The project was due to start building on 26th October, so is already three months behind.
David Jones, the Chair of the Trustees of the Lisvane Old School Community Centre charity said: “The project is “really on a knife-edge now, we need to make it work. There’s not a lot of scope for further delays.”
He added that the project is unlikely to lose the whole £100,000 as some expenditure has already been incurred, so if there is a loss, it is likely to be £45,000.
However, there is still hope that enough work can be completed by 31st March to retain the funding, if work can be commenced by January.
Approval of drainage plans usually takes seven weeks, but the Cardiff Council site officers have said they will fast-track the approval.
Mr Jones said the time frame is now very tight, but it is possible.
“If we do lose that funding it would be quite serious, we would probably need to look at our financial strategy and all sorts of options might have to be taken, whether we staggered the build or cut back certain aspects of it,” he said.
“We would have to look at how successful we would be in raising the £100,000 from another source and how long it would take.”