HIGHLANDERS chairman Kenneth Mhlophe revealed last Sunday at the club’s Annual General Meeting (AGM) that due to the rate of inflation being experienced in the country, membership fees had been increased.
The Bosso leadership invoked Article Four of the club’s constitution which states that the subscription fee will be determined by the executive committee from time to time.
“Membership fee is now $100 while life membership is now pegged at $300. Renewal of ordinary membership is now $60 annually, while replacement of lost card is $40. All the fees actually doubled,” said Mhlophe.
The club has over 2 000 life members who make monthly contributions meant to alleviate the club’s financial woes.
Last year, Bosso’s revenue increased by 40 percent from $878 000 in 2017 to $1, 2 million in the year ended December 31, 2018, according to club treasurer, Donald Ndebele.
Presenting the club’s financials at the AGM, Ndebele said in the 2018 financial year, Bosso made a loss of $35 000, an improvement from the $185 000 loss in 2017.
The club removed Manwele Beerhall from its balance sheet resulting in its debt declining by $67 000.
Its current liabilities exceeded current assets by $807 000, with the club sitting on a cumulative deficit of $595 000.
Sponsorship was again the biggest revenue earner, contributing $395 000.
NetOne was the biggest sponsor with the payment of salaries and signing on fees worth $350 000, while Nyaradzo, through promotion of its policies via the Bosso fans, contributed $43 000.
Prize money also played its part as Highlanders collected $154 000, with the highest single contributor coming from the team’s fifth place finish to pocket $40 000.
Gate takings saw a 14 percent rise from $114 000 in 2017 to $180 000 in 2018, with the match against Dynamos at Barbourfields contributing the highest figure of $38 000.
Other revenue streams went down with the television rights payment realising a 93 percent drop.
Bosso received $2 400 from the PSL ZBC rights, down from the $36 000 received in 2017 when South African broadcaster SuperSport held the rights.
There was also a drop in the sale of players from the $116 000 in 2017 to $11 000 in the 2018 financial year.
Developmental fees on King Nadolo when he moved to South Africa reportedly saw Highlanders realising $10 000, pointing to the need for the club to tighten its online registration for juniors as other teams tend to benefit in the long term.
Highlanders earned $39 000 from the sale of merchandise, a rise from $14 000 in 2017.
The meeting also disclosed that the club would soon be appointing a manager to run the sports club. It is hoped a hands-on manager will make the sports club profitable. There was also a rise in the contribution by the sports club, which realised $170 000, up from $164 000.
Despite another qualified audit opinion, the independent auditors report gave a thumbs up to Bosso’s improved financial controls and the increase in revenue.