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: 487 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 2006, 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, February 2007 JUNIAS ETUNA KANDJEKE AUDITOR-GENERAL

3 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 Accident Fund (the Fund) for the year ended 31 March 2006 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 Accident 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 behalf of the Auditor-General and under his supervision. Figures in the report are rounded off to the nearest Namibia dollar. 2. ESTABLISHMENT The Motor Vehicle Accident 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that any claim or obligation which arose before the commencement of the Act, be dealt with in accordance with the repealed law, but any payment due to the claimant under the repealed law (Act No. 30 of 1990) shall be paid out of the Fund. 3.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 c) evaluation of the overall adequacy of the presentation of information in the financial statements. 1

4 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 Investments made by the Fund The investment policy has not yet been approved by the Minister. As such each and every investment needs to be approved by the Minister in terms of Section 3(2)(d) of the Act. 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 the mentioned section of the Act. 5.2 Claims provision and reserves The Fund had a significant backlog in the capturing of claims both settled and outstanding. As at the time of audit, the actual number of unrecorded claims were approximately 800. Due to this fact, the completeness of the data used on the actuarial valuation of the claims provision and reserves could not be ascertained. 5.3 Reinsurance income and reinsurance receivable The auditors could not obtain adequate information with regards to the completeness of reinsurance income and reinsurance receivable. Reinsurance income is still being received in respect of reinsurance arrangements that were in force during the periods from 1996 to The amounts receivable were never accrued for when the claims (on which reinsurance cover was applicable) were incurred. The Fund does not have any records of amounts due from the reinsurance institutions and accepts any amount that is received. 5.4 Going concern At the end of the financial year under review the Fund s accumulated deficit was N$ (2005: N$ ). It is yet again stressed that the Fund s going concern status, in the future, is depended on securing funding from the Government. 6. ACKNOWLEDGEMENT The assistance and co-operation given by the staff of the Fund during the audit is appreciated. 2

5 7. QUALIFIED AUDIT OPINION The financial statements of the Motor Vehicle Accident Fund for the financial year ended 31 March 2006 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 provision and reserves, Reinsurance income and reinsurance receivable and Going concern, in my opinion these financial statements fairly present the net assets of the Motor Vehicle Accident Fund at 31 March 2006, its net costs of operations and its cash flows for the year then ended. WINDHOEK, February 2007 JUNIAS ETUNA KANDJEKE AUDITOR-GENERAL 3

6 ANNEXURE A MOTOR VEHICLE ACCIDENTS FUND ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006 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: N$ N$ Fuel levy income Interest income Reinsurance recoveries Claim expenses Movement in claims provision and reserves ( ) Analytical review of the Fund's operations and state of affairs The fuel levy rate remained constant at per litre of petrol and diesel for the year under review. Following the actuarial valuation performed at the reporting date, provisions for claims and related expenditure were charged to income in the current year, with the following effect: N$ N$ Total assets Total liabilities Fund deficit Ratio 0.40:1 0.25:1 40% 25% 4

7 ANNEXURE A MOTOR VEHICLE ACCIDENTS FUND ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006 (continued) REPORT OF THE DIRECTORS Fuel sales in litres N$ N$ Diesel Petrol Increase in litres sold CASH AND INVESTMENTS Surplus cash and part of investment returns invested at various financial institutions comprise: 2006 N$ Short term investments held to maturity 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 21% mainly because of the salary restructuring that was approved by management to equally eliminate salary disparities amongst staff members doing similar job functions. 5

8 ANNEXURE A MOTOR VEHICLE ACCIDENTS FUND ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006 (continued) REPORT OF THE DIRECTORS POST BALANCE SHEET EVENTS AND CONTINGENCIES There are no post balance sheet events that materially affect the financial year under review. DIRECTORATE The following directors served during the financial year under review: P. Amunyela (Chairman, Namibian) Reappointed, 1 October 2004 Dr. Z. Erkana (Namibian) Appointed, 1 October 2004 E. M Angula (Namibian) Appointed, 1 October 2004 T. Mulunga (Namibian) Appointed, 1 October 2004 WINDHOEK June 2006 CHAIRMAN OF THE BOARD SIGNATURE 6

9 ANNEXURE B BALANCE SHEET AT 31 March 2006 ASSETS Notes N$ N$ Non-current assets Investments Property, plant and equipment Current assets Accounts receivable Cash and cash equivalents Investments Total assets EQUITY AND LIABILITIES Funds and reserves Accumulated (Deficit)/ Funds (Annexure D) ( ) ( ) Non-current liabilities Claim provisions and reserves Current liabilities Accounts payable Bank overdraft Total equity and liabilities

