166. Local Enterprise Authority  2.0 Accounts  2.1 Audit Opinion 2.2 Financial Results 2.3  Working Capital The financial statements of the Local Enterprise Authority for the  financial year ended 31 March 2018 were audited by Messrs KPMG,  Certified Auditors, who were appointed by the Board in terms of  Section 25 (2) of the Small Business Act, (Cap 43:10).  In the opinion of the auditors: The financial statements presented fairy, in all material respects,  the financial position of Local Enterprise Authority at 31 March  2018, and of its financial performance and cash flows for the  year then ended in accordance with International Financial  Reporting Standards.  The financial operations of the Authority for the year ended 31  March 2018 showed a deficit for the year of P2.87 million,  compared to a surplus of P 8.44 million in the previous year. The total operating income had a marginal increase of 3% from  P154.86 million in the previous year to P159.67 million in the year  under review, while the operating expenses increased by relatively significant 11% from P147.92 million in the previous year  to P163.79 million in the year under review.  As at 31 March 2018, the working capital position of the Authority  showed current assets of P44.69 million and current liabilities of  P57.66 million, resulting in a net current liabilities position of P12.97 million.  Current liabilities included deferred capital grants (for purchase  of property, plant and equipment) of P5.67 million, deferred  revenue grants (advanced for working capital) of P28.82 million  and payroll accruals of P18.58 million.  180 