. The financial position in terms of the balance sheet was stronger in the 2008/9 financial period in comparison to 2006/07. . There was growth in investments amounting to R5.8 million due to buoyant equity market and higher interest rates. . Trade receivables were lower due to levy payment received before year- end. . There were increases in cash and cash equivalents as well as cash held at year-end are in respect of commitments to research projects that were awarded. . Increases in trade payables totalled R10.5 million due to accruals for research contractors.