## 2.2 Financial Results 

During the year under review, Statistics Botswana recorded a deficit of P19.20 million, compared to P10.02 million in the previous year. 

Income decreased by 16% from P143.23 million in the previous year to P120.33 million in the year under review, while on the other hand expenditure decreased by 9% from P153.25 million in the previous year to P139.53 million in the year under review. 

Statistics Botswana is mainly funded by Government grants and in the year under review the grant was P120 million (99.73%) of the total income, compared to P142.30 million in the previous year. 

Statistics Botswana has, for the fourth year running, recorded a deficit which led to accumulated deficit of P28.26 million and its current liabilities exceeded current assets by P44.44 million. This unfavourable performance requires Government to provide financial support to safeguard the going-concern status of Statistics Botswana. 

## 2.3 Working Capital 

As at 31 March 2018, the working capital position of Statistics Botswana showed current assets of P20.68 million and current liabilities of P65.12 million, resulting in a net current liability position of P44.44 million. 

Current liabilities included provisions for gratuities and leave pay of P6.30 million and unutilised project funds of P47.86 million. 

## 3.0 Management Letter 

The following were some of the significant matters raised by the auditors and the management responses thereto: 

## 3.1 Maintenance of Accounting Records 

As reported in the previous period, the auditors noted that the organisation did not maintain adequate accounting records during the year as indicated by the following issues identified: 

 Lease liability accrual and capital grants at year-end still had their brought forward balances from the previous financial year. 

