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2025-09-30-accounts

A healthier future for everyone

Wellcome Trust Annual Report and Financial Statements 2025

Our impact and performance

Introduction

Financial Statements

Our governance

Wellcome Trust Annual Report and Financial Statements 2025

02

Inside this report

03

Introduction

Trustee’s report 12

Our impact and performance

106

Our governance

160

Financial Statements

Cover: A roof in Pretoria, South Africa, is painted with a heat-reducing coating as part of the Wellcome-funded Heat Adaptation for Pregnant women and Infants (HAPI) study.

Cover image credit: Gulshan Khan/Wellcome

Introduction

Our impact and performance

Financial Statements

Our governance

Wellcome Trust Annual Report and Financial Statements 2025

03

Our vision is a healthier future for everyone

Wellcome is a global charitable foundation supporting science to solve the urgent health challenges facing everyone.

We do this by investing in research, engaging with people, and influencing change.

Between 2022 and 2032, we plan to spend

£16bn

on our mission, funded by returns from our portfolio of financial investments.

Two interacting modes focus our work. In Discovery, we support people generating new knowledge and understanding. In Solutions, we bring together people with the experience and expertise to achieve specific goals. By combining long-term support with targeted action, we champion scientific progress and help it lead to equitable health outcomes.

We describe our funding as investing in research because we expect it to generate knowledge and opportunities to improve health. Across all we do, we advance inclusive practices that broaden the range of people leading, participating in and benefiting from science.

Our beliefs define us

ׁ We believe everyone’s

experience of health matters, and everyone should be able to benefit from science.

Our values guide us

ׁ Thoughtful

We care about our impact on people and the environment.

ׁ Inclusive

We respect people and value difference.

ׁ Brave

We stand by our beliefs and push boundaries.

Introduction

Our impact and performance

Financial Statements

Our governance

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Our strategic programmes

Through our five strategic programmes, as well as cross-mission activities and major initiatives, we invest in a broad range of research around the world, connect people with different experiences and expertise, and advocate for evidence-based policies and practices.

Discovery Research

Targeted support and flexible funding for research in any field relating to health.

Read more on page 15

Infectious Disease

Vaccines and treatments that make a difference where they’re needed most.

Read more on page 23

Mental Health

New and better early interventions for anxiety, depression and psychosis.

Read more on page 28

Climate and Health

Putting health at the heart of climate change action.

Read more on page 33

Wellcome Collection

Free museum and library exploring health and human experience.

Read more on page 39

Cross-mission

Support the mission as a whole, including equity, data for science and health, and public engagement.

Read more on page 43

Introduction

Our impact and performance

Financial Statements

Our governance

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Year at a glance

Wellcome

£1,916mn

Wellcome’s charitable expenditure, supporting science to solve the urgent health challenges facing everyone.

Impact

90%

Success rates in the first robust trial of antibiotic treatments for plague.

5x10[16]

The Wellcome Sanger Institute has sequenced more than 5 quadrillion DNA bases.

2024: £1,577mn

Read more on page 13

2,723 Active grants, across 133 countries, with a combined total of £7.3 billion.

2024: 2,671 (£6.4bn)

Read more on page 101

10.2% GBP Annual return from Wellcome’s investment portfolio, which funds everything we do.

2024: 5.2% GBP

Read more on page 52

Read more on page 23

8

Babies born in the UK using a pioneering technique to prevent devastating mitochondrial diseases.

Read more on page 15

403,000 Visitors to Wellcome Collection, our free museum and library.

2024: 480,000

Read more on page 39

Read more on page 48

400

Mothers involved in a study of the impact of community singing on postnatal depression – it led to significant and sustained improvements in mood and stress biomarkers.

Read more on page 30

36

Countries where research is being supported through the Developing Excellence in Leadership, Training and Science in Africa (DELTAS) programme.

Read more on page 45

Introduction

Our impact and performance

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06 Wellcome Trust Annual Report and Financial Statements 2025

Chair’s report

From the lab bench to the clinic, policy tables to community settings, we invest in discoveries and solutions that can help create a healthier future for everyone.

This has been a year of both progress and complexity. I’ve seen first-hand the dedication of our teams and partners as they navigate a rapidly changing world. That gives me confidence that Wellcome is not only delivering on its mission, but doing so with resilience and purpose.

This year, we’ve seen that progress across all of our strategic programmes. Our Discovery Research portfolio continues to push the boundaries of knowledge, from a new genetic mechanism linked to chronic pain to insights into how fungal infections are adapting to climate change.

In Madagascar, a clinical trial part-funded by Wellcome showed that an oral antibiotic can treat plague effectively, a result that could transform treatment in the country. It’s one example of how our approach – combining long-term investment in discovery with a commitment to use science to find new and better solutions – contributes to progress where it’s most needed.

In mental health, we’ve supported innovation and worked with regulators to help safe technologies reach people faster. We’ve backed efforts to protect the only drug for schistosomiasis while accelerating the search for new options. And a research programme we support is revealing the difference that simple, affordable interventions can make to the wellbeing of people working in hot and humid conditions.

Read more on page 23

The world is changing fast – geopolitically, technologically, environmentally – but I am confident and optimistic for the future.

Julia Gillard

Chair of Wellcome’s Board of Governors

Introduction

Our impact and performance

Financial Statements

Our governance

07 Wellcome Trust Annual Report and Financial Statements 2025

Chair’s report

Through major exhibitions such as Thirst at Wellcome Collection and our public initiatives, we’ve continued to strengthen links between health, science and wider society. We continue to support culture, the humanities and social science in understanding life, health and wellbeing, as well as integrating these disciplines in projects like the Synthetic Human Genome Project.

Read more on page 17

Equity

Wellcome’s vision is a healthier future for everyone. It reflects the wording of our founding document – the will of Henry Wellcome – now expressed through our charitable constitution: “to protect, preserve and advance all or any aspects of the health and welfare of humankind and to advance and promote knowledge and education”.

This year, we launched an Equity Framework to further embed that commitment into all our work. It’s a crystallisation of how our approach has evolved over the years, and it is how we want to work in the future. It means broadening who leads, participates in, and benefits from science, and focusing on communities whose health still has the most to gain from research and innovation.

This framework will guide measurable progress and is already shaping how we design funding calls, review proposals, and support projects. It is also helping us build deeper partnerships that strengthen research ecosystems in the places most affected by health challenges, and help to deliver lasting local, regional and global impact.

Read more on pages 96–97

Investments

Our investment portfolio returned +10.2% in pounds sterling this year, or +6.4% after inflation. These returns fund our charitable activities and enable us to plan with confidence. Inflation remains above central bank targets, which creates a headwind to investment returns and affects the purchasing power of our planned spend. This makes it harder to deliver the same impact with the same resources.

That’s why resilience matters, not just in financial terms, but in how we steward resources to maximise impact. We’ve completed a smooth leadership transition in our Investment team, with Lisha Patel and Fabian Thehos stepping up as Co-Chief Investment Officers. I thank Nick Moakes for his exceptional leadership and continued support as Emeritus Partner. The team has been stable through this process and continues to work hard to deliver great outcomes for the mission.

Our investment portfolio is managed with a clear focus on long-term value.

We take a multi-decade view, knowing that periods of market volatility are inevitable. This year was no exception. Markets sold off sharply in the aftermath of US tariff announcements in April 2025. Volatility spiked to levels last experienced at the height of the Covid-19 pandemic before recovering equally swiftly. In a long-term historical context, listed equity valuations are at or near all-time highs in several geographies, especially the USA. Although corporate earnings have been robust, the overhang from tariff negotiations adds to an already complex geopolitical environment and uncertain economic outlook.

All these factors lead to considerations of substantially lower real returns in the future compared to the performance of our investment portfolio since the global financial crisis in 2008. Our approach remains focused on running a global investment portfolio with a genuinely long-term horizon, and ensuring the quality and resilience of our assets and partnerships. This enables us to navigate cycles while maintaining confidence in our ability to deliver sustainable returns for Wellcome’s mission.

Introduction

Our impact and performance

Financial Statements

Our governance

08 Wellcome Trust Annual Report and Financial Statements 2025

Chair’s report

Governance

Strong governance underpins everything we do. This year, the Nominations and Governance Committee looked at succession planning for the Board of Governors, including my role as Wellcome’s Chair. I am deeply honoured that the Board approved my second five-year term, which will run until April 2031.

I look forward to continuing to work with colleagues and partners to deliver Wellcome’s mission in the years ahead.

Wellcome has spent

£5.2bn

over the first three years of our plan to spend £16 billion between 2022 and 2032

Arup Chakraborty stepped down from the Board in April, having brought deep expertise in immunology and systems biology. I am grateful for his significant contributions to Wellcome’s governance and scientific insight. We have agreed to recruit two new Governors in early 2026.

Equity, diversity and inclusion considerations are embedded in succession planning alongside skills, independence and global representation. The Board’s latest skills and diversity audit informed plans to strengthen expertise in emerging technology, computing and AI, while considering our approach to age diversity. Actions resulting from an independent review of the Board will help us maintain strong governance and strengthen our collaboration with Wellcome’s executive leadership as we deliver our mission in a rapidly changing world.

A researcher at the Liverpool School of Tropical Medicine demonstrates his work to Julia. Image credit: Jack Ehlen/Liverpool School of Tropical Medicine

The Board does not directly deliver Wellcome’s mission: our staff and partners do. I thank them for their commitment and insight. Their work underpins everything we’ve achieved this year, and their openness to new ideas is what will carry us forward.

We will continue to enable groundbreaking discoveries and to apply knowledge to real-world needs. And we will work with partners across disciplines, sectors and regions to ensure that science can lead to a healthier future for everyone.

The world is changing fast – geopolitically, technologically, environmentally – but I am confident and optimistic for the future. 2026 marks 90 years since Wellcome was founded. It’s a reminder of the enduring vision that has guided us though decades of change.

Julia Gillard Chair of Wellcome’s Board of Governors

Introduction

Our impact and performance

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Wellcome Trust Annual Report and Financial Statements 2025

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John-Arne Røttingen
Chief Executive Officer
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Chief Executive’s report

Science alone doesn’t change the world. At Wellcome, we combine discovery with equity and action to turn knowledge into solutions that improve health everywhere, even amid global uncertainty.

Science is advancing at extraordinary speed, yet the world it seeks to serve is increasingly complex. Geopolitical tensions, climate shocks, macroeconomic headwinds and funding cuts demand radical changes in the global health system and in research. At the same time, artificial intelligence (AI) is opening new frontiers. At Wellcome, we’re taking on the challenge to harness these opportunities in ways that reach the people and places where they can make the most difference.

Our strategy operates through two modes. Discovery research is about curiosity – understanding how life works, from molecules to societies, and how people experience health and wellbeing. Solutions are about applying that knowledge to real-world needs.

A shining example of what we mean by discovery research is the work of John Gurdon, a former Wellcome Governor and grantee, who died in October 2025. His experiments as a PhD student in the 1960s showed that cell specialisation is reversible. That insight, born of curiosity, paved the way for stem cell research and regenerative medicine. Just as important was the open, collaborative and democratic environment John created at the Wellcome/CRUK Institute of Cancer and Developmental Biology

(later renamed the Gurdon Institute). That ethos – blending scientific ambition with humility and respect – is one we strive to uphold today.

Discovery continues to drive improvements in health. A Wellcomefunded study this year revealed that a common genetic variant can distort the HbA1c diabetes blood test. This means thousands of Black and South Asian men in the UK – potentially millions worldwide – are diagnosed years later than they should be. It’s a powerful example of how fundamental research can expose hidden inequities and lead to better care.

Our Solutions programmes take that same spirit of innovation into urgent health challenges. A new company spun out of Cardiff University this year is building on years of Wellcome funding into basic science to now develop molecules that could transform mental health treatments. It’s a welcome sign of renewed interest in mental health in the wider pharmaceutical sector.

A team we support at the University of Dundee is combining techniques to identify potential new drugs for schistosomiasis, a neglected parasitic infection prevalent in many parts of Africa. And the International Court of Justice affirmed the link between climate change and human health

Introduction

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10 Wellcome Trust Annual Report and Financial Statements 2025

Chief Executive’s report

this year. Wellcome supported this process, ensuring scientific evidence was robustly integrated. It’s a critical step towards placing health at the heart of climate policy and action.

Trust in science is a growing theme across our work. From decades of support for cultural activities, humanities research and social sciences, Wellcome knows well that the role of science in society is not to be taken for granted. As research becomes more politicised, we are considering how to support public confidence in science, without which we will struggle to achieve our mission. Next year’s Wellcome Global Monitor, which surveys people’s attitudes to health and research, will help us understand where and how we can make a difference.

Wellcome Collection, our free museum and library, embarked on a new five-year strategic plan this year. We’re aiming to deepen our cultural and public engagement work, and keep creating spaces where people can explore health in ways that are inclusive, thought-provoking and connected to the challenges of our time.

Read more on pages 39–42

Global health has also been under intense pressure this year as political priorities shift and support for international cooperation reduces. The global health system as a whole needs to respond and reform. It’s clear that partnership is needed more than ever in this more challenging world.

Opportunities for impact

Data has always been used in healthcare, and there is a clear opportunity in aggregating health data from many people and places – but it has to be done in trustworthy ways. This year, Wellcome partnered with the UK government to develop a new health data research service. Our involvement helps to ensure it will meet the highest standards of security, transparency and public benefit.

Wellcome has worked with new and existing partners this year to protect critical research capacity and spark debate about reform. We brought together experts from Africa, Asia and the Pacific, Europe

A visitor to Thirst: In Search of Freshwater at Wellcome Collection.

Image credit: Benjamin Gilbert/Wellcome Collection

success: not only in terms of scientific outputs, but in terms of who those outputs serve and who contributes to them. This is a shift in mindset as well as practice – essential if we are to deliver science’s promise of a healthier future for everyone. It means everything we do at Wellcome is shaped by our commitment to equal opportunities and equitable outcomes.

and North America, Latin America, and the Middle East to explore how decision making could move closer to affected regions, how fairness can be built into governance, and how sectors such as health and climate can work together more effectively.

These conversations are not about identifying a single solution, but opening up space for new ideas and new voices. It’s an example of how our new Equity Framework is influencing how we measure

Introduction

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Chief Executive’s report

Operational alignment

Following a restructure of Wellcome’s Executive Committee last year, I was delighted to welcome Maggy Chan as Chief Operating Officer, Rachel McKendry as Executive Director, Discovery and Charlotte Watts as Executive Director, Solutions. My thanks to Karen Chadwick and Nick Cammack for covering these roles until recruitment was completed.

And I’m grateful to all our colleagues at Wellcome for responding to the reorganisation of our structures to better achieve impact through our mission. There were further changes in our Equity and People teams this year as we look to keep enhancing clarity and leadership across strategy and operations.

Better use of data can make our processes and the research we fund more transparent and efficient. That’s why this year we signed the Barcelona Declaration on Open Research Information and funded expansion of OpenAlex, a database that links grants to scientific outputs.

Everything we do at Wellcome is shaped by our commitment to equal opportunities and equitable outcomes.

Our mission is supporting science to solve the urgent health challenges facing everyone. It requires ambition, humility and collaboration. It also requires us to keep evolving, because the future of health depends not only on what science can do, but also on how we choose to use it.

John-Arne Røttingen Chief Executive Officer, Wellcome

Two participants on Wellcome’s graduate and intern schemes talk to Maggy Chan, Wellcome’s Chief Operating Officer, and John-Arne.

Image credit: Steven Pocock/Wellcome

Our impact and performance

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Our impact and performance

People collect water from a riverbed in West Bengal, India. Climate change is making the monsoon season more irregular, causing rivers to dry out, putting health at risk.

Image credit: Sandipani Chattopadhyay/ Wellcome Photography Prize 2025

Our impact and performance

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Review of charitable activities

This year’s spend is higher than last year, in part due to the commitment to a UK health data research service and renewals of core funding to research programmes based in Thailand and Malawi. The year-on-year distribution of renewals of our largest funding commitments has a large effect on our annual spend.

Discovery Research £841mn

Infectious Disease Mental Health £228mn £138mn

Climate and Health £145mn Wellcome Sanger Institute £205mn

Wellcome Collection £37mn

Cross-mission £232mn

Total charitable expenditure £1,916mn

Wellcome Leap £89mn

Overview

This year, Wellcome and our partners have delivered scientific progress and health impact – from tackling plague, an ancient disease that still claims lives, to preventing severe inherited conditions. Our approach combines long-term investment in discovery with a commitment to turn science into equitable solutions.

In Madagascar, a trial funded by partners including Wellcome has shown that an oral antibiotic treats plague as effectively as an injected one. This could ease pressure on hospitals and make care easier in rural areas.

And after years of sustained investment in research from basic to clinical, eight babies have now been born in the UK through mitochondrial donation, offering hope that a set of severe inherited diseases can be prevented.

Teams in our Discovery Research portfolio continue to push the boundaries of knowledge at every scale from cellular to social. Highlights this year include a new genetic mechanism linked to chronic pain, the launch of the African Population Cohorts Consortium,

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and funding to explore fungal adaptation. Across the portfolio, we are connecting disciplines, supporting researchers through their careers and strengthening innovative, inclusive research cultures.

Science alone cannot deliver change. Through Wellcome Collection, cultural programmes and public engagement, we aim to deepen understanding of the links between health, science and society. A stand-out this year was our exhibition Thirst: In Search of Freshwater, which explored links between water, the environment and health. Wellcome Collection also hosted the opening of London Climate Action Week, one of a series of events in London and New York to raise awareness of the health impacts of climate change.

We are committed to open, accessible and effective research. With the UK government, we launched a health data research service to enable the use of secure, high-quality data.

$100mn (£75 million) added to women’s health research supported through Wellcome Leap

Through DELTAS Africa we are helping strengthen research leadership and infrastructure. We renewed major research partnerships in Malawi and Thailand, and provided emergency funding to protect research capacity in South Africa put at risk by global health funding cuts.

Research we fund is increasingly designed in partnership with affected communities and health systems to ensure results can be rapidly applied where they are most needed. 25 years after helping deliver the first human genome draft, the Wellcome Sanger Institute now regularly turns genetic insight into better health. This year, it launched a strategy to make genomic research more representative of global populations.

Women’s health is systematically under-represented in R&D (research and development). A new funding policy lays out how we expect researchers to integrate sex and gender in their processes, including design, data collection and analysis. This year, a team was funded by our Africa Mental Health Data Prize to identify risk factors for anxiety and depression during pregnancy in

Malawi, and a UK trial showed that singing helps with postnatal depression. Wellcome Leap is also putting a further $100 million (£75 million) into women’s health, adding to existing programs on stillbirth and heavy menstrual bleeding.

Discovery and solutions are two sides of the same mission at Wellcome: supporting science to solve the urgent health challenges facing everyone. By combining long-term research with targeted action, and by working with partners across sectors and regions, we champion scientific progress and help make sure it leads to better health outcomes.

Outlook

As Wellcome approaches the 90th anniversary of our foundation, we are redoubling our focus on the people and communities most affected by the world’s urgent health challenges. We will continue to invest in discovery research that deepens understanding of health and disease, alongside work that applies knowledge to real-world needs.

Partnerships across disciplines, sectors and borders remain central to our approach, guided by our new Equity Framework, which is designed to embed inclusion and maximise impact.

We are looking to harness opportunities created by advances in AI, data science and other rapidly expanding fields. We want to see these technologies developed and applied in ways that reach the people and places where they can make the most difference.

Advances in science and technology are creating new opportunities, but geopolitical tensions, the climate crisis and cuts to international aid are making it harder for health systems to take advantage. That is why we must continue to combine our long-term perspective with urgent action in the present.

Our vision, as it has been since 1936, is a healthier future for everyone. Science is at the centre of our approach, supported through investing in a broad range of research, engaging people and communities, and influencing change in the world.

Our impact and performance Our governance

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Discovery Research

Featured highlights

Rising risk of Unlocking the Better end-of-life fungal infection genetics of care at home See page 18 chronic pain See page 21 See page 19

Luisa Pistelli, professor of pharmaceutical biology at Pisa University, analyses chemicals found in plants grown in underwater biospheres.

Image credit: Giacomo d’Orlando/Wellcome Photography Prize 2025

We aim to push the boundaries of scientific understanding, open up new fields for research, and support researchers to explore research questions that matter to them.

Mitochondrial donation – also called mitochondrial replacement therapy – is a specialist IVF technique developed by researchers at Newcastle University and the Newcastle upon Tyne Hospitals NHS Foundation Trust. It works by moving the nucleus from the mother’s egg, which contains faulty mitochondria, into a donor egg with healthy mitochondria. The result is an embryo with DNA from both parents and a tiny amount – less than one percent – of mitochondrial DNA from the donor.

Two years ago, we shared news that the first babies had been born using pioneering work – supported by Wellcome – to prevent mitochondrial diseases. These rare but serious conditions can cause muscle weakness, organ failure and, in severe cases, lead to death in childhood or early adulthood.

Research published in July 2025 shows that eight babies have now been born in the UK using mitochondrial donation to prevent these conditions being inherited.

As parents, all we ever wanted was to give our child a healthy start in life. After years of uncertainty this treatment gave us hope – and then it gave us our baby. Science gave us a chance.

Mother of one of the first babies to be born through mitochondrial donation

Image credit: Teerayut Chaisarn/Getty Images

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Discovery Research

Wellcome has supported mitochondrial research in Newcastle for more than 30 years, starting with early grants to Doug Turnbull, who led the work from biology into clinical application. Along the way, we:

1 in 5,000

children are born with potentially disease-causing mutations in their mitochondrial DNA

The latest research confirmed the health of the first eight children born through mitochondrial donation. A second paper showed how genetic testing during IVF can be used to further reduce the risk of mitochondrial disease in high-risk families.

This achievement reflects decades of curiosity-driven research, long-term investment and collaboration across science, policy, communications and public engagement. It shows how discoveries can lead to life-changing health impact, and why Wellcome backs research that pushes boundaries and has people at its heart.

Collaboration

By connecting people and ideas, we help create the conditions for collaboration to thrive across disciplines, sectors and borders. In June and July 2025, we hosted three Researcher Meetings, bringing together more than 350 grantees from across our Discovery portfolio. These events gave researchers the chance to share their work, learn from each other, and spark new partnerships – often with people far outside their own field.

Sometimes a single connection can open the door to major advances. When two research teams from different disciplines came together, they used UK Biobank’s vast health data to uncover a genetic link to chronic pain. This finding has the potential to lead to a targeted treatment that could help people move away from opioids.

Unlocking the genetics of chronic pain, page 19

Events like these give us opportunities to listen to and shape how we engage with our community. After a meeting of clinical academics this year, Wellcome and dozens of other organisations supported a call from the Academy of Medical Sciences for commitments to reverse the decline in clinical academic posts in the UK.

At the meeting, Ben Murton – Wellcome’s Head of Early-Career and Career Development Researchers – heard how fellowship rules were limiting career progression for some healthcare professionals.

This proved the value of our subsequent change to eligibility for Wellcome Career Development Awards. We’ve now opened this route to people holding Clinician Scientist Fellowships from UKRI and other funders, creating more opportunities for healthcare professionals to pursue academic research.

Then in October 2025, we launched a new round of funding for doctoral training programmes designed for healthcare professionals.

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Discovery Research

Accelerating impact

The African Population Cohorts Consortium launched this year with Wellcome support. It’s a new platform uniting researchers, communities and data across Africa to maximise the impact of longitudinal population studies. By coordinating these powerful health datasets, the consortium will accelerate innovation, strengthen health systems and build an African-led evidence base to shape policy. It will also contribute to wider Wellcome priorities, such as diversity in genomics.

Clinical research drives

innovation, new treatments and better healthcare systems but the number of clinically active researchers in the UK is falling. At Wellcome, we want to help reverse this trend.

Rachel McKendry

Wellcome’s Executive Director, Discovery

In 2024/25, we renewed major commitments to the Malawi-LiverpoolWellcome Programme and the Mahidol Oxford Tropical Medicine Research Unit. We also welcomed Edwine Barasa as the new Director of the KEMRI-Wellcome Trust Research Programme in Kenya.

Our Accelerator Awards launched in 2024 to address the under-representation of researchers from Black, Bangladeshi or Pakistani heritage backgrounds in UK academia. As reported last year, the first round funded 48 awards from 465 applications, but we’re also seeing an increase in applications from minoritised researchers across all our schemes, suggesting our commitment to inclusive research cultures is having wider positive impact.

As part of our £10 million funding for the Synthetic Human Genome Project, we’re supporting Care-full Synthesis. This is a global social science programme exploring the social, ethical and policy questions raised by genome synthesis, working to ensure advances are shaped by diverse perspectives and applied responsibly, so the benefits are widely shared.

We pledged £5 million to the British Academy to launch a new Leadership and Advancement programme for early-career researchers in the social sciences, humanities and arts. The three-year pilot will offer accredited training, mentorship and skills development to help build resilient academic leaders.

This builds on a partnership that since 2020 has supported more than 150 small research grants and over 35 academic conferences.

Researcher Meetings are a chance to share work, learn from each other and spark new partnerships. Image credit: Wellcome

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Discovery Research

Following last year’s commitment of £50 million for fungal research, we launched a funding call for research into the biology of fungal adaptation. Our aim is to drive discoveries on how fungi adapt in environments linked to disease or climate change, strengthen research networks, and support future leaders in the field.

Cultivarium, a non-profit bioengineering organisation, was awarded $10 million (£7.5 million) to develop advanced tools for scientists to study and engineer fungi, supporting a thriving global research ecosystem.

Cultivarium is an incredibly exciting initiative. By developing foundational tools, we can empower researchers to make discoveries that improve people’s health around the world.

Viv Goosens

Directed Activity Research Manager, Wellcome

Rising risk of fungal infection

Fungal infections cause more than a million deaths each year and cost healthcare systems billions of dollars.

Climate change could make this worse by helping fungi adapt to heat and resist antifungal drugs.

Norman van Rhijn, a Wellcome Early-Career Fellow based at the University of Manchester, is investigating how this happens.

His research focuses on Aspergillus species, which cause life-threatening lung infections.

16%

potential rise in the spread of Aspergillus flavus, leading to

1 million more people put at risk

By studying how these fungi adapt to thermal stress and antifungal treatments, his team aims to predict which strains will thrive in a warming world – and why.

This will help identify new ways to prevent and treat infections before they become harder to control.

1.5 million

deaths from fungal infections a year, and more than

$10 billion in global healthcare costs

Changes in environmental factors, such as humidity and extreme weather events, will change habitats and drive fungal adaptation and spread.

Norman van Rhijn University of Manchester

Norman van Rhijn is a Wellcome Trust Research Fellow.

Image credit: Steve Morgan/Wellcome

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Wellcome Trust Annual Report and Financial Statements 2025

Discovery Research

Unlocking the genetics of chronic pain

Chronic pain is one of the world’s leading causes of disability, yet current treatments are often ineffective and can carry serious side-effects. Research supported by Wellcome has uncovered a potential new way to treat it.

The breakthrough came when David Bennett’s team at the University of Oxford searched for genetic variations linked to chronic pain using UK Biobank – a large biomedical database part-funded by Wellcome that links genetic, health and lifestyle data. They identified a change in a ‘transporter’ protein, but its function was unknown.

Professor Bennett contacted Simon Newstead, whose research explores how transporter proteins move molecules in or out of cells. The team determined the protein’s

structure and discovered it interacts with spermidine – a molecule that can influence nerve cell excitability.

This connects pain to a specific molecular mechanism, opening the door to more targeted drugs. Unlike opioids, such treatments could avoid addiction and other side-effects.

Chronic pain is becoming more common, yet current treatments fail. We need to understand its mechanisms and find new drug targets.

David Bennett

Professor of neurology and neurobiology, University of Oxford

This is remarkable research, across all the scales of life from our genetics, to atomic structures, to cellular mechanisms.

Michael Dunn

Director of Discovery Research, Wellcome

UK Biobank looks after samples and data from 500,000 volunteers.

Image credit: UK Biobank/Dave Guttridge

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Discovery Research

Fl brain y

Standing by vivid imagery of the brain they mapped are three of the scientists behind the world’s first complete fruit fly brain connectome.

Funded by a Wellcome Discovery Award, Gregory Jefferis is the principal investigator in the University of Cambridge group, which worked with groups at the University of Oxford, Vermont University and the Janelia Research Campus in the USA. Philipp Schlegel is an imaging expert

140,000 neurons in the fly’s brain are connected through 50mn

synapses

and Marta Costa focused on analysis and neuroanatomy.

The connectome – a map of every neuron and how they connect – was constructed by imaging thin slices of the fly brain using electron microscopy. The images formed a dataset that was analysed by powerful computational methods including AI and machine learning. Published in October 2024, it provides a foundation for research into human brain function and disease.

Left to right: Marta Costa, Philipp Schlegel and Gregory Jefferis stand next to the fruit fly brain connectome.

Image credit: Elizabeth Dalziel/Wellcome

Accessible MRI

When Derek Jones visited a hospital in Malawi, a surgeon told him they couldn’t safely remove a baby’s tumour because their MRI machine was broken.

That inspired Professor Jones to develop affordable, mobile and easily repairable MRI machines.

His team at Cardiff University, working with global partners from Uganda to the USA, aims to make neuroimaging research accessible in regions where it’s currently out of reach.

In 2023, there was less than one MRI scanner for every

1 million

people in sub-Saharan Africa

New low-field MRI systems will be paired with AI-driven image reconstruction, portable data storage and satellite connectivity to overcome infrastructure challenges. By harmonising data across different MRI systems and proving feasibility at African sites, the project will transform access to brain imaging.

That was the moment that made me say, we’ve got to fix this. And that’s what led to this Discovery Award.

Derek Jones

Professor of neuroimaging, Cardiff University

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Discovery Research

Better end-of-life care at home

Many people want to spend their final days at home, but managing symptoms outside hospital can be complex.

He is analysing safety data,

conducting in-depth case studies and working with stakeholders to identify where systems can be improved.

Injectable medications are often used to control pain and distress, yet the systems for using them safely at home are not well understood.

The goal is to design practical solutions that make symptom control at home safer, more timely and more effective. This could help more people receive high-quality end-of-life care in the place they choose.

Ben Bowers, a Wellcome EarlyCareer Award holder, is studying how patients, families and clinicians use injectable medications.

By 2045, the number of people in the UK aged 85 and over will nearly double to 3.1 million

Around half of deaths in the UK occur outside hospital, with 28%

at home and 21% in care homes

Not a lot of research is done with people who are dying. Researchers think they might not get ethical approval, or research could cause harm. I want to debunk that misconception. It can be done safely and sensitively.

Ben Bowers

University of Cambridge

World’s largest whole-body imaging project

In summer 2025, UK Biobank completed a project to scan 100,000 volunteers.

Approved researchers will soon have access to over one billion de-identified images, including brains, hearts, abdomens, blood vessels, bones and joints.

The imagery will be linked to anonymised medical, genetic and lifestyle information that the same people have shared with UK Biobank. This will reveal more about how different aspects of our lives influence our health.

100,000 volunteers took part in a whole-body imaging project at UK Biobank

Image credit: Chakarin Wattanamongkol/ Getty Images

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Warmer homes, healthier children

Acute respiratory infections are the biggest reason for preschool children in Europe to be admitted to hospital. They also increase the risk of asthma and early death. Infections are linked to cold homes, but it is unclear how many would be prevented by better heating.

At the University of Edinburgh, Olivia Swann is using her Wellcome Early-Career Award to analyse national health and housing data. By revealing how heating and energy-efficiency measures affect infection risk, this research will inform progress towards net zero in ways that enable everyone’s health to thrive.

15% of all childhood deaths are caused by acute respiratory infections

Tackling hidden health inequalities

A research team at the University of Exeter and Queen Mary University of London has uncovered a major gap in type 2 diabetes diagnosis. The study, funded through a Wellcome Discovery Award and published in 2025, found that a genetic variant called G6PD deficiency can make the standard HbA1c blood test appear artificially low. This leads to delayed diagnosis and treatment for thousands of Black and South Asian men in the UK, and potentially millions more worldwide.

Our findings highlight the urgent need for changes to testing practices to tackle health inequalities.

Inês Barroso Professor of diabetes, University of Exeter

Men with G6PD deficiency face a

37%

higher risk of serious complications – and are diagnosed four years later on average

G6PD deficiency can distort results of a common blood test for diabetes.

Image credit: Chaideer Mahyuddin/AFP via Getty Images

Frost on rooftops in the UK. Image credit: Anna Barclay/Getty Images

The link between energy and health

With a Wellcome Career Development Award, Rebecca Wright at Northumbria University is leading Carbon Bodies, a project exploring how domestic heating has shaped health and wellbeing over the past century.

By tracing the history of energy use in British homes, the research is revealing how fuel poverty and policy decisions have influenced health outcomes – and how these lessons can inform today’s climate and energy debates.

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Infectious Disease

Featured highlights

Building trust to Snakebite accelerate trials taskforce See page 26 See page 27

The egg of an Aedes aegypti mosquito, a carrier of viruses such as dengue and Zika. Image credit: Jander Matos and Joaquim Nascimento/Wellcome Photography Prize 2025

We support science that leads to the development of vaccines and treatments that make a difference where they’re needed most. We focus on the people and places most affected, and on unlocking progress in neglected or stalled areas.

Infectious diseases still cause around 10 million deaths each year, impacting communities, health systems and economies. The world’s poorest communities face the highest rates of illness and death, yet often have the least access to effective prevention and treatment. Environmental change, drug-resistant infections and financial pressures on health systems threaten to make the situation worse. Science still has a large role to play in the response to infectious diseases.

The IMASOY trial – funded through Wellcome’s partnership with the UK Foreign, Commonwealth and Development Office – has provided the first robust evidence on the effectiveness of two treatment options. From 2020 to 2024, researchers worked in 47 sites across 11 districts in rural Madagascar, training more than 230 doctors and nurses, and over 1,300 village health workers. The trial was embedded in the national health service, ensuring the results could be integrated into routine care.

Protecting and improving treatments

In the 14th century, plague swept across the globe with estimates of up to 200 million deaths in central and western Asia, Europe and north Africa. Now known to be a bacterial infection, plague remains a serious health threat in parts of the world today, particularly Madagascar, which reports around 80 percent of cases. The existing treatment is an injectable antibiotic that has serious side-effects and access issues. 90%

Trial treatment success rates were about

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The study compared a 10-day course of oral ciprofloxacin, which can be taken at home, with a three-day course of injectable gentamicin followed by seven days of ciprofloxacin, requiring time in hospital. Both were highly effective and safe, with treatment success rates of about 90 percent. The oral-only option frees up hospital beds, reduces healthcare worker workload, and costs about a tenth of the injectable option. This means effective treatment can be rapidly accessible for remote and vulnerable populations.

Taking a straightforward oral antibiotic is vastly preferable to a treatment requiring injections.

Mihaja Raberahona

Physician at the Joseph Raseta Befelatanana University Hospital Center, Madagascar

The findings can now inform national and international treatment guidelines. It’s an example of how Wellcome works in partnership to support clinical trials that can deliver real-world health advances in communities where the impact from infectious disease is highest.

Stopping schistosomiasis

Schistosomiasis, a parasitic disease that spreads through contaminated water, can cause pain, anaemia, organ damage and lifelong illness. For millions of people in Africa, a single pill – praziquantel – is the only defence. But in places like Zanzibar in Tanzania, infections persist despite repeated population-level preventative treatment, raising fears the drug may be losing its power. If the parasite has developed resistance to praziquantel, millions of people will be put at risk of an untreatable disease.

Wellcome is funding a project led by Luc Coffeng, at the Erasmus University Medical Center in the Netherlands, to investigate whether resistance to praziquantel is emerging, how it could spread, and how to track it cost-effectively. Using Zanzibar as a case study, the team will combine treatment response data, genomic analysis and modelling to protect the drug’s effectiveness.

At the same time, we are investing in the future of schistosomiasis treatment. The Drug Discovery Unit at the University of Dundee is building on previous Wellcome-funded work to accelerate the search for new drugs. By combining target-based and phenotypic screening with advanced mode-of-action studies, the team aims to identify promising candidates for preclinical development.

Together, these projects address both the urgent need to safeguard today’s only treatment and the long-term goal of delivering new, life-saving options for the people who need them most.

Luc Coffeng studies drug resistance in schistosomiasis.

Image credit: Levien Willemse

90%

of the global schistosomiasis burden is in Africa

250mn

people are affected worldwide

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Antimicrobial resistance: science and action

Drug-resistant infections cause more than a million deaths each year – over 36 million since 1990 – and the numbers are rising. Lowand middle-income countries are particularly affected, yet global action remains too slow and fragmented to match the scale of the challenge.

Antimicrobial resistance (AMR) has been a priority for Wellcome over more than a decade. We have invested hundreds of millions of pounds to strengthen the pipeline of new antibiotics, improve understanding of the burden and spread of resistance, and support countries to implement effective policies.

At least

1 million deaths have been caused by antimicrobial resistance each year since 1990

In September 2024, member states at the UN’s High-Level Meeting on AMR agreed to new global targets and progress tracking measures. Wellcome had called for the creation of an Independent Evidence Panel on AMR to ensure that research and data can more effectively drive policy decisions. We are now supporting its establishment. But this panel will only have impact if researchers, policy makers and funders use its recommendations to guide action.

Alongside influencing policy and awareness, we continue to invest in research. In February 2025, under the tripartite partnership we established last year, Wellcome, the Novo Nordisk Foundation and the Gates Foundation launched the Gram-negative Antibiotic Discovery Innovator (Gr-ADI). This $50 million (£37 million) consortium will deploy innovative approaches including AI to accelerate the discovery of new drugs for Gram-negative bacteria, which are among the leading causes of deaths from antimicrobial resistance.

Leads from CAMO-Net, a global network tackling drug-resistant infections, told Wellcome staff about their work. Image credit: David Sandison/Wellcome

It brings together funders, research institutions and industry partners to work collectively on early-stage drug discovery with a focus on ensuring innovations are accessible and affordable in low- and middleincome countries.

Resistant organisms spread rapidly across [Africa], predominantly affecting the most vulnerable. This is why efforts like Gr-ADI… are so important.

Iruka N Okeke

Professor of pharmaceutical microbiology, University of Ibadan

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Targeting dengue

Some of the world’s most dangerous infectious diseases receive the least attention and investment, despite causing serious illness, death and economic loss. Wellcome is working to change that by funding research where evidence is scarce and by helping to put overlooked threats on the global health agenda.

Dengue is one of the fastest spreading mosquito-borne diseases, and there is no proven treatment. It often affects communities with less access to prevention, diagnosis and treatment, but as climate change drives mosquitoes into new areas, dengue cases are rising sharply in many regions of the world. Cases have been reported in southern Europe and the USA for the first time in many years.

In some areas, dengue co-circulates with Zika – a closely related virus – but there is limited data on how the two interact and what this means for health. In late 2024, we launched a £26 million funding call to support multidisciplinary teams to map where dengue and Zika overlap and investigate how this affects immune responses, disease severity and transmission. The research will focus on places where data is scarce, particularly in Africa and Asia, and will help inform future interventions to reduce the growing burden of these diseases.

Workshop at Quilombo Icatu where the whole community was invited to participate, including children. Image credit: Marizilda Cruppe/Wellcome

And from October 2025, Wellcome is funding an £8.75 million phase 3 trial to test three existing medicines – baricitinib, dexamethasone and N-acetylcysteine – as treatments for dengue. Led by the University of Oxford with partners in South-East Asia, the study will run in several countries for five-and-a-half years. The team’s experience in dengue research and large-scale trials means results can be quickly translated into care. If successful, it could deliver the first proven treatments for dengue, helping to prevent severe illness and deaths, and reduce pressure on hospitals, as well as building lasting research skills in affected countries.

Another Wellcome-funded project is modelling the health and economic burden of dengue, and the impact of interventions such as vaccines and Wolbachia-based mosquito control. Covering countries in South-East Asia and Africa, it will produce detailed national and regional estimates to guide the most effective use of these tools.

Building trust to accelerate trials

The ADVANCE-ID network is working to speed the development of new antibiotics in Asia by embedding strong community engagement in clinical trials.

Funded by Wellcome, the network of more than 80 hospitals is running a phase 2 antibiotic trial while building three regional hubs to lead long-term engagement efforts. By involving communities from the outset, it is helping to address scepticism towards clinical research, improve public understanding, and secure ministry-level support for engagement.

A researcher from the Child Health Research Foundation visits a village in Bangladesh.

Image credit: Chris Deputy/Camo-Net

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Snakebite taskforce

Snakebite envenoming kills or disables hundreds of thousands of people each year, mostly in rural, low-income communities. But it has long been underfunded and overlooked in global health agendas.

In 2025, Wellcome supported the launch of the Global Snakebite Taskforce – a coalition of experts, policy makers, funders, researchers, health professionals, community advocates and global leaders. Convened independently under the co-chairship of Aden Duale, the Kenyan Minister for Health, and Elhadj As Sy, Chancellor of the Liverpool School of Tropical Medicine (and a Wellcome Governor), the taskforce is designed to secure the political commitment and financing needed to scale up prevention, treatment and research.

Announcing the taskforce at the World Health Assembly in May 2025 put snakebite on the assembly agenda for the first time in six years. By bringing together decision makers and funders alongside technical experts, the taskforce is creating the conditions for policies and resources that can save lives in the most affected countries.

We are not only advocating for the health, safety and livelihoods of our citizens, but setting a precedent for other nations to step up.

Aden Duale

Minister for Health, Kenya

Every five minutes,

50

people are bitten by a snake: four will be disabled and one will die as a result

Paul Rowley and Nicholas Casewell extract venom from a Gaboon viper at the Liverpool School of Tropical Medicine, UK.

Image credit: Benjamin Gilbert/ Wellcome Collection

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Mental Health

Featured highlights

Regulation Singing supports innovation new mums See page 29 See page 30

We are supporting scientific advances and exciting innovations that can help people manage or resolve mental health problems at the earliest possible point. And we are committed to ensuring these solutions reach the people who most need them.

This year, we worked with partners to transform outcomes for early intervention. We are building leadership where it’s most needed, amplifying lived experience, and investing in bold ideas with the power to transform lives. Accessing effective mental health treatments remains a challenge across the globe, in both lower- and higher-resource settings. While our Mental Health strategic programme has a global scope, our research programmes focus on impact in the UK and across Africa.

Unlocking the power of data

Digital innovation, AI and data science are reshaping how mental health is understood and enhanced. Wellcome is supporting researchers and partners to unlock new insights and apply new possibilities. For example, we funded 40 pioneering, mixed-disciplinary teams this year to explore how generative AI can create new tools for measurement and treatment.

Our Africa Mental Health Data Prize brought together data scientists with mental health researchers to develop innovative data-driven projects. Winning teams receive expert mentorship, training and policy connections to ensure solutions are locally relevant and scalable.

From shaping global policy to backing local innovation, our aim is to create the conditions whereby people developing anxiety, depression or psychosis can get the help they need as early as possible, so they are no longer held back by mental health problems.

At Delhi University in India, Adnan and Minara talk about materials to help young people get mental health support from their peers.

Image credit: Mohit Kapil/Wellcome

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One of the 10 teams we funded is led by Owen Nkoka at the Malawi Epidemiology and Intervention Research Unit. His team is integrating mental health datasets into an open-access digital tool to identify risk factors for anxiety and depression in pregnant women.

Many rich datasets have long been underused due to access challenges. With £17 million awarded by Wellcome in 2025, the OpenSAFELY platform supports researchers to securely analyse anonymised mental health data from millions of GP records – without the data ever leaving NHS systems.

We are also working with the regulators who help ensure that safe digital technologies for mental health are available and accessible as soon as possible.

Regulation innovation

It’s challenging to balance overand under-regulation for innovative mental health technologies. The UK Medicines and Healthcare products Regulatory Agency (MHRA) – with Wellcome funding – issued new guidance this year for digital mental health. It helps manufacturers understand when their products are classed as medical devices, how they are assessed, and what evidence is required. Balancing accessibility with safety and transparency, the guidance has been well received and is being drawn on by regulators outside the UK.

This guidance will help inform our evaluations and ensure that NICE is able to publish useful, usable and timely guidance that allows people with mental health conditions to access safe and effective innovations faster.

Mark Salmon

Deputy Director of Science Evidence and Analytics, National Institute for Health and Care Excellence (NICE)

The UK’s digital mental health

market was estimated to be

£1.7bn

in 2024, and is expected to reach £10.5 billion by 2035

New and improved treatments

We are committed to drawing on rigorous science to create new and improved solutions that transform people’s lives – whether medicines, digital interventions, or social and psychological approaches. For example, a company called Draig Therapeutics is developing therapies for neuropsychiatric disorders, including depression and schizophrenia, based on foundational research Wellcome helped fund. It shows the power of investing in bold, early-stage science, opening the door to safer, more effective mental health treatments.

Effective mental health interventions are not limited to medication. Research we funded found this year that a relatively simple approach – singing groups – can help people with postnatal depression.

Image credit: StefaNikolic/Getty Images

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We want to ensure new solutions work in a range of contexts, including low-resource settings. In September 2025, we committed $13 million (£9.8 million) to support the launch of the Greentree Acceleration Plan. Led by the UN and local partners, it aims to scale mental health support in humanitarian crises. One of the first programmes is in Chad, where 40 percent of the population need humanitarian aid.

Mental health services are a critical but often overlooked need in humanitarian settings. While many effective programmes exist, we need to scale them up urgently – especially for children, women and marginalised groups.

Amina Mohammed

UN Deputy Secretary-General

Backing bold ideas

Current medicines for anxiety, depression and psychosis don’t work for everyone, and side-effects often make it hard to stay on treatment. Many companies have stepped back from the challenge of developing better drugs, however.

Draig Therapeutics, a UK start-up from Cardiff University, is bucking the trend. It’s developing allosteric modulators – molecules that change how brain receptors work. This could lead to more effective treatments with fewer side-effects.

Over many years, Wellcome has invested more than £14 million in the science behind Draig’s approach. This helped the company secure $140 million in private funding this year – the biggest spin-out deal in Cardiff’s history.

$140mn was secured by Draig to develop new mental health treatments

Melodies for Mums is a community singing group that helps people with postnatal depression.

Image credit: Richard Eaton/Melodies for Mums

Singing supports new mums

SHAPER-PND, funded by Wellcome, is the largest study to date on the impact of community singing on postnatal depression. Led from King’s College London and Breathe Arts Health Research, it involved 400 mothers and looked at both clinical outcomes and biological mechanisms.

Results published in November 2024 and October 2025 showed significant, sustained improvements in mood, mother-infant bonding, and stress markers such as cortisol and oxytocin. The programme is being considered for wider adoption in the NHS.

It was the stepping stone to feeling like I could achieve things as a mum.

Trial participant

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We are also exploring new models of funding and investment, working with the private sector and public bodies to create pull-through for innovation.

This year, Wellcome became the anchor investor in the Innovations in Mental Health Fund, a £20 million venture from Meridian Health Ventures to advance digital innovation in the NHS.

The fund will accelerate start-ups addressing depression, anxiety and psychosis, with investments of £250,000 to £1 million. Supported by the South London and Maudsley NHS Foundation Trust, it offers selected start-ups access to clinical trials, patient data and expert networks, ensuring promising innovations can be tested and scaled in real-world settings.

Cutting-edge basic science remains a rich source of innovation in mental health. In December 2024, we funded several major projects combining basic neuroscience with clinical priorities. We encouraged applying teams to include computational and experimental

approaches, and partnered with Neuromatch to help them make connections. An online event brought together neuroscientists, mental health practitioners and people with lived experience, leading to innovative cross-disciplinary proposals.

Bridging neuroscience and mental health

At University College London Rick Adams and his team are studying goal-planning difficulties in schizophrenia – a symptom that current treatments do not target.

Working across Canada, Chile, India, Palestine and the UK, the project will use research in mice, people and artificial neural networks to explore the brain mechanisms involved, and test whether carefully timed dopamine-blocking drugs can help.

This will improve understanding of a key challenge in daily life for people with schizophrenia.

Image credit: Patrick Shepherd/Wellcome

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From policy to people

It is not enough to create scientific solutions. Policy leaders and other decision makers have vital roles in ensuring these solutions reach those most in need.

