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Annual Review 2011 Annual Review 2011 Highlights of the Wellcome Trust’s work in 2011, our 75th anniversary year, in which we redoubled our personal support for the brightest minds in research. Executive Board Wellcome Trust Mark Walport We are a global charitable foundation Director of the Wellcome Trust dedicated to achieving extraordinary Ted Bianco Director of Technology Transfer improvements in human and animal Simon Jeffreys health by supporting the brightest minds Chief Operating Officer in biomedical research and the medical David Lynn Head of Strategic Planning and Policy humanities. Clare Matterson Director of Medical Humanities Our ten-year Strategic Plan for 2010–20 and Engagement Kevin Moses provides the framework for how we intend Director of Science Funding to evolve our support to be even more John Stewart effective in achieving this aim. Head of Legal and Company Secretary Danny Truell Chief Investment Officer Our funding focuses on: As at December 2011 1. Supporting outstanding researchers 2. Accelerating the application of research 3. Exploring medicine in historical and Board of Governors cultural contexts. William Castell, Chairman Peter Rigby, Deputy Chairman Our five major challenges are: Kay Davies 1. Maximising the health benefits Peter Davies Christopher Fairburn of genetics and genomics Richard Hynes 2. Understanding the brain Anne Johnson 3. Combating infectious disease Roderick Kent Eliza Manningham-Buller 4. Investigating development, ageing Peter Smith and chronic disease As at December 2011 5. Connecting environment, nutrition and health. Contents Year in brief 02 02 Director’s statement 04 04 75th anniversary 06 06 Supporting outstanding researchers 08 08 Accelerating the application of research 12 Exploring medicine in historical 16 and cultural contexts Maximising the health benefits 20 20 of genetics and genomics Understanding the brain 24 Combating infectious disease 28 Investigating development, ageing and 32 chronic disease Connecting environment, nutrition 36 and health Advisory committees 2010/11 40 40 Year in brief An overview of some of our activities in 2010/11, from research successes and public engagement campaigns to the grants we have awarded and the performance of our investments. 75th anniversary MRI for newborn Malaria study leads Twenty years of the The Wellcome Trust turned intensive care to revised treatment Children of the 90s 75 in 2011, and we celebrated An MRI scanner small guidelines A landmark longitudinal with events looking at past enough to be used in The largest ever clinical study of thousands of achievements and future neonatal intensive care trial of patients hospitalised children and their families ambitions. units is being developed with severe malaria has has moved into its third with Wellcome Trust led the World Health decade. Investigator Awards support. Organization to change World-class researchers its recommendations. Dirt season won flexible personal 1000 genomes – and more Wellcome Collection ran support in the first round After successful pilot Health Innovation an exhibition and events of Wellcome Trust results from the 1000 Challenge Fund series exploring humanity’s Investigator Awards. Genomes Project, the new This Wellcome Trust– relationship with dirt in all phase is even more Department of Health its forms. eLife journal ambitious. collaboration has funded The Wellcome Trust, the exciting new projects on Healthy debates Howard Hughes Medical genetics, acutely ill patients Two Strategic Awards are Institute and the Max and chronic illness. supporting five-year Planck Society announced programmes encouraging plans for a new open access people to debate issues in life sciences journal, eLife. health and biomedicine. Funding and achievements 1062 33 466 043 Total grants awarded Countries receiving funding Wellcome Collection visits 161 £122m 4402 Fellowships awarded Venture capital finance Scientific research papers associated secured by grantholders for with the Wellcome Trust (or renewed) commercialisation of R&D (Published in calendar year 2010, indexed on PubMed and in Thomson Reuters databases) 2 | Annual Review 2011 For more content related to the stories featured in the Annual Review, see www.wellcome.ac. uk/annualreview. Key financials at a glance Financial summary Net asset value Our ability to support research and other charitable activities depends on the success of our investment £12.4bn portfolio. We invest globally across £14.4bn a very broad range of assets and £12.0bn £11.9bn £12.7bn £12.4bn strategies. In 2010/11, in the face of As at 30 continuing global instability, we September. were pleased that our investment portfolio recorded a total return of 2%. We have returned a total of 19% (annualised 6%) over three years and 