Consequently, I have not been able to carry out the review of the accounts of the Bank for the financial year ended 31 March 2018, for the benefit of the National Assembly. 

## 170. National Food Technology Research Centre 

The financial statements of the National Food Technology Research Centre for the financial year ended 31 March 2018 were audited by Messrs Grant Thornton, Certified Auditors, who were appointed by the Board. 

## 2.0 Accounts 

## 2.1 Audit Opinion 

In the opinion of the auditors: 

The consolidated annual financial statements presented fairly, in all material respects, the financial position of the National Food Technology Research Centre as at 31 March 2018, and its financial performance and its cash flows for the year then ended, in accordance with the International Financial Reporting Standards. 

## 2.2 Financial Results 

The financial operations of the Centre showed a profit of P1.53 million before gains on property revaluation of P28.70 million in the year under review, compared to a loss of P567 767 in the previous year. 

Income increased by P24 949 from P37.70 million in the previous year to P37.73 million in the year under review. Expenditure on the other hand declined by 5% from P38.27 million in the previous year to P36.19 million in the year under review. 

In the year under review, the Group recorded a loss of P5.17 million before gains on property revaluation of P28.70 million compared to a loss of P2.71 million in the previous year. 

Income decreased by 2% from P39.56 million in the previous year to P38.71 million in the year under review. Expenditure on the other hand increased by 4% from P42.27 million in the previous year to P43.88 million in the year under review. 

