## 2.0 Accounts 

## 2.1 Audit Opinion 

In the opinion of the auditors: 

Except for the effects of the matter described in the Basis for Qualified Opinion section of their report, the financial statements give a true and fair view of the financial position of Botswana National Productivity Centre as at 31 March 2018, and of its financial performance and cash flows for the year then ended, in accordance with International Financial Reporting Standards. 

## 2.2 Basis for Opinion 

The auditors were unable to obtain sufficient and appropriate audit evidence, which confirmed that the Centre had legal title and rights to a property recognised on the statement of financial position as at 31 March 2018, with a carrying amount of P46 082 400. The depreciation charge in the statement of comprehensive income relating to the property was P1 568 800 and the accumulated depreciation since capitalisation was P3 137 600. As indicated in note 17 of the financial statements the Centre was in the process of obtaining title and ownership of the land and buildings and this was the management’s basis for recognition of the property on the statement of financial position. The title of the land and buildings was in favour of the Government of Botswana. The entity occupies the land and buildings on a free rental lease arrangement. 

## 2.3 Financial Results 

In the year under review, the Centre recorded a surplus of P6.11 million, compared to P3.92 million in the previous year. Income declined by P224 946 (0.44%) from P50.71 million in the previous year to P50.48 million in the year under review, while expenditure on the other hand decreased by P2.42 million (5%) from P46.79 million to P44.37 million during the same period. 

The Centre is funded by Government grants, and in the year under review the grant was P46.62 million, representing 84% of the total income, compared to P42.87 million in the previous year. Other notable income of P6.60 million was from sale of services, which was P176 806 lower than the previous year. 

