mbulelo smpofu
Fungai Muderere, fungai.muderere@bmetro.co.zw
HIGHLANDERS’ financial situation is dire, according to audited financial statements presented at the club’s annual general meeting (AGM) yesterday.
Incumbent treasurer Israel Moyo acknowledged the club’s financial struggles, stating: “I’m not happy. There is a lot that needs to be balanced.”
The audited financial statements, prepared by Bakertilly independent auditors, revealed several discrepancies and concerns.
The auditors expressed uncertainty about the completeness and existence of property, plant, and equipment valued at US$349 400.
During the year ended December 31, 2024, Bosso management reported US$198 495 in trade and other payables. However, the club’s leadership failed to provide a reconciliation of the amounts owed to various individuals.
“We were unable to perform any alternative procedures to test the completeness, accuracy, and valuation of the amount realised. It was impracticable for us to determine if any adjustments were necessary to the statement of profit or loss and other comprehensive income and the statement of financial position accordingly,” the auditors noted.
The AGM also learnt that Highlanders received donations totalling US$25 653 during the year, but management failed to provide supporting schedules on the valuation and completeness of these donations.
Furthermore, the club received US$150 168 in income, but supporting schedules documentation was missing for US$71 084. Additionally, Bosso received US$43 621 in prize money, but management was unable to resolve a variance of US$21 611.
“As such, we could not satisfy ourselves on the accuracy of the other income and determine if any adjustments were necessary to the financial statements,” the auditors stated.
Highlanders’ operational and administrative expenditure for the year totalled US$883 781, but management failed to provide supporting documentation for US$10 956.
“As such, we could not satisfy ourselves on the occurrence and accuracy of the operating expenditure and determine if any adjustments were necessary to the statement of profit or loss and other comprehensive income and statement of financial position,” noted the auditors.
The AGM was also informed that there were no financial records from clubhouse operations, making it impossible for the auditors to perform any audit procedures on the facility.
Moyo’s presentation of unaudited financials at the 2024 AGM was met with resistance from members, who temporarily blocked him from making his presentation. The incident highlighted the need for transparency and accountability within the club’s financial management.
As the club struggles to get its finances in order, Moyo has called for the establishment of an internal audit committee to ensure better financial management and accountability. — @FungaiMuderere.
