (Increase) in accounts receivable ( ) ( ) Cash generated/ (utilised) by operations FINANCIAL INSTRUMENTS Credit risk Potential concentration of credit risk consists primarily of short-term cash and cash equivalent investment and accounts receivable. The Fund deposits short-term cash surpluses and investments with major banks of high credit standing. Interest rate management As part of managing interest rate exposure, the Fund does not enter into any interest bearing borrowings, except for short-term overdraft facilities. 17

21 MOTOR VEHICLE ACCIDENTS FUND ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2005 (continued) 12. FINANCIAL INSTRUMENTS (continued) Liquidity risk The Fund has minimised its risk of illiquidity by ensuring that it has adequate banking facilities and reserve borrowing capacity. Fair value The directors are of the opinion that the carrying value of financial instruments approximates fair value. INCOME Fuel levy revenue Interest received Reinsurance recoveries Sundry income Total income EXPENDITURE Claims paid Compensation payments Hospital & medical fees Other payments i.r.o. claims

22 MOTOR VEHICLE ACCIDENTS FUND ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2005 (continued) General expenses Advertising and promotions Audit fees (3 057) Bank charges Cleaning expenses Computer expenses Consulting fees Courier and postage Depreciation Donations Electricity and water Entertainment expenses Events & conferences General office expenses and allowances Insurances and licenses Interest on late payments - claims Interest on overdraft Motor vehicle expenses Professional fees Renovation costs Rent - premises & other Repairs & maintenance Security costs Stationery and printing Study loans & internship Subscriptions Sitting allowances Telecommunication costs Traveling and accommodation Staff costs Payroll costs Training expenses Traveling & subsistence allowances Recruitment costs Retrenchment costs Leave pay provision Legal fees Collection commission Allocated to Claim Provisions and Reserves Total expenditure NET SURPLUS/ (DEFICIT) FOR THE YEAR ( ) 19

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