TIDM57MC

RNS Number : 7404K

Wellcome Trust Finance plc

18 December 2018

Wellcome Trust Finance plc

Annual Report and Financial Statements

Wellcome Trust and Wellcome Trust Finance plc (a wholly owned subsidiary of The Wellcome Trust Limited, as trustee of the Wellcome Trust) announce that they have each published their Annual Report and Financial Statements for the year to 30 September 2018 today. A copy of each document is available on the Wellcome Trust website.

Wellcome Trust has today issued the following press release in connection with the publication of its Annual Report and Financial Statements:

Wellcome Trust is pleased to report that our investment portfolio recorded a total return of 13.4 per cent for the year to 30 September 2018, or 10.7 per cent after inflation. Charitable expenditure in support of our mission was notably lower at GBP723 million compared to GBP1,221 million last year. This principally reflects the timing of significant commitments as this was a year with no major renewals or large one-off awards. We generated net income before taxation of GBP2.2 billion, in line with that achieved in the previous year. The investment base rose to almost GBP25.9 billion (2017: GBP23.2 billion), taking account of the net income gain and the addition of Wellcome's holding in Syncona to the investment portfolio in May at a value of GBP483 million.

In nominal terms, we have returned 203 per cent cumulative (11.7 per cent annualised) in the decade since the start of the Global Financial Crisis in September 2008, recording positive returns in each of these years. Returns have been 469 per cent cumulative (9.1 per cent annualised) over 20 years. Since the inception of our investment portfolio in 1985, it has provided a total return averaging 13.9 per cent a year.

We maintain a AAA/Aaa (stable) credit rating. In January we issued a GBP750 million 100-year bond. The final coupon achieved of 2.517 per cent was the lowest rate for any corporate bond in the Sterling market with a tenor longer than 50 years.

On the back of this performance, and recognising there will be significant movements from year to year, we aim to maintain the real level of charitable spending in our Primary Fund, which covers most of our charitable activities, at around GBP900 million a year on average at least until 2022. We also made an additional allocation of GBP200 million to be drawn down to fund current and future priority areas and other large-scale, high-impact activities such as Drug Resistant Infections and Mental Health. We will review further allocations annually in the light of the performance of the investment portfolio and the pipeline of projects suitable for funding.

This year, we enjoyed nominal returns of over 5 per cent in Sterling from every asset class. Each major element of the portfolio (public equities, private equities, venture capital, hedge funds and property) has also performed strongly over the longer term. Although Sterling weakened slightly over the year on continued uncertainty around Brexit, currency movements did not have a major impact on returns.

Baroness Manningham-Buller, Chair of the Wellcome Trust, said: "I am pleased to report that, once again, our investments have done well. The performance of our portfolio in more difficult global markets has provided the ability for us to increase our charitable commitment over the last ten years. Our sincere thanks go to the Investment team for the part that they have played in making this possible."

Nick Moakes, Chief Investment Officer and Managing Partner of the Investment Division at Wellcome, added: "The portfolio has again performed well. As the global economic cycle matures, markets have become more volatile. Our global focus and long-term horizon have helped us navigate a choppier environment. The decade since the Global Financial Crisis has seen very strong investment returns, which we do not expect to be repeated over the next ten years. We have therefore sharpened our focus on preserving liquidity and generating cash flow from the portfolio to support the mission."

Wellcome Trust Finance plc further announces that a copy of its Annual Report and Financial Statements for the year ended 30 September 2018 has been submitted to the National Storage Mechanism, and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM.

In accordance with the Disclosure and Transparency Rules, the following information is taken from the Annual Report and Financial Statements for Wellcome Trust Finance plc for the year ended 30 September 2018:

Wellcome Trust Finance plc

Annual Report and Financial Statements

Year ended 30 September 2018

Strategic Report

The directors of Wellcome Trust Finance plc (the "Directors") present their Strategic Report for the year ended 30 September 2018.

Strategy and Objectives

The principal activity of Wellcome Trust Finance plc (the "Company") is to meet its obligations relating to the bonds that it has previously issued and admitted to trading on the London Stock Exchange and to continue to lend the proceeds to other group entities.

Review of the Business and Future Developments

The Company issued two tranches of bonds: GBP550 million on 25 July 2006 of 4.625% Guaranteed Bonds due July 2036 and GBP275 million on 28 May 2009 of 4.750% Guaranteed Bonds due May 2021 (the "Bonds"). The Bonds are admitted to trading on the London Stock Exchange. The obligations of the Company in relation to the Bonds are governed by Trust Deeds between the Company, The Wellcome Trust Limited, as trustee of the Wellcome Trust, and Citicorp Trustee Company Limited, as the trustee for the holders of the Bonds. The payment of all amounts due in respect of the Bonds is unconditionally and irrevocably guaranteed pursuant to the terms of a guarantee given by The Wellcome Trust Limited, as corporate trustee of the Wellcome Trust; the guarantee is part of the Trust Deeds.

The Company loaned the proceeds from the Bonds issued to Wellcome Trust group (the "Group") undertakings and receives interest on these loans.

The Company will continue to receive interest on the loans to Group undertakings and pay interest on the Bond liabilities for the foreseeable future. The Company has not issued any bonds during the year, and does not expect to issue any bonds in the near future.

