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Annual Report and Financial Statements Annual Report 2011 Annual Report and Financial Statements This document was printed on material made from 50% recovered waste and 50% virgin fibre. The Wellcome Trust is a charity registered in England and Wales, no. 210183 Contents 02 Chairman’s Statement 02 04 Trustee’s Report 04 Objects, Vision, Mission and Focus Areas 04 Financial Review 06 Review of Past and Future Activities 10 Review of Investment Activities 16 Structure and Governance 26 Remuneration Report 31 Social Responsibility 33 34 Independent Auditors’ Report 34 Consolidated Statement of Financial Activities 35 Consolidated Balance Sheet 36 Statement of Financial Activities of the Trust 37 Balance Sheet of the Trust 38 Consolidated Cash Flow Statement 39 Notes to the Financial Statements 40 Reference and Administrative Details 76 Chairman’s Statement We constantly look for new ways of working to achieve our goal of extraordinary improvements in human and animal health. applications, medical research is rich with compelling tales of people making incredible leaps forward in understanding and treating illness. Such stories have an enormous capacity for engaging people’s curiosity about science. Nowhere is this more evident than in the exhibitions at Wellcome Collection. In just four years, Wellcome Collection has earned an outstanding reputation for the imaginative ways in which it draws connections between The 75th anniversary of the Wellcome science, medicine, art and life. This year’s Summary of Chairman’s Trust this year has provided many major exhibitions – High Society, about Statement opportunities to reflect on our history the uses of mind-altering drugs through and on the achievements that have the ages, and Dirt: The filthy reality This year, we introduced a new been made with our support since of everyday life – were no exception, funding model for scientists based 1936. But while the Trust has a great attracting plaudits from the critics and in universities and other research history, we are not bound by tradition. hundreds of thousands of visitors. institutions so that they can pursue We constantly look for new ways of their curiosity more freely working to achieve our goal of Much of the success of Wellcome extraordinary improvements in Collection is due to the fact that its • The potential of genetic information human and animal health. exhibitions and events appeal to the to transform medicine is growing same sort of curiosity that drives and, in some cases, has already researchers. Science progresses through changed lives This attitude has fostered a meritocratic culture within the Trust of which the work of dedicated people who want • It is paramount that scientic I am extremely proud. Professional to know how our bodies work or the advances are translated into better and creative, the people who work effects of potential treatments. here are constantly redefining the tools and treatments in the clinic organisation’s aspirations and This year, we introduced a new funding • Our investment team, advised expectations. This would have been model for scientists based in universities by our experienced Investment applauded by Sir Henry Wellcome, and other research institutions so that Committee, continues to battle whose Will established the Trust they can pursue their curiosity more against strong macroeconomic and whose legacy we work together freely. Wellcome Trust Investigator and financial headwinds to uphold. Awards offer outstanding researchers the flexibility to assemble strong Stories of science teams to ask important questions and Sir Henry was a unique character. take creative, often interdisciplinary, He understood the power of research approaches to finding the answers. and its capacity to reveal facts about In summer 2011, we funded the first the human body and the world around 27 Investigators, looking at ambitious us. He also understood the power and diverse research topics from using of a good story – Sir Henry’s flair for stem cells to help the body mend itself combining marketing with science to the neurobiology of epilepsy. was the foundation of his success. At the Wellcome Trust today, we still Working together celebrate the stories of research. From As well as supporting individual questions and ideas to discoveries and researchers, the Wellcome Trust funds 02 | Annual Report 2011 a wide range of partnerships and Once again, it is the capacity to use our positive net cash flows over the next collaborations that are producing imaginations and find new approaches five years but these are dependent on world-class science. The Avon that will most help people. That is our realisations from private equity. These Longitudinal Study of Parents and vision, after all, as Sir Henry determined cash flows and the 24% return that Children (ALSPAC), for example, has it should be. Our aim has always been we have earned over the past five years collected a wealth of data from 14,000 to improve health for as many people should enable us to spend a projected mothers and their children, shedding as possible. For example, a major Trust- amount in excess of £3 billion on our andlight wellbeing on factors throughout that determine our lives. health forfunded sever triale malaria has compared in African treatments children 2016,charitable a 29% activities increase betweenover the previous2011 and Another collaboration, the 1,000 and concluded that artesunate reduced five year period. This represents a record Genomes Project is having such an the number of deaths more than quinine. amount spent on medical research at impact on other research through The World Health Organisation has a time when economic head winds mapping human genetic variation that subsequently revised its guidelines to remains strong. it has extended its target and will now recommend artesunate as the first-line sequence 2,500 genomes. treatment in the management of We expect economic conditions to children in Africa with severe malaria. remain turbulent, markets to remain The potential of genetic information It is a move that could save thousands volatile and higher inflation to threaten to transform medicine is growing and, of young lives. our real spending power. We remain in some cases, has already changed committed to the long-term ownership lives. The Database of Chromosomal Investments of high quality assets that should endure Imbalance and Phenotype in Humans We are able to support such work these conditions. We also retain an using Ensembl Resources (DECIPHER) thanks to the careful stewardship of appropriate liquidity buffer. We continue was established in 2004 with core our endowment. Our investment team, to manage both the shape of our Trust funding. Through the Health advised by our experienced Investment portfolio and our foreign exchange Innovation Challenge Fund, a joint Committee, continues to battle against positions actively, while using our scheme with the Department of Health, strong macroeconomic and financial long-term horizon, our tolerance for DECIPHER has now received funding headwinds. Most stock markets declined short-term volatility and our triple A to establish a new collaboration between in the year to September as concerns credit rating to ride out these the NHS, researchers and families grew about the sustainability of the challenging economic conditions. across the UK. Euro. In spite of these circumstances, our portfolio recorded a positive return Governance The initiative will collect DNA and during the year mainly due to strong This year, we welcomed Professor clinical information from 12,000 returns from buyouts, Venture & Growth, Anne Johnson to the Board of Governors children with currently undiagnosed private equity and residential property. of the Wellcome Trust. Anne is Professor physical or psychological Having started the year at £13.9 billion, of Infectious Disease Epidemiology developmental disorders. The data will the total value of our endowment at the and Co-Director of the Institute for help doctors to diagnose thousands of year end, after the charitable cash spend Global Health at University College children whose families would of £602 million, was £13.6 billion. London. Her experience in public understandotherwise be their left strugglingcondition. to While many governments struggle complementhealth and clinical the Governors’ research will wide- to balance their books, companies, ranging skills and perspectives in Improving lives especially the large multinationals ensuring that the Trust continues It is paramount that scientific advances which form the core of our equity to advance medical research in the are translated into better tools and assets, are faring much better. Zero future. In January 2012, Professor treatments in the clinic. This will interest rates and depressed wage costs Mike Ferguson will also join the often involve collaboration with the support strong growth in cash flows, Board. Dean of Research for the commercial sector which, ultimately, which companies are increasingly College of Life Sciences at the will develop, manufacture, distribute returning to shareholders. In the University of Dundee, Mike has and market life-saving products. US, many of the consumer internet extensive knowledge and experience One example from this year is a new companies which constitute an of bringing together scientific Strategic Translation Award to help important element of our £2.7 billion disciplines to work with each other, develop a magnetic resonance imaging investment in Venture & Growth and of translating basic research into (MRI) system
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