We continue to create partnerships with philanthropies, development agencies, industry and civil society to align priorities and increase support for mental health research and innovation across the globe. This was reflected in the landmark UN High-Level Meeting on Non-Communicable Diseases and Mental Health in September 2025.

47

is approximately how many times more was spent per person on mental health services in Europe (nearly $47) compared with Africa (less than $1) in 2020

Jean Kaseya, Director General of the Africa Centres for Disease Control and Prevention, with Wellcome’s CEO John-Arne Rottingen.

Image credit: David Sandison/Wellcome

In Africa, more than

116mn

people were already living with mental health conditions before the Covid-19 pandemic, with demand for services continuing to rise

It’s about giving people agency and autonomy and enabling them to contribute to decision making and develop solutions to the issues most pertinent to them.

Michael Njenga

Africa Regional Mental Health Advisor, CBM Global

A new generation of mental health leaders

The Africa Mental Health Leadership Programme was set up by Wellcome, the Africa Centres for Disease Control and Prevention, the African Field Epidemiology Network, and CBM Global Disability Inclusion. It equips public health professionals and policy makers with the skills, networks and confidence to influence policy, strengthen services and improve lives in their countries. The programme puts lived experience at its heart, restoring power to people affected by mental health challenges.

Through partnerships and support to organisations such as United for Global Mental Health, as well as directly, we successfully advocated for stronger commitments in the UN political declaration. The final text included a target to increase the number of people who have access to mental health care by 150 million by 2030.

To support engagement, we previewed ‘I Hope This Helps’ at the UN General Assembly in September 2025. It’s the world’s first crowdsourced film on mental health, involving more than 3,000 contributors from over 120 countries. Wellcome funded the film, which aims to deepen understanding of mental health, reduce stigma and inspire new research.

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Climate and Health

Featured highlights

Super pollutants Fixing Our See page 35 Broken Planet See page 36

Maatshwene Moahle, photographed outside her home, took part in the Wellcome-funded Heat Adaptation for Pregnant women and Infants (HAPI) study in South Africa, testing ways to reduce the health impacts of heat. Image credit: Gulshan Khan/Wellcome

Wellcome’s Climate and Health strategic programme aims to put health at the heart of climate action, helping to avert catastrophic climate breakdown and create a world in which everyone can flourish.

Our goals are to build an ecosystem that supports knowledge and action, to advance climate and health science, and to deliver impact to improve health and save lives.

This year, we invested in more Climate Impacts Awards, our flagship annual global research scheme to make the impacts of climate change on physical and mental health visible and so drive climate action at scale. Demand has risen significantly since the scheme began in 2022/23. This year we made our biggest investment to date – over £31 million for 15 projects around the world, from linking extreme weather, nutrition and mental health in Malawi, to exploring the health impacts of saltwater intrusion in coastal Bangladesh.

Knowledge and action

Bangladesh’s $45 billion ready-made garment industry employs over four million people, most of them women. Heat and humidity put workers under stress and raise the risk of illness and reduced productivity. In September 2025, a study quantified how much simple, affordable interventions like reflective roofs and free drinking water can protect people working in such dangerously hot conditions without relying on air conditioning. The research was led from the Heat and Health Research Centre at the University of Sydney. It is just one of a number of global research programmes on extreme heat that are making an impact in people’s lives with Wellcome’s support.

We invested £22 million in eight research projects to advance understanding of the biological, psychological and social mechanisms through which extreme heat affects anxiety, depression and psychosis. As extreme heat events become more common, this knowledge will enable clinicians and policy makers to respond effectively.

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We also supported research to quantify the health effects of policies to reduce greenhouse gas emissions in low- and middle-income countries. This funding call was designed to support emerging economies make a case for climate action based on high-quality health evidence. We awarded a total of £20 million to 10 projects, including research led from India, Kenya and Mexico.

Addressing the sources of climate change and investing in climate change adaptation will save people’s lives, strengthen economies and cut emissions to secure a better future.

Charlotte Watts

Wellcome’s Executive Director, Solutions

At a time of geopolitical complexity and cuts to programmes that support decision making around the world, we are supporting the use of climate information for health decision making. For example, we have invested in a global coalition – the NDC (Nationally Determined Contributions) Partnership – to support countries to improve public health through their national action plans. Additionally, we have supported a project that will bring together high-quality climate data and health data to support health decision making in Pakistan and Malawi.

In a Wellcome-funded study, Heat Adaptation for Pregnant women and Infants (HAPI), researchers worked with local painters and townspeople of Mooiplaas, South Africa, to develop and test ways to reduce the health impacts of extreme heat.

Image credit: Gulshan Khan/Wellcome

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Su per pollutants

‘Super pollutants’ are extremely potent climate pollutants such as methane, black carbon (soot) and tropospheric ozone.

While carbon dioxide often dominates the narrative on climate action, these lesser-known super pollutants account for around half of global warming to date. Reducing levels of super pollutants in the air

Over

22,000 people a day die from air pollution

Large contributors to this are black carbon and tropospheric ozone – air pollutants that we breathe every day and that have severe health impacts.

will not just slow global warming, but also prevent millions of deaths from this major health threat.

With a new strategic focus on the health impacts of super pollutants, Wellcome has put almost £30 million this year into advancing science and understanding in this area. It will help strengthen the health case for climate action.

Black carbon is a component of particulate matter, long-term exposure to which is associated with

4 to 8 million

deaths globally each year

Tropospheric ozone – of which methane is a major precursor – leads to

2.4 million

premature deaths from heart and lung diseases

We have no solution unless we fix this together.

Wopke Hoekstra

European Commissioner for climate action, net zero and clean growth

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Installing pollution sensors in London, UK. Image credit: Jo Mieszkowski/Imperial College

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Delivering impact through science

The growing scientific knowledge and evidence base must engage people and drive action by decision makers if we are to achieve our aims in climate and health. Wellcome partners with a range of people and organisations to engage audiences through cultural programmes including television, film, music, sport and cultural spaces.

Climate Solutions That Are Not Boring was one of the events Wellcome supported at Climate Week NYC 2025 in New York, USA.

Image credit: Amaury Falt-Brown

We also work to ensure leaders in government and business have the information they need to act on the health impacts of climate change.

This year we partnered with E3G and Climate Group to deliver climate weeks in London and New York. These events attract tens of thousands of people from governments, businesses, the public and a wide range of organisations, all seeking to accelerate climate action.

At London Climate Action Week in June, we co-hosted the opening event, inviting global leaders to Wellcome Collection. It coincided with the opening of our major exhibition – Thirst: In Search of Freshwater – exploring humanity’s vital connection with fresh water as an essential source of life and good health. We partnered with The Conduit, an impact-focused private club in London, to deliver a full-day programme on topics such as extreme heat, air pollution, infectious disease, mental health and food systems.

Then for Climate Week NYC in September, we developed a programme of activities including five public events with policy experts, scientists, government officials, health professionals and artists.

This year, Wellcome began a major strategic partnership with UN Climate Change, the body that supports the global response to climate change.

Our partnership will help to drive ambitious action on climate mitigation and adaptation. It will increase the uptake of health evidence in national climate plans, promote health co-benefits in climate action, and engage a broad range of stakeholders – including through official global climate events such as COP, the UN’s annual climate conference.

82%

of visitors to Fixing Our Broken Planet were more likely to take action to protect the natural world

Fixing Our Broken Planet

The Natural History Museum’s new gallery – Fixing Our Broken Planet – opened in April 2025.

Wellcome is lead sponsor of the ‘Our Health’ zone, which highlights how climate change affects human health, such as through zoonotic diseases, threats to medicines from biodiversity loss, and the impact of air pollution. It also showcases actionable solutions for a future where everyone can thrive.

In the first four months, one million people had toured the exhibition and more than four out of five said they were more likely to take action to protect the natural world following their visit.

A visitor to Fixing Our Broken Planet at the Natural History Museum in London, UK.

Image credit: Lucie Goodayle/The Natural History Museum

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Over recent years, Wellcome has worked with hosts and partners to ensure health expertise and evidence is at the heart of these conferences. We supported the first ‘Health Day’ at COP28, events and discussions at COP29, and the launch of the Belém Health Action Plan at COP30. We also supported the integration of health indicators and increased finance in the Global Goal on Adaptation this year.

During COP30 we launched an initial $300 million fund as part of the new Climate and Health Funders Coalition – a global group of philanthropies committed to accelerating action on challenges like extreme heat, air pollution and infectious disease. We are building national, regional and global partnerships to deliver solutions for the communities who need them most.

Countdown to action

The Lancet Countdown report – funded by Wellcome – was once again influential in framing conversations on climate and health in the lead-up to COP30 and was cited at the opening of Health Day. The report is the work of almost 300 leading experts from across the globe, bringing together climate scientists, engineers, energy specialists, economists, political scientists, public health professionals and doctors.

Having evolved over the past 10 years, including the establishment of regional centres across the world, a new independent advisory and supervisory board was appointed for Lancet Countdown in 2025. The new board will help maintain its impact and integrity as a leading voice on climate change and health.

Image credit: Kiara Worth/IISD/ENB

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Climate and Health

Climate change in court

In July 2025, the International Court of Justice released a powerful and unprecedented advisory opinion on the legal obligations of countries to address climate change. This follows years of campaigning by a group of law students from the University of the South Pacific and sustained diplomatic efforts led by the Pacific island nation of Vanuatu. Supported by other states vulnerable to the impacts of climate change, Vanuatu formally requested that the UN seek legal clarification on states’ obligations regarding climate and environmental protection from greenhouse gas emissions.

The court affirmed that a clean, healthy and sustainable environment is a fundamental human right, critical for protecting all other human rights and ensuring intergenerational equity. Through this ruling, the court emphasised that states have clear duties under international law to:

Wellcome supported this process through a 2023 grant to the Foundation for International Law for the Environment. This funding enabled international collaborations among scientists, diplomats and lawyers to ensure that scientific evidence – particularly from the intersection of climate change and human health – was robustly integrated into countries’ submissions. In the end, 80 percent of all country submissions included reference to the effects of climate change on health.

Wellcome’s support also amplified the voices of affected communities in climate-vulnerable states, making sure that the lived experiences of those most impacted by climate change were represented in this historic international process. This ruling may prove to be a turning point in international climate law and shows the critical role of cross-disciplinary collaboration that we champion at Wellcome.

The court has affirmed the undeniable link between climate change and human health, strengthening the argument that we must place health at the heart of climate policy, to drive more ambitious, equitable, and effective action.

Steven Hoffman

Chief Strategy Officer, Wellcome

Climate activists campaign outside the International Court of Justice in The Hague, Netherlands. Image credit: Marta Fiorin/Reuters

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Wellcome Collection

Featured highlights

Culture, climate, Malaria scientist’s infections and archive catalogued health See page 42 See page 41

Thirst: In Search of Freshwater. Image credit: Benjamin Gilbert/Wellcome Collection

Wellcome Collection is our free museum and library exploring health and human experience.

More than 403,000 people visited Wellcome Collection this year (2024: 480,000), engaging with exhibitions, events and collections that connect health to art, history, science and lived experience. This is down 16% from last year. To bring visitor numbers back up in future years, we are focusing on optimising visitor experience and programming with broad appeal to increase footfall and engage as many people as possible with our work.

In May 2025, we were honoured to receive the first ever Visitor Accessibility Award at the Museums + Heritage Awards – recognition of our commitment to removing barriers and making our spaces and programmes welcoming to all.

We recorded over four million sessions on wellcomecollection.org (2024: 4.5 million), and over 170,000 views of unique digitised items (2024: 148,000). We also began a programme this year to support further long-term digital growth.

The Kola Nut Cannot Be Contained. Image credit: Eszter Bonyi/Wellcome Collection

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Wellcome Collection

Behind the scenes, we continue to care for and expand our collections. Highlights this year included cataloguing the archives of malaria researcher Robert Freeman and epidemiologist William Topley, and materials from the Cystic Fibrosis Trust – making these resources available for researchers worldwide. We acquired new works by artist David Beales, whose practice documents the social history of psychiatric care in south-east London.

Accessibility in action

We aim to be representative of society and responsive to the needs of our visitors. Equity, access and inclusion are at the heart of everything we do at Wellcome Collection, from the stories we tell to the way we design our spaces and programmes.

This year, we explored the right to communicate and the richness of Deaf culture through two linked exhibitions: 1880 THAT, by artists Christine Sun Kim and Thomas Mader, and Finger Talk by Cathy Mager. These works invited audiences to step out of a hearing-centred world and into one shaped by British Sign Language, deaf people’s experiences and Deaf culture.

We worked with the British Deaf Association to mark International Week of Deaf People 2025, increased the number of deaf-led tours – including for NHS Deaf Services groups – and provided deaf awareness training for staff. Deafblind user testing helped us further improve the visitor experience, and we installed visual fire alarms to make our building safer. We also collaborated with deaf influencers to reach new audiences.

1880 THAT by artists Christine Sun Kim and Thomas Mader. Image credit: Steven Pocock/Wellcome Collection

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Wellcome Collection

Culture, climate, infections and health

Thirst: In Search of Freshwater brought together artists, scientists and communities to explore links between water, environment and health. The exhibition was informed by Wellcome-funded research and designed using innovative sustainable materials such as wetland reed fibre boards, hemp, straw and London clay ceramics.

Just before Thirst opened, Wellcome Collection hosted the opening event of London Climate Action Week, welcoming global leaders working on climate change. Visitors took tours of Thirst, and curator Janice Li and artist Karan Shrestha joined a public panel discussion.

The exhibition inspired the Thirst Symposium, a programme of performances, film screenings, workshops and discussions. Our in-house Wellcome Collection imprint also published an anthology from writers including Robert Macfarlane, Elif Shafak, Rebecca Solnit and Ocean Vuong.

By connecting cultural experiences with urgent global challenges, Thirst helped spark conversations about how climate change affects health, and how communities can respond.

Visitors at Thirst: In Search of Freshwater.

Image credit: Benjamin Gilbert/ Wellcome Collection

Thirst takes in traditions, technologies, challenges and controversies spanning geographies, cultures and centuries, and demonstrates how the search for water has sculpted civilisations. It sounds a warning for how the same quest will shape our future.

Rebecca Heald

reviewing Thirst in The Lancet Planetary Health

3%

of water on Earth is fresh water

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Wellcome Collection

Collections as a catalyst

Our collections continue to grow and tell diverse stories about health. Zines Forever! DIY Publishing and Disability Justice showcased how zines – from handwritten mini-books to tactile braille and audio works – have been used to share experiences of disability, build communities and drive activism. The display drew on our collection of more than 1,300 health-themed zines.

We worked with the Sudan

Living Cultures project, hosting three Sudanese artists – Yasmin Elnour, Ahmed Akasha and Dina Nur Satti – as they explored our collections and created new works in response. Remarkably, one of the artists discovered photographs of their grandfather in our archives – a powerful reminder of the personal connections that can emerge from our collections.

In September 2024, we launched a new five-year strategic plan, setting out how we will deepen our cultural and public engagement work to help create a healthier future for everyone. Through exhibitions, events and collections, we will keep creating spaces where people can explore health in ways that are inclusive, thought-provoking and connected to the challenges of our time.

A panel in Zines Forever! DIY Publications and Disability Justice.

Image credit: Benjamin Gilbert/Wellcome Collection

Malaria scientist’s archive catalogued

Robert Freeman was an Australian senior scientist at the Wellcome Trust Research Laboratories in Beckenham from 1978 to 1986. Motivated by his wife’s experience of malaria, Dr Freeman’s work focused on developing a vaccine.

We have now catalogued his archive – over 200 boxes of

research materials and ephemera – which preserves a key chapter in the history of malaria science and makes it accessible for future study.

He demonstrated that a single protein could be used to vaccinate against blood stage malaria. The discovery became one of the most cited malaria research papers of the 1980s.

200+

boxes of Robert Freeman’s research materials and ephemera have been catalogued

Image credit: Benjamin Gilbert/ Wellcome Collection

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Cross-mission

Featured highlights

DELTAS Africa – a Simplifying secure decade of impact access to data See page 45 See page 47

Our strategic programmes are supported and connected by a range of activities that contribute to our mission as a whole. They help strengthen the systems, relationships and practices that make science equitable, open and impactful.

The launch of Wellcome’s Equity Framework and the evolution of our Equity department was a major milestone in 2024/25. The framework sets out how we will drive equitable health outcomes by advancing inclusive practices that broaden who leads, participates in, and benefits from science.

Shifting the global research landscape

Global health has been under intense pressure this year. Political priorities are shifting, and funding for international cooperation is being reduced. These changes raise important questions about whether the current systems for research and health can meet future needs.

Over the past year, the Equity team has worked with colleagues across Wellcome to collectively understand how all our work aligns with the framework and to develop measurable plans for delivery. This is not a one-off exercise – it is a shift in how we work. In 2025/26, we will continue to engage all employees and stakeholders so that equity priorities are understood, embedded and acted on in every part of our mission.

In 2025, we worked with the South African government and the Gates Foundation to provide emergency support to the South African Medical Research Council after cuts in international aid threatened critical research capacity across the country. This rapid intervention is helping to protect jobs and limit disruption of vital health research.

Our Equity Framework is on page 97

Alex Pym, Wellcome’s Director of Infectious Disease, joined representatives from the Gates Foundation, the Gates Medical Research Institute and the M72 International Advisory Group at the Center for Family Health Research in Zambia, one of the locations in the M72 tuberculosis vaccine trial that we’re jointly supporting.

Image credit: Gates Archive

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Cross-mission

To inform the broader debate about the future of global health, Wellcome asked experts from five regions – Africa, Asia and the Pacific, Europe and North America, Latin America, and the Middle East – to set out their perspectives on reform. Their papers explore how decision making could move closer to affected regions, how fairness can be built into governance, and how sectors such as health and climate can work together more effectively.

The proposals are not intended to identify a particular solution or approach. They are designed to prompt discussion and bring in a wider range of voices.

This work reflects a shared goal: a global health system that is more equitable, inclusive and prepared for future challenges.

Wellcome is committed to tackling health problems where the need is greatest – and to shifting the centre of gravity in research funding so that it is led by local and regional research leaders.

Our long-term international investments already include eight flagship programmes in Africa and Asia, including partnerships with regional funders the Science for Africa Foundation and the India Alliance, each setting direction and enabling research leadership on priority health issues in these regions.

It’s not our thinking that should guide the reform discussions. We should facilitate and make sure that the voices from the countries and communities with the biggest health challenges are heard.

The HARMONIZE project, funded by Wellcome, is developing digital tools to support decision makers in places affected by climate change across Latin America and the Caribbean. In Vila Tauajó, Brazil, the team maps areas at risk of disease transmission.

Image credit: Marizilda Cruppe/Wellcome

John-Arne Røttingen

Chief Executive Officer, Wellcome

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Cross-mission

DELTAS Africa – a decade of impact

The Developing Excellence in Leadership, Training and Science in Africa (DELTAS Africa) programme has transformed the research landscape over the past decade.

It focuses on collaboration through consortiums of research institutions in different countries, training future generations of researchers, and advancing R&D in priority areas.

Established in 2015 by Wellcome and the UK government, DELTAS I was managed by the African Academy of Sciences and brought together consortiums to tackle pressing health challenges. In 2023, DELTAS II was launched by the recently formed Science for Africa Foundation, which is managing the second phase.

DELTAS II now funds 14 research consortiums, bringing together 75 institutions in 36 countries, with leadership from nine African ‘hub’ nations.

Over the last 10 years, DELTAS research consortiums have:

DELTAS Africa is addressing how science can solve economic, health, food security, and climate change challenges.

Tom Kariuki

Chief Executive Officer, Science for Africa Foundation

14

DELTAS II consortiums hosted in Côte d’Ivoire, Ethiopia, Ghana, Kenya, Mali, Senegal, South Africa, Tunisia and Zimbabwe

Image credit: Gates Archive

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Cross-mission

Widening access

Promoting access to the benefits of science has been central to our work for more than 15 years. Our 2018 Equitable Access Statement set out our priorities and approach but much has changed since then.

Our strategy now places greater emphasis on ensuring the research we fund benefits the people who need it most. This means our access practices have evolved too, shaping how we design funding calls, review proposals, and support projects.

In 2025, we began a consultation to update our approach, making our expectations clearer and strengthening how we build access into research from the start. This process reflects lessons from recent partnerships such as our role in CEPI (the Coalition for Epidemic Preparedness Innovations) to accelerate vaccine development and ensure doses reach low- and middle-income countries.

Our updated statement will guide how we enable discoveries to become real-world solutions, reaching the people and places that need them most.

Participation and engagement

Engaging communities in research and innovation is essential to achieving the most impact on people’s health. Following two years of concept development, insight gathering and learning, Wellcome is supporting eight community-based organisations in India, Kenya and South Africa for a further two years. These Centres

for Exchange are testing new models of equitable health research, participatory practice and community engagement. The aim is to influence the health research ecosystem so that science funded by Wellcome and others is inclusive, relevant and grounded in local realities.

We also use culture and creativity to make health and science accessible to all, commissioning projects that inform, inspire and engage.

Shortlisted images in the Wellcome Photography Prize were shown at the Francis Crick Institute in London, UK. Image credit: David Sandison/Wellcome

narratives and scientific imaging revealed how health and science shape lives around the world.

Our podcast, ‘When Science Finds a Way’, engages audiences with Wellcome’s mission and tells stories of the impact of science in people’s lives. Now in its third season, it reached more than 250,000 streams in 2024/25, and spent a number of weeks as the second most popular podcast in Apple’s UK Science chart.

The top 25 entries were exhibited at the Francis Crick Institute (which receives core funding from Wellcome), with more than 16,000 visitors over three months and digital content surpassing a million impressions. The images were also used to engage attendees of the World Health Summit and COP30 this year.

The 2025 Wellcome Photography Prize brought together stories of health, science and human experience. Powerful personal

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Cross-mission

Data for science and health

Advances in technology, infrastructure and AI are opening new possibilities to understand health, prevent disease, and improve diagnosis and treatment. Wellcome is helping to ensure these advances happen in ways that people can trust, for example being involved in establishing the UK’s new health data research service.

Health data collected during a person’s care can be invaluable for research and planning, but its use beyond individual care can cause concern. Understanding Patient Data is an organisation that helps patients, the public and healthcare professionals have open, informed conversations about how this information is used.

In April 2025, Understanding Patient Data secured a new five-year funding settlement supported by Wellcome, the Medical Research Council, the National Institute for Health and Care Research, NHS England, and the Office for Life Sciences. This will allow the organisation to continue its work across the UK and internationally, ensuring that decisions about data use are shaped by the people whose information it represents.

In 2025, Wellcome became one of more than 40 organisations to sign the Barcelona Declaration on Open Research Information. This global collaboration between funders, research institutions and infrastructure providers aims to make research-related metadata openly available and interoperable, improving transparency and efficiency in science.

We also awarded just under £3 million to support the indexing of grants from the world’s research funders into the freely available OpenAlex database. Our funding will expand the type of data collected and link grants to scientific outputs, helping researchers, funders and policy makers better understand the impact of investing in research.

From national-scale health data services to global open science initiatives, Wellcome is helping to shape a future where data is used faster, more effectively and more equitably. As we increase our focus on AI, we will strive to ensure that rapidly developing systems and standards support trustworthy, high-quality science that benefits people’s health.

Simplifying secure access to data

Consultation with patient groups and academic, clinical and commercial researchers will ensure the service meets the highest standards of security, transparency and public benefit. It will work closely with experts across the NHS who are already improving the way health data can be accessed for analysis. The new service will be based at the Wellcome Genome Campus in Cambridgeshire.

In partnership with the UK government, Wellcome is helping to establish a new health data research service. We are contributing £100 million, with up to £500 million from the government. The service will give approved researchers a single secure route to health data where personally identifiable information has been removed. Simplifying access to datasets such as primary care, hospital and mortality records will help scientists develop deeper insights into human health and disease, and create better ways to prevent, diagnose and treat conditions.

The new service aims to help cut the

average time to start a clinical trial by

By unlocking the power of NHS data safely and securely, we will accelerate lifesaving research that will deliver better treatments for patients faster.

100 days, from 250 to 150 days

Zubir Ahmed

UK Health Innovation Minister

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Wellcome Sanger Institute

25 years ago, the Wellcome Sanger Institute helped deliver the first draft of the human genome – a milestone that transformed science.

Today, the institute remains at the forefront of genomics, driving discoveries that improve health worldwide and ensuring that the benefits of this science are shared equitably.

Three new Heads of Programme at the Wellcome Sanger Institute were announced in 2025, contributing to a strategy that combines cutting-edge science with a commitment to global impact.

ׁ Nick Thomson leads the Parasites and Microbes programme, focusing on global infectious disease and antimicrobial resistance.

ׁ Muzz Haniffa leads the Cellular Genomics programme, aiming to decode how cells interact in health and disease.

ׁ Carl Anderson leads the Human Genetics programme, uncovering the causes of complex conditions.

Also this year, the institute launched one of the UK’s first organisational strategies for representative research. It aims to ensure genomic research reflects the diversity of populations and ecosystems, so that findings are relevant, reusable and able to benefit people worldwide.

We can dissect biological mechanisms at scale. It’s going to be revolutionary.

Muzz Haniffa

Head of Cellular Genomics, Wellcome Sanger Institute

5x10[16]

50 quadrillion DNA bases have been sequenced at the Wellcome Sanger Institute – the milestone was passed in 2024

Cholesterol crystals (blue) in a human liver cell (purple). When cholesterol changes from a liquid to a crystal, it can damage blood vessels, leading to heart attacks and strokes.

Image credit: Steve Gschmeissner/Wellcome Photography Prize 2025

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Wellcome Sanger Institute

Research that changes lives

In October 2024, a study on the Wellcome Sanger Institute’s Deciphering Developmental Disorders project revealed its impact since 2010: over 5,500 families across the UK and Ireland have received life-changing genetic diagnoses, with more than 1,000 people able to change treatment or undergo further testing as a result.

In April 2025, research from the institute showed that early-life exposure to a bacterial toxin may increase the risk of colorectal cancer before age 50. This finding could inform prevention strategies for a cancer rising globally among young adults.

5,500

families have received genetic diagnoses from the Deciphering Developmental Disorders project

This could inform conservation, agriculture and pest control, as well as revealing how species adapt to climate change. Published in July 2025, the study also provided 10 open-access reference genomes, vital tools for monitoring biodiversity.

An international team including scientists at the institute has genetically mapped glasswing butterflies across Central and South America. In doing so, they identified six new species and rewrote the glasswing evolutionary tree.

At the Wellcome Sanger Institute, long-read DNA sequencing machines generate high-quality data to create reference genomes for animal, bird, fish and plant species that have not been sequenced before. Image credit: Greg Moss/Wellcome Sanger Institute

Innovation for the future

The Generative and Synthetic Genomics programme, launched in 2025, is combining large-scale data generation with artificial intelligence to make biology predictive and programmable. This approach could accelerate the development of new therapies and transform our ability to understand disease.

The Wellcome Sanger Institute is also developing tools to enable sequencing directly from clinical swabs – vital for countries with limited laboratory infrastructure. These innovations reflect a core principle: ensuring that genomic science benefits people everywhere.

With genomics, we can make tests that work everywhere.

Nick Thomson

Head of Parasites and Microbes, Wellcome Sanger Institute

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Wellcome Leap

Wellcome Leap Inc is a US non-profit subsidiary of Wellcome that builds and executes bold, unconventional programs with the urgency required to deliver breakthroughs in human health.

Wellcome Leap is changing that trajectory. It already has three programs underway (see next page) to transform outcomes in women’s health.

In September 2025, Wellcome Leap joined forces with Pivotal, a group of organisations founded by Melinda French Gates, committing an additional $100 million (£75 million) to new women’s health research initiatives. This will support two additional programs in areas with some of the highest rates of illness and deaths, such as cardiovascular health, autoimmune disease and mental health.

Active programs are addressing the first 1,000 days of life, depression, next-generation medicine manufacturing, surgical training and access, quantum computing for biology, resilient ageing, addiction, and more.

Wellcome Leap is also investing more than $250 million (£190 million) in one of the most neglected frontiers of science: women’s health.

Despite living longer on average, women spend more of their lives in poor health than men, and experience health issues differently, disproportionately and uniquely. Yet in 2024, only seven percent of pharmaceutical R&D focused on conditions that exclusively affect women, and less than one percent on conditions other than cancer.

For so long, the research community has treated women as if they’re small men. Women are not small men.

Regina E Dugan

Chief Executive, Wellcome Leap

Women spend Melinda French Gates founded a group of organisations called Pivotal, which is working with Wellcome Leap to increase funding for research into women’s health. Image credit: Sonny Tumbelaka/Getty Images 25% Wellcome Leap will have invested more time in poor health than men $250mn in women’s health research

Melinda French Gates founded a group of organisations called Pivotal, which is working with Wellcome Leap to increase funding for research into women’s health.

Image credit: Sonny Tumbelaka/Getty Images

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Wellcome Leap

Wellcome Leap has already invested $50 million (£38 million) in each of three programs designed to transform outcomes in women’s health: In Utero, CARE, and the Missed Vital Sign.

330mn

Nearly two-thirds of people living with Alzheimer’s disease are women. The CARE program aims to cut the lifetime risk of Alzheimer’s for women by half, which – if nothing else changed – would prevent over 50 million cases by 2050.

women with reduced risk

Heavy menstrual bleeding causes significant blood loss but is largely ignored. The Missed Vital Sign program aims to reduce the time to delivery of effective treatment for heavy menstrual bleeding from five years to five months.

10x

reduction in time spent waiting for treatment

More than two million babies are stillborn each year, passing 28 weeks of pregnancy but dying before or during birth. Each is a tragic loss with significant psychological and social costs on parents and families, especially women. In Utero is aiming to halve the rate of stillbirths through scalable methods to measure, model and predict gestational development.

1mn

babies could be saved

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Review of investment activities

Our investment portfolio is the sole source of funds making Wellcome’s charitable ambitions possible.

Background

The portfolio is constructed to deliver at least 4% after inflation, and with the intention to preserve the real value of assets over the very long term. We also focus on the licence to operate of the assets in which we invest.

While our financial accounts are reported in pounds sterling (GBP), just under two-thirds of the investment portfolio has US dollar (USD) currency exposure. We invest globally and currency fluctuations can have significant short-term impacts, although exchange rates tend to smooth out short-term movements over the longer term, as can be seen in our five- and ten-year returns. We present returns in GBP, USD, and in blended currency (50:50 GBP:USD) in Figure 1.

Blended currency has been used since 1 October 2009 as an internal metric to measure the performance of the Investment team, reflecting the global investment mandate of the portfolio.

For 2024/25, currency impacts were minimal. The portfolio returned +10.2% in GBP (2024: +5.2%) and +10.7% in USD (2024: +15.6%). Real returns after inflation were +6.4% in GBP (2024: +3.5%) and +7.7% in USD (2024: +13.2%). After taking account of £1.4 billion in charitable expenditure, the portfolio delivered a gain of £0.9 billion.

Our long-term returns continue to exceed the minimum return objective of at least 4% real in blended currency (Figures 1 and 2). Blended currency real returns have compounded at +8.0% a year since we started measuring returns in this way in 2009. Real returns in GBP have averaged +7.2% over the past 20 years.

However, recent returns have been under pressure from inflation, which was at historically elevated levels in 2021–22 and has continued to be high since then. Three-year annualised returns in GBP stand at +1.4% after inflation.

Figure 1: Total portfolio net returns (in GBP, USD and blended GBP/USD)

Period to 30 September 2025

Annualised return in GBP (%)
Nominal
UK CPI
Real
Trailing1year* 10.2
3.8
6.4
Trailing3years 5.4
4.0
1.4
Trailing5years 9.9
5.0
4.9
Trailing10years 11.7
3.4
8.3
Trailing20years 10.1
2.9
7.2
Since October 1985 13.2
2.9
10.3
Cumulative return in GBP (%)
Nominal
UK CPI
Real
Trailing3years 17.0
12.5
4.5
Trailing5years 60.1
27.7
32.4
Trailing10years 202.7
39.1
163.6
Trailing20years 587.6
77.3
510.3
Since October 1985 14,089.1
209.6
13,879.5

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Figure 1: Total portfolio net returns (in GBP, USD and blended GBP/USD) (continued)

Figure 2: Total portfolio cumulative net returns since 1 October 1985 (%)


(continued)
Annualised return in USD (%)
Nominal
US CPI
Real
Trailing1year* 10.7
3.0
7.7
Trailing3years 12.2
3.0
9.2
Trailing5years 10.8
4.5
6.3
Trailing10years 10.4
3.2
7.2
Since October 2009 10.1
2.6
7.5
Annualised return in blended currency (%)
Nominal
UK/US CPI
Real
Trailing1year* 10.5
3.4
7.1
Trailing3years 8.8
3.5
5.3
Trailing5years 10.4
4.8
5.6
Trailing10years 11.2
3.3
7.9
Since October 2009 10.8
2.8
8.0

Portfolio net returns measured in GBP only until 30 September 2009. The decision to measure in blended GBP/ USD from 1 October 2009 recognised the global nature of our portfolio (see Figures 11 and 12) and the need to maintain global purchasing power. However, Wellcome’s functional currency remains GBP.

The value of the endowment is measured at fair value. Net returns include impact of all external management fees and expenses. Performance fees are included for hedge funds, private equity and property, and for public equity from 2017/18.

CPI: Consumer Prices Index

GBP used until 30 September 2009. Blended GBP/USD used from 1 October 2009.

The target return was UK/US CPI +6% until 30 September 2012. It was reduced to UK/US CPI +4.5% from 1 October 2012 until 31 December 2017, and then changed to UK/US CPI +4% from 1 January 2018.

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Overview

Global public equity markets were strong over our financial year, with most major indices delivering doubledigit returns. It has been a year of two halves, however, with headline performance masking significant turbulence along the way. Around the announcement of US tariffs in early April 2025, the volatility index VIX spiked to above 50, a level last seen during the Covid-19 pandemic.

Despite the uncertainty caused by the US tariff shocks, global economic activity has remained resilient so far this year. The USA continues to grow at higher rates than Europe, despite significant fiscal stimulus now being released by the German government. Corporate earnings have been robust and US exporters have benefited from a weaker US dollar over the past nine months. Inflation has trended upwards in many major economies, including the USA, the UK and the Eurozone, and remains above central bank targets.

The full impact of tariffs on both economic activity and inflation is still working its way through the system, but higher inflation and lower economic growth appear to be a reasonable expectation from here.

Towards the end of our financial year, the US Federal Reserve announced its first interest rate cut of 2025. Its counterpart, the European Central Bank, signalled an end to its cutting cycle that had started in mid-2024. Interest rates are back within normal historical levels after an exceptionally low period between the global financial crisis and the Covid-19 pandemic, but real interest rates after inflation remain low. Excess liquidity created during this extraordinary period continues to work its way through the global financial system. It is hard to predict how long or what shape the after-effects of this adjustment process will take.

Coupled with elevated geopolitical uncertainty and equity market valuations at or near record levels across very long periods, this makes for a complex investing environment. Our performance this year has been reasonably strong, though with expectations for future real returns inevitably trending down.

Our £17.4 billion public equity and equity long short exposure returned +10.8% in GBP for the year (2024: +13.0%). This is a sound outcome in absolute terms, which is how we assess long-term performance, but it once again lagged highly concentrated wider public equity markets. The strongest return within this exposure was generated by our equity long short funds at +19.1% (2024: +8.4%). During the year we further concentrated our roster of external managers and refocused our internally managed public equity efforts.

The £2.9 billion of absolute return exposure delivered a solid return of +8.7% (2024: +0.7%). All our individual absolute return hedge funds generated positive returns for the year, though our non-hedge fund strategies lagged. Our absolute return exposure continues to exhibit low volatility and low correlation to public equity markets and is therefore valuable as a differentiated source of returns.

Our £14.2 billion private equity exposure delivered +12.6% (2024: -2.6%). Valuation uplifts and exit activity were subdued for the first half of the year but increased during the second half. Capital calls outpaced distributions for both our buyout and our venture capital funds. We continue to see a steady flow of interesting co-investments, which offer us an attractive way of adding to our broader private exposure.

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The valuation of our £3.4 billion property exposure was slightly negative for the year and not fully offset by income generated, bringing the aggregate return to -1.4% (2024: +1.2%). Sluggish markets caused by weak economic growth and uncertainty over changes in UK regulation make for a difficult backdrop exacerbated by low transaction activity. However, we continue to find opportunities to enhance our exposure in South Kensington. Our operating assetbacked businesses are resilient and start from a place of strength to capitalise on opportunities. Urban&Civic integrated its acquisition of L&Q Estates, expanding its portfolio and commitment to deliver large-scale residential-led strategic sites in the UK. Premier Marinas completed a major acquisition, further cementing its leading position in the UK marina operator market. The Wellcome Genome Campus is making good progress and delivery of the first phase expansion of the life science campus is well underway.

We continue to hold higher than average cash in our overlay exposure (cash management, derivatives, and liabilities arising from the bonds we have issued). This is primarily a function of finding more opportunities to sell existing assets at full prices than the rate of buying new assets. Our cash holdings continue to generate a modest positive real return, which makes the trade-off between a drag on overall returns and optionality arising from holding dry power for re-investment more acceptable.

We maintained our foreign exchange hedges this year, given headwinds facing the trade-weighted dollar. We crystallised cash gains as we renewed expiring hedges, and our current exposure still shows a healthy, unrealised mark-to-market profit. The valuation of our issued bonds has declined slightly over the year, which has been positive for portfolio net asset value. Eventually, these mark-to-market effects will be reversed over the very long-term maturities of our bonds.

Figure 3: Volatility (standard deviation) of returns (%)

Trailing three-year volatility based on monthly data. GBP used until 30 September 2009. Blended GBP/USD used from 1 October 2009.

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Outlook

Public equity markets look at least fully priced on any metric, and expensive in a longer-term historical context. This is especially true in the USA, but other markets have seen valuation multiple expansion too.

Even for long-term investors, starting valuations matter. The real return outlook for listed equities on a fiveto ten-year view is inevitably more subdued than returns since the global financial crisis. However, valuation multiples could well continue to rise for some time. At some point this trend will reverse, especially since the market paradigm has changed and the distortions created by a zero-interest environment no longer prevail. However, timing that inflection point is impossible. In the meantime, exceptional levels of market concentration continue to put pressure on active management.

In parallel, inflation is well above central bank target levels in most major economies, making the combination of stretched valuation multiples and inflation uncomfortable.

A renewed spike in inflation would be a challenge for Wellcome because it would present a headwind to real returns at the same time as putting pressure on the purchasing power of our mission-related spend.

Historically, our private equity fund partners have been a driver in generating superior returns for the total portfolio. However, recent performance has been subdued and slower to be realised because of private equity investments made during 2020–21 during a period of elevated valuation multiples. We still believe there is an opportunity for the best buyout managers to add value to their portfolio companies outside the short-term pressures from public markets. We have an exceptional roster of venture capital managers who are well positioned to capture their fair share of disruptive companies being created today.

The market environment in which these managers operate is changing. Venture capital has seen an influx of capital, which has led to an increase in competition and the emergence of new funding models, from seed investing to late-stage financings

and beyond. Larger buyout and alternative investments platforms are attracting retail money with a different risk appetite and lower cost of capital. Alignment and incentives for larger managers and platforms remain key issues and areas of focus. Across the board, there has been a tendency for companies to stay private for longer and the rise in continuation vehicles is one result. As market structures and dynamics change, we continue to evaluate how to adapt and where to deploy long-term capital.

Ben Eric paints a roof with white coating in a village on the Pacific island of Niue. These coatings can lower indoor temperatures by up to 2.7°C, reducing the health impacts of extreme heat.

Image credit: Damian Christie/Wellcome

For now, we continue to hold elevated levels of cash. This will be redeployed into future private equity commitments with our strongest partners and kept as dry powder for opportunities arising from dislocations or idiosyncratic reasons. In the days after the April US tariff announcement, when public markets dropped sharply, we took the opportunity to redeploy some cash into selected long-term public equity positions, but the window was brief and quickly closed. Elevated cash levels are not a structural feature of a long-term portfolio, but in the near to medium term, the optionality provided from holding cash is valuable when listed equity markets are at all-time highs.

We focus on what we can control, namely the quality of our assets and partnerships, and our competitive advantages – having a genuine long-term horizon, being unconstrained and in control of our own destiny, having an effective governance framework, and our AAA/Aaa balance sheet – all of which remain as important as ever.

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57 Wellcome Trust Annual Report and Financial Statements 2025

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Figure 4: Evolution of asset allocation (%)

The percentages exclude foreign exchange overlays and derivatives. Public markets include public equities, equity index and commodity futures and options. In addition to one, three, five and 10-year comparatives shown above, 2005 and 2008 years are included to highlight the evolution of the asset allocation prior to the financial crisis.

Figure 5: Evolution of asset allocation, directly and indirectly managed (%)

The percentages exclude foreign exchange overlays. Directly managed includes exchange-traded funds when held, and all equity and commodity derivatives. In addition to one, three, five and 10-year comparatives shown above, 2005 and 2008 years are included to highlight the evolution of the asset allocation prior to the financial crisis.

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58 Wellcome Trust Annual Report and Financial Statements 2025

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Figure 6: Investment asset allocation as of 30 September 2025

Figure 6: Investment asset allocation as of 30 September 2025
1-year return to 1-year return to
2025
2024
2025
2024
Sep 2025		 Sep 2024
£mn
£mn
%
%
%		 %
Cash and Bonds
3,725
3,865
8.9
9.8
3.3		 1.3
Public equity and equity long/short hedge funds
17,418
16,785
41.8
42.6
10.8		 13.0
Public equity
15,137
14,726
36.3
37.4
9.7		 13.6
Directly managed public equity
9,870
9,790
23.7
24.9
8.6		 11.6
Global compounders basket
9,076
9,120
21.8
23.2
6.4		 10.3
Other
794
670
1.9
1.7
Indirectly managed public equity
5,267
4,936
12.6
12.5
11.9		 17.4
Equity long/short hedge funds
2,281
2,059
5.5
5.2
19.1		 8.4
Absolute return
2,922
2,815
7.0
7.1
8.7		 0.7
Absolute return hedge funds
2,422
2,200
5.8
5.6
9.7		 1.0
Other absolute return funds
500
615
1.2
1.5
4.9		 (0.8)
Private equity
14,219
12,639
34.1
32.0
12.6		 (2.6)
Buyout funds
4,259
3,945
10.2
10.0
9.1		 (3.4)
Venture funds
7,673
6,572
18.4
16.7
15.4		 (4.3)
Direct private
128
167
0.3
0.4
7.2		 (22.2)
Private co-investments
2,159
1,955
5.2
4.9
10.7		 8.3
Property and infrastructure
3,421
3,318
8.2
8.4
(1.4)
Net overlayassets
(8)
38
0.0
0.1
1.2
Total investmentportfolio valuegross of bond liabilities
41,697
39,460
100.0
100.0
9.6		 5.4
Bond liabilities
(1,764)
(1,896)
(4.2)
(4.8)
(3.0)		 10.0
Total investmentportfolio value
39,933
37,564
95.8
95.2
10.2		 5.2

Performance figures provided from custodian where available. Asset class performance figures are not additive.

Since September 2017, equity and commodity derivatives have been shown separately as notional exposures, with futures offsets included in other liabilities.

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59 Wellcome Trust Annual Report and Financial Statements 2025

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Figure 7: Public equity and equity long/short net returns (%)
Period to 30 September 2025
Annualised return in GBP (%)
1 year
3 years
5 years
10 years
Since Sep
2008
Directly managed
public equity
8.6
9.8
6.4
10.9
11.5
Global compounders
basket
6.4
8.7
6.3
Indirectly managed
public equity
11.9
13.2
7.4
10.2
10.2
Public equity
9.7
11.0
6.8
10.7
10.4
Equity long/short
hedge funds
19.1
8.1
4.3
9.1
9.7
Public equity and equity
long/short hedge funds
10.8
10.7
MSCI AC World
17.4
16.2
13.1
13.8
11.8		 Figure 8: Top 10 direct public equity holdings as of 30 September 2025
Rank
2025
Rank
2024
Total value
£mn
Total value
$mn
Return on cost
GBP (inception
dates differ)
1
5
Alphabet
651
877
14.1x
2
2
Visa
609
820
1.8x
3
12
DoorDash
607
817
29.0x
4
4
Microsoft
578
778
11.4x
5
1
Amazon
539
725
2.0x
6
3
Apple
530
714
21.9x
7
6
HDFC Bank
446
601
1.6x
8
7
Nestle
409
551
1.7x
9
13
Siemens
400
539
2.9x
10
8
Linde
396
533
1.8x
Directly managed
public equity
Global compounders
basket
Indirectly managed
public equity
Public equity
Equity long/short
hedge funds
Public equity and equity
long/short hedge funds
5,165
6,955
MSCI AC World Top 10 direct public equity holdings represent 34.1% of total public equities.

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Public equity

Global public equity markets had another strong 12 months. The MSCI ACWI generated a total return of +17.4% in GBP (+17.8% in USD). In a reversal from the prior period, Europe outperformed the USA, with the Eurostoxx 50 delivering +19.7% (total return in GBP, as for all following indices) and the FTSE 100 +17.5%, compared to the S&P 500 at +17.2%. In the USA, technology continued to lead the way, with the NASDAQ rising by +25.0%. Emerging markets enjoyed a strong period, too, with the MSCI EM index returning +17.7%. Within that, Hong Kong and China stood out, with the Hang Seng Index up +30.8%.

Market concentration continued to trend at exceptional long-term historical levels, especially in the USA. The Magnificent 7 Index of the largest technology shares climbed by another +37.9%. Just five stocks – all of them in the technology sector – accounted for over 50% of the gains for the S&P 500.

For most of the year, equity market volatility stood at normal levels. However, the US tariff announcement in April led to a sharp spike, with the VIX index reaching levels last seen during the peak of the Covid-19 pandemic. While public equity market volatility has been erratic, the measured volatility of the portfolio drifted down further (Figure 3), largely due to subdued private equity valuations, which normally lag public market movements.

Public equities remain the natural core of a long-term endowment portfolio. Over the very long run, listed equities have tended to generate absolute returns that are sufficient to meet our real return ambition. They do this with a good level of inflation protection, although this does not tend to manifest itself in real time. Liquid public equities confer a high level of control, especially in the case of directly held positions. However, these desirable features require a high tolerance for volatility as sharp market drawdowns are not uncommon. During our financial year, global equity markets rapidly declined by more than 15% in the aftermath of

the US tariff announcement, before rebounding equally swiftly once time frames for tariff negotiations were extended by the US administration.

For the financial year, our equity and equity long short exposure returned +10.8% in GBP (2024: +13.0%). Long only public equities were up +9.7% (2024: +13.6%) and equity long short hedge funds delivered +19.1% (+8.4%). We remain focused on absolute returns but cannot ignore that wider market indices represent an easily available opportunity cost. The reality is that active management has been challenging for the last few years, which has been reflected in our performance. Market index concentration has been a key contributing factor. And towards the end of the financial year, markets were increasingly driven by more speculative segments such as non-profitable companies, where we have little to no exposure. For comparison, the MSCI Quality index, which is a better proxy for a less concentrated, wider spread index, meaningfully lagged wider markets with a +9.7% return.

£9.9 billion, or 57% of the equity and equity long short exposure, continues to be managed internally and delivered a return of +8.6% (2024: +11.6%). The majority is blue-chip large and mega-cap global companies. Over the course of the year, we evolved how we manage this exposure and retired the internally managed Global Compounders Basket at the end of the financial year. We are now exclusively looking at individual holdings as standalone positions within the total portfolio, rather than looking at the combined sub-portfolio exposure. Each position is, and needs to remain, a meaningful contributor to the total portfolio. This will help further raise the bar and drive competition for capital across the whole portfolio. Our approach to stock selection has not changed and focuses on identifying high-quality businesses that can compound at attractive rates over long periods of time. We sold two positions and did not add any new ones this year. Aggregate exposure to this group of companies at the end of the financial year stood at £9.1 billion.