Results for the Year

The Company made a profit of GBP3,439,386 (2017: GBP3,455,332) during the year ended 30 September 2018. As at 30 September 2018 the Company had net assets of GBP137,500,000 (2017: GBP137,500,000).

Key Performance Indicators

Due to the nature of the Company's operations, the key performance measures are that the Company meets all its legal obligations to the Bond holders and that the Company achieves sufficient return on its assets to be profitable, before any donations to the Wellcome Trust under Gift Aid. During the year the Company met all its legal obligations to the Bond holders and made a net profit before donations to Wellcome Trust under Gift Aid.

Financial risk management objectives and policies

The Directors of the Company implement policies to manage the inherent risks relating to the financial assets and liabilities of the Company.

The Directors have assessed for each financial asset and liability: the market risk, currency risk, interest rate risk, liquidity risk, and credit risk exposure. The Company is not exposed to significant market risk or interest rate risk because the Company's main financial assets have fixed redemption values, fixed interest rates and fixed maturity dates, which match those of its financial liabilities. The currency risk exposure is limited to the payment of one administrative expense amount per annum. The liquidity risk of the Company is mitigated by the matching of the cash flows from the Company's financial assets and liabilities. Credit risk exposure of the Company's loans is reduced by the Company only advancing loans to entities within the Group. Credit risk exposure of the Company's remaining financial assets is reduced by stringent selection procedures for any external counterparties with which the Company transacts.

The Company's internal control and risk management is undertaken as part of the Wellcome Trust's processes which are detailed in the Wellcome Trust Annual Report and Financial Statements are available at www.wellcome.ac.uk. The key elements of this specifically applicable to the Company are:

-- delegation: there is a clear organisational structure with documented lines of authority and responsibility for control and documented procedures for reporting decisions, actions and issues; and

-- review: the Group Audit and Risk Committee reviews the effectiveness of the Company's internal control, its financial reporting process, the independence of its statutory auditors and its compliance with relevant statutory and finance regulations and advises the Directors of the Company of any relevant matters.

Corporate and Social Responsibility

Due to the nature of its activities the Company has a minimal environmental impact. The Group's approach to social responsibility is detailed in the Wellcome Trust Annual Report and Financial Statements, which are available at www.wellcome.ac.uk.

This report was approved by the Board of Directors and signed on its behalf on 17 December 2018 by:

Nicholas Moakes

Director

17 December 2018

Directors' Report

The Directors of Wellcome Trust Finance plc present their report and the audited Financial Statements for the year ended 30 September 2018.

Going Concern

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet any commitments as they fall due for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Future developments

These are discussed in the Strategic Report.

Financial risk management objectives and policies

These are discussed in the Strategic Report.

Employees

There are no employees of the Company (2017: nil).

The management and administration of the Company is undertaken by staff from the Wellcome Trust. The Wellcome Trust has not incurred any incremental staff costs due to the management of this Company.

Dividend

The Directors do not propose the payment of a dividend (2017: GBPnil).

Corporate Governance

The Company is limited by shares. Its governing documents are its articles of association. The shareholder of the company is The Wellcome Trust Limited, as trustee of the Wellcome Trust.

The Company is considered to be a wholly owned subsidiary of the Wellcome Trust through its corporate trustee, The Wellcome Trust Limited. The Company is not subject to the requirements of the UK Corporate Governance Code. The governance policies of the Group and of the Wellcome Trust are included in the Wellcome Trust's Annual Report and Financial Statements for the year ended 30 September 2018.

The Group Audit and Risk Committee, the Investment Committee and the internal audit function of the Wellcome Trust oversee all group entities.

The Company complies with all applicable filing and information requirements of the Financial Conduct Authority.

Directors and their interests

The Directors of the Company who were in office during the year and up to the date of signing the Financial Statements were:

Nicholas Moakes

Peter Pereira Gray

Fabian Thehos (appointed 1 January 2018)

None of the Directors held any beneficial interest in the shares of the Company or any interest in its parent undertaking the Wellcome Trust through its corporate trustee, The Wellcome Trust Limited.

Each of the Directors is an employee of the Group and receives remuneration from the Group as an employee. No remuneration is paid to any Director for their services as a Director.

Directors' Indemnity Policy

The Company is party to a Group-wide directors' and officers' liability insurance policy which includes all of the Group's current Directors. There are no qualifying indemnity provisions (as defined in the Companies Act 2006) that benefit the Directors of the Company.

Statement of Directors' responsibilities

The Directors are responsible for preparing the Strategic Report, Directors' Report and the Financial Statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare Financial Statements for each financial year. Under that law the Directors have prepared the Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 the Financial Reporting Standards applicable in U.K. and Republic of Ireland. Under company law the Directors must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these Financial Statements, the Directors are required to:

   --      select suitable accounting policies and then apply them consistently; 
   --      make judgements and accounting estimates that are reasonable and prudent; 

-- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the Financial Statements;

-- prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the company's information on its parent undertaking's (the Wellcome Trust's) website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.

The Directors consider that the Annual Report and Financial Statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's performance, business model and strategy.

Each of the Directors, whose names are listed in the Directors' Report confirm that, to the best of their knowledge:

-- the Financial Statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 the Financial Reporting Standards applicable in U.K. and Republic of Ireland, give a true and fair view of the assets, liabilities, financial position and result of the Company; and

-- the Directors' Report contained in this section of the Annual Report includes a fair review of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties that it faces.

