The significant variations in the financial results are attributable to the change in the business model, as a result the prior year and current year profit or loss statements are not comparable. 

## 122. Botswana Accountancy College 

The financial statements of the Botswana Accountancy College for the financial year ended 31 March 2018 were audited by Messrs PricewaterhouseCoopers, 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 the Botswana Accountancy College as at 31 March 2018, and its financial performance and cash flows for the year then ended, in accordance with International Financial Reporting Standards. 

## 2.2 Financial Results 

The College recorded a profit of P9.74 million before a revaluation gain in properties of P6.51 million, compared to a deficit of P21.13 million recorded in the previous year. Income increased by 14% from P159.07 million in the previous year to P181.36 million in the year under review, while expenditure on the other hand declined by 5% from P180.20 million in the previous year to P171.62 million in the year under review. 

## 2.3 Working Capital 

The working capital position of the College as at 31 March 2018 showed total current assets of P68.71 million and current liabilities of P81.79 million, giving a net current liabilities position of P13.08 million. 

Current liabilities included pre-paid tuition and hostel revenue of P44.67 million and payroll accruals of P6.38 million. 

