WAP Financial Report  for the 12 month period ending 31st March 2009

WAP commenced operations towards the end of 2005 and became incorporated on 6 Dec 06. Its first filed accounts covered the period from commencement to 31st March 2008, a period of nearly 16 months. These accounts cover the 12 month period 1st April 2008 to 31st March 2009 (please note the different period lengths when comparing figures).

WAP’s “core costs” – the costs of running WAP rather than specific “project costs”, have been principally funded by grants received from North Norfolk Community Partnership (NNCP). There is a small under-spend on Core costs of £682 which reflects prudent budget control by the Board and management team.

At the bottom of page 4, “The Funds of the Company”, you will see that there is a carried forward balance of £19,634 in unrestricted funds. After allowing for budgeted expenditure incurred in the year but not paid at 31/03/08, there is a balance of £9,933. The terms of our grant funding from NNCP require us to declare under-spend on Core Costs, we have therefore advised NNCP of this “underspend”. NNCP have decided to deduct this sum from their grant payment for the 3rd and 4th quarter of the current year. This still provides us with sufficient funding to meet our budgeted Core Cost expenditure until March 2010

“Project Costs” are met with “Restricted Funds” and balances are maintained in these accounts to enable the Projects to continue through financial year-ends to completion. Details of Restricted funds can be found in Note 5 on Page 4

We are in the process of negotiating funding for the year April 2010 to March 2011 and we have been advised to expect a reduction in funding from NNCP of up to 20% below 08/09 levels. We will be seeking additional support from local businesses, charities and other groups to ensure that the work of WAP and its ability to deliver community benefit in the form of projects can continue.

Peter Rainsford
Trustee

12th October 2009