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We maintain a small number of listed positions that originated from our private co-investment exposure. We sold two of these positions over the financial year, and maintain two holdings with a combined exposure of £600 million. The remainder of our directly held public equity exposure is Syncona, a UK listed life science company that was set up as part of Wellcome’s mission-related activities and transferred into the investment portfolio in 2018 after the company listed following its merger with BACIT. In aggregate, we were net sellers of approximately £700 million of directly held public equity exposure over the financial year. A list of the companies we own directly is available to view on our website, as are details of our approach to responsible investment and stewardship.

The £5.3 billion of investments with third-party long only managers returned +11.9% (2024: +17.4%). Our best performing strategies included a global growth manager and a pan-European manager. We did not make any changes to this roster over the course of the year and remain open to new additions.

Our £2.3 billion equity long short hedge fund exposure delivered a strong year, returning +19.1% in GBP (2024: +8.4%). Performance was boosted by two managers who had significant exposure to the AI theme, but all managers generated positive absolute returns. We assess new individual opportunities on an idiosyncratic basis, while acknowledging that the classic long short model has challenges. Limited net exposure reduces the ability to capture market beta and introduces a level of directionality that leads to less downside protection than that provided by market neutral strategies. Combined with performance fees charged on absolute returns, typically without a hurdle, this requires significant amounts of alpha generation to deliver attractive net returns to investors, especially compared to long only alternatives.

Absolute return

Absolute return funds constitute the other part of our hedge fund exposure alongside equity long short funds. We seek low correlation to equity markets and other asset classes and an approach to deliver positive absolute returns through any market environment. We maintain £3 billion of absolute return exposure, which returned +8.7% in GBP over the past year (2024: +0.7%).

The premise for absolute return strategies is to exploit small market inefficiencies. These strategies rely on leverage – often at substantial levels – to amplify arbitrage opportunities into meaningful absolute returns. Advanced risk management systems and a strong risk culture are therefore essential. We believe only a small number of firms exist which can combine all necessary ingredients to produce attractive absolute returns on a repeatable basis. We remain open to building this exposure though will continue to be highly selective with our partners.

Private equity

Our private equity exposure represents £14.2 billion, or 34% of gross assets. This is split between venture capital fund investments, buyout fund investments, and direct co-investments which span both venture and buyout. Over the long run, private equity has been a key contributor to performance (Figures 9a and 9b).

Venture capital offers the potential for outsized returns for truly long-term investors that is difficult to achieve in other asset classes. Returns in venture capital are inherently lumpy and require a long time to be realised, especially for early-stage strategies. Market timing in venture capital is inherently difficult: great companies can be founded at any time, and there is a long list of category-defining businesses created in times of economic turmoil. Staying power and consistency, which again play to our competitive advantages as a long-term investor, are of paramount importance in venture capital investing.

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Figure 9a: Illiquid asset net returns (GBP) (%) Period to 30 September 2025


Period to 30 September 2025
Annualised return in GBP (%)
1 year
3 years
5 years
10 years
Absolute return hedge funds
Other absolute return funds		 9.7
3.9
10.2
9.6
4.9
1.4
Absolute return 8.7
3.2
Buyout funds
Venture funds
Direct private
Private co-investments		 9.1
1.1
9.8
11.3
15.4
(2.7)
11.6
16.5
7.2
(5.0)
41.9
16.4
10.7
5.7
25.7
24.8
Private equity 12.6
(0.6)
12.8
14.5
Non-residential property
Residentialproperty		 (2.4)
(1.4)
5.6
7.8
0.4
(0.2)
2.9
1.3
Property and infrastructure (1.4)
(1.0)
4.6
4.7
MSCI AC World 17.4
16.2
13.1
13.8

Figure 9b: Illiquid asset net returns (USD) (%) Period to 30 September 2025


Period to 30 September 2025
Annualised return in USD (%)
1 year 3 years 5 years 10 years
Absolute return hedge funds 10.1 10.6 11.1 8.3
Other absolute return funds 5.3 7.9
Absolute return 9.1 9.9
Buyout funds 9.5 7.6 10.7 9.7
Venture funds 15.8 3.5 12.5 15.2
Direct private 7.6 1.1 43.1 15.0
Private co-investments 11.1 12.5 26.7 23.4
Private equity 13.0 5.8 13.7 13.1
Non-residential property (2.0) 4.9 6.5 6.5
Residentialproperty 0.8 6.2 3.8 0.1
Property and infrastructure (1.1) 5.4 5.4 3.5
MSCI AC World 17.8 23.7 14.1 12.5

Returns over 10 years are internally calculated for Absolute return hedge funds.

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The requirement for a long-term horizon and a high tolerance for volatility align with the portfolio’s competitive advantages, and venture capital currently represents £7.7 billion exposure. Wellcome’s Investment team started investing in venture capital funds in the mid-1990s and we benefit from a high-quality partner base which would be impossible to replicate from fresh today. We have been partnering with many of these groups for over two decades and have initiated a small number of new relationships in recent years to support long-term returns in the decades to come.

An attraction for investing in buyouts is to invest in private equity outside the short-term focus of public markets combined with control, which allows for operational improvements at a scale that would be difficult to implement in public markets. We focus on managers who have a record of making operational improvements, rather than relying solely on financial engineering and stock-picking skills.

A long-term horizon and a tolerance for illiquidity are important in private equity buyout investing. Our current buyout fund exposure stands at £4.3 billion. Our approach has been to invest with large multi-sector firms, combined with a select number of smaller, more specialised groups, which has served us well over the long term. More recently, the tendency of larger firms in the industry to become publicly listed and focus on asset gathering – often by expanding into other asset classes and launching retail vehicles – has raised questions over alignment of interests.

We have a streamlined co-investment programme alongside long-term partners across buyout and venture, which places a high emphasis on alignment of interests and partner expertise, and which has been additive to our private equity exposure performance. We continue to see a good flow of opportunities and have deployed capital over the past year, bringing exposure to £2.2 billion.

Performance in private equity is best assessed by long-term multiples on invested capital. The outcome of any private investment can only really be judged when it is fully crystallised or exited. Long-term multiples of our invested capital for buyout and venture funds are summarised in Figure 10. Since we started investing in buyout and venture funds, the exposure has more than returned our invested capital with significant

unrealised value remaining. Across all vintages, including recent investments, venture funds have delivered 2.2x return, with 1.5x return from buyout funds. Across both buyout and venture, funds older than five years, which have largely finished their investment periods and are starting to mature, have generated a healthy 1.9x return to date.

Figure 10: Private equity fund net returns (multiples) Inception to 30 September 2025

Net Asset
Buyouts
Venture		 Drawn
£mn
10,522
6,848		 Realised
£mn
11,624
7,696		 Value
£mn
4,259
7,673		 Total Value
to Drawn
1.5x
2.2x
All Private equity funds <5yrs 3,884 387 4,690 1.3x
All Private equityfunds >=5yrs 13,486 18,933 7,242 1.9x
All private equity funds total 17,370 19,320 11,932 1.8x

Total Value equals Realised plus Net Asset Value. Total Value to Drawn gives a measure of return on invested capital. Funds of vintages that are five years and older have generally finished their investment period.

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In the short term, we have seen some green shoots in terms of transaction and exit activity, although overall levels are still low by historical standards. IPO (initial public offering) markets were shut after the US tariff announcement in April but reopened over the summer as market volatility subsided. Since then, there have been several meaningful listings of venture companies and an increasing trend towards generating liquidity for buyout companies through continuation vehicles.

Private asset valuations have gone up, although they have not been keeping pace with public markets. Annual performance numbers for our private equity exposure are summarised in Figures 9a and 9b. They are positive across the board and more meaningful 10-year composite numbers continue to show a premium to public markets.

Property, infrastructure and asset-backed operating companies

The objective for our real asset investments is to generate solid absolute returns, preferably with upside optionality, as well as downside protection and inflation protection. Performance for our property composite was slightly negative for the year with a -1.4% return in GBP (2024: +1.2%; Figure 9a). Like private equity, investing in property requires a long-term horizon and the ability to weather market cycles and short-term mark-to-market valuations. Over the past 10 years, our property composite has returned a solid +4.7% in GBP.

The total return for residential property was +0.4% (2024: -0.3%). Capital valuations were slightly down but net income supported overall performance. The South Kensington Estate has been part of our portfolio since 1995 and represents the majority of our residential property exposure. Long-term returns since inception have been very strong; over the past year, underlying operating performance has been solid in a difficult market.

Rental growth has been robust, voids continue to be very low and net income generated has been solid. However, valuations for prime central London properties remain subdued, with little transaction activity against the backdrop of UK regulatory and political uncertainty. Commercial redevelopment investments on the estate are progressing to plan.

Our non-residential property exposure returned -2.4% (2024: +1.9%). Small valuation uplifts from Urban&Civic and Premier Marinas were more than offset by a markdown in valuation for our holding in a US-based private infrastructure company that is financing energy transition solutions. Premier Marinas made a major acquisition, cementing its status as the leading marina business in the UK. Urban&Civic successfully integrated its acquisition of L&Q Estates, which was first announced in July 2024. With strategic sites, patient capital and a strong track record, Urban&Civic is well placed to deliver new communities and help address the UK’s housing and growth ambitions. Its Milton Keynes (North) and Tempsford sites have been identified

as prospective New Towns, with the latter being one of three most promising sites to meet the UK government’s determination to begin building within this parliament.

Good progress has been made on the expansion project at the Wellcome Genome Campus in Cambridgeshire. This is a commercial investment that seeks to triple the size of the existing life sciences campus. Delivery of the first phase of development is now well underway. The Wellcome Genome Campus is uniquely positioned to be an international destination of choice for genomics, biodata, health data and related organisations, thanks to its current occupier base of the Wellcome Sanger Institute and EMBL-EBI, which will be further augmented by the UK’s new health data research service.

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Portfolio overlays, currency, regional and sectoral overview At a headline level, the GBP:USD exchange rate was virtually unchanged at around $1.34 over the course of the financial year, so currency impact was minimal. However, this masks substantial volatility during the year. From October to mid-January, GBP substantially weakened, touching lows around $1.22. The ensuing recovery was driven more by USD weakness than GBP strength, with the USD index marking its worst first half-year since 1973 in the six months to the end of June.

We maintained currency hedges from USD into GBP. At the end of the year, we had currency hedges in place into GBP covering approximately 4.5% of gross assets. GBP exposure net of currency hedges stood at 18.2%, up from 17.3% in 2024. USD exposure (including linked currencies) increased from 64.0% to 66.4%, primarily due to out-performance of underlying USD assets. Additional detail on currency exposures is in Figure 11.

With approximately two-thirds of our portfolio denominated in USD, potential further USD weakness remains one of the portfolio’s biggest risks.

We did not use any overlay instruments other than currency forwards during the year. Our public equity exposure across long only equity and equity long short remains towards the lower end of our long-term asset class range. Our sector exposure across public and private equity remains broadly diversified (Figure 13). We maintain meaningful exposure to technology, driven by underlying holdings in our venture portfolio and direct holdings in large, listed US technology companies. This includes exposure to AI-related businesses covering the entire range from start-ups to mega-caps. Our exposure to the consumer sector has decreased slightly due to relatively weak performance by several underlying listed companies, whereas our exposure to financials has moderately increased thanks to strong performance by payments businesses.

The conference centre at the Wellcome Genome Campus. Image credit: Benjamin Gilbert/Wellcome

Part of our cash and fixed income holding is earmarked for existing private commitments that will be drawn down in time. The remainder provides us with the option to step up into any potential market dislocations or compelling investment opportunities.

We maintain a substantial cash and fixed income holding at 8.9% of the portfolio (Figure 4, 2024: 9.8%). Despite inflation nudging up in both the USA and the UK, we continue to receive positive real yields in both GBP and USD.

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The market value of our bond liabilities decreased this year to just under £1.8 billion (2024: £1.9 billion) because of slightly higher prevailing long-dated interest rates. Our bonds will eventually be repaid at par so there will be a negative impact on portfolio value from current levels, mostly spread out over a very long period given the duration of issued bond exposure. The next issued bond expiry is the €400 million bond, which will mature in 2027; we will evaluate options nearer the time.

Figure 11: Currency allocation (net of currency forwards) (%) As of 30 September 2025

Figure 12: Public and private equity regional exposure (%) As of 30 September 2025

Figure 13: Public and private equity sectoral exposure (%) As of 30 September 2025

Percentages are rounded. Excludes cash held at portfolio level, equity derivatives, f/x positions, hedge funds and property.

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67

Investments net zero strategy – progress report

Our investment portfolio’s net zero journey continues to be buffeted by political headwinds and operational realities.

The resolve of regulators and corporates is being tested as governments look to navigate political cycles and energy security requirements. Management teams globally are working through the practical complexities of decarbonising their businesses and navigating supply chain bottlenecks. The world must also grapple with the significant power requirements that AI demands. Power needed for AI-related data centres is forecast to double between 2024 and 2030[1] .

Several positive developments are underway, however. Solar is emerging as the fastest-growing energy source, electric vehicles account for almost half of new car sales in China[2] , there is increased electrification and use of circular materials in buildings and industry, and regenerative farming is entering the mainstream in food and land systems. Low-carbon sources

as a proportion of the world’s electricity grew from 29 percent to 41 percent between 2014 and 2024[3] . Although the spotlight has been on the increased emissions driven by AI adoption, there has been less discussion of AI’s ability to help solve climate-related issues through improved efficiency gains, optimising electricity grids, enhancing climate modelling and monitoring of emissions.

We continue with the approach laid out in 2021, focusing on engagement with the managers of our capital, supporting our companies and investments in their progress to build resilience to physical and transition risks, and reducing real-world emissions over the long term. This multi-decade process will sometimes be as much about holding course as it is about making incremental gains. Our approach encourages our partners and assets

to align themselves closer to a 1.5°C pathway, which we believe maintains our forward-looking focus rather than solely relying on backward-looking metrics.

At the end of this financial year, the proportion of our gross asset value covered by a short-term sciencebased target and a science-based net zero target has marginally decreased due to changes in underlying holdings. Science-based targets (SBTs) are aligned to the Paris Agreement goal of keeping the temperature rise to a maximum of 1.5°C above pre-industrial levels and are verified by the Science Based Targets initiative (SBTi).

A large number of public companies already have SBTs, and many of those that are yet to commit operate within hard to abate sectors. Gross asset value covered by a company-reported net zero target

has increased to 38% (2024: 36%) because of more companies in the portfolio having targets, and changes to underlying holdings. Coverage measurement currently only includes public equity and property assets due to the ongoing challenges with other asset class data collection. This means these percentages are likely to be higher because of the increasing number of small- and medium-sized enterprises in our private equity portfolios that are adopting targets.

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Investments net zero strategy – progress report

----- Start of picture text -----
Gross assets with climate targets over time (% gross assets by value)
----- End of picture text -----

----- Start of picture text -----
Company-reported net zero Near-term SBTi targets
commitments (% gross assets (% gross assets by value)
by value)
----- End of picture text -----

For science-based targets, we include those with targets set and verified by SBTi and those that have made a commitment to SBTi to set a science-based target. Certain information in the charts in this section is sourced from MSCI – see the disclaimer on page 70.

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SBTi net zero targets (% gross assets by value)

For science-based targets, we include those with targets set and verified by SBTi and those that have made a commitment to SBTi to set a science-based target. Certain information in the charts in this section is sourced from MSCI – see the disclaimer on page 70.

Despite a wider market pull-back in carbon reduction commitments, our direct public equity positions have maintained their climate targets.

Many are increasing their renewable energy use and working hard to improve energy efficiency. Among the hyperscalers, growing power demand for AI-related data centres will likely result in increased emissions going forward. However, this has also led to extensive renewable energy procurement plans and greater investment into a wide range of clean energy generation solutions.

Having started estimating our carbon footprint in 2019, we launched our net zero ambition in 2021. The estimates have helped us identify higher relative emitters with whom to conduct more targeted analysis and engagement.

Our investment portfolio’s carbon footprint is highly concentrated in a few positions and, encouragingly, scope 1 and 2 emissions for these exposures are trending down. The portfolio is dynamic, so aggregate emissions will fluctuate each year as positions and valuations change.

Public equities emissions – scope 1 and 2 (ktCO2e)

Public equities carbon footprint vs benchmark 2025 (ktCO2e)

Carbon footprint data is calculated using best available data at each financial year-end. Data adjusted to include estimations of uncovered positions. The methodology follows the Partnership for Carbon Accounting Financials. Certain information in the charts in this section is sourced from MSCI – see the disclaimer on page 70.

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Part of the reduction in exposure is a result of our long only managers trimming a couple of the more carbon-intensive positions. The investment portfolio’s carbon footprint remains materially below that of the closest equity benchmark index.

Our methodology follows the Partnership for Carbon Accounting Financials adopted by MSCI. These numbers may change modestly in future reporting because of timing lags in carbon data reporting.

Engagement remains central to our approach. As the political climate became more challenging this year, we engaged with public equity managers to understand how underlying position progress would be affected and communicate our perspective on best practice.

We are confident that most managers continue the work they are doing to integrate sustainability factors into their assessment of financial returns and to use their influence to reduce the carbon footprint of their assets.

Our team has also been monitoring the most carbon-intensive direct public positions and has engaged with management teams where appropriate.

For our indirect private assets, the most important engagement tool we have is our relationships with the managers of our capital.

We look to understand how managers are thinking about climate change and encourage continuous improvement of net zero approaches. We are encouraged that another of our buyout partners now requires new majority-owned companies to set emissions reduction targets.

Our direct private assets are making progress on their emissions reduction goals. Our operating businesses all have climate change commitments and continue to assess how they can build climate resilience in their operations.

Progress on decarbonising our direct property portfolio is well underway. Enhanced data quality and the implementation of decarbonisation measures across an increasing

A drone surveys the Amazon rainforest in the Wellcome-funded HARMONIZE project.

Image credit: Marizilda Cruppe/Wellcome

number of projects have established a strong foundation for achieving our net zero ambitions.

We remain members of the Institutional Investors Group on Climate Change and the Carbon Disclosure Project to keep up to date with best practice and facilitate knowledge sharing.

MSCI disclaimer

Certain information contained herein (the “Information”) is sourced from/copyright of MSCI Inc., MSCI ESG Research LLC, or their affiliates (“MSCI”), or information providers (together the “MSCI Parties”) and may have been used to calculate scores, signals, or other indicators. The Information is for internal use only and may not be reproduced or disseminated in whole or part without prior written permission. The Information may not be used for, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product, trading strategy, or index, nor should it be taken as an indication or guarantee of any future performance. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user assumes the entire risk of any use it may make or permit to be made of the Information. No MSCI Party warrants or guarantees the originality, accuracy and/or completeness of the Information and each expressly disclaims all express or implied warranties. No MSCI Party shall have any liability for any errors or omissions in connection with any Information herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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Charitable expenditure was significantly higher than the previous year.

Overview for the year ended 30 September 2025

Overview for the year ended 30 September 2025
2025 2024 Change
£mn £mn £mn
Investment activity
Income
538		 477 61
Expenditure
(175)
Investment gains
3,240		 (173)
1,559		 (2)
1,681
3,603
Charitable activity
Income
51
Charitable expenditure before discounting and foreign exchange
(1,916)		 1,863
92
(1,577)		 1,740
(41)
(339)
Discounting of grant liability
56		 53 3
Foreign exchange revaluation of grant liability
(16)		 71 (87)
Expenditure on charitable activities
(1,876)
(1,825)
Net income before tax
1,778		 (1,453)
(1,361)
502		 (423)
(464)
1,276
Taxation
(2)
Gains on defined benefit pension schemes
16
Net movement in funds
1,792		 (39)
27
490		 37
(11)
1,302

Charitable activity

Income from grants, programmerelated investment activity and Wellcome Collection was £51 million (2024: £92 million), including grant and contract income received by the Wellcome Sanger Institute.

Charitable expenditure of £1,916 million (2024: £1,577 million) was significantly higher than the previous year. This is due to the significant renewals of two Major International Programmes: MalawiLiverpool-Wellcome (MLW) and the Mahidol Oxford Research Unit (MORU), as well as our commitment to co-fund the creation of a health data research service with the UK government. This increase means we are on track to deliver our plan to spend £16 billion on our mission between 2022 and 2032.

Portfolio net returns, a Key Performance Indicator (see page 166) measured in GBP only until 30 September 2009. Measured in blended GBP/USD from 1 October 2009 recognising the global nature of our portfolio (Figures 11 and 12) and the need to maintain global purchasing power. Wellcome’s functional currency remains GBP.

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Figure 1: Total charitable expenditure (£mn)

Wellcome Collection expenditure was included within Cross-mission for 2024. Wellcome Sanger Institute expenditure was included within Discovery Research for 2024.

Investment activity

Our investment activity generated a net gain of £3,603 million (2024: £1,863 million).

Our portfolio returns this year are 10.2% in GBP (2024: 5.2%). Over the past 10 years, the portfolio has delivered a return of 203% in GBP (2024: 191%).

Discovery Research

As part of this year’s spend, we awarded £410 million (2024: £411 million) across the three open-mode Discovery Research funding schemes, which provide researchers at different career stages with the resources to address challenging research questions.

Total charitable expenditure includes allocated support costs. Charitable expenditure is an Alternative Performance Measure. Wellcome’s Alternative Performance Measures and Key Performance Indicators are on page 166.

During the year we also renewed our core funding to the research programmes based in Thailand and Malawi, a combined contribution of £214 million for the period 2026 to 2032.

In partnership with the Gatsby Charitable Foundation, we renewed our support for the Sainsbury Wellcome Centre with funding of £35 million to support this world-leading systems neuroscience institute.

Infectious Disease

This year we made significant contributions to our goal to accelerate the discovery and development of impactful products, interventions and strategies to combat infectious diseases.

We continue to support the strategic initiative CARB-X to fight drug-resistant infections, with a renewed commitment of £45 million (2024: £22 million).

And we continue to fund research aiming to improve the prevention, transmission and treatment of vectorborne diseases totalling £79 million.

Our Review of charitable activities is on pages 13–51.

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This included £10 million to the University of Dundee to identify and optimise new drug candidates for schistosomiasis through target-based and phenotypic screening, as well as £10 million for a phase 3 trial to evaluate three host-directed therapeutics for dengue across 10 countries.

We spent £26 million on a funding call to understand dengue and Zika spread, immunity and clinical outcomes. This will support multidisciplinary teams to generate evidence on where dengue and Zika viruses co-circulate and investigate the implications on host immune responses and clinical outcomes.

We funded £15 million to the Gram-negative Antibiotic Discovery Innovator (Gr-ADI), which will focus on combating antimicrobial resistance in a specific type of bacteria that are among the leading contributors to deaths associated with antimicrobial resistance.

This was the first investment of the global health research and development partnership launched last year by the Gates Foundation, the Novo Nordisk Foundation and Wellcome. It aims to support science and innovation to advance solutions to health challenges that disproportionately impact people in low- and middle-income countries. Areas of focus include climate and sustainability, infectious diseases, and the interplay between nutrition, immunity, infectious diseases, cardiometabolic and other non-communicable diseases and developmental outcomes.

Mental Health

This year, we awarded £37 million to fund activities focused on the evaluation and further development of scalable digital interventions to advance early intervention in depression, anxiety and psychosis.

We also funded £33 million through a funding call for projects that combine computational and experimental neuroscience approaches to improve understanding of symptoms of anxiety, depression and psychosis.

Another key activity in the year was £10 million towards Climate and Mental Health Awards, a collaboration with our Climate and Health strategic programme. This funding call is supporting research to advance understanding of biological, psychological and social mechanisms through which heat affects anxiety, depression and psychosis.

Climate and Health

During the year, we committed £12 million to Climate and Mental Health Awards, a collaborative funding call with our Mental Health strategic programme. It is focused on uncovering links between heat and mental health in the most impacted communities around the world.

We committed £31 million to continue our funding scheme to make the impacts of climate change on physical and mental health visible, and help drive urgent climate policy action at scale.

We also funded £28 million to generate fundamental evidence on the health effects of climate-related air pollution, including ‘super pollutants’.

Our grants included £20 million for a funding call to generate a body of evidence on the health effects of climate change mitigation interventions in low- and middle-income countries, building on Wellcome’s previous funding.

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Wellcome Collection

This year, we spent £17 million on Wellcome Collection, our free museum and library (2024: £18 million). There were two major exhibitions during the year, Thirst: In Search of Freshwater and 1880 THAT, which together cost £1.0 million.

Cross-mission

We undertake several activities that contribute to our mission as a whole. These include broad themes such as research environments, data, policy and advocacy, and translational work. These activities received a combined amount of £274 million (2024: £151 million).

Wellcome is partnering with the UK government to establish a health data research service. This new service, backed by £100 million from Wellcome and up to £500 million from the government, will give approved researchers a single secure route to health data where personally identifiable information has been removed.

The goal is to reduce barriers that researchers face by simplifying access to information such as primary care, hospital and mortality data.

During the year, we committed £34 million to cross-mission funding through our Equity department. We committed £10 million of core funding for EDIS, a coalition of organisations working to improve equality, diversity and inclusion within the science and health research sector.

We also funded £10 million in a pooled contribution to the third phase of the Science Granting Councils Initiative, supporting the roles of sciencegranting councils in Africa’s sustainable development. We continued our Accelerator Awards scheme, committing £5 million to support researchers of Black, Bangladeshi and Pakistani heritage in the UK.

Wellcome Sanger Institute

We continue to support our world-leading genomics subsidiary, the Wellcome Sanger Institute, with £208 million in spend in the year, an increase of £78 million compared to last year (2024: £130 million).

Most of this increase relates to the disposal of fixed assets with a net book value of £51.2 million offset by corresponding lease income relating to the restructure of leases to the European Bioinformatics Institute as part of the wider development of the Wellcome Genome Campus.

Wellcome Leap

Wellcome Leap funds programs that aim to deliver breakthroughs in human health over five to 10 years. This year’s spend of £83 million is a decrease of £40 million from last year (2024: £123 million) due to lower spend on transition for completed programmes.

Support Costs

Total charitable expenditure includes allocated support costs of £117 million (2024: £116 million).

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Charitable activity: impact on total funds

Total funds have increased during the year. This is due to charitable expenditure exceeding the charitable cash expenditure, thus increasing the liabilities of Wellcome (as we recognise obligations which will be paid in cash over the following years). This effect is offset by net investment gains, which increase the fair value of investment assets and fund the charitable cash expenditure in the year.

Figure 2: Total funds at 30 September 2025

Figure 2: Total funds at 30 September 2025
2025 2024 Change
£mn £mn £mn
Fixed assets
343		 408 (65)
Investment assets
41,977		 39,780 2,197
Net current liabilities
(985)		 (1,070) 85
Long-term liabilities
(5,595)		 (5,170) (425)
Total funds
35,740		 33,948 1,792

Persistent higher inflation or GBP weakening further could limit the charitable activities that Wellcome can fund, and reduce our impact as a result.

Macroeconomic factors

UK inflation remained above Bank of England target slowing the pace of interest rate reductions during the current year. Despite volatility in the year GBP ended the year at the same level against USD as the prior year.

Figure 3: Total funds (£mn) at 30 September 2020 to 2025

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Going concern and viability

The Board of Governors has reviewed the going concern assessment and concluded that Wellcome and its subsidiaries have adequate resources to continue to operate and to meet any commitments as they fall due for at least 12 months from the date of approval of this report.

The Board has reviewed the viability assessment of Wellcome and its subsidiaries over the five years to September 2030, and concluded that there is a reasonable expectation that there are adequate resources, including the strength to operate and sufficient liquidity, to meet the liabilities of the Group as they fall due over the period of their assessment and for the foreseeable future.

In making this assessment, the Board considered the significant – risks laid out on pages 80 87, as well as the significant accounting estimates and judgements in note 2.

Notwithstanding the five-year viability period which has been driven by the cash flow forecast period, the Board conducted its

annual review of Wellcome’s funding approach, noting the continuation of the previously approved planning assumption of £16 billion for 10 years ending 2031/32. The Board noted investment portfolio risk as a key risk impacting Wellcome’s resources and reviewed the impact on the value of the investment portfolio of that planning assumption combined with a number of negative investment environment scenarios, including a 30% decrease in investment portfolio values followed by two-year recovery (equivalent to the impact on investment markets of the Global Financial Crisis) and negative real investment returns due to sustained higher inflation.

The Board concluded that this level of spend is manageable over the medium to long term, supported by our investment portfolio. However, sustained higher inflation would limit the charitable activities that can be funded from this level of spend and therefore Wellcome’s impact over this period.

In addition to the investment return scenario planning, the Board previously approved the principle of supporting the £16 billion of charitable activity by spending down capital, if required, to the minimum endowment level in all but extreme market conditions. The minimum endowment level was updated to £29 billion during the April 2025 Board meeting.

We have also considered reverse stress test scenarios that would lead to Wellcome being unable to continue to operate in its current form. These stress testing scenarios consider the risk of decline in value of our net investment portfolio below the value of Wellcome’s contractual liabilities of £5 billion, comprising third-party liabilities, provisions, pension deficits and commitments, combined with non-contractual but expected grant commitments of £4 billion. The net investment portfolio exceeds these liabilities by £31 billion at the balance sheet date.

In addition, we define a minimum level for the net investment portfolio to sustain our planned charitable expenditure.

The net investment portfolio exceeds this threshold by £11 billion as at the Balance Sheet date.

Moody’s and S&P each confirmed that Wellcome maintained its triple-A rating in their annual assessments.

Financial planning

The financial planning process set out our fourth year plan, continuing the previously approved overall planning assumption in 2021/22 of £16 billion total charitable activity to 2031/32.

Adopting a longer-term planning horizon enables Wellcome to sustain its long-term commitments while maintaining flexibility in allocating resources to time-sensitive initiatives. This approach also ensures that the net investment portfolio remains at or above the minimum level required to support Wellcome’s ongoing charitable activities (see Reserves policy on the next page). With the third year of the 10-year plan concluded, the budget for the fourth year was approved by the Board in September 2025, setting out an ambitious programme of work.

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The 10-year plan includes flexibility for Wellcome to allocate funding to meet the goals in our Discovery and Solutions-focused strategic programmes as opportunities arise.

The ongoing process of identifying opportunities and reallocating funds within the 10-year plan will continue throughout its duration. This year, the medium- and short-term outlooks were reviewed as part of this effort and led to the ambitious increase of funding required from the Board for the upcoming financial year.

Expenditure on charitable activities represents funding that we commit to, which is recognised in the year in which the grant is awarded. However, payment in cash of many of these commitments will be made over many years, so charitable cash payments in any one year will include amounts relating to grants awarded in prior years.

Reserves policy

The reserve balance, equivalent to Wellcome’s consolidated net assets, at 30 September 2025 is £35,740 million (2024: £33,948 million). Our funding methodology defines a minimum level for the net investment portfolio of £29 billion (in real terms as at April 2025) required to support the £16 billion planning assumption. This level is subject to annual review by the Board of Governors and the planning methodology discussed above.

The reserves are almost all unrestricted but certain awards made by other funders to the Wellcome Sanger Institute are subject to specific conditions and are therefore restricted in their use. These amounted to £20 million at the end of 2025 (2024: £16 million).

Pensions

The Wellcome Group provides employees with the opportunity to participate in a defined contribution scheme, and for employees who joined prior to April 2016 defined benefit schemes which are closed to further accrual.

The Group’s two defined benefit pension schemes (the Wellcome Trust Pension Plan and the Genome Research Limited Pension Plan) were in surplus of £282 million as at 30 September 2025 (2024: £256 million surplus). The plans’ surplus has increased this year due to the increase in discount rates linked to increased corporate bond yields and reductions in inflation assumptions leading to overall actuarial gains in the year.

More detail on the pension schemes is given in note 11(e) on page 195.

Investment policy

Our assets are invested in accordance with the wide investment powers set out in Wellcome’s constitution and within our investment policy. The investment policy is reviewed periodically by the Investment Committee (page 138), which recommends it for the approval of the Board of Governors.

We invest globally and across a very broad range of assets and strategies. It is our policy not to invest directly in companies that derive material turnover or profit from tobacco or tobacco-related products or vaping products. We take stewardship of our assets very seriously and consider many factors before we invest.

As well as a sound and sustainable business model, we must be confident that the companies and funds we invest in take their environmental, social and governance responsibilities seriously.

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Risk management

We have strengthened how risk management is embedded across Wellcome, building on strong foundations established last year. Teams are using risk management principles more in day-to-day decisions, and accountability is growing at every level.

Our approach now puts greater emphasis on using data and evidence to inform decisions and provide assurance to the Audit and Risk Committee and the Board of Governors. We’ve linked risk identification to organisational objectives and mission delivery. The Risk team is increasingly consulted on both operational and strategic issues, advising and challenging where needed.

We continue to follow a Three Lines of Defence model. First-line teams are responsible for managing risks and operating internal controls as part of their day-to-day work and decision-making. As the second line, risk and compliance functions provide a consistent framework to support, advise and challenge. As the third line, independent assurance is provided through Internal Audit, which reviews how effectively risks and controls are being managed.

Together, this approach supports clear accountability for risk and provides assurance to Leadership, the Audit and Risk Committee and the Board of Governors.

Building risk culture

Engagement with risk management has grown across Wellcome. Governance committees and other leadership forums hold more active risk discussions, and teams seek advice from the Risk team on a wider range of projects. Risk conversations are becoming a standard part of strategic planning and major programmes. The mandate for the second line risk function is to support, advise and challenge management to ensure the risk management framework is effective and proportionate.

Examples of how the Risk team fulfils its mandate include:

ׁ Support – programme to upgrade and decarbonise Wellcome’s buildings in central London: the Risk team has been consulted extensively on programme risks, ensuring that the risk approach is aligned with Wellcome’s risk framework and taxonomy.

ׁ Advice – review of strategic funding proposals: the Head of Risk supported ExCo in the review of funding proposals, applying a risk lens to the decision-making process to help ensure the appropriate amount of risk was being considered.

Risk team recently introduced a revised risk scoring methodology and worked with risk owners to assess their current risk scores against targets which are aligned to risk appetite. The Risk team then facilitated cross-functional calibration workshops to challenge risk owners on whether initial risk scores were reflective of their true position, and whether teams were operating within risk appetite.

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Updates to the risk framework

We’ve improved reporting to governance committees, resulting in more constructive discussions and stronger engagement. Enhanced risk-event reporting now gives management and the Board clear assurance that incidents are being managed and that either effective controls are in place or actions are in train to close any gaps.

We have introduced a simpler way to score risk. This enables risk owners to understand how well they are managing their risks, and whether they are taking more or less risk than intended.

Teams can now score risks consistently, making it easier to compare and prioritise them. This is the first step towards a more systematic approach to risk oversight that we will refine as teams and risk owners build experience.

Risk taxonomy

Our risk taxonomy is complete for Level 1 and 2, with Level 3 risks close to finalisation. This provides a clear view of where risks belong and how they are grouped, supporting more structured, consistent and relevant reporting.

----- Start of picture text -----
Board view
Strategic and Enterprise risks Level 1
Functional risks
Level 2 Level 2 Level 2
Management view
Teams or activity risks
Level 3 Level 3 Level 3 Level 3 Level 3
----- End of picture text -----

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Principal risks

Principal risks
Risk Description How we manage these risks
Strategic Risk There is a risk that we do not achieve the right balance across ׁ Ambition is aligned with a clearly defined risk appetite while ensuring our minimum
– we don’t have our portfolio or make the best use of Wellcome’s independence standards are met to manage our reputation (seeReputational Riskbelow).
the right strategy to drive impact. This requires us to make bold choices across ׁ Clear strategic objectives to focus our investment in research on areas where it will
to effectively our programmes and major initiatives such as Wellcome Leap have the greatest potential impact, recognising that, as an independent charitable
deliver the and our collaboration with UK Biobank on health data. organisation, we have both the opportunity and responsibility to take risks and fund
mission Delivering the mission requires us to balance ambition with
feasibility, short- and long-term priorities, and the ability to
be agile and pivot when required.
As the external environment evolves rapidly (seeExternal		 initiatives that others cannot.
ׁ An Executive Committee that is focused on strategy, and the development of
the Equity department to deliver on equity, diversity and inclusion commitments.
ׁ Coherent strategy that is communicated across the organisation with oversight by
the CEO and Board of Governors.
risks), our strategy needs to adapt accordingly. If our choices
are not clear, aligned, or focused, this may reduce the
effectiveness of our programmes, limit our influence,
and result in missed opportunities.		 ׁ Recruiting for Chief Strategy Officer and expansion of Strategy team, with clearer
accountability for impact measurement.
ׁ Hire of new Executive Directors for Discovery and Solutions to ensure strategic
alignment and leadership of the portfolio.
Contributing risks include those related to strategic
programmes and our equity objectives.		 Accountability:Chief Executive Officer
Oversight by:Board of Governors

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Principal risks (continued)

Risk Description
Reputational Risk There is a risk that our actions may be perceived by key
– we lose our stakeholders as inconsistent with our mission, vision,
credibility and values and beliefs, undermining our credibility and authority.
legitimacy to We strive to minimise the risk of a ‘say-do’ gap. For instance,
do (and say) the we ensure that initiatives such as our building upgrade align
things we want to with our ESG commitments, including our ambitions for
sustainability and achieving net zero.
Moreover, there is a risk that we might not communicate
boldly enough about our work in advancing science and
health, through research, advocacy and museum activities.
This could potentially mean missing opportunities to
showcase our impact and effectively use our voice.
This risk is heightened by possible criticism due to our
willingness to say and do things that may be unpopular or
controversial. As an independent foundation, we often can
take such reputational risks that are sometimes essential
to our vision, more so than other organisations might.

Accountability: Chief Executive Officer; Executive Director of Corporate Affairs and Engagement

Oversight by: Board of Governors

While we are willing to accept reputational risks that support our mission, we aim to avoid preventable mistakes or missteps that could attract attention in ways that detract from our goals. Contributing risks include those related to our work in investing in research, influencing change, and engaging people, as well as legal and compliance, and ESG issues.

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Principal risks (continued)

Risk Description How we manage these risks
Investment Risk There is a risk that the investment portfolio may lose value ׁ A high-quality, well-resourced Investment team actively managing the endowment.
– we cannot fund due to adverse market movements, high inflation, poor ׁ The portfolio is invested in a diversified range of assets with limits around asset
the mission liquidity management, or permanent loss of capital at the allocation, ranges and position sizes, as set out in our Investment policy.
individual asset level. ׁ A regular review of forecast cash flows and the liquidity profile of all investments
We also consider how ESG factors may negatively impact
the long-term returns from our investments. Our licence to
operate framework, as detailed in the investment policy,
sets out how these are integrated into investment decisions.
Our commitment to bring the portfolio to net zero reflects
our responsible investment approach and considers
reputational impact.
The returns on our investments fund our charitable activities,
and any loss in value will result in less funding available to
support our work. To maximise returns and bolster our funds,		 to ensure we are able to meet our funding obligations and operational needs at all
times. Minimum liquidity requirements for our investment portfolio are set out in
our Investment policy.
ׁ Details of how we consider credit, liquidity and currency risks, including
quantifications of those risks, are set out onpages 224 to 230.
ׁ Net zero targets are considered as part of the licence to operate framework
(seepages 67 to 70).
ׁ Risk appetite has been set and is reported against to the Investment Committee.
ׁ Clear guidelines enshrined in our Investment policy, which is regularly reviewed
by the Investment Committee and approved by the Board of Governors.
we adopt a portfolio approach, investing across a broad range Accountability:Co-Chief Investment Officers
of asset classes. Oversight by:Investment Committee; independent Investment Risk function;
Contributing risks include those related to portfolio, liquidity,
and counterparty credit risks.		 Board of Governors
People Risk – There is a risk that we may not have the specialist capabilities, ׁ Hire of new Chief People Officer and Head of Talent, improving our ability to develop
we don’t have capacity, skills, or behaviours needed to effectively deliver the capabilities required to deliver the mission.
the right people our mission. Achieving this requires a wide range of expertise ׁ Continuous monitoring to identify and address gaps in skills and resource and
with the right across health science, arts, and strategy, along with the address capability.
capabilities capability to operate in diverse and sometimes complex ׁ Driving employee engagement through increased insight to action.
(capacity, skills, environments. Capacity pressures on key delivery teams, ׁ Review of the Wellcome offer to look at how we attract, develop, retain and reward talent.
knowledge and as well as on leadership bandwidth and decision making, ׁ Robust recruitment policies in place to ensure we hire people with the appropriate skills
behaviours) and a lack of agility to adapt to shifting priorities, can also and experience, taking into account our equity, diversity and inclusion commitments.
to deliver impact the pace and quality of delivery. ׁ Regular Pulse surveys to ensure staff feedback is heard and acted on.
the mission Contributing risks include those related to capability,
capacity, leadership and culture.		 Accountability:Chief Operating Officer; Chief People Officer
Oversight by:Board of Governors; People and Remuneration Committee

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Risk management

Principal risks (continued)

Risk Description How we manage these risks
Operational Risk There is a risk that our internal approaches, processes, ׁ Well-resourced and experienced teams across the whole operational structure,
– our processes systems, and ways of working may not be sufficiently including Finance, People, Legal, Digital and Technology, that operate under the
prevent us from robust and adaptable to support our delivery commitments. guidance of the Chief Operating Officer and newly established Operational Leadership
doing what we This includes ensuring that our operations can effectively Team, alongside robust and independent second- and third-line functions.
say we will do respond across different global contexts, such as low- and ׁ Hire of new Chief Operating Officer and Interim Chief Information Officer.
middle-income countries, in support of our objectives. ׁ A focus on effective risk and controls management and strong operational
We have modernised our financial system and processes
through the implementation of Oracle. The implementation
has provided us with the opportunity to take a fresh look at
our operating model including processes, risk and controls
and explore ways of enhancing both efficiency and the way		 resilience, with improvements to incident response.
ׁ Robust processes in place, supported by high-quality tools and systems,
including switching to Oracle.
ׁ Operational approach is agile, allowing for quick adaptation and responsiveness
to shifting needs and challenges.
we manage risks. Accountability:Chief Operating Officer
Internal Audit provides independent assurance over the
effectiveness of our key operational processes and controls,		 Oversight by:Audit and Risk Committee; Board of Governors
identifying gaps, recommending improvements, and tracking
progress to ensure issues are resolved (seepage 144). The
Risk team plays a key role in advising management on the
design of management actions.
Contributing risks include those related to funding processes,
financial operations, cyber risks, systems failure, and health,
safety and wellbeing.

How we manage these risks ׁ Well-resourced and experienced teams across the whole operational structure, including Finance, People, Legal, Digital and Technology, that operate under the guidance of the Chief Operating Officer and newly established Operational Leadership Team, alongside robust and independent second- and third-line functions. ׁ Hire of new Chief Operating Officer and Interim Chief Information Officer. ׁ A focus on effective risk and controls management and strong operational resilience, with improvements to incident response. ׁ Robust processes in place, supported by high-quality tools and systems, including switching to Oracle. ׁ Operational approach is agile, allowing for quick adaptation and responsiveness to shifting needs and challenges. Accountability: Chief Operating Officer Oversight by: Audit and Risk Committee; Board of Governors

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Risk management

Setting risk appetite

Management and the Board of Governors set risk appetite levels during 2024, and these were formally approved in February 2025. All 23 Level 2 risks now have a defined risk appetite level and draft tolerances. Combined with the new risk-scoring process, this will help Wellcome identify areas where we may need to take on more or less risk in pursuit of our mission.

The next phase is helping teams understand and apply these appetite levels in their work, recognise where they may be outside the relevant level, and take action as required.

Risk appetite levels will be reviewed in the first quarter of 2026.

Strengthening our approach to incident and crisis management

This year, we reviewed and strengthened our approach to incident and crisis management. A cross-functional working group was established to create clear, universal definitions of minor incident, major incident and crisis levels and to ensure incidents involving multiple teams are handled in a coordinated way, with clarity on who leads the response.

For our updated crisis management protocols, we focused on setting out activation criteria and clear escalation routes, with membership drawn from the Operational Leadership Team. These changes support more consistent and proportionate responses, and ensures the Crisis Management Team is reserved for the most significant events. Teams have shown good engagement and willingness to streamline their plans and work together.

External risks

Understanding our external environment and emerging risks is key to making informed decisions to deliver our mission. Through an annual horizon scanning exercise, we identify external factors that could affect our work and integrate them into our planning.

Building on last year’s approach, we consulted external sources and global risk reports to create a longlist of potential risks. Management and the Board of Governors then prioritised the risks most significant to Wellcome. The five highest ranked risks are in the table on pages 85–86.

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Risk management

2025 External risks and mitigating actions

External risk Definition
Mitigatingactions
Geopolitical Weaknesses in multilateral collaboration
ׁ Maintaining partnerships with, and funding to, key multilateral agencies.
fragmentation,
instability and conflict		 pose a risk in progress in global health and
climate change. Countries are shifting
priorities from health and development to
security and defence, reducing important
funding routes and putting fragile health
systems at further risk.
ׁ Working with partners to explore how global health architecture can deliver a system that is
more effective, efficient and equitable.
ׁ Ensuring our projects to influence change use a range of approaches, including bilateral and
regional partnerships, as well as through the multilateral system.
ׁ Determining other ways that Wellcome can make an impact (recognising we cannot fill the
funding void), such as maintaining networks across research areas.
ׁ Makingthe case forglobal health as essential toglobal security.
Global economic Economic downturns, inflation, or
ׁ Managing the impact on the investment portfolio through maintaining a reasonably diversified
volatility unstable markets impacting investment
performance, funding commitments
and operational budgets.
portfolio across different asset classes, and a constant focus on managing liquidity.
ׁ Monitoring the impact of fluctuations in inflation and currency exchange rates on purchasing
power and overall impact as part of the strategy.
ׁ Reviewingfunding priorities if financial resources shrink.
Erosion of trust in Polarisation, and loss of confidence in
ׁ Running the Wellcome Global Monitor to understand public attitudes and trust in science and
science, institutions science and philanthropy. This includes
health at a global scale.
and funding decisions public or political backlash to our
funding choices in sensitive research
or cultural areas.
ׁ Making the research and technology we support more trustworthy, for example by integrating
ethical considerations, and involving affected communities and people with lived experience
to ensure needs are met.
ׁ Developing and supporting innovative initiatives to earn trust in science and health such as the
Georgetown-Lancet Commission on Faith, Trust and Health.
ׁ Communicatingeffectivelyand advocatingabout the research that we support.

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Risk management

2025 External risks and mitigating actions (continued)

External risk Definition Mitigatingactions
AI and technology Ethical, safety, and reputational issues from ׁ Being aware that this poses both opportunity and threat.
risks and opportunities,
and cyber		 cybersecurity incidents, AI, automation,
or new technologies. This includes biased
output, misuse of data and the wider impact
of AI in academia and research. For Wellcome		 ׁ Exploring how AI can enhance the efficiency and effectiveness of Wellcome’s work.
ׁ Setting and implementing guidelines on the use of AI by applicants and researchers
(recognising that AI use in science is becoming more widespread).
Collection, this includes the impact of AI on ׁ Recognising the potential benefits of quantum computing, while also recognising there
curation and audience engagement models. is a threat from cyber and data governance perspectives.
ׁ Recognising increased cyber threats, engaging external advisers for threat scanning and
ensuringwe have resilience,fallback and recovery procedures inplace.
Government policy Shifts in policy could harm global health ׁ Continuing to build a case for investment in research in the UK that resonates politically
changes with negative research and potentially affect funding, and with the public and advocates for policies to support research and innovation.
consequences for
research and
innovation		 charity guidelines, and tax regulations. ׁ Mitigating the financial risk to Wellcome of institutional failure through payment of grant funds
in arrears, and where necessary, transferring funds to other institutions to ensure continuing
support of researchers.
ׁ Working closely with our professional advisers to understand proposed changes to charity
law or tax regulations that could impact Wellcome.

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Risk management

Climate-related risks

Climate change is not in this year’s top five external risks, but it remains a fundamental factor in Wellcome’s mission. We are working to embed climate considerations in our decisions and processes across both our mission and operations. Climate risk is part of our twice yearly environmental, social and governance (ESG) update to the Audit and Risk Committee and our Board of Governors.

Climate-related risks, both physical (such as extreme weather events) and transition (such as policy change), are becoming increasingly significant. We identified a range of key climate risks which have the potential to impact the delivery of our mission, by conducting a qualitative assessment through desktop research and internal stakeholder workshops with the support of external consultants.

