CWI finances paint bright ‘foreseeable future’
Directors of Cricket West Indies (CWI) have expressed optimism that the organisation will continue as a going concern “for the foreseeable future.”
In an independent auditor’s report on the consolidated financial statements of CWI for the year ending Sept. 30 last year the organization recorded revenues of US$62.3 million and net income of US$14.25 million.
CWI said the audit was conducted by accounting firm, Grant Thornton Antigua, and the report indicated that its total assets exceeded its total liabilities by a little more than US$25.6 million.
“The group has taken and will continue to take steps to enhance the likelihood of its long-term viability,” the report stated.
“The directors are aware that some risk remains as there is a degree of uncertainty as to the level of results that will be achieved in the year ahead,” the report added.
“However, having carefully considered all factors, the directors have a reasonable expectation that the group will have adequate resources to continue in operational existence for the foreseeable future.”
The auditor’s report said CWI had identified its projected requirements through to 2027 with an enhanced strategic plan, which will be rolled out early this year.
“Furthermore, management believes that with the now full ownership of the Coolidge Cricket Grounds Inc. (CCG) in Antigua, and the recognition of CCG’s assets based on fair value that CWI Group will be able to better leverage these assets to provide suitable long-term funding in support of its Master Plan which is geared at augmenting and diversifying its business development activities,” the report stated.
CWI Chief Financial Officer Kebra Nanton said the organization was delighted with the significant improvements in its financial standing as it continues the transformational change internally.
“Having successfully reversed the deficit of over US$2 million, which was over US$23 million in 2021, we now record a surplus of US $12 million,” she said in a news release.
“Furthermore, our forecast for the end of 2024 anticipates our surplus exceeding US$20 million.
This achievement lays a solid foundation for our sustainability over the next four years.”
The annual financial statements were shared at the annual general meeting of CWI on March 23 in Antigua.
