Financial Statements June 2022

Introduction from the Director-General

It gives me great pleasure to introduce the 2021-2022 Annual Financial Statements of the Commonwealth Foundation. The Foundation’s reputation for careful and transparent use of public funds owes much to the diligent work of the finance team, led by our longest-serving staff member, Finance Manager Stephanie Song. My thanks to Stephanie and her team for supporting the Foundation through another challenging and exciting year – as well as to our auditors, who continue to provide excellent guidance to the Foundation during times of continuing change and uncertainty.

After two years of conducting the audit remotely, we were happy that circumstances once again permitted us to undertake the 2021-2022 audit in person. Like many other organisations, the Foundation has experienced remote work as a time of real innovation and growth. Our financial administration, for example, has been considerably streamlined with all management, payment and record systems now fully online. During this audit we continued to benefit from those changes, (for example, real-time sharing of documents), while also experiencing the substantial advantages that come with in-person working.

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