43rd Annual Report - Commonwealth Scholarship Commission in ...

COMMISSION FINANCESDistribution of expenditure£12,000,000£10,000,000£8,000,000£6,000,000£4,000,000FCODFIDTOTALThe Commission’s funds come in the form of grants from theDepartment for International development (DFID) and the Foreignand Commonwealth Office (FCO). The former is used exclusively tosupport award holders from developing Commonwealth countries,whilst FCO funding has hitherto supported candidates from Australia,Canada and New Zealand. For the 2003 competition, FCO supporthas been extended to cover Bahamas, Brunei Darussalam, Cyprus,Malta and Singapore.Figures on this page relate to the financial year 2001-02, duringwhich the grant from DFID was maintained at £10 million, and thatfrom FCO increased from £1.75 million to £1.95 million.Subsequently, the DFID grant for 2002-03 was increased to £11.5,enabling the Commission to develop many of the new initiativesdescribed in this report.£2,000,000£0ACU FeeCostsBritish Council FeeAward Expenditure87% of expenditure went directly on the cost of awards, a figureunchanged from the previous year. Administrative costs of the ACUbased secretariat accounted for 4.4% , and the British Council for5.9%. 1.0% was devoted to remaining Commission costs, such as theannual welcome programme for new award holders. The remaining2.0% was accounted for by VAT.Distribution of expenditure figuresFCO DFID TOTALAllocation £1,950,000 £10,000,000 £11,950,000ExpenditureACU Fee £83,406 £437,882 £521,288Costs £19,304 £101,346 £120,650British Council Fee £111,635 £586,085 £697,720Total VAT £37,510 £196,929 £234,439Award Expenditure £1,791,655 £8,494,426 £10,286,081TOTAL £2,043,510 £9,816,668 £11,860,178Overspend (underspend) £93,510 (£183,332) (£89,822)% Overspend (underspend) 4.80 (1.83) (0. 75)Sources of fundingFCO £1,950,000The Secretariat and British Council aim to match income andexpenditure as accurately as possible. 2001-02 saw an underspend of0.75%, compared with an overspend of 2.31% in the previous year.DFID £10,000,000CSC Annual Report page 34