2.3 Working Capital 3.0 Management letter 3.1 Fully Depreciated Assets  137. Botswana Institute for Technology Research and Innovation The Institute is funded by Government grants, and in the year  under review the grant was P20.61 million, representing 77% of  the total income, compared to P19.55 million in the previous  year. The Institute also generated revenue from sale of services  (P5.53 million) and Investment Income (P7.61 million). The working capital position of the Institute as at 31 March 2018  showed total current assets of P30.59 million and total current  liabilities of P12.30 million resulting in a net current assets position  of P18.29 million.  The following were some of the matters raised by the auditors  and the management responses thereto:  The auditors noted that the Institute had fully depreciated assets  which did not have estimated residual values but were still in use,  hence economic benefits were still being derived from them.  These assets were carried at nil book values. This was in breach of  requirements of International Accounting Standard 16, that depreciable value of an asset should be depreciated over its  useful life, and that useful lives and residual values be reviewed  at every year-end.  In response management stated that BIDPA had assets whose  values could be reliably and independently obtained as the  standard required, such as buildings and motor vehicles. Other  assets like furniture and fittings with no reliable values, had been  maintained at cost. Management endeavoured to provide values in the past, however the practice was not accepted on  account of being immaterial, not reliable and independent. Management however noted the auditors’ comments and stated that they would come up with required estimates.  The financial statements of Botswana Institute for Technology Research  and Innovation for the financial year ended 31 March 2018 were  audited by Messrs Ernst & Young, Certified Auditors, who were appointed by the Board.  132 