Statement of disclosure of information to auditors

Each Director in office at the date of approving this report confirms that so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware and each Director has taken all the steps that ought to have been taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Independent auditors

In accordance with Section 485 of the Companies Act 2006, a resolution dated 17 December 2018 was passed by the members re-appointing Deloitte LLP as auditors of the Company.

This report was approved by the Board of Directors and signed on its behalf on 17 December 2018 by:

Nicholas Moakes

Director

17 December 2018

INDEPENT AUDITOR'S REPORT TO THE MEMBERS OF WELLCOME TRUST FINANCE PLC

Report on the audit of the financial statements

 
 Opinion 
============================================================================ 
          In our opinion the financial statements of Wellcome Trust 
           Finance plc (the 'company'): 
            *    give a true and fair view of the state of the 
                 company's affairs as at 30 September 2018 and of its 
                 result for the year then ended; 
 
 
            *    have been properly prepared in accordance with United 
                 Kingdom Generally Accepted Accounting Practice, 
                 including Financial Reporting Standard 102 "The 
                 Financial Reporting Standard applicable in the UK and 
                 Republic of Ireland"; and 
 
 
            *    have been prepared in accordance with the 
                 requirements of the Companies Act 2006. 
 
 
 
           We have audited the financial statements which comprise: 
 
            *    the statement of income and retained earnings; 
 
 
            *    the balance sheet; and 
 
 
            *    the related notes 1 to 16. 
 
 
 
           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). 
 
 
 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 company 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 public interest 
  entities, and we have fulfilled our other ethical responsibilities 
  in accordance with these requirements. We confirm that the 
  non-audit services prohibited by the FRC's Ethical Standard 
  were not provided to the company. 
 
  We believe that the audit evidence we have obtained is sufficient 
  and appropriate to provide a basis for our opinion. 
 
 
 Summary of our audit approach 
=========================================================================== 
 Key audit matters   The key audit matter that we identified in the 
                      current year was the amortisation of bond liabilities 
                      and collectability of intercompany loans which 
                      is consistent with the prior year. 
------------------  ======================================================= 
 Materiality         The materiality that we used in the current 
                      year was GBP19.3m which was determined on the 
                      basis of 2% of total assets. 
------------------  ======================================================= 
 Scoping             Audit work to respond to the risks of material 
                      misstatement was performed directly by the audit 
                      engagement team. 
------------------  ======================================================= 
 Significant         There are no significant changes in our approach, 
  changes in our      other than the removal of management override 
  approach            of controls as a key audit matter. 
------------------  ======================================================= 
 
 
 Conclusions relating to going concern 
          We are required by ISAs (UK) to report in         We have nothing to 
           respect of the following matters where:           report in respect 
           -- the directors' use of the going concern        of these matters. 
           basis of accounting in preparation of the 
           financial statements is not appropriate; 
           or 
           -- the directors have not disclosed in the 
           financial statements any identified material 
           uncertainties that may cast significant 
           doubt about the company's ability to continue 
           to adopt the going concern basis of accounting 
           for a period of at least twelve months from 
           the date when the financial statements are 
           authorised for issue. 
 
 
 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. 
=================================================================================== 
 Amortisation of bond liabilities and collectability of intercompany 
  loans 
 Key audit matter   The company has external debt (bonds listed on 
  description        the London Stock Exchange) of GBP825m as at 30 
                     September 2018. This comprises two bond issues 
                     with the following terms: 
                      *    GBP550m which is repayable on 24 July 2036 at an 
                           interest rate of 4.625% per annum; and 
 
 
                      *    GBP275m which is repayable on 28 May 2021 at an 
                           interest of 4.75% per annum. 
 
 
 
                     The company also has receivables due from group 
                     undertakings totalling GBP245.5m and GBP704.2m 
                     due from its parent. 
 
                     These bonds and intercompany loans are highly 
                     material to the company as they account for 99.8% 
                     of total liabilities and 98.5% of total assets 
                     of the company respectively. 
 
                     The bond liabilities are stated at amortised 
                     cost using the effective interest method and 
                     requires the calculation of the effective interest 
                     rate for their measurement on the balance sheet 
                     as at 30 September 2018. 
 
                     In addition, the ability of the company to repay 
                     the external debt when it matures and pay the 
                     interest to the bond holders is dependent on 
                     the future financial performance of the parent 
                     and its group undertakings and their ability 
                     to repay the intercompany loans to the company. 
=================  ============================================================== 
 How the scope 
  of our audit 
  responded to 
  the key audit       With regards to the bond liabilities, we: 
  matter               *    reviewed the amortisation schedule prepared by 
                            management in regards to amortisation of the bonds; 
 
 
                       *    obtained the original bond prospectuses to assess 
                            whether the terms of the bonds agree to the inputs 
                            used by management to calculate the effective 
                            interest rate; 
 
 
                       *    recalculated the period to period effective interest 
                            and the carried forward balance of the bond 
                            liabilities until maturity; 
 
 
                       *    verified interest payments made to bond holders by 
                            tracing back to bank statements; 
 
 
                       *    reviewed the disclosures in the financial statements 
                            relating to bond liabilities as at 30 September 2018. 
 
