Safa Cape Town released its latest set of financials to the LFA’s.
Now, I’m not an accountant, but these are my observations. If you do not know how to read financials, you’ll get lost along the way because it’s a whole lot of figures thrown at you!
Would a simple method not have been to show the total income of R5006 624, less expenses of R5481 441, which leaves an operating loss of R475 177. Would this not have been an easier method for laymen to grasp and understand?
However, these financials are long-winded, and one could get lost along the way. Also bearing in mind that the financial statements for 2024 reflected a profit of R879565, while special events dropped from R850907 to R320459.
This means that Safa CT has an operating loss of R475 177 compared to an operating profit of R879 565 last year.
If memory serves me correctly, the R850 904 represented basically the funds that were in dispute following the Football for Humanity initiative in collaboration with the Palestine national and the Sport Stepping Stones Academy side almost three years ago.
No Bones with Jones has noted that the 2024 financials reflected three outstanding legal matters regarding Mario Van Niekerk, the Palestine issue and Lutfeyah Abrahams.
The financials further indicate that Van Niekerk’s issue has been finalised, while the other two matters are still outstanding but do not reflect on the 2025 financials.
Our website also picked up on the bottom of page 22 that an amount of R324 025 was written off with no note to explain what this matter is. Surely this is a material amount and requires an explanation, as it’s a huge amount.
Also, the region made a donation to the Gift of the Givers of R100 000, which was proudly posted on social media last year, but that does not reflect on the financials unless it is hidden somewhere.
It would be really interesting to hear what the thoughts of the LFA’s are!
