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Annual Report and Financial Statements 2012 Annual Report 2012 Annual Report And Financial Statements 2012 The Wellcome Trust is a charity registered in England and Wales, no. 210183 Contents 02 Chairman’s Statement 02 04 Trustee’s Report 04 Vision and Objects, Mission, Focus Areas and 04 Challenges Financial Review 06 Review of Past and Future Activities 10 Review of Investment Activities 16 Structure and Governance 26 Remuneration Report 31 Audit Committee Report 33 Social Responsibility 34 36 Independent Auditors’ Report 36 Consolidated Statement of Financial Activities 37 Consolidated Balance Sheet 38 Statement of Financial Activities of the Trust 39 Balance Sheet of the Trust 40 Consolidated Cash Flow Statement 41 Notes to the Financial Statements 42 Reference and Administrative Details 78 Chairman’s Statement Sustained investment in research can bring real benefits Physiology or Medicine which was therapy for patients by examining the shared by a former Governor of the genetics of individual tumours, and Trust, Professor Sir John Gurdon. His revealing the genetic basis of the way work showed that mature cells had the specific cancers respond to different potential to be reprogrammed into drugs. stem cells. Subsequent decades of investment in stem cell research have At the same time, ever-improving brought us ever closer to realising the technology is giving us an advantage promise of stem cell therapies. against infectious diseases. A study published this summer demonstrated We saw again this year how sustained how modern genome sequencing investment in research can bring real could track methicillin-resistant benefits. Genetics has been one of the Staphylococcus aureus (MRSA). Trust’s most focused areas of funding Retrospective analysis of samples since the mid-1990s. First, we sought from a real outbreak of MRSA in a Summary of Chairman’s to decode the human genome; then we hospital showed that the outbreak Statement had to find ways to apply that could have been identified and knowledge. I think we are at a stage stopped sooner with the new • We committed £701 million in grant now when we can stop talking about technology. This approach could help funding and direct charitable genetics improving health in the to control outbreaks of hospital- activities this year, mostly in grants future – it is improving health today. acquired infections more effectively to scientists working in medical Looking forward, the Trust is funding than existing laboratory techniques. research, and most of them in the a clinical trial of a gene therapy for UK. choroideraemia, a rare genetic Changing world disorder that slowly causes people to Britain was the workshop of the world • Central to much of the genetics lose their eyesight. The therapy uses a 150 years ago. Today, we have a new research we fund is the Wellcome benign virus to deliver a healthy copy role as one of the leading ‘knowledge Trust Sanger Institute. We have of the defective gene into patients’ shops’ in the world. Through invested more than £1 billion there eyes. The trial began in October 2011 partnerships with other funders, over the last 18 years. and, this time next year, we should universities, businesses, charities and know whether it has been successful government agencies, we can • The future of science really does in halting loss of sight in the first 12 facilitate creative interactions between depend on the quality of science patients. researchers in all sectors. The education today. Wellcome Trust continues to invest Central to much of the genetics substantially in the UK’s universities, • Our investment returns drive our research we fund is the Wellcome but we are also ensuring that their ability to make charitable Trust Sanger Institute. We have scientific discoveries can be used to commitments. In 2011/12, we invested more than £1 billion there improve healthcare. returned £1.6 billion, bringing our over the last 18 years. The Sanger investment return over ten years to Institute was at the heart of the For example, together with 145% and over twenty years to Human Genome Project, providing GlaxoSmithKline and the UK 411%. one third of the sequence decoded government, the Trust funds over ten years; today, it continues to Stevenage Bioscience Catalyst, where lead the world in this field. With data academic and industry scientists work The Wellcome Trust committed £701 capacity currently at 16 million side by side in an ethos of ‘open million in grant funding and direct gigabytes and a staff of 850, innovation’. The first tenants moved charitable activities this year, mostly collaborating with the European in this February. By working on the in grants to scientists working in Bioinformatics Institute on the same same site, researchers from different medical research, and most of them in site and with thousands of other fields and sectors will be able to share the UK. I was thrilled