 
 
                      With regards to the collectability of the loans 
                      given to the group undertakings and the parent, 
                      we: 
                       *    performed a credit risk analysis by assessing the 
                            current net asset and liquidity position of the 
                            parent and the group undertakings; 
 
 
                       *    obtained the cash flow forecast of the parent and 
                            group undertaking and challenged whether the 
                            assumptions in the forecast were reasonable; 
 
 
                       *    assessed whether the cash flow forecast and the 
                            liquidity position of the parent and group 
                            undertakings suggested any indicators of impairment. 
=================  ============================================================== 
 Key observations   As a result of our procedures, we concluded that 
                     the amortisation of bond liabilities is appropriately 
                     stated and intercompany loans are not impaired. 
=================  ============================================================== 
 
 
 Our application of 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             GBP19.3m (2017: GBP19.3m) 
  ---------------------- 
   Basis for determining   2% of total assets of GBP963m (2017: 2% of 
    materiality             total assets) 
  ----------------------  =============================================== 
   Rationale for           Total assets is considered as an appropriate 
    the benchmark           benchmark as the principal activity of the 
    applied                 entity is to issue bonds on the London Stock 
                            Exchange to provide financing to the Wellcome 
                            Trust Group and therefore it is the key area 
                            of interest for the users of the financial 
                            statements. 
  ----------------------  =============================================== 
 
 
 
  We agreed with the Audit and Risk Committee of the Wellcome 
  Trust, which oversees the group entities that we would report 
  to the Committee all audit differences in excess of GBP963k 
  (2017: GBP965k), as well as differences below that threshold 
  that, in our view, warranted reporting on qualitative grounds. 
  We also report to the Audit and Risk Committee on disclosure 
  matters that we identified when assessing the overall presentation 
  of the financial statements. 
 
 
 An overview of the scope of our audit 
=================================================================================== 
                 Our audit was scoped by obtaining an understanding of the entity 
                  and its environment, including internal control, and assessing 
                  the risks of material misstatement. Audit work to respond to 
                  the risks of material misstatement was performed directly by 
                  the audit engagement team. 
 Other information 
=================================================================================== 
 The directors are responsible for the other                   We have nothing to 
  information. The other information comprises                  report in respect 
  the information included in the annual report,                of these matters. 
  other than the financial statements and 
  our auditor's report thereon. 
 
  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. 
 
  In connection with our audit of the financial 
  statements, 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 audit or otherwise appears to be materially 
  misstated. 
 
  If we identify such material inconsistencies 
  or apparent material misstatements, we are 
  required to determine whether there is a 
  material misstatement in the financial statements 
  or a material misstatement of the other 
  information. 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. 
 Responsibilities of directors 
=================================================================================== 
 As explained more fully in the directors' responsibilities 
  statement, the directors 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 directors 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 directors are responsible 
  for assessing the company'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 directors either intend to liquidate the company or to 
  cease operations, or have no realistic alternative but to do 
  so. 
 Auditor's responsibilities for the audit of the financial statements 
=================================================================================== 
 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. 
 
 
  Details of the extent to which the audit was considered capable 
  of detecting irregularities, including fraud are set out below. 
 
  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. 
 
 
 Extent to which the audit was considered capable of detecting 
  irregularities, including fraud 
====================================================================================== 
                  We identify and assess the risks of material misstatement of 
                   the financial statements, whether due to fraud or error, and 
                   then design and perform audit procedures responsive to those 
                   risks, including obtaining audit evidence that is sufficient 
                   and appropriate to provide a basis for our opinion. 
 
                   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, our procedures included the following: 
                    *    enquiring of management and the audit and risk 
                         committee, including obtaining and reviewing 
                         supporting documentation, concerning the company's 
                         policies and procedures relating to: 
 
 
                   o identifying, evaluating and complying with laws and regulations 
                   and whether they were aware of any instances of non-compliance; 
                   o detecting and responding to the risks of fraud and whether 
                   they have knowledge of any actual, suspected or alleged fraud; 
                   o the internal controls established to mitigate risks related 
                   to fraud or non-compliance with laws and regulations; 
                    *    discussing among the engagement team and involving 
                         relevant internal specialists, including IT 
                         specialists regarding how and where fraud might occur 
                         in the financial statements and any potential 
                         indicators of fraud. As part of this discussion, we 
                         identified potential for fraud as management are in a 
                         unique position to perpetrate fraud given their 
                         ability to manipulate accounting records and prepare 
                         fraudulent financial statements by overriding 
                         controls that otherwise might appear to be operating 
                         effectively. In particular there are significant 
                         transactions relating to intercompany loans and 
                         transactions with associated interests; and 
 
 
                    *    obtaining an understanding of the legal and 
                         regulatory framework that the company operates in, 
                         focusing on those laws and regulations that had a 
                         direct effect on the financial statements or that had 
                         a fundamental effect on the operations of the 
                         company. The key laws and regulations we considered 
                         in this context included the UK Companies Act, 
                         listing rules and tax legislation. 
 
 
                   Audit response to risks identified 
                   As a result of performing the above, we did not identify any 
                   key audit matters related to the potential risk of fraud or 
                   non-compliance with laws and regulations. 
 
