## (c) Amounts Redeemed During the Year 

The amount of P1 226 145 968 reflected in the Statement as redeemed during the year included the original loan amount of P900 566 097 to BCL liquidator, and P279 000 000 of equity contribution to Botswana Development Corporation, which have not been redeemed. This latter amount was shown as having been redeemed in the previous year. 

## 23. Statement of Special Funds – (Statement No. 10) 

The observations and comments arising from the audit of the accounts of the Special Funds for the financial year ended 31 March 2018 are made below, under the respective Special Funds. 

## a) Botswana Innovation Hub Fund 

Despite the revocation of the Fund by Botswana Innovation Fund Order in September 2017 and replacement by Botswana Innovation Fund, the accounts of that old special fund [BIHF] were still reflected in the Annual Statements of Accounts on 31 March 2018, with the initial capital balance of P12 000 000. In his written submission to the 56 th  meeting of the Public Accounts Committee, the Accounting Officer had stated that this balance would be disbursed to the beneficiaries during the 2018/2019 financial year, although it was not clear who the beneficiaries were, apart from Government who had provided the seed capital of that amount. 

## b) Prisons Rewards and Fines Fund 

The figure of income of P84 596 credited to the Fund through the Income Statement during the year under review incorrectly included loan repayments of P6 000 which should have been applied to the reduction of the loan amount in the Balance Sheet. The balance of this loan is omitted in the Balance Sheet. 

## c) National Electrification Fund 

Section 12 of the Fund Order establishing this Special Fund (Statutory Instrument No. 27 of 2010) provides that the accounts of the Fund shall within 3 months after the end of the financial year, be audited by an independent auditor appointed by the Fund Management Committee; and further that not later than 6 months after the close of the financial year, those accounts shall be submitted to the Accountant General. 

