Administrators of Cricket West Indies (CWI) have expressed optimism that the organisation will proceed as a going concern “for the foreseeable future.”
In an impartial auditor’s report on the consolidated monetary statements of CWI for the 12 months ending Sept. 30 final 12 months the group recorded revenues of US$62.3 million and internet revenue of US$14.25 million.
CWI mentioned the audit was performed by accounting agency, Grant Thornton Antigua, and the report indicated that its complete property exceeded its complete liabilities by a bit of greater than US$25.6 million.
“The group has taken and can proceed to take steps to reinforce the probability of its long-term viability,” the report acknowledged.
“The administrators are conscious that some danger stays as there’s a diploma of uncertainty as to the extent of outcomes that can be achieved within the 12 months forward,” the report added.
“Nonetheless, having fastidiously thought of all components, the administrators have an inexpensive expectation that the group could have enough sources to proceed in operational existence for the foreseeable future.”
The auditor’s report mentioned CWI had recognized its projected necessities via to 2027 with an enhanced strategic plan, which can be rolled out early this 12 months.
“Moreover, administration believes that with the now full possession of the Coolidge Cricket Grounds Inc. (CCG) in Antigua, and the popularity of CCG’s property primarily based on honest worth that CWI Group will be capable to higher leverage these property to supply appropriate long-term funding in help of its Grasp Plan which is geared at augmenting and diversifying its enterprise improvement actions,” the report acknowledged.
CWI Chief Monetary Officer Kebra Nanton mentioned the group was delighted with the numerous enhancements in its monetary standing because it continues the transformational change internally.
“Having efficiently reversed the deficit of over US$2 million, which was over US$23 million in 2021, we now report a surplus of US $12 million,” she mentioned in a information launch.
“Moreover, our forecast for the tip of 2024 anticipates our surplus exceeding US$20 million.
This achievement lays a stable basis for our sustainability over the subsequent 4 years.”
The annual monetary statements had been shared on the annual common assembly of CWI on March 23 in Antigua.
