122. Botswana Accountancy College  2.0 Accounts 2.1 Audit Opinion 2.2 Financial Results  The significant variations in the financial results are attributable to  the change in the business model, as a result the prior year and  current year profit or loss statements are not comparable. The financial statements of the Botswana Accountancy College for the  financial year ended 31 March 2018 were audited by Messrs PricewaterhouseCoopers, Certified Auditors, who were appointed by  the Board. In the opinion of the auditors:  The annual financial statements presented fairly, in all material  respects, the financial position of the Botswana Accountancy  College as at 31 March 2018, and its financial performance and  cash flows for the year then ended, in accordance with International Financial Reporting Standards. The College recorded a profit of P9.74 million before a revaluation gain in properties of P6.51 million, compared to a  deficit of P21.13 million recorded in the previous year. Income  increased by 14% from P159.07 million in the previous year to  P181.36 million in the year under review, while expenditure on the  other hand declined by 5% from P180.20 million in the previous  year to P171.62 million in the year under review. The working capital position of the College as at 31 March 2018  showed total current assets of P68.71 million and current liabilities  of P81.79 million, giving a net current liabilities position of P13.08  million.  Current liabilities included pre-paid tuition and hostel revenue of  P44.67 million and payroll accruals of P6.38 million. 2.3 Working Capital 100 