Annual Report • Jun 12, 2025
Annual Report
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WORLDWIDE HEALTHCARE TRUST PLC 25 SOUTHAMPTON BUILDINGS LONDON WC2A 1AL WWW.WORLDWIDEWH.COM This report is printed on Revive 100% White Silk a totally recycled paper produced using 100% recycled waste at a mill that has been awarded the ISO 14001 certificate for environmental management. The pulp is bleached using a totally chlorine free (TCF) process. This report has been produced using vegetable based inks. CBP008251 A member of the Association of Investment Companies Disability Act Copies of this annual report and other documents issued by the Company are available from the Company Secretary. If needed, copies can be made available in a variety of formats, including Braille, audio tape or larger type as appropriate. You can contact the Registrar to the Company, MUFG Corporate Markets, which has installed telephones to allow speech and hearing impaired people who have their own telephone to contact them directly, without the need for an intermediate operator, for this service please call 0800 731 1888. Specially trained operators are available during normal business hours to answer queries via this service. Alternatively, if you prefer to go through a ‘typetalk’ operator (provided by the RNID) you should dial 18001 followed by the number you wish to dial. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 WORLDWIDE HEALTHCARE TRUST PLC Annual Report for the year ended 31 March 2025 In order to achieve its investment objective, the Company invests worldwide in a diversified portfolio of shares in pharmaceutical and biotechnology companies and related securities in the healthcare sector. It may use gearing, and derivative transactions to enhance returns and mitigate risk. Performance is measured against the MSCI World Health Care Index on a net total return, sterling adjusted basis (“Benchmark”). Further details of the Company’s investment policy, including how it can use gearing and employ derivatives, are set out in the Strategic Report on pages 8 and 9. ACCESSING THE GLOBAL MARKET The healthcare sector is global and accessing this market as a UK investor can be difficult. The Company offers an opportunity to gain exposure to pharmaceutical, biotechnology and related companies in the healthcare sector on a global scale. The Company invests in large companies with market capitalisations of over U.S.$10bn, smaller companies below that size, as well as in unquoted companies. The portfolio ranges from large multi-national pharmaceutical companies with multiple products to unquoted emerging biotechnology companies. Worldwide Healthcare Trust PLC is able to participate in all aspects of healthcare, anywhere in the world because of its broad investment, mandate. These may include patented speciality medicines for small patient populations and unpatented generic drugs, in both developed countries and emerging markets. In addition, the Company invests in medical device technologies, life science tools and healthcare services. The overall geographic spread of Worldwide Healthcare Trust PLC is also extensive with investments in the U.S., Europe, Japan, China and India (see page 12 for further information). HOW TO INVEST The Company’s shares are traded openly on the London Stock Exchange and can be purchased through a stockbroker or other financial intermediary. The shares are also available through savings plans (including investment dealing accounts, ISAs, Junior ISAs and SIPPs) which enable both regular monthly investments and lump sum investments in the Company’s shares. There are a number of investment platforms that offer these facilities. Further details can be found on page 100. Worldwide Healthcare Trust PLC (the “Company”) is a specialist investment trust which invests in the global healthcare sector with the objective of achieving a high level of capital growth. Strategic Report Financial Summary 1 Key Information 2 Company Performance 3 Statement from the Chair 4 Board and Adviser Activity During the Year 7 Investment Objective and Policy 8 Portfolio 10 OrbiMed Capital LLC (‘OrbiMed’) 13 Portfolio Manager’s Review 14 Environmental, Social and Governance and Climate Change 28 Business Review 29 Governance Board of Directors 44 Report of the Directors 47 Statement of Directors’ 50 Responsibilities Corporate Governance 51 Audit & Risk Committee Report 59 Directors’ Remuneration Report 64 Independent Auditors’ Report 67 Financial Statements Income Statement 74 Statement of Changes in Equity 75 Statement of Financial Position 76 Statement of Cash Flows 77 Notes to the Financial Statements 78 Further Information Shareholder Information 95 Glossary of Terms and Alternative 96 Performance Measures (‘APMs’) How to Invest 100 Notice of the Annual General Meeting 101 Explanatory Notes to the Resolutions 106 Regulatory Disclosures 108 Company Information 110 For more information about Worldwide Healthcare Trust PLC visit the website at www.worldwidewh.com Follow us on X @worldwidewh Contents 1 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION New graph to be provided Rebased to 100 as at 31 March 2024 Source: Morningstar Mar 2024 Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024 Jan 2025 Feb 2025 Mar 2025 WWH NAV (total return) -10.3% WWH Share Price (total return) -10.5% Benchmark (total return) -3.2% % 80 85 90 95 100 105 110 115 for the year to 31 March 2025 Total Return Performance Source: Morningstar † MSCI World Health Care Index on a net total return, sterling adjusted basis. (See Glossary beginning on page 96). ^ Alternative Performance Measure (see Glossary beginning on page 96). -10.3% Net asset value per share (total return)^ 2024: 12.0% 12.4% Discount of share price to net asset value per share^ 2024: Discount of 12.1% -10.5% Share price (total return)^ 2024: 8.6% 2.4p Dividends per share 2024: 2.8p -3.2% Benchmark† 2024: 10.9% 0.8% Ongoing Charges^ 2024: 0.9% 66.7% Active Share^ 2024: 62.4% Financial Summary Year ended 31 March 2025 “The financial year was again characterised by stock market volatility. Strong absolute and relative gains generated by the Company early in the year were offset by underperformance during the market downturn that occurred later in the year.” Chair of the Board 2 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Rebased to 100 as at 31 March 2020. Source: Morningstar. Mar 20 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25 WWH NAV (total return) +22.9% WWH Share Price (total return) +6.0% Benchmark (total return) +53.9% % 80 100 120 140 160 180 Key Information Rebased to 100 as at 28 April 1995. Source: Morningstar, Thomson Reuters & Bloomberg * With effect from 1 October 2010, the performance of the Company is measured against the MSCI World Health Care Index on a net total return, sterling adjusted basis. Prior to this date, performance was measured against the Datastream World Pharmaceutical & Biotechnology Index (total return, sterling adjusted) Apr 95 Mar 96 Mar 97 Mar 98 Mar 99 Mar 00 Mar 01 Mar 02 Mar 03 Mar 04 Mar 05 Mar 06 Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 Mar 24 WWH NAV (total return) +4,253.8% WWH Share Price (total return) +3,599.7% Benchmark (total return) +2,354.2% % 0 1000 2000 3000 4000 5000 6000 Mar 25 Total Return Performance Since Launch to 31 March 2025 Five Year Total Return Performance to 31 March 2025 WWH NAV (total return, annualised) +13.4% WWH Share Price (total return, annualised) +12.8% Benchmark (total return, annualised) +11.3% STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION 3 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Mar 2024 Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024 Jan 2025 Feb 2025 Mar 2025 % (12.0) (10.0) (6.0) (8.0) (4.0) (2.0) 0.0 12.1% 12.4% (14.0) (16.0) 2020 2021 2022 2023 2024 2025 Net asset value per share (total return)^ 6.5% 30.0% -5.8% -0.1% 12.0% -10.3% Benchmark (total return) 5.7% 16.0% 20.4% 2.5% 10.9% -3.2% Net asset value per share 286.9p 370.3p 346.5p 343.5p 381.1p 339.5p Share price 292.0p 369.5p 327.5p 311.5p 335.0p 297.5p Premium/(discount) of share price to net asset value per share 1.8% (0.2)% (5.5)% (9.3)% (12.1)% (12.4)% Dividends per share 2.5p 2.2p 2.7p 3.1p 2.8p 2.4p Leverage 12.0% 7.6% 10.9% 10.5% 10.8% 12.0% Ongoing charges^ 0.9% 0.9% 0.9% 0.8% 0.9% 0.8% Ongoing charges (including performance fees paid or crystallised during the year)^ 0.9% 0.9% 1.4% 0.8% 0.9% 0.8% Comparative periods have been restated for the sub-division of each share of 25p each into 10 new shares of 2.5p each, approved at the AGM held on 18 July 2023 and effective on 27 July 2023. Source: Morningstar ^ Alternative Performance Measure (see Glossary beginning on page 96). Company Performance Source: Morningstar Historic performance for the years ended 31 March Discount of the Company’s Share Price to the Net Asset Value per Share year to 31 March 2025 4 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 INVESTMENT PERFORMANCE In this, the 30th year since the Company’s inception, I am pleased to present your Company’s Annual Report and Financial Statements for the year ended 31 March 2025. Stock market volatility, driven by macro events, was again a hallmark of the financial year under review. From an investment performance perspective, this resulted in a frustrating year for the global healthcare sector and the Company. Strong market gains in the first part of the financial year were given up by broad declines leading up to the end of 2024. There was then a sharp sell-off in the first quarter of calendar 2025, driven by a combination of factors, including escalating trade tensions and a slowing globaleconomy. The earlier environment in 2024 was positive for our Portfolio Manager’s strategy. However, there was then a broad shift in investor sentiment, which favoured a more defensive investment approach. As a result, both the Company’s absolute and relative performance suffered during the latter part of the financial year, more than offsetting the strong early returns by year end. Against this backdrop, the Company’s net asset value per share total return in the financial year was -10.3% (2024: +12.0%). In comparison, our Benchmark, the MSCI World Health Care