2.3 Working Capital 3.0 Management letter 144. Botswana National Sports Commission 2.0 Accounts  2.1 Audit Opinion 2.2 Financial Results The working capital position of the Centre as at 31 March 2018  showed total current assets of P24.82 million and total current  liabilities of P11.75 million, resulting in a net current assets position  of P13.07 million.  The auditors had issued a management letter and the issues  raised dealt with accounting procedures and internal controls  which were only of interest to management, hence did not merit  mention in this report.  The financial statements of Botswana National Sports Commission for  the financial year ended 31 March 2018 were audited by Messrs Grant  Thornton, Certified Auditors, who were appointed by the Commission in  terms of Section 37 (2) of the Botswana National Sports Commission  Act, (No. 30 of 2014). The annual financial statements presented fairly, in all material  respects, the financial position of Botswana National Sports  Commission 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 Botswana  National Sports Commission Act, 2014.  During the financial year under review, the Commission recorded  a deficit of P18.67 million, compared to P34.22 million in the  previous year. The main contributors to the reduction in deficit  are grant income which increased by P16.44 million (22%) from  P73.89 million in the previous year to P90.33 million in the year  under review as well as the fair value downward adjustments  which was P5.72 million in the previous year and considerably  lower at P100 000 in the year under review. Expenditure increased slightly by 2%, from P115.10 million in the previous year  to P117.30 million in the year under review.  143  In the opinion of the Auditors: 