EBA RECORDS E2 083 DEFICIT

MBABANE – The Eswatini Boxing Association (EBA) recorded an E2 083 deficit for the year ended March, 31, 2020.

Interestingly, the association is without an active bank account which is reflected to their financial statement for the year ended March 31, 2020.

Clubs have been questioning the decision of the association on the delayed financial report.

EBA held their Annual General Meeting (AGM) on September 27, 2020 at the OlympAfrica in Lobamba where copies of the financial report were not given to clubs despite that Treasurer Vincent Sihlongonyane had presented on the document.

According to clubs, the financial statement was given to clubs recently after a long wait as the executive committee had promised to email the document a week after the meeting.

Subscriptions

The statement reflects that the association did not receive any grants for the past financial year. For revenue, there is other income valued at E24 684 plus E7000 received as subscriptions.

This makes total revenue stand at E31 684 while total expenditure totals E33 767 resulting to the deficit of E2 083.

Items under expenditure include international affiliation amounting to E13 950; local tournaments cost E18 484 with an accounting fee of E1 200 and bank charges of E133.

From the accountants’ report, it is stated, “We noted that the association does not have an active bank account, something that must be attended to by the members. Payments to or by the association must be reflected in the bank account.”

Depreciated

According to the accountants, the fixed assets must be depreciated annually by a certain percentage agreed by the members. Evaluations may be done if the asset was still in use but had been fully depreciated to reinstate a new figure in the books of accounts.

At the end, it reads, “We report that, the financial statements reflect a fair view of the financial position of the association for the year ended March 31, 2020.”

Meanwhile, the treasurer, Sihlongonyane, when drawn for comment confirmed that they did not have an active bank account.

“There was no money in the bank account and it was closed in the middle of the year. We will now reopen it because there are funds which have been paid to the association recently,” he Sihlongonyane.

Inactivity

The member of Parliament added that they were not even aware that the bank account was no longer active because there was no money in the association because of inactivity.

The treasurer also highlighted that other auditing firms were very expensive but the one they used was recognised and approved by the Eswatini Sport and Recreation Council (ESRC).

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