10 ANNEXURE C INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31 MARCH 2006 Notes N$ N$ Income Fuel levy revenue Movement in claims provision Interest received Reinsurance recoveries Sundry income Expenditure Claims paid General administrative expenses Legal fees Movement in claims provision NET SURPLUS/ (DEFICIT) FOR THE YEAR

11 ANNEXURE D STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2006 ACCUMULATED FUNDS N$ N$ Balance at the beginning of the year ( ) ( ) Net surplus/ (deficit) for the year Balance at the end of the year ( ) ( ) 9

12 ANNEXURE E CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2006 CASH FLOW FROM OPERATING ACTIVITIES Notes N$ N$ 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 ( ) ( ) Proceeds from disposal (Acquisition)/withdrawal of investments ( ) Movement in short term 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 ( )

13 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 of the Fund have been prepared in accordance with International Financial Reporting Standards (IFRS), for the first-time. These financial statements are the first financial statements of the Fund to be prepared in accordance with IFRS. The financial statements until 31 March 2005 have been prepared in accordance with Generally Accepted Accounting Principles (GAAP). GAAP differs in certain respects from IFRS and where applicable requires restatement of prior year financial statements in order to comply with IFRS. The accounting policies are substantially the same as those described in the annual financial statements for the year ended 31 March Accordingly, the transition from GAAP to IFRS has no impact on the Fund s equity and its net income for the 2005 financial year. The financial statements have been prepared under historical cost convention, as modified by the revaluation of certain financial assets and financial liabilities that have been measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Fund's accounting policies. The policies set out below have been consistently applied to all the years presented. 1.2 Underlying concepts The financial statements are prepared on the going concern basis using accrual accounting. Assets and liabilities and income and expenses are not offset unless specifically permitted by an accounting standard. Financial assets and financial liabilities are offset and the net amount reported only when a currently legally enforceable right to set off the amounts exists and the intention is either to settle on a net basis or to realise the asset and settle the liability simultaneously. Changes in accounting policies are accounted for in accordance with the transitional provisions in the standard. If no such guidance is given, they are applied retrospectively, unless it is impractical to do so, in which case they are applied prospectively. Changes in accounting estimates are recognised in profit or loss. Prior period errors are retrospectively restated unless it is impractical to do so, in which case they are applied prospectively. Accounting policies are not applied when the effect of applying them is immaterial. 11

14 ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006 (continued) 1.3 Recognition of assets and liabilities Assets are only recognised if they meet the definition of an asset, that is when it is probable that future economic benefits associated with the asset will flow to the Fund and the cost or fair value can be measured reliably. Liabilities are only recognised if they meet the definition of a liability, that is when it is probable that future economic benefits associated with the liability will flow from the Fund and the cost or fair value can be measured reliably. Financial instruments are recognised when the Fund becomes a party to the contractual provisions of the instrument. Financial assets and liabilities as a result of firm commitments are only recognised when one of the parties has performed under the contract. Regular way purchases and sales are recognised using trade date accounting. 1.4 Derecognition of assets and liabilities Financial assets or parts thereof are derecognised when the contractual rights to receive cash flows have been transferred or have expired or if substantially all the risks and rewards of ownership have passed. Where substantially all the risks and rewards of ownership have not been transferred or retained, the financial assets are derecognised if they are no longer controlled. However, if control in this situation is retained, the financial assets are recognised only to the extent of the continuing involvement in those assets. All other assets are derecognised on disposal or when no future economic benefits are expected from their use or on disposal. Financial liabilities are derecognised when the relevant obligation has either been discharged or cancelled or has expired. 1.5 Property, plant, equipment and depreciation All property, plant and equipment is shown at cost, less subsequent depreciation and impairment, except for land, which is shown at cost less impairment. Cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Fund and the cost of the item can be measured reliably. All other repairs and maintenance expenditures are charged to the income statement during the financial period in which they are incurred. Depreciation is charged so as to write off the depreciable amount of the assets, other than land, over the estimated useful lives, using a method that reflects the pattern in which the asset's future economic benefits are expected to be consumed by the Fund. 12

