onCore UK was an associate of Cancer Research UK. It was established to promote biobanking in the research community and to the wider public, and to create a national tissue resource to facilitate translational research. Throughout 2010 onCore UK continued its activities under the auspices of the National Cancer Research Institute (NCRI).
In May 2010, the three funders of onCore UK (Cancer Research UK, the Medical Research Council and Department of Health England) jointly agreed not to provide further funding for onCore UK, beyond that already allocated. The Members of the onCore UK Board, with the support of the Trustees, approved the sunset business plan at the Board meeting on 19 October 2010 as the basis for the closure of the charity. This was formalised through a written Members’ Resolution. In addition, Members, with the support of Trustees formally agreed that a number of the existing onCore UK work-streams should transfer to the National Cancer Research Institute (NCRI) and that onCore UK’s residual assets should transfer to Cancer Research UK for use by NCRI to continue support of cancer biobanking.
onCore UK was formally closed on 28 February 2011.
Activities for generating funds Cancer Research UK Trading Ltd is a wholly-owned subsidiary which generates income through trading activity within the fundraising portfolio. The sale of bought-in goods and cards in the retail chain generated income of over £7 million (2010: £7 million). Some 60% of this was delivered during the Christmas trading period (2010: 60%). At 31 March 2011, the retail chain was made up of 562 shops (2010: 573). The company also generates trading income through entrance fees, merchandise sales and corporate sponsorship associated with our events, the largest being Race for Life. Other activities include the selling of cause-related merchandise through our corporate partnerships and royalty income. Taxable profits are returned to the Charity as a Gift Aid payment. Total revenue was £23 million in the year (2010: £24 million), and profit on ordinary activities was £1 million (2010: £1 million).
The Imperial Cancer Research Fund and The Cancer Research Campaign are wholly-owned subsidiaries, which continue to receive legacy income on behalf of the Charity. This income is transferred to Cancer Research UK immediately on receipt.
Pensions Employees participate in both defined contribution and defined benefit plans. Employees may join the Cancer Research UK Retirement Plan, a defined contribution scheme, at any time. The Cancer Research UK Pension Scheme, a defined benefit scheme, and the Cancer Research UK Stakeholder Plan, a defined contribution scheme, are closed to new entrants.
There are two bases for assessing the value of the assets and liabilities of the Cancer Research UK Pension Scheme (the Scheme). For accounting purposes, they are reported in accordance with the relevant accounting standard – FRS17. The trustees of the Scheme commission a triennial actuarial funding valuation to ensure the Scheme is appropriately funded. The prescribed basis for the latter currently results in a more cautious assumption for discounting Scheme liabilities.
On a FRS17 basis, the Scheme had a deficit at 31 March 2011 of £16 million (2010: £36 million), equivalent to 4% of Scheme liabilities (2010: 10%). The changes in the year are set out in Note 30. The valuation is particularly sensitive to the impact of the discount rate assumption on Scheme liabilities: a variation of 0.1% in the discount rate results in a change to the deficit of around £8 million (2010: £8 million).
The last triennial funding valuation took place as at 31 March 2009, and showed a deficit of £102 million (2006: £12 million). This assessment took place at the height of the credit crunch when asset values reflected a low point in investment markets. A pension deficit recovery plan which includes a schedule of additional contributions to be made by the Charity over the next 12 years has been agreed. On the basis of the 2009 triennial valuation assumptions, the ongoing funding deficit would be eliminated by 2023. We continue to work with the Scheme trustees to manage any deficit and implement the actions we have agreed. An estimate of the funding valuation at 31 March 2011 prepared by our actuaries shows a reduced deficit of £50 million (2010: £65 million), reflecting strong investment returns during the year and the additional contributions made.
Our governance, structure andmanagement
Annual Report and Accounts / Our finances / 15
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64