24% (annualised 4%) over five years to September 2011. Since the inception of our investment Charitable funding committed in year portfolio in 1985, it has provided a total return averaging almost 14% a year. £642m £702m £720m £678m £642m Our annual grant-making budget is £520m set by reference to a three-year For the year ended weighted average of our portfolio’s 30 September. value in order to smooth the effects of short-term volatility. Over the next five years we aim to commit in excess of £3 billion for charitable activities, but this will depend on our investment performance. For more details, see our Annual Report and Financial Statements at www.wellcome.ac.uk/annualreport. Annual Review 2011 | 3 Director’s statement This year, we extended new forms of support to the brightest and best researchers, and many of our funded projects made advances that will improve health. shown that his choices were absolutely correct. Today, we might point to additional tools and areas of science such as genomics, stem cells and neuroscience. Sir Henry could hardly have imagined how biomedical science would progress and change in 75 years. What has not changed is the need for imaginative people to develop and apply these new tools and technologies. As a research funder, we are always looking for the best ways to support researchers and to foster a culture in which the brightest minds can flourish. This is why we Supporting researchers We celebrated the 75th anniversary of introduced Wellcome Trust the Wellcome Trust in 2011. This was Investigator Awards as a new model Over the Wellcome Trust’s 75-year an opportunity to reflect on the of funding to give scientists in history, the tools of science have considerable successes in science, universities and other research changed almost beyond recognition. medicine and the medical humanities institutions the opportunity to be What has not changed is the need achieved by the thousands of more creative and pursue more for imaginative, talented people who extraordinarily talented researchers speculative lines of enquiry. can develop and apply these tools. funded by the Wellcome Trust over The Trust supports outstanding many years. This year, we funded the first cadre of researchers and helps them to make Wellcome Trust Investigators: 20 new discoveries, develop better Of course, what really matters is that Senior Investigators and seven New treatments and improve the health our work continues to lead to Investigators were appointed, each of people and animals throughout improvements in medicine and health. working on important research the world. This year’s Annual Review presents a relating to the challenges in our selection of stories of discoveries and Strategic Plan. The work supported inventions that have arisen from work includes basic research on topics such we have funded recently, as well as as epigenetic reprogramming and some new initiatives to enhance the stem cell biology, and at the clinical support that we offer to individual end of the research spectrum, stroke researchers and the scientific prevention and how to reduce obesity community as a whole. by encouraging physical activity. In his will, Sir Henry Wellcome set out Working together the purpose of the Wellcome Trust While it will always be important to and how it should develop his legacy. support individual researchers, He specified areas of research he science works best through teamwork thought particularly promising, and collaboration. The best science including chemistry, bacteriology and requires the best partnerships and pharmacy; the passage of time has collaborations. 4 | Annual Review 2011 One such partnership is the 1000 Solid foundations Looking to the future Genomes Project, which reported Talented scientists need world-class It is not surprising that there is such results from its pilot phase this year. research infrastructure to underpin a public appetite for science – one of A major international collaboration, their work. Funding laboratories was a the most dynamic, challenging and it has proved so successful that its goal mainstay of the Wellcome Trust’s early enthralling of all human endeavours. has been extended from sequencing years and we still provide support for It is always opening up new 1000 genomes to 2500. The result buildings and facilities, not least the opportunities to learn about ourselves, will be an even more detailed Francis Crick Institute, due to open in our bodies and the world around us. At understanding of human genetic 2015. However, it is as important to the Wellcome Trust, our responsibility variation. address some of the less tangible is to ensure that biomedical research is elements of scientific infrastructure. strongly supported and that the fruits The ‘Children of the 90s’
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