VARIANCE REPORT SUMMARY NOTES INCOME · The original basket fund income estimate of USD 2.18 was revised upwards to USD 2.66 after making an adjustment for the extra USD 480,000 from the Norwegian Embassy was pulled back to the current year. The amount had originally been allocated to the period falling outside the SPP2 period. · Total income received for the year was USD 3.10m, 15% above the previous year. · Foreign exchange fluctuations between the time of budgeting and the time funds were received was the major cause of variances between the individual line budgets. EXPENDITURE · Total expenditure for the year was USD2.69m – 6% over the budget figure of USD2.86m · Whereas the total expenditure was within the budget limits, there were significant shifts between programme areas and between chapters. This was due to changing priorities and areas of focus during the course of the year. · Programme B had an overall expenditure of USD 550,000 against a budget of USD 629,000 – a positive variance of 12%. The major cause was the shift of the regional AGM (and related board meetings) to South Africa, which was a cheaper venue. · Campaign for Broadcasting Diversity (Programme C) had a favourable variance of 16% mainly as a result of redeployment of support staff to another programme and Angola activities which were not undertaken as the chapter was still experiencing governance problems. · There was a general overall saving in staff costs as two positions at managerial level remained vacant throughout the year under review. · Programme D had an over-expenditure of 8% - arising from under-funding of one major workshop. Annual Report 2006 55