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25% increase in administration expenses from P27.49 million in the previous year to P34.48 million in the year under review. 

Income on the other hand, increased by 6% from P73.91 million in the previous year, compared to P78.87 million in the period under review. 

The main items of income and expenditure comprised the following: 

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## 2.3 Working Capital 

The working capital position of the Board as at 31 March 2018 showed total current assets of P21.11 million and total current liabilities of P13.18 million, resulting in a net current assets position of P7.93 million. 

## 3.0 Management letter 

The following are some of the matters raised by the auditors and the management responses thereto: 

## 3.1 Assets Ownership 

The auditors noted that the Board did not have a title deed of land and buildings worth P26 million, which the Ministry of Finance and Economic Development (MFED) transferred to the Board on the 23 February 2017. 

In response management stated that the absence for the title deed was a matter that management, MFED, BURS, BR Properties and Botswana Railways were working on with a view to resolving. They further stated that the absence of the tittle deed was 

