Notes to the Accounts (continued)

6a) Grant costs

Group 2011 £000

Grants provided in the year Decrease in provision for funding of life chairs and fellowships Finance charge on provision for life chairs and fellowships Discount on provision for training grants Write-back of underused grants and major adjustments

176,298 (719) 452 150

(11,598) 164,583

Group 2010 £000

159,020 (770) 824 411

(12,653) 146,832

6b) Grant commitments and creditors This table analyses the movement of grant commitments and creditors in the year and shows when they are expected to be paid out. Amounts due for payment in the year to 31 March

Total £000

Grant commitments (not included in the accounts) Balance at 1 April 2010

Movements in the year New grants

Awards recognised (transfer to creditors) Write-back of underused grants Adjustments

Balance at 31 March 2011 280,321 157,398

(176,181) (4,629) (2,778)

254,131

Grant creditors – research grants, life chairs and fellowships Balance at 1 April 2010

Movements in the year Awards recognised

Write-back of underused grants Grant costs

Grant payments Phasing adjustments Balance at 31 March 2011

Total grant commitments and creditors Balance at 1 April 2010

Balance at 31 March 2011

176,181 (11,598)

164,583

2011 £000

36,618 19,720

(50,647) (745)

(4,946) –

198,068 145,598

50,647 (4,688)

45,959

(175,889) (175,889) –

(15,668) 186,762

2012 £000

96,596 37,261

(86,272) (1,485) (8)

46,092 30,029 86,272 (884)

85,388 –

12,452 – 127,869

2013 £000

79,639 34,756

(23,869) (1,264) (2,478)

86,784 11,358 23,869 (550)

23,319 –

1,478 36,155

2014 £000

46,292 31,385

(12,772) (674)

3,905 68,136 3,969 12,772 (553)

12,219 –

1,287 17,475

2015 2016 onwards £000

£000 15,124

24,473 (1,966) (279) 96

37,448 1,400 1,966 (551)

1,415 –

396 3,211 6,052 9,803

(655) (182) 653

15,671 5,714 655

(4,372) (3,717)

– 55 2,052 478,389 182,216 126,625 90,997 50,261 16,524 11,766 440,893 – 173,961 122,939 85,611 40,659 17,723

Adjustments to commitments arise from variations such as changes in inflation assumptions, the non-renewal of grants, any additional commitments entered into and reclassification of prior year numbers.

Grant commitments for awards where more than five years of expected payments are provided at the outset have been discounted using a weighted average cost of capital of between 2.81% and 6.38% (2010: between 2.68% and 6.46%).

An analysis of grant-funded research by host institution with details of the grants awarded during the year, forming part of these audited financial statements, can be found on the Charity’s website at aboutus.cancerresearchuk.org/grants

34 / Annual Report and Accounts / Notes to the Accounts