| ITEM D2 |
ITEM D2 |
THE WELLCOME TRUST (THE "TRUST") IS A FOREIGN CHARITABLE TRUST CREATED IN 1936 BY THE WILL OF THE LATE SIR HENRY WELLCOME. THE TRUST IS REGISTERED UNDER THE CHARITIES ACT OF 1993 OF THE UNITED KINGDOM. SINCE ITS CREATION, THE TRUST HAS RECEIVED AT LEAST 85% OF ITS SUPPORT FROM SOURCES OUTSIDE THE UNITED STATES, WITHIN THE MEANING OF TREASURY REGULATION SECTION 53.4948-1(B), AS CALCULATED BELOW: INCEPTION TO DATE (IN GBP) SUPPORT FROM US SOURCES GIFTS, GRANTS, CONTRIBUTIONS, OR MEMBERSHIP FEES 0 GROSS RECEIPTS FROM SALES OF GOODS AND SERVICES 0 NET INCOME FROM UNRELATED BUSINESS ACTIVITIES (10,988,272) ------------ TOTAL SUPPORT FROM US SOURCES (10,988,272) SUPPORT FROM NON-US SOURCES GIFTS, GRANTS, CONTRIBUTIONS, OR MEMBERSHIP FEES 1,336,640,866 GROSS RECEIPTS FROM SALES OF GOODS AND SERVICES 20,819,757 NET INCOME FROM UNRELATED BUSINESS ACTIVITIES 12,803,789 ------------ TOTAL SUPPORT FROM NON-US SOURCES 1,370,264,412 TOTAL SUPPORT FROM US AND NON-US SOURCES 1,359,276,140 PERCENTAGE OF NON-US SUPPORT 100.000% |
| FORM 990-PF, PAGE 5, PART VII-B, LINE 3B |
FORM 990-PF, PAGE 5, PART VII-B, LINE 3B |
DURING THE FISCAL YEAR ENDING SEPTEMBER 30, 2021, NORTH LONDON VENTURES LIMITED("NORTH LONDON") AND GOWER PLACE INVESTMENTS LIMITED ("GOWER PLACE"), TWO ENGLISH CORPORATIONS ACTING AS HOLDING COMPANIES, OWNED, BY ATTRIBUTION, MORE THAN 20% OF THE VOTING STOCK OF VARIOUS UK COMPANIES, WHICH MAY CONSTITUTE "BUSINESS ENTERPRISES" AS THAT TERM IS DEFINED IN IRC SECTION 4943(D)(3). DURING THE FISCAL YEAR WELLCOME TRUST OWNED 20% OF THE VOTING FIXED-SHARE PREFERRED STOCK AND 100% OF THE NON-VOTING COMMON STOCK OF NORTH LONDON AND GOWER PLACE. THE REMAINING 80% OF THE VOTING FIXED-SHARE PREFERRED STOCK OF NORTH LONDON AND GOWER PLACE WAS AND REMAINS OWNED BY A U.K. PHILANTHROPIC TRUST THAT IS NOT RELATED TO EITHER WELLCOME TRUST OR TO ANY OF WELLCOME TRUST'S DISQUALIFIED PERSONS. WELLCOME TRUST DOES NOT DIRECTLY OWN ANY OF THE STOCK OF THE ENTITIES OWNED AND CONTROLLED BY NORTH LONDON AND GOWER PLACE. AT NO TIME SINCE THE FORMATION OF NORTH LONDON AND GOWER PLACE HAVE DISQUALIFIED PERSONS WITH RESPECT TO WELLCOME TRUST HELD ANY STOCK IN NORTH LONDON OR GOWER PLACE OR IN ANY OF THE UNDERLYING ENTITIES REFERRED TO ABOVE. HOLDERS OF THE VOTING PREFERRED STOCK IN NORTH LONDON AND GOWER PLACE HAVE THE RIGHT TO ELECT AND REMOVE THE DIRECTORS OF NORTH LONDON AND GOWER PLACE AT ANY TIME, WITH WELLCOME TRUST ENTITLED TO ELECT AND REMOVE 20% OF THE NORTH LONDON AND GOWER PLACE DIRECTORS, AND THE UNRELATED U.K. PHILANTHROPIC TRUST ENTITLED TO ELECT AND REMOVE 80% OF THE NORTH LONDON AND GOWER PLACE DIRECTORS. AT THE PRESENT TIME, ALL OF THE DIRECTORS OF NORTH LONDON AND GOWER PLACE ARE ALSO EMPLOYEES OF WELLCOME TRUST, ALTHOUGH 80% OF THESE DIRECTORS COULD BE REMOVED AT ANY TIME BY VOTE OF THE UNRELATED U.K. PHILANTHROPIC TRUST. WELLCOME TRUST HOLDS A CALL OPTION THAT PERMITS IT TO PURCHASE THE VOTING STOCK OF NORTH LONDON AND GOWER PLACE OWNED BY THE UNRELATED U.K. PHILANTHROPIC TRUST AT FAIR MARKET VALUE UPON TWO MONTHS' NOTICE. THE CALL OPTION HAS NOT BEEN EXERCISED. BECAUSE WELLCOME TRUST DOES NOT OWN (EITHER DIRECTLY OR BY ATTRIBUTION) MORE THAN 20% OF THE VOTING STOCK IN NORTH LONDON OR GOWER PLACE OR IN ANY OF THE UNDERLYING ENTITIES REFERRED TO ABOVE, AND NO DISQUALIFIED PERSONS WITH RESPECT TO WELLCOME TRUST OWN ANY STOCK IN NORTH LONDON OR GOWER PLACE OR IN ANY OF THE UNDERLYING ENTITIES, THE ORGANIZATION HAS DETERMINED THAT WELLCOME TRUST'S INTERESTS IN NORTH LONDON AND GOWER PLACE AND THE UNDERLYING ENTITIES REFERRED TO ABOVE DO NOT CONSTITUTE EXCESS BUSINESS HOLDINGS UNDER 4943 AND THE TREASURY REGULATIONS ISSUED THEREUNDER. |
| FORM 990-PF, PAGE 6, PART VII-B, LINE 5B |
FORM 990-PF, PAGE 6, PART VII-B, LINE 5C |
NOTE A: THE WELLCOME TRUST IS A U.K. TRUST AND HAS RECEIVED A DETERMINATION LETTER FOR EXEMPT STATUS UNDER THE INTERNAL REVENUE CODE SECTION 501(C)(3) AND COMPLIES WITH TREASURY REGULATION SECTION 53.4945-5(B)(6). |