Index, measured on a net total return, sterling adjusted basis, returned -3.2% (2024: +10.9%). The Company’s share price total return during the year was -10.5% (2023: +8.6%). The small disparity between the performance of the Company’s net asset value per share and its share price contributed to the slight widening of our share price discount to our net asset value per share from 12.1% at 31 March 2024 to 12.4% at 31 March 2025. Amongst the healthcare sectors that the Company invests in, the principal positive contributor to our performance was the Healthcare Equipment & Supplies (‘Medtech’) sector. It was largely spared from negative, industry-specific regulatory changes and was only modestly impacted by broad country tariffs. In contrast, the therapeutics sector, specifically biotechnology, was more negatively impacted by the same macro headwinds as well as higher than expected interest rates worldwide. The last several years have been difficult for the global healthcare sector and the Company, with the sector having underperformed the broader markets and the Company having underperformed our Benchmark on a five-year view. As you would expect, the Board is not content with this situation. We have been spending considerable time with our Portfolio Manager challenging and re-confirming our commitment to the Company’s investment strategy (see ‘Outlook’ below). Nonetheless, our long-term performance continues to be strong. From the Company’s inception 30 years ago in 1995 to the end of the financial year, the total return of our net asset value per share has been +4,254%, equivalent to a compound annual return of +13.4%. This compares to a cumulative blended Benchmark return of +2,354% and a compound annual return of +11.3% over the same period. Further information on the healthcare sector, the Company’s investments and performance during the year can be found in the Portfolio Manager’s Review beginning on page 14. CAPITAL Since the beginning of 2022, and for a variety of reasons, share price discounts across the investment company sector in the UK have widened. As of 9 June 2025, the average level of discount in the broader sector stands at c.14.6%. This compares to the Company’s share price discount of 6.3%. It is the Board’s policy to buy back our shares if the Company’s share price discount to the net asset value per share exceeds 6% on an ongoing basis. Shareholders should note, however, that it remains possible for the discount to be greater than this for extended periods of time, particularly when sentiment towards investment trusts generally, the healthcare sector and/or the Company Statement from the Chair “Net asset value per share total return during the year was -10.3%. Long-term returns remain strong, at +13.4% pa since the Company’sinception” * Source: Winterflood 5 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION remains poor. In such an environment, buybacks may prove unable to sustainably narrow the discount. Nonetheless, even in such an environment, the Board believes that buybacks are important, as they enhance the net asset value per share for remaining shareholders and go some way to dampening discount volatility. The Company’s commitment to its share buyback policy is demonstrated by the fact that we have one of the most active buyback programmes in the investment trust sector. During the financial year, a total of 51,310,528 shares were repurchased for treasury at a cost of £176.5m and at an average discount of 10.8%. The shares repurchased during the year equated to 9.4% of the Company’s share capital at the beginning of the year. At 31 March 2025, the Company had 494,631,804 shares in issue, excluding the 107,033,396 shares held in treasury. From the beginning of the new financial year to 9 June 2025, a further 11,291,577 shares have been bought back for treasury, at a cost of £33.2m and at an average discount of 9.7%. As stated above, our share price discount since year end has narrowed to 6.3%. I confirm that all shares held in treasury will continue to be held for re-issue at a premium to the net asset value per share. A summary of the Board’s and the Company’s advisers’ activities during the year, including buyback and marketing activities, is provided on page 7 of this Annual Report. REVENUE AND DIVIDEND Shareholders will be aware that it remains the Company’s investment policy to pursue capital growth for shareholders and to pay dividends at least to the extent required to maintain investment trust status. Therefore, the level of dividends declared can go down as well as up. An unchanged interim dividend of 0.7p per share for the year ended 31 March 2025 was paid on 9 January 2025 to shareholders on the register on 29 November 2024. The Company’s net revenue for the year as a whole decreased to £16.1m from £19.7m. This was due largely to a decrease in exposure to higher yielding stocks in the portfolio as well as a reduction in the size of the portfolio due to shares being bought back by the Company during the year. As a result, the revenue return per share was 2.4p (2024: 2.7p per share). Accordingly, the Board is proposing a slightly reduced final dividend for the year of 1.7p per share (2024: 2.1p per share). Together with the interim dividend already paid, this makes a total dividend for the year of 2.4p per share (2024: 2.8p per share). The effect of share buybacks means that the reported dividend per share, which is based on the number of shares in issue at the end of the financial year, is higher than the reported revenue return per share, which is based on the average number of shares in issue over the year. Based on the closing mid-market share price of 302.0p on 9 June 2025, the total dividend payment for the year represents a current yield of 0.8%. The final dividend will be payable, subject to shareholder approval, on 23 July 2025, to shareholders on the register of members on 13 June 2025. The associated ex-dividend date will be 12 June 2025. The Company’s dividend policy, which is set out on page 29 of this Annual Report, will be proposed for approval at the forthcoming Annual General Meeting. BOARD OF DIRECTORS As I mentioned in my statement at the Company’s half year, the Board appointed two new Directors at the beginning of October. Both Sian Hansen and William Hemmings have begun to make material contributions to the Board’sdeliberations. In July 2022, the Board asked me to extend my term on the Board for a period of three to five years by taking on the role of Board Chair. This was in order to oversee the renewal of the Board, including the retirement and replacement of all but one of the then Directors as well as changing the composition and leadership of all of the Board’s Committees. Given the good progress being made, I will be retiring from the Board at the conclusion of the Annual General Meeting to be held in July 2026. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (“ESG”) MATTERS ESG matters continue to be an important priority for the Board. Our objective is to have full, transparent disclosure on the topic. Our Senior Independent Director, Bina Rawal, works closely with our Portfolio Manager on this matter. Our Portfolio Manager remains committed to taking a leading role in the development of meaningful ESG engagement practices in the healthcare sector. As part of this, they facilitate dialogue and an exchange of leading practices among investors, companies and other relevant experts on ESG, in particular, the large capitalisation pharmaceutical sector. They also engage with a broad range of companies on a regular basis about where areas for improvement can be identified. Further information on both ESG matters and climate change can be found in the Portfolio Manager’s ESG report. STATEMENT FROM THE CHAIR CONTINUED 6 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 PERFORMANCE FEE There is currently no provision within the Company’s NAV for the payment of a performance fee at a future calculation date. The details and formula for calculating performance fees are described on page 47 of this Annual Report. I would highlight that earning a performance fee is difficult for our Portfolio Manager and is dependent on the long-term outperformance of the Company. Any outperformance has to be maintained for 12 months after the relevant calculation date and only becomes payable to the extent that the outperformance gives rise to a total fee greater than the total of all performance fees paid to date. This ensures that a performance fee is not payable for any outperformance that contributes to the recovery of prior underperformance. INVESTMENT GUIDELINES The Board made a minor change to the Company’s investment guidelines during the year. Previously, the Company could invest a maximum of 30% of the portfolio, at the time of acquisition, in companies in the Medtech sector. Given the increasing importance of the sector, we raised the limit to 40% of the portfolio, as at the time of acquisition. As this amendment was not considered to be material, the Board was advised that shareholder approval would not be required prior to making this amendment. ANNUAL GENERAL MEETING (“AGM”) The Company’s AGM will again be held at Saddlers’ Hall, 40Gutter Lane, London EC2V 6BR on Wednesday, 9 July 2025 from 12.30pm. In addition to the formal proceedings, there will be an opportunity to meet the Board and the Portfolio Manager and to receive an update on the Company’s strategy. We look forward to seeing as many of you as possible there. For those investors who are not able to attend the meeting in person, a video recording of the Portfolio Manager’s presentation will be uploaded to the website after the meeting. Shareholders can submit questions in advance by sending them to [email protected]. I encourage all shareholders to exercise their right to vote at the AGM and to register your votes online in advance of the meeting. Registering your vote in advance will not restrict you from attending and voting at the meeting in person should you wish to do so. The votes on the resolutions to be proposed at the AGM will again be conducted on a poll. The results of the proxy votes will be published following the conclusion of the AGM by way of a stock exchange