Notes to the Accounts (continued)
14. Programme-related investments – UKCMRI Ltd
Group 2011 £000
Land Loan to UKCMRI Construction Ltd Loan to UKCMRI Ltd Investment in UKCMRI Ltd
Total programme-related investments
18,040 –
6,260 –
24,300
Charity 2011 £000
18,040 –
6,260 4,989
29,289
Group and Charity 2010 £000
18,040 6,388 – –
24,428
The loan to UKCMRI Ltd is unsecured, interest-free and has no fixed date for repayment. It is expected to be converted into share capital in due course. On 17 June 2011, a further 9,240,343 of shares were allocated as repayment of the loan.
The Group’s share of net assets in the associate, UKCMRI Ltd, is included under ‘Programme-related investment in associates’ at £4.6 million.
15. Investment in joint venture – UKCMRI Construction Ltd
Until 31 January 2011, Cancer Research UK and its three partners (the Medical Research Council, the Wellcome Trust and University College London) jointly owned UKCMRI Construction Ltd, which manages the construction of the new building. Each of Cancer Research UK and its three partners held one of the four issued ordinary shares, and had the right to veto decisions and the right to appoint one director. On 31 January 2011 ownership of UKCMRI Construction Ltd passed to UKCMRI Ltd by means of a share for share exchange.
Share of net assets
The Group’s one-quarter share of: Fixed assets
Current assets Gross assets Creditors
Gross liabilities Share of net assets
2011 £000
– –
– – – –
2010 £000
1
7,804 7,805
(7,804) (7,804) 1
40 / Annual Report and Accounts / Notes to the Accounts
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