WESSA Annual Review 2021

FINANCIAL REVIEW

It was a challenging year for WESSA with the emergence of the Covid-19 pandemic, the nation-wide lockdown, and its effect on funding opportunities. Project sales for the 2020/21 financial year decreased by 60% in comparison to the previous financial year. This is the lowest number we’ve seen in the past 6 years. This steep decline in project sales is indicative of impact the COVID19 pandemic and lockdown had on business particularly project funding.

Lockdown restrictions made it impossible to implement certain projects and some funders decided to postpone implementation of projects which caused a decrease in sales. With the increased anxiety and uncertainty about the future, some funders decided not to enter new contracts. Although project proposals were submitted the response and success rate was much slower than anticipated.

PROJECT SALES

Despite the severe economic pressures faced in the 2021 financial year, we were very pleased to report a surplus of R2.8m . Although this was below the budgeted amount of R4m, the abnormality of the economy during the year we were forecasted to end on a loss. However, a surplus was achieved which was mainly due to donations brought to book. On a year-on-year comparison there has been a significant decrease in income and expenditure. Again, these are the effects of the COVID 19 pandemic.

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Annual Review 2020-2021