2.0 Accounts 2.1 Audit Opinion In the opinion of the auditors:  2.2 Financial Results  2.3 Working Capital 3.0 Management Letter The annual financial statements presented fairly, in all material  respects, the financial position of Botswana Institute for Technology Research and Innovation 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 the requirements of the Companies Act, (Cap  42:01). The Institute recorded a profit of P3.61 million, compared to a loss  of P2.97 million during the previous year. The major contributor to  improvement in financial performance was an increase of P16.84  million in Government grant from P88.18 million during the previous year to P105.01 million during the year under review.  Expenditure increased from P92.72 million in the previous year to  P103.15 million in the year under review, representing 11% increase. Income increased by 19% from P89.75 million to P106.76  million during the same period.  The Institute is funded by Government grants and in the year  under review the grant was P105.01 million, representing 98% of  total income, compared to P88.18 million in the previous year.  The working capital position of the Institute as at 31 March 2018  showed total current assets of P71.20 million and current liabilities  of P66.25 million, giving a net current assets position of P4.95  million.  Current liabilities included P48.70 million project funds and payroll  accruals of P11.42 million. The auditors had issued a management letter and the matters  raised dealt with accounting procedures and internal controls  which were only of interest to management, hence did not merit  mention in this report. 133 