These risks derive from the physical effects of climate change on:

Examples of key climate risks we identified include extreme weather events and increases in global temperatures resulting in:

Examples of measures we are taking:

We’re also reducing our own climate impact by cutting carbon emissions related to our activities (see pages 94–95).

Some risks are outside our control, but we can plan and adapt to protect delivery of our mission in a warming world. We have mapped key climate risks against our risk framework, tagging them to existing Level 2 and 3 risks and their owners. Our next step is to consider how to mitigate and adapt to these risks.

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88

Environmental, social and governance

Wellcome’s biggest impacts are the contributions we make to solving urgent health challenges and advancing discovery, creating positive social benefits for people and communities globally.

We also consider our broader social and environmental impacts on people, society and the environment. This includes the opportunity we have as a global funder to advance equity and environmental sustainability in the research sector. It is also how we manage our own operations, whether that’s reducing our carbon emissions or becoming a more inclusive employer.

A strategic approach

In order to maximise our impact, we focus our resources where it matters and take a strategic approach to managing ESG impacts, risks and opportunities relevant to Wellcome.

Our ESG framework sets out our priorities, reflecting both the impact we can make on society and the environment, and the risks and opportunities they present to Wellcome’s ability to deliver its mission. This reflects the nature of our mission and impact across three tiers of activities:

It is important that we work sustainably to continue making an impact now and in the future. The Board of Governors has ultimate responsibility for ensuring that Wellcome’s contributions meet the needs of the present without compromising the ability of future generations to meet their needs. This understanding of sustainability is relevant for Wellcome across a range of environmental, social and governance (ESG) topics.

Our mission

At Wellcome, our mission is supporting science to solve the urgent health challenges facing everyone. Our biggest impact is the positive social benefits generated by our mission for society, creating a healthier future for everyone by helping tackle global health challenges and driving discovery and innovation.

Claudia Codeço and Franciana Valente Gaia are researchers working on the Wellcome-funded HARMONIZE project in Brazil.

Image credit: Marizilda Cruppe/Wellcome

How we deliver our mission

Equity and environmental sustainability are critical considerations for research to continue being innovative and fit for the future. As a global funder we have an opportunity to use our leadership to help our partners make health research more inclusive, equitable and environmentally sustainable, either through our approach to research funding or by supporting the sector to develop its ambition and the tools to deliver it.

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Environmental, social and governance

Our operations

In addition to equity, diversity and inclusion and environmental sustainability, our approach to conduct and ethics, digital safety and privacy, and ESG considerations in how we manage our investments are all essential to our operational effectiveness, good practice governance and compliance, and successfully managing risk.

----- Start of picture text -----
Activities/Programmes Environmental Social Governance
1. Our mission Discovery Research
The positive benefits for society
generated by our mission’s delivery, Wellcome Collection
addressing global health challenges
and driving discovery and solutions.
Wellcome Leap
Climate and Health
Infectious Disease
Mental Health
2. How we deliver our mission Equity, diversity and inclusion
ESG activities critical to the
successful delivery of our mission Environmental sustainability
and operational effectiveness.
3. Our operations Conduct and ethics
ESG activities essential to our
operational effectiveness and Heritage and conservation
managing risks.
Corporate governance
Digital safety and privacy
Responsible investment
----- End of picture text -----

Nature of impact and risks

Primary Secondary

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Environmental, social and governance

ESG areas of focus this year

At a Wellcome level, our focus this year has been the development and launch of our Equity and Environmental Sustainability frameworks. Both will help us to better consider the impacts of our actions on people and the environment and guide our decision making as we deliver Wellcome’s mission.

At a Wellcome Group level, our focus has been on strengthening our approach to managing ESG risks and opportunities coherently and proportionately across the Wellcome entities – meaning the Wellcome Trust and our charitable (Wellcome Sanger Institute, Wellcome Leap) and investments subsidiaries (Urban&Civic, Premier Marinas, Wellcome Genome Campus). Our approach is supported by a group-level ESG working group which brings together senior representatives from these entities.

Last year we developed ESG standards for the group, which reflect a range of business practices across 12 ESG topics to which Wellcome will hold itself and its direct entities accountable. This year the group entities all conducted a self-assessment of the controls they have in place to adhere to our ESG Group standards. This has proved a valuable exercise to identify areas for improvement and opportunities for collaboration across the group, be it climate risks or approach to ESG reporting.

Environmental

The science could not be clearer: humanity is facing a self-made climate and nature emergency of unprecedented scale, and urgent action is needed now to safeguard our common future.

The climate crisis is already a health crisis as much as an environmental one. As a global funder Wellcome has an important role to play in addressing this crisis through the delivery of our mission, investing in research at the nexus of climate and human health; through our leadership as a global funder for the health research sector; and by addressing the negative environmental impacts of our operations.

We need to lead by example and are committed to achieving net zero emissions. In line with climate science, we aim to reduce absolute scope 1 and 2 (market-based) greenhouse gas emissions of the Wellcome Trust by 90% by 2030 against a 2018/19 baseline.

The Instituto de Montaña in Peru provides local people with kits to assess the levels of heavy metals in the water. Here, Fructosa Cruz de Vela-Barca checks the water’s pH level.

Image credit: Ciril Jazbec/Wellcome Photography Prize 2025

We will deliver this by decarbonising our buildings on Euston Road in London, UK. Additionally, we aim to achieve net zero across our entire value chain (scope 3 emissions) by 2050 at the latest, including aiming to reduce emissions related to our research funding and investment portfolios. Our subsidiaries are setting their own net zero targets in line with our ESG Group standards.

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Environmental, social and governance

Another area of focus has been maturing our understanding of the risks climate change presents to the delivery of our mission, our investments and our operations, guided by the framework set by the Taskforce on Climate-related Financial Disclosures (TCFD). Key findings and areas of immediate focus to mitigate these risks can be found in the Risk section.

Delivering on our ambitions will require working closely with our partners to develop fair and equitable solutions to these shared environmental challenges. Our in-house sustainability function acts as an internal centre of expertise to support the delivery of our ambitions and embed environmental considerations across what we do.

This year we launched our new Environmental Sustainability Framework which sets out our approach, ambitions and three levers for environmental sustainability impact:

Our environmental impacts

Driving impact through our mission

Our biggest contribution to environmental sustainability is

advancing the world’s understanding of the interrelations between climate change and human health. Our strategic programmes all have important contributions to make in tackling the impacts of the climate crisis on health, such as increased mental health issues and spread of infectious diseases.

Our Climate and Health strategic programme aims to put health at the heart of climate change action. This is both to motivate actions to mitigate and adapt to climate change, and to provide evidence of how different choices will affect people’s health so that the most beneficial policies can be implemented. We fund research to generate evidence for the health impacts of climate change and of actions taken in response to climate change, which can inform decision makers at local, national, regional and global levels. We advocate for urgent climate change action based on evidence of the health impacts already being felt around the world, and those that will get worse the higher the Earth’s temperature is allowed to rise.

See this year’s highlights in Climate and Health on pages 33–38

Mitigating emissions for health impacts

We mitigate our scope 1 and business travel emissions by purchasing Gold Standardaccredited carbon credits from the Sustainable Climate Impact Fund (SCIF). Its projects deliver clean and safe drinking water to local communities in Uganda, eliminating the need to burn firewood to boil drinking water, which avoids carbon emissions. Easy access to clean water also improves community health and socioeconomic wellbeing, especially for women and girls, by reducing water-borne diseases and allowing individuals to pursue economic and educational ambitions.

Residents of Katungulu, a village in Uganda, access clean water from a borehole.

Image credit: SCIF

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Environmental, social and governance

Driving impact through our leadership

To deliver our mission now and in the future, we need to consider the environmental sustainability of the research we fund.

Using financial data we hold on grants we award, we estimate the emissions associated with the research Wellcome funds to be in the region of 300,000 tonnes CO2e each year. This high number reflects the high overall value of the grants we award. While we only have a degree of influence over these emissions, we are committed to play our part in reducing them.

By integrating sustainability into our funding decisions and collaborating with the sector, we aim to accelerate the development and adoption of environmentally sustainable research practices and reduce the carbon emissions associated with research we fund.

Our environmental sustainability funding policy sets expectations for researchers and organisations funded by Wellcome to adopt environmentally sustainable research practices, ensuring that the research we fund is of high quality and aligned with our sustainability ambitions.

We require applicants to consider how they can reduce the environmental impacts of their research and we will fund the costs associated with more sustainable research. We also require institutions to have net zero plans and to provide resources and tools to support researchers to reduce their environmental impact.

Wellcome, UKRI, and more than 25 other leading funders and organisations across the UK research sector developed the Concordat for the Environmental Sustainability of Research and Innovation Practice. The concordat, launched in 2024, sets a commitment for the UK research sector to work collectively to design and carry out environmentally sustainable research and innovation, and complements the expectations set out in our own environmental sustainability funding policy.

This year we have progressed collaborative work with other major funders in the UK and beyond on how we can best coordinate our efforts to maximise our impact in this space, with a focus on the steps we will take to actively support the sharing of sustainable research practices in the sector and accelerate their adoption.

Addressing the impacts of our operations

How we operate is part of our impact in the world and we are committed to tackling the environmental impacts and carbon emissions of our own activities as part of our ISO 14001 certified Environmental Management System. We take a holistic approach that includes our carbon net zero ambitions, the way we manage our resource use and the waste we generate, our approach to business travel, and the care of our collections.

In our Environmental Sustainability Framework we identified opportunities for action across the following targeted areas of activity: travel and events, buildings and facilities, Wellcome Collection, data and technology, procurement, people and culture, and investments.

We have developed internal prioritised roadmaps to deliver these ambitions and below are examples of the progress we have already made this year.

Travel and events

The carbon impact of our business travel continues to be a priority for action. While travel is an important tool to deliver our mission, connecting with others and building relationships, it is also one of Wellcome’s biggest direct environmental impacts. This year we launched a refreshed travel policy to encourage a more thoughtful approach to travel and mandate lower carbon options when travel is needed.

These policy updates have also been incorporated in our funding conditions – for instance that rail should be used for journeys up to 10 hours. We have already seen a positive impact as a result, with our travel emissions having reduced by 12 percent compared to baseline.

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Environmental, social and governance

Buildings and facilities

In 2023 we set an ambitious target to become net zero by 2030 for the Wellcome Trust’s scope 1 and 2 carbon emissions, meaning the emissions associated with the energy use at our office and museum buildings in London. We plan to deliver this target by upgrading our buildings to phase out our use of fossil fuels and adopting fully electric solutions for our heating needs, while continuing to source 100 percent renewable electricity.

In preparation for making a final investment decision in 2026, this year we ramped up our efforts to develop an engineering and building design solution to deliver this ambition, with a focus on how air source heat pumps could replace our use of gas when combined with measures to reduce our buildings’ energy consumption.

This year we also committed to the Camden Breathing Better Charter, a coalition of local organisations united to drive positive action to reduce air pollution in the London Borough of Camden and support the health of our people and local community.

Wellcome Collection

Environmental themes often feature in Wellcome Collection’s events and exhibitions, including this year’s Thirst exhibition. We also work to embed sustainability considerations in how we care for our collections and deliver our public programmes and services. To reduce the

environmental impacts associated with temporary materials, Thirst used low-carbon plant-based materials, such as innovative wetland, straw and hemp boards. We are using life cycle analysis tools to learn how to continue making future exhibitions more sustainable, and have developed a tool to support the teams to embed environmental considerations in exhibition design.

Find out more about Thirst on page 41

Data and technology

The impact of our digital footprint and the technology we use continues to be an area of focus. We are exploring our current impact and ways we can best evolve to leverage technology’s advancements as an enabler for change. This year, we have investigated the full life-cycle impacts of our hardware, the impact

and mitigation possibilities related to our use of AI tools, and ways to improve our digital hygiene and mitigate the impact associated with our cloud data storage. These will continue to be critical in our thinking, while also progressing our smart building strategy in relation to the upgrade of our London buildings.

Procurement

Our suppliers have a key role in delivering our sustainability ambitions. This year we started to embed sustainability considerations in how we procure goods and services. Sustainability was a key criterion in selecting our new building maintenance and travel management partners, and will be integral to their service delivery.

People and culture

We are working to engage, upskill and empower our people to embed sustainability in our culture and the delivery of our mission. This year we conducted quarterly internal events to raise awareness on this topic, and next year we will focus on our approach to learning and development of sustainability skills.

Image credit: Steven Pocock/Wellcome Collection

Investments

Our work is funded from a portfolio of investments in a wide range of financial assets around the world. While we only have limited influence over the emissions of these diverse assets, we are committed to support a transition to a low-carbon economy and have set an ambition to be net zero by 2050 for our portfolio.

See pages 67–70 for a detailed update on our investments net zero strategy

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Environmental, social and governance

We continue to improve our understanding of the carbon emissions associated with our activities, be it of our own operations or our wider value chain – including our suppliers and the research we fund. We exercise different levels of control over these sources of emissions. Our carbon targets reflect this, with more ambitious targets for the emissions over which we have the highest level of control.

Key:

Measured based on actual activities

Indicative provides indication of scale

Wellcome’s carbon footprint

----- Start of picture text -----
Upstream emissions Own operations emissions Downstream emissions
Low to Medium level of control High level of control Low to Medium level of control
Emission category Net zero targets Activity description tonnes CO2e Activity description tonnes CO2e Activity description tonnes CO2e
Scope 1 Net zero by 2030 Gas 1,273
used to heat
Direct emissions 90% emissions
from our activities reductions by 2030 our buildings
Refrigerant gases 349
for air conditioning
Scope 2 Electricity 1,492
Indirect emissions used for lighting,
IT, ventilation
from our energy use
Scope 3 Net zero by 2050 Energy supply 374 Business travel 4,943 Research 300,000
Upstream emissions Air and rail, we fund
Indirect emissions 50% emissions
associated with reductions by 2035 business mileage
our activities and 90% emissions Goods and services 17,000 Water 9 Investment portfolio
supply chain reductions by 2050 we purchase we consume Public equities 200,000 – 300,000
Other assets – not yet estimated
Commuting and 710 Waste 1
home-working we generate
----- End of picture text -----

Greenhouse gas emissions associated with Wellcome’s activities, with the exclusion of all subsidiaries.

Consult our Basis of Reporting report published alongside this Annual Report for details of the principles, methodologies and assumptions used to produce our carbon and energy reporting.

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Environmental, social and governance

Carbon and energy performance

for Wellcome activities, excluding subsidiaries

Baseline year
2018/19
2023/24
2024/25
% change
from baseline
Scope 1
Gas
1,279
1,317
1,273
0%
Refrigerants
52
144
349
+571%
Scope 2
Electricity – Location based
2,246
1,835
1,492
-34%
Electricity – Market based
2,246
0
0
-100%
Total – scope 1 and 2
(location-based)
3,577
3,253
3,158
-12%
Total – scope 1 and 2
(market-based)
3,577
1,417
1,666
-53%
Scope 3 – currently measured
Business travel (air and rail)
5,684
6,621
4,941
-13%
Business travel (mileage)
6
3
2
-67%
Water
28
10
9
-68%
Waste
4
2
1
-75%
Energy supply – Upstream
emissions
349
372
374
+7%
Total – scope 3
6,071
7,008
5,327
-12%
Total – scope 1 and 2
(market-based) and 3
9,648
8,425
6.993
-28%		 Baseline year
2018/19
2023/24
2024/25
% change
from baseline
Intensity ratio – carbon
emissions/charitable
expenditure
Annual charitable expenditure
(£mn)
1,183
1,577
1,916
+62%
Intensity ratio: tCO2e/£mn
8
5
4
-50%
Baseline year
2018/19
2023/24
2024/25
% change
from baseline
Intensity ratio – carbon
emissions/staff
Full Time Equivalent (FTE)
employees
900
1,051
1,032
+15%
Intensity ratio: tCO2e/FTE
11
8
7
-36%
Energy use (kWh)
Baseline year
2018/19
2023/24
2024/25
% change
from baseline
Gas
6,957,565
6,959,6567,200,431
+3%
Electricity
8,785,869
8,864,1098,428,355
-4%
Total energy use
15,743,434 15,823,765 15,628,786
-1%
Intensity ratio – energy use/
floor space
Total gross floor area (m2)
45,965
45,965
45,965
0%
Intensity ratio: kWh/m²
343
344
340
-1%

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Environmental, social and governance

Social

Success in Wellcome’s mission relies on the efforts of many people and organisations, including those we employ, researchers we fund, and communities affected by the health challenges we aim to solve. These relationships create obligations that are not only fundamental to achieving our goals, but also part of the social benefits that stem from our work.

The research we support is a public good. It contributes to the fundamental human endeavour to understand the world around us and helps build our vision of a healthier future for everyone. We work to create open, engaged, ethical and efficient environments in which researchers can thrive. Wellcome Collection, our free museum and library, brings public, cultural, historical and personal perspectives into our work. We are committed to becoming a more inclusive employer, funder, and museum and library.

The social impacts and activities of our charitable and investment subsidiaries will be considered as part of the work of the Wellcome Group ESG working group.

Left to right: Iman, Gauri, Bhavya, Bhagya, Minara and Azka attend a Metropolis workshop at Delhi University in India.

Image credit: Mohit Kapil/Wellcome

Wellcome’s Equity Framework

To achieve the greatest impact, we increasingly focus on the people and communities most affected by the health challenges we take on – often those who are marginalised, disadvantaged, or least well served by today’s health systems.

Introduced in February 2025, our Equity Framework guides how we apply this focus across all our work, from discovery research to policy influence. It helps us engage with the right people at the right time, invest in the most impactful science, and ensure that advances in health are accessible, trusted and meet the needs of those who stand to benefit most.

This includes building and sustaining research capacity in the parts of the world where the burden of disease is greatest, and broadening the range of people who lead, participate in and benefit from science. It also means working in equitable partnership with communities, so the most relevant voices and experiences shape the research we support.

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Environmental, social and governance

In 2025, our Equity department restructured to strengthen its ability to provide expertise, evidence and partnership across Wellcome’s programmes. By embedding equitable and inclusive practices in the way we fund, collaborate and influence, we aim to unlock more impactful discoveries and solutions – and ensure they reach the people who need them most.

Wellcome’s Equity Framework

----- Start of picture text -----
Our beliefs: science to build The power of Collaboration Diversity of people Everyone’s experience Taking risks where
a healthier future across society and expertise of health matters others aren’t
Our vision:
A healthier future for everyone
Our values: Transformative Thoughtful Inclusive Brave
Our mission: We support science to solve the urgent health challenges facing everyone
Equity impact To drive equitable health outcomes, Wellcome advances inclusive practices
statement: that broaden the range of people leading, participating in and benefiting from science
Methods of work: Engage people Enable and invest in research Influence change
Wellcome’s influence on policy,
A diversity of people and perspectives Discoveries and solutions supported
What we aim for: are influencing and contributing to by Wellcome are contributing to more practice and the research system is
Wellcome’s work equitable health outcomes delivering the greatest impact in communities most affected
The priorities and perspectives Enable and invest in integrating equity Promote and take actions to redress
of communities most affected inform across the full pathway of research and power imbalances and inequities in
Wellcome’s agenda the research ecosystems that support it the global health system
Primary drivers
Generate evidence for and
of change:
Use equitable and inclusive approaches prioritise inclusive practices in Advocate for evidence-informed policies
with those who engage, participate and research and funding, to expand and practices that prioritise unmet needs
are actively involved in what we do the reach of our funding and embed and enable equitable access to solutions
equity in research excellence
Evidence supports Wellcome invests in the
Internal EDI focus: Wellcome is an learning and critical reflection Wellcome engages in deep Wellcome’s practices and confidence, skills and
inclusive employer decisions to be equitable capabilities of its staff to
on equity and power and inclusive drive health equity
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Impact through our leadership

One example is Wellcome Collection, our free museum and library. We seek out opportunities for people to contribute different forms of knowledge and understanding towards a healthier future, give voice to a radical imagination of what health is and what it could be, and make meaningful connections between different perspectives of health past, present and future.

Social impact

The way Wellcome works and the decisions we make have impacts beyond the people who directly help us achieve our mission. This includes suppliers, contractors and the wider research community. When assessing applications for Wellcome funding, our criteria include contribution to a positive research culture.

Impact through our mission

We maximise science’s benefits for people’s health by funding excellent research from discovery to impact, and working with others around the world to develop, test and implement sustainable, evidence-based interventions.

Wellcome’s work impacts society directly and indirectly, so we work with a broad range of people – including those with lived experience of health challenges and those from marginalised groups – so that everyone can connect with, contribute to and benefit from science’s potential.

See data relating to grants we made this year on pages 101–103

See the Review of charitable activities on pages 13–51 for examples of our work

A Brazilian child looks into a mosquito trap during a HARMONIZE project workshop. Image credit: Marizilda Cruppe/Wellcome

Visitors to 1880 THAT at Wellcome Collection. Image credit: Steven Pocock/Wellcome Collection

Support for researchers we fund includes:

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Impact through our operations

time for this role and tailored development opportunities. The networks have annual meetings with the Chair, CEO and other senior leaders.

To achieve our mission, our nearly 1,000 employees must feel valued, supported and able to contribute.

In 2024/25, we set an ambition to make Wellcome the best place to work. We reviewed our wellbeing offer, making improvements to our benefits and our recognition platform. We also began work on leadership development to improve trust in our leaders and build individual leadership capabilities.

ׁ Wellcome Exchange, our staff forum: a space for employees to contribute to organisational decision making. Members are employees representing constituencies of Wellcome staff, and representatives from our staff diversity networks, senior leadership, and the recognised trade union Prospect. Health and safety is a standing agenda item in our staff forum. This ensures employees are consulted, informed, and can raise concerns on matters of health and safety.

Support for our employees includes:

ׁ Physical and mental wellbeing support, including GP access, private medical insurance and counselling to support staff in specific circumstances.

During the year, one incident was reportable under health and safety regulation (RIDDOR). A desktop investigation was carried out by Camden Council and no further action was required.

Wellcome’s staff diversity networks

The Reading Room at Wellcome Collection.

Image credit: Kathleen Arundell/ Wellcome Collection

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changes tend to reflect recruitment and promotion of relatively small numbers of people.

Pay gaps

As a UK organisation with more than 250 employees, we publish our gender pay gap data and choose to also publish our ethnicity pay gap data. The broad trends help us track progress towards being an inclusive workplace, while year-on-year

Pay gaps are different to issues of equal pay. Our annual equal pay audit found no cases of unequal pay for equal work at Wellcome.

Pay gaps
Gender
Ethnicity		 2021
13.2%
4.6%		 2022
15.4%
5.6%		 2023
16.2%
3.3%		 2024
15.7%
6.6%		 2025
13.3%
5.1%

ׁ Gender pay gap in median pay.

ׁ Ethnicity pay gap in median pay.

Our gender pay gap reflects different distributions of men and women across job levels, with senior roles broadly balanced but fewer men in junior roles. Progression also slows for women mid-career.

and highlights the need for deeper action. Our next steps will include setting department-level actions and monitoring internal career movement. We will also strengthen support for colleagues returning from extended leave, including Child Leave.

Our ethnicity pay gap is driven by low representation of people from racially minoritised groups, particularly at senior levels.

These measures form part of a broader long-term programme to embed inclusive practices across Wellcome’s culture and leadership, ensuring progress continues sustainably over time.

Since 2021, our gender pay gap has stayed between 13% and 16%. This plateauing mirrors wider trends

CAMO-Net, a global network tackling drug-resistant infections, presented its work to Wellcome staff this year. Image credit: David Sandison/Wellcome

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Funding data

As of 30 September 2025, we had 2,723 active grants (2023/24: 2,671) supporting research and collaboration at 1,443 organisations across 133 countries, with a total value of £7.3 billion (2023/24: £6.4 billion).

In 2024/25, we received 4,289 applications (2023/24: 2,757) and made 711 awards (2023/24: 615).

Of grants awarded, 75.4% (2023/24: 76.7%) were to individuals and 24.6% (2023/24: 23.3%) to teams of two or more.

Of grants awarded this year, 72.5% of the total value was awarded in the UK (2023/24: 66.6%). More details of grant funding amounts are in note 7.

We collect diversity information and report on the proportion of lead investigators on grants awarded by gender, disability and ethnicity. We use this data to understand and, over time, address any biases, with the aim of ensuring fair outcomes.

Lead investigators on grants awarded

These figures do not include co-investigators or people supported by a grant other than the lead investigator.

Where lead investigators have not provided data, have responded ‘prefer not to say’, or for gender have responded ‘non-binary’ or ‘prefer to self-describe’, they have been excluded from this analysis. Therefore, we are reporting on 88.3% of lead investigator for gender and 85.5% for disability in 2024/25.

This data does not include supplements or prior year adjustments.

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Lead investigators on grants awarded

These figures do not include co-investigators or people supported by a grant other than the lead investigator.

Where lead investigators have not provided data or have responded ‘prefer not to say’ they have been excluded from this analysis. Therefore, for 2024/25 we are reporting on 87.3% of lead investigators for ethnicity.

We have used the UK Census categories of ethnicity, and recognise the limitations of this approach both within the UK and the global context of our funding.

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Most of our grants are awarded through open competitive schemes or calls. For these calls we report on success rates, which are the proportions of lead applicants submitting eligible applications who were successful. These charts are based on lead applicants who shared the relevant characteristic data.

Award rates across all of Wellcome’s competitive schemes are lower this year because we received many more applications than last year.

There is more information about who and where we fund on our website, wellcome.org – search for ‘funding data’.

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Governance

Governance is the set of structures, rules and procedures that guide our organisation in support of the delivery of our mission. A key component of this is delivered through our culture, beliefs and values, and approach to managing and responding to risk. At Wellcome, we are developing a culture in which our people are equipped to make the right decisions at the right time to deliver our mission in line with our beliefs and values.

Key ethics, compliance and governance issues for Wellcome relating to our mission and the ways we work were identified in our ESG framework. They include our approach to conduct and ethics, digital safety and privacy, corporate governance, safeguarding and modern slavery, heritage and conservation, and responsible investment.

Conduct and ethics

Ensuring positive long-term impact rests on having clear accountability across all levels of Wellcome; diversity of perspectives and

insights, starting with the Board of Governors; and strong organisational ethics and risk management.

Our Code of Ethics helps us uphold our values by describing foundational and non-negotiable ways of working. It references policies to prevent bullying and harassment, provides a safeguarding framework for employees and people outside Wellcome with whom we work, and delivers mandatory training for staff on a range of topics including anti-corruption and personal data compliance. It also highlights potential for personal consequences for misconduct and is integral to our approach to manage financial crime risks including bribery and corruption, fraud, and financial sanctions.

Building on last year’s work to further our financial crime risks and controls environment, we have focused this year on making improvements to manage our bribery and corruption risks, including reviewing policies, targeted face-to-face training and updating our declaration systems.

Modern slavery

To align with our commitment to tackle modern slavery in our business and supply chains, we undertook a supplier due diligence this year to assess and monitor our supply chain for modern slavery risk. We considered factors including workforce and sector risks. Our latest modern slavery statement is available at wellcome.org

We continue to strengthen our safeguarding practice. Key achievements this year include building a bespoke safeguarding database to ensure a high standard of reporting, reviewing and responding to safeguarding risks and incidents. Additionally, we developed our relationships with external safeguarding agencies, to better meet the needs of the most vulnerable people who use Wellcome spaces. We continue to develop partnerships with expert organisations to help shape our policy environment, practices and communications, including Unseen UK (modern slavery and human trafficking), Protect (whistleblowing) and the Funder Safeguarding Collaborative.

Data safety and privacy

We are entrusted with significant amounts of personal information and valuable intellectual property by researchers applying for grants and by other organisations and individuals with whom we work to support science. We take the responsibility of protecting that data very seriously, through both data protection processes and the management of information security risks within Wellcome. We undertake regular third-party assessments of our data protection and information security capability, and work to integrate good practice processes in all of our work.

Heritage and conservation

With millions of artefacts in our care as part of Wellcome Collection, heritage and conservation is a governance topic of particular relevance to us. Our commitment to both enabling access to collections and enhancing collections care is demonstrated through the Museum and Archive Service Accreditations we hold; the academic, community and heritage research we undertake;

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Environmental, social and governance

Each company, fund and asset we invest in must demonstrate a sound and sustainable business model. We expect our investment partners to maintain strong relationships with customers, suppliers, employees, governments, regulators, providers of capital and society as a whole. This includes a positive corporate culture, ensuring compliance with laws and regulations, the health and safety of employees, considering impact on communities and the environment, and having an appropriate governance structure. We refer to this as a ‘social licence to operate’. As well as being a reflection of its values, a positive approach to these considerations is indicative of whether a company represents a strong investment prospect for us.

and the knowledge exchange relationships we form with communities of origin for sensitive items in our collections.

We undertake extensive digital preservation processes and this year began a programme to move our collections and library management systems to more data-secure, resilient and AI-enabled systems, safeguarding the future of our collections management for years to come. More details on how we manage our heritage assets can be found on pages 203–204.

Responsible investment

Environmental, social and governance considerations are particularly relevant to how we manage our investment portfolio. Our charitable work is funded from a portfolio of investments in a wide range of financial assets around the world. We do not deliver our mission through these investments but aim to maximise returns over the long term to spend on our charitable activities. However, the prospects for strong returns increasingly align with environmental and social sustainability.

If a company does not maintain its social licence to operate, we believe there are questions over its long-term sustainability and therefore its long-term return potential. We consider social licence to operate at each stage of our investment process, from initial due diligence to ongoing monitoring and continuous engagement.

Researchers from the HARMONIZE project prepare mosquitoes masks for an activity at a school in Brazil. Image credit: Marizilda Cruppe/Wellcome

With respect to ESG matters, the Board of Governors has continued to oversee and engage with our approach this year, including monitoring high-level direction and progress at Board and committee meetings, and through our ESG Board champions: Julia Gillard, Cilla Snowball and Elhadj As Sy. Our ESG Group standards were rolled out through the year across Wellcome’s major subsidiaries. The integration of these standards into business-asusual operations, alongside an active monitoring of progress on areas identified for development, supports the establishment of a robust approach to managing ESG matters at Wellcome.

Corporate governance

Robust corporate governance is essential to our effectiveness. Wellcome is accountable to society for delivering our mission, while using our independence for public benefit. Our Board of Governors and executive use this principle to test decisions, particularly to ensure we make the most of our independence and that our strategic and operational plans are aligned to meet our mission. The Structure and governance section provides an overview on our approach to corporate governance.

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Nemo’s Garden, in Liguria, Italy, is the world’s first underwater greenhouse system. It was created to research farming solutions for areas where growing plants may be challenging in the future.

Image credit: Giacomo d’Orlando/ Wellcome Photography Prize 2025

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Structure and governance

The Wellcome Trust (Wellcome) is an independent global charitable foundation created in 1936 by the will of Sir Henry Wellcome. It is governed by its Constitution which was settled in February 2001 by a scheme of the Charity Commission and subsequently amended. The Wellcome Trust is an unincorporated charity registered in England and Wales (registration number 210183) under the Charities Act 2011.

The Trustee and Board of Governors

Our sole Trustee is The Wellcome Trust Limited, a company limited by guarantee (registration number 2711000), whose registered office is The Gibbs Building, 215 Euston Road, London NW1 2BE. The Trustee is governed by its memorandum and Articles of Association. Its directors and Company Secretary are listed on page 231. The directors of The Wellcome Trust Limited constitute Wellcome’s Board of Governors, which is responsible for overseeing Wellcome’s activities.

Wellcome has a number of subsidiaries, which are established either to deliver charitable objectives, for charitable trading activity, or as investment vehicles.

They include Genome Research Limited, which encompasses the activities of the Wellcome Sanger Institute, and Wellcome Leap Inc, a US-based non-profit organisation founded by Wellcome in 2020 to accelerate health breakthroughs. Wellcome is entitled to appoint directors to the boards of both organisations. As at 30 September 2025, Wellcome had three appointees on the board of Genome Research Limited and three on the board of Wellcome Leap.

Wellcome and its subsidiary undertakings form the Wellcome Group (see note 21 for significant subsidiary undertakings).

Our approach to good governance and public benefit

We have established an approach to good governance that looks to best practice for a charity of our nature, size and scale, considering the Charity Governance Code and relevant aspects of the UK Corporate Governance Code and the UK Stewardship Code. As a registered charity we are regulated by the Charity Commission.

Wellcome has a very broad mission, no living founder or donors and, unlike corporate bodies, no shareholders. The Board of Governors benchmarks decisions against the principle that Wellcome is accountable to society for delivering our mission while using our independence for public benefit. That includes ensuring strategic and operational plans are aligned to meet our mission.

The Trustee has referred to the Charity Commission’s general guidance on public benefit when reviewing Wellcome’s aims and objectives, planning future activities, making decisions, and setting grant-making policies and procedures.

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The Board of Governors

Led by our Chair, Julia Gillard, the Board of Governors is collectively responsible for Wellcome achieving its strategy to improve health through research. The Board provides effective challenge to the Chief Executive Officer (CEO) and management on the implementation of our strategy and the day-to-day running of the organisation, ensuring there is an effective risk management and internal control system. Certain strategic and operational decisions are reserved to the Board, as set out on page 114.

The Deputy Chair, Fiona Powrie, supports the Chair and provides an alternative contact point. Individual Governors act as champions for Speak Up, safeguarding, stakeholder engagement, and environmental, social and governance (ESG) matters. The Chair arranges informal meetings and events to build and maintain constructive relationships between the Board and management.

The Chair meets with individual Governors and the CEO outside formal Board meetings to allow for open discussion about the Board’s effectiveness, committees and members.

Page 110: Key activities of the Board Page 126: s172(1) statement

Board committees

The Board is supported by a number of committees to which it delegates certain matters. Board committee chairs report to the next Board meeting after each committee meeting, and the committee chairs meet every six months to discuss cross-cutting issues. The committees’ terms of reference were reviewed during 2024/25. The latest versions are on wellcome.org

Audit and Risk
Committee		 People and
Remuneration
Committee		 Nominations
and Governance
Committee		 Investment
Committee
Chair:
Stephen
Lovegrove
Financial reporting,
system of internal
controls, risk
management,		 Chair:
Diana Noble
Remuneration and
people policies
and practices,
staff engagement,		 Chair:
Julia Gillard
Stakeholder
engagement,
Board succession
planning, senior		 Chair:
Richard
Gillingwater
Investment
performance and
risk, investment
management, and
internal audit, succession and appointments and providing advice
external audit, remuneration for reappointments, and assurance
oversight of
Speak Up.		 the Executive and
Investment teams.		 recommendations
for governance		 to the Board.
Report:page 140 Report:page 134 improvements.
Report:page 136		 Report:page 138

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The CEO and the executive

The Board delegates day-to-day management of Wellcome to the Chief Executive Officer (CEO). The CEO delegates certain matters to their Executive Committee (ExCo) and maintains challenge and oversight through meetings of ExCo and of an extended executive group.

ExCo has eight members and is chaired by the CEO. It focuses on mission activity, strategic direction and overseeing delivery. Its membership is on page 232. Each ExCo member has designated responsibilities, and the Delegated Authority Policy sets out the individual’s levels for financial decision making.

The extended executive group, chaired by the CEO, is a senior advisory group that contributes strategic input to ExCo from senior management across the organisation. This group includes the Co-Chief Investment Officers and Managing Partners, who report to the CEO, and regularly attend ExCo meetings.

Management

Management meetings help members of ExCo carry out CEO-delegated responsibilities, and also have some delegated decision-making powers. ExCo receives advice from the extended executive group, other leaders across Wellcome and our staff forum, Wellcome Exchange.

Management groups include:

Wellcome regularly reviews organisational structure to ensure our teams align with the focus on our mission. This year, changes were made in the Equity department, the People team, and a team within Digital and Technology. Formal consultation with impacted staff took place on a collective basis or, in a small number of cases, with individuals.

Key activities of the Board in 2024/25

The Board met seven times during the year, including an international visit to global health partners in Geneva and a two-day off-site strategy retreat.

Key priorities included reviewing Wellcome’s strategic choices and responses to recent geopolitical events, including our approach to global funding and refinements to our Equity Framework. The Board also considered new funding proposals and renewals of existing funding, and our approach to risk management and appetite across our activities.

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Key activities of the Board 2024/25

Strategy
Strategic retreat of Board and ExCo
looking at future focus areas, strategic
choices, global impact and partnerships,
equity, and challenges.
Programme strategy refinement
and progress updates.
Strategic funding
and partnerships
Approval of Mahidol Oxford Research
Unit (MORU) research programme
fundingrenewal.
Approval of Malawi-Liverpool-Wellcome
research programme funding renewal.
Approval of funding for UK health data
research service, in partnership with
UKgovernment.
Finance and investment
performance
Approval of spending plans for 2025/26
across charitable activities, capital
expenditure and emergency response.
Review of long-term spending plans
in line with affordability.
Organisational performance
Development and reporting through
a new performance dashboard tracking
a number of metrics.
Review of strategic and organisational
objectives for the new performance year.
Agree approach to performance
and impact measurement.
Risk management and
internal controls
Approval of risk appetite, including
tolerances and management alignment.
Review of top external risks through
a horizon scanningrisk assessment.
Review of corporate risks.
Stakeholder engagement
and culture
Engagement as buddies with employee
networks, regular employee survey
updates and staff forum engagement.
Consideration of geopolitical shifts
and impacts.
Discussion of global health reform.
Governance and ESG
Euston Road Upgrade Programme
updates, with net zero targets.
Progress in ESG standards for 12 topics
across the Wellcome Group.
External review of Board dynamics.
Approval of the Equity Framework.
Board and Committee succession
planning, with decisions on appointments.

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Board composition and succession

The Nominations and Governance Committee has continued to lead on Board and committee succession planning, including for the role of Wellcome’s Chair. The Deputy Chair led these discussions and the Board approved a second five-year term for Julia Gillard to run until April 2031.

Gabriel Leung and Ijeoma Uchegbu were reappointed for second terms by the Board in November 2024, on recommendation from the Nominations and Governance Committee.

Arup Chakraborty stepped down from the Board on 30 June 2025. As part of the succession planning process, the Board agreed to seek two Governors to join in early 2026.

The Board appoints external committee members to provide independent expertise where needed, for example on financial, risk, remuneration and people, and investment matters. External members are not Governors but count towards the quorum for decision making in the committees.

Hanneke Smits and Sandra Robertson were appointed to the Investment Committee in 2025, each for a three-year term. Tracy Blackwell, Martin Halusa and Girish Reddy were reappointed for three-year terms, and Cressida Hogg was reappointed for a one-year term until August 2026.

In December 2024, the Board approved the appointment of two new external members to the People and Remuneration Committee. Jennifer Duvalier and Danielle Harmer joined the committee for terms of three years from 1 January 2025.

Board and committee changes after year-end

In November 2025, the Board approved the reappointment of Caroline Wehrle for a three-year term as an external member of the Audit and Risk Committee.

A summary of committee membership changes is included in each committee’s report.

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Board diversity

The Board remains committed to having a diverse membership. Equity, diversity and inclusion continue to be an integral part of the Board’s succession planning, alongside the Board’s size, composition, expertise, global representation and independence. All these factors are considered as part of the Board’s regular skills and diversity audit, which was last conducted in March 2025.

The Board agreed that it should continue with the current approach, with the aim of maintaining at least one Governor resident in a low- or middle-income country. It agreed to maintain a broad mix of skills related to research expertise, and to focus the forthcoming recruitment on science and skills in relation to emerging technology, computing and AI, while trying to also meet the age diversity target (not currently met).

The Board aims to exceed (while not dropping below) the target of:

Board diversity at 30 September 2025

Board diversity at 30 September 2025
Gender identity
Woman
Man
Non-binary or gender diverse
Prefer not to disclose
Race/Ethnicity identity		 % of Board members
56
44
–
–
% of Board members
Asian or Pacific Islander 11
Black
Hispanic or Latine		 22
–
Indigenous (including North American Indian –
Navajo, South American Indian Quechua,
Aboriginal or Torres Strait Islander)
Middle Eastern or North African –
White
Self-describe		 67
–
Prefer not to disclose –
Age % of Board members
Below 40 –
40–49
50–59		 –
22
60 or above 78
Prefer not to disclose –

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Board dynamics review

The Board engaged an independent external provider, Manchester Square Partners, to review the Board and help it to be as effective as possible. The review took into account Wellcome’s particular governance context and the roles of Governors and executives in how the Board operates. Following the review the Board agreed the following areas for action and improvement:

Board objectives and appraisals

In partnership with the executive, the Board agrees objectives for each performance year that support Wellcome’s strategy and objectives. These integrated objectives were used as a performance measure for the Governors’ annual appraisals, which this year included:

Discussion covered time commitment for the role and each Governor’s external commitments, to ensure each Governor continues to be able to commit sufficient time to the proper functioning of the Board and its committees.

Board learning and development

The Board continues to use a Learning and Development Framework, based on the priority legal, regulatory and fiduciary responsibilities of Governors. The Board agreed to have more in-person training sessions to maximise opportunities for learning and ensure the content is tailored to specific needs. This has included sessions on scientific knowledge and learning, Trustee directors’ duties and, in November 2025, Wellcome’s investments.

The Board’s training plan is reviewed based on the needs identified each year through the effectiveness review, Governor appraisals and the work plan for the year ahead. This is refreshed throughout the year at Board meetings, and reviewed and updated by the Company Secretary and Chair at their regular meetings. Future needs identified included training around AI, cybersecurity, health and safety, and brand development and reputation.

Each new Governor is offered an induction programme tailored to their existing knowledge, experience and role, including any committee membership or chairing duties. This ordinarily includes meetings with the Chair, CEO, executive and external stakeholders such as the external auditor. Information is given on Wellcome’s strategy, including objectives and spending plans, investment policy and strategy, details of Board and committee policies and procedures, relevant codes of conduct, and charity trustees’ and directors’ responsibilities.

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Matters reserved to the Board and delegation of authority framework

Wellcome has a coherent and transparent delegated authority framework, designed to ensure that decisions are taken at the appropriate level and with the proper degree of oversight and challenge.

Our investment activities require quick decision making about large amounts of money. Investment executives therefore have authority to commit Wellcome in respect of higher amounts than senior executives in other areas. Key investment decisions are discussed and challenged at meetings of the portfolio management team, chaired by the Co-Chief Investment Officers or a senior member of their team. The Board and Investment Committee regularly review the delegated authorities granted to the Investment Executive and how they are exercised, as well as portfolio-level consolidated performance and risk metrics.

Across all our activities, decisions by those with delegated authority are always made subject to input and constructive challenge from a range of contributors at executive and management committees, as described in the governance framework.

Oversight of culture and purpose

Wellcome’s culture equips the organisation to deliver our strategy with impact – we want everyone to be able to be and do their best for our mission. The Board ensures that our culture enables us to build the organisational capability required to deliver on our commitments to society at large, our employees, suppliers and partners.

One of the Board’s key roles is to set and uphold our beliefs, values, standards and ethics, which combine to create the foundations for our culture. The Board receives regular reports to monitor developments in our culture and provides supportive challenge to management, both directly and through the People and Remuneration Committee.

These reports include:

The Board gains further insight into the organisation’s culture through Governors being staff diversity network buddies and Board champions on safeguarding, Speak Up, stakeholder engagement and other areas. Governors also meet staff at events, including knowledge and learning sessions, and Wellcome’s first all-staff ‘summit’ in November 2024.

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Board and Board committee attendance (Governors)

Nominations and People and
Audit and Risk Governance Remuneration Investment
Board6 Committee Committee Committee Committee
Attendance/ Attendance/ Attendance/ Attendance/ Attendance/
Name Role No. of meetings: 7 No. of meetings: 5 No. of meetings: 3 No. of meetings: 5 No. of meetings: 4
Julia Gillard Chair, Board of Governors 7/7 – 3/3 5/5 4/4
Fiona Powrie Deputy Chair 7/7 – 3/3 5/5 –
Ijeoma Uchegbu Governor 7/7 5/5 – – –
Diana Noble Governor 6/7 – – 5/5 4/4
Stephen Lovegrove Governor 7/7 5/5 – – –
Cilla Snowball Governor 7/7 5/5 3/3 – –
Richard Gillingwater1,4 Governor 6/7 1/1 – 2/3 4/4
Elhadj As Sy Governor 7/7 – 2/3 – –
Gabriel Leung5 Governor 6/7 – – 2/2 –
Arup Chakraborty2,3 Governor 6/6 2/3 – – –

1 Stepped down from the People and Remuneration Committee on 30 June 2025.

2 Stepped down from the Audit and Risk Committee on 30 June 2025.

3 Stepped down from the Board of Governors on 30 June 2025.

4 Appointed to the Audit and Risk Committee on 1 July 2025.

5 Appointed to the People and Remuneration Committee on 1 July 2025.

6 In 2024/25, there were seven formal Board meetings: 11–12 Nov; 13 Jan; 24–25 Feb; 14 Mar; 27–29 Apr; 23–24 Jun; 29–30 Sep.

The Non-Executive Remuneration Committee is not included in this table as it is an executive committee with no non-executive members.

Board attendance is recorded for each meeting. Partial attendance is rounded up.

Attendance at meetings is only recorded for appointed Board and committee members (not observers or attendees).

Informal catch-up meetings where no decisions are made are not counted in the total number of meetings.

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Board Committee attendance (other members)

People and
Audit and Risk
Committee
Attendance/		 Investment
Committee
Attendance/		 Remuneration
Committee
Attendance/
Name Role No. of meetings: 5 No. of meetings: 4 No. of meetings: 5
Jonathan Britton Audit and Risk Committee Member 5/5 – –
Caroline Wehrle Audit and Risk Committee Member 4/5 – –
Jennifer Duvalier1 People and Remuneration Committee Member – – 3/3
Danielle Harmer1 People and Remuneration Committee Member – – 2/3
Tracy Blackwell
Stefan Dunatov3		 Investment Committee Member
Investment Committee Member		 –
–		 4/4
1/1		 –
–
Martin Halusa Investment Committee Member – 4/4 –
Cressida Hogg Investment Committee Member – 2/4 –
Girish Reddy Investment Committee Member – 4/4 –
John-Arne Røttingen Investment Committee Member – 3/4 –
Lisha Patel
Fabian Thehos
Maggy Chan6		 Investment Committee Member
Investment Committee Member
Investment Committee Member		 –
–
–		 4/4
4/4
3/3		 –
–
–
Karen Chadwick4 Investment Committee Member – 1/1 –
Sandra Robertson2
Hanneke Smits2
Nick Moakes5		 Investment Committee Member
Investment Committee Member
Investment Committee Member		 –
–
–		 2/2
2/2
2/2		 –
–
–

3 Stepped down as a member on 28 February 2025, joined March 2025 meeting as an attendee.

Disclosures (including funding) Grants

The following Governors, in these specific roles, were in receipt of Wellcome grant funding or supervised individuals with Wellcome grant funding during the year:

Interests

5 Stepped down 31 March 2025.

6 Appointed 15 January 2025.

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117 Wellcome Trust Annual Report and Financial Statements 2025

Structure and governance

Disclosures (including funding)

Interests (continued)

These appointments do not create a related party transaction as they do not exercise significant influence over those organisations. Measures are taken to ensure that Governors with Wellcome grants do not participate in Wellcome matters relating to the organisation that they have a Wellcome grant with, to ensure there are no conflicts of interest in Wellcome decisions.

Honorary degrees

Some Governors and key management personnel have been awarded honorary degrees by universities. As these distinctions do not involve active duties or responsibilities they are not reported here.

Other funding types

The following Governors had appointments with organisations that received Wellcome funding other than grants during the year:

These are not considered to be related party transactions as the roles are advisory and do not influence the organisation’s decision making.

Our conflicts of interest policy ensures that Governors do not participate in decisions where there is a potential conflict of interest between Wellcome and a Governor’s external appointment.