                   Our procedures to respond to risks identified included the 
                   following: 
                    *    reviewing the financial statement disclosures and 
                         testing to supporting documentation to assess 
                         compliance with relevant laws and regulations 
                         discussed above; 
 
 
                    *    enquiring of management, the audit and risk committee 
                         and in-house legal counsel concerning actual and 
                         potential litigation and claims; 
 
 
                    *    performing analytical procedures to identify any 
                         unusual or unexpected relationships that may indicate 
                         risks of material misstatement due to fraud; 
 
 
                    *    reading minutes of meetings of those charged with 
                         governance, reviewing internal audit reports and 
                         reviewing correspondence with HMRC; and 
 
 
                    *    in addressing the risk of 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. 
 

Report on other legal and regulatory requirements

 
 Opinions on other matters prescribed by the Companies Act 2006 
================================================================= 
 In our opinion, based on the work undertaken in the course 
  of the audit: 
   *    the information given in the strategic report and the 
        directors' report for the financial year for which 
        the financial statements are prepared is consistent 
        with the financial statements; and 
 
 
   *    the strategic report and the directors' report have 
        been prepared in accordance with applicable legal 
        requirements. 
 
 
 
  In the light of the knowledge and understanding of the company 
  and its environment obtained in the course of the audit, we 
  have not identified any material misstatements in the strategic 
  report or the directors' report. 
 
 
 Matters on which we are required to report by exception 
==================================================================================== 
 Adequacy of explanations received and accounting 
  records                                                         We have nothing to 
  Under the Companies Act 2006 we are required                    report in respect 
  to report to you if, in our opinion:                            of these matters. 
   *    we have not received all the information and 
        explanations we require for our audit; or 
 
 
   *    adequate accounting records have not been kept by the 
        company; or 
 
 
   *    the financial statements are not in agreement with 
        the accounting records and returns. 
 Directors' remuneration 
  Under the Companies Act 2006 we are also                        We have nothing to 
  required to report if in our opinion certain                    report in respect 
  disclosures of directors' remuneration have                     of this matter. 
  not been made. 
 
 
 Other matters 
=================================================================== 
 Auditor tenure 
  Following the recommendation of the audit and risk committee 
  we were appointed by the Company at its annual general meeting 
  on 14 December 2015 to audit the financial statements of the 
  Company for the period ending 30 September 2016 and subsequent 
  financial periods. 
 
  Our total uninterrupted period of engagement is 3 years, covering 
  periods from our appointment through to the period ending 30 
  September 2018. 
 Consistency of the audit report with the additional report 
  to the audit and risk committee 
  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). 
 
 
 Use of our report 
=================================================================== 
 This report is made solely to the company's members, as a body, 
  in accordance with Chapter 3 of Part 16 of the Companies Act 
  2006. Our audit work has been undertaken so that we might state 
  to the company's members 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 company and the company's 
  members as a body, for our audit work, for this report, or 
  for the opinions we have formed. 
 

Terri Fielding, ACA (Senior statutory auditor)

For and on behalf of Deloitte LLP

Statutory Auditor

London, United Kingdom

17 December 2018

Wellcome Trust Finance plc

Statement of Income and Retained Earnings

For the year ended 30 September 2018

 
                                                       Year ended     Year ended 
                                                     30 September   30 September 
                                              Note           2018           2017 
 
                                                              GBP            GBP 
-------------------------------------------  -----  -------------  ------------- 
 
 Turnover                                      3       42,693,773     42,674,163 
 
 Operating income                                      42,693,773     42,674,163 
 
 Cost of sales                                       (39,202,305)   (39,169,739) 
 
 Administrative expenses                       4         (52,082)       (59,092) 
 
 Operating profit                                       3,439,386      3,445,332 
 
 Taxation                                                       -              - 
 
 Profit on ordinary activities after 
  taxation                                              3,439,386      3,445,332 
 
 Charitable donation - relating to current 
  year                                                (3,439,386)    (3,445,332) 
 
 Retained profit/(loss) for the financial                       -              - 
  year 
-------------------------------------------  -----  -------------  ------------- 
 
 
 Opening shareholder's funds                          137,500,000    137,500,000 
 
 Retained earnings                                              -              - 
 
 Profit for the period                                          -              - 
 
 Dividends declared and paid or payable                         -              - 
  during the period 
 
 Closing shareholder's funds                          137,500,000    137,500,000 
-------------------------------------------  -----  -------------  ------------- 
 

All results are derived from continuing activities.

The Company has no gains or losses other than the results for the financial year as set out above, and therefore no separate Statement of comprehensive income or Statement of changes in equity have been presented.

The notes form part of these Financial Statements.

Wellcome Trust Finance plc

Balance Sheet

As at 30 September 2018

 
                                                  30 September    30 September 
                                          Note            2018            2017 
                                                           GBP             GBP 
---------------------------------------  -----  --------------  -------------- 
 
 Fixed assets 
 Loans to Group undertakings                 8     704,228,362     703,803,434 
 
 Current assets 
 Loans to Group undertakings                 8     245,500,000     245,500,000 
 Amounts owed by Group undertakings                  3,754,174       5,654,559 
 Accrued interest on loans                           9,936,096       9,936,096 
 Prepayments                                             9,450          24,750 
 Cash at bank and in hand                               16,566           7,821 
                                                   259,216,286     261,123,226 
 
 Total assets                                      963,444,648     964,926,660 
---------------------------------------  -----  --------------  -------------- 
 
 Creditors: amounts falling due 
  within one year                            9    (10,560,864)    (12,745,181) 
---------------------------------------  -----  --------------  -------------- 
 Net current assets                                248,655,422     248,378,045 
--------------------------------------- 
 
 Total assets less current liabilities             952,883,784     952,181,479 
---------------------------------------  -----  --------------  -------------- 
 
 Creditors: amounts falling due 
  after more than one year                   9   (815,383,784)   (814,681,479) 
 
 Net assets                                        137,500,000     137,500,000 
---------------------------------------  -----  --------------  -------------- 
 
 Capital reserves 
 Called up share capital                    11     137,500,000     137,500,000 
 Profit and loss account                                     -               - 
 Total shareholders' funds                  10     137,500,000     137,500,000 
---------------------------------------  -----  --------------  -------------- 
 

The Company has no changes in equity during the year as set out above and therefore no separate statement of changes in equity has been presented.