this October scientists around the world, the expertise and exchange ideas. This when the UK’s strength in basic Sanger Institute now sequences should lead to new projects and the biomedical research was recognised dozens of genomes every day. Their faster and more effective translation by the 2012 Nobel Prize in work is driving the first wave of of research into patient benefit. stratified medicine, improving cancer 02 | Annual Report 2012 Chairman’s Statement (continued) Investments 2012 Olympic and Paralympic Games I am very pleased at the start made by Our macro-economic prognosis is not entertained and inspired the country. Syncona, our new investment positive as fiscal austerity and debt Our contribution to the Olympic spirit company set up this year specifically deleveraging continues. However, we was In The Zone, providing over to invest in the health and think that companies, focused on the 30,000 UK schools with kits full of biotechnology sectors. By investing in opportunities created by ageing ideas for exciting classroom exciting opportunities in the populations, the shift to disruptive experiments focusing on the science translation of research into new knowledge-based industries, new of the body in motion. These will help treatments and patient care Faster Growing Markets in Africa, teachers nurture a love of science in Asia and Latin America and resource technologies, we expect it will make their students for years to come. significant returns for the Trust in the scarcity, with a global long-term longer term. Syncona has already horizon and patient investors, will be The popularity of science in schools made its first investment and looks set best placed in this environment. continues to rise again, countering a to be a valuable catalyst to create decline in the numbers of students value through new healthcare A strong legacy taking science and maths A Levels companies at an early stage of Sir Mark Walport will be stepping through most of the 1990s. The rise development. down as Director of the Wellcome has coincided with the Wellcome Trust at the end of March 2013. I’m Trust’s support for the National Our investment returns drive our sure there will be many opportunities Science Learning Centre in York, ability to make charitable to thank him and wish him well in his which provides continuing commitments. In 2011/12, we new role as the UK’s Chief Scientific professional development training to returned £1.6 billion, bringing our Adviser. For now, I will just say that teachers so that they can keep up with investment return over ten years to his contribution over the last ten years the latest developments in science and 145% and over twenty years to 411%. has been enormous. In the meantime, These returns exceeded those from how best to teach it. Alongside this, in I would like to thank Peter Davies, public equities but were achieved with 2008 we launched Project ENTHUSE, Roderick Kent and Professor Chris considerably lower reported volatility. a £27 million partnership between the Fairburn, who all stepped down from Our net portfolio value is £14.5 Trust, the UK government and the Board of Governors this year, for billion. Charitable cash payments in industry, to provide bursaries that their immeasurable contributions to the year of £643 million are twice the enable teachers to cover the full costs the Trust’s activities. level at the turn of the century and are of attending these courses. Our 7000th 35% higher than in the year 2006/07 bursary was awarded this year and the In their place, we welcomed three new before the global financial crisis; government has renewed its Governors. Professor Mike Ferguson steady growth in each subsequent year commitment to the scheme for a has provided useful stability to UK is a researcher in parasitology at the further five years. medical research as other funding University of Dundee, with a sources have come under pressure. particular interest in translational The future of science really does research; he is also the Dean of depend on the quality of science Our investment team, led by Danny Research for the College of Life education today. By supporting Truell, has evolved our portfolio in a Sciences at Dundee. Alan Brown has science teachers, we are fostering the number of ways. The portfolio has enjoyed a career of nearly 40 years in next generation of researchers and a been globalised such that net UK and investment management, most society that will cherish and support other European assets now account for recently as Chief Investment Officer their work. It is an integral part of our only 13% of the portfolio compared of Schroders. And Damon Buffini is a long-term vision of funding the with 48% in 2006, providing some founding partner of one of Europe’s brightest minds to achieve protection from European recession. most successful private equity groups, extraordinary improvements in health.
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