The following key management personnel also held appointments with organisations that received Wellcome funding:

ׁ John-Arne Røttingen –

member of the board of directors of Wellcome Leap Inc (a subsidiary of the Wellcome Group); chair and member of the board of directors of Genome Research Limited (a subsidiary of the Wellcome Group); member of the board of directors of the Geneva Science and Diplomacy Anticipator; board member of the Francis Crick Institute

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Structure and governance

Statement of the Trustee’s responsibilities

The Trustee is responsible for preparing the Trustee’s Annual Report and Financial Statements in accordance with applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice), including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

The law applicable to charities in England and Wales requires the Trustee to prepare Financial Statements for each financial year that give a true and fair view of the state of affairs of Wellcome and the Wellcome Group, and of the incoming resources and application of resources of Wellcome and the Wellcome Group for that period.

In preparing these Financial Statements, the Trustee is required to:

The Trustee is responsible for

keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of Wellcome and enable them to ensure that the Financial Statements comply with the Charities Act and the Charity (Accounts and Reports) Regulations 2008. The Trustee is also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and for the maintenance and integrity of charity and financial information on Wellcome’s website: wellcome.org

UK legislation governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.

The Trustee has reviewed and considered the work and the recommendations of the Audit and Risk Committee, as detailed in the Audit and Risk Committee report on pages 140 to 144, and considers that the Annual Report and Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary to assess the performance and strategy of Wellcome and the Group.

Statement of disclosure of information to auditor

Each Governor in office at the date of approving this report confirms that: So far as the Governor is aware, there is no relevant audit information of which Wellcome’s auditor is unaware; and each Governor has taken all the steps that ought to have been taken as a Governor in order to make themselves aware of any relevant audit information and to establish that Wellcome’s auditor is aware of that information.

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Structure and governance

Grant-making procedures and policies

Grants are a core mechanism to deliver our strategy, and our grant-making procedures and policies support our status as a public benefit entity.

Most grants are funded through established schemes aligned with our strategy, which have specific open criteria. The majority of our response-mode awards are made through higher education organisations in the UK, Ireland and low- and middle-income countries. We also award some grants to achieve strategic objectives where country and organisation eligibility may be broader.

The Board of Governors has delegated approval of grant awards under our strategy of up to £50 million to the CEO but has retained approval of awards above £50 million or that, for example, have the potential for material adverse impact on Wellcome’s reputation.

All grant applications undergo due diligence. Proportionate due diligence is carried out on awards and recipient organisations commensurate with the level of risk and amount to be awarded, covering legal, operational and financial risks. We ensure that the resources requested are appropriate for the proposed activities, and awards are made following the advice of external expert reviewers. Grant holders submit annual reports and an end-of-grant report which we use to assess progress against our strategy and to compare our data with that of other funders.

Our grant terms and conditions require that institutions receiving our funding have formal procedures in place preventing bullying, harassment, abuse and other harms, research misconduct, fraud, tax evasion, bribery or any other corrupt practices, and that expenditure is controlled in accordance with these arrangements. We operate a conflicts of interest policy covering applicants, external expert reviewers and staff, including Governors. A new policy on sex and gender in research was launched in 2025.

Sanctions may be taken against grant holders or organisations if they are in breach of our terms and conditions. These range from a letter clarifying our expectations to withholding payments, terminating active grants or barring funding applications to Wellcome for a specified time.

In 2024/25, we imposed sanctions against two individuals where allegations were upheld which related to bullying, harassment, abuse and harm, and two individuals where allegations were upheld related to research misconduct. The sanctions included barring respondents from applying to Wellcome or mandating the completion of relevant training. No sanctions were imposed on organisations. Details of how to apply for grants are available on wellcome.org

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Stakeholder engagement

Engaging with stakeholders supports Wellcome’s strategic ambitions and informs the decisions of our Board.

We aspire to use best practice for stakeholder engagement under the Companies Act 2006 s172(1), the UK Corporate Governance Code, and the Charity Governance Code. Cilla Snowball is the designated stakeholder engagement Board Lead, and the Nominations and Governance Committee has responsibility for oversight and development of this activity.

This year, a major stakeholder research programme has strengthened Wellcome’s understanding of its stakeholders – including communities disproportionately affected by health challenges. This is guiding more evidence-informed engagement and decision making, and will be repeated every two years.

Our success depends on our ability to build and maintain relationships of influence with a range of people:

Wellcome is an independent foundation, but we do not work in isolation. To achieve our mission, we need to act collaboratively. We want the broadest possible range of people to lead, participate in, and benefit from science’s potential to change the world. Without engaging our stakeholders, our potential for impact in such a large ecosystem is limited.

Employees

Our employees’ knowledge, skills, experiences and understanding of our strategy are critical to delivering our mission. We aim to create a motivating and inclusive working environment that enables employees to be themselves at work and understand how their work connects to Wellcome’s strategy.

To deepen employee understanding of their role in the mission, the Board of Governors and executive set shared organisational priorities each year and share information on key decisions through our intranet and events, enabling transparency and dialogue. We aim to maintain clear expectations for employees through our performance management processes to help manage their roles effectively and ensure accountability.

Our structured internal communications model is providing a more consistent approach to employee engagement and connection to Wellcome’s mission.

GB. London. Wellcome. Mission in Motion: Women in research panel. 2025. Image credit: Steven Pocock/Wellcome

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Engaging with impact this year

the contribution Wellcome makes to the world. Colleagues who attended spoke about a renewed sense of pride, inspired by the breadth and impact of our work.

ׁ Building on this success, a continuing speaker series showcases the impact our work has and helps employees understand how different teams at Wellcome contribute.

ׁ Our staff forum, Wellcome Exchange, lies at the heart of our employee voice architecture, working with staff diversity networks and representatives from the Prospect trade union to help make Wellcome a great place to work, where everyone can contribute to the mission. In January 2025, Wellcome Exchange worked with the Executive Committee to restructure the forum to align with broader organisational changes and support more productive discussions about staff experience at Wellcome.

Research communities

The heart of our mission is empowering researchers to make discoveries and solutions that improve health, while fostering a positive and inclusive research culture. We engage with research communities across the globe, regularly seeking input to inform our strategic approach and decisions on what and how we invest in research.

Wellcome’s funding decisions are routinely informed by world-leading expert reviewers and committees. And we regularly seek feedback from our committees to assess and evolve our funding approaches.

Communicating our strategy and processes clearly is essential for researchers and institutions to decide whether and how to apply for funding or to work with us. Over the next year we will continue to engage this group in understanding our strategy as it evolves, and seek out new opportunities to involve them in strategy development processes.

Engaging with impact this year

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Stakeholder engagement

We engage with strategic partners to develop joint plans on shared priorities, meeting regularly across levels of seniority to co-develop ideas that can achieve impact at scale and with speed.

Partner organisations

Partnering with aligned and complementary organisations across the global research, health, climate, investment, cultural and public policy sectors allows us to combine our resources, capabilities and reach. Creating inclusive and effective partnerships requires a mutual understanding of each other’s strategic goals, values, capabilities and resources, which takes time and commitment.

We work to ensure that, as a large funder with convening power, we give platforms to voices who are less likely to be heard.

Engaging with impact this year

Investor community

Investing in companies, managers and assets that maintain a strong licence to operate is central to our investment philosophy. Our engagements focus on the material issues for each asset and opportunities to enhance its licence to operate, thereby improving potential for long-term returns.

Companies, funds and asset managers we invest in need to understand the requirements of their stakeholders: for example, communities impacted by property and development activities. As a long-term investor, we provide a different perspective from other market players, who often focus on shorter-term issues.

Methods for engagement vary by asset class and by asset:

Alisha Wainright trained as a botanist before becoming an actor and the presenter of Wellcome’s podcast. Image credit: Robert Timothy

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Engaging with impact this year

Governments and policy makers

We proactively work with governments and policy makers at national, regional and international levels, enhancing the use of research evidence to drive timely and informed decision making, promoting investment in science, and advocating for the effectiveness of scientific approaches to solve health challenges. Our goal is to ensure that compelling evidence is available so governments can take action which supports human health.

We build trusted partnerships,

relationships and networks to enrich our understanding of the needs, priorities and cultural contexts of key policy makers and governments. Wellcome staff regularly attend conferences and meetings to hear directly from local policy makers and governments. Our Chief Executive, John-Arne Røttingen, also attends events to meet new partners and keep stakeholders informed and engaged on our work.

This year, our engagement with governments and policy makers has adapted to a shifting global context. We have been guided by our mission and Equity Framework to ensure we engage effectively, with a focus on impact.

Engaging with impact this year

Through partnership with United for Global Mental Health, Wellcome also supported effective, coordinated advocacy from the global mental health community, local advocates and people with lived experience of mental health conditions to influence the process.

ׁ We worked with the Brazilian government to positively influence the November 2024 G20 declaration on key issues like climate change, health equity and One Health. We then collaborated with the South African government, whose G20 presidency followed Brazil’s. We helped facilitate discussions on the impact of climate change on health, financing for innovative tuberculosis vaccines, and health financing.

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Suppliers

To deliver our strategy, we procure goods and services from third-party suppliers. The scope of services Wellcome procures is wide, covering both operational and charitable activities, and can include specialist advisers, consultants, research groups, advisory bodies, artists, office support services, and more.

Our procurement policy ensures we take a balanced approach to supplier selection to achieve Wellcome’s mission, considering value for money, expertise, risk, and environmental, social and governance factors. Our aim is to ensure a fair process that gives equal opportunities to suppliers, providing additional support and guidance where required. Contract opportunities are advertised on the Wellcome website when relevant to reach a wide range of potential suppliers.

Wellcome has a supplier relationship management programme which outlines contract and relationship good practice guidance for stakeholders managing suppliers on behalf of Wellcome. This includes how to effectively monitor supplier performance, maximise mutual value, and collaboratively overcome challenges. These approaches help to set expectations for existing and new suppliers who work with us. We take a proportional approach, engaging more closely on projects of higher value, greater risk, or with known complexities.

Engaging with impact this year

ׁ This year, we upgraded our finance and procurement system to Oracle Fusion, to streamline how we manage orders, invoices, communications and support some of our competitive tendering process. The change was communicated to all active suppliers alongside guidance for portal use. Our aim is to drive efficiency and improve financial control by adopting best practice processes and marketleading technology.

People with lived experience of health challenges

People and communities who are disproportionately affected by health challenges have expert knowledge and understanding of both the challenges and potential solutions. Our lived experience work enables us to engage with and be influenced by constituencies who will get the greatest benefit from our work, with potentially life-changing impacts. It is essential that we include context-specific expertise meaningfully throughout our decisions, the research we fund and the ways we engage with others to drive change.

This will involve creating long-term, reciprocal and sustainable routes to collaboration in research that is anchored in local contexts, and explaining the impact we aim to have so people and communities can relate our work to their experiences. Some of the mechanisms we use are focus groups, advisory networks, and early engagement and deliberation. We work with our programmes in Africa and Asia to ensure they also have the resources and infrastructure to work with local communities.

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Stakeholder engagement

Strengthening evidence for better decisions

Push-back against using evidence to inform decision making is an increasing global challenge.

The initiative began with an open planning process, funded by Wellcome, which resulted in a roadmap and a consensus meeting in Cape Town, South Africa in June 2025. Here, 214 experts scrutinised, discussed and refined the ESIC roadmap, and developed a charter to summarise its ambitions. Any individual or organisation can sign up to the charter.

To help reduce barriers to the use of data and evidence in decision making, Wellcome has committed £45 million to the Evidence Synthesis Infrastructure Collaborative (ESIC). This global collaboration will make evidence synthesis faster, cheaper and more accessible.

Commitments from Wellcome, UK Research and Innovation, Jacobs Foundation and the Health Research Board cover approximately one-third of the proposed budget. ESIC now aims to reduce the cost and time required to generate evidence syntheses, improving access for researchers in the Global South or in under-funded fields.

Evidence synthesis, through systematic reviews and meta-analyses, is essential for understanding the broader state of research. ESIC brings together a ‘community of communities’ to improve real-time aggregation of scientific data, support open science, and give policy makers and clinicians access to up-to-date evidence.

Community voices in lobal decisions g

In September 2024, Wellcome became a founding investor in the world’s first permanent Global Citizens’ Assembly for People and Planet, committing £2.5 million alongside partners including the European Climate Foundation and the Climate Emergency Collaboration Group.

policy ideas. The Global Citizens’ Assembly for People and Planet has a core assembly of 300 people selected by lottery to reflect global demographics, and hundreds of community assemblies on the Assemblis platform with around 10,000 people expected to participate in 2025.

The assembly gives people worldwide a meaningful role in shaping responses to global challenges, including climate and health.

A global coalition of governments and civil society is backing the initiative. The Brazilian government committed to integrating its outputs in COP30 processes. Wellcome’s involvement meant health was a core theme, and we’ve spoken widely about the need for more participatory processes like this in equitable climate action.

Citizens’ assemblies bring together diverse participants outside traditional political systems to engage with evidence, deliberate and propose

of people agree we must act now, within the next decade, to cut carbon emissions across energy, transport, food, industry and buildings

71%

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Stakeholder engagement

We embed lived experience expert consultants in our work to co-develop projects, funding programmes, funding committees and decision making. Lived experience expert consultants are also involved in supporting projects and programmes we fund to embed best practices and advance lived experience in the wider research ecosystem.

Over the next year, we aim to continue leading by example to demonstrate the importance and impact of meaningful involvement of people with lived experience in our work. This includes evaluating the impact of lived experience in aspects of our research portfolio, advancing innovative practices in lived experience involvement, and working with other funders to embed lived experience expertise.

Engaging with impact this year

Public audiences

We engage with people across the world to better understand and share different experiences of health, science and social change. We work with a wide range of established media and entertainment partners, cultural organisations and also through our own initiatives such as our podcast, When Science Finds a Way, and the Wellcome Photography Prize.

Through Wellcome Collection, our free museum and library, we provide opportunities for everyone to contribute towards a healthier future. Our events, collections and online offers are open to all to engage with and explore the intersection of art, life and science, bringing our mission to life.

As a foundation accountable to society, we must be transparent in our aims and how we are delivering against them. Our public-facing activities must be accessible to as many people as possible to contribute to a world where everyone’s experience of health matters.

Engaging with impact this year

Our s172(1) statement

When making decisions, boards should be able to evidence how they have engaged with their key stakeholders and had regard for their views and other factors. As a charity, Wellcome also needs to carry out our purpose for the public benefit.

Wellcome’s Board of Governors

confirms that it has acted in a manner consistent with our purpose and values to further the objects of Wellcome for public benefit and having due regard to the factors set out in s172(1), including:

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Our s172(1) statement (continued) How Governors have had regard to the s172(1) factors in their principal decisions

Board decision Governor’s consideration of factors under s172(1)
Investment case for an ׁ Public benefit The Board approved in principle the investment case for an Equitable Artificial
initiative on Equitable AI
for Science and Health		 ׁ Long-term impact
ׁ Employees		 Intelligence for Science and Health Initiative over the next seven years.
This programme would position Wellcome to leverage advances in computational
science and AI to achieve our vision of a healthier future for everyone.
The investment case was informed by workshops and interviews with over 100
external experts from across academia, industry and philanthropy. They identified
gaps, opportunities and priorities for Wellcome within the AI ecosystem. Wellcome
staff and key partners were also engaged in interviews to understand Wellcome’s
unique strengths,collect feedback and iterate on the work.
Evolving Wellcome’s ׁ Long-term impact The Board approved key strategic choices within our Global Framework, clarifying
global framework ׁ Community and environment impact
ׁ Public benefit		 our ambition and setting a direction for how we can maximise our collective impact.
The framework was co-defined through engagement with key stakeholders in the
Equity team, and discussions with ExCo and the extended executive group to align
ׁ Employees on how we could focus our global efforts to be more coherent and impactful.
Deeper engagement with teams across Wellcome and regional communities is
planned for next year to co-develop regional plans.
Renewal of funding to ׁ Public benefit The Board approved a seven-year renewal for Wellcome’s major international
Mahidol Oxford Research
Unit (MORU) and Malawi-
Liverpool-Wellcome
(MLW)		 ׁ Fostering relationships
ׁ Long-term impact		 programmes, Malawi-Liverpool-Wellcome in Malawi, and the Mahidol Oxford Tropical
Medicine Research Unit based in Thailand.
To inform these decisions, independent reviews were conducted to develop
recommendations and considerations prior to renewal. The renewal proposal was
developed in consultation with teams across Wellcome.

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Remuneration report

Wellcome’s remuneration policies and practices are designed to support and promote long-term success and delivery of our strategy, reward fairly and responsibly having regard to statutory and regulatory requirements, and align executive remuneration with Wellcome’s values and the delivery of our long-term strategies.

Our remuneration principles

ׁ Fair: benefits are generally the same for all colleagues irrespective of their seniority and can be accessed and managed through a portal that also provides a total reward statement. The People team runs annual equal pay audits and reports the findings to ExCo and the People and Remuneration Committee to ensure we do not discriminate or unintentionally create any equal pay issues. Pay gap and action plans are also reviewed by ExCo and the People and Remuneration Committee to inform decisions.

In the UK, we are a Real Living Wage Employer accredited by the Living Wage Foundation. Our Real Living Wage commitment means that everyone working at Wellcome receives at least the London Real Living Wage.

The People and Remuneration Committee

The Board of Governors delegates certain matters to the People and Remuneration Committee, which is chaired by a Governor.

The members are Governors, plus two external members who were appointed to the committee in January 2025. Attendees are excluded from any discussion which affects their own pay. For Governors, this responsibility is delegated by the Board to the NonExecutive Remuneration Committee.

The committee ensures that remuneration practices and policies support Wellcome’s beliefs, values and long-term sustainable success, and facilitate the employment, motivation and retention of talented people. The core responsibilities of the committee are to review and recommend to the Board key remuneration principles, the reward strategy and policies for remuneration of employees including incentive and benefit plans, and to determine individual remuneration packages and terms and conditions of employment for members of the Executive and other senior staff.

It also reviews and recommends to the Board the remuneration policies and framework for all staff including the Investment team. The People and Remuneration Committee report (page 134) includes key decisions made by the committee throughout the year.

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Non-Executive Remuneration Committee

The Non-Executive Remuneration Committee (NXRC), made up of executives and an independent external committee member, was established by the Board to consider options to revisit the Governors’ remuneration mechanism. This committee ensures that Governors are not involved in decisions relating to their own pay.

Our remuneration governance framework

Board of Governors
and the People and		 The Board of Governors delegates certain matters to its People and
Remuneration Committee.
Remuneration Committee
Non-Executive Established by the Board of Governors to ensure that Governors are not involved
Remuneration Committee in decisions relatingto their ownpay.
Remuneration policies ׁ Governors’ remuneration– Wellcome Constitution and approval by the
Charity Commission.
ׁ External Board committee members– the NXRC approves their remuneration.
ׁ General pay policy– applies to all staff except Investment team.
Approved by the Board under the Matters Reserved to the Board.
ׁ Investment remuneration framework– applies to the Investment team.
Approved bythe People and Remuneration Committee.
Annual pay awards, Wellcome The People and Remuneration Committee reviews individual ExCo remuneration and
Achievement Award and Investment Executive performance and remuneration. Also approves the pay award budget
long-term incentive plans and the bonus percentage for the Wellcome Achievement Award that applies to wider
for the Investment team Wellcome staff, as well as the total incentive plan (bonus and for senior roles the long-term
incentiveplan)awards for the Investment team.

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Remuneration report

Governors’ remuneration, year to 30 September
2025		 Governors’ remuneration, year to 30 September
2025		 2024
£ £
Julia Gillard (Chair) 142,108 142,108
Fiona Powrie (Deputy Chair)
Arup Chakraborty
Richard Gillingwater		 106,581
53,2911
71,054		 106,581
71,054
71,054
Gabriel Leung 71,054 71,054
Stephen Lovegrove 71,054 64,3251
Diana Noble
Cilla Snowball
Elhadj As Sy
Ijeoma Uchegbu		 71,054
71,054
71,054
71,054		 64,3251
71,054
71,054
71,054
Total remuneration 799,357 803,663

1 Pro-rated amount as Governor joined or left in the year.

Expenses in respect of accommodation, travel, subsistence, telephone and sundries incurred by the Governors in the course of their duties amounted to £215,031 (2024: £203,751), of which £210,714 (2024: £200,652) was paid directly by Wellcome, including Chair accommodation expenses of £48,000 (2024: £48,000), and £4,819 (2024: £3,099) was paid by the Governors and directly reimbursed to them. No pension contributions were paid in respect of the Governors. The Governors were included in the Directors’ and Officers’ liability insurance in the year to 30 September 2025.

Governor and external committee member remuneration

In accordance with the will of Sir Henry Wellcome, Governors are entitled to receive remuneration from the Trustee, The Wellcome Trust Limited, of which they are directors. Under Wellcome’s Constitution, Governors are entitled to receive a set amount of annual remuneration, adjusted with effect from 1 April each year by an amount equal to the percentage increase recommended by the Review Body on Senior Salaries in respect of the salary pay bands of the Senior Civil Service. Following approval by the Charity Commission of a scheme in October 2011, the levels of remuneration of Chairs and Deputy Chairs are up to 2 and 1.5 times the level of a Governor respectively. A review of Governor remuneration and the adjustment mechanism has been completed and discussions with the Charity Commission, concerning implementation, are ongoing. The Governors have not had an increase in remuneration since the 2016/17 financial year.

The Non-Executive Remuneration Committee, Audit and Risk Committee, People and Remuneration Committee and Investment Committee have independent external committee members who are not Governors but can claim for their committee work. Some members choose not to claim.

The Non-Executive Remuneration Committee reviewed and updated these amounts, and from 1 May 2025, the amounts were updated to £4,000, £20,000, £20,000 and £30,000 a year respectively for the committees above.

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Executive remuneration

The remuneration of ExCo members is set up in accordance with the pay policy which was introduced in 2020 with amendments in 2024 and covers the entire organisation, with the exception of the Investment team which has its own remuneration framework. The policy states that Wellcome is a market-facing organisation. As such, each role is matched to a relevant role in a robust salary survey. A market rate is created for each role equivalent to the market median. Willis Towers Watson has been appointed as our adviser and data provider for our executive team.

Each ExCo role is matched to a survey role and factors such as organisation size and reporting lines are used to identify a suitable pay benchmark. The aim is to pay at the market rate for each role; market rates are refreshed annually and pay increases for those at market rate are based on any market rate movement.

ExCo members are eligible for the Wellcome Achievement Award bonus scheme as other employees. It is based on the achievement of shared priorities. At the start of each delivery year (1 October), we publish Wellcome’s Priorities and develop indicators of success against them. No executives are involved in making decisions on their own remuneration outcomes. The People and Remuneration Committee reviewed and agreed an approach to notice periods, which has been implemented across the organisation in a consistent way.

Investment team

The Investment team’s remuneration framework is separate to the wider Wellcome pay policy.

Wellcome manages the investment portfolio that underpins our charitable activities. The internal Investment team, including the Investment Executive, manages a large proportion of Wellcome’s investments directly rather than through external fund managers. Due to the size, breadth and long-term nature of our portfolio, Wellcome can attract and retain a highly skilled group of investment professionals.

Members of the Investment team are remunerated through their base salary, supported by variable elements based directly on the performance of the portfolio. These variable elements are either in the form of an annual bonus or, more significantly, for senior roles, long-term incentive plans. A long-term incentive plan is in place to ensure that the remuneration of the Investment team remains competitive and to encourage a long-term view.

Awards are made annually based on investment returns and individual performance over a period of three to five years.

The structure and quantum of remuneration is benchmarked on an ongoing basis using market data and external consultants. Details of the number of employees working on the investment activities of the Group whose total benefits (excluding employer pension contributions) fall within specific £10,000 bandings, where benefits exceed £60,000, are shown within the Financial Statements under note 5b.

Aon provided an asset management sector overview to benchmark pay and reward proposals for the Investment team to provide assurance that the pay and reward package was appropriate to attract and retain excellent staff, while also recognising Wellcome’s charitable status.

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Remuneration report

Key management personnel

The key management personnel of the Wellcome Group and Wellcome have been defined as the Board of Governors (page 231), ExCo (page 232), and the Investment Executive (page 232), who are responsible for decision making in respect of the investment portfolio. The roles and responsibilities of the Board of Governors and the executive are discussed in the Structure and governance section.

The total consideration includes salaries, benefits in kind, bonuses, amounts accrued under long-term incentive plans, termination payments, employer pension contributions and Governors’ remuneration. The determination of the remuneration of the Governors is discussed above.

The remuneration of members of the executive is determined in accordance with the key principles for all staff laid out in the introduction to this report. The remuneration of the Investment Executive is discussed above.

Details of the number of employees working on the charitable activities of the Group whose total benefits (excluding employer pension contributions) fall within specific £10,000 bandings, where benefits exceed £60,000, are shown within the Financial Statements under note 11d.

Remuneration of key management personnel, year to 30 September 2025 year to 30 September 2025
2025 2024
£ £
Governors’ remuneration 799,357 803,665
CEO of Wellcome
Interim CEO of Wellcome
Executive Leadership Team (to 8 September 2024)
(excluding Director and interim CEO)
Executive (from 9 September 2024)
(as described onpage 217)		 948,915
–

2,118,813		 654,555
885,932
3,467,009
Investment Executive 11,688,760 11,140,966
Employer Pension Contributions(for relevant staff) 164,143
15,719,988		 265,610
17,217,737

The CEO of Wellcome was appointed on 30th January 2024. The interim CEO of Wellcome stepped down on 29 January 2024 and their remuneration included pay in lieu of notice. Until 17 March 2025, the Executive Committee (ExCo) comprised seven roles. This increased to eight with the appointment of an Executive Director for Solutions and an Executive Director for Discovery on 18 March 2025, these two roles replacing the post of interim Director for Discovery and Solutions. All ExCo roles are key management personnel; see the Reference and administrative details section for more information.

Remuneration includes salaries, bonuses, allowances (such as for housing and moving for staff relocating internally), salary paid in lieu of pension contributions and termination payments including pay in lieu of notice.

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Remuneration framework

----- Start of picture text -----
Executive Committee Investment Executive Investment staff Wider staff
Salary Our pay policy is designed to enable Wellcome to recruit, motivate and retain the people we need to deliver our mission,
by offering a fair reward package that is competitive with the markets from which we draw talent.
Salaries are reviewed Salaries are reviewed annually, and increases Salaries are reviewed
annually, and increases are aligned with the wider asset management market. annually, and increases
are aligned with wider are aligned with wider
market increases. market increases.
Benefits All staff are eligible for a wide range of core and voluntary benefits to support their health and wellbeing.
Financial wellbeing A financial wellbeing programme is in place to help staff manage their finances. Life Assurance policy of eight times an
employee’s salary, season-ticket loan, and discounts are available through the REWARD platform. Managers can award
recognition vouchers with a variety of values to recognise contributions linked to Wellcome’s values.
Physical and mental wellbeing Holiday allowance of 25 days, private medical insurance including gender dysphoria cover, remote GP service, on-site gym
and cycle to work scheme, are examples of the benefits we offer. Mental health support through our network of mental health
first aiders, and with Headspace offering therapy options.
Occupational health and individual stress assessments to identify and support individuals with work-related and other stress.
Group income protection scheme designed to provide income for staff unable to work until staff can return to work.
Social and community wellbeing Wellies, our social club, organises many events annually. There is an on-site bar, a choir and an annual staff quiz.
There are numerous active groups and staff diversity networks. Volunteering at Wellcome supports the mission by
working with organisations that have a focus on the health issues Wellcome is trying to tackle. Staff are eligible for
up to six volunteering days each year.
Pension A defined contribution pension scheme where employees contribute 3% and Wellcome contributes 15% (of which employees
can choose to get up to 10% as cash). Following closure of the defined benefit pension plan, all employees (except for those
who are in receipt of a pension allowance) are members of the defined contribution pension plan.
Bonus ExCo members are Bonus determined by the Investment remuneration Eligible for the Wellcome
eligible for the Wellcome framework. It is linked to performance. Achievement Award, linked
Achievement Award, linked to the collective achievement
to the collective achievement of shared priorities.
of shared priorities.
Long-term incentive plan Not eligible Eligible Certain senior roles only Not eligible
----- End of picture text -----

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People and Remuneration Committee report

I am pleased to present our report for the year ended on 30 September 2025. This report summarises the work of the committee over the past year in fulfilling our responsibilities to provide effective oversight of remuneration, People strategy, and broader organisational culture at Wellcome.

Effective committee governance

The committee met five times during the year, reporting key issues to the Board of Governors. The membership of the People and Remuneration Committee is set out in the Reference and administrative details section (page 231). Notably, during the year, two new external members were appointed to the committee, further strengthening its independence and breadth of expertise. We also welcomed a new Chief People Officer, Nick Skinner, who brings much relevant leadership experience across a range of industries and has started to shape Wellcome’s approach to performance, pay and governance.

The committee reviewed its terms of reference, clarifying responsibilities for its oversight of executive succession planning, performance management, and equity, diversity, and inclusion. We also maintained a forward plan, evolving its agenda to reflect organisational priorities.

During the year the committee’s focus was on:

People strategy and organisational culture

The year saw significant organisational change, including the restructuring of the People team, with a focus on ensuring the organisation has the right capabilities for the future.

Pulse staff surveys were conducted three times during the year, with high response rates and data and insights which have, in particular, emphasised the need and opportunity to improve staff engagement. The committee was grateful for employees candid input, which is important in guiding the future People strategy at Wellcome, as well as individual management actions. The committee noted the impact of organisational changes on wellbeing scores and the organisation’s response in ensuring the right support is always available and timely.

Leadership development was a priority, with a largely new senior executive team. This comprised bespoke programmes for executives and managers, and a focus on building management capability.

To track progress, the committee welcomed an improved People dashboard, which includes key metrics such as headcount, recruitment, diversity, learning and development, and performance.

Pay, reward and succession

The committee continued to oversee Wellcome’s performance and reward frameworks, including the Wellcome Achievement Award. For 2024/25, success indicators were aligned with key operational performance indicators. For 2025/26, as Wellcome has implemented new targeted Objectives and Key Results, the Achievement Award will be aligned with the achievement of these, creating a more holistic approach across the organisation.

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Executive remuneration and proposed salary adjustments were reviewed in detail, including benchmarking against market comparators, provided by external consultants.

In the Investment team, all pay and incentives, especially long-term variable compensation, were reviewed for consistency with the framework agreed in 2023. Resultant compensation at all levels was assessed against UK, US and global comparators with the most appropriate organisations chosen for each level.

Recognition

The committee endorsed enhancements to recognition systems, linking recognition to organisational values and streamlining processes to empower managers.

Pension governance

The committee monitored the governance and funding of defined benefit and contribution pension schemes. It is regularly updated following management reviews aimed at mitigating risks to pension plans.

The team continues to monitor pay equity and equal pay audits.

In 2026, the organisation will look to increase flexibility to reflect the different capability and performance levels in roles.

Throughout, the committee maintained a clear focus on ensuring that reward and leadership decisions directly support Wellcome’s mission, objectives and key results.

Diana Noble

Chair of the People and Remuneration Committee 12 January 2026

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Nominations and Governance Committee report

As Chair of the Nominations and Governance Committee, I am pleased to present our report for the year ending 30 September 2025.

The current membership of the committee is set out in the Reference and administrative details section (page 231).

Board succession, skills and diversity

The committee continued its work supporting the Board in overseeing Board succession planning, reviewing the Board’s composition, size, and balance of skills, experience and diversity. This includes annual reviews of the Board’s skills and diversity. The committee continues to focus on ensuring a diverse board. Following a review of all Board committee terms of reference, agreed at the November Board, executive succession planning responsibility has been passed to the People and Remuneration Committee.

Board changes

The committee noted, with regret, Arup Chakraborty leaving the Board at the end of June 2025. Arup’s expert scientific contributions to the work and mission of Wellcome have been greatly valued and will be missed.

The committee agreed to undertake the recruitment of two new Governors to expand the Board and strengthen the Board’s expertise and skills, with a particular focus on scientific expertise in digital and AI.

Board dynamics review

The Board commissioned a Board dynamics review, with the specific intent of ensuring the best possible interconnection between the Board and the executive. The review was conducted by Manchester Square Partners and included interviews with Governors and executives, observation of meetings, and analysis

of governance documentation. The committee considered the findings at its September meeting. The review highlighted strengths such as alignment on mission and strategic clarity, while identifying areas for improvement including meeting dynamics and formats, other aspects of Board operations, and tailored training for individual members of the Board.

These insights informed updates to governance processes, including revised committee terms of reference, enhanced Board paper formats, a commitment to an annual strategic retreat, a more joined-up approach to managing investment risk and a proposed ‘ways of working’ to support more effective collaboration between the Board and executive, alongside Board and executive strategic retreats.

Equity, diversity and inclusion

The committee has remained up to date on Wellcome’s equity, diversity and inclusion work, including the launch of the Equity Framework, which was approved by the Board and positively received internally.

Following the repositioning of equity as a core organisational programme, the committee noted that future updates on equity would be provided directly to the Board, in line with reporting arrangements for other major programmes. This change is intended to ensure greater visibility and strategic alignment for equity within Wellcome, with the programme reporting directly to the Board rather than through a committee.

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Staff and stakeholder engagement

Stakeholder engagement remained a key area of oversight. The committee noted progress in both internal and external engagement, with the CEO’s office leading delivery. Cilla Snowball is the designated stakeholder engagement Board lead and has continued to provide thoughtful advice and support.

Our approach is to engage strategically and with impact, working closely with many Wellcome stakeholders, from employees to the researchers we fund and with our partners on larger initiatives.

Committee governance and meetings

The committee met formally three times throughout the year. The Committee reviewed its Terms of Reference, with updates feeding into the broader Board governance review. Governance support arrangements were updated, with the Legal Governance team managing the Board and the Company Secretary maintaining independence for committee governance.

The committee commended the progress made and emphasised the importance of maintaining a ‘One Wellcome’ approach to engagement.

Julia Gillard

Chair of the Nominations and Governance Committee 12 January 2026

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Investment Committee report

As the Chair of the Investment Committee, I am pleased to present our report for the year ended 30 September 2025. The Investment Committee’s role is to function as an advisory and oversight body of the Board of Governors on investment matters. This report summarises the committee’s work over the past year in fulfilling our responsibilities.

In early 2025, Stefan Dunatov completed his third and final term on the committee. We thank him for his contributions, advice and challenge over the years. With effect from June 2025, we welcomed two new external members, Sandra Robertson and Hanneke Smits. We are grateful to Tracy Blackwell, Martin Halusa, Cressida Hogg and Girish Reddy, who have all agreed to extend their terms on the committee.

Our six external members bring a diverse range of backgrounds, and their valuable insights and thoughtful challenge are highly appreciated. Among the internal members, Maggy Chan joined the committee in her new role as Chief Operating Officer of Wellcome.

Activities during the year

The Investment Committee held regular meetings in December 2024 and in March, June and September 2025. At each meeting, the committee reviewed the positioning and performance of the investment portfolio in the context of prevailing investment market conditions and a complex geopolitical and macroeconomic environment.

In December 2024, the committee discussed the annual outlook for long-term return expectations and concluded that a 4% annualised return after inflation remained a plausible yet ambitious aspiration over the next decade. At the same meeting, the committee reviewed updated counterparty risk limits.

At the March 2025 meeting, there was a review of the Investment Policy to reflect changes in delegated authorities and other governance arrangements, as the internal succession arrangements agreed for Wellcome’s Investment Executive came into effect.

In its oversight role, the committee has over the year examined correlations and performance attribution; internal audit reviews of internal controls and third-party oversight in investments; adherence to risk limits; resourcing and succession planning of the Investment team; operations, systems and external partners; cash management and counterparty limits; arrangements for safekeeping of assets; and costs and fees incurred in managing the portfolio.

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There were also two regular sessions on the Investment Executive’s approach to environmental, social and governance (ESG) issues, which is based on an assessment of companies’ and managers’ licence to operate.

At the December 2024 meeting, there was a comprehensive update on the Wellcome Genome Campus project. In March 2025, the committee reflected on key portfolio changes and major decisions over the last decade, and considered lessons learned. In June 2025, there was an in-depth review of the Investment team’s approach to selecting and assessing active managers across hedge fund and long only strategies. In September 2025, evaluation of several shock scenarios and their potential impact on the portfolio’s valuation and liquidity position was undertaken.

The committee provided constructive challenge to the Investment Executive at each meeting. Members have also been generous with their time in providing additional input and advice between meetings.

The committee thanks the Investment team for their hard work in navigating markets through a period of uncertainty and volatility. The committee values the level of transparency provided and the level of detail in formal and informal reporting, especially in flagging instances where investment results have not been in line with expectations.

Finally, the committee would again like to thank our former Chief Investment Officer, Nick Moakes, for his outstanding contribution during his 18 years of service to Wellcome up to his retirement at the end of March 2025, and for enabling a smooth transition to his two internal successors, Lisha Patel and Fabian Thehos.

Richard Gillingwater Chair of the Investment Committee 12 January 2026

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Audit and Risk Committee report

As the Chair of the Audit and Risk Committee, I am pleased to present our report for the year ended 30 September 2025.

During the year, the committee saw Arup Chakraborty step down from his role on 30 June 2025, and the committee members would like to extend our personal thanks for his valuable contribution. We were pleased to welcome Richard Gillingwater as a new member on 1 July 2025: his expertise will further strengthen the committee’s oversight and effectiveness.

Over the past year, the committee has maintained a strong focus on risk management, including the implementation of a refreshed risk appetite framework and taxonomy, and the rollout of a new Governance, Risk and Compliance tool to support incident reporting and oversight. We have challenged and supported the Wellcome Group and its subsidiaries, both through direct engagement with management and through internal and external audit processes.

Our work has included scrutiny of financial performance and reporting, oversight of the external audit

re-tender process, and consideration of key projects, systems and controls. We have held several deep dives into strategic and priority topics, informed by external risks such as university financial sustainability, cybersecurity and Wellcome’s own work on finance transformation.

Overview of the year

In 2024/25, the committee’s principal activities included oversight and monitoring of the following:

Internal audit

The internal audit opinion on the control environment, which informs the actions included in the overall programme to mature the risk and control environment at Wellcome and its subsidiaries.

ׁ Internal audit risk assessment, audit plan and outcomes from completed audits, including management progress on actions in response to findings. Notable audits included IT asset management, financial crime, AI governance, physical and digital access and reviews of funding institutions.

Risk management

The evolution of the risk management framework, with a particular focus this year on embedding risk management into day-to-day operations, including the completion of the Level 3 risk

taxonomy, the start of risk scoring, and strong engagement from senior leadership and key teams.

Investments

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Deep dives

The Committee undertook deep dives on the following areas:

Risk management

Wellcome continues to make strong progress in maturing its risk and control framework and embedding a robust risk management culture across the organisation. The Head of Risk has now taken up the role on a permanent basis and leads ongoing work to strengthen risk oversight and reporting.

This year, the committee oversaw the completion of the Level 3 risk taxonomy and the start of risk scoring, with strong engagement from senior leaders and early adoption by ESG and strategy teams. The revised taxonomy and risk scoring approach are designed to align risks more closely with Wellcome’s strategic objectives, enabling more effective oversight and decision making.

The programme to enhance the risk framework is ongoing. Work is underway to enhance visibility of how current and target risk scores align with the Board of Governors’ risk appetite (which will be reviewed in 2026), set associated risk tolerances, alongside a review and update of key policies.

The introduction and further development of the Risk Events and Incidents dashboard has brought greater structure and transparency to risk oversight. This dashboard, supported by a central repository for logging events and a new assessment framework, enables severity scoring, trend identification, and remediation planning across a range of risk areas. The committee has welcomed improvements in definitions, reporting, and ownership of risk events, and has called for ongoing enhancements to escalation and resolution pathways, particularly for legal and regulatory risks.

Horizon scanning for external

risks has been strengthened, with leadership input helping to identify and prioritise the most significant risks for the annual report. The committee has also highlighted the need for regular updates and greater transparency on complex, long-running external incidents, and for prompt resolution of internal incidents wherever possible.

Overall, Wellcome’s risk management approach continues to evolve, with a focus on clarity, accountability, and alignment with strategic priorities.

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Significant financial reporting issues, judgements or estimates

The use of assumptions or estimates and the application of management judgement is an essential part of financial reporting. In 2024/25, we focused on the following significant financial reporting matters:

Issue, judgement or estimate Action taken by the Audit and Risk Committee Outcome
Unquoted investment Consideration of the sensitivity analysis performed by management The committee concluded that the valuation methodology and the
valuations for any valuations subject to significant estimation uncertainty. valuations recommended by the Valuation Group were appropriate, noting
Review of the Valuation Group papers and attendance at the that there were two investments where management performed internal
Valuation Group meetings by a member of the committee. assessments of co-investor valuations and one investment without a
Review of the audit approach adopted by Deloitte as summarised
in their report.		 co-investor where management prepared a valuation that was not material
in the context of this asset class.
Investment property Consideration of the sensitivity analysis performed by The committee concluded that the valuation methodology and the
valuations management for any valuations subject to significant estimation valuations recommended by the Valuation Group were appropriate,
uncertainty. Review of the Valuation Group papers and attendance noting the use of several external valuers and management’s review
at the Valuation Groupmeetings bya member of the committee. of the assumptions used bythe external valuers.
Grant liabilities Review of management’s recommendation to discount the grant The committee noted the sensitivity analysis that had been done to
liabilities using the expected future rate of investment returns cover the various elements that impact the calculation and concluded
and the appropriateness of the rate used. that these were reasonable and provided a fair indication of the possible
Review of the audit approach adopted by Deloitte as summarised range of outcomes.
in their report.
Defined benefit Review of the assumptions provided by Mercer and reviewed The committee concluded that the assumptions were reasonable
pension liabilities bymanagement. and appropriate to thegroup’s risk and memberprofile.
Non-charitable Review of management’s judgement in assessing which subsidiary The committee concluded that the valuation methodology and the
investment subsidiary undertakings are held as part of the investment portfolio. valuations recommended by the Valuation Group were appropriate, noting
undertakings held as part
of the investment portfolio		 Consideration of the sensitivity analysis performed by management
for any valuations subject to significant estimation uncertainty.
Review of the Valuation Group papers and attendance at the
Valuation Group meetings by a member of the committee.		 that these entities are valued using external valuers and management’s
review of the assumptions used by the external valuers. While Wellcome
has board representation in these entities, their operations were managed
independently from Wellcome.
Review of the audit approach adopted by Deloitte as summarised
in their report.

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Financial reporting

At the December meeting each year, the committee reviews the Annual Report and Financial Statements, along with related announcements, to ensure statutory and regulatory compliance. This includes a detailed review of the integrity of disclosures in the Financial Statements and a consideration of the appropriateness of investment valuations recommended by the Valuation Group. The Valuation Group continues to be responsible for reviewing investment valuations and reporting its recommendations to the committee.

The committee also considers the overall tone and messaging of the Annual Report and Financial Statements, with a particular focus on reputational risk and the clarity of reported activities. This committee emphasised the importance of transparent and comprehensive reporting, supported by the introduction of monthly financial reporting from June to enhance decision-making for the final Annual Report and Financial Statements.

The committee recommended to the Board of Governors that the Annual Report and Financial Statements are fair, balanced, and understandable. In support of this, the committee confirmed that robust processes have been maintained throughout the year, including:

External audit

Oversight

At the June meeting each year, the committee discusses the scope of the audit with the external auditor before the audit commences which continues to focus on significant financial reporting risks, which include:

Audit quality and independence

The committee remains committed to ensuring the independence and objectivity of Wellcome’s external auditor. This is achieved by reviewing the auditor’s performance and the quality of audit work, discussing these matters with management, and recommending reappointment where appropriate.

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At the April, June, September and December meetings, the committee reviews the auditor’s reports on staff independence, policies for maintaining independence, and compliance with relevant requirements. The auditor was appointed for the year ending 30 September 2016 and has been reappointed annually since. Following the completion of six years of continuous engagement in 2021, partner rotation was completed. The current external audit partner is now in their second year on the engagement.

During the year, the committee also oversaw an extensive audit re-tender process including subsidiary representatives. The committee noted the importance of balancing innovation (such as the use of AI and data analytics in the audit process) with continuity and past performance. Following the re-tender process the committee concluded that reappointment of the auditor was appropriate, including for our subsidiaries.

Non-audit services

The committee has an established policy on non-audit services provided by the external auditor, in line with relevant regulations and directives. Throughout the year, non-audit services were reviewed to ensure they were permitted, with potential threats to auditor independence assessed and appropriate safeguards in place. The overall ratio of non-audit to audit fees remained well within the 70% cap applicable to public interest entities. The committee is satisfied that the auditor remains independent and that the level and nature of any non-audit services are appropriate.

Internal audit

Wellcome has an in-house Internal Audit function which comprises 14 professionals, supported by external consultants, who provide specialist skills to supplement the in-house team.

They are led by the Group Chief Internal Auditor, who reports functionally to the Chair of the Audit and Risk Committee, and administratively to the Chief Operating Officer. The committee directs and oversees the activities of the function, and the Group Chief Internal Auditor has unrestricted access to the Board and the Audit and Risk Committee, to address risks and issues identified through Internal Audit’s activities.

The team also provides Internal Audit support for Wellcome’s subsidiaries and reports to their respective Boards or Audit and Risk Committees.

Internal Audit provides independent, objective assurance and advisory support, to enhance governance, risk management, and control processes, to add value and improve operations at Wellcome and its subsidiaries. Internal Audit also coordinates its operations with the activities of the external auditor and other assurance providers for maximum effect.

During the year, the function updated the Internal Audit methodology and charter to align with the updated Global Internal Audit Standards and the Internal Audit Code. They also added The Wellcome Genome Campus Limited to the audit universe, and Teammate as the Internal Audit tool, which will significantly improve processes and efficiency.

Stephen Lovegrove

Chair of the Audit and Risk Committee 12 January 2026

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Report on the audit of the financial statements.

1. Opinion

In our opinion the financial statements of the Wellcome Trust (the ‘Trust’ or ‘Charity’) and its subsidiaries (the ‘Group’):

We have audited the financial statements which comprise:

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

2. Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report.

We are independent of the Group and the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. The non-audit services provided to the Group and Trust for the year are disclosed in note 10 to the financial statements. We confirm that we have not provided any non-audit services prohibited by the FRC’s Ethical Standard to the Group or the Trust.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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3. Summary of our audit approach

Key audit matters
The key audit matters that we identified in the current year were:
ׁ Valuation of unquoted investments relating to controlled unconsolidated investments (Premier Marinas Holdings Limited, Urban and Civic plc
and Wellcome Genome Campus Holdings Limited);
ׁ Valuation of unquoted investments relating to directly held investments; and
ׁ The discount rate used to discount the grant liability to present value.
Within this report, key audit matters are identified as follows:
Increased level of risk
Similar level of risk
Decreased level of risk
Materiality
The materiality that we used for the Group financial statements was £352 million (2024: £340 million) which was determined on the basis of
1% (2024: 1%) of net assets.
Scoping
We focused our group audit scope primarily on the audit work at 11 components. These components represent the principal business units
and account for 99% of the group’s net assets.
Significant changes in our approach
In the previous year, the valuation of investment property held at Hinxton was a separate key audit matter, because it was held directly by The
Wellcome Trust. This year, it was transferred to a subsidiary (Wellcome Genome Campus Holdings Limited), an entity ultimately owned by The
Wellcome Trust through its subsidiary, Gower Place Investments Limited. Consequently, Hinxton is now included within the key audit matter
for valuation of unquoted investments relating to controlled unconsolidated subsidiaries, alongside Premier Marinas Holdings Limited and
Urban and Civic plc.

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4. Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Board of Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our evaluation of the Board of Governors assessment of the Group’s and Trust’s ability to continue to adopt the going concern basis of accounting included:

ׁ assessing the liquidity position to support management’s assessment of the Group’s and Trust’s ability to continue as a going concern through our audit procedures performed on the balance sheet, including agreeing cash to confirmations from banks, agreeing the timing of bond repayments to the underlying terms of the bonds to assess whether the Group and Trust will have sufficient liquidity to meet its obligations as they fall due, and assessing the liquidity of the investments held;

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s and Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Board of Governors with respect to going concern are described in the relevant sections of this report.

5. Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team.

