In response management stated that the Authority had recently acquired a fixed asset module to manage assets and that during implementation a system would be put in place with the necessary controls including all those recommended by the auditors. 

## 124. Botswana Agricultural Marketing Board 

The financial statements of Botswana Agricultural Marketing Board for the financial year ended 31 March 2018 were audited by Messrs Ernst and Young, Certified Auditors, who were appointed by the Board in terms of Section 16 (3) of the Botswana Agricultural Marketing Board Act (Cap 74: 06). 

## 2.0 Accounts 

## 2.1 Audit Opinion 

In the opinion of the auditors: 

The financial statements presented fairly, in all material respects, the financial position of Botswana Agricultural Marketing Board 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 in the manner required by the Botswana Agricultural Marketing Board Act (Cap. 74: 06). 

## 2.2 Financial Results 

The Board recorded deficit of P65.36 million, compared to a profit of P19.96 million recorded in the prior year. The decline in performance was mainly attributable to a decrease in revenue by P114.70 million from P400.67 million in the previous year to P285.97 million in the year under review (28.63% decrease) and a decrease in other income by P34.71 million from P48.89 million in the previous year to P 14.17 million in the year under review (71% decrease). 

Income declined by 33% from P449.82 million during the previous year to P300.70 million during the year under review, while on the other hand expenditure decreased by 15% from P429.86 million in the previous year to P365.41 million during the same period. 

## 2.3 Dividends 

Under the Presidential Directive Cab 40/2004, each parastatal which is not subject to tax on its profits is required to pay 25% of 

