ST JOHN’S, Antigua (CMC) — Directors of Cricket West Indies (CWI) are optimistic about its finances “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 CWI recorded revenues of US$62.3 million and a net income of US$14.25 million.

The accounting firm, Grant Thornton Antigua, which CWI said “rigorously” conducted the audit, says that the current assets (which it owns or are owed) of CWI exceeded its current liabilities (which it owes or have borrowed) 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 said.

The report says that the directors believe they have considered all material uncertainties, which may cast significant doubt on the group’s ability to “continue as a going concern”. This means CWI is financially stable enough to meet its obligations and continue its business for the foreseeable future.

“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 said.

“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 (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 said.

CWI Chief Financial Officer Kebra Nanton said they are delighted with what is considered 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 Saturday in Antigua.