These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

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5.1. Valuation of unquoted investments relating to controlled unconsolidated investments (Premier Marinas Holdings Limited, Urban and Civic plc and Wellcome Genome Campus Holdings Limited)

Key audit matter The valuations of Premier Marinas Holdings Limited, Urban and Civic plc and Wellcome Genome Campus Holdings Limited involve significant judgement when description determining the valuation methodology and the estimation of key inputs and assumptions. As a result of this degree of judgement, there is more potential for fraud or error in this area. Management engages external experts to prepare valuation reports for these assets. There are few comparable transactions for alternative real estate assets, such as marina assets, or land with development potential similar to the scale of the Trust’s holdings in Urban and Civic and the Wellcome Genome Campus Holdings Limited, and therefore this increases the degree of estimation uncertainty when determining the fair value of these assets. The following have been identified as the primary inputs into the externally prepared valuations:

There is a risk that the application of an inappropriate valuation methodology, and/or the use of inappropriate assumptions, could result in the material misstatement of the valuation of unquoted investments.

The valuation of Premier Marinas Holdings Limited, Urban and Civic plc (including Farmcare) and Wellcome Genome Campus Holdings Limited amounts to £1,866 million (2024: £1,449m), which is 8.6% (2024: 7.4%) of the Group’s unquoted investments, and 5.2% (2024: 4.3%) of the Group’s net assets.

The Audit and Risk Committee report on page 142 identifies the valuation of non-charitable investment subsidiary undertakings as part of the investment portfolio as a main area of risk. The significant accounting judgements with respect to the Group’s fair value measurement and valuation policies are described in notes 2 and 15 of the financial statements.

How the scope of In responding to the key audit matter arising when determining the fair value of unquoted investments relating to controlled unconsolidated investments, we our audit responded performed the following procedures: to the key matter Internal controls assessment

Internal controls assessment

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5.1. Valuation of unquoted investments relating to controlled unconsolidated investments

(Premier Marinas Holdings Limited, Urban and Civic plc and Wellcome Genome Campus Holdings Limited) (continued)

As a result of our procedures, we concluded that the valuations of Premier Marinas Holdings Limited, Urban and Civic plc and the Wellcome Genome Campus Holdings Limited are reasonable.

Key observations

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5.2. Valuation of unquoted investments relating to directly held investments

The Audit and Risk Committee report on page 142 identifies unquoted investment valuations as a main area of risk. The significant accounting judgements with respect to the Group’s fair value measurement and valuation policies are described in notes 2 and 15 of the financial statements.

How the scope of In responding to the key audit matter arising when determining the fair value of unquoted direct investments, we performed the following procedures: our audit responded We assessed management’s valuation methodologies and considered whether they are in accordance with the accounting policies of the Trust, applicable to the key matter accounting standards and industry practice. Internal Controls Assessment

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5.2. Valuation of unquoted investments relating to directly held investments (continued)

How the scope of Substantive procedures our audit responded ׁ We assessed the objectivity, competence, and capability of the external valuers engaged by management; to the key matter ׁ We challenged management’s assessment of the valuation assumptions and appropriateness of valuation methodologies used to determine the fair value by: (continued) – either assessing recent transactions in the market or using a market comparable approach to inform our challenge of management’s valuation. This included determining if any discounts applied to the valuation are appropriate;

Key observations As a result of our procedures, we concluded that the valuations of the direct investments where Wellcome hold a direct equity interest are reasonable.

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5.3. The discount rate used to discount the grant liability to present value

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Key audit matter The discount rate used is identified as a significant estimate in note 2 of the Annual Report.
description The discount rate used should reflect the opportunity cost to the Trust of not earning an investment return on funds granted and its current assessment of
the time value of money. The appropriate discount rate depends on the circumstances of the Trust and determining this discount rate requires significant
estimation concerning future expectations of investment performance, is subjective, and could have a material impact on the discounted portion of the grant
liabilities presented in the financial statements.
The discounted portion of the grant liabilities is sensitive to small changes in the discount rate applied, where small differences in the discount rate can lead
to material misstatement of the grant liabilities.
The non-current grant liabilities of £3,678 million (2024: £3,204 million) in Note 17 of the Annual Report are discounted, as per the requirements of FRS 102
and Charities SORP. The discount rate selected and applied by management is based on management’s expectation of the long-term rate of return of the
Trust’s portfolio of 6.0% (2024: 6.8%).
The significant accounting estimate is disclosed within the Audit and Risk Committee report on page 140.
How the scope of In responding to the key audit matter arising when determining the discount rate used to discount the grant liability to present value, we performed
our audit responded the following procedures:
to the key audit matter Internal Controls assessment
ׁ We obtained an understanding of the relevant controls over the determination of the discount rate applied to the grant liability by the Board of Governors’ and
Investment Committee and assessed management’s papers on the selection of an appropriate discount rate and expected rates of long-term return used in
financial planning and budgeting considerations.
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Substantive procedures

Key observations As a result of our audit procedures, we concluded that management’s discount rate methodology was appropriate and in accordance with the requirements of FRS 102 and the Charities SORP. We concluded that the discount rate used was reasonable.

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6. Our application of materiality 6.1. Materiality

We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work and in evaluating the results of our work.

Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:

Materiality

Group financial statements Trust financial statements
£352 million £334 million
(2024: £340 million) (2024: £323 million)
Basis for determining 1%(2024: 1%) of net assets 1%(2024: 1%) of net assets
materiality
Rationale for the The Group is an asset-based charity making The Trust is an asset-based charity making
benchmark applied returns on its investment portfolio to support
the charitable activities.
The basis of Group materiality is 1% of net
assets which aligns with industry practice for
comparable listed asset–based organisations.		 returns on its investment portfolio to support
the charitable activities.
The basis of Trust materiality is 1% of net
assets (limited to 95% of Group materiality)
which aligns with industry practice for
comparable listed asset–based organisations.

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Materiality by asset value
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6. Our application of materiality (continued)

6.2. Performance materiality

We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and undetected misstatements exceed the materiality for the financial statements as a whole.

Performance
materiality		 Group financial statements
Trust’s financial statements
70%(2024: 70%)
of Group materiality
70%(2024: 70%)
of Trust materiality
Basis and rationale
for determining
performance
materiality		 In determining performance materiality, we considered
our risk assessment, including our assessment of the
Group’s overall control environment and that we consider
it appropriate to take a controls reliance approach over
a number of business processes, as well as our past
experience of the audit, which has indicated a low number
of corrected and uncorrected misstatements identified in
priorperiods.

6.3. Error reporting threshold

We also report to the Audit and Risk Committee on disclosure matters that we identified when assessing the overall presentation of the financial statements.

We agreed with the Audit and Risk Committee that we would report to the Committee all audit differences in excess of £18 million (2024: £17 million), as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds.

7. An overview of the scope of our audit

7.1. Identification and scoping of components

We performed our group scoping by obtaining an understanding of the group and its environment, including group-wide controls, and assessing the audit risks. We determined each entity within the group to be a separate component. We assessed risk factors in each significant account and qualitative risk factors at each component including understanding regulatory risk, history of errors and if each component has a separate control environment. We have performed an audit of specified account balances on 11 components (2024:10 components). Our scope of audit work results in testing of 99% of net assets (2024: 99% of net assets). Our audit work at the 11 components was executed at levels of performance materiality applicable to each individual component which were lower than group performance materiality and ranged from £99m (2024: £136m) to £234m (2024: £323m).

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Net assets
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7.2. Our consideration of the control environment

The group’s Information Technology (‘IT’) landscape contains a number of IT systems, applications and tools used to support business processes and for financial reporting. We performed a risk assessment of the systems, applications and tools to determine those which are of greatest relevance to the group’s financial reporting. We engaged our IT specialists as part of our audit team to assess relevant controls and perform General IT Controls (“GITCs”) testing for the current period over in-scope systems. Our testing covered controls surrounding user access management and change management, as well as controls over key reports generated from the IT systems and their supporting infrastructure. A new ERP system and a new investment platform went live during the year. Observations have been reported in relation to enhancements required over user access, particularly privileged access and controls to monitor and maintain segregation of duties. Therefore, we did not rely on GITCs.

We performed walkthroughs over financial reporting, quoted and unquoted investment valuations, investment property valuations, grant liability, Investment cash and charitable expenditure business processes to understand the entity and to identify relevant manual controls.

We tested controls and adopted a controls reliance approach over the following business processes:

7.3. Our consideration of climate-related risks

We obtained an understanding of management’s process for considering the impact of climate-related risks, climate related reporting, and controls relevant to the group audit. We conducted walkthroughs with valuations, and financial reporting control process owners, and conducted meetings with key management personnel at the Trust who are responsible for climate-related risk and sustainability oversight and financial reporting for the group. We performed our own qualitative risk assessment of the potential impact of climate change on the group’s account balances and classes of transactions and did not identify any reasonably possible risks of material misstatement.

Page 88 of the Annual Report details how the Trust is developing its Environmental, Social and Governance “ESG” strategy for the group as a whole, whilst pages 67 of the Annual Report detail the progress report of the plan to reach net zero by 2050 for the investment portfolio. This includes a view on the current portfolio emissions, carbon footprint and targets. This is also linked into board decision making and the s172 statement, as well as the key challenges faced around achieving more comprehensive disclosure and uniform reporting of emissions.

Our procedures performed included reading the climate-related disclosures in the front half of the Annual Report to consider if they are fair, balanced and comprehensive. Separately, we have involved our internal climate change and sustainability specialists who have assisted in reviewing the disclosures.

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8. Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The Board of Governors are responsible for the other information contained within the Annual Report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.

If we identify such material

inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

9. Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and the Trust’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the Trust or to cease operations, or have no realistic alternative but to do so.

10. Auditor’s responsibilities

for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc. org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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11. Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

11.1. Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

management, internal audit, the Board of Governors and the Audit and Risk committee about their own identification and assessment of the risks of irregularities, including those that are specific to the group’s sector;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: valuation of unquoted investments relating to controlled, unconsolidated subsidiary investments (Premier Marinas, Urban and Civic and Wellcome Genome Campus Holdings Limited), valuation of unquoted investments relating to directly held investments and the discount rate used to discount the grant liability to present value. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.

The key laws and regulations we considered in this context included the Charities Act 2011, and the Charity Commission regulations.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty including applicable health and safety regulation and the Modern Slavery Act 2015.

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11.2. Audit response to risks identified

As a result of performing the above, we identified three key audit matters related to the potential risk of fraud:

The key audit matters section of our report explains the matters in more detail and also describes the specific procedures we performed in response to those key audit matters.

In addition to the above, our procedures to respond to risks identified included the following:

fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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Report on other legal and regulatory requirements

12. Matters on which we are required to report by exception

Under the Charities (Accounts and Reports) Regulations 2008 we are required to report in respect of the following matters if, in our opinion:

We have nothing to report in respect of these matters.

13. Other matters which we are required to address

13.1. Auditor tenure

Following the recommendation of the Audit and Risk committee, we were appointed by the Trust at its Board of Governors meeting on 14 December 2015 to audit the financial statements for the year ending 30 September 2016 and subsequent financial periods. The period of total uninterrupted engagement including previous renewals and reappointments of the firm is 10 years, covering 30 September 2016 to 30 September 2025. Following the tender on 24 July 2025, we were reappointed by the Trust to audit the financial statements from 30 September 2026 to 2035.

Our audit opinion is consistent with the additional report to the Audit and Risk committee we are required to provide in accordance with ISAs (UK).

14. Use of our report

This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

The engagement partner on the audit resulting in this independent auditor’s report is Garrath Marshall.

Deloitte LLP

(Senior statutory auditor)

Statutory Auditor London, United Kingdom 12 January 2026

Deloitte LLP is eligible for appointment as auditor for the Charity by virtue of its eligibility for appointment as audit of a company under section 1212 of the Companies Act 2006.

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The Instituto de Montaña in Peru provides local people with kits to assess the levels of heavy metals in the water. Here, a group of people are on their way to check the water quality of a local river in the Andes mountains.

Image credit: Ciril Jazbec/Wellcome Photography Prize 2025

Introduction Our impact and performance Our governance Financial Statements

161 Wellcome Trust Annual Report and Financial Statements 2025

Consolidated Statement of Financial Activities

for the year ended 30 September 2025

Restricted Unrestricted 2025 Restricted Unrestricted 2024
Note funds £mn funds £mn £mn funds £mn funds £mn £mn
Income from investments
Dividends and interest 3 – 486.5 486.5 – 425.1 425.1
Rental income – 51.8 51.8 – 52.3 52.3
Charitable income – 538.3 538.3 – 477.4 477.4
Grants receivable 4(a) 30.2 – 30.2 27.7 – 27.7
Other charitable income 4(b) 0.2 20.7 20.9 0.6 63.8 64.4
Total income 30.4 559.9 589.4 28.3 541.2 569.5
Expenditure on raising funds
Management fees and other investment costs 5(a) – (99.1) (99.1) – (96.6) (96.6)
Interest payable on bond liability – (76.3) (76.3) – (76.6) (76.6)
Expenditure on charitable activities 6 (25.9) (1,849.9) (1,875.8) (29.5) (1,423.9) (1,453.4)
Total expenditure (25.9) (2,025.3) (2,051.2) (29.5) (1,597.1) (1,626.6)
Net realised and unrealised gains on investments 15(f) – 3,239.8 3,239.8 – 1,559.2 1,559.2
Net income before taxation 4.5 1,773.5 1,778.0 (1.2) 503.3 502.1
Taxation 13 – (2.3) (2.3) – (39.5) (39.5)
Net income after taxation 4.5 1,771.2 1,775.7 (1.2) 463.8 462.6
Actuarialgains on defined benefitpension schemes 11(e)(iii) – 15.9 15.9 – 27.4 27.4
Net movement in funds 4.5 1,787.1 1,791.6 (1.2) 491.2 490.0
Funds at start ofyear 15.8 33,932.4 33,948.2 17.0 33,441.2 33,458.2
Funds at end ofyear 20 20.3 35,719.5 35,739.8 15.8 33,932.4 33,948.2

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Consolidated Balance Sheet

for the year ended 30 September 2025

Note
2025
£mn
2024
£mn
Tangible fixed assets
14(a)
343.2
408.0
Investment assets
Quoted investments
15(a)
14,734.1
14,378.4
Unquoted investments
15(a)
21,729.2
19,549.5
Investment properties
15(a)
1,316.2
1,539.8
Derivative financial instruments
15(b)
132.3
236.0
Investment cash and certificates of deposit
15(c)
3,631.4
3,723.3
Other investment assets
15(c)
434.1
352.8
Programme-related investments
15(d)
–
–
Total fixed assets
42,320.5
40,187.8
Current assets
Stock
3.9
5.1
Debtors
16
76.5
54.5
Cash at bank and in hand
43.4
42.1
Total current assets
123.8
101.7
Creditors fallingdue within oneyear
17
(1,108.3)
(1,171.3)
Net current liabilities
(984.5)
(1,069.6)
Total assets less current liabilities
41,336.0
39,118.2
Creditors falling due after one year
17
(5,725.4)
(5,280.5)
Provision for liabilities and charges
18
(152.5)
(145.8)
Net assets excluding pension surplus
35,458.1
33,691.9
Defined benefitpension schemes’ surplus
11(e)(iv)
281.7
256.3
Net assets including pension surplus
35,739.8
33,948.2
Funds of the charity
Restricted funds
20
20.3
15.8
Unrestricted funds
20
35,719.5
33,932.4
Total funds
35,739.8
33,948.2		 The Financial Statements onpages 160 to 230
were approved and authorised for issue by
The Wellcome Trust Limited, as Trustee, on
12 January 2026 and signed on its behalf by:
Julia Gillard
Chair
Fiona Powrie
Deputy Chair

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163

Statement of Financial Activities of the Wellcome Trust

for the year ended 30 September 2025

2025 2024
Note £mn £mn
Income from investments
Dividends and interest 3 495.0 413.3
Rental income 44.8 47.4
Charitable income 539.8 460.7
Other charitable income 4(b) (43.3) 166.3
Total income 496.5 627.0
Expenditure on raising funds
Management fees and other investment costs 5(a) (97.1) (96.6)
Interest payable to group undertakings (40.8) (29.1)
Interest payable on bond liability (50.4) (50.7)
Expenditure on charitable activities 6 (1,764.9) (1,599.3)
Total expenditure (1,953.2) (1,775.7)
Net realised and unrealisedgains on investments 15(f) 3,301.4 1,529.3
Net income after taxation 1,844.7 380.6
Gains on defined benefitpension schemes 11(e)(iii) 3.4 22.0
Net movement in funds 1,848.1 402.6
Funds at start ofyear 32,979.5 32,576.9
Funds at end ofyear 34,827.6 32,979.5

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Balance Sheet of the Wellcome Trust

for the year ended 30 September 2025

2025 2024 The Financial Statements onpages 160 to 230
Note £mn £mn were approved and authorised for issue by
Tangible fixed assets
Investment assets		 14(b) 192.5 194.6 The Wellcome Trust Limited, as Trustee, on
12 January 2026 and signed on its behalf by:
Quoted investments 15(a) 14,550.3 13,974.0
Unquoted investments 15(a) 19,203.6 17,266.8
Investment properties 15(a) 1,160.0 1,380.7
Derivative financial instruments 15(b) 132.3 236.0
Investment cash and certificates of deposit 15(c) 3,626.1 3,718.4 Julia Gillard
Other investment assets 15(c) 427.9 351.6 Chair
Subsidiary and other undertakings 3,727.1 3,205.4
Programme-related investments 15(d) – –
Total fixed assets 43,019.8 40,327.5
Current assets Fiona Powrie
Debtors
Cash at bank and in hand		 16 6.5
7.7		 95.0
8.5		 Deputy Chair
Total current assets 14.2 103.5
Creditors fallingdue within oneyear 17 (2,844.9) (2,471.2)
Net current liabilities (2,830.7) (2,367.7)
Total assets less current liabilities 40,189.1 37,959.8
Creditors falling due after one year 17 (5,447.1) (5,059.4)
Provision for liabilities and charges 18 (87.9) (85.5)
Net assets excluding pension surplus 34,654.1 32,814.9
Defined benefitpension scheme’s surplus 11(e)(iv) 173.5 164.6
Net assets including pension surplus 34,827.6 32,979.5
Funds of the charity
Unrestricted funds 34,827.6 32,979.5
Total funds 34,827.6 32,979.5

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Consolidated cash flow statement

for the year ended 30 September 2025

Note
2025
£mn
2024 Restated
£mn
Net income for the year
(asper the Statement of Financial Activities)
1,791.6
490.0
Adjustments to exclude non-cash items
and investment income and expenditure
Decrease/(increase) in debtors
16
(22.0)
51.8
Decrease in stock
1.2
–
Increase in grant commitments
8
474.0
271.6
Increase/(decrease) in creditors
and provisions
(41.2)
57.5
Increase in defined benefit pension
schemes’ surplus
(25.4)
(37.0)
Less unrealised losses on sale of
programme-related investments
15(d)
–
39.1
Increase in net writedown for
programme-related investments
15(d)
20.7
20.3
Decrease/(increase) in other
investment assets
15(c)
(0.3)
1.2
Depreciation and disposals
of fixed assets
82.8
24.3
Investment income
(538.3)
(477.4)
Bond interest
76.3
76.6
Net realised and unrealised gains
on investments
(3,239.8)
(1,559.2)
Net cash flows from operating activities
(1,420.4)
(1,041.2)		 Note
2025
£mn
2024 Restated
£mn
Cash flows from investing activities:
Investment income received
22(a)
508.5
476.2
Proceeds from sales of investment assets
22(c)
4,771.1
5,032.7
Purchase of investment assets
22(c)
(3,952.1)
(3,481.8)
Purchase of tangible fixed assets
14(a)
(18.0)
(27.4)
Net cash inflow due to derivative
financial instruments
22(c)
96.8
26.1
Net cash flows from investing activities
1,406.3
2,025.8
Cash flows from financing activities:
Cash outflow for servicingof finance
22(b)
(75.3)
(75.4)
Net cash flows from financing activities
(75.3)
(75.4)
Change in cash and cash equivalents
during the year
(89.4)
909.2
Cash and cash equivalents at the
beginning of the year
3,765.4
2,997.3
Change in cash and cash equivalents due
to exchange rate movements and other
gains or (losses)
(1.2)
(141.1)
Cash and cash equivalents at the end
of theyear
3,674.8
3,765.4
Certain purchases and sales of investment assets for which there were no cash
movements have now been excluded from the Statement of cashflows in line
with FRS 102’s requirements. This has also been reflected in the comparative
figures, with ‘Purchases of investment assets’ and ‘Proceeds from sales of
investment assets’ both reduced by £1,176.8 million).
Cash and cash equivalents include cash at bank and in hand, and investment
cash and certificates of deposits. A statement of net debt is in note 22(d).

Certain purchases and sales of investment assets for which there were no cash movements have now been excluded from the Statement of cashflows in line with FRS 102’s requirements. This has also been reflected in the comparative figures, with ‘Purchases of investment assets’ and ‘Proceeds from sales of investment assets’ both reduced by £1,176.8 million).

Cash and cash equivalents include cash at bank and in hand, and investment cash and certificates of deposits. A statement of net debt is in note 22(d).

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Alternative Performance Measures and Key Performance Indicators

Alternative Performance Measures (APMs) are a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. APMs can be reconciled to financial measures reported in the Financial Statements.

Key Performance Indicators (KPIs) are a measure by reference to which the development, performance or position of the Group can be measured effectively. KPIs include financial measures of historical financial performance which cannot be reconciled to financial measures reported in the Financial Statements.

APM Explanation
Investment This is a summation of all the investment assets less all the investment liabilities
portfolio value and the bond liabilities held at fair value, with all balances valued at least annually.
This provides management with a net investment portfolio value to assess
investment performance (refer to Investment asset allocation,Figure 6in the Review
of investment activities, andnote 15(g)for reconciliation to the Financial Statements).
Leverage This is the amount of total interest-bearing liabilities as a percentage of the amount
Charitable expenditure of total investment assets, and is used by management to assess the amount of bond
liabilities the Groupissues (refer tonote 15(g)for reconciliation to the Financial Statements).
This is detailed in the Financial review onpage 71and summarises the charitable
spend, including allocated support costs, by activity and is reported before the
application of the discounting and foreign exchange accounting adjustments made
in accordance with FRS 102. This is a measure used by management to assess the
cost of the Group’s charitable activity(refer tonote 6).
KPI Explanation
Net returns This is a financial measure of investment portfolio performance (seeFigure 1).
It is calculated using the ‘Modified Dietz method’: the change in the period of the
investment portfolio value less charitable cash expenditure for the period, divided by
the opening investment portfolio value for the period plus charitable cash expenditure
weighted by the time to the close of the period that the cash expenditure occurred.
The time weighting of charitable cash expenditure means that this KPI cannot be
reconciled to financial measures reported in the Financial Statements. The target net
return is UK/US CPI +4%.
Blended This is a measure of investment portfolio performance which averages the net
currency returns returns (see above) calculated in GBP and USD. The target return is UK/US CPI +4%
(seeFigure 2).

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Glossary of terms

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Term Explanation
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Absolute return Hedge funds that aim to generate a stable return
hedge funds
Active grants		 regardless of marketperformance (with low volatility).
Grants which have been activated and are still being
used. The value of active grants is the undiscounted total
amount awarded, before deducting any amounts paid
to date.
Buy-out funds Private funds which adopt a strategy of buying out
Cash and bonds companies and transformingtheir operations.
The portion of the investment portfolio which is invested in
cash, cash equivalents (liquidity funds, term deposits and
certificates of deposit) and fixed income assets (corporate
bonds andgovernmentgilts).
Charitable cash Cash spent in year on charitable activities comprising net
expenditure cash flows from operating activities and cash flows from
purchase of tangible fixed assets (see Consolidated cash
flow statement,page 165).
Directly managed The portion of the investment portfolio which is invested in
public equity public equityand managed bythe internal Investment team.
Term Explanation
Equity long/short Investment hedge funds that involve buying equities that
hedge funds are expected to increase in value and selling short equities
that are expected to decrease in value (rather than buying
a call option and sellingaput option).
Global compounders A directly held portfolio within the investment portfolio
basket invested in public companies with characteristics
expected to benefit from long-term trends.
Indirectly managed The portion of the investment portfolio which is invested
public equity in public equity and managed by third-party external
investment managers.
Net overlay assets Foreign exchange overlays and the related cash collateral
amounts due to thirdparties.
Nominal and Nominal net returns are net returns (a Key Performance
real net returns Indicator) unadjusted for inflation. Real net returns are net
returns adjusted for the effect of inflation.
Other absolute Private funds that aim to generate a stable return
return funds regardless of marketperformance (with low volatility).

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168 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

1. Accounting policies

The numbers shown in the Financial Statements are in millions, rounded to one decimal place.

(a) Statement of compliance

The Financial Statements of the Wellcome Trust (the Trust) and the consolidated Financial Statements of the Trust and its subsidiary undertakings (the Group) have been prepared on a going concern basis and in accordance with applicable UK accounting standards (UK Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (FRS 102). In particular, they comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (FRS 102) published in 2019 (the SORP) in all material respects with the exception of the valuation of certain joint ventures and associates as detailed under Basis of consolidation.

The Trust meets the definition of a public benefit entity under FRS 102. The Financial Statements have been prepared under the historical cost convention, as modified by the valuation of investments on a basis consistent with prior years.

The functional currency of the Trust is considered to be pounds sterling because that is the currency of the primary economic environment in which the Trust operates. The consolidated Financial Statements are also presented in pounds sterling.

The Trust meets the definition of a qualifying entity under the SORP and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate Financial Statements, which are presented alongside the consolidated Financial Statements. Exemptions have been taken in relation to financial instruments and the presentation of a cash flow statement.

(b) Summary of significant policies

Basis of preparation

The Board of Governors has reviewed the going concern assessment and concluded that Wellcome and its subsidiaries have adequate resources to continue to operate and to meet any commitments as they fall due for at least 12 months from the date of approval of this report.

The preparation of Financial Statements in conformity with FRS 102 requires the use of certain significant accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. Areas involving a higher degree of judgement or areas where assumptions and estimates are significant to the Financial Statements are disclosed in note 2.

Basis of consolidation

The consolidated Financial Statements include the Financial Statements of the Trust and its subsidiary undertakings. Associates and joint ventures are included as part of the investment portfolio and are discussed below. Subsidiary undertakings are entities over which the Trust has control. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. When the Group owns less than 50% of the voting powers of an entity, but controls the entity by virtue of an agreement with other investors that gives it control of the financial and operating policies, it accounts for these as subsidiaries. The Financial Statements of subsidiaries are included from the date that control commences until the date that it ceases.

The Trust consolidates four types of subsidiary undertakings:

The principal accounting policies applied in the preparation of these consolidated and separate Financial Statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

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Notes to the Financial Statements

1. Accounting policies (continued)

Consolidation comprises combining the assets, liabilities, income and expenditure of those subsidiary undertakings with the Trust’s balances on a line-by-line basis. A subsidiary is excluded from consolidation where the interest in the subsidiary is held as part of the investment portfolio and its value to the Group is through fair value rather than as the medium through which the Group carries out business and where it has not previously been consolidated. These subsidiaries are included at fair value within investments in accordance with 9.9C(a) of FRS 102.

in the Statement of Financial Activities in accordance with 14.4B or 15.9B of FRS 102. The fair value is determined in accordance with the accounting policies for financial assets and liabilities detailed on page 172. This is a departure from the SORP, which requires that all such investments are accounted for using the equity method of accounting. The Trustee has concluded that this departure from the SORP ensures the Financial Statements present a true and fair view. The fair value of the associates and joint ventures held in the investment portfolio is included in unquoted investments in note 15(a).

All intra-Group transactions, balances, income and expenses are eliminated on consolidation of subsidiaries. Adjustments are made to eliminate the profit or loss arising on transactions with joint ventures or associates to the extent of the Group’s interest in the entity. Where subsidiaries, joint ventures and associates are held as part of the investment portfolio or as a Social Investment and measured at fair value, no elimination of intra-Group items is undertaken.

Further detail on the Trust’s significant subsidiary undertakings is in note 21.

A joint venture is a contractual arrangement whereby the Group and one or more parties undertake an economic activity that is subject to joint control. The results of the joint ventures are accounted for using the equity method of accounting unless the entity is held as part of the investment portfolio or as a Social Investment as discussed below.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the Group holds a long-term interest and has significant influence. The Group considers it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of the associates are accounted for using the equity method of accounting unless the entity is held as part of the investment portfolio or as a Social Investment as discussed in note 15(d).

Where an associate or joint venture is held as part of the investment portfolio or as a Social Investment and its value to the Group is through fair value rather than as a medium through which the Group carries out business, the associate or joint venture is measured at fair value with changes in fair value recognised

Income

The Group recognises income at the fair value of the consideration received or receivable when the significant risks and rewards of ownership have been transferred, the amount of income can be measured reliably, it is probable that future economic benefits will flow to the Group, and the specific criteria relating to each of the Group’s income channels have been met, as follows. All amounts are net of discounts and rebates allowed and value added taxes if applicable.

Dividend income, including any recoverable tax, is recognised from the ex-dividend date when it becomes receivable.

Rental income is recognised on an accruals basis and is recognised on a straight-line basis.

Interest income is recognised using the effective rate of interest.

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Notes to the Financial Statements

1. Accounting policies (continued)

Charitable income for performance-related agreements is recognised when the expenditure is incurred as this reflects the service levels. Income for non-performance-related agreements is recognised when awarded as this represents entitlement. Capital grants with no performance-related conditions are recognised when the charity is entitled, the receipt is probable and the amount is measurable, which is when the award letter is received. Any receipts that do not meet these criteria are held as deferred income.

Gift aid income is recognised on an accruals basis when the receipt is both probable and measurable.

Expenditure

Expenditure and liabilities are recognised as soon as there is a legal or constructive obligation committing the Group to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is recognised on an accruals basis, with the exception of grants as noted below.

Expenditure on raising funds relates to the management of the investment portfolio and includes the allocation of support costs relating to this activity.

Expenditure on charitable activities is analysed between grant funding and the cost of activities performed directly by the Trust and the Group, together with the associated support costs including governance costs. Governance costs are the costs of governance arrangements that relate to the general running of the Group as opposed to those costs associated with investments or charitable activities. These costs include such items as internal and external audit, legal advice for Governors and costs associated with constitutional and statutory requirements.

Where possible, expenditure incurred that relates to more than one activity is apportioned. The method of apportionment uses the most appropriate basis for each cost type.

Grants awarded to institutions are recognised as expenditure in the year in which the grant is formally approved by the Trust and has been communicated to the recipient, except to the extent that it is subject to conditions that enable the Trust to revoke the award.

The provision for multi-year grants is recognised at its present value where settlement is due more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Trust that would permit it to avoid making the future payments, settlement is probable, and the effect of the discounting is material. The discount rate used is regarded by the Board of Governors as the most current available estimate of the opportunity cost of money which is the expected rate of return on the investment portfolio. The impact of the discount rate is discussed in note 2.

Net realised and unrealised gains and losses on investments

Net realised and unrealised gains and losses on investments are recognised within the Statement of Financial Activities. Gains and losses are realised when an investment is disposed of in the year. Unrealised gains and losses arise on the revaluation of investments to fair value at the Balance Sheet date.

Employee benefits

The Group provides a range of benefits to employees, including annual bonus arrangements, long-term incentive plans, paid holiday arrangements and defined benefit and defined contribution pension plans. These are detailed in the Remuneration report on page 128.

Short-term benefits

Short-term benefits, including private medical insurance, medical assessments and group income protection are recognised as an expense in the period in which the service is received.

Annual bonus plan

An expense is recognised in the Statement of Financial Activities when the Group has a legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made.

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171 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

1. Accounting policies (continued)

Long-term incentive plans

The cost is recognised in the Statement of Financial Activities over the period of service to which the plan relates. Where amounts are left in the plan after vesting date, any adjustment in value between the date of vesting and the date of payment is recognised in the Statement of Financial Activities.

Pension schemes

The Group pension arrangements are detailed in note 11(e).

The contributions to defined contribution plans are recognised as an expense when they are due. The assets of the plan are held separately from the Group in independently administered funds.

The asset or liability recognised in the Balance Sheet in respect of a defined benefit plan is the present value of the defined benefit obligation less the fair value of plan assets at the reporting date. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to Actuarial gains/losses on defined benefit pension schemes in the Statement of Financial Activities.

Other retirement benefits are included within provisions and are valued at the present value of the defined benefit obligation at the reporting date.

Termination benefits

Termination benefits are payable when employment is terminated by the Group, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is committed to either terminating the employment of current employees according to a detailed formal plan, or providing termination benefits as a result of an offer of voluntary redundancy.

Fund accounting

The Group’s charitable funds consist of restricted funds, held in Genome Research Limited, and unrestricted funds.

Tangible fixed assets

Tangible fixed assets, excluding land and investment properties, held by the Group and the Trust are stated at cost less accumulated depreciation and any accumulated impairment losses. Land is stated at cost less any accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. Fixed assets are subject to review for impairment when there is an indication of a reduction in their carrying value. They are reviewed annually and any impairment is recognised in the year in which it occurs.

Assets in the course of construction are stated at cost and are not depreciated until available for use.

Depreciation is calculated using the straight-line method to allocate the cost of each asset less its residual value over its estimated useful life. Residual value represents the estimated amount that would currently be obtained from disposal of an asset, after deducting estimated costs of disposal if the asset were already of the age and in the condition expected at the end of its useful life. Depreciation commences from the date an asset is brought into service when the charge is reflected in the Statement of Financial Activities.

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Notes to the Financial Statements

1. Accounting policies (continued)

The useful lives for depreciation purposes for the principal categories of assets are shown here:


assets are shown here:
Years
Freehold buildings 50
Long leasehold land and buildings Over the term of the lease
Other plant, equipment, fixtures and fittings
Computer equipment		 3 to 15
3 to 5

Heritage assets

The Trustee does not consider that reliable cost or valuation information can be obtained for the vast majority of heritage assets held by the Trust. This is because of the diverse and specialist nature of the assets held, the number of assets held, and the lack of comparable market values. The cost of valuing the entire collection would be onerous compared with the benefit derived by users of the Financial Statements in assessing the Trustee’s stewardship of the assets. Assets are recognised on the Balance Sheet if they meet the definition of a heritage asset, their value can be reliably measured, and they are considered to be material. Further details are in note 14.

Financial assets and liabilities

The Group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.

Financial assets which qualify as basic financial instruments as laid out in FRS 102 paragraph 11.8, including trade and other receivables and cash and bank balances, are subsequently valued at amortised cost and assessed for impairment at the end of each reporting period.

Other financial assets, including investments, are subsequently valued at fair value.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the Balance Sheet when there exists a legally enforceable right to set off the recognised amounts and the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the Group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the Group, despite having retained some but not all significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, is cancelled or expires.

Investment valuation policies and procedures are reviewed by the Valuation Group, which is responsible for reviewing valuations. Specific policies are detailed below and the application of these policies is disclosed in the relevant note to the accounts where appropriate.

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Notes to the Financial Statements

1. Accounting policies (continued)

(i) Quoted investments

Quoted investments comprise publicly quoted, listed securities including shares, bonds and units. Quoted investments are stated at fair value at the reporting date. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade.

(ii) Unquoted investments

Unquoted investments are valued at management’s best estimate of fair value and comprise:

(iii) Derivative financial instruments

The Group’s use of derivative financial instruments includes equity index-linked futures and options, options on individual equities and currency forwards.

The Group’s exchange traded options are stated at fair value, equivalent to the market value, using the bid price, on the relevant exchange.

The fair value of contract positions is recognised in the Balance Sheet and gains and losses on the contracts are recognised in the Statement of Financial Activities.

(iv) Investment cash and certificates of deposit, other investment assets and other investment liabilities

Investment cash and certificates of deposit, and debtors and creditors arising as part of the investment portfolio are stated at their fair value.

(v) Cash at bank and in hand

Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments.

(vi) Bond liabilities

Bond liabilities are measured at amortised cost using the effective interest rate method. Initial amortised cost is equal to the proceeds of issue net of transaction costs directly attributable. Transaction costs form part of the effective interest rate and are recognised in the Statement of Financial Activities over the term of the Bonds. The fair value of the Bonds disclosed within the notes to the Financial Statements is the market value of the Bonds at the reporting date. The Group is not required to, and therefore does not, recognise any adjustment to fair value in the Balance Sheet and the Statement of Financial Activities.

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174 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

1. Accounting policies (continued)

Investment properties

Investment properties are measured at fair value annually with any change recognised in the Statement of Financial Activities. The fair values are based on valuations estimated by third-party professional valuers; however, where properties are acquired close to the reporting date, valuations are not obtained because the acquired properties are recorded at open market value upon initial recognition, which management considers to be a reasonable estimate of open market value at the reporting date. Property transactions are recognised on the date of completion.

Investments in subsidiaries

Subsidiary undertakings established purely to hold investments are included in the Trust’s Balance Sheet at fair value which is represented by their net asset value.

Securities lending programme

The Group undertakes securities lending arrangements whereby securities are loaned to external counterparties for a set period of time (the loan period). The Group receives cash collateral of greater value than the securities loaned from each counterparty for the duration of the loan period and receives a share of the interest earned on the cash collateral held. Under the terms of the securities lending agreements, the Group retains substantially all the risks and rewards of ownership of the loaned securities, and the contractual rights to any cash flows relating to the securities. The loaned securities are not derecognised on the Group’s and Trust’s Balance Sheets. The cash collateral and the obligation to return the cash collateral to the lender are recognised in the Group’s and Trust’s Balance Sheets.

Social investments

Programme-related investments

Programme-related investments are held at fair value, if this can be measured reliably; or if fair value cannot be measured reliably, at cost less impairment. These are discussed in note 15(d).

Stock consists of consumables and goods for sale and is stated at the lower of cost and estimated selling price less costs to complete and sell, which is equivalent to the net realisable value. Cost is determined on a first-in-first-out basis. Where necessary, provision is made for obsolete, slow moving and defective stock.

Provisions and contingencies

Provisions

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are discounted to present value where the effect is material.

Contingencies

Contingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote but is not considered probable or cannot be measured reliably. These are not recognised but are disclosed in the Financial Statements.

Contingent assets are potential future inflows of economic benefits whose existence will be confirmed only by an uncertain future event. Where the likelihood of receipt is considered probable these assets are not recognised but are disclosed in the Financial Statements.

Foreign currencies

Transactions denominated in foreign currencies are translated into pounds sterling at the exchange rates ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rate ruling at the reporting date. All foreign exchange gains and losses, realised and unrealised, are recognised in the Statement of Financial Activities.

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Notes to the Financial Statements

1. Accounting policies (continued)

Taxation

The charitable members of the Group are exempt from taxation on their income and gains falling within Part 11 of the Corporation Tax Act 2010, Part 10 of the Income Tax Act 2007, or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that they are applied to their charitable purposes.

The non-charitable subsidiaries of the Group are subject to UK Corporation Tax. However, because their policy is to make a qualifying charitable donation (Gift Aid) to the Trust equal to taxable profits, no Corporation Tax liability arises in the year, unless restricted due to an insufficient level of cash or distributable reserves.

Foreign tax incurred on overseas investments is charged as it is incurred. In common with many other charities, the charitable members of the Group are unable to recover the majority of Value Added Tax (VAT) incurred on expenditure. The amount of VAT that cannot be recovered is included within the underlying cost to which it relates.

Current tax, including UK Corporation Tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be sufficient taxable profits in future periods, which the future reversal of the underlying timing differences can be utilised against.

Deferred tax is recognised on fair market value adjustments of investment subsidiaries, despite the fact it is likely the subsidiaries will be able to make a Gift Aid donation equal to the amount of any taxable profit arising from the future realisation of the underlying assets.

2. Key sources of estimation and uncertainty and significant judgements made in applying the accounting policies

The preparation of the Financial Statements requires the application of certain estimates and judgements. The material areas of either estimation or judgement are set out below. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Each of these areas is considered by the Audit and Risk Committee based on information prepared by management (see page 140).

Subject to recognition criteria, deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date, that are expected to apply to the reversal of the timing difference. Timing differences are differences between the taxable profits and results as stated in the Financial Statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the Financial Statements.

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Notes to the Financial Statements

2. Key sources of estimation and uncertainty and significant judgements made in applying the accounting policies (continued) Unquoted investments

Unquoted investments
2. Key sources of estimation and		 uncertainty and significant judgements made in applying the accounting policies (continued)
Investment asset category Value £mn Valuation methodology
Estimations and assumptions
Direct investments which are
reported within
ׁ direct private and private
co-investments
ׁ property
in the Investment asset allocation
(refer to Figure 6 onpage 58)		 As noted in the accounting policies onpages 168–175,
these investments are valued at management’s best
estimate of fair value.
For these investments fair value is estimated using a
range or combination of methodologies including price
of recent investment, discounted cash flow analysis,
price multiples from public comparables and private
comparable transactions.
The fair value of these direct investments is estimated noting
there is uncertainty on their future financial performance.
These direct investments, particularly the early stage venture
co-investments, have a range of possible fair value estimates.
If the fair value of these investments increased or decreased
by 10% this would increase or decrease unquoted investment
balances by £237 million respectively.
2,201
171
Investment operating subsidiaries,
joint ventures and development land
with planning consent (which are
included within Property in the
investments allocation; refer to
Figure 6 onpage 58)		 1,866
As noted in the basis of consolidation onpages 168–169,
certain subsidiaries, joint ventures and associates are
excluded from consolidation where the interest is held
as part of the investment portfolio and measured on
a fair value basis.
Fair value is based on external valuers employing
Royal Institute of Chartered Surveyors (RICS)
valuation methodology for property held within these
investments adjusting for other net assets. The
property held is valued using methodologies specific
to the nature of the property including discounted
cash flows (discount rates, development value, land and
house price growth and absorption rates estimated),
price multiples and comparable land values.
The fair value of the property held within these investments is
estimated noting there is difficulty in predicting the outlook for
certain parts of the UK property market where there are a lower
number of comparable transactions. There is also estimation
uncertainty associated with the effect of climate change on the
fair value assumptions.
A sensitivity analysis is provided for this below. The sensitivities
presented are as provided by the external valuers to provide
context to their valuations.
Management reviews the sensitivities and considers them
reasonable in the context of the historic movements in
these estimates.

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Notes to the Financial Statements

2. Key sources of estimation and uncertainty and significant judgements made in applying the accounting policies (continued)

Estimate Change in estimate Impact on unquoted investments
EBITDA multiple Increase/decrease of 0.5% Increase/decrease by£17.6 million (0.1%)
Land values Increase/decrease of 10% Increase/decrease by£33.6 million (0.2%)
Serviced landprice inflation Increase of 1.0% Increase by£62.2 million (0.3%)
Discount rate Increase of 1.0% Decrease by£32.3 million (0.2%)
Construction costs rateper square foot Increase/decrease of 5% Decrease/increase by£44.6 million (0.2%)
Residential sales and rent rateper square foot Increase/decrease of 5% Increase/decrease by£72.9 million (0.3%)

Grant liabilities

Grant liabilities
Accounting methodology Value £mn Estimations and assumptions
The initial liability recognised is based on actual 3,678 The discount rate used is expected future nominal rate of investment returns. The 10-year base case
amounts awarded but as the awards are paid estimate (from a range of return scenarios) was selected as this is considered by management to be
out over a number of years, non-current liabilities the best estimate of the opportunity cost of money to Wellcome.
(refer to notes 6 and 8) are discounted based
on expected future cash outflows.
Internal estimation is required in:		 The timings of the calling down and payments of the liabilities are impacted by:
ׁ The retention delay – this is the delay between the official grant end date and the date the final payment is made.
ׁ calculating the appropriate discount rate ׁ The weighted stretch delay – this is cash flow profiling methodology to calculate the delay between
when payments are due and no-cost extensions are granted to grantees, which delays the end date
ׁ determining when the liability will be called further. This is weighted so the profile of grants of higher value weigh proportionally more than grants
down and paid of lower value in the model used to profile the cash as they have a more significant impact on cash flows.
A sensitivityanalysis isprovided for these below.

ׁ calculating the appropriate discount rate
ׁ determining when the liability will be called
down and paid		 ׁ The weighted stretch delay – this is cash flow profiling methodology to calculate the delay between
when payments are due and no-cost extensions are granted to grantees, which delays the end date
further. This is weighted so the profile of grants of higher value weigh proportionally more than grants
of lower value in the model used to profile the cash as they have a more significant impact on cash flows.
A sensitivityanalysis isprovided for these below.
Estimate Change in estimate
Impact on grant liabilities
Rate used to discount grant liabilities
(2025: 6.0%, 2024: 6.8%)		 Increase of 3.0%p.a.
Decrease by£289.2 million (7.8%)
Decrease of 3.0%p.a.
Increase by£347.3 million (-6.6%)
Retention delay
(2025: 9 months, 2024: 9 months)		 Decrease -5 months
Increase by£43.7 million (1.0%)
Increase +5 months
Decrease by£42.5 million (-1.0%)
Weighted stretch delay
(2025: 32%, 2024: 31%)		 Decrease -5%
Increase by£30.5 million (0.7%)
Increase +5%
Decrease by£29.5 million (-0.7%)

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Notes to the Financial Statements

Retention delay– average over the last five years. Using this data the average
came out as nine months. The lowest average retention delay was three
months and the +/- three months was used for the sensitivity analysis.
Weighted stretch delay– average over the last five years (excluding outliers).
If all grants are included in the calculation then it gives a range of +/- 5%
which is used for the sensitivity analysis.
Defined benefit pension schemes’ liabilities
Valuation methodology
Value £mn
Estimations and assumptions
The actuaries provide
a summary of the
accounting assumptions
proposed based on
FRS 102 requirements
and their knowledge
of the plans. The
Finance team, the Chief
Investment Officer and
the People team review
these assumptions
and challenge them
if required.
511.1
The discount rate
The rate of inflation
A sensitivity analysis
is provided below
Estimate
Change in estimate
Impact on pension
schemes’ liabilities
Discount rate
Increase/decrease
of 0.5% ayear
Decrease/increase by
£44.5mn (8.7%)
Rate of inflation
Increase/decrease
of 0.5% ayear
Increase/decrease by
£32.7mn (6.4%)
2. Key sources of estimation and uncertainty and significant judgements
made in applying the accounting policies (continued)
Grant liabilities (continued)		 Significant judgements in applying the Group’s accounting policies
Non-charitable investment subsidiary undertakings, associates and joint
ventures held as part of the investment portfolio
The Group applies judgement to assess which subsidiary undertakings,
associates and joint ventures are held as part of the investment portfolio and
therefore their value to the Group is through fair value rather than a medium
through which the Group carries out business (see basis of consolidation,
pages 168–169). This judgement relies on the Group’s assessment of the
purpose of the investment and ongoing management of these entities, and
has been applied to the investment operating subsidiaries and joint ventures
referenced in the Unquoted investments section of this note above. There
have been no changes to this judgement in the year.		 Significant judgements in applying the Group’s accounting policies
Non-charitable investment subsidiary undertakings, associates and joint
ventures held as part of the investment portfolio
The Group applies judgement to assess which subsidiary undertakings,
associates and joint ventures are held as part of the investment portfolio and
therefore their value to the Group is through fair value rather than a medium
through which the Group carries out business (see basis of consolidation,
pages 168–169). This judgement relies on the Group’s assessment of the
purpose of the investment and ongoing management of these entities, and
has been applied to the investment operating subsidiaries and joint ventures
referenced in the Unquoted investments section of this note above. There
have been no changes to this judgement in the year.
3. Dividends and interest Group
Trust
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Dividends from UK equities
Dividends and interest
from subsidiaries
Dividends from overseas equities
Income from unquoted
investments
Interest from quoted investments
Interest on cash and
cash deposits
Securities lendingincome		 95.7
46.6
95.7
46.6
–
–
16.0
0.3
191.5
184.9
187.7
180.1
71.0
39.9
68.2
33.7
–
3.0
–
3.0
128.1
147.1
127.2
146.0
0.2
3.6
0.2
3.6
486.5
425.1
495.0
413.3

Our governance Financial Statements

Our impact and performance

Introduction

179 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

4. Other income

(a) Grants receivable

4. Other income
(a) Grants receivable
Group
Trust
2025
£mn
2024
£mn
2025
£mn
2024
£mn
30.2
27.7
–
–

Grants receivable comprises awards to the Trust’s subsidiary undertaking Genome Research Limited by other funders, including government grants of £1.8 million (2024: £1.1 million). There are no unfulfilled conditions attached to these grants.

