Manila:First paragraph of the news story.

According to Namibia Press Agency, Auditor-General Junias Kandjeke has issued a negative audit opinion on the Education Development Fund's accounts for the financial year ending 31 March 2025. The report, released this week, pointed out that the fund failed to present a true and fair view of its financial status and performance.

The adverse opinion is due to significant compliance and operational issues, particularly the fund's inactivity and lack of operations. Kandjeke noted that the fund was completely inactive during the 2024/25 financial year, with no strategic or operational plans executed and no significant programmes undertaken.

It was observed that upon adopting the International Public Sector Accounting Standards (IPSAS) financial framework, the Education Development Fund did not adequately present the transitional disclosures as required by IPSAS. The fund remained dormant in implementing its strategic and operational plans, resulting in the auditors being unable to assess the fund’s effectiveness in achieving its mandate.

Despite receiving budget allocations from the line ministry, there was a lack of evidence for operational activity or resource utilisation, raising significant uncertainty about the fund's ability to continue as a going concern. The financial statements, however, showed limited activity, mainly from interest accruals and bank fees.

As of 31 March 2025, the fund's cash and cash equivalents amounted to N$349,705, an increase from N$336,901 the previous year. The fund recorded N$16,256 in non-exchange revenue from bank interest and achieved a modest surplus of N$12,804, a reversal from the N$726,265 deficit recorded the previous year.