Quangoes of the week (2)

From The Metro:

Official bodies making cultural, sporting and arts grants have been urged to improve efficiency, after an MPs' report found that it costs up to 35p to deliver £1 worth of support. The nine principle grant-making organisations sponsored by Andy Burnham's Department for Culture, Media and Sports (DCMS) spent a "hefty" £200 million between them in awarding grants worth £1.8 billion in 2006/07, said the MPs.

So ... that's £200 million wasted, with the balance of £1,800 million ... er ... wasted as well?