The Wellcome Trust Eighteenth Report (1988-1989)

ChairmanIlepiity CliairiiianTrusteesSecrerary rothe TrusteesBOARD OFTRUSTEESSir David Steel, IXO, MC, TI1C E Gordon Sniitli, CU. MI). FIICP. FRCl’atli17 G Gibbs (Cliairiiian Ihignare)Tlic Rt Hoii tlie Lord Swanii, FRSProfessor Sir Stnnley I’enrt, MI), FIICP, FRSI Hcleii Miiir,CUE. MA, DPhil, IJSc, Fl7SJ J U Jack. UM. l’h13I’ O Williams. DSc(Hoii), MU, FRCI’CHAIRMAN’S INTRODUCTION!vly prcdcccsçiir. Sir IJ~vid Srccl. retired lastOctiibcr nircr nlniost iiinc yc3ri as Cli.iiriiianof IIK Wellcome ïrw. Tlic I?iROs ~ 3 a sticriocl of nid . eYmiiçioii . tir flic Triiçi. withannual research expenditure rising five-foldfromS12in in 1980toS60inin theycarcnduig30 September 1990. Over tlie past decade, SirDavid lias iiiade a trenieiidous contributionto tlie Trust’s aE%, but there were IWOevents of particular note during hisCliairriiaiisliip, both in 198G the 50thAnniversary of the Trust and the Tnistecs’decision to rcdiice their holding in WellcoineFoundation Limited from 100 per cent to 75per cent. resulting in the flotation ofWcllconie plc in February ofthar year. It isthis diversification. along with the grcatSUCCL‘SS of the Wellcome Group, that has ledto the substantial incrase in the Trust’sincome; further considerable growth is RqaCibbs.expected in the coming years. The ïnistcesplan to use these additional funds to build on what Sir David, his fellow Tmsten and the snffofthe Trust have achieved by broadening the Trust‘s exisring prognmmc and creating newiiiitiativcs.Sir David has clcady IefttheTrusr iiiastrong financial position, which willenableit to niakeaneven niore significant contribution to medical research in the 1990s. I would like to nke tbkopportunity of thanking him for the highly effective way he lias led the TNS~ and for hiscontribution to medical research.ln tlic past, the Trustees have reported biennially on their activitin but we now believe thegreatly increased volume and nnge of tlie Trust‘s work justifies an annual report. We have rakcnthis opportunity to update our traditional forniat.III March 1990, Wellcome plc nioved their head office from tlie Wellcome Building in London’sEuston Road. Sir Henry Wcllcomccreatedthis building in 1931. wirhtheintcntionofntablishinga “niedical research institution”. The Trusrees are now in a position to fulfil that wish. Over thenext two years tlic Wellconie Building will be extensively refurbishcd to l~uusc a Centre forMedical Science and History. This will include a rnourcc centre. meeting rooms and thc’Scicnafor Life’cxliibition. TIieTrust’s ofices and the Wellcome Institute fortheHistoryofMcdicinewillalso be located in the building. We hope that in time this Centre will be seen as a national focus forthe provision ofresources and facilities for all aspects of medical rcsearch.Tlic 1990s will be an exciting time for the Wellcome Trust and theTrustces look forward, in thefinal decade of tliis century, to niaking an even niore telling contribution to the funhering ofniedical research and niedical history.Roger GibbsMay 19