(b) Other charitable income

Group
Trust
2025
£mn
2024
£mn
2025
£mn
2024
£mn
20.9
64.4
(43.3)
166.3

Included in other charitable income for the Group is £0.9 million (2024: £35.9 million) of proceeds arising from the sale during the year of programme-related investments, details of which are given in note 15(d). Included in other charitable income for the Trust are Gift Aid donations received from subsidiary undertakings totalling £16.5 (2024: £126.2 million), this is offset by the release of an accrual of £61.6m of gift aid relating to prior years which is no longer receivable. This does not include Gift Aid received from Premier Marinas and Urban&Civic as these entities are held as part of the investment portfolio and their Gift Aid is accounted for as investment income. Details of significant Group undertakings are in note 21.

5. Management fees and other investment costs

(a) Total investment costs

(a) Total investment costs
Group
Trust
2025
£mn
2024
£mn
2025
£mn
2024
£mn
External investment
management fees
49.0
48.6
47.3
49.0
Internal investment administration
42.3
40.2
42.3
40.0
Investment support
cost allocation
7.8
7.8
7.5
7.6
99.1
96.6
97.1
96.6

The amount accrued for long-term incentive plans included in the internal investments administration costs above was £20.5 million (2024: £19.5 million). Senior staff in the Investments team receive performance-based remuneration, as noted on page 180, which can give rise to variations in the amount charged to internal investment administration year on year. External investment management fees includes performance fees. The methodology behind the support cost allocation is detailed in note 9.

The bandings disclosures in note 5(b) show employees working on the investment activities of the Group.

Our governance Financial Statements

Our impact and performance

Introduction

180 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

(b) Benefits of Investment team employees (salary, bonus, long-term
incentive plans and allowances)
Group and Trust
Trust
2025
2024
2025
2024
£60,000–£69,999
3
3
3
3
£70,000–£79,999
1
1
1
1
£80,000–£89,999
1
3
1
3
£90,000–£99,999
4
4
4
4
£100,000–£109,999
1
2
1
2
£110,000–£119,999
4
–
4
–
£120,000–£129,999
–
3
–
3
£130,000–£139,999
1
3
1
3
£140,000–£149,999
5
–
5
–
£150,000–£159,999
2
–
2
–
£160,000–£169,999
–
1
–
1
£170,000–£179,999
2
3
2
3
£180,000–£189,999
1
1
1
1
£200,000–£209,999
1
–
1
–
£230,000–£239,999
1
–
1
–
£260,000–£269,999
1
–
1
–
£280,000–£289,999
1
–
1
–
£300,000–£309,999
–
1
–
1
£350,000–£359,999
1
–
1
–
£380,000–£389,999
1
–
1
–
£390,000–£399,999
–
2
–
2
£540,000–£549,999
1
–
1
–
£550,000–£559,999
–
1
–
1
£560,000–£569,999
1
–
1
–
£580,000–£589,999
–
1
–
1
5. Management fees and other investment costs (continued)		 Group and Trust
Trust
2025
2024
2025
2024
£610,000–£619,999
£620,000–£629,999
£640,000–£649,999
£650,000–£659,999
£670,000–£679,999
£690,000–£699,999
£710,000–£719,999
£720,000–£729,999
£730,000–£739,999
£1,160,000–£1,169,999
£1,630,000–£1,639,999
£1,910,000–£1,919,999
£2,030,000–£2,039,999
£2,070,000–£2,079,999
£2,220,000–£2,229,999
£2,260,000–£2,269,999
£2,550,000–£2,559,999
£2,760,000–£2,769,999
£2,770,000–£2,779,999
£3,310,000–£3,319,999
£3,390,000–£3,399,999
£3,920,000–£3,929,999
£4,470,000–£4,479,999
£5,060,000–£5,069,999		 –
1
–
1
–
3
–
3
–
1
–
1
1
1
1
1
1
–
1
–
–
1
–
1
2
–
2
–
1
–
1
–
1
–
1
–
–
1
–
1
1
–
1
–
–
1
–
1
–
1
–
1
1
–
1
–
–
1
–
1
1
–
1
–
–
1
–
1
–
1
–
1
1
–
1
–
–
1
–
1
1
–
1
–
1
–
1
–
1
–
1
–
–
1
–
1
£60,000–£69,999
£70,000–£79,999
£80,000–£89,999
£90,000–£99,999
£100,000–£109,999
£110,000–£119,999
£120,000–£129,999
£130,000–£139,999
£140,000–£149,999
£150,000–£159,999
£160,000–£169,999
£170,000–£179,999
£180,000–£189,999
£200,000–£209,999
£230,000–£239,999
£260,000–£269,999
£280,000–£289,999
£300,000–£309,999
£350,000–£359,999
£380,000–£389,999
£390,000–£399,999
£540,000–£549,999
£550,000–£559,999
£560,000–£569,999
£580,000–£589,999
46
44
46
44
The number of employees working within the Investment team whose total
benefits (excluding employer pension contributions and employer National
Insurance Contributions) were within the bands is shown in the table above.

Our governance Financial Statements

Our impact and performance

Introduction

181 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

5. Management fees and other investment costs (continued)

Long-term incentive plans reflect rolling three- and five-year performance periods. Long-term incentive plan amounts included in the benefits table above are awarded to eligible individuals by the People and Remuneration Committee.

These amounts include awards for which payment is deferred and subject to future investment performance.

6. Charitable activities

6. Charitable activities
Allocated Total
Grant funding Direct support 2025
Group (2025) £mn £mn £mn £mn
Discovery Research 796.9 14.5 29.8 841.2
Infectious Disease
Mental Health		 195.4
117.8		 23.3
13.6		 9.6
6.5		 228.3
137.9
Climate and Health 129.6 9.3 5.9 144.8
Wellcome Collection 0.2 17.1 20.0 37.3
Cross-mission 166.9 46.9 18.6 232.4
Wellcome Sanger Institute 0.0 162.7 42.5 205.2
Wellcome Leap – 83.3 6.0 89.3
Effect of discounting
of grant liability
Foreign exchange revaluation
ofgrant liability		 1,406.8
(56.1)
15.5		 370.7
–
–		 138.9
–
–		 1,916.4
(56.1)
15.5
Total 1,366.2 370.7 138.9 1,875.8

Grant funding and direct charitable activities totalled £1,777.5 million. Allocated support costs related to the grant funding activities of the Group included in the total allocated support costs are Discovery Research £29.3 million, Infectious Disease £8.6 million, Mental Health £5.9 million, Climate and Health £5.5 million, Wellcome Collection £0.2 million, and Cross-mission £14.5 million.

Grant funding Grant funding Direct Allocated
support		 Total
2024
Group (2024) £mn £mn £mn £mn
Discovery Research 672.8 181.8 55.4 910.0
Infectious Disease 146.1 26.7 8.0 180.8
Mental Health 74.0 10.8 4.9 89.7
Climate and Health 116.2 9.4 4.9 130.5
Cross-mission 34.0 64.4 36.4 134.8
Wellcome Leap – 125.3 6.4 131.7
1,043.1 418.4 116.0 1,577.5
Effect of discounting
of grant liability (52.7) – – (52.7)
Foreign exchange revaluation
ofgrant liability (71.4) – – (71.4)
Total 919.0 418.4 116.0 1,453.4

In the prior year, grant funding and direct charitable activities totalled £1,461.5 million. Allocated support costs related to the grant-funding activities of the Group included in the total allocated support costs are Discovery Research £43.6 million, Infectious Disease £6.7 million, Mental Health £4.3 million, Climate and Health £4.5 million, and Cross-mission £12.6 million.

Wellcome Collection expenditure was included within Cross-mission for 2024. Wellcome Sanger Institute expenditure was included within Discovery Research for 2024.

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Our impact and performance

Introduction

182 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

6. Charitable activities (continued)

Allocated Total
Grant funding Direct support 2025
Trust (2025) £mn £mn £mn £mn
Discovery Research 796.9 14.5 29.8 841.2
Infectious Disease 195.4 23.3 9.6 228.3
Mental Health 117.8 13.6 6.6 138.0
Climate and Health 129.6 9.3 6.0 144.9
Wellcome Collection 0.2 15.2 19.9 35.3
Cross-mission 166.9 44.7 18.7 230.3
Wellcome Sanger Institute 137.1 – 1.0 138.1
Wellcome Leap
Effect of discounting
of grant liability		 –
1,543.9
(4.5)		 –
120.6
–		 –
91.6
–		 –
1,756.1
(4.5)
Foreign exchange revaluation
ofgrant liability 13.3 – – 13.3
Total 1,552.7 120.6 91.6 1,764.9

Grant funding is higher in the Trust due to grants awarded to subsidiaries (see note 7). Grant funding and direct charitable activities totalled £1,664.5 million. Allocated support costs related to the grant funding activities of the Trust included in the total allocated support costs are Discovery Research £29.3 million, Infectious Disease £8.6 million, Mental Health £6.0 million, Climate and Health £5.6 million, Wellcome Collection £0.2 million, Cross-mission £14.8 million and Wellcome Sanger £1.0 million.

Allocated Total
Grant funding Direct support 2024
Trust (2024) £mn £mn £mn £mn
Discovery Research 803.2 13.6 28.3 845.1
Infectious Disease 146.1 26.7 7.9 180.7
Mental Health 74.0 10.8 4.9 89.7
Climate and Health 116.2 9.4 4.9 130.5
Cross-mission 34.0 60.3 36.3 130.6
Wellcome Leap 465.8 – 2.6 468.4
1,639.3 120.8 84.9 1,845.0
Effect of discounting
of grant liability (135.6) – – (135.6)
Foreign exchange revaluation
ofgrant liability (110.1) – – (110.1)
Total 1,393.6 120.8 84.9 1,599.3

In the prior year, grant funding and direct charitable activities totalled to the grant funding activities of the Trust included in the total allocated support costs are Discovery Research £27.8 million, Infectious Disease £6.7 million, Mental Health £4.3 million, Climate and Health £4.5 million, Cross-mission £13.1 million, and Wellcome Leap £2.6 million.

Wellcome Collection expenditure was included within Cross-mission for 2024. Wellcome Sanger Institute expenditure was included within Discovery Research for 2024.

Trust expenditure for the Wellcome Sanger Institute is the amount that was funded by Wellcome Trust grants. Group Wellcome Sanger Institute expenditure includes that funded by third parties and other income, as well as by the Trust.

Financial Statements

Our impact and performance

Introduction

Our governance

183 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

7. Grants awarded

Grants are generally awarded to a particular individual, although the actual award is made to the host institution. Small grants may be awarded directly to individuals for the purpose of travel and for public engagement with science.

Grants no longer required relates to unspent amounts of grants awarded in previous years.

– Please refer to the Financial review on pages 71 77 for an explanation of the movement in grant expenditure. Expenditure by institution can fluctuate considerably from year to year depending on, for example, specific initiatives.

The grants included within ‘Grants to other organisations’ totalled less than £12.0 million in value for each organisation.

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Introduction Our impact and performance

184 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

7. Grants awarded (continued)

7. Grants awarded (continued)
Discovery Infectious Mental Climate and Wellcome Wellcome Wellcome Total
Research Disease Health Health Collection Cross-mission Sanger Institute Leap 2025
Group (2025) £mn £mn £mn £mn £mn £mn £mn £mn £mn
University of Oxford 191.1 19.9 17.1 – – 11.0 – – 239.1
Liverpool School of Tropical Medicine 120.2 5.1 – 2.5 – 0.3 – – 128.1
The Health Data Research Service – – – – – 100.0 – – 100.0
University College London 75.7 0.3 3.8 – – – – – 79.8
University of Cambridge 44.3 7.5 1.9 2.0 – 0.7 – – 56.4
Boston University, USA – 45.0 – – – – – – 45.0
King’s College London 22.0 – 13.5 – – 1.3 – – 36.8
Imperial College London 21.2 9.3 – – – – – – 30.5
University of Edinburgh 14.3 – 10.1 3.1 – 0.3 – – 27.8
Academy of Medical Sciences 27.3 – – – – – – – 27.3
London School of Hygiene & Tropical Medicine 21.7 1.6 – 3.2 – 0.2 – – 26.7
University of Manchester 22.2 – – – – 0.3 – – 22.5
University of Exeter 20.5 – – – – 0.2 – – 20.7
University of Dundee 9.6 10.0 – – – – – – 19.6
World Health Organization, Switzerland 4.9 5.6 4.4 0.3 – 3.7 – – 18.9
The Francis Crick Institute 18.7 – – – – – – – 18.7
University of Glasgow 7.3 8.1 – 2.5 – 0.2 – – 18.1
University of Liverpool 7.6 8.2 – – – 0.3 – – 16.1
Science for Africa Foundation, Kenya 14.0 0.6 0.5 – – – – – 15.1
PATH, USA – – – 4.5 – 9.7 – – 14.2
University of Birmingham 12.9 0.7 – – – – – – 13.6
Grants to other organisations 169.6 75.5 66.8 113.9 0.2 40.2 – – 466.2
Total grants (excluding grants no longer required) 825.1 197.4 118.1 132.0 0.2 168.4 – – 1,441.2
Less:grants awarded inpreviousyears no longer required (28.2) (2.0) (0.3) (2.4) – (1.5) – – (34.4)
796.9 195.4 117.8 129.6 0.2 166.9 – – 1,406.8

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Our impact and performance

Introduction

185 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

7. Grants awarded (continued)

7. Grants awarded (continued)
Discovery Infectious Climate and Wellcome Wellcome Total
Research Disease Mental Health Health Collection Cross-mission Sanger Institute Wellcome Leap 2025
Group (2025) £mn £mn £mn £mn £mn £mn £mn £mn £mn
Grants awarded by the Group of which:
United Kingdom 728.8 65.9 63.1 29.8 0.2 131.5 – – 1,019.3
Directlyfunded international 68.1 129.5 54.7 99.8 – 35.4 – – 387.5
Grants awarded by the Group 796.9 195.4 117.8 129.6 0.2 166.9 – – 1,406.8
Discovery Infectious Climate and Wellcome Wellcome Total
Research Disease Mental Health Health Collection Cross-mission Sanger Institute Wellcome Leap 2025
Trust (2025) £mn £mn £mn £mn £mn £mn £mn £mn £mn
Grants awarded by the Group 796.9 195.4 117.8 129.6 0.2 166.9 – – 1,406.8
Plus: Grants awarded to subsidiary
undertakings
– Wellcome Sanger Institute – – – – – – 137.1 – 137.1
– Wellcome Trust gGmbH, Germany – – – – – – – – –
– Wellcome Leap, USA – – – – – – – – –
Grants awarded by the Trust 796.9 195.4 117.8 129.6 0.2 166.9 137.1 – 1,543.9

John-Arne Røttingen, a member of key management personnel, has an appointment at the Francis Crick Institute which was awarded grants in the year.

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Introduction Our impact and performance

186 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

7. Grants awarded (continued)

7. Grants awarded (continued)
Discovery Infectious Climate and Total
Research Disease Mental Health Health Cross-mission Wellcome Leap 2024
Group (2024) £mn £mn £mn £mn £mn £mn £mn
University of Oxford 74.0 27.4 9.3 2.5 12.4 – 125.6
University College London 43.0 5.5 – 21.0 1.0 – 70.5
King’s College London 31.3 – 13.3 4.1 2.2 – 50.9
European Bioinformatics Institute 48.5 – – – – – 48.5
Wellcome Trust/DBT India Alliance, India 47.5 – – – – – 47.5
Southeast Asia Ministers of Education Organization, Thailand 46.1 – – – – – 46.1
University of Cambridge 37.1 – 4.3 – 1.8 – 43.2
University of Edinburgh 38.9 – 0.2 – 0.1 – 39.2
UK Biobank Ltd 30.1 – – – – – 30.1
University of Dundee 6.9 22.1 – – – – 29.0
World Health Organization, Switzerland – 0.4 3.0 22.2 1.3 – 26.9
University of Glasgow 22.3 – – – – – 22.3
Boston University, USA – 21.7 – – – – 21.7
MRC Laboratory of Molecular Biology 21.3 – – – – – 21.3
University of Bristol 12.0 – 1.7 3.0 0.3 – 17.0
Imperial College London 13.2 0.9 – 1.0 0.6 – 15.7
University of Sheffield 15.0 – – – – – 15.0
London School of Hygiene & Tropical Medicine 10.4 3.5 – – – – 13.9
Potsdam Institute for Climate Impact Research, Germany – – – 13.3 – – 13.3
University of Cape Town, South Africa 6.0 3.3 – 2.9 – – 12.2
Diamond Light Source Ltd 12.0 – – – – – 12.0
Grants to other organisations 167.8 62.5 43.3 46.4 15.4 – 335.4
Total grants (excluding grants no longer required) 683.4 147.3 75.1 116.4 35.1 – 1,057.3
Less:grants awarded inpreviousyears no longer required (10.6) (1.2) (1.1) (0.2) (1.1) – (14.2)
672.8 146.1 74.0 116.2 34.0 – 1,043.1

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Introduction Our impact and performance

187 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

7. Grants awarded (continued)

7. Grants awarded (continued)
Discovery Infectious Climate and Total
Research Disease Mental Health Health Cross-mission Wellcome Leap 2024
Group (2024) £mn £mn £mn £mn £mn £mn £mn
Grants awarded of which:
United Kingdom 525.4 78.5 29.6 33.3 28.4 – 695.2
Directlyfunded international 147.4 67.6 44.4 82.9 5.6 – 347.9
Grants awarded by the Group 672.8 146.1 74.0 116.2 34.0 – 1,043.1
Discovery Infectious Climate and Total
Research Disease Mental Health Health Cross-mission Wellcome Leap 2024
Trust (2024) £mn £mn £mn £mn £mn £mn £mn
Grants awarded by the Group 672.8 146.1 74.0 116.2 34.0 – 1,043.1
Plus: Grants awarded to subsidiary undertakings
– Wellcome Sanger Institute 130.4 – – – – – 130.4
– Wellcome Trust gGmbH, Germany – – – – – – –
– Wellcome Leap, USA – – – – – 465.8 465.8
Grants awarded by the Trust 803.2 146.1 74.0 116.2 34.0 465.8 1,639.3

Financial Statements

Our impact and performance

Introduction

Our governance

188 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

8. Grants awarded but not paid yet

Group
Trust
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Liabilities at 1 October
Grants awarded during the year
Grants paid during the year
Discounting of grant liabilities
Foreign exchange revaluation of
grant liabilities		 3,203.9
2,932.3
3,706.9
3,159.3
1,406.8
1,043.1
1,543.9
1,639.3
(892.1)
(647.4)
(1,140.2)
(846.0)
(56.1)
(52.7)
(4.5)
(135.6)
15.4
(71.4)
13.4
(110.1)
Liabilities as at 30 September 3,677.9
3,203.9
4,119.4
3,706.9
Of which:
– falling due within one year
(note 17)
– falling due after one year
(note 17)		 732.9
729.4
908.5
866.7
2,945.0
2,474.5
3,210.9
2,840.2
Liabilities as at 30 September 3,677.9
3,203.9
4,119.4
3,706.9

The total value of the grant liabilities discount for the year ended 30 September 2025 is £758.8 million (2024: £702.7 million) applying an expected nominal rate of investment return of 6.0% (2024: 6.8%).

Our governance Financial Statements

Our impact and performance

Introduction

189 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

9. Support costs
Costs of Wellcome
generating Discovery Infectious Mental Climate and Wellcome Cross- Sanger Wellcome Total
funds Research Disease Health Health Collection mission Institute Leap 2025
Group (2025) £mn £mn £mn £mn £mn £mn £mn £mn £mn £mn Allocation method
Funding administration 0.3 8.2 2.1 1.3 1.4 0.1 1.8 0.9 – 16.1 Expenditure/Directly attributed
Support of scientific research – – – – – – – 41.0 – 41.0 Directly attributed
Operations 6.3 16.8 6.2 4.4 3.7 19.8 15.5 0.1 5.7 78.5 Headcount/Expenditure
Other 0.3 2.5 0.7 0.4 0.4 0.0 0.7 – – 5.0 Expenditure
Governance costs 0.9 2.3 0.6 0.4 0.4 0.1 0.6 0.5 0.3 6.1 Expenditure/Directlyattributed
7.8 29.8 9.6 6.5 5.9 20.0 18.6 42.5 6.0 146.7
Costs of
generating Discovery Infectious Mental Climate and Cross- Wellcome Total
funds Research Disease Health Health mission Leap 2024
Group (2024) £mn £mn £mn £mn £mn £mn £mn £mn
Allocation method
Funding administration 0.4 8.1 1.6 0.8 1.2 0.6 2.6 15.3Expenditure/Directly attributed
Support of scientific research – 26.6 – – – – – 26.6Directly attributed
Operations 6.2 14.1 5.1 3.5 2.7 35.0 3.8 70.4Headcount/Expenditure
Other 0.3 3.1 0.6 0.3 0.5 0.4 – 5.2Expenditure
Governance costs 0.9 3.5 0.7 0.3 0.5 0.4 – 6.3Expenditure/Directlyattributed
7.8 55.4 8.0 4.9 4.9 36.4 6.4 123.8

Financial Statements

Introduction Our impact and performance

Our governance

190 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

9. Support costs (continued)

Costs of Wellcome
generating Discovery Infectious Mental
Climate and		 Wellcome
Cross-		 Sanger Wellcome Total
funds Research Disease Health Health Collection mission Institute Leap 2025
Trust (2025) £mn £mn £mn £mn £mn £mn £mn £mn £mn £mn Allocation method
Funding administration 0.3 8.2 2.1 1.3 1.4 0.1
1.8		 0.9 – 16.1 Expenditure/Directly attributed
Operations 6.3 16.8 6.2 4.4 3.7 19.8
15.5		 0.1 – 72.8 Headcount/Expenditure
Other 0.3 2.5 0.7 0.4 0.4 0.0
0.7		 – – 5.0 Expenditure
Governance costs 0.6 2.3 0.6 0.5 0.5 0.0
0.7		 – – 5.2 Expenditure/Directlyattributed
7.5 29.8 9.6 6.6 6.0 19.9
18.7		 1.0 – 99.1
Costs of
generating Discovery Infectious Mental
Climate and		 Cross- Wellcome Total
funds Research Disease Health Health mission Leap 2024
Trust (2024) £mn £mn £mn £mn £mn £mn £mn £mn
Allocation method
Funding administration 0.4 8.1 1.6 0.8 1.2 0.6 2.6 15.3Expenditure/Directly attributed
Operations 6.2 14.1 5.1 3.5 2.7 35.0 – 66.6Headcount/Expenditure
Other 0.3 3.1 0.6 0.3 0.5 0.4 – 5.2Expenditure
Governance costs 0.7 3.0 0.6 0.3 0.5 0.3 – 5.4Expenditure/Directlyattributed
7.6 28.3 7.9 4.9 4.9 36.3 2.6 92.5

Our governance Financial Statements

Our impact and performance

Introduction

191 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

10. Governance costs

10. Governance costs
Group
Trust
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Governors’ fees and expenses
Auditor’s remuneration
– parent company and
consolidation
– audits of subsidiary
undertakings
Internal audit
Other costs		 1.1
1.1
1.0
1.0
1.5
1.3
1.5
1.3
0.7
0.7
–
–
2.3
2.9
2.3
2.8
0.5
0.3
0.4
0.3
6.1
6.3
5.2
5.4

Internal audit services are those provided by the in-house internal audit team, together with the cost of specialist services provided by KPMG and Protiviti.

The audit of subsidiary undertakings excludes fees due to the Trust’s auditor Deloitte LLP relating to Premier Marinas Ltd of £0.3 million (2024: £0.2 million), excluding VAT and fees due to BDO LLP as auditor of Urban&Civic and Farmcare Limited of £0.8 million (2024: £0.5 million) excluding VAT; these entities are held as part of the investment portfolio.

11. Employee information

(a) Employee benefits

11. Employee information
(a) Employee benefits
Group
Trust
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Remuneration and salary benefits
191.1
185.4
109.4
105.8
Social Security costs
22.7
19.0
13.9
11.3
Pension costs and other benefits
11.4
11.7
7.2
7.6
225.2
216.1
130.5
124.7

Remuneration and salary benefits includes termination payments (note 11(b)) and amounts accrued for long-term incentive plans for Investment team members (note 5). Pension costs and other benefits includes the net interest on net defined benefit pension liabilities (the net of income from pension scheme assets and interest expense on pension scheme liabilities), which is disclosed in note 11(e)(iii). The cost of employee benefits (including pension costs and other benefits) is allocated to charitable activities based on the direct activities of the employees or using the allocation method detailed in note 9 for employees undertaking support activities.

These Deloitte LLP fees are taken into account for the purposes of monitoring the cap on the level of non-audit services as required by legislation. There were additional fees of £5,500 for non-audit services payable to the Group’s auditor Deloitte LLP (2024: £82,000).

Our governance Financial Statements

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192 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

11. Employee information (continued)

(b) Termination payments

(b) Termination payments
Group
Trust
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Redundancy
Other compensation		 2.4
2.7
1.7
2.4
1.3
1.3
1.3
1.0
3.7
4.0
3.0
3.4

Termination payments include amounts paid to individuals in relation to the new organisation design for the Equity team, implemented in the current year leading to 15 roles being made redundant, and a provision for redundancies due to the further reorganisation of the People and Digital and Technology teams, where changes were announced in September and the consultation with staff concluded after the reporting date. The finalised changes impacted 50 roles, of which 13 were redeployed and 33 were made redundant and four are ongoing consultation.

(c) Average numbers of employees who served during the year

Average
2025
2024
Trust
Subsidiaryundertakings		 1,032
1,051
1,326
1,326
Total for the Group 2,358
2,377
Analysed by
Investments
Direct activities
Support		 47
47
1,573
1,546
739
784
Total for the Group 2,358
2,377
Analysed by
Investments
Direct activities
Support		 47
47
472
445
514
559
Total for the Trust 1,032
1,051

65 PhD students (2024: 65) at Genome Research Limited do not have a contract of employment with the Group, therefore are not included in the table above. The PhD students provide a significant contribution to the scientific research and have an agreement of support to carry out their own PhD thesis.

Financial Statements

Our impact and performance

Introduction

Our governance

193 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

11. Employee information (continued)

(d) Benefits of employees

The number of employees working on charitable activities of the Trust and its subsidiary undertakings (Genome Research Limited and Wellcome Trust gGmbH; refer to note 1(b) Basis of consolidation) whose benefits fell within the following bands is shown in the table on the next page.

Benefits are defined as including salaries, bonuses, allowances (such as allowances for housing and moving for staff relocating internationally), salary paid in lieu of employer pension contributions, and termination payments, including pay in lieu of notice but excluding employer pension contributions and employer National Insurance Contributions.

Employees of Wellcome Leap receive benefits in USD which have been converted into GBP equivalent for this table. The value of these benefits (included in the Group) is affected by fluctuating USD:GBP exchange rates throughout the year and from year to year.

Wellcome’s policy is to pay staff at market median. Allowances related to staff joining Wellcome who relocated internationally have impacted a number of employees shown in the table.

The emoluments of the Chief Executive Officer (CEO) included in the table totalled £948,915 (2024: £654,555). In 2024 the emoluments of the interim CEO, who was in post until 29 January 2024, were £885,932 including pay in lieu of notice.

Information relating to Investment team staff is shown separately in note 5(b).

Our governance Financial Statements

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194 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

Group
Trust
2025
2024
2025
2024
£60,000–£69,999
297
270
157
126
£70,000–£79,999
161
173
98
102
£80,000–£89,999
117
117
89
88
£90,000–£99,999
101
72
81
52
£100,000–£109,999
55
39
40
25
£110,000–£119,999
32
31
21
21
£120,000–£129,999
24
15
18
12
£130,000–£139,999
15
14
9
7
£140,000–£149,999
7
15
5
12
£150,000–£159,999
13
6
8
4
£160,000–£169,999
10
5
6
2
£170,000–£179,999
5
3
1
–
£180,000–£189,999
5
6
2
3
£190,000–£199,999
4
2
2
–
£200,000–£209,999
5
4
1
3
£210,000–£219,999
2
4
2
3
£220,000–£229,999
2
2
2
1
£230,000–£239,999
4
1
3
1
£240,000–£249,999
2
4
1
4
£250,000–£259,999
3
3
3
3
£260,000–£269,999
3
3
2
2
£270,000–£279,999
1
1
1
–
£280,000–£289,999
3
–
2
–
11. Employee information (continued)
(d) Benefits of employees (continued)		 Group
Trust
2025
2024
2025
2024
£60,000–£69,999
£70,000–£79,999
£80,000–£89,999
£90,000–£99,999
£100,000–£109,999
£110,000–£119,999
£120,000–£129,999
£130,000–£139,999
£140,000–£149,999
£150,000–£159,999
£160,000–£169,999
£170,000–£179,999
£180,000–£189,999
£190,000–£199,999
£200,000–£209,999
£210,000–£219,999
£220,000–£229,999
£230,000–£239,999
£240,000–£249,999
£250,000–£259,999
£260,000–£269,999
£270,000–£279,999
£280,000–£289,999		 £290,000–£299,999
£310,000–£319,999
£320,000–£329,999
£330,000–£339,999
£340,000–£349,999
£360,000–£369,999
£400,000–£409,999
£410,000–£419,999
£430,000–£439,999
£440,000–£449,999
£450,000–£459,999
£460,000–£469,999
£470,000–£479,999
£480,000–£489,999
£500,000–£509,999
£530,000–£539,999
£620,000–£629,999
£640,000–£649,999
£650,000–£659,999
£880,000–£889,999
£940,000–£949,999		 2
1
1
–
2
–
2
–
2
–
2
–
3
–
3
–
–
1
–
–
1
–
1
–
1
–
–
–
–
1
–
–
–
1
–
–
1
–
1
–
1
2
1
2
1
–
–
–
–
1
–
–
–
1
–
–
–
1
–
1
–
1
–
–
–
1
–
–
1
–
–
–
–
2
–
2
–
1
–
1
1
–
1
–
887
804
566
477

Financial Statements

Our impact and performance

Introduction

Our governance

195 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

11. Employee information (continued)

(e) Retirement benefits

The Group sponsors two approved funded defined benefit schemes: the Wellcome Trust Pension Plan and the Genome Research Limited Pension Plan (the Plans). The plans are closed to further accrual.

The day-to-day management of the Plans’ investments has been delegated by the Trustee to the investment manager Legal & General Assurance (Pensions Management) Limited. During the year the investment strategy of the Plans was amended by the Trustee, following investment advice and in consultation with the Group, to further de-risk the investments by hedging interest rate and inflation risk.

The defined benefit pension schemes are required to have triennial actuarial valuations, which are then updated in an interim valuation each year at the Balance Sheet date of the schemes. The latest triennial actuarial valuation of the Wellcome Trust Pension Plan was carried out at 31 December 2022: the valuation showed that the plan is fully funded. The latest triennial actuarial valuation of the Genome Research Limited Pension Plan is in progress for 31 December 2024 with preliminary valuation showing that the plan remains fully funded as it was at 31 December 2021.

The amount of the surplus or deficit is subject to considerable variability because it depends on a valuation of assets and a range of accounting assumptions impacting the liabilities. During the year, £nil deficit funding contributions were paid to the Plans (2024: £nil).

FRS 102 requires discount rates to be based on corporate bond yields of an appropriate duration, regardless of actual investment strategy and investment returns expected by the Plans. This leads to a difference between the accounting and funding position under the triennial actuarial valuations.

In addition, certain prior Wellcome Trust senior employees are members of an Unfunded Unapproved Retirement Benefit scheme (UURBs). The liability values within the UURBs are calculated at individual member level. The cost of accrual contributes to the charge to the Statement of Financial Activities. As these benefits are unfunded, there is no corresponding asset value. The UURBs liability values represent the present value of providing top-ups to the benefits accrued to date within the approved Wellcome Trust Pension Plan, without restrictions imposed by the approved Plan rules. The assumptions used to value the benefits are as those stated within the FRS 102 disclosures.

The Group is aware of the Court of Appeal ruling in Virgin Media Limited v NTL Pension Trustees II Limited, which may have implications for certain historical pension scheme amendments. The Trustees of the Wellcome Trust Plan have completed an initial high-level review of the deed amendments and have identified some relevant amendments which means the scheme is potentially impacted. However, the Government has issued draft legislation that proposes to address the issues arising. The Group continues to monitor developments.

2025 2024 2023
Trust % a year % a year % a year
Inflation 2.95 3.00 3.20
Salaryincreases
Rate of discount
Allowance for revaluation of deferred		 –
6.05		 –
5.10		 –
5.55
pensions of RPI, or 5% ayear if less 2.95 3.00 3.20
Allowance for pension in payment
increase of RPI, or 5% ayear if less 2.75 2.80 2.95
Allowance for commutation of pension
for cash at retirement		 90%
of Post
A-Day		 90%
of Post
A–Day		 90%
of Post
A-Day
Rate of increase of healthcare costs 6.00 6.00 6.00

Our governance Financial Statements

Our impact and performance

Introduction

196 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

11. Employee information (continued)

(e) Retirement benefits (continued)

(ii) Defined benefit pension plan and Unfunded Unapproved Retirement benefit scheme (continued)


benefit scheme (continued)
Genome Research Limited
Inflation RPI
Inflation CPI		 2025
% a year
2.95
2.70		 2024
% a year
3.00
2.75		 2023
% a year
3.20
2.90
Salaryincreases
Rate of discount		 –
6.05		 –
5.10		 –
5.55
Allowance for revaluation of deferred pensions
of RPI, or 5% ayear if less
2.95		 3.00 3.20
Allowance for pension in payment increase of
RPI, or 5% ayear if less 2.75 2.80 2.90
Allowance for pension in payment increase of
CPI, or 3% ayear if less 2.00 2.05 2.05
Allowance for commutation of pension for 90% 90% 90%
cash at retirement of Post of Post of Post
A-Day A–Day A–Day
Rate of increase of healthcare costs 6.00 6.00 6.00

The mortality assumptions adopted imply the following life expectancies in years:


in years:
2025 2024
Male retiring at age 60 in 2025
26.8		 25.9
Female retiring at age 60 in 2025
29.2		 28.4
Male retiring at age 60 in 2045
28.4		 27.5
Female retiringat age 60 in 2045
30.8		 30.0

The mortality assumptions used in the valuation of the defined benefit pension liabilities of both schemes and the provision for other retirement benefits are based on the base mortality table of S4 PMA (male) and S4 PFA (female), with an allowance for mortality improvement in line with the Continuous Mortality Investigation’s 2024 projections and a minimum long-term rate of improvement of 1.25% a year.

The assumptions adopted to calculate the defined benefit obligation as at 30 September 2025 were derived based on the expectation that the retail price index (RPI) will increase in line with the consumer prices index including owner occupiers’ housing costs (CPIH) from 2030.

The Wellcome Trust and Genome Research Limited defined benefit pension plans have actuarial assumptions based on their durations of 17 and 18 years respectively.

Financial Statements

Our impact and performance

Introduction

Our governance

197 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

11. Employee information (continued)

(e) Retirement benefits (continued)

(iii) Charge to the Statement of Financial Activities – pension and other retirement benefits

Group Pension funds
Unfunded, unapproved
scheme liabilities
Total
2025
£mn
2024
£mn
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Expenses
Net interest on net defined benefit liabilities
Actuarial (gains)/losses		 1.8
1.1
–
–
1.8
1.1
(13.4)
(12.2)
0.6
0.8
(12.8)
(11.4)
(13.6)
(25.9)
(2.1)
(1.5)
(15.7)
(27.4)
Total charge to the Statement of Financial Activities (25.2)
(37.0)
(1.5)
(0.7)
(26.7)
(37.7)
Trust Pension funds
Unfunded, unapproved
scheme liabilities
Total
2025
£mn
2024
£mn
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Expenses
Net interest on net defined benefit liabilities
Actuarial (gains)/losses		 0.8
0.6
–
–
0.8
0.6
(8.4)
(7.6)
0.6
0.8
(7.8)
(6.8)
(1.3)
(20.5)
(2.1)
(1.5)
(3.4)
(22.0)
Total charge to the Statement of Financial Activities (8.9)
(27.5)
(1.5)
(0.7)
(10.4)
(28.2)

Financial Statements

Our impact and performance

Introduction

Our governance

198 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

11. Employee information (continued)

(e) Retirement benefits (continued)

(iv) Present values of pension schemes’ liabilities, fair value of assets and surplus/(deficit)

Assets
Liabilities
Surplus/(deficit)
2025
£mn
2024
£mn
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Wellcome Trust Pension Plan
Genome Research Limited Pension Plan		 433.3
456.3
(259.8)
(291.7)
173.5
164.6
348.2
373.7
(240.0)
(282.0)
108.2
91.7
Totalpensionplans 781.5
830.0
(499.8)
(573.7)
281.7
256.3
Wellcome Trust unfunded, unapproved scheme liabilities
Wellcome Trustpost-retirement medical benefits		 –
–
(10.5)
(12.3)
(10.5)
(12.3)
–
–
(0.8)
(1.0)
(0.8)
(1.0)
Total other retirement benefits –
–
(11.3)
(13.3)
(11.3)
(13.3)
Totalpension assets/(liabilities) 781.5
830.0
(511.1)
(587.0)
270.4
243.0

(v) Reconciliation of opening and closing balances of the present value of the pension plans’ liabilities as at 30 September

Group
Trust
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Plans’ liabilities at start of year
Expenses
Interest cost
Contributions by scheme participants
Actuarial losses/(gains)
Benefitspaid and death-in-service insurancepremiums		 573.7
521.9
291.7
269.3
1.8
1.1
0.8
0.6
28.6
28.6
14.6
14.7
–
–
–
–
(89.2)
33.8
(37.2)
15.5
(15.1)
(11.7)
(10.1)
(8.4)
Plans’ liabilities at end ofyear 499.8
573.7
259.8
291.7

Our governance Financial Statements

Our impact and performance

Introduction

199 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

11. Employee information (continued)

2024 analysis of the sensitivity to the assumptions of the value of the plans’ liabilities:

(e) Retirement benefits (continued)

2025 analysis of the sensitivity to the assumptions of the value of the plans’ liabilities:

Group (2025)

Group (2025)
Assumption Change in assumption Impact on liabilities
Discount rate Increase/decrease Decrease/increase
of 0.5% ayear by£44.5mn (8.7%)
Rate of inflation Increase/decrease Increase/decrease
of 0.5% ayear by£32.7mn (6.4%)
Probability of death in any Increase/decrease Increase/decrease
year after retirement of 10.0% ayear by£9.2mn (1.8%)
Long-term rate of mortality Increase/decrease Increase/decrease
improvement of 0.25% ayear by£3.1mn (0.6%)
Trust (2025)
Assumption Change in assumption Impact on liabilities
Discount rate Increase/decrease Decrease/increase
of 0.5% ayear by£23.6mn (8.7%)
Rate of inflation Increase/decrease Increase/decrease
of 0.5% ayear by£17.4mn (6.4%)
Probability of death in any Increase/decrease Increase/decrease
year after retirement of 10.0% ayear by£4.9mn (1.8%)
Long-term rate of mortality Increase/decrease Increase/decrease
improvement of 0.25% ayear by£1.6mn (0.6%)

plans’ liabilities:
Group (2024)
Assumption Change in assumption Impact on liabilities
Discount rate Increase/decrease Decrease/increase
of 0.5% ayear by£58.1mn (9.9%)
Rate of inflation Increase/decrease Increase/decrease
of 0.5% ayear by£37mn (6.3%)
Probability of death in any Increase/decrease Increase/decrease
year after retirement of 10.0% ayear by£10.6mn (1.8%)
Long-term rate of mortality Increase/decrease Increase/decrease
improvement of 0.25% ayear by£3.5mn (0.6%)
Trust (2024)
Assumption Change in assumption Impact on liabilities
Discount rate Increase/decrease Decrease/increase
of 0.5% ayear by£29.9mn (9.8%)
Rate of inflation Increase/decrease Increase/decrease
of 0.5% ayear by£19.2mn (6.3%)
Probability of death in any Increase/decrease Increase/decrease
year after retirement of 10.0% ayear by£5.2mn (1.7%)
Long-term rate of mortality Increase/decrease Increase/decrease
improvement of 0.25% ayear by£1.8mn (0.6%)

Our governance Financial Statements

Our impact and performance

Introduction

200 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

11. Employee information (continued)

(e) Retirement benefits (continued)

(vi) Reconciliation of opening and closing balances of the fair value of the plans’ assets as at 30 September

Group
Trust
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Fair value of plan assets at start
of year
Expected return on plan assets
Actuarial gains
Contributions by the Group
employers
Contributions by scheme
participants
Benefits paid and death-in-
service insurancepremiums		 830.0
741.2
456.3
406.4
42.0
40.8
23.0
22.3
(75.4)
59.7
(35.9)
36.0
–
–
–
–
–
–
–
–
(15.1)
(11.7)
(10.1)
(8.4)
Fair value of plan assets at end
ofyear		 781.5
830.0
433.3
456.3

The fair value of Group plan assets comprise 87% debt instruments, 11% equity instruments and 2% all other assets (2024: 69% debt instruments, 30% equity instruments and 1% all other assets) and the fair value of Trust plan assets comprise 86% debt instruments, 11% equity instruments and 2% all other assets (2024: 65% debt instruments, 34% equity instruments and 1% all other assets). None of the fair values of the assets shown above include any of the Group’s own financial instruments or any property occupied by, or other assets used by the Group.

(vii) Amounts for the current and previous four years as at 30 September

2025 2024 2023 2022 2021
Group £mn £mn £mn £mn £mn
Fair value of
plans’ assets
Present value of
plans’ liabilities		 781.5
(499.8)		 830.0
(573.7)		 741.2
(521.9)		 657.2
(575.9)		 761.6
(986.6)
Surplus/(deficit)
in schemes		 281.7 256.3 219.3 81.3 (225.0)
Experience
adjustment on
plans’ assets (75.4) 59.7 63.1 (114.1) 130.7
Experience
adjustment on
plans’ liabilities 3.9 (2.0) (26.0) (66.1) 7.8
Effects of changes
in the demographic
and financial
assumptions
underlying the
present value of
theplans’ liabilities 85.3 (31.8) 97.6 486.6 13.5

(viii) Estimate of contributions to be paid to scheme

The best estimate of employer contributions to be paid to the Wellcome Trust scheme for the period beginning 1 October 2025 is £nil (2024: £nil), which includes £nil (2024: £nil) of deficit funding, noting the decision taken to cease future service accruals from 1 July 2022.

Our governance Financial Statements

Our impact and performance

Introduction

201 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

11. Employee information (continued)

The best estimate of the employer contributions to be paid to the Genome Research Limited scheme for the period beginning 1 October 2025 is £nil (2024: £nil), which includes £nil (2024: £nil) of deficit funding, noting the cessation of future service accruals from 1 October 2021.

2025 2024 2023 2022 2021
Trust £mn £mn £mn £mn £mn
Fair value of
plan’s assets 433.3 456.3 406.4 361.5 419.1
Present value of
plan’s liabilities (259.8) (291.7) (269.3) (293.9) (510.9)
Surplus/(deficit)
in scheme		 173.5 164.6 137.1 67.6 (91.8)
Experience
adjustment on
plan’s assets (35.9) 36.0 35.0 (63.5) 72.0
Experience
adjustment on
plan’s liabilities (3.1) (1.3) (14.7) (17.3) 3.9
Effects of changes
in the demographic
and financial
assumptions
underlying the
present value of the
plan’s liabilities 40.3 (14.2) 46.1 237.3 8.8

13. Taxation

13. Taxation
2025 2024
Group £mn £mn
(a) Current tax
UK Corporation Tax on profits for the year – –
Adjustments in respect of prior periods (1.6) 2.2
UK Corporation Tax on CFC deemed income 0.3 1.8
Total current tax (1.3) 4.0
(b) Deferred tax
Origination and reversal of timing differences 3.6 34.9
Adjustments in respect ofpriorperiods – 0.6
Total deferred tax 3.6 35.5
Taxation 2.3 39.5

The UK Corporation Tax rate remains at 25%. Therefore the effective rate for the year ended 30 September 2025 was 25%.

For the purposes of reporting under FRS 102 the investment subsidiaries must provide for deferred tax on temporary timing differences. These temporary timing differences arise due to increases or decreases in the fair value of the investments held in these subsidiaries, which will not be taxable until these investments are sold. As the Corporation Tax rate is 25%, deferred tax continues to be recognised at 25%.

12. Remuneration of Governors

Information on Governors’ remuneration is included in the Remuneration report – on pages 128 133.

Our governance Financial Statements

Our impact and performance

Introduction

202 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

Group
2025
£mn
2024
£mn
(c) Reconciliation of tax charge
Profit on ordinary activities before taxation on subsidiaries
subject to taxation
4.6
84.8
Profit before tax multiplied by average rate of Corporation
Tax of 25% (2023: 22.01%)
1.1
21.2
Effects of:
Income not subject to tax
(6.2)
(5.6)
Chargeable gains/(losses)
1.9
10.1
Deferred tax not recognised
10.9
16.4
Gift Aid donation paid
(4.1)
(9.5)
Adjustments to tax charge in respect of previous periods
– deferred tax
–
0.6
Tax apportioned on CFC profits
0.3
1.8
Expenses not deductible for tax purposes
–
2.3
Adjustments to tax charge in respect ofpreviousperiods
(1.6)
2.2
Taxation
2.3
39.5
The estimated cost of irrecoverable Value Added Tax suffered by the Group
in the year was £29.1 million (2024: £28.1 million).
The Group is within the scope of the OECD Pillar Two model rules. Pillar Two
legislation was enacted in the UK by Finance (no.2) Act 2023 and came into
effect for the Group from 1 October 2024.
The Group has determined that Wellcome Trust and all of the Group’s
consolidated subsidiary undertakings are Excluded Entities and the Group
does not have any exposure to Pillar Two income tax in the reporting period.
13. Taxation (continued)		 14. Tangible fixed assets
(a) Group
Freehold
land and
buildings
£mn
Long
leasehold
land and
buildings
£mn
Other plant,
equipment,
fixtures and
fittings
£mn
Assets in
course of
construction
£mn
Total
£mn
Cost as at
1 October 2024
481.5
1.5
301.9
33.3
818.2
Additions
0.4
0.5
7.0
10.1
18.0
Transfers
28.3
–
7.8
(36.1)
–
Disposals
(70.2)
–
(20.1)
(1.0)
(91.3)
Cost as at 30
September 2025
440.0
2.0
296.6
6.3
744.9
Accumulated
depreciation as at
1 October 2024
174.7
1.5
234.0
–
410.2
Charge for the year
9.1
–
15.2
–
24.3
Transfers
–
–
–
–
–
Disposals
(14.0)
–
(18.8)
–
(32.8)
Accumulated
depreciation as at
30 September 2025
169.8
1.5
230.4
–
401.7
Net book value as at
30 September 2025
270.2
0.5
66.2
6.3
343.2
Net book value as at
30 September 2024
306.8
0.0
67.9
33.3
408.0
The disposals above include the release of the European Bioinformatics
Institute building leases relating to the restructure of leases as part of the
wider development of the Wellcome Genome Campus.
As part of its net zero carbon emission ambitions, the Trust is embarking on a
programme to upgrade and decarbonise its office building and the Wellcome
Collection building which have a combined net book value calculated at £115.3 million.

As part of its net zero carbon emission ambitions, the Trust is embarking on a programme to upgrade and decarbonise its office building and the Wellcome Collection building which have a combined net book value calculated at £115.3 million.

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Introduction

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203 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

14. Tangible fixed assets (continued)

This is based upon the remaining net book value of the Trust’s buildings and associated plant and fixtures.

Heritage assets

No heritage assets have been capitalised in the current financial year and the Trust did not capitalise any assets in previous years.

Nature of the assets

This may lead to disposals and additional capital expenditure on these buildings in future years. The Trust is currently at early stages of the programme and has not committed to any programme spend.

