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Financial results for the year ended 31 March 2012 The Commission’s financial results show income of £64m, up 3.7% on 2010 – 2011. Activities in the year generated a surplus, before other recognised gains and losses, of £983k, in contrast to a surplus of £511k in 2010 – 2011. However, these surpluses were necessary to generate the cash to support our capital investment programme. In 2010 – 2011, the total FRS 17 pension adjustment was a favourable move of £2.4m, bringing the net deficit to nil in the 2011 balance sheet; this reflected a gradual recovery from international financial pressures during the previous year. In 2011 – 2012 there was a negative movement of £3.2m on the pension deficit, with a matching liability shown on the balance sheet. This reflects the deterioration in the financial markets in the second half of the year, combining assumptions of higher inflation and lower investment yield. The balance sheet reflects the new accounting policies, with capital assets at £14.2m, foreign employment liabilities at £4.0m and net reserves of £8.1m. The Commission retains sufficient reserves to address working capital needs and increasingly, to mitigate operational risk. Restricted reserves are retained to reflect historic donations and legacies outside of member government funding. The taxation status of the Commission is that it does not pay any corporation tax (or equivalent) in any country in which it operates. Percentages of contributions being made by partner governments Government Percentage United Kingdom 78.43 Canada 10.07 Australia 6.05 New Zealand 2.14 South Africa 2.11 India 1.20 The report from the external auditors, Grant Thornton UK LLP, is attached. On behalf of the Commissioners TOTAL Lieutenant General Sir Alistair Irwin Vice Chairman Alan Pateman-Jones Director General 100.00

2011-2012 Annual Report

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