The Bermuda Cricket Board raised more revenue last year than it did the previous year but still suffered a substantial loss, according to the financial records.

And if the present trend of losses continues, the BCB could potentially run out of money within the next four years.

Figures in the audited report for the year ending December 31, 2012, which The Royal Gazette has obtained a copy of, indicate that the BCB spent more money then it took in.

The BCB ended the year 2011 with net assets of $1.22 million, but a year later its assets dwindled to $948,399 which represents a loss of $274,734. This compares with a loss of $523,822 that the BCB suffered in 2011.

The loss was driven by a year-over-year $129,840 cut in grants from Government and the International Cricket Council (ICC).

The BCB had its annual government grant slashed from $350,000 in 2011 to $235,368 last year and its annual ICC grant dwindle from $360,653 to $345,445 during the same period.

However, sponsorship and revenue from an undisclosed source were up from the previous year.

The BCB had its sponsorship increase from $86,386 in 2011 to $166,040 last year, while revenue from the undisclosed source increased from $108,505 in 2011 to $168,642 over the same period.

The narrowing of the BCB’s losses last year could be attributed to a reduction in salaries, wages and employee benefits, operational expenses, high performance and development.

The BCB slashed its salaries, wages and employee benefits from $614,798 in 2011 to $502,410 last year, with the departure of development director Arnold Manders perhaps contributing to the reduction.

Operational expenses dwindled from $198,123 in 2011 to $149,202 last year, while high performance was down from $285,272 to $139,680 and development down from $99,108 to $94,354 during the same period.

The BCB spent more on international and domestic competition last year than it did the previous year.

Figures show that the BCB splashed out $207,089 on international competition last year compared with the $172,728 that it spent on international competition in 2011.

Some $93,414 was spent on domestic competition in comparison with the $58,509 the BCB spent on domestic cricket the previous year.