Tennis enjoys financial windfall
Calistus Kolantsho | Saturday December 9, 2023 06:00
The association presented its 2022 financial report at the Annual General Meeting (AGM) over the weekend in Gaborone. Atang Mokgware, the former BTA director of finance, highlighted the proactive approach taken to secure financial assistance through grants from the International Tennis Federation (ITF), Confederation of African Tennis (CAT), the Botswana National Sport Commission (BNSC), and sponsorships.
Mokgware noted that grants saw an increase in the 2022-2023 financial year compared to the previous year, which experienced a decline due to limited activity.
The financial report revealed a notable 20% growth in revenue year-on-year. The surplus of P518, 000 carried forward from the prior period, coupled with improved revenue, facilitated increased tennis activities during the year, resulting in higher operating expenditure. Closing the financial year with a surplus of P435, 000, Mokgware emphasised efficient fund utilisation.
The BTA received grants from the BNSC, amounting to P609, 835 in 2021 and P691, 133 in 2022. Additionally, funds from CAT/ITF increased from P832, 398 in 2021 to P898, 697 in 2022. The total grants and subsidies amounted to P1, 442, 233 in 2021, escalating to P1, 735, 007 in 2022. Mokgware acknowledged the significance of the ITF partnership. “A total of P1.7 million in grants and subsidies was received for the year. This was a 20% improvement year-on-year.
The BNSC funding continues to be a major stumbling block as it covers 38% of the overall operating expenses. Maintaining a healthy partnership with ITF was a key retention strategy to keep the BTA afloat,” he said, stating that the BNSC funding, covering 38% of overall operating expenses, faced a decline post-2019. Anticipating future ITF funding for digitisation and tennis court refurbishment, Mokgware outlined plans to involve affiliate clubs in benefiting from such initiatives.
Addressing concerns about an audited report, Mokgware clarified that the financial report, prepared by professional accounting firm Sigma Accounting Services, underwent a rigorous process. Mokgware said robust revenue-generating initiatives are in the pipeline to curb over-reliance on grants and subsidies for the coming financial year. Meanwhile, Mokgware said they are still waiting for an audited report from the auditors. “We expected you to present an audited financial report.
We do not even remember the last time the audit was done. You just gave us financial statements, not audit reports,” said, Boikobo Gaolebalwe of the BDF Tennis Club, who said the delegates expected an audited report. While awaiting the audited report, he assured delegates that BTA sponsors, including the ITF, CAT, and the BNSC, expressed satisfaction with the financial transparency presented. Plans for the coming financial year include implementing robust revenue-generating initiatives to reduce reliance on grants and subsidies.