The Bermuda Cricket Board’s Net Assets continued to plummet at an alarming rate last year, according to the financial records.

The Board’s Net Assets plunged 46 per cent from $1,223,133 to $657,869 between January 1, 2012 and December 31, 2013.

For the second straight year the BCB raised more in revenue, with an increase of more than $250,000 in revenue from the previous year, but still suffered a substantial loss.

Figures in the audited report for the year ending December 31, 2013, indicate that the BCB raised $1,175,495 in revenue compared to the $916,519 it raised the year before.

The spike in revenue was primarily due to a substantial increase in funding from the International Cricket Council and sponsorship from undisclosed sources.

Figures reveal that the BCB received $545,129 from the ICC in 2013 compared to $345,445 the previous year while sponsorship also increased considerably from $166,040 in 2012 to $400,222 last year.

The BCB had its annual government grant slashed from $235, 368 in 2012 to $129,560 last year while other income dwindled from $168,642 in 2012 to $100,261 in 2013.

Figures also show that the BCB was owed $21,874 in annual membership fees during the year ending December 31, 2013.

The BCB slashed its Salaries, wages and employee benefits from $502,410 to $392,543 last year, with the departure of national coach David Moore perhaps contributing to the reduction.

The BCB’s operational expenses dwindled from $149,202 in 2012 to $139,273 last year and development down from $94,354 in 2012 to $67,979 last year.

The Board spent $406,550 on international competition last year compared to $207,089 in 2012, the increase perhaps owing largely to Bermuda hosting the Pepsi ICC World Cricket League 3 tournament.

Spending on domestic competition increased from $93,414 in 2012 to $104,969 last year while spending on high performance also increased to $348,334 last year compared to $139,680 in 2012.