Wellcome Trust funds rose by £1.7bn last year

The world's second-biggest foundation had funds of £16.7bn in September 2014, up from £15bn the previous year

The Wellcome Trust
The Wellcome Trust

The value of the funds held by the Wellcome Trust rose by £1.7bn in the year to 30 September 2014, its latest accounts show.

The accounts of the world’s second-biggest foundation – behind the Bill & Melinda Gates Foundation – show it held funds of £16.7bn at the end of its financial year, up from £15bn in September 2013, and from £13.3bn in September 2012.

Of the trust’s income of £338m in the year, £238.7 came from dividends earned from its investments, and interest. Slightly more than half of that came from dividends from overseas equities, and a quarter was from UK equities. The charity, which funds health, medical and biomedical research, also earned £60.1m in rental income, all from UK properties.

The trust’s charitable expenditure of £727.7m in the year was down from £772.9m the previous year, while management fees and other investment costs totalled £89m, a rise from £58.2m the year before.

The charity, which has by far the largest investment portfolio of any in England and Wales, according to Charity Commission figures, achieved net-realised and unrealised gains on its investments of £2.3bn in the year, marginally down on the year before, but much higher than the figure of £1.5bn in 2011/12, and £153m in 2010/11.

It is also the second-largest charity in terms of charitable expenditure, according to the commission – topped only by Arts Council England.

The trustee’s report portion of the accounts includes information on its investment policy. It says: "We invest globally and across a very broad range of assets and strategies. It is our policy not to invest in companies that derive material turnover or profit from tobacco or tobacco-related products."

The accounts also show that the trust’s highest-paid member of staff earned between £620,000 and £629,000 in the year. The top wage in the previous year was in the £590,000-£599,999 bracket. This individual is believed to be Danny Truell, chief investment officer at the trust, and previously a managing director of Goldman Sachs investment management division. However, in a 2013 report by Third Sector into the highest salaries in the charity sector – which found this individual to be the sector’s fourth highest-paid – the trust declined to confirm this.

The charity has the power to pay its trustees – or governors, as they are known at the Wellcome Trust – under its constitution in accordance with the will of its founder, Sir Henry Wellcome. The six governors who served the whole year received £70,024 in remuneration, while Sir William Castell, its chair, was paid £140,047 and Dame Kay Davies, deputy chair, received £105,036. These amounts were 1.1 per cent higher than the year before.

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus