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