The latest audited financial records of the Small Hotels of Barbados don’t make happy reading.
The financial statements for the year ended December 31, 2012, revealed some $441 in bad debt last year, compared to none the previous period. The SHB’s general and administrative expenses also went up from a total of $245,322 in 2011 to $265,035 last year.
The financial report also showed a deficit of well over $96,000 for the year under review. At the end of the year, the small hotels company had a little more than $112,000 less cash on hand and at the bank, than it did the year before.
The financial report, which was presented earlier this week by Executive Director, Gayle Headley-Lowe, disclosed that the $5 million which had been pledged by the Government for marketing the small hotels, had been exhausted. “Consequently, the Barbados Tourism Authority made a commitment to provide the funding for marketing on an annual basis. However, the BTA was unable to provide marketing funds in 2012,” Headley Lowe’s report added. During the financial year, she continued, the organisation received an administrative grant of $300,000 from the Ministry of Tourism.
“The organisation currently has no significant sources of income other than Government funding and relies on this funding to continue as a viable option,” the Small Hotels of Babados noted.
The SHB also had fewer people employed last year, two as against three in 2011. (EJ)