The Financial Statements were approved by the Board of Directors and authorised for issue on 17 December 2018 and signed on its behalf by:

Nicholas Moakes

Director

17 December 2018

Wellcome Trust Finance plc

Notes to the Financial Statements

For the year ended 30 September 2018

1. ACCOUNTING POLICIES

(a) Statement of compliance

The Company, a public limited company, as limited by shares, is incorporated in England and Wales, United Kingdom under the Companies Act. The address of the registered office is given in the Administrative Details. The nature of the Company's operations and its principal activities are set out in the Strategic Report.

The Company is a wholly owned subsidiary undertaking of the Wellcome Trust through its corporate trustee, The Wellcome Trust Limited, and is included in the Consolidated Financial Statements of the Wellcome Trust, which are publicly available.

The Financial Statements have been prepared on a going concern basis as well as 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").

The functional and presentational currency of the Company is considered to be pounds Sterling. The majority of transactions are denominated in pounds Sterling.

The Company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it. Exemptions have been taken in relation to financial instruments, the presentation of a Statement of Cash Flows and the Related Party disclosures. The equivalent disclosures relating to the exemptions have been included in the Consolidated Financial Statements of the Wellcome Trust.

(b) Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation

The financial statements have been prepared under the historical cost convention. 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 Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 2.

Turnover

Turnover is interest derived from loans to Wellcome Trust Investment Limited Partnership and Wellcome Trust Investments 1 Unlimited, undertakings in the Group, and the Wellcome Trust. Income is calculated using the effective interest rate method and is recognised on an accruals basis.

Cost of sales

Expenditure is the effective interest on the Bond liabilities (as described in Bond Liabilities section below) and is recognised on an accruals basis.

Gift Aid

The amount of Gift Aid donation recognised for each period is equal to the estimated taxable profits of the Company for that period at the time of the approval of the financial statements. Gift Aid donation payments made within nine months after the balance sheet date are equal to the estimated taxable profits of the Company for the period at the time of payment less any interim donations made in the year. Any difference between the Gift Aid donation accrued and Gift Aid donations paid is recognised at the time of payment.

Taxation

Although subject to taxation, the Company does not pay UK Corporation Tax because its policy is to donate taxable profits as Gift Aid to the Wellcome Trust.

Subject to the above, 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.

Financial assets and liabilities

The Company 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 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), and subsequently at amortised cost.

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. Financial assets and liabilities are only offset in the Balance Sheet when, and only when, a legally enforceable right exists 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 when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the Company, 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, cancelled or expires.

Loans to Group undertakings

The loans are not quoted in an active market. The loans were recognised initially at fair value and after initial recognition are measured at amortised cost using the effective interest method.

Bond Liabilities

The initial measurement of the liability is equal to the proceeds of issue less all transaction costs directly attributable to the issue for each Bond. After initial recognition the liability is measured at amortised cost using the effective interest method. The Company is not required to, and therefore does not, recognise any adjustment to fair value in the Balance Sheet and Statement of Income and Retained Earnings.

Foreign Currencies

Transactions in currencies other than Sterling are recorded at the rate of exchange prevailing on the dates of the transactions. At each balance sheet date, recorded monetary assets and liabilities and balances carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. All realised and unrealised profits and losses arising on exchange are included in net profit or loss for the period.

2. SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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.

Accounting judgements

The Company has made no significant accounting judgements in the application of the Company's accounting policies that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Significant accounting estimates and assumptions

The Company makes estimates and assumptions to produce the Financial Statements. The resulting accounting estimates will seldom equal the related actual results.

The Company has made no significant accounting estimates and assumptions in the application of the Company's accounting policies that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

3. TURNOVER

 
                                                                                                     2018         2017 
                                                                                                      GBP          GBP 
 
 Interest receivable on loans to Group undertakings                                            42,693,678   42,673,500 
 Interest receivable on 
  cash deposits                                                                                        95          663 
 
                                                                                               42,693,773   42,674,163 
     ------------------------------   -------------------------------  ---------------------  -----------  ----------- 
 
 

Interest receivable on loans to Group undertakings in the UK (see note 8) is the effective interest on:

   --      Loan A to Wellcome Trust Investment Limited Partnership at a fixed rate of 4.75%; 
   --      Loan (new bond) to Wellcome Trust at fixed rate of 4.80%; and 
   --      Loan C to Wellcome Trust at fixed rate of 4.00%; 

-- Loan D to Wellcome Trust at fixed rate of 4.125% (novated from Wellcome Trust Investments 1 Unlimited during the prior year).