(b) Trust

(b) Trust
Freehold Long
leasehold		 Other plant,
equipment,		 Assets in
land and land and fixtures and course of
buildings
£mn		 buildings
£mn		 fittings
£mn		 construction
£mn		 Total
£mn
Cost as at
1 October 2024 228.6 1.5 129.6 3.7 363.4
Additions – – 0.6 8.7 9.3
Transfers – – 6.9 (6.9) –
Disposals
Cost as at 30		 – – (0.5) – (0.5)
September 2025 228.6 1.5 136.6 5.5 372.2
Accumulated
depreciation as at
1 October 2024
Charge for the year
Transfers		 86.4
3.8
–		 1.5
–
–		 80.9
7.6
–		 –
–
–		 168.8
11.4
–
Disposals – – (0.5) – (0.5)
Accumulated
depreciation as at
30 September 2025 90.2 1.5 88.0 – 179.7
Net book value as at
30 September 2025 138.4 0.0 48.6 5.5 192.5
Net book value as at
30 September 2024 142.2 0.0 48.7 3.7 194.6

The Trust has several collections of heritage assets comprising substantial core collections of visual items and material objects, printed and published rare materials, archives, and manuscripts, which are retained and developed in accordance with museum, archive and library best practice. It also holds support collections of objects, artworks, printed, published and digital materials, which are in current use for exhibition, reference, research or other similar purposes. Both core and support collections are held in support of one of the Trust’s main objectives of advancing and promoting knowledge and education.

The core collection includes Sir Henry Wellcome’s collection of mainly threedimensional objects. The most significant part of this collection has been on long-term loan to the UK Science Museum since 1976 with smaller elements on long-term loan at other institutions. Most of the remaining core and support collection is held at the premises in Euston Road but there are also off-site storage facilities situated in London and Cheshire.

Policy for acquisition

Materials selected for acquisition must be in service of Wellcome Collection’s vision of a world in which everyone’s experience of health matters. They must also comply with our published collections development policy, including with regard to ethical and legal considerations.

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204 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

14. Tangible fixed assets (continued)

Conservation and collections care

The Trust recognises its responsibility to conserve and care for the core collections.

Wellcome Collection is both an accredited museum and an accredited archive service, having been awarded full accreditation under schemes administered by Arts Council England and The National Archives.

We are bound by the Code of Conduct and Professional Standards from the Institute of Conservation, Museums Association and the British Standards relating to ‘Conservation of Cultural Heritage’, ‘Conservation and care of archive and library collections’, ‘Conservation Process: Decision Making, Planning and Implementation’ and ‘Procurement of Conservation Services and Works’. We use the Publicly Available Specifications (PAS) 197:2009 ‘Code of practice for cultural collections management’ and British Standard EN 17820-2023 ‘Conservation of Cultural Heritage – Specifications for the management of moveable cultural heritage collections’ to ensure the collections are stored and displayed in a safe, secure and sustainable way in line with best practice without compromising their physical, historical or structural integrity.

The Trust continually develops repository and management systems for digital materials and monitors the digital environment for risk factors such as software or hardware obsolescence and the impact of new technologies.

Disposal

The Trust operates a rolling programme of collections review across its core and support collections. Material may be removed from the collections for the reasons as set out in our published collections development policy. We only take the decision to dispose of material from our core collections following careful consideration of the public benefit and seeking both expert advice and the views of stakeholders, such as donors, researchers, local and source communities. The Trust follows disposal procedures in accordance with the standards set out by the Collections Trust, The National Archives and the Chartered Institute of Library and Information Professionals.

Security and insurance

In order to assure security and safety of the collections, various procedures are in place including: registration of users; request of proof of identity prior to access; explanation of handling of materials; ongoing collection inventory; video surveillance; limits to amounts of closed access material in reading rooms; checking of returned material and security tagging; material risk assessments for fire, flood and theft; compliance with appropriate British Standards; fire precaution, fire detection and extinguishing systems; flood warning and egress of water systems; intruder alarms; locking up and opening procedures; monitoring of storage areas; maintenance checklist; and procedures for evacuation of premises.

As part of the Trust’s business continuity plan, Wellcome Collection has a disaster and salvage plan in place. Wellcome Collection also has a contract with the Harwell Science and Innovation Campus, which provides support for the majority of disaster and salvage issues that may arise. Wellcome Collection materials are insured against damage or loss due to fire, flood, or terrorist activity at named locations, unnamed locations and while in transit. The collections are not insured for full replacement value as it is not possible to quantify and the nature of the items held means that they are often irreplaceable.

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Introduction

205 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

15. Investments

(a) Quoted investments, unquoted investments and investment properties

Fair value 1 October 2024 Purchases Sales Total gains/(losses) Fair value 30 September 2025
Group £mn £mn £mn £mn £mn
Total quoted investments 14,378.4 1,869.4 (2,720.0) 1,206.3 14,734.1
Total unquoted investments 19,549.5 2,510.0 (2,372.1) 2,041.8 21,729.2
Total investmentproperties 1,539.8 39.2 (241.9) (20.9) 1,316.2
Total 35,467.7 4,418.6 (5,334.0) 3,227.2 37,779.5
Fair value 1 October 2024 Purchases Sales Total gains/(losses) Fair value 30 September 2025
Trust £mn £mn £mn £mn £mn
Total quoted investments 13,974.0 1,869.4 (2,515.3) 1,222.2 14,550.3
Total unquoted investments 17,266.8 2,090.2 (2,163.8) 2,010.4 19,203.6
Total investmentproperties 1,380.7 39.2 (241.9) (18.0) 1,160.0
Total 32,621.5 3,998.8 (4,921.0) 3,214.6 34,913.9

The significance of and the exposure associated with the investment assets are discussed in the Review of investment activities.

At the reporting date, the fair value of securities on loan were £56.2 million (2024: £62.2 million) and the Group held £57.8 million (2024: £66.1 million) as collateral in respect of these securities. The income receivable due to securities lending activities is disclosed in note 3. No loaned securities were recalled but not obtained during the year and therefore no collateral was retained. Unquoted investments sales contain £479.6 million (2024: £1,176.8 million) relating to the sale of hedge fund investments where the investments were exchanged for other additional investments within the hedge funds and there was no cash movement.

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206 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

15. Investments (continued)

(a) Quoted investments, unquoted investments and investment properties (continued)

During the year the Group had the following transactions with subsidiaries held as part of the investment portfolio and not consolidated, which are related party entities:

Investment properties in the Group and the Trust have been valued at market value generally in accordance with the Appraisal and Valuation Manual of the Royal Institution of Chartered Surveyors. The valuations were carried out by CBRE, Cluttons, Strutt & Parker and Cushman & Wakefield. Investment properties include freehold land relating to the Wellcome Genome Campus where certain long leases have been agreed at non-market rents which reduces the fair value of this land.

(b) Derivative financial instruments

Group
Trust
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Derivative financial instrument
assetpositions		 132.3
236.0
132.3
236.0

Derivative financial instrument liabilities for the Group and Trust are included within creditors, disclosed in note 17.

The Group’s use of derivative financial instruments comprises forward currency contracts, which are used to hedge investment assets denominated in foreign currency into pounds sterling and as part of the investment strategy to have a globally diversified currency exposure.

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207 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

15. Investments (continued)

(c) Investment cash and certificates of deposit and other investment assets

Group
Trust
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Investment cash and
certificates of deposit		 3,631.4
3,723.3
3,626.1
3,718.4
Cash collateral held
Accrued income from
investments
Income receivable
Proceeds receivable on sale
of investments
Other investment debtors		 195.7
224.1
195.7
224.1
20.3
14.0
15.5
14.0
78.2
58.2
77.7
58.1
128.7
45.5
128.7
45.5
11.2
11.0
10.3
9.9
Other investment assets 434.1
352.8
427.9
351.6

Other investment assets includes cash collateral held relating to the securities lending programme which is driven by the value of securities on loan and is £57.8 million at the reporting date (2024: £66.1 million) and cash collateral received from counterparties relating to derivative financial instrument liabilities. These amounts are due back to counterparties and there is a corresponding assets recognised (refer to note 17).

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208 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

15. Investments (continued)

(d) Programme-related investments

(d) Programme-related investments
15. Investments (continued)
Book value Net Book value 30
1 October 2024 Purchases Disposals write-downs Unrealised gains September 2025
Group £mn £mn £mn £mn £mn £mn
Loans – other – 3.4 – (3.4) – –
Loans – 3.4 – (3.4) – –
Equities – AMR Action Fund LP – 5.5 – (5.5) – –
Equities – MSD-Wellcome Trust Hilleman Laboratories – 8.1 – (8.1) – –
Equities – other – 2.5 – (2.5) – –
Equities – 16.1 – (16.1) – –
Revenue share – other – 1.2 – (1.2) – –
Revenue share – 1.2 – (1.2) – –
Total – 20.7 – (20.7) – –

Programme-related investments form a portfolio managed separately from the Trust’s other investments. These investments are held primarily to further the charitable aims of the Trust rather than to provide a financial return. They are held at fair value, if this can be measured reliably; or if fair value cannot be measured reliably, at cost less impairment.

Commitments to programme-related investments are in note 19.

MSD-Wellcome Trust Hilleman Laboratories

Equities include a 50% equity interest in SCS Pharma Research and Development Private Limited (known as MSD-Wellcome Trust Hilleman Laboratories) based in India and Hilleman Singapore Pte Limited, a new company set up in early 2021 based in Singapore. Both companies were established to develop affordable vaccines to prevent diseases that commonly

affect low- and middle-income countries. Under the shareholding agreement, there is no intrinsic value in the equity and the cost has therefore been fully written down and reflected within direct expenditure.

AMR Action Fund

The Trust has committed to a £50 million programme-related investment into the AMR Action Fund, an impact investment fund established to support late-stage antibiotic development. At each capital call, funds will be provided in exchange for equity. The drawn-down capital is included in the equities balance. Under the shareholding agreement, there is no intrinsic value in the equity and the cost has therefore been fully written down and reflected within direct expenditure.

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209 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

15. Investments (continued)

(d) Programme-related investments (continued)

Other

The book value of programme-related investments is zero as at 30 September 2025 (2024: £nil). There are no other programme-related investments with any value associated as at 30 September 2025.

The Trust has provided funding to 109 (2024: 104) companies to carry out biomedical research projects with potential to deliver health benefits.

It is the Trust’s policy to write off the cost of the investment in these often early-stage companies as it is not anticipated that this cost will be recovered. At each year end, a review of the programme-related investment portfolio is performed to assess if any individual assets have value. Where the assets have value, any impairment on such assets is reversed.

The unrealised gains reflect the additional fair value uplift where the value of an asset has increased above the cost.

Any income received or gains realised are included in the Statement of Financial Activities within other charitable income (and are therefore not in the table above).

(e) Fair value of financial assets and liabilities

The fair values and book values of the Group’s financial assets and liabilities shown on the Balance Sheet are the same with the exception of the bond liabilities which are measured at amortised cost.

The value of the bond liabilities presented in the Trustee’s report (Figure 6 on page 58), £1,764.2 million (2024: £1,896.1 million), is the sum of the fair value of the bond liabilities and the accrued interest on these liabilities.

The following table categorises the fair values of the Group’s financial assets and liabilities based on the inputs to the fair value. Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset as follows:

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210 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

15. Investments (continued)

(e) Fair value of financial assets and liabilities (continued)

Assets at fair value as at 30 September 2025

Assets at fair value as at 30 September 2025
Level 1 Level 2 Level 3 Total
£mn £mn £mn £mn
Quoted investments 14,734.1 – – 14,734.1
Unquoted investments – 4,844.1 16,885.1 21,729.2
Derivative financial instruments asset positions – 132.3 – 132.3
Programme-related investments – – – –
14,734.1 4,976.4 16,885.1 36,595.6
Assets at fair value as at 30 September 2024
Level 1 Level 2 Level 3 Total
£mn £mn £mn £mn
Quoted investments 14,378.4 – – 14,378.4
Unquoted investments – 4,562.7 14,986.8 19,549.5
Derivative financial instruments asset positions – 236.0 – 236.0
Programme-related investments – – – –
14,378.4 4,798.7 14,986.8 34,163.9

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211 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

For Level 3 investments:

15. Investments (continued)

(e) Fair value of financial assets and liabilities (continued)

Liabilities at fair value as at 30 September 2025

Derivative financial
instruments liabilities		 Level 1
£mn
–		 Level 2
£mn
2.0		 Level 3
£mn
–		 Total
£mn
2.0

Liabilities at fair value as at 30 September 2024

Level 1
£mn		 Level 2
£mn		 Level 3
£mn		 Total
£mn
Derivative financial
instruments liabilities – 39.0 – 39.0

Unquoted investments include investments in hedge funds, private equity funds, property funds, direct investments and investment operating subsidiaries. For the funds the Group categorises the investments based on the fair value classification of the underlying assets and liabilities of the funds.

Derivative financial instruments comprise:

(f) Realised and unrealised gains/(losses) on investments

Group
Trust
Note
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Quoted investments
Unquoted investments
Investment properties
Derivative financial
instruments
Shares in subsidiary
undertakings
Short-term investments
Foreign exchange losses
on monetary assets
Foreign exchange gains
on bond liability		 15(a)
1,206.3
1,706.1
1,222.2
1,726.4
15(a)
2,041.8
(111.0)
2,010.4
(126.6)
15(a)
(20.9)
(95.5)
(18.0)
(86.2)
30.2
185.1
30.2
185.1
–
–
86.2
(103.2)
19.2
17.3
19.2
17.3
(20.4)
(158.4)
(32.4)
(99.1)
(16.4)
14.2
(16.4)
14.2
3,239.8
1,559.2
3,301.4
1,529.3

Derivative financial instruments included forward currency contracts only during the financial year.

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212 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

15. Investments (continued)

(g) Reconciliation to the Trustee’s report

The presentation of investment balances in notes 15 and 17 is in accordance with the statutory asset and liability classifications. However, the investment portfolio is reported by investment strategy for management purposes and for the Trustee’s report. The distinct classes of assets used and reported on within the Trustee’s report are: public equity, private equity, hedge funds, property and cash.

This note reconciles the net investment asset fair value at the reporting date as presented within the Trustee’s report to the presentation within the Financial Statements. The market value of each asset class presented in the Trustee’s report is equal to the net investment assets and liabilities, held within portfolios with that applicable investment strategy.

The assets and liabilities presented in the Consolidated Balance Sheet and notes reconcile to Figure 6 in the Trustee’s report as follows:

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213 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

15. Investments (continued)

(g) Reconciliation to Trustee’s report (continued)

15. Investments (continued)
(g) Reconciliation to Trustee’s report (continued)
2025 2024
Note £mn £mn
Quoted investments 15(a) 14,734.1 14,378.4
Unquoted investments 15(a) 21,729.2 19,549.5
Investment property 15(a) 1,316.2 1,539.8
Derivative financial instrument asset positions 15(b) 132.3 236.0
Investment cash and certificates of deposit 15(c) 3,631.4 3,723.3
Other investment assets 15(c) 434.1 352.8
Programme-related investments 15(e) – –
Investment assets as presented in the Financial review 41,977.3 39,779.8
Derivative financial instrument liabilities 17 (2.0) (39.0)
Amount payable on acquisition of investments 17 (19.9) (12.4)
Cash collateral creditor 17 (195.7) (224.1)
Deferred income from investments 17 (6.7) (10.2)
Other investment liabilities 17 (24.4) (24.4)
Total investment assets 41,728.6 39,469.7
Bond liabilities at amortised cost falling due within one year 17 (28.3) (28.3)
Bond liabilities at amortised cost falling due between one and five years 17 (348.4) (331.6)
Bond liabilities at amortised cost fallingdue after fiveyears 17 (2,432.0) (2,431.5)
Total interest-bearing liabilities (2,808.7) (2,791.4)
Total investment assets 41,728.6 39,469.7
Total interest-bearing liabilities (2,808.8) (2,791.4)
Adjusted for
Restatement of bond liabilities to fair value 1,044.5 895.2
Programme-related investments not in investment asset allocation 15(e) – –
Other net investments not included in the asset allocation (31.8) (9.3)
Total assets net of Bond liabilitiesper Figure 6 39,932.5 37,564.2

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214 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

15. Investments (continued)

(g) Reconciliation to Trustee’s report (continued)

Other investments not in asset allocation relate to programme-related investments and unquoted investments held by Genome Research Limited.

2025 2024
Leverage (Total interest-bearing liabilities/
Total investment assets) 6.7% 7.1%

16. Debtors

16. Debtors
Group
Trust
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Amounts owed by subsidiary
undertakings
Other debtors
Prepayments and accrued income		 –
–
0.7
85.8
16.6
9.8
1.9
1.9
59.9
44.7
3.9
7.3
76.5
54.5
6.5
95.0

£40.5 million of prepayments relate to Wellcome Leap’s advance payments (2024: £23.3 million) to its programs, which has increased due to a change in how Wellcome Leap advance funds its programs.

Amounts owed by subsidiary undertakings are repayable on demand and charged interest at the overnight bank deposit rate.

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215 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

17. Creditors

17. Creditors
Group
Trust
Note
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Falling due within one year
Amounts owed to subsidiary undertakings
Grant liabilities
Bond liabilities
Amount payable on acquisition of investments
Cash collateral creditor
Deferred income from investments
Derivative financial instrument liabilities
Other investment liabilities
Trade creditors
Other creditors
Accruals and deferred income
Corporation Tax		 –
–
1,620.5
1,229.8
8
732.9
729.4
908.5
866.7
28.3
28.3
23.6
23.5
19.9
12.4
19.9
12.4
195.7
224.1
195.7
224.1
6.7
10.2
5.3
8.9
2.0
39.0
2.0
39.0
24.4
24.4
22.8
22.9
13.1
16.1
7.2
8.3
15.2
19.4
11.6
15.9
69.7
66.2
27.8
19.7
0.3
1.8
–
–
Total falling due within oneyear 1,108.3
1,171.3
2,844.9
2,471.2
Falling due between one and fiveyears
Grant liabilities
Other creditors
Lease premium creditor
Bond liabilities		 8
2,224.6
1,961.9
2,481.3
2,263.5
–
0.1
–
–
–
3.5
–
–
348.4
331.6
348.4
331.6
2,573.0
2,297.1
2,829.7
2,595.1
Falling due after fiveyears
Grant liabilities
Lease premium creditor
Bond liabilities		 8
720.4
512.6
729.6
576.7
–
39.3
–
–
2,432.0
2,431.5
1,887.8
1,887.6
3,152.4
2,983.4
2,617.4
2,464.3
Total falling due after oneyear 5,725.4
5,280.5
5,447.1
5,059.4

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216 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

17. Creditors (continued)

The lease premium creditor in the prior year related to a lease premium received from the European Bioinformatics Institute (‘EBI’). The full balance was released in the year following the restructure of leases to the as part of the wider development of the Wellcome Genome Campus.

Deferred income

Deferred income
Group
Trust
2025
£mn
2024
£mn
2025
£mn
2024
£mn
As at 1 October
Received during the year
Released to income duringtheyear		 35.2
34.9
8.9
8.4
38.4
43.5
5.3
8.9
(42.6)
(43.7)
(8.9)
(8.4)
As at 30 September 31.0
35.2
5.3
8.9

The Trust’s deferred income is investment property rents received in advance. The Group deferred income is made up of third-party grant income received in advance and contract income invoiced in advance of services at Genome Research Limited and conference centre event deposits received by Wellcome Trust Trading Limited.

18. Provisions for liabilities and charges

Deferred
Employment-		 Other
tax related provisions provisions Total
Group £mn £mn £mn £mn
As at 1 October 2024 58.1 87.3 0.4 145.8
Charge for the year 3.4 18.3 1.5 23.2
Utilised inyear – (16.5) – (16.5)
As at 30 September 2025 61.5 89.1 1.9 152.5
As at 30 September 2025 61.5
89.1		 1.9 152.5
Employment- Other
related provisions provisions Total
Trust £mn £mn £mn
As at 1 October 2024 82.7 2.8 85.5
Charge for the year 18.5 0.4 18.9
Utilised inyear (16.5) – (16.5)
As at 30 September 2025 84.7 3.2 87.9

The employment-related provisions relate to long-term incentive plans for certain employees in the Investment team (note 5(a)), unfunded unapproved retirement benefit schemes, and a provision for redundancies due to the reorganisation of the People and Digital & Technology teams (notes 11(b) and (e)(ii)).

Long-term incentive plans vest over five-year periods and then can be exercised at the employee’s discretion for up to 25 years.

The deferred tax provision arises due to unrealised fair value gains on investments held by the Group’s non-charitable investment holding subsidiaries and the charge for the year includes foreign exchange revaluations of these gains. The Group does not expect the deferred tax provision to be utilised in the next financial year. Deferred tax provision amounts will reverse if the fair value gains reverse or if gains are realised but are relieved by a qualifying donation to the Trust as parent charity.

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Introduction

217 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

19. Commitments and contingent liabilities

(a) Investments

The Trust expects to invest £1.8 billion (39.6%) of the outstanding commitments in one year, £2.7 billion (57.5%) in between one and five years and £0.1 billion (3.0%) after five years.

(b) Pensions

The Trust has previously agreed with the Genome Research Pension Plan Trustee to put in place a Deed of Guarantee. The obligations of the deed, guaranteed by the Trust, are that Genome Research Limited pays the necessary contribution as agreed with the Trustee and the Plan Actuary. Further details of the funding of the pension plans are in note 11(e)(ii).

(c) Programme-related investments

Programme-related convertible loans and equity funding have been made over a series of years, of which £81.3 million (2024: £70 million) remains yet to be drawn down and is contingent upon specific milestones being achieved.

The Trust has committed to a £50 million programme-related investment into the AMR Action Fund, an impact investment fund established to support antibiotic development. Drawdowns of £17 million have been made to date and therefore the outstanding commitment amounted to £33 million (2024: £38 million).

The Trust has committed to a £28 million programme-related investment into MSD-Wellcome Trust Hilleman Laboratories, an equal joint venture of Wellcome Trust and MSD which translates early discoveries to make vaccines for infectious diseases and improve global health. During the year, drawdowns of £8 million were made in relation to this commitment. The outstanding drawdown amounts to £20 million.

(d) Grant funding activities

During the year, Wellcome announced a three-year partnership on a USD300 million initiative with the Gates Foundation and the Novo Nordisk Foundation. This joint effort will focus on climate and health, infectious diseases, and interactions between nutrition, immunity, development and disease. Subject to finalisation of the details of the partnership, Wellcome may fund up to USD100 million over the next three years. The total amount committed to date is USD20 million.

(e) Capital commitments

In the current year, Wellcome and Genome Research Limited had commitments contracted and not provided for of £407 million (2024: £151 million) and £1.1 million (2024: £2.5 million) respectively. These relate to the refurbishment of investment properties and the redevelopment of Premier Marinas, and GRL’s laboratory improvement projects and the construction of a new building on the Campus. As part of its net zero carbon emission ambitions, the Trust is embarking on an upgrade programme for its office building and the Wellcome Collection building and has approved £7.6 million of spend for the current stage of the programme and spent £3 million of this approved amount at the reporting date.

Our impact and performance Our governance Financial Statements

Introduction

218 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

20. Movement of charity funds

Balance as at Balance as at
1 October 2024 Income Expenditure Net investment gains 30 September 2025
Group 2025 £mn £mn £mn £mn £mn
Restricted funds 15.8 30.4 (25.9) – 20.3
Unrestricted funds 33,932.4 559.0 (2,011.7) 3,239.8 35,719.5
Total charity funds 33,948.2 589.4 (2,037.6) 3,239.8 35,739.8
Balance as at Balance as at
1 October 2023 Income Expenditure Net investment gains 30 September 2024
Group 2024 £mn £mn £mn £mn £mn
Restricted funds 17.0 28.3 (29.5) – 15.8
Unrestricted funds 33,441.2 541.2 (1,609.2) 1,559.2 33,932.4
Total charity funds 33,458.2 569.5 (1,638.7) 1,559.2 33,948.2
Analysis of assets and liabilities between funds
Balance as at Creditors due after Balance as at
1 October 2025 Fixed Assets Current Assets Current liabilities one year 30 September 2025
Group 2025 £mn £mn £mn £mn £mn £mn
Restricted funds 15.8 – 4.5 – – 20.3
Unrestricted funds 33,932.4 2,132.7 17.6 63.0 (426.2)
35,719.5
Total charity funds 33,948.2 2,132.7 22.1 63.0 (426.2)
35,739.8
Balance as at Creditors due after Balance as at
1 October 2023 Fixed Assets Current Assets Current liabilities one year 30 September 2024
Group 2024 £mn £mn £mn £mn £mn £mn
Restricted funds 17.0 – (1.2) – 15.8
Unrestricted funds 33,441.2 470.6 (88.1) 394.0 (285.3)
33,932.4
Total charity funds 33,458.2 470.6 (89.3) 394.0 (285.3)
33,948.2

All restricted funds arise in Genome Research Limited.

Financial Statements

Our impact and performance

Introduction

Our governance

219 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

21. Group undertakings

(a) Summary of activities of significant subsidiary undertakings

Company % holding Registered number Country of incorporation Legal relationship
Genome Research
Limited 100% 2742969 England The Wellcome Trust Limited is the sole member
Wellcome LeapInc 100% N/A USA The Wellcome Trust Limited is the sole member
Ordinary shares – 100%
Gower Place Class A preference shares – 0% The Wellcome Trust Limited is sole holder of ordinary
Investments Limited Class Bpreference shares – 100% 08594660 England non-votingshares and Class Bpreference shares
Wellcome Trust
Financeplc 100% 5857955 England The Wellcome Trust Limited is the sole shareholder
Wellcome Trust
Investments
2 Unlimited 100% 6576220 England The Wellcome Trust Limited is the sole shareholder

These significant subsidiaries are:

Most subsidiaries are registered at 215 Euston Road, London NW1 2BE.

Financial Statements

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Introduction

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220 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

21. Group undertakings (continued)

(a) Summary of activities of significant subsidiary undertakings (continued)

The table below details the significant subsidiaries that are held as part of the investment portfolio. They are not included in the consolidation and therefore do not appear in the analysis in note 21(b).

Company Holding Registered number Country of incorporation Legal relationship
Premier Marinas 100% (indirect through The Wellcome Trust Limited is the indirect shareholder
Holdings Limited Gower Place Investments Limited) 05524490 England through Gower Place Investments Limited
100% (indirect through The Wellcome Trust Limited is the indirect shareholder
Urban&Civicplc Gower Place Investments Limited) SC149799 England through Gower Place Investments Limited
Wellcome Genome
Campus Holdings 100% (indirect through The Wellcome Trust Limited is the indirect shareholder
Limited Gower Place Investments Limited) 15739384 England through Gower Place Investments Limited

Financial Statements

Our impact and performance

Introduction

Our governance

221 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

21. Group undertakings (continued)

(b) Summary financial information

The expenditure figures below include the impact of Gift Aid distributions and tax.

(i) Charitable subsidiary undertakings

(i) Charitable subsidiary undertakings
Genome Research Limited
2025
£mn
2024
£mn
Income
Expenditure
Actuarialgains on defined benefitpension scheme		 180.4
177.3
(189.4)
(184.1)
12.5
5.4
Net movements in funds 3.5
(1.4)
Total assets
Liabilities
Defined benefitpension scheme asset		 208.5
265.6
(43.0)
(87.1)
108.2
91.7
Net assets 273.7
270.2

All restricted funds arise in Genome Research Limited.

Wellcome Leap Inc
2025
£mn
2024
£mn
Income
Expenditure		 468.8
0.6
(89.4)
(134.1)
Net movements in funds 379.4
(133.5)
Total assets
Liabilities		 568.7
190.4
(9.1)
(10.2)
Net assets 559.6
180.2

(ii) Non-charitable investment holding subsidiary undertakings

Gower Place Investments
Limited
Wellcome Trust
Investments 2 Unlimited
2025
£mn
2024
£mn
2025
£mn
2024
£mn
Turnover
Expenditure
Gains/(losses) on investments		 –
0.1
23.2
4.8
(0.1)
(0.1)
(1.7)
(13.6)
(15.9)
36.3
13.6
(59.9)
Total (loss)/profit (16.0)
36.3
35.1
(68.7)
Investment assets
Current assets		 1,717.0
1,301.7
319.0
519.9
0.3
0.3
672.8
381.1
Total assets
Liabilities		 1,717.3
1,302.0
991.8
901.0
(0.1)
–
(61.6)
(58.1)
Net assets 1,717.2
1,302.0
930.2
842.9

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Introduction

222 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

21. Group undertakings (continued)

(b) Summary financial information (continued)

The functional currency of Wellcome Trust Investments 2 Unlimited is the US dollar because the majority of the company’s transactions are denominated in US dollars.

(iii) Non-charitable investment financing subsidiary undertaking

(iii) Non-charitable investment financing subsidiary undertaking
Wellcome Trust Finance plc
2025
£mn
2024
£mn
Turnover
Expenditure		 29.1
29.3
(25.8)
(25.3)
Totalprofit 3.3
4.0
Assets
Liabilities		 689.8
689.2
(552.3)
(551.7)
Net assets 137.5
137.5

22. Consolidated cash flow

(a) Investment income received

22. Consolidated cash flow
(a) Investment income received
2025 2024
£mn £mn
Dividends and interest 486.5 425.1
Rental income 51.8 52.3
(Increase)/decrease in income receivable from investments (20.0) (5.9)
(Decrease)/increase in accrued income from investments (6.3) 3.3
(Increase)/decrease in deferred income from investments (3.5) 1.4
Investment income received 508.5 476.2
(b) Servicing of finance
2025
£mn		 2024
£mn
Interest payable (76.3) (76.6)
Foreign exchange gains on revaluation
of interest-bearing liabilities (16.4) 14.2
Increase/(decrease) in interest-bearingliabilities 17.4 (13.0)
Cash outflow for servicing of finance (75.3) (75.4)

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Our impact and performance

Introduction

223 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

(c) Reconciliation of investment sales and purchases
2025
£mn
2024
£mn
Proceeds on sale of quoted investments
2,720.0
3,508.5
Proceeds on sale of unquoted investments
1,892.5
1,527.3
Proceeds on sale of investment property
241.9
13.8
Increase in proceeds receivable on sale of investments
(83.3)
(25.4)
Proceeds on sale ofprogramme-related investments
0.0
8.5
Proceeds from sales of investments
4,771.1
5,032.7
Purchases of quoted investments
1,869.4
1,465.4
Purchases of unquoted investments
2,030.4
1,962.1
Purchases of investment property
39.2
34.5
Increase in amounts payable on acquisition of investments
(7.6)
(7.0)
Purchase ofprogramme-related investments
20.7
26.8
Purchases of investments
3,952.1
3,481.8
Gain on derivative financial instruments
30.2
186.5
Decrease/(increase) in derivative financial asset positions
103.6
(149.6)
Decrease in derivative financial liabilities
(37.0)
(10.8)
Decrease in cash collateralposted with counterparties
–
–
Net cash inflow due to derivative financial instruments
96.8
26.1
22. Consolidated cash flow (continued)		 (d) Statement of net debt
At
1 October
2024
£mn
Cash flow
£mn
Change in
maturities
£mn
Effective
interest
and foreign
exchange
£mn
At 30
September
2025
£mn
Cash in hand and
at bank
42.1
1.3
–
–
43.4
Debt due after
one year
– bond liabilities
(2,763.0)
–
(17.4)
(2,780.4)
Debt due within
one year
– bond liabilities
(28.3)
75.5
(75.5)
(28.3)
Liquid resources:
– investment cash
and certificates
of deposit
3,723.3
(91.9)
–
–
3,631.4
Net debt
974.1
(15.0)
–
(92.9)
866.2
In accordance with FRS 102 7.18, an entity shall exclude from the statement
of cash flows investing and financing transactions that do not require the use
of cash or cash equivalents.
The exclusion of non-cash transactions from the statement of cash flows
is consistent with the objective of a statement of cash flows because these
items do not involve cash flows in the current period. These non-cash
transactions are included in the table above.

Our governance Financial Statements

Our impact and performance

Introduction

224 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

23. Financial risk management

In the ordinary course of its activities, the Group actively manages a variety of financial risks including credit risk, liquidity risk and market risk. The Group identifies measures and monitors risk through various control mechanisms as detailed in the following sections, including maximum approved counterparty exposure and diversifying exposures and activities across a variety of instruments, markets and counterparties.

(a) Credit risk

Credit risk is the risk that the Group would incur a financial loss if a counterparty failed to discharge its obligations to the Group.

Credit risk exposure

The Group is subject to credit risk from its financial assets held by counterparties and the risk is particularly concentrated on its investment cash balances and certificates of deposit due to the significant value of these balances. The following table details the Group’s maximum exposure to credit risk as at 30 September:

2025
£mn		 2024
£mn
Derivative financial instruments asset positions
Investment cash balances and certificates of deposit
UK and US government securities
Cash collateral held		 132.3
3,631.4
81.8
195.7		 236.0
3,723.3
78.6
224.1
Accrued income from investments 20.3 14.0
Income receivable 78.2 58.2
Proceeds receivable on sale of investments 128.7 45.5
Other investment debtor balances 11.2 11.0
Other debtors 16.6 9.8
Term deposits and cash 43.4 42.1
4,339.6 4,442.6

None of the Group’s financial assets subject to credit risk (other than the programme-related investments which are discussed in note 15(d)) are past their due date or were impaired during the year.

Risk management policies and procedures

The objective of managing credit risk is to minimise counterparty default on the Group’s financial assets causing financial loss to the Group. The Group aims to mitigate its counterparty credit risk exposure by monitoring the size of its credit exposure to and the creditworthiness of counterparties, including setting appropriate exposure limits and maturities. Counterparties are selected based on their financial ratings, regulatory environments and specific circumstances.

At the Balance Sheet date, in addition to the securities on loan discussed in note 15(a), forward currency contract assets which are secured by cash collateral are discussed in note 15(b). There were no other credit enhancements.

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Our impact and performance

Introduction

225 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

23. Financial risk management (continued)

(b) Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulties raising cash to meet its obligations when they fall due.

Liquidity risk exposure

This is a risk to the Group, given the value of the Group’s commitments to charitable and investment activities.

Risk management policies and procedures

The Group monitors its exposure to liquidity risk by regularly monitoring the liquidity of its investment portfolio and holding appropriate levels of liquid assets. Cash held within the Group’s cash mandate (refer to Cash reported in Figure 6 of the Review of investment activities) and the liquidity forecast is reviewed weekly by investments management, monthly by the Trust’s executive, and quarterly by the Investment Committee, Audit and Risk Committee, and Board of Governors.

The following table details the maturity of the Group’s undiscounted contractual payments and grant liabilities as at 30 September:

Financial Statements

Introduction Our impact and performance

Our governance

226 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

23. Financial risk management (continued)

(b) Liquidity risk (continued)

(b) Liquidity risk (continued)
Group 2025
2024
Three months or
less £mn
No more than one
year £mn
More than one
year £mn
Total
£mn
Three months or
less £mn
No more than one
year £mn
More than one
year £mn
Total
£mn
Payments falling due within one year
Bond liabilities
–
75.5
–
75.5
–
75.3
–
75.3
Derivative financial instruments liabilities
2.0
–
–
2.0
39.0
–
–
39.0
Collateral liability
195.7
–
–
195.7
224.1
–
–
224.1
Amount payable on acquisition of investments
19.9
–
–
19.9
12.4
–
–
12.4
Other investment liabilities
24.4
–
–
24.4
24.4
–
–
24.4
Trade creditors
13.1
–
–
13.1
16.1
–
–
16.1
Other creditors
15.2
–
–
15.2
19.4
–
–
19.4
Accruals and deferred income
69.7
–
–
69.7
66.2
–
–
66.2
Corporation Tax
–
0.3
–
0.3
–
1.8
–
1.8
Contractualpayments
340.0
75.8
–
415.8
401.6
77.1
–
478.7
Grant liability
183.2
549.7
–
732.9
182.3
547.0
–
729.3
523.2
625.5
–
1,148.7
583.9
624.1
–
1,280.0
Payments falling due between one
and five years
Bond liabilities
–
–
639.3
639.3
–
–
626.6
626.6
Other creditors
–
–
–
–
–
–
0.1
0.1
Contractualpayments
–
–
639.3
639.3
–
–
626.7
626.7
Grant liability
–
–
2,621.6
2,621.6
–
–
2,354.7
2,354.7
–
–
3,260.9
3,260.9
–
–
2,981.4
2,981.4
Payments falling due after five years
Bond liabilities
–
–
5,189.1
5,189.1
–
–
5,260.7
5,260.7
Contractualpayments
–
–
5,189.1
5,189.1
–
–
5,260.7
5,260.7
Grant liability
–
–
1,082.2
1,082.2
–
–
822.5
822.5
–
–
6,271.3
6,271.3
–
–
6,083.2
6,083.2
Total
523.2
625.5
9,532.2
10,680.9
583.9
624.1
9,064.6
10,272.6

Grant liabilities are non-contractual.

Our governance Financial Statements

Our impact and performance

Introduction

227 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

23. Financial risk management (continued)

(c) Market risk – price, currency and interest rate risks

Market risk is the risk of potential loss the Group may incur as a result of adverse changes to the fair value of the Group’s financial instruments. Market risk comprises three types of risk: price risk, currency risk and interest rate risk.

The Group measures returns and monitors portfolio risks in a 50/50 blend of GBP and USD and monitored GBP and USD currency exposures. This reflects the globally diversified nature of the Group’s assets, liabilities and commitments.

The Group uses a number of investment risk metrics, of which the following are key: the expected ability of the portfolio to generate cash flows growing in real terms; currency exposures; expected likelihood of catastrophic failures of one or more assets held within the portfolio; and the assessed level of inflation protection within the portfolio.

(i) Price risk

Price risk is the risk that the value of an asset or liability will fluctuate due to changes in market price, caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. This is a risk for the Group because its ability to fund research over the long term is dependent on maintaining the purchasing power of the asset base. The Group’s expenditure is predominantly discretionary and the Board of Governors monitors cash expenditure, commitments and the endowment performance throughout the year to manage the balance between funding charitable activities and maintaining the purchasing power of the asset base and this is discussed – in the Financial review on pages 71 77.

Price risk exposure

The maximum asset and liability value exposed to other price risk at 30 September is the value of the traded investment assets and liabilities as detailed in the following table:


as detailed in the following table:
2025 2024
£mn £mn
Quoted investments 14,734.1 14,378.4
Unquoted investments 21,729.2 19,549.5
Investment properties 1,316.2 1,539.8
Derivative financial instruments assetpositions 132.3 236.0
Assets exposed to risk 37,911.8 35,703.7
Derivative financial instruments liability positions (2.0) 39.0
Liabilities exposed to risk (2.0) 39.0

Our governance Financial Statements

Our impact and performance

Introduction

228 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

23. Financial risk management (continued)

(c) Market risk – price, currency and interest rate risks (continued)

(ii) Currency risk

Currency risk is the risk that the value of an asset or liability will fluctuate due to changes to foreign currency exchange rates. The currency of the majority of the Group’s expenditure and the functional currency of the Group is sterling. However, the Group has investment assets denominated in currencies other than sterling and is impacted by fluctuations in foreign currency exchange rates.

The following table details the asset value exposed to currency risk as at 30 September:

Value as at
Value as at		 Value as at Value as at
30 September
2025 (currency,
30 September
2025		 30 September
2024 (currency,		 30 September
2024
Group mn)
£mn		 mn) £mn
Traded investments
assets
USD $34,568.0
25,677.3		 $30,635.2 22,839.1
Euro
Other		 €3,991.8
3,484.0
4,207.1		 €3,779.1 3,144.3
5,151.1
Other investment
debtors balances
USD $3,319.8
2,465.9		 $2,594.2 1,934.0
Euro €191.3
166.9		 €74.5 62.0
Other 33.9 39.7
Other investment
creditors balances
USD ($321.4)
(238.7)		 ($13.9) (10.4)
Euro (€465.1)
(405.9)		 (€470.6) (391.5)
Other – (0.1)
Forward currency
contracts
USD ($1,405.7)
(1,049.4)		 ($1,623.0) (1,216.2)
Euro €0.0
–		 €1.2 1.0
Other (466.3) (482.0)
Total exposed to
currency risk 33,874.8 31,071.0

Our governance Financial Statements

Our impact and performance

Introduction

229 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

23. Financial risk management (continued)

(c) Market risk – price, currency and interest rate risks (continued)

(ii) Currency risk (continued)

Impact on gain/(loss)
for the financial year 2025		 Impact on gain/(loss)
for the financial year 2024
£mn £mn
10% USD appreciation 2,685.5 2,354.7
10% Euro appreciation 324.5 281.6

A 10% depreciation in currencies would have an equal but opposite impact.

Risk management policies and procedures

The Investment team monitor the Group’s exposure to foreign currencies on a daily basis and report to the Investment Committee on at least a quarterly basis.

Foreign currency contracts are used to limit the Group’s exposure to future changes in exchange rates which might otherwise adversely affect the value of the portfolio of investments. Where appropriate, they are also used to achieve the portfolio characteristics that assist the Group in meeting its investment objectives.

(iii) Interest rate risk

Interest rate risk arises from the risk that the value of an asset or liability will fluctuate due to changes in interest rates (for fixed interest rate assets or liabilities) or that future cash flows will fluctuate due to changes in interest rates (for variable rate assets or liabilities).

2025
2024
Weighted
average
interest rate
Value as at
30 September
£mn
Weighted
average
interest rate
Value as at
30 September
£mn
Interest-bearing assets
Maturing within
one year
Fixed rate
Floating rate
Maturing between
one and five years
Fixed rate
Floatingrate		 4.53%
35.0
0.92%
68.6
–
46.8
–
10.0
0.00%
–
0.00%
–
–
–
–
–
Total interest-
bearing assets		 81.8
78.6
Interest-bearing
financial liabilities
Maturing within
one year
Fixed rate –
bond liabilities
Maturing between
one and five years
Fixed rate –
bond liabilities
Maturing after
five years
Fixed rate –
bond liabilities		 –
–
–
–
1.13%
(351.1)
1.13%
(334.2)
2.92%
(2,457.6)
2.92%
(2,457.1)
Total interest-bearing
liabilities		 (2,808.7)
(2,791.3)

Financial Statements

Our impact and performance

Introduction

Our governance

230 Wellcome Trust Annual Report and Financial Statements 2025

Notes to the Financial Statements

23. Financial risk management (continued)

(c) Market risk – price, currency and interest rate risks (continued)

(iii) Interest rate risk (continued)

Interest rate exposure

The Group has purchased fixed income (interest-bearing investments). The value of these investments will fluctuate if interest rates change in future. In addition the Group holds investment cash and certificates of deposit and overnight term deposits and cash, as detailed in the Balance Sheet. These are floating rate interest-bearing assets; the future cash flows from these assets will fluctuate with changes in market interest rates. However, as these are liquid assets with no fixed maturity dates, the fair value would not fluctuate significantly with changes in market interest rates.

The Group’s fixed income quoted investments, which include UK Gilts and US Treasuries are fixed rate interest-bearing assets; the interest received is not impacted by changes in market interest rates.

The interest-bearing liabilities shown are the bond liabilities which are fixed rate liabilities which are held at amortised cost. The interest-bearing assets value detailed in the table is the fair value; the bond liability value detailed in the table is the amortised cost.

Risk management policies and procedures

The Group takes into account the possible effects of a change in interest rates on the fair value and cash flows of the interest-bearing financial assets and liabilities when making investment decisions. The Investment Committee monitors the Group’s exposure to interest-bearing assets, the bond liability and the related finance costs regularly.

Financial Statements

Our impact and performance

Introduction

Our governance

231 Wellcome Trust Annual Report and Financial Statements 2025

Reference and administrative details

Audit and Risk Committee

Trustee – The Wellcome Trust Limited Board of Governors Julia Gillard (Chair)

Stephen Lovegrove (Chair)

Jonathan Britton*

Fiona Powrie (Deputy Chair)

Arup Chakraborty (until 30 June 2025) Richard Gillingwater (from 1 July 2025)

Elhadj As Sy

Arup Chakraborty Richard Gillingwater (until 30 June 2025) (from 1 July 2025) Richard Gillingwater Cilla Snowball Gabriel Leung Ijeoma Uchegbu Stephen Lovegrove Caroline Wehrle*

Diana Noble

Cilla Snowball

Ijeoma Uchegbu

Chief Legal Officer and Company Secretary Chris Bird

People and Remuneration Committee

Investment Committee

Richard Gillingwater (Chair)

Diana Noble (Chair)

Tracy Blackwell*

Jennifer Duvalier* (from 1 January 2025)

Karen Chadwick (until 14 January 2025)

Julia Gillard

Maggy Chan (from 15 January 2025)

Richard Gillingwater (until 30 June 2025)

Stefan Dunatov* (until 28 February 2025)

Danielle Harmer* (from 1 January 2025)

Julia Gillard Gabriel Leung Martin Halusa (from 1 July 2025) Fiona Powrie Cressida Hogg Nick Moakes (until 31 March 2025) Nominations and Governance Committee Diana Noble Julia Gillard (Chair) Lisha Patel Elhadj As Sy Girish Reddy Fiona Powrie Sandra Robertson Cilla Snowball (from 1 May 2025) John-Arne Røttingen Hanneke Smits* (from 1 May 2025) Fabian Thehos

Our governance Financial Statements

Our impact and performance

Introduction

232 Wellcome Trust Annual Report and Financial Statements 2025

Reference and administrative details – key management personnel (KMP)

The executive

Wellcome’s executive comprises eight individuals listed here. They meet as the Executive Committee (ExCo), chaired by the Chief Executive Officer.

Chief Executive Officer: John-Arne Røttingen

Chief Operating Officer:

Maggy Chan (from 15 January 2025). Previously Karen Chadwick (interim until 28 February 2025)

Executive Director, Discovery:

Rachel McKendry (from 17 March 2025)

Executive Director, Solutions:

Charlotte Watts (from 17 March 2025)

Both Executive Director, Discovery and Executive Director, Solutions roles were filled by the Chief Research Programmes Officer Nick Cammack (interim until 16 March 2025)

Executive Director, Corporate Affairs and Engagement:

Mark Henderson

Executive Director, Policy and Partnerships: Beth Thompson

Interim Chief Strategy Officer:

Steven Hoffman (from 1 June 2025). Previously Interim Chief of Staff and Interim Executive Director, Strategy (from 1 December 2024). Previously Interim Chief of Staff

Executive Director, Equity:

Jimmy Volmink (from 1 December 2024). Previously Chief EDI Officer

Investment Executive

Co-Chief Investment Officers and Managing Partners:

Lisha Patel and Fabian Thehos (from 1 April 2025)

Chief Investment Officer:

Nick Moakes (until 31 March 2025). Emeritus Partner, Investments (from 1 April 2025)

Managing Partners:

Lisha Patel and Fabian Thehos (until 31 March 2025)

Biographies of the Governors

The biographies of the current Board of Governors are shown on the Wellcome website

The Wellcome Trust is a charity registered in England and Wales. Charity number: 210183

Custodian Trustee

The Wellcome Trust Limited, Company registration number: 2711000

Address of the Registered Office

Gibbs Building 215 Euston Road London NW1 2BE United Kingdom

Independent Auditor

Deloitte LLP Statutory Auditor

1 New Street Square London EC4A 3HQ United Kingdom

Banker

HSBC Bank plc 31 Holborn Circus Holborn London EC1N 2HR United Kingdom

Solicitors

CMS Cameron McKenna Nabarro Olswang LLP Cannon Place 78 Cannon Street London EC4N 6AF United Kingdom

Global Custodian Bank

JP Morgan Chase Bank NA 25 Bank Street Canary Wharf London E14 5JP United Kingdom

Wellcome supports science to solve the urgent health challenges facing everyone. We support discovery research into life, health and wellbeing, and we’re taking on three worldwide health challenges: mental health, infectious disease, and climate and health.

The Wellcome Trust Annual Report and Financial Statements 2025 is © the Wellcome Trust and is licensed under Creative Commons. Attribution 2.0 UK.

Wellcome Trust, 215 Euston Road, London NW1 2BE, United Kingdom +44 (0)20 7611 8888, contact@wellcome.org, wellcome.org

The Wellcome Trust is a charity registered in England and Wales, no. 210183.

Its sole trustee is The Wellcome Trust Limited, a company registered in England and Wales, no. 2711000 (registered office at 215 Euston Road, London NW1 2BE, UK). DO-7744/01-2026