England's failed bid to host the 2018 World Cup cost £21m, according to the latest Football Association accounts.

Russia convincingly won the right to host the event, with England only receiving two votes in their favour.

The FA accounts have shown that although net spending was £14m, the total expenditure over two years was £21m.

These figures contradict sports minister Hugh Robertson, who told the Leaders in Football conference last week that the investment was £15m.

"When I look back on it now, I wish we had the gumption or the knowledge to realise at a very early stage that Fifa wanted something fundamentally different than what we were putting on the table," Robertson said at the time.

"I wish we had had foresight to appreciate that earlier in order to stop the investment of £15m."

The annual report shows that The FA's total cash balances increased by £10m during the year and now stand at £75m.