4. ADMINISTRATIVE EXPENSES

 
                                                                                         2018          2017 
                                                                                          GBP           GBP 
 
 Auditors' remuneration                                                                17,220        16,800 
 Rating agency fees                                                                    26,789        36,622 
 Tax compliance                                                                         3,273           870 
 Other                                                                                  4,800         4,800 
 
                                                                                       52,082        59,092 
   ---------------------------------      -------------------------------------  ------------  ------------ 
 
 

Auditor's remuneration is solely in relation to the statutory audit of the Financial Statements.

5. EMPLOYEE INFORMATION

The Company has no employees. Personnel from the Wellcome Trust undertake the management and administration of the Company at no incremental cost to the Wellcome Trust.

6. REMUNERATION OF DIRECTORS

The Directors of the Company received no remuneration from the Company for their services. There were no Directors for whom retirement benefits are accruing under a money purchase or defined benefit scheme. The Company does not issue share options or offer any long-term incentive schemes, so there were no Directors who exercised share options during the year or became entitled to shares under a long-term incentive scheme.

7. TAX ON RESULT ON ORDINARY ACTIVITIES

The profits of the Company for the year will be paid under Gift Aid to the Wellcome Trust, a charity registered in England under the UK Charities Act 2011 (registered charity number 210183). There is no difference between retained profit/(loss) and taxable profits, so there is no provision required for deferred tax.

 
                                                                                          2018        2017 
                                                                                           GBP         GBP 
 
 Profit on ordinary activities 
  before tax                                                                         3,439,386   3,445,332 
 
 Current tax charge for the 
  year: 
 Profit on ordinary activities multiplied by 
  standard rate                                                                        653,483     671,840 
 of corporation tax in the UK of 19% 
  (2017: 19.5%) 
 
 Tax relief on gift aid donations                                                    (653,483)   (671,840) 
 
 Total current                                                                               -           - 
  tax 
---------------------  -----------------------     -------------------------------  ----------  ---------- 
 
 

8. LOANS TO GROUP UNDERTAKINGS

 
                        Principal   Interest rate   Loan anniversary   Amortised cost   Amortised cost 
                           amount       per annum               date             2018             2017 
                                                                         30 September     30 September 
                                                                                 2006             2006 
                              GBP               %                                 GBP              GBP 
 Current Assets 
 Loan 
 A                    245,500,000           4.750            25 July      245,500,000      245,500,000 
                      245,500,000                                         245,500,000      245,500,000 
   ----------------  ------------  --------------  -----------------  ---------------  --------------- 
 
 Fixed Assets 
 Loan (new 
  bond)               275,000,000           4.800             28 May      273,728,362      273,303,434 
 Loan 
 C                    280,500,000           4.000            25 July      280,500,000      280,500,000 
 Loan 
 D                    150,000,000           4.125            25 July      150,000,000      150,000,000 
                      705,500,000                                         704,228,362      703,803,434 
   ----------------  ------------  --------------  -----------------  ---------------  --------------- 
 

Loans to Group undertakings are loans (the "Loans") to Wellcome Trust Investment Limited Partnership (Loan A), Wellcome Trust (Loan C, Loan D and Loan (new bond)). Loan D to Wellcome Trust was novated from Wellcome Trust Investments 1 Unlimited during the prior year. The principal under Loan A is repayable on demand by the Company. The principal under Loan C, Loan D and Loan (new bond) is repayable on agreement between the Company and Wellcome Trust. The Loans have an agreed repayment date in 18 years (Loan A, Loan C and Loan D) and 3 years (Loan (new bond)). Each Loan has a fixed redemption value equal to the principal amount and a fixed interest rate.

9. CREDITORS

 
                                                                                              2018          2017 
                                                                                               GBP           GBP 
 
 Accruals and deferred income                                                               79,078        87,349 
 Gift Aid due to the Wellcome 
  Trust                                                                                  1,269,286     3,445,332 
 Bond liabilities                                                                        9,212,500     9,212,500 
 Total creditors: amounts falling due within 
  one year                                                                              10,560,864    12,745,181 
--------------------------------------------------------------------------------      ------------  ------------ 
 
 Bond liabilities                                                                      273,724,451   273,297,670 
 Falling due between one and five 
  years                                                                                273,724,451   273,297,670 
---------------------------------------------------------------    -----------------  ------------  ------------ 
 
 Bond liabilities                                                                      541,659,333   541,383,809 
 Falling due after five years                                                          541,659,333   541,383,809 
------------------------------------------------------     -------------------------  ------------  ------------ 
 
 Total creditors: amounts falling due after 
  one year                                                                             815,383,784   814,681,479 
--------------------------------------------------------------------------------      ------------  ------------ 
 
 

The Bond liabilities are stated at the amortised cost using the effective interest method for the GBP550 million 4.625% Guaranteed Bonds due July 2036 ("GBP550 million Bonds"), issued by the Company on 25 July 2006, and the GBP275 million 4.750% Guaranteed Bonds due May 2021 ("GBP275 million Bonds"), issued by the Company on 28 May 2009. The Bond liabilities falling due within one year are the unpaid coupon interest accrued for the year to 30 September 2018 for each Bond. The interest payment to the Bond holders is at a fixed rate of 4.625% per annum (GBP550 million Bonds) and 4.750% per annum (GBP275 million Bonds) and is paid in arrears on 25 July or 28 May respectively each year until repayment of the Bond principals. The bond repayments and amounts receivable from group companies are aligned in timing for liquidity management. Effective interest on bond liabilities is shown as Cost of Sales in the Statement of Income and Retained Earnings.