announcement and will also be able to be viewed on the Company’s website at www.worldwidewh.com. OUTLOOK While global macroeconomic and geopolitical conditions continue to be challenging and buffeting stock market indices, your Board believes that the fundamentals of the healthcare sector remain strong. As frustrating as the past few years have been, the fundamentals of the sector will be reflected in share prices over time. As highlighted in our Portfolio Manager’s recent “Next 30 Years” presentation (see page 7), the Board and our Portfolio Manager remain positive about the outlook for the healthcare sector for many reasons. For example, the overall level of new product approvals remains high and is delivering significant levels of quality medicines for patients. Advancements in areas such as genetic engineering, personalised medicine and synthetic biology are also generating a strong future pipeline of innovative new therapies and treatments. In addition, Artificial Intelligence (AI) and machine learning are beginning to have a positive impact on all aspects of the industry. All of these advancements are underpinned by global demographic trends, which are driving demand for new healthcare solutions, particularly in areas such as cancer treatment, chronic disease management and age-related health issues. In this sector context, the Board is confident in our Portfolio Manager’s successful long-term investment strategy of focusing on innovation and growth opportunities and believes that the Company will continue to generate attractive long-term returns for shareholders. Doug McCutcheon Board Chair 10 June 2025 STATEMENT FROM THE CHAIR CONTINUED 7 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION BOARD ANNUAL PROCESS The Board maintains a high level of communication between its members and with its advisers. During the year, the Board holds quarterly meetings and additional Board meetings as required. Meetings of the Management Engagement & Remuneration Committee, Nominations Committee and Audit & Risk Committee are held on the same days as Board meetings. In addition, there are two separate Audit & Risk Committee meetings each year. On an ongoing basis, the Board oversees and reviews, amongst other things: the roles and performance of the Portfolio Manager and the Company’s other advisors; the Company’s investment portfolio, net asset value and share price performance; operational risks; expenses; the broader investment trust sector and regulatory environment; shareholder communications and investor relations; the make-up and evolution of the Board and its committees. CAPITAL ALLOCATION The Board understands that long-term shareholder value is driven by effectively allocating the Company’s capital. Over the long run, the Board believes that having the Portfolio Manager reinvest capital into healthcare investments in the Company’s portfolio will generate the highest overall returns. This is reflected in the Company’s dividend policy, which involves only paying dividends to the extent required to maintain investment trust status. In periods when the Company’s share price is trading at a discount to its net asset value, the Board is also committed to allocating capital to repurchasing shares. Particularly when such periods coincide with lower valuations and attractive investment opportunities in the healthcare sector, the Board uses its judgement as to how best to split the allocation of the Company’s capital. During the year, a total of 51,310,28 shares, representing 9.4% of the shares outstanding at the beginning of the year, were repurchased at a cost of £176.5m. SHAREHOLDER ENGAGEMENT The Board believes that shareholder engagement is key to generating a committed and informed investor base. Recently declining incremental investor demand across the investment trust sector, and an increase in share price discounts, has reinforced the importance of this activity. The Company’s efforts are actively supported by our Portfolio Manager (OrbiMed), our AIFM (Frostrow) and our PR consultant (Quill Communications), all with the aim of providing information and insight to our existing shareholders, while also generating new demand for the shares across professional and retail investors. Some of our more recent activities are highlighted below. • During 2024, the Company’s top 40 shareholders, representing almost 89% of the shares in issue, had 21meetings with OrbiMed, 10 with the Board Chair and 59with Frostrow. In addition, Frostrow held a further 122professional investor meetings, which involved existing and potential smaller shareholders. • Frostrow arranged two professional investor webinars for OrbiMed, in March and November 2024, involving 66 and 85 investors, respectively. The video recordings of these events have been viewed 306 and 427 times, respectively. • The AGM held on 10 July 2024 attracted 26 investors in person and the video recording of OrbiMed’s presentation has been viewed 337 times. • An event to mark the Company’s 30th anniversary was held in March 2025. In addition to the Board and OrbiMed, the event was attended by journalists and both private and professional investors. The OrbiMed portfolio management team provided an update on the Company’s investment strategy including a presentation entitled the “Next 30 Years”, which was followed by a question-and-answer session. • Frostrow creates a monthly fact sheet that is circulated by email to a discreet database of over 2,700professional investors. • The Company has a permanent slot at the annual Frostrow Seminar in London in May, that involves around 200attendees. Over 4,500 professional investors are invited, and they all receive the video recording after the event. • Edison writes two research notes every year and produces accompanying videos, which are typically viewed by over 2,000 people. • Quill Communications is constantly engaging with relevant journalists. During 2024 this resulted in over 50 articles in a mix of publications including Trustnet, Citywire, Interactive Investor, MoneyWeek, Daily Telegraph, Shares Magazine, Master Investor, This is Money, Professional Paraplanner, Financial Times, The Armchair Trader, Money Makers, The Times, Investors’ Chronicle and IFA Magazine. Considerable effort is made by both Quill Communications and Frostrow to engage directly with retail investor platforms, to get them to produce articles and carry content about the Company. For example, on 10 September 2024 the Company featured in a recorded AJ Bell webinar which attracted over 500 AJ Bellclients. Board and Adviser Activity During the Year 8 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 INVESTMENT OBJECTIVE The Company invests in the global healthcare sector with the objective of achieving a high level of capital growth. In order to achieve its investment objective, the Company invests worldwide in a diversified portfolio of shares in pharmaceutical and biotechnology companies and related securities in the healthcare sector. It uses gearing, and derivative transactions to enhance returns and mitigate risk. Performance is measured against the MSCI World Health Care Index on a net total return, sterling adjusted basis (“Benchmark”). INVESTMENT STRATEGY The implementation of the Company’s Investment Objective has been delegated to OrbiMed by Frostrow (as“AIFM”) under the Board’s and Frostrow’s supervision and guidance. Details of OrbiMed’s investment strategy and approach are set out in the Portfolio Manager’s Review on pages14to27. While the Board’s strategy is to allow flexibility in managing the investments, in order to manage investment risk it has imposed various investment, gearing and derivative guidelines and limits, within which Frostrow and OrbiMed are required to manage the investments, as set out below. Any material changes to the Investment Objective, Policy and Benchmark or the investment, gearing and derivative guidelines and limits require approval from shareholders. INVESTMENT POLICY INVESTMENT LIMITS AND GUIDELINES • The Company will not invest more than 15% of the portfolio in any one individual stock at the time of acquisition; • At least 50% of the portfolio will normally be invested in larger companies (i.e. with a market capitalisation of at least U.S.$10bn); • At least 20% of the portfolio will normally be invested in smaller companies (i.e. with a market capitalisation of less than U.S.$10bn); • Investment in unquoted securities will not exceed 10% of the portfolio at the time of acquisition; • A maximum of 5% of the portfolio, at the time of acquisition, may be invested in each of debt instruments, convertibles and royalty bonds issued by pharmaceutical and biotechnology companies; • A maximum of 40% of the portfolio, at the time of acquisition, may be invested in companies in the healthcare equipment and supplies sector; and a maximum of 30% of the portfolio, at the time of acquisition, may be invested in companies in the healthcare providers and services sector. • The Company will not invest more than 10% of its gross assets in other closed ended investment companies (including investment trusts) listed on the London Stock Exchange, except where the investment companies themselves have stated investment policies to invest no more than 15% of their gross assets in other closed ended investment companies (including investment trusts) listed on the London Stock Exchange, where such investments shall be limited to 15% of the Company’s gross assets at the time of acquisition. Investment Objective and Policy 9 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION DERIVATIVE STRATEGY AND LIMITS In line with the Investment Objective, derivatives are employed, when appropriate, in an effort to enhance returns and to improve the risk-return profile of the Company’s portfolio. Only Equity Swaps were employed within the portfolio during the year. The Board has set the following limits within which derivative exposures are managed: • Derivative transactions (excluding equity swaps) can be used to mitigate risk and/or enhance capital returns and will be restricted to a net exposure of 5% of the portfolio; and • Equity Swaps may be used in order to meet the Company’s investment objective of achieving a high