15 ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006 (continued) Where significant parts on an item have different useful lives, or patterns in which future economic benefits are expected to be consumed, to the item itself, these parts are depreciated over their estimated useful lives. The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. Depreciation is calculated on the straight-line method to write off the cost of each asset, or the revalued amounts, to their residual values over their estimated useful lives as follows: Motor vehicles Office furniture & equipment Computer equipment 4 years 10 years 3 years Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount and are included in the income statement. 1.6 Impairment of assets At each reporting date the carrying amount of the tangible and intangible assets are assessed to determine whether there is any indication that those assets may have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the recoverable amount of the cash-generating unit to which the asset belongs is estimated. Value in use is estimated taking into account future cash flows, forecast market conditions and the expected lives of the assets. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, its carrying amount is reduced to the higher of its recoverable amount and zero. Impairment losses are recognised in profit or loss. The loss is first allocated to reduce the carrying amount of goodwill and then to the other assets of the cash-generating unit. Subsequent to the recognition of an impairment loss, the depreciation or amortisation charge for the asset is adjusted to allocate its remaining carrying value, less any residual value, over its remaining useful life. If an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount but limited to the carrying amount that would have been determined had no impairment loss been recognised in prior years. A reversal of an impairment loss is recognised in profit or loss. 1.7 Provisions Provisions are recognised when the Fund has a present legal or constructive obligation as a result of past events, that is when 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. Where the Fund expects a provision to be reimbursed, the reimbursement is recognised as a separate asset only when it is virtually certain. 13

16 ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006 (continued) Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date. 1.8 Financial instruments Financial instruments carried on the balance sheet include all financial assets and liabilities. Investments Investments in debt and equity securities are classified in the following three categories: available-forsale, held-to-maturity and originated loans and receivables. The classification is dependant on the purpose for which the investments were acquired. Management determines the classification on its investments at the time of purchase and re-evaluates such designation on a regular basis. Available-for-sale investments Investments intended to be held for an indefinite period of time, which may be sold in response to needs for liquidity or changes in interest rates, are classified as available-for-sale and are included in noncurrent assets unless management has the express intention of holding the investments for less than 12 months from the balance sheet date or unless they will be sold to raise operating capital, in which case they are included in current assets. Available-for-sale investments include unlisted shares. Held-to-maturity investments Investments with a fixed-maturity that management has the intent and ability to hold to maturity are classified as held-to-maturity and are included in non-current assets except for maturities within 12 months from the balance sheet date which are classified as current assets. Held-to-maturity investments include government stock, debentures and treasury bills. Originated loans and receivables Money, goods or services provided to a debtor by the Fund that creates a financial asset in the Fund is classified as an originated loan and receivable. Originated loans and receivables include mortgages, loans and receivables and staff bonds. Recognition and measurement Financial instrument purchases and disposals are initially measured at cost which include transaction costs and are recognised using trade date accounting. The trade date is the date that the Fund commits to purchase or sell the asset. Subsequently to initial measurement available-for-sale investments are carried at fair value while originated loans and receivables and held-to-maturity investments are carried at amortised cost using the effective yield method. Gains and losses Realised and unrealised gains and losses arising from changes in the fair value of investments are included in the income statement in the period in which they arise. 14

17 ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006 (continued) Fair value The fair value of unlisted investments is the amount that could be realised in an arms length transaction, between willing and knowledgeable parties. Where no active market exists, unlisted investments are valued at directors' valuation. Off-set Where a legally enforceable right to off-set exists for recognised financial assets and financial liabilities and there is an intention to settle the liability and realise the asset simultaneously or to settle on a net basis, all related financial effects are off-set. 1.9 Cash and cash equivalents Cash and cash equivalents are carried in the balance sheet at cost. Cash and cash equivalents comprise cash on hand, deposits held at call with banks and investments in money market instruments. Bank overdrafts are included within borrowings in current liabilities on the balance sheet Leased assets Leases of property, plant and equipment where the Fund assumes substantially all the benefits and risks of ownership are classified as finance leases. Finance leases are capitalised at the estimated present value of the underlying lease payments. Each lease payment is allocated between the liability and finance charges to achieve a constant rate on the finance balance outstanding. The corresponding rental obligations, net of finance charges, are included in other long-term payables. The interest element of the finance charge is charged to the income statement over the lease period. The property, plant and equipment acquired under finance leasing contracts are depreciated over the useful life of the assets. Leases of assets under which all the risks and benefits of ownership are effectively retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the income statement on a straight-line basis over the period of the lease Revenue recognition All revenue is accounted for on an accrual basis Post balance sheet events Recognised amounts in the financial statements are adjusted to reflect events arising after the balance sheet date that provide evidence of conditions that existed at the balance sheet date. Events after the balance sheet that are indicative of conditions that arose after the balance sheet date are dealt with by way of a note Expenses All expenses are accounted for as incurred. Appropriate portions of expenses are allocated to underwriting expenses, claims incurred and investment expenses. 15

