2.2 Financial Results 2.3  Working Capital 3.0 Management Letter 3.1  Ownership of Assets  For the financial year ended 31 March 2018, the Institute recorded a surplus of P744 059, compared to P115 884 in the  previous year. Income increased from P17.39 million in the  previous year to P49.79 million in the current year. The significant  increase in income is attributable to increase in government  grants from P17.22 million in the previous year to P49.07 million in  the year under review.  Expenditure on the other hand increased from P17.27 million in  the previous year to P49.04 million in the year under review. Significant increases were noted in staff costs of P24.76 million,  data management expenses of P1.09 million, motor vehicle  expenses of P1.21 million, recruitment expenses of P827 498 and  utilities of P692 558.  Increase in operational expenses was mainly attributable to  increase in staff complement from one (1) in the previous year to  112 in the year under review. Additionally, some of the operational expenses such as motor vehicle expenses and utilities were partly met by Government in the prior year.  The working capital position of the Institute as at 31 March 2018  showed current asset of P7.00 million and current liabilities of  P6.14 million giving a net current assets position of P859 942.  The following was the significant matter raised by the auditors  and the management response thereto:  The auditors noted as in the previous year that the Institute had  land and buildings valued at P230.29 million whose ownership  had not yet been legally transferred to the Institute from Government. In response, management agreed with the auditors’ observation  and stated that there was a legal vesting order from Government which mandated the ownership of assets to Botswana Geoscience Institute on inception, and was stated in  the Botswana Geoscience Institute Act of 2014. The transfer is  123 