level of capital growth, and counterparty exposure through these is restricted to 12% of the gross assets of the Company at the time of acquisition. The Company does not currently hedge against foreign currency exposure. GEARING LIMIT The Board has set a maximum gearing level, through borrowing, of 20% of the net assets. LEVERAGE LIMITS Under the AIFMD the Company is required to set maximum leverage limits. Leverage under the AIFMD is defined as any method by which the total exposure of an AIF is increased. The Company has two current sources of leverage: the overdraft facility, which is subject to the gearing limit; and, derivatives, which are subject to the separate derivative limits. The Board and Frostrow have set a maximum leverage limit of 140% on both the commitment and grossbasis. Further details on the gearing and leverage calculations, and how total exposure through derivatives is calculated, are included in the Glossary beginning on page 96. Further details on how derivatives are employed can be found in note 16 beginning on page 88. INVESTMENT OBJECTIVE AND POLICY CONTINUED 10 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Portfolio INVESTMENTS HELD AS AT 31 MARCH 2025 Investments Sector Country Market value £’000 % of investments Eli Lilly Pharmaceuticals United States 188,640 11.4 Boston Scientific Health Care Equipment & Supplies United States 173,761 10.5 AstraZeneca Pharmaceuticals Britain 118,630 7.2 Intuitive Surgical Health Care Equipment & Supplies United States 89,839 5.5 Stryker Health Care Equipment & Supplies United States 85,936 5.2 UnitedHealth Group Health Care Providers & Services United States 76,896 4.7 Edwards Lifesciences Health Care Equipment & Supplies United States 69,611 4.2 Pfizer Pharmaceuticals United States 64,413 3.9 Argenx Biotechnology Netherlands 57,225 3.5 Daiichi Sankyo Pharmaceuticals Japan 50,227 3.0 Top 10 investments 975,178 59.1 Integer Holdings Health Care Equipment & Supplies United States 48,754 2.9 Neurocrine Biosciences Biotechnology United States 47,950 2.9 Vertex Pharmaceuticals Biotechnology United States 44,457 2.7 Natera Life Sciences Tools & Services United States 44,261 2.7 Thermo Fisher Scientific Life Sciences Tools & Services United States 43,184 2.6 Alnylam Pharmaceuticals Biotechnology United States 40,009 2.4 Tenet Healthcare Health Care Providers & Services United States 39,117 2.4 Caris Life Sciences Life Sciences Tools & Services United States 34,029 2.1 Ionis Pharmaceuticals Biotechnology United States 33,683 2.0 Cytokinetics Biotechnology United States 31,103 1.9 Top 20 investments 1,381,725 83.7 SI-BONE Health Care Equipment & Supplies United States 24,947 1.5 Crossover Health Health Care Providers & Services United States 24,810 1.5 CG Oncology Biotechnology United States 22,698 1.4 Axsome Therapeutics Biotechnology United States 21,626 1.3 Shanghai INT Medical Instruments Health Care Equipment & Supplies China 20,151 1.2 Apellis Pharmaceuticals Biotechnology United States 20,137 1.2 UCB Pharmaceuticals Belgium 16,952 1.0 Avidity Biosciences Biotechnology United States 15,998 1.0 Sino Biopharmaceutical Pharmaceuticals Hong Kong 15,512 0.9 Beijing Yuanxin Technology Health Care Providers & Services China 14,068 0.8 Top 30 investments 1,578,623 95.5 Jiangxi Rimag Health Care Providers & Services China 13,012 0.8 Exact Sciences Life Sciences Tools & Services United States 12,504 0.8 Akeso Biotechnology China 12,125 0.7 Ruipeng Pet Group Health Care Providers & Services China 11,006 0.7 EDDA Healthcare & Technology Health Care Equipment & Supplies China 8,716 0.5 VISEN Pharmaceuticals Biotechnology China 7,691 0.5 MabPlex Health Care Providers & Services China 4,932 0.3 New Horizon Health^ Life Sciences Tools & Services China 4,492 0.3 Gushengtang Health Care Providers & Services China 4,443 0.3 API Holdings Health Care Providers & Services India 4,230 0.3 Top 40 investments 1,661,774 100.7 * Unquoted holding ^ Suspended holding 11 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION Investments Sector Country Market value £’000 % of investments Shandong Weigao Group Medical Polymer Health Care Equipment & Supplies China 3,561 0.2 Sinopharm Group Health Care Providers & Services China 3,413 0.2 Shanghai Bio-heart Biological Technology Health Care Equipment & Supplies China 2,776 0.2 Ikena Oncology Biotechnology United States 1,613 0.1 Peloton Therapeutics Milestone Biotechnology United States 523 0.0 Total equities 1,673,659 101.4 Biotech M&A Target Swap Swap Baskets United States 160,737 9.7 Jiangsu Hengrui Medicine Pharmaceuticals China 30,485 1.8 Apollo Hospitals Enterprise Health Care Providers & Services India 16,343 1.0 Less: Gross exposure on financed swaps (231,356) (14.0) Total OTC Swaps (23,791) (1.4) Total investments including OTC Swaps 1,649,868 100.0 * Unquoted holding SUMMARY Investments Market value £’000 % of investments Quoted Equities 1,566,854 94.9 Unquoted Equities 106,805 6.5 Equity Swaps (23,791) (1.4) Total of all investments 1,649,868 100.0 PORTFOLIO CONTINUED 12 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 PORTFOLIO CONTINUED * Figures expressed as a % of the total economic exposure. This includes all derivatives as an economically equivalent position in the underlying holding and allocated to the underlying holding’s respective Sector and Region. Within the Region diagrams unquoted investments have been allocated into their respectivecountries. Portfolio Distribution 'NTYJHMSTQTL^ 5MFWRFHJZYNHFQ -JFQYMHFWJ5WT[NIJWX8JW[NHJX -JFQYMHFWJVZNURJSY8ZUUQNJX9JHMSTQTL^ 1NKJ8HNJSHJX9TTQX8JW[NHJX )JGY.SXYWZRJSYX Biotechnology 26.3% Healthcare Equipment & Supplies 26.2% Pharmaceutical 20.7% Emerging Market 6.9% Healthcare Providers & Services 6.2% Unquoted 5.7% Life Sciences Tools & Services 5.3% Japan 2.7% North America 77.7% Europe 10.2% China 8.3% Japan 2.7% India 1.1% Pharmaceutical 27.8% Biotechnology 26.2% Healthcare Equipment & Supplies 16.1% Healthcare Providers & Services 9.2% Life Sciences Tools & Services 5.9% Unquoted 5.8% Japan 5.7% Emerging Market 3.3% North America 70.7% Europe 17.0% China 5.7% Japan 5.7% India 0.9% 3TWYM&RJWNHF RJWLNSL2FWPJYX ZWTUJ &XNF .SINF 3TWYM&RJWNHF RJWLNSL2FWPJYX ZWTUJ &XNF .SINF 'NTYJHMSTQTL^ 5MFWRFHJZYNHFQ -JFQYMHFWJ5WT[NIJWX8JW[NHJX -JFQYMHFWJVZNURJSY8ZUUQNJX9JHMSTQTL^ 1NKJ8HNJSHJX9TTQX8JW[NHJX )JGY.SXYWZRJSYX 3TWYM&RJWNHF RJWLNSL2FWPJYX ZWTUJ &XNF .SINF 3TWYM&RJWNHF RJWLNSL2FWPJYX ZWTUJ &XNF .SINF SECTOR REGION 13 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION OrbiMed was founded in 1989 and has evolved over time to be one of the largest dedicated healthcare investment firms in the world. OrbiMed has managed the Company’s portfolio since its launch in 1995. OrbiMed had approximately U.S.$17.2 billion in assets under management as of 31 March 2025, across a range of funds, including investment trusts, hedge funds, and private equityfunds. INVESTMENT STRATEGY AND PROCESS Within the guidelines set by the Board, the OrbiMed team works to identify sources of outperformance, or alpha, with a focus on fundamental research. In healthcare, there are many primary sources of alpha generation, especially in therapeutics. Clinical events such as the publication of new clinical trial data is a prominent example and historically has been the largest source of share price volatility. Regulatory events, such as new drug approvals by U.S., European, or Japanese regulatory authorities are also stock moving events. Subsequent new product launches are carefully tracked and forecasted. Other sources include legal events and, of course, merger and acquisition activity. The team has a global focus with a universe of coverage that covers the entire spectrum of companies, from early stage companies with pre-clinical assets to fully integrated biopharmaceutical companies. The universe of actively covered companies is approaching 1,000. OrbiMed emphasises investments in companies with under-appreciated products in the pipeline, high quality management teams, and adequate financial resources. A disciplined portfolio construction process is utilised to ensure the portfolio is focused on high conviction positions. Finally, the portfolio is subject to a rigorous risk management process. THE TEAM The wider OrbiMed Investment Team continues to expand and now has over 147 professionals that cover all aspects of research, trading, finance, and compliance. This includes over 30 degree holders with MD and/or PhD credentials, healthcare industry veterans, and finance professionals with over 20 years of experience. The firm has a global investment horizon and the OrbiMed footprint now spans three continents with offices in New York, San Francisco, Herzliya (Israel), Hong Kong, Shanghai, Mumbai and London. The lead managers with responsibility for the Company’s portfolio are as follows: Sven H. Borho, CFA, Sven H. Borho, CFA, is a founder and Managing Partner of OrbiMed. Sven heads the public equity team and he is the portfolio manager for OrbiMed’s public equity and hedge funds. He has been a portfolio manager for the firm’s funds since 1993 and has played an integral role in the growth of OrbiMed’s asset management activities. He started his career in 1991 when he joined OrbiMed’s predecessor firm as a Senior Analyst covering European pharmaceutical firms and biotechnology companies worldwide. Sven studied business administration at Bayreuth University in Germany and received a M.Sc. (Econs.), Accounting and Finance, from The London School of Economics. Trevor M. Polischuk, Ph.D. Trevor M. Polischuk, Ph.D., is a Partner at OrbiMed focused on the global pharmaceutical industry. Trevor joined OrbiMed in 2003 and became a Partner in 2011. Previously, he worked at Lehman Brothers as a Senior Research Analyst covering the U.S. pharmaceutical industry. Trevor began his career at Warner Lambert as a member of the Global Marketing Planning team within Parke-Davis. Trevor holds a Doctorate in Neuropharmacology & Gross Human Anatomy and an M.B.A. from Queen’s University, Canada. OrbiMed Capital LLC Portfolio Manager’s Review MARKETS Global equity markets experienced a turbulent 12 months for the year ended 31 March 2025, marked by strong gains in 2024 followed by heightened volatility and