18 ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006 (continued) 2. INVESTMENT INCOME N$ N$ Interest received Interest paid on short-term borrowings (10 255) (793) GENERAL ADMINISTRATIVE EXPENSES General administrative expenses include the following: Depreciation of fixed assets Auditors' remuneration - Previous year (3 057) Staff costs- payroll Remuneration for managerial, technical, administrative or secretarial services other than to bona fide employees INVESTMENTS Internal Registered Government Stock at nominal value* Registered Government Stock at nominal value ** Treasury Bills *** Registered Government Stock at nominal value **** Internal Registered Government Stock at nominal value *Matured on 15 April 2005, coupon rate of 11% and biannual interest payments. ** Maturing on 21 November 2010,coupon rate of 9,35 % *** Matured on 10 November 2005,coupon rate of 8,20% **** Maturing on 21 November 2010,coupon rate of 9,35% 16

19 ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006 (continued) 5. PROPERTY, PLANT AND EQUIPMENT 31 March 2006 Motor vehicles Office equipment & furniture Computer equipment Total N$ N$ N$ N$ Opening net book value Cost C - Accumulated depreciation (96 062) ( ) ( ) ( ) Additions Depreciation - (93 516) ( ) ( ) Disposals (1) - - (1) - Cost Accumulated depreciation (96 062) - - (96 062) Closing net book value Cost Accumulated depreciation - ( ) ( ) ( ) Closing net book value March 2005 Motor vehicles Office equipment & furniture Computer equipment Total N$ N$ N$ N$ Opening net book value Cost Accumulated depreciation (96 062) (67 083) ( ) ( ) Additions Depreciation - (55 151) (88 076) ( ) Closing net book value Cost Accumulated depreciation (96 062) ( ) ( ) ( ) Closing net book value

20 ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006 (continued) 6. ACCOUNTS RECEIVABLE N$ N$ Fuel levies receivable VAT Refundable Interest receivable Customer Control Account Other CASH AND CASH EQUIVALENTS Standard Bank - Current account ( ) ( ) - Call account Petty cash First National Bank - Call account Current account ( ) Petty cash (4 794) - Nedbank Namibia - Call account Cash on hand ( ) SHORT TERM INVESTMENTS IJG Money Market Nampost Bank Windhoek First National Bank First National Bank Nedbank Namibia Treasury Bills Treasury Bills ACCOUNTS PAYABLE Accrued expenses Suppliers Control Account Other payables

21 ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2006 (continued) CLAIM PROVISIONS AND RESERVES N$ N$ Incurred but not reported claims Outstanding reported claims Claims undertakings Claims handling expenses Contingency Reserve The carrying amount of provision and reserves can be reconciled as follows: Opening balance Movement for the year ( ) Paid during the year ( ) ( ) Closing balance The provision for outstanding claims includes: (1) Outstanding Claims Reserve (NOCR) (2) Claims incurred but not Reported Reserve (IBNR) 11. CASH GENERATED/(UTILISED) BY OPERATIONS Net Surplus for the year Adjusted for: Allocation to provisions/reserves ( ) ( ) Profit on disposal (30 000) - Depreciation Investment Income 2 ( ) ( ) Changes in working capital ( ) Increase/(decrease) in accounts payable ( ) (Increase) in accounts receivable ( ) ( ) Cash generated/(utilised) by operations

22 ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2006 (continued) 12. FINANCIAL INSTRUMENTS Credit risk Potential concentration of credit risk consists primarily of short-term cash and cash equivalent investments 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. 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. 13. INCOME STATEMENT INCOME N$ N$ 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

23 ANNEXURE F NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2006 (continued) N$ N$ General expenses Advertising and promotions Audit fees (3 057) Bank charges Backlog project Bursaries Cleaning expenses Computer expenses Consulting fees Courier and postage Depreciation Donations Electricity and water Entertainment expenses Equipment rental Events & conferences First aid General office expenses and allowances Insurance and licenses Interest paid Interest on overdraft Leasing charges Membership fees Motor vehicle expenses Plants & decorations Professional fees Renovations Relocation of office Rent - Premises Rent Other Repairs and maintenance Security costs Stationery and printing Study loans & internship Subscriptions Sitting allowance Tax penalty Telecommunication costs Traveling and accommodation Salary costs Payroll costs Training expenses Traveling & subsistence allowances Recruitment costs Staff welfare Retrenchment costs Leave pay provision Legal fees Total expenditure Movement in capital and reserves (Fair value adjustment) ( ) NET SURPLUS (DEFICIT) FOR THE YEAR

24 22

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