Total income for the Group increased by 14% from P168.69 million in the previous year to P191.50 million in the year under review, while total expenditure increased by 32% from P117.88 million to P156.07 million during the same period. Income for the Authority increased by 11% from P124.48million in the previous year to P138.63 million in the year under review, while expenditure increased by 5% from P112.11 million to P118.25 million during the same period. Significant increases in income were recorded in Universal Access and Service Fund Levy and telecommunications fees, while in expenditure were project expenses. 

## 2.3 Working Capital 

The working capital position of the Group as at 31 March 2018 showed current assets of P427.93 million and a current liability of P24.48 million, which resulted in a net current asset of P403.45 million, while that of the Authority showed current assets of P223.20 million and current liabilities of P44.28 million, resulting in a net current position of P178.92 million. 

Included in the current liabilities of the Authority is P20.37 million current year surplus allocated for transfer to the Group’s reserves as Universal Access and Service Fund in terms of Section 29 (3) of the Communications Regulatory Authority Act, 2012. 

## 3.0 Management Letter 

The auditors had issued a management letter and matters raised dealt with accounting procedures and internal controls which were of interest only to management, hence did not merit mention in this report. 

## 128. Botswana Couriers & Logistics Limited 

The financial statements of Botswana Couriers & Logistics (Proprietary) Limited for the financial year ended 31 March 2018 were audited by BDO, Certified Auditors, who were appointed by the Board. 

## 2.0 Accounts 

## 2.1 Audit Opinion 

In the opinion of the auditors: 

The annual financial statements presented fairly, in all material respects, the financial position of Botswana Couriers & Logistics 