declines in early 2025. U.S. equities surged in 2024 driven by optimism around technological advancements and a more accommodative Federal Reserve. European markets also advanced in 2024 but returns underperformed the U.S. However, both geographies experienced significant challenges and volatility in the first quarter of 2025 amid concerns over inflation, slowing economic growth, and most notably escalating trade disputes triggered by the second Trump administration in the U.S. To note, after markets regained all-time highs in February 2025 post the November 2024 U.S. Presidential election and again after the January 2025 inauguration, volatility moved higher in late February and into March (and spiked in April). As tariff and retaliatory tariff headlines escalated, the resulting global trade war prompted precipitous declines in global markets, with both the MSCI and S&P500 falling as much as 10% in March (only to slide further in April). Global healthcare stocks followed a slightly different path in the financial year and underperformed relative to the broader equity markets. Whilst advancing mostly in-line in the first half of the reporting period, healthcare stocks began to decline in the autumn of 2024 as investors showed a strong preference for high-growth sectors, particularly information technology and generative artificial intelligence, eschewing the traditional defensive healthcare sector. Policy-related uncertainties both into and out of the U.S. Presidential election also weighed on the sector as did tariff uncertainty late in the financial year. Index Returns: Healthcare vs. Broad Market (Year ending 31 March 2025) Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024 Jan 2025 Feb 2025 Mar 2025 S&P 500 +5.4% MSCI World +4.9% Benchmark -3.2% 20% 15% 10% 5% 0% -5% 14 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Source: Bloomberg PORTFOLIO MANAGER’S REVIEW CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION ALLOCATION Overall, our allocation strategy represents a diverse distribution of investments across all major sub-sectors and global geographies within the healthcare industry. This allows investors to view the Company as a “one-stop-shop” for all of their healthcare investment needs given the broad exposure of the portfolio to the entirety of the healthcare ecosystem – from therapeutics, to services, to medical technologies, to growth of emerging markets – given the embedded diversification of the portfolio of companies represented in the portfolio. In the reported period, the Company’s long-standing allocation strategy – a clear focus on innovation and growth – remained intact. Specific key traits of our strategy remained deployed, although they were more dynamic given the changing landscape of healthcare over the past 12 months. Allocation to Biotechnology remained above the Benchmark weighting, with the absolute weighting decreasing modestly to 29.6% by the financial year end. This was 20.6% above the Benchmark owing to (1) the enormous therapeutic innovation and new drug production that stems from Emerging Biotech companies and (2) the relatively small weight that is represented in the Benchmark (9.0%). Allocation to Large Cap Pharma remained underweight, owing to (1) disparate fundamentals across the group and (2)the relatively large weight that is represented within the Benchmark. Over the course of the reported period, our exposure here declined from 29.9% to 22.1% by the financial year end. We exited three investments due to fundamental reasons and chose not to fully replace them given lack of conviction and an uncertain policy environment in the fourth quarter of the financial year. We allocated 1% of the proceeds to Spec Pharma companies. In Healthcare Equipment & Supplies (‘Medtech’), we increased the weighting significantly over the course of the financial year, by 11.4% to 29.4% (absolute) and 11.4% above the Benchmark. This was due to high conviction ideas, share price appreciation, and relative insulation from rising policy uncertainty around the U.S. Presidential election outcome. Other sectors of import, including Healthcare Providers & Services (‘Services’) and Life Sciences Tools & Services (‘Tools’) remained underweight throughout the duration of the financial year owing to our fundamental view and the expected volatility again around the U.S. Presidential election outcome. In Japan, our exposure decreased by half to 3.0% as we exited a single stock idea. 15 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 ALLOCATION BY SUB-SECTOR (WWH vs. MSCI World Healthcare Index) Biotechnology Life Science Tools & Dx Privates Healthcare Services Emerging Markets Pharma Medical Technology Japan Pharma +21% +11% +8% +6% -22% -8% -3% -1% Underweight Overweight 30% 9% 29% 18% 23% 45% 8% 7% 15% 6% 6% 9% 3% 4% Figures expressed as a % of total Net Asset Value. This includes all derivatives as an economically equivalent position in the underlying holding and allocated to the underlying holding’s respective Sector and Region. PORTFOLIO MANAGER’S REVIEW CONTINUED 16 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 PERFORMANCE The reported financial year was a challenging year, performance wise, for the Company. Overall, the Company’s NAV per share total return was -10.3% compared to the MSCI World Health Care Index return of -3.2% on a net total return, sterling adjusted basis. In what was a “tale of two halves,” consistent alpha generation and performance above the Benchmark in the first nine months of the year was obfuscated by historic volatility in the final quarter of the reported period. Global stock markets experienced a significant downturn in late February and March 2025, driven by a combination of escalating trade tensions, economic concerns, and shifts in investor sentiment. The former environment favoured a “risk on” investment tactic, which favoured our allocation strategy, whilst the latter favoured a more defensive posture, incongruent with our allocation. As a result, relative gains were lost, negative performance ensued, all predominantly in the last two months of the financial year. Worldwide Healthcare Trust vs. MSCI World Health Care Index 12-month performance (ending 31 March 2025) May 2024 Apr 2024 Mar 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024 Jan 2025 Feb 2025 Mar 2025 Benchmark -3.2% 10% -10% 8% -8% 6% -6% 4% -4% 2% -2% 0% WWH NAV -10.3% Source: OrbiMed Advisors LLC 17 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 PORTFOLIO MANAGER’S REVIEW CONTINUED STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION Despite these volatile periods, we do note that a record high net asset value was achieved during the reported period. A closing net asset value per share of 408.7p was achieved on 8 August 2024 eclipsing the previous high set in January 2021. Performance since inception to 31 March 2025 remains strong, with a return of +4,253.8% since April 1995. This represents an average annualised return of 13.4% over the 30-year period. This ranks the Company in third place among all closed end trusts across this period, regardless of industry (source: Winterflood). Worldwide Healthcare Trust vs. MSCI World Health Care Index (First nine months vs. last three months of the financial year) Worldwide Healthcare Trust Performance since Inception (30-year period ended 31 March 2025) WWH NAV Rreturn WWH Share Price Blended DS / MSCI World Healthcare Index FTSE 1995 1996 1997 1998 1999 2000 2001 2002 20042003 2005 2006 2007 2008 2009 2010 2011 20132012 2014 20162015 2017 2018 2019 2020 2021 2022 2023 2024 2025 WWH NAV +4,253.8% WWH Share Price +3,599.7% Benchmark +2,354.2% FTSE +713.0% £5,000 £4,000 £3,000 £2,000 £1,000 £0 * With effect from 1 October 2010, the performance of the Company is measured against the MSCI World Health Care Index on a net total return, sterling adjusted basis. Prior to this date, performance was measured against the Datastream World Pharmaceutical & Biotechnology Index (total return, sterling adjusted). Source: OrbiMed Advisors LLC Source: OrbiMed Advisors LLC -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Mar 2024 Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024 Jan 2025 Feb 2025 Mar 2025 WWH NAV -3.0% WWH NAV -7.5% Benchmark +2.0% Benchmark -5.1% 18 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 PORTFOLIO MANAGER’S REVIEW CONTINUED SUBSECTOR PERFORMANCE During this unprecedented period of turbulence, one subsector stood out to the positive, Medtech. Whilst many healthcare sectors were targeted at times by President Trump, predominantly therapeutics and pharmacy benefit managers, Medtech was largely spared any industry specific regulations, and only modestly impaired by broad country tariffs (Mexico, Canada, China). In fact, the largest fiscal headwind for the sector thus far has been reciprocal tariffs from China (i.e. the importation of U.S. made products into China). Stock picking in Medtech was a key factor in performance, with two investments – Boston Scientific and Intuitive Surgical – being among the top five contributors to performance. Allocation effect – sector overweight with large cap investments preferred over small cap – was also a positive factor for this sector being the largest positive contributor in the financial year. On the negative side was therapeutics, specifically bio-pharmaceuticals, which faced a constellation of macro factors: persistently elevated 10-year interest rates, a slower-than-expected pace of global interest rate cuts, concerns about global economic growth, and President Trump’s tariff policies. This was coupled with some healthcare-specific macro concerns including staff cuts at the U.S. Food and Drug Administration (“FDA”), the prospect of pharmaceutical-specific tariffs, additional administration changes, and renewed drug price reform rhetoric. Further downside was realised by some key investments after company specific negative newsflow weighed on share prices (see section on Major Detractors). From a temporal perspective, Biotechnology returns were mostly positive throughout the first nine months of the financial year, including the contribution from our proprietary M&A basket. In fact, those returns peaked when the Trump victory was