The obligation of the Company on the Bonds is governed by a Trust Deed dated 25 July 2006 (GBP550 million Bonds) or 28 May 2009 (GBP275 million Bonds) between the Company, The Wellcome Trust Limited, as trustee of the Wellcome Trust, and Citicorp Trustee Company Limited, as the trustee for the holders of the Bonds (the "Trust Deed" and the "new Trust Deed" respectively). The payment of all amounts due in respect of the Bonds is unconditionally and irrevocably guaranteed pursuant to the terms of a guarantee given by The Wellcome Trust Limited, as corporate trustee of the Wellcome Trust; the guarantee is part of the Trust Deed and the new Trust Deed.

10. RECONCILIATION OF MOVEMENTS IN SHAREHOLDER'S FUNDS

 
                                                                                                                    Shareholder's 
                                                                                                                            Funds 
                                                                                                                              GBP 
 
 As at 30 September 2017                                                                                              137,500,000 
 
 As at 30 September 2018                                                                                              137,500,000 
----------------------------------------------------------      ---------------------------------  ------------------------------ 
 
 

11. CALLED UP SHARE CAPITAL

 
                                                                                                                2018                          2017 
                                                                               Number                            GBP                           GBP 
 
 Authorised ordinary shares of GBP1 
  each                                                                    137,500,000                    137,500,000                   137,500,000 
-------------------------------------------------------------------      ------------   ----------------------------  ---------------------------- 
 
 Issued and fully paid ordinary shares 
  of GBP1 each                                                            137,500,000                    137,500,000                   137,500,000 
-----------------------------------------------------------------------  ------------   ----------------------------  ---------------------------- 
 
 

12. RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption contained in FRS 102 Section 33 paragraph 33.1A3 "Related Party Disclosures", which exempts it from disclosing details of transactions with the Wellcome Trust and its subsidiary undertakings, as the Company and its related undertakings with whom it may have transactions are wholly owned subsidiaries of the Wellcome Trust through its corporate trustee, The Wellcome Trust Limited. There are no other related party transactions requiring disclosure.

13. FINANCIAL INSTRUMENTS

The Company's financial instruments comprise the loans to Group undertakings and the liability arising from the issue of the Bonds. The Company's loans are non-derivative financial assets with fixed payments which are not available for sale. The Bond liability is a non-derivative financial liability with a fixed redemption value, fixed interest rate and fixed maturity date. The Company has not undertaken any trading in financial instruments during the year.

The financial instruments issued by, or held by, the Company are Sterling denominated and at fixed interest rates and carry no foreign exchange risk or interest rate risk.

The key risks relating to the financial instruments held by the Company are the credit risk and liquidity risk of the counterparties Wellcome Trust Investment Limited Partnership and the Wellcome Trust in relation to the loans to Group undertakings. These risks are in respect of the Wellcome Trust Investment Limited Partnership's and the Wellcome Trust's ability to meet the interest and principal payments as they fall due. The total value exposed to credit risk as at 30 September 2018 is GBP963.4 million (2017: GBP964.9 million), which comprises the value of the loans to Group undertakings, amounts owed by Group undertakings, accrued interest on loans and cash at bank and in hand. The liquidity risk of the Company is mitigated by the exact matching of the cash flows from the Company's loans to Group undertakings to those arising on the Bond Liabilities.

Credit risk exposure of the Company's loans is reduced by the Company only advancing loans to entities within the Group. Credit risk exposure of the Company's remaining financial assets is reduced by stringent selection procedures for any external counterparties with which the Company transacts.

14. COMMITMENTS

The Company has no outstanding commitments at 30 September 2018 (2017: GBPnil).

15. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The Company is a company limited by shares. Its sole shareholder is The Wellcome Trust Limited, in its capacity as the corporate trustee of the Wellcome Trust, whose place of business is Gibbs Building, 215 Euston Road, London, United Kingdom. The Company is considered a wholly owned subsidiary of the Wellcome Trust for accounting purposes and its assets and liabilities have been consolidated with those of the Wellcome Trust as required by section 9 of FRS 102.

The ultimate parent undertaking and controlling party is the Wellcome Trust, which is the parent undertaking of the smallest and largest group to consolidate these Financial Statements.

Copies of the Wellcome Trust Annual Report and Financial Statements 2018 are available from the Trust's website (www.wellcome.ac.uk) or from the company secretary.

16. EVENTS AFTER THE END OF THE REPORTING PERIOD

There have been no subsequent events requiring disclosure.

Wellcome Trust Finance plc

Administrative Details

As at 30 September 2018

Directors

Nicholas Moakes

Peter Pereira Gray

Fabian Thehos (appointed 1 January 2018)

Company Secretary

Christopher Bird

Registered Company Number

5857955

Registered Office

Gibbs Building

215 Euston Road

London

NW1 2BE

Independent Auditor

Deloitte LLP

Statutory Auditor

Hill House

1 Little New Street

London

EC4A 3TR

Banker

HSBC Bank plc

31 Holborn Circus

Holborn

London

EC1N 2HR

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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December 18, 2018 02:00 ET (07:00 GMT)

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