NTB receives clean audit report

The Namibia Tourism Board (NTB) obtained an unqualified audit opinion for the financial year that ended 31 March 2022.

An unqualified opinion is considered a clean report.

"In my opinion, the financial statements present fairly the financial position of NTB as at 31 March 2022 and its financial performance and cash flow for the year then ended, in accordance with the international financial reporting standards," Auditor-General Junias Kandjeke's report concluded.

The report noted that there was no change in the nature of NTB’s property, plant and equipment or in the policy regarding their use.

At 31 March 2022, NTB’s investment in property, plant and equipment amounted to N$40.9 million, of which N$32 011 was added that year.

Accounting overview

The report showed that NTB’s financial position at that time was N$58.6 million for total assets, while its revenue for the year was about N$20.4 million.

It received a government grant of N$10.8 million, and other income was N$3.4 million, while it ended the year with a deficit of about N$2.5 million.

The previous financial year ended with a deficit of about N$19.2 million.

The report stated that financial statements were prepared based on accounting policies applicable to a going concern.

“This basis presumes that funds will be available to finance operations and that the realisation of assets and settlement of liabilities and contingent obligations will occur in the ordinary course of business.”

Moreover, it said NTB's management had considered the potential implications of Covid-19 and the measures taken to control it in assessing the entity’s ability as a going concern.

“In the current financial year, the improvement in Covid-19 trends saw the gradual removal of most of the travel restrictions, which improved both local and international travel and tourism spending, from which NTB’s levy income is derived.”