confirmed as the market began to price in the positive implications of a Republican controlled federal government on future mergers and acquisitions (“M&A”). However, Biotechnology stocks (and our M&A basket) experienced declines subsequently, given the combination of macro and industry concerns that precipitated from the new administration in the final quarter of the financial year. Subsector Contribution (Absolute) WWH -10.3% MSCI -3.2% Medtech Emerging Markets Services Privates Tools Japan Pharma Biotech M&A Basket -10% -12% -8% -6% -4% -2% 0% 2% 4% Source: OrbiMed Advisors LLC 19 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION PORTFOLIO MANAGER’S REVIEW CONTINUED PRIVATE HOLDINGS During the reported financial year, the Company strategically refrained from making new investments in private companies, as we continued to cautiously navigate the challenging public offering market for small and mid-cap healthcare firms. While the capital market funding landscape continues to improve, most of our private companies are well capitalised and are being selective with regards to pursuing listings. We remain optimistic about the ability of our unquoted investments to achieve listings within the next year as we anticipate further improvement of the capital market funding environment. Despite the difficult capital markets environment, two unquoted investments completed their Initial Public Offering (“IPO”) in Hong Kong during the financial year. Jiangxi Rimag Group, a medical imaging company, and Visen Pharmaceuticals, a biotechnology company, completed their IPO’s in June 2024 and March 2025, respectively. At the end of the financial year, private investments made up 6.1% of the portfolio. For the financial year, the Company’s private investments fell £7.4 million, from an opening market value of £133.1 million across ten companies. Unquoted names added £6.5 million in the second half of the financial year to partially offset losses in the first half. The existing private portfolio constitutes a diverse set of companies. Geographically, exposure is evenly distributed among Emerging Markets and North American companies. On a sub-sector basis, the exposure is concentrated in Services and Tools, with small exposures to Biotechnology and Medtech. MAJOR CONTRIBUTORS TO PERFORMANCE The top contributor in the financial year was Boston Scientific, a leading diversified medical devices manufacturer with particular expertise in the cardiovascular space. The top-tier management team continued to deliver exceptional returns for shareholders on the back of a material acceleration in organic sales growth. This was primarily driven by the company’s next generation pulsed field ablation device, the FARAPULSE PFA System, for the treatment of atrial fibrillation and cardiac arrythmias. The roll-out of this product, alongside continued strength in most other areas of the business, has helped lift the company’s sales profile from low double-digit growth to a mid- to high-teens growth rate. Looking ahead, investors are optimistic that the pulsed field ablation market transition can move more rapidly than consensus expectations, capturing well north of 50% of the multi-billion dollar atrial fibrillation ablation market. Moreover, Boston Scientific has several important trials evaluating pulsed field ablation in combination with the company’s Watchman left atrial appendage closure device, which has already helped to drive a reacceleration in growth of the multi-billion Watchman market. We believe the ongoing company algorithm of best-in-class organic sales growth, differentiated margin expansion potential and ongoing M&A should result in continued strong and durable profit growth for the foreseeable future. Boston Scientific FARAPULSE PFA System and associated catheters INTELLAMAP ORION TM FARAPULSE TM POLARx TM INTELLANAV STABLEPOINT TM Source: www.bostonscientific.com 20 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 PORTFOLIO MANAGER’S REVIEW CONTINUED The undisputed leaders in robotic surgery, Intuitive Surgical continued to drive strong outperformance on the back of the new Dv5 surgical robot system launch, which serves to further embed the company’s monopoly status in the surgical robotics market. While other companies are working on competing systems, we think Intuitive Surgical’s competitive moat is simply too large at this point, and we see upcoming competitor system launches as market expansive as opposed to driving material share gains against Intuitive. Over the past financial year, investor expectations have rapidly improved for the future growth prospects of the new Dv5 system launch with the company posting strong system placements both for Dv5 as well as legacy systems. Procedure volumes have continued to grow at elevated levels as well, and new instruments have allowed the company to generate a higher sales per procedure. Lastly, the company’s margin profile has improved in recent quarters, which has historically been a point of contention amongst investors. With the Dv5 system launch still in the early stages, we see continued strong trends for the company for the next several years. Intuitive Surgical Dv5 Console and Robot Another strong contributor to fund performance was Tenet Healthcare, a Dallas-based, diversified healthcare services company and a leading U.S. hospital operator. One of the main drivers of performance has been a robust healthcare utilisation environment in the U.S., particularly for higher acuity procedures that drive a higher sales and earnings for hospitals. On a more company specific basis, Tenet Healthcare has also been highly efficient at executing some value-creative divestitures of hospitals at attractive valuations and acquisitions of ambulatory surgery centres. As more high acuity procedures (such as hip and knee implants) switch from hospitals to ambulatory surgery centres, Tenet should benefit given its increasing exposure to the ambulatory site of care. Lastly, Tenet was able to procure improvements in reimbursement from its Medicaid programs over the past financial year, and has been exceptional at cost control management, both of which have driven improvements to the margin profile of thecompany. One of the more innovative companies in the diagnostics sector, Natera, develops and offers liquid biopsy tests to inform personalised healthcare decisions in oncology, women’s health, and organ health. The company is the clear leader in this rapidly growing market and currently operates as a near monopoly. Over the past financial year, the company has been delivering strong upside to expectations for both sales and earnings whilst solid margin expansion has been a recent focus for investors. Strength has been driven across the whole business with exceptional performance in the company’s key Signatera product used to detect circulating tumour DNA. We believe ongoing rapid uptake of liquid biopsy tests should continue for the foreseeable future, and with limited viable competition on the near-term horizon, we view Natera as the clear ongoing primary beneficiary of these trends. The Netherlands is the home for Argenx, a commercial-stage, global biopharma company specialising in the development and commercialisation of therapies for autoimmune diseases. The stock’s outperformance in the financial year was driven by exceptional commercial execution, with global product sales reaching U.S.$2.2billion in 2024, an 84% year-over-year increase. This growth was largely fuelled by the success of Vyvgart (efgartigimod), an antibody fragment used to treat rare autoimmune diseases. First approved in late 2021 for generalised myasthenia gravis, Vyvgart usage surpassed 10,000 patients in 2024 with additional indications for chronic inflammatory demyelinating polyneuropathy and primary immune thrombocytopenia, and the approval of a self-administered formulation called Hytrulo. Investors continued to be engaged as Argenx’s “Vision 2030” messaging set ambitious goals, including treating 50,000 patients globally with Vyvgart across 10labelled indications and advancing five pipeline candidates into Phase III development by 2030. The stock continues to be a core holding in the portfolio. Source: www.intuitive.com 21 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION PORTFOLIO MANAGER’S REVIEW CONTINUED MAJOR DETRACTORS TO PERFORMANCE Merck is a U.S. based, global large cap pharmaceutical company that is well regarded as a pioneer in immuno-oncology and vaccine development. Company sales approached U.S.$65 billion in 2024 with 60% of revenues coming from these two areas. Sales in China comprise an important portion of the company’s growth strategy. However, an unexpected slowdown in the sales of Gardasil, a cancer-preventing vaccine, throughout the year in China pressured the stock. The first sign of a slowdown was in the second quarter report in which the company maintained the issue was acute and maintained long-term guidance for Gardasil. However, the issue recurred in the third quarter report as well, yet the company continued to maintain its guidance. Nevertheless, we exited the stock at that time. The share price continued to drop in the fourth quarter as Gardasil sales in China once again disappointed and the company finally capitulated and withdrew guidance, and the stock reached a three-year low. Evolent Health is a healthcare services company specialising in value-based care, particularly in specialty areas like oncology, cardiology, and musculoskeletal care. Evolent Health’s business centres around contracts with health plans, notably Humana and Molina, to assist in managing the oncology patient risk pools of those plans. At the beginning of the year, Evolent priced its oncology plans with an expectation for a normalised year of both disease prevalence and acuity levels. However, as the year progressed an unforeseen rise in both oncology prevalence and acuity, as well as healthcare utilisation more generally, began to unfold, leading to downward revisions to estimates and forward expectations. Compounding these issues, Evolent was not fully aware of the extent to which these trends had taken place until the third quarter of the year due to a six-month catch-up in claims data. This