The UK’s biggest grantmaking foundation grew its investment portfolio to £37.6bn last year, latest accounts show.

Wellcome reported an increase in its investments by about £800m, according to its accounts for the year to the end of September 2024.

The charity’s accounts also show it had a charitable spend of £1.6bn in scientific research in 2023/24, a decrease on the £1.7bn it reported in 2022/23.

“This is due in part to the transition of leadership and in part to fewer major renewals of our largest funding commitments,” the accounts say.

“It does not affect our plan to spend £16bn on our mission between 2022 and 2032.”

Wellcome’s latest accounts show income of £569.5m in 2023/24, up from £541.8m recorded in the previous 12 months.

Julia Gillard, chair of Wellcome, said the charity was fortunate to have an investment portfolio that enabled it to be completely independent and globally relevant.

“The portfolio has successfully weathered a challenging period of high inflation, rising interest rates and market volatility,” she said.

“The team deserves credit for thinking long-term and protecting our strong financial position.

“This leaves us well placed to move confidently forward with our charitable mission to benefit from science’s potential to improve health and save lives.”

John-Arne Røttingen, who joined Wellcome as chief executive in January 2024, said: “Since becoming chief executive of Wellcome, I’ve focused on expanding our partnerships.

“As an independent charitable foundation, we are uniquely positioned to leverage our influence and our financial resources to advance science and global health, ensuring equitable progress.

“Success in our mission depends on it.”