NAMCOL boosts assets to N$419.8m
The Namibian College of Open Learning (NAMCOL) has reported a notable expansion of its financial base, with total assets climbing to N$419.8 million for the year ended 31 March 2024. The disclosure was made in the institution’s newly published annual financial statements.
The figures reveal a substantial increase in property, plant, and equipment, which now stands at N$343.9 million, compared with N$310.3 million in 2023.
Additions during the reporting year amounted to N$27.2 million, highlighting a commitment to strengthening the resources available for open and distance learning.
Deferred income
Equity was reported at N$250.2 million, while liabilities amounted to N$169.6 million. A large share of long-term obligations arises from employee-related provisions, including a post-retirement medical aid liability of N$67.3 million.
The financial statements also list deferred income of over N$48 million and other current liabilities amounting to nearly N$52 million.
The Board of Governors affirmed that the college remains in a sound financial position and has prepared its accounts on a going-concern basis.
“With the implementation of financial turnaround strategies, the directors are assured that the college will maintain a strong financial position and will have access to adequate borrowing facilities to meet its anticipated cash needs,” the report states.
The institution’s independent auditors, DCS Registered Accountants and Auditors, were formally appointed this year for three years ending in 2026.
Their oversight is intended to reinforce public confidence in the stewardship of NAMCOL’s resources.
The figures reveal a substantial increase in property, plant, and equipment, which now stands at N$343.9 million, compared with N$310.3 million in 2023.
Additions during the reporting year amounted to N$27.2 million, highlighting a commitment to strengthening the resources available for open and distance learning.
Deferred income
Equity was reported at N$250.2 million, while liabilities amounted to N$169.6 million. A large share of long-term obligations arises from employee-related provisions, including a post-retirement medical aid liability of N$67.3 million.
The financial statements also list deferred income of over N$48 million and other current liabilities amounting to nearly N$52 million.
The Board of Governors affirmed that the college remains in a sound financial position and has prepared its accounts on a going-concern basis.
“With the implementation of financial turnaround strategies, the directors are assured that the college will maintain a strong financial position and will have access to adequate borrowing facilities to meet its anticipated cash needs,” the report states.
The institution’s independent auditors, DCS Registered Accountants and Auditors, were formally appointed this year for three years ending in 2026.
Their oversight is intended to reinforce public confidence in the stewardship of NAMCOL’s resources.
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