inhibited the company’s ability to renegotiate its rates with the company’s clients. After the share price fell post the third quarter announcement in November 2024, we exited the stock. One of the most innovative new drugs over the past 20years is Leqembi (lecanemab), an antibody developed and commercialised by Eisai and partnered with U.S. biotech giant, Biogen, for the treatment of mild to moderate Alzheimer’s disease. The positive pivotal trial announced in September 2022, CLARITY AD, was a landmark study that surprised both the clinical and investment communities. The subsequent filing with the FDA, a positive Advisory Committee meeting, an accelerated approval (January 2023) and a full approval (July 2023) set the stage for a much-anticipated launch. However, some 18 months later, the uptake for Leqembi remained modest and was even denied a first-pass approval in Europe over safety concerns. Despite positive expert opinion on the clinical importance of Leqembi for Alzheimer’s patients and their families and caregivers, obstacles for uptake remain, including lack of a blood-based diagnostic, infusion centre availability, burden of dose frequency, and a launch primarily presided over by an inexperienced Tokyo-based pharmaceutical company. All of which pressured the share price of Biogen in the reported period. As the calendar turned from 2024 to 2025 and uptake for Leqembi still did not inflect and we exited thestock. Pharmaceutical brand names rarely become part of popular culture, but Novo Nordisk has recently succeeded with two, Ozempic and Wegovy, joining the ranks such as Viagra and Lipitor. With the immense popularity and insatiable demand for these drugs, the share price enjoyed similar popularity, rising over 30% since the beginning of 2024 and peaking above 1,000 Danish Kroner in late June 2024. However, a series of idiosyncratic, negative events conspired to re-rate the stock lower. First, a solid but less-than-perfect second quarter report in August 2024 exacerbated a macro sell-off that had commenced in late July 2024. Second, in late September 2024, when the company announced Phase II data for monlunabant, a novel CB1 inverse agonist, the company’s lead oral asset in the obesity space. The positive trial was sufficient for Novo Nordisk to advance the agent into the next stage of clinical trials, but the reported efficacy and safety data disappointed investors. Third, the stock tumbled again after the third quarter report after the company CFO talked down consensus estimates for 2025. Fourth, the stock fell over 20% in late December after the company announced their next generation weight loss medication, CagriSema, did not reach the expected -25% threshold of weight loss in a pivotal trial. Finally, whilst demand for Wegovy proved to be largely insatiable since its approval and launch in the U.S. in 2021, the absence of a material inflection in prescriptions at the start of the calendar year 2025 prompted us to exit the stock. The emerging biotech company, Apellis Pharmaceuticals has displayed all of the hallmarks of investing in a speculative Biotechnology company, with high rewards and high risks. The company developed Syfovre (pegcetacoplan injection), a first-in-class treatment 22 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 PORTFOLIO MANAGER’S REVIEW CONTINUED for geographic atrophy, a specific form of progressive blindness. Its approval in early 2023 heralded a new treatment for a devastating disease for which there was no treatment – a breakthrough innovation – and the company’s valuation soared to over U.S.$10 billion by mid-2023. However, a rare, unexpected, but serious side effect (ocular vasculitis) leading to irreversible blindness emerged in real world use. European approval was subsequently denied. Concerns around the magnitude of visual acuity benefit relative to the risk of ocular vasculitis, in combination with pressure from a competitor, led to slowing revenue growth for Syfovre over 2024. However, the fund believes there is still potential for Syfovre to be a blockbuster drug given the multi-billion dollar geographic atrophy market is underpenetrated. The company’s market capitalisation at the end of March of less than U.S. $3 billion presents an attractive valuation. DERIVATIVE STRATEGY The Company has the ability to utilise equity swaps and options as part of its financial strategy. Equity swaps are a financial tool (a derivative contract) that allow for synthetic exposure to a single stock (Single Stock Equity Swaps) or a basket of single stocks (Equity Basket Swaps). Equity basket swaps are typically constructed within a well-defined theme and basket facilitates management of the investment theme and tracking of performance. For example, having 15 to 50+ additional positions at smaller weights in the portfolio (i.e., non-core) is suboptimal. The equity basket swap contains multiple single stock long positions and the basket swap counterparty is Goldman Sachs, allowing for confidence in forward trading and rebalancing strategies. The Company strategically invested in two customised tactical basket swaps, targeting growth opportunities in undervalued small and mid-capitalisation Biotechnology, Pharmaceutical and Medtech companies. These baskets were constructed to capitalise on two prevailing themes: 1) investment opportunities possessing considerable potential as attractive acquisition targets for larger corporations (M&A swap basket) and 2) substantial valuation dislocations in small and mid-capitalisation medical device companies brought about by the GLP-1 weight loss craze. During the period under review, the equity basket swaps lost £41.3 million, which detracted 2.0% from performance. The losses were primarily attributed to the proprietary Biotechnology M&A Target Swap, which suffered from steep declines in the biotechnology sector towards the end of the financial year. Throughout the year, the Company also used single stock equity swaps to access Chinese and Indian investments, which would otherwise be inaccessible through more traditional investment methods. During the period under review, single stock equity swaps contributed £1.1 million to performance, and we remain confident in the long-term prospects of emerging market securities, particularly those trading locally in mainland China. LEVERAGE STRATEGY Historically, the typical leverage level employed by the Company has been in the mid-to-high teens range. Considering the market volatility during the past four financial years, we have, more recently, used leverage in a more tactical fashion. In the current financial year, we flexed leverage modestly in response to the economic climate, including in consideration of a putative recession earlier in the period and interest rate fluctuations and speculation. Through the middle of 2024, leverage was increased to the low-to-mid teens range, a reflection of our overall bullishness on the portfolio and a turn in biotechnology stocks. As we approached November 2024, we lowered leverage to 11% owing to the uncertainty of the U.S. Presidential election. Post-election, we levered up to high teens, given our assessment at the time that a Republican sweep was the optimal long-term outcome for the healthcare industry given the history of that party and healthcare and the positive impact of President Trump’s first administration on the industry. However, the unexpected tumult created in Trump’s first 100 days in office prompted us to lower leverage in three successive months, ultimately reaching 12.0% at the end of March 2025. 23 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION PORTFOLIO MANAGER’S REVIEW CONTINUED SECTOR DEVELOPMENTS The largest – and most unexpected – development in the financial year was the election of Donald Trump to a second term, a Republican sweep of Congress, and the ripple effect of federal policy initiatives on both global markets and the healthcare industry. We had a more optimistic view on the implications of President Trump’s election win and its impact on healthcare, and we still do, however the immediate fallout and resulting volatility was not anticipated by most investors. In terms of ramifications of the new administration on healthcare, it is impossible not to start with the appointment and confirmation of Robert F. Kennedy Jr. as Secretary of Health and Human Services (“HHS”), the presiding federal agency responsible for protecting the health and well-being of all Americans and provides essential human services. Whilst we believed RFK Jr. would be part of President Trump’s inner-circle post-election, we did not originally foresee his rise to the #1 healthcare seat in the country. His controversial views on healthcare and conspiracies on vaccines did not sit well with investors, who initially sold the sector late in 2024 after then President-elect Trump nominated him for HHS Secretary. However, since that time and through his February 2025 Senatorial confirmation, the rhetoric and commentary coming from RFK Jr has become much less controversial and, in some cases, constructive. It has become clear that his top priority is on food, food safety, nutrition, and obesity – putting the “F” back in FDA. One area of controversy he has not backed down on, however, is vaccines and vaccine safety, in particular paediatric vaccines. These views and potential legislative changes to clinical trial requirements, regulatory overview, and usage recommendations are negative and have created an overhang to the industry. We have, in turn, reduced exposure to vaccines in the portfolio to effectively zero as a result. Meanwhile, U.S. FDA staffing cuts and the departure of some senior agency officials in early 2025 caused investor fears about potential drug approval delays to come to fore. That said, a look back at the drug approvals in 2024 and there was a near record number at 59. It is too early in the new administration to determine if the recent changes will have an adverse impact or not, but we are supportive of the new FDA Commissioner, Dr. Martin Makary a British-American surgeon, professor, author, and medical commentator. Dr. Makary’s accomplishments as a researcher, clinician, and prolific author are numerous. We believe