CWI financial report leaves directors optimistic

ST JOHN’S, Antigua (CMC):

DIRECTORS OF Cricket West Indies have expressed optimism that the organisation will continue as a going concern “for the foreseeable future”.

This was contained in the independent auditor’s report on the consolidated financial statements of CWI for the year ending September 30 last year, in which the organisation recorded revenues of US$62.3 million and net income of US$14.25 million.

The accounting firm, Grant Thornton Antigua, which CWI said “rigorously” conducted the audit, indicated that the current assets of CWI exceeded its current liabilities by almost US$7.5 million and 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 report noted that the directors believe they have considered all material uncertainties, which may cast significant doubt upon the Group’s ability to continue as a going concern.

“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 organisation 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.

“By fortifying our financial position through increased retained earnings, we have bolstered our ability to navigate future challenges.”

The annual financial statements were tabled at the annual general meeting of CWI on March 23 in Antigua.