## 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 Institute for Technology Research and Innovation as at 31 March 2018, and its financial performance and cash flows for the year then ended, in accordance with International Financial Reporting Standards and the requirements of the Companies Act, (Cap 42:01). 

## 2.2 Financial Results 

The Institute recorded a profit of P3.61 million, compared to a loss of P2.97 million during the previous year. The major contributor to improvement in financial performance was an increase of P16.84 million in Government grant from P88.18 million during the previous year to P105.01 million during the year under review. 

Expenditure increased from P92.72 million in the previous year to P103.15 million in the year under review, representing 11% increase. Income increased by 19% from P89.75 million to P106.76 million during the same period. 

The Institute is funded by Government grants and in the year under review the grant was P105.01 million, representing 98% of total income, compared to P88.18 million in the previous year. 

## 2.3 Working Capital 

The working capital position of the Institute as at 31 March 2018 showed total current assets of P71.20 million and current liabilities of P66.25 million, giving a net current assets position of P4.95 million. 

Current liabilities included P48.70 million project funds and payroll accruals of P11.42 million. 

## 3.0 Management Letter 

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

