E2M PROFIT FOR FA

EZULWINI – Despite reduced grants, Eswatini Football Association (EFA) has managed to make a surplus of over E2 million in the past financial year.

This is as per the detailed income and expenditure statement presented to delegates by EFA CEO Frederick Mngomezulu during an Ordinary General Assembly at Sibane Hotel in Ezulwini. The accounts were audited by the KPMG and found them to be unqualified (in good order). According to the financial report, surplus for the year ended December 31, 2017 was E2 455 873. However, this showed decrease as compared to the past year’s profit, which was at about E5 million. Mngomezulu had highlighted that the association had its grants decreased, as compared to 2016 and there was no cash injection from TV rights and COSAFA.  Government, a major funder for the country’s football mother body, had paid out E6.1 million by December 2017. During the same period in 2016, money pumped in by government was E7.1 million.

The financial report also reflected that FIFA and CAF had given the association E7.2 million and E1.3 million, respectively, in the past year. The previous year, the world soccer governing body had given out about E8 million. Total income generated in 2017 was about E21 million. In 2016, the figures were around E23 million. Despite the profit, the expenses shot up from E17.5 million to E20.1 million. A lion’s share of the money paid out was for travel and accommodation, which amounted to E4.9 million. The financial statement, on the other hand, reflected that the value of owned assets that included land, buildings and motor vehicles was around E33 million. Meanwhile, for the first time, a delegation from global football came down to the country for audit of money presented to the country for the FIFA Forward Programme.

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