The Conservative Commonwealth Council was funded by a subsidy from Conservative Central Office, as well as subscriptions from members, but received insufficient funding to cover the full cost of the hospitality for overseas visitors it was required to provide, as well as financial assistance to regional and provincial groups. The Colonial Secretary, Alan Lennox-Boyd recommended that a sum of £2,000 should be raised, but referred this to the Party Treasurer. The General Committee minutes of 13/02/1956 record the Party Treasurer's conditional approval for fundraising for a Special Fund of £2,000 to be raised from private individuals and companies engaged with regional Commonwealth trade and development who would not otherwise contribute to Conservative Party activities. The Special Fund would cover the period 1957-1960 and for a bank account to be opened, controlled by an inter-group Finance Committee.

The General Committee of the Conservative Commonwealth Council agreed to the formation of a Special Fund and Finance Committee at its meeting of 15th April 1957. The Finance Committee was chaired by Geoffrey Kitchen and consisted of the Council officers and the various Group chairmen, and held its first meeting on the same day.