Health & Wellbeing Environment & Climate 2025
Wellcome Trust (Wellcome)

Annual Report and Financial Statements 2024/25

Wellcome is one of the world's largest independent charitable foundations, funding science to solve urgent health challenges. In 2024-25, charitable expenditure reached £1.916 billion — a 20% increase on the prior year — including £841m for discovery research, £228m for infectious disease, £145m for climate and health, £138m for mental health and £232m in cross-mission grants. 711 awards worth £1.3bn were made from 4,289 applications; 2,723 active grants are held at 1,443 organisations in 133 countries. The investment portfolio grew to £39.9bn, delivering a 10.2% return. £5.2bn spent since 2022 toward a £16bn decade target.

View Report
Report snapshot
311 Views

📋About

Discovery Research grants (£841m); Infectious Disease research (£228m); Climate and Health (£145m); Mental Health (£138m); Cross-mission grants (£232m); Wellcome Leap (DARPA-inspired US non-profit); Wellcome Genome Campus; public engagement and science communication; policy influencing; net zero investment programme; Wellcome Photography Prize; Wellcome Collection (London museum and library) Custom geography from upload: Global (HQ London, grants in 133 countries)

📊Key Metrics

Charitable expenditure £1.916 billion in 2024-25 — up 20% from £1.58bn; £5.2bn spent since 2022 toward £16bn decade plan (2022-2032) Key Metric 1
711 grants awarded worth £1.3bn from 4,289 applications; 2,723 active grants at 1,443 organisations across 133 countries with total active value of £7.3bn Key Metric 2
Investment portfolio grew to £39.9bn (10.2% total return, 6.4% after inflation); total funds £35.7bn; spending rise driven by renewals of Malawi-Liverpool-Wellcome, Mahidol Oxford Research Unit and co-funding of UK Health Data Research Service Key Metric 3

✅Key Outcomes

  • First healthy babies born in UK through mitochondrial donation — Wellcome funded research, public engagement that changed UK law, and clinical trial; new oral antibiotic for plague found as effective as injection in Madagascar trials; digital interventions for mental health led in UK
  • £10m awarded to Synthetic Human Genome Project (SynHG) — UK scientists developing first synthetic human chromosome; Coalition for Mental Health Investment launched with African Venture Philanthropy Alliance, Clinton Global Initiative, Kokoro, McKinsey and Wellcome
  • Spending on discovery research down slightly (£841m vs £910m prior year) but infectious disease, climate and mental health all increased; cash elevated at 8.9% of gross portfolio assets; net zero portfolio target by 2050; AAA/Aaa (stable) credit rating maintained; no new bonds issued in year

📍Geography

Other

Related reports

All Health & Wellbeing reports →
2026 Enhanced
DEBRA UK

Impact — Winter 2026

Total income £18,180,000 and total expenditure £18,560,000 (year ended 31 December 2024, charity no. 1084958 England/Wales and SC039654 Scotland); in 2024 spent £3.8m on charitable activities including £1,079,000 on research, £1,366,000 on EB Community Support, £943,000 on public education, £270,000 on EB healthcare and £185,000 on respite breaks
Key Metric 1
700+ members supported through in-person visits and support calls in 2025; 697 support grants allocated in 2025 for essential items including specialist clothing, cooling fans and sheepskin liners; 2 new holiday homes purchased in 2025 with over 700 guests enjoying holiday homes; £34,000 raised through 2025 winter 'The Longest Night' appeal
Key Metric 2
Largest global investment in EB research to date: multi-million-pound drug repurposing trial provisionally agreed with LifeArc partner at Guy's and St Thomas' NHS Foundation Trust and King's College London; EB Priorities Setting Partnership study completed mapping global research priorities for all four main EB forms
Key Metric 3
£34,000 raised in 2025 winter appeal supporting families like Darcie's with specialist items, emotional support and research; 697 support grants delivered in 2025; first Members Connect event in Northern Ireland; EB Priorities Setting Partnership study completed providing global research roadmap
Health & Wellbeing Disability
View
2025 Enhanced
The Royal British Legion

Impact Report 2025

22,507 households helped through RBL casework and specialist support services across 66 countries
Key Metric 1
22,600 grants given to those in need, totalling £11.8 million
Key Metric 2
733 beneficiaries represented at tribunals, resulting in £24.5 million in War Pensions awards
Key Metric 3
1,548 new families living with dementia supported by RBL Admiral Nurses service
Health & Wellbeing Dementia
View
2025 Enhanced
Blind Veterans UK

Our Impact 2024-25

3,600 blind veterans received support across the UK; 447 new blind veterans started receiving support in 2024/25
Key Metric 1
1,598 referrals to rehabilitation services completed; 313 veterans received assistive technology training
Key Metric 2
997 volunteers donated 26,824 hours of support; befriending service awarded Quality in Befriending Excellence — one of only 11 organisations in the UK to achieve this
Key Metric 3
1,831 National Creative Wellbeing Project packs issued to help veterans reconnect with creativity and independence
Health & Wellbeing Wellbeing
View