Wellcome Trust Finance plc

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. [...] 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. [...] 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 their ability to repay the intercompany loans to the company. [...] How the scope of our With regards to the collectability of the loans given to the Parent, we: audit responded to the key audit matter - performed a credit risk analysis by assessing the current net asset and liquidity position of the Parent; - obtained the cash flow forecast of the Parent and assessed whether the assumptions in the forecast were reasonable; - assessed whether the cash flow forecas. [...] 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.