Muziwethu Hadebe
UK Guest Writer
The Zimbabwe Football Association (Zifa) received an unqualified audit opinion from its auditors BDO Zimbabwe Chartered Accountants for the year ended 31 December 2024.
An unqualified audit opinion means all financial statements are prepared, in all material respects in accordance with the applicable financial reporting framework.
It means the auditors were happy with the financial flow at Zifa.
The clean audit is a plus for Zifa as it will undoubtedly seek more funding from Fifa which is its main source of revenue currently.
Zifa’s income increased by over 100% compared to the same financial year in 2023.
Total income was $4 142 875 as compared to $ 1 582 432 in 2023.
Fifa grants contributed 81% of the income at $3 361 596 while the second highest income generator was a Caf grant of $274 854 which was 7% of the total income.
TV rights, often ignored in the local Premier Soccer League contributed $167 684 while prize money chipped in with $250 000.
Zifa’s expenses for the year ended stood at $3 702 495, resulting in a surplus of $400 439 for the period under review, the surplus is a rise from the figure of $69 417 in 2023.
While Zifa got a clean audit of which most of the period included the organisation running under the Lincoln Mutasa-led normalisation committee, it will be interesting to find out how the elected committee will generate funds for the association within Zimbabwe through various partnerships as many football projects like women’s football, and junior football and coach training are crying for proper funding.
Zifa needs to explore all avenues of income generation like a proper kit for the warriors leading to replica sales, TV rights and a stronger online presence through a ZIFA TV, attracting new sponsors as well as proper documentation of the national teams’ runs alongside every little donation which should reflect on the financial statement.
The auditors presented abridged financials which is acceptable but it will be up to the Zifa council to get specific expenditure of the $3 702 495.
Such a breakdown is important for the councillors as it will give a guide into the financial discipline at the association and also possible where expenses can be cut or reduced.
This also goes to the income breakdown; it has to be clear what sort of funding Zifa is currently getting from Fifa. Is it just for the national teams; is there anything for projects, women’s football and junior football??? In the executive summary Zifa president Nqobile Magwizi says the long term vision is for the association to build its own stadium. Given the non-available of approved stadiums in the country this might be necessary but is it practically possible? Only time will tell.
Clean Audit for ZIFA as Revenue Increases
