BCA profits climb

IN SPITE of the global economic recession, the Barbados Lottery – the merged lottery operations of four sporting organisations – continues to bring in significant revenue.For the year ended March 31, 2010, the Barbados Cricket Association (BCA) received a share of $4 million, the most it has ever received since the lottery started four years ago.It represents 4.25 per cent of the total revenues from the Barbados Lottery and more than $200 000 over what the BCA gained the previous year.Additionally, the local cricket governing body realised an operating profit of $3.8 million during the year, a significant jump from the $2 million surplus of the year before.The satisfactory financial return has put the BCA on a good wicket to continue with its development programmes.“My usual position is that the association should measure its success by the programmes it plans and implements rather than looking at the bottom line alone,” BCA treasurer Orson Simpson told members in his yearly report that is due to be presented at the annual general meeting next Tuesday.“Since we are in the process of development and still have some way to go, it is necessary that we balance the consolidation of our financial position as well as the commitment of funds to our activities to effectively pursue our goals.”During the year under review, the BCA’s overall revenue declined from $7.7 million to $6.7 million, but it was also able to reduce its expenditure from $5.6 million to $4.5 million.Among the factors behind the decline in revenue were a reduction in grants from the West Indies Cricket Board for regional tournaments in light of the fact that the first-class competition was cut in half, and a reduction in membership fees. Additionally, the 2009 revenue was beefed up by the receipt of the last portion of funds from the 2007 World Cup.The BCA was also able to benefit by the write-off of a significant part of a $2.25 million loan from the Public Enterprise Investment Fund.Expenditure for the year was reduced in large part because the general and administrative expenses were kept under control.In view of the financial position and with a focus on the development of the game, the BCA board is seriously exploring the development of land at Wildey to establish a venue that would be the home for youth teams and a training base for national and age-group teams.Simpson told members it was in the planning stage and would only be pursued after proper and total consideration.“It is, therefore, important that the BCA continues to practise prudent management of its resources, especially in the current economic environment,” the treasurer said.“We should also explore available opportunities to create beneficial partnerships. I suggest [that] the pitch is prepared and it is now up to the ‘players’.”