Bosso financial woes exposed

Highlanders Football Club's precarious financial state was laid bare at its annual general meeting (AGM) yesterday, as audited financial statements revealed glaring discrepancies and management challenges.

Treasurer Israel Moyo expressed dissatisfaction with the club's financial health, admitting: "I'm not happy. There is a lot that needs to be balanced."

Audited by Bakertilly independent auditors, the financial statements painted a concerning picture. A significant area of concern involved property, plant, and equipment, valued at US$349,400, with the auditors expressing uncertainty over their completeness and existence.

Additionally, the club reported US$198,495 in trade and other payables for the year ending December 31, 2024. However, Highlanders' management failed to provide reconciliations for amounts owed to various individuals, leaving auditors unable to verify accuracy or valuation.

"We were unable to perform any alternative procedures to test the completeness, accuracy, and valuation of the amount realised," the auditors noted, highlighting the impracticality of determining necessary adjustments to the financial statements.

Highlanders received donations worth US$25,653 during the year, but management failed to submit supporting schedules to verify their valuation or completeness. Similarly, of the US$150,168 reported as income, documentation was missing for US$71,084, raising questions about its accuracy.

The club's prize money, amounting to US$43,621, also faced scrutiny. Auditors flagged a variance of US$21,611 that management could not resolve.

Auditors further highlighted operational and administrative expenses totalling US$883,781, with no supporting documentation provided for US$10,956. The lack of records from clubhouse operations made auditing those facilities impossible.

"As such, we could not satisfy ourselves on the accuracy of the other income or determine if any adjustments were necessary to the financial statements," stated the auditors.

Tensions were high during the AGM as members temporarily blocked Moyo from presenting unaudited financials, underscoring a demand for greater transparency and accountability in the club's financial operations.

In response to the challenges, Moyo called for the formation of an internal audit committee to improve financial management and oversight.

The financial revelations come as Highlanders navigate one of the most challenging periods in the club's history, with supporters and stakeholders urging immediate reforms to restore financial stability.