mainly attributable to a revenue grant of P360.00 million in the year under review and an increase of 30% in revenue from P1.41 billion in the previous year to P1.82 billion in the year under review. Income increased by 55% from P1.43 billion in the previous year to P2.23 billion in the year under review. Expenditure on the hand increased by 9.5% from P1.56 billion in the previous year to P1.71 billion in the year under review. 

## 2.3 Working Capital 

The working capital position of the Corporation as at 31 March 2018 showed total current assets of P1 407.62 million and total current liabilities of P654.78 million, resulting in a net current assets position of P752.83 million. 

## 3.0 Management letter 

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

## 3.1 Fully Depreciated Assets 

The auditors noted that there were fully depreciated assets that were still in use and management had not taken any action in terms of re-assessing their useful lives. The cost amount of those assets was P21.4 million 

In response management stated that there was an upcoming asset verification project which would address the asset register completeness and accuracy as assets would be traced to the asset register. The project would also cover assessment of useful lives. 

## 3.2 Long Outstanding Debts 

The auditors noted that total debtors outstanding for over 90 days amounted to P431.27 million, including Government debtors who made 50% of total debtors at year-end. 

In response management stated that they had assembled a team in March 2018, stationed in Gaborone, which focused on debt collection and positive results were showing. Furthermore, an expression of interest had been issued to identify legal entities that would assist with debt collection and in the long term, a new structure had been designed such that focus is on debt collection. 

