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Wellcome Trust puts an extra £25m into research in 2013

The Wellcome Trust spent a total of £726 million in grant funding and direct charitable expenditure in 2012-13, up from £701m the previous year.

The figures, published in the funder’s annual report and financial statements on 18 December, mark a steady increase in the trust’s expenditure, which has risen for two consecutive years from £596.9m in 2010-11.

The financial statements, which run from October 2012 to September 2013, show that the Wellcome Trust Group’s net investment base has increased by £1.9bn on the previous year, to a total of £16.4bn.

The trust secured a positive return of 18 per cent on its investments in 2012-13, some £2.6bn, up from £1.6bn in 2011-12.

In his statement, the Trust’s chairman William Castell said that the funder has “reaped the rewards in the last two years” as investors have “again embraced risk assets”.

Castell said that returns on the Trust’s investments have exceeded £7bn since September 2008, and have averaged 10 per cent a year over the last two decades, “enabling us to increase progressively our commitments to medical research”.

The Francis Crick Institute and the universities of Oxford and Cambridge received the largest shares of Wellcome Trust grant funding in 2013, securing £70m, £69m, and £67.7m, respectively. University College London and Imperial College London lagged behind in fourth and fifth place, receiving £47m and £30.1m.

Science funding continues to take the lion’s share of Wellcome’s charitable activities, accounting for a total of £497.8m of expenditure in 2013, up from £435.7m the previous year.

Expenditure on technology transfer and medical humanities and engagement have both decreased, however, by £23.8m and £17.6m, respectively.

The trust’s governance costs decreased from £2m in 2011-12 to £1.9m in 2012-13. Castell received a salary of £138,539 in 2012-13, whilst deputy chairman Peter Rigby received £103,904.