46th Annual Report - Commonwealth Scholarship Commission in ...

Commission FinancesThe Commission’s funds come in the form ofgrants from the Department for InternationalDevelopment (DFID) and the Foreign andCommonwealth Office (FCO). The former isused exclusively to support award holders fromdeveloping Commonwealth countries, whilstFCO funding supports candidates fromAustralia, Bahamas, Brunei Darussalam, Canada,Cyprus, Malta, New Zealand and Singapore.Figures on this page refer to the financialyear to March 2005, during which period thegrants from DFID and FCO were maintained atthe previous year’s levels giving a total budgetof £13.8 million.87% of expenditure went on awards – afigure unchanged from the previous four years.Administrative costs of the ACU-basedsecretariat and British Council staff remainedat 10%, whilst remaining Commission costs,such as the Welcome Day for new awardholders, once again accounted for 1%. VATaccounted for the remaining 2%.Government funding for the SharedScholarship Scheme is provided through DFIDand amounts to £2 million per year.Expenditure ProfileFCO DFID TotalTotal Budget £2,050,000 £11,750,000 £13,800,000ExpenditureACU Fee £92,941 £566,542 £659,483Costs £23,800 £124,950 £148,750British Council Fee £111,635 £630,040 £741,675Total VAT £38,139 £221,678 £259,817Award and New Programme Expenditure £1,834,220 £10,544,187 £12,378,407Total £2,100,735 £12,087,397 £14,188,132Balance (Overspend) (50,735) (337,397) (388,132)% Overspend 2.47 2.87 2.81FCO£2,050,000DFID£11,750,000£14,000, 000£12,000, 000£10,000, 000£8,000, 000£6,000, 000£4,000, 000£2,000, 0000The Commission seeks to match income and expenditureas closely as possible. 2004-05 saw an overspend of2.8%, within the permitted tolerance of 3%. Thiscompares with an underspend of 1.1% in the previousyear, and an underspend of 2.9% in 2002-03.ACU■ FCOFee■ DFID■ TotalDistribution of ExpenditureCostsBritish CouncilFeeAward andNewProgrammeExpenditure48 Commonwealth Scholarship Commission