Earlier this year the UK announced it was putting conditions on part of its funding to the Commonwealth Secretariat. We can now confirm the United Kingdom's £4.7million worth of funds has been received.
Earlier this year the UK announced it was putting conditions on part of its funding to the Commonwealth Secretariat.
We can now confirm the United Kingdom's £4.7million worth of funds has been received.
Secretary-General Patricia Scotland said: “I am delighted we have received the UK’s funding for the Commonwealth Fund for Technical Co-operation (CFTC).
“We have worked diligently to implement the six recommendations from the internal audit on a historic matter. This has been confirmed by KPMG who have also confirmed our procurement policies and procedures now meet established industry practice.
“This funding will support the Commonwealth to continue to deliver its vital work on behalf of our member states.”
The Commonwealth Fund for Technical Co-operation (CFTC) is the principal means for providing technical assistance to Commonwealth countries.
External auditors have given the organisation a clean bill of financial health for each year that the Secretary-General has been in post.
Audited financial statements are prepared in accordance with International Public Sector Accounting Standards, which are the best practice accounting standards for an organisation such as the Secretariat.
Since the Secretary-General took office, the Secretariat's external auditors have provided an unmodified opinion on the financial statements for each of the Commonwealth's three funds, which concludes that the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework.
The Commonwealth's 2018/19 financial statements:
Audited financial statements of the Commonwealth Youth Programme
Document
2018-2019-Annual-Results-Report.pdf
(5.9 MB)