he will bring a pro-innovation platform to the FDA which could prove positive for new drug approvals, efficiency, and industry engagement. Source: opinion of OrbiMed Advisors LLC 24 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 PORTFOLIO MANAGER’S REVIEW CONTINUED The situation of FDA leadership also took a turn at the end of March 2025, when the long time (and industry friendly) head of the Centre for Biologics Evaluation and Research (“CBER”) announced his resignation. CBER is the Centre within FDA that regulates biological products for human use, such as vaccines, blood products, cell & gene therapies, tissues products and certain diagnostics. Dr.Peter Marks served as the Director of CBER since 2016, after joining the division in 2012. Whilst not completely unexpected, his departure was a disappointment for the industry and investors alike, as Dr.Marks had been a leading advocate for the advancement and approval of gene and cell therapies, a supporter of vaccine development and utilisation, played a pivotal regulatory role during the COVID pandemic, and was an unequivocal patient advocate. However, he openly disagreed with Robert F. Kennedy Jr.’s views on vaccines and openly said so in his public resignation letter. Dr. Mark’s replacement, Dr. Vinay Prasad, was named in May 2025. New to the FDA, Dr. Prasad has been an outspoken critic of both the Agency and the biopharmaceutical industry and rose in public prominence during the COVID pandemic with sharp criticism of the mandatory usage of COVID vaccines. Dr. Prasad’s agenda for his new position had yet to be revealed at the time of publication but investor reaction to this news was decidedly negative as it was assumed that this appointment was a blow to innovation and a new headwind for biological drug development and new biologic launches. Whilst we wait for transparency about the course of CBER in the coming months, we do note that CBER has no regulatory authority on small molecules or antibodies. We would also pause and hope that Dr. Prasad, like Dr. Makary, may bring some progressive ideas to the Centre, such as novel benefit/risk analysis for new drugs, more appropriate checks and balances on the regulatory front, and new ways to bring new therapies for rare and severe diseases to market. Whilst Biotech is largely insulated from the impact of tariffs, the prospect of potential tariffs still diminished investor enthusiasm for the bio-pharmaceutical sector generally. The month of March 2025 brought further weakness in the broader markets due to concerns about President Trump’s tariff policies and a possible economic slowdown in the U.S. Through the first quarter reporting period of 2025, however, we have deduced from multiple company commentaries that the overall impact of tariffs – both those enacted and potentially industry specific – U.S. Food and Drug Administration What is happening at the FDA? Views from the new Commissioner “Retain strengths, cut red tape, innovate faster” New leadership at FDA has been refreshingly progressive despite concerns to the contrary • Believes RFK Jr. has keen interest in tackling chronic disease • Wants to change FDA culture from silos to teamwork • Reiterated RFK Jr.’s interest on the putting the ‘F’ back in FDA • Wants to “protect innovation” through accelerating development • Replace Pharma Co. representation at FDA Advisory Committees (review panels) with patient advocacy groups instead • Replace the current “AERS” database (self-reported adverse events) with health information exchanges to calculate adverse event • Wants to make things faster by reducing red tape • “Yes” to reducing budgets to “do more with less”; but give context • Restore trust and public confidence in the Agency • Take the lead back on speed of innovation from China, UK, etc. • Continue to allow Pharma companies to do OTC advertising Key Example Reduce the number of pivotal trials by half and replace with real world data post-approval Key Example Reduce animal testing (with computational models and organoids) and use Al to make reviews more efficient Key Example FDA headcount has grown >100% over the past 20 years (too much/ too fast). No cuts to reviewers and reallocate resources to them Dr. Martin Makary Acting Commissioner, FDA Source: opinion of OrbiMed Advisors LLC 25 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION PORTFOLIO MANAGER’S REVIEW CONTINUED appear to be manageable and all companies are already undertaking mitigation strategies to reduce the potential impact of any future tariffs. Tariffs on Canada, Mexico and China have had a de-minimis financial impact on pharmaceuticals whilst the impact from reciprocal China tariffs have been modestly greater. As of the authoring of this report, there were no concrete industry specific proposals. Nevertheless, industry participants have been engaging in numerous mitigation strategies, including stock piling inventory in the U.S., shuffling manufacturing to the U.S. wherever they can find capacity (both internal and external through contract manufacturing), and lowering operating expenses, where possible. Pharmaceutical company executives have also been aggressively campaigning against any industry specific tariffs. Given the current global supply chain dynamics for the industry, tariffs on pharmaceutical manufacturing would likely result in supply disruption and drug shortages, adversely affecting both companies and patients alike. The industry has acknowledged President Trump’s concern about some gaps in domestic manufacturing that may be of national importance. To that end, there has been support from both sides for the U.S. Department of Commerce initiated Section 232 investigation under the Trade Expansion Act, specifically examining the national security implications of pharmaceutical and pharmaceutical ingredient imports. This investigation aims to assess whether these imports pose a threat to U.S. national security. Many companies have also issued statements and commitments to investing and expanding manufacturing in the U.S., likely in hopes that President Trump’s tariff threat is just a negotiating tactic. To that end, JNJ, Eli Lilly, Novartis, Roche, Abbvie, Merck, and Bristol-Myers Squibb have cumulatively pledged well in excess of U.S.$250 billion of investment in U.S. manufacturing and R&D. Drug pricing rhetoric from the new administration has been equal parts concerning and opaque. Many headlines and quotes from President Trump have spooked investors on this issue. However, his executive order of 15 April 2025, entitled “President Donald J. Trump Announces Actions to Lower Prescription Drug Prices” was rather benign and builds off of policy and tactics that he endorsed during his previous administration, which we viewed much more industry friendly. Perhaps most importantly, it did not include a mandate to use “Most Favoured Nation” as a U.S. drug price reference system, which we would view as calamitous to the industry. Rather, there was a keen focus – in-line with pharma industry view – on rebate reform: “By addressing the influence of middlemen and promoting open competition, President Trump’s actions aim to create a fairer prescription drug market that lowers costs and ensures accountability across the health care system”. Another rallying cry from both sides is the call for other developed countries, most notably Europe, to “pay their fair share” for healthcare and pharmaceutical innovation, to raise drug prices to be more in-line with the U.S. Nevertheless, President Trump did announce an executive order on 12 May 2025 calling for MFN pricing for drugs in the U.S., after teasing so just the week before. That said, this announcement was not entirely unexpected as it mirrored a similar executive order that Trump issued in September 2020 during his first administration – an order was overturned on procedural grounds and was never implemented. Whilst investors feared that Trump may be targeting the pharmaceutical industry with this legislation, he did not do so during the press conference where he signed this order. For example, Trump said he was not upset with the pharmaceutical industry but rather placed the blame on countries in Europe who were freeloading by not paying their fair share of research & development costs. He also praised Eli Lilly, for their innovation and newly announced investments in U.S. manufacturing. There were few details in the executive order, but it did call for the Commerce secretary and US trade representative to make sure ex-US countries pay their fair share of pharmaceutical R&D (suggesting this could be part of the ongoing tariff negotiations with other countries). Additionally, it called for facilitation of direct-to-consumer sale of drugs at MFN prices and reimportation of drugs from low-cost countries (which is already permitted). Overall, we believe that this executive order does not have much teeth, as any significant changes mandating reference pricing to ex-US countries would require legislation by Congress – a near impossible task. One may even conclude that this was yet another negotiating tactic employed by President Trump. With fears stoked ahead of this event, pharma and biotech stocks rallied upon the formal announcement of this executive order. That said, we recognise that lingering MFN may create uncertainty in the minds of investors but that this uncertainty will gradually subside, just as it did in 2020. 26 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 PORTFOLIO MANAGER’S REVIEW CONTINUED IRA Advances – “The 2nd List” Second list of drugs set for price negotiations (announced 17 January 2025) Meanwhile in the U.S., the Inflation Reduction Act, a law passed in 2022 under the President Biden administration to lower drug pricing continues to move forward. In 2024, the government announced the final negotiated price for the first “List of 10” drugs on the Medicare list. Whilst the new prices will not take effect until 2026, the companies with the greatest exposure – Bristol-Myers Squibb, Pfizer, AstraZeneca, and JNJ – have described the impact as “manageable”. The second “list” of drugs to be negotiated, now totalling 15, was published in January 2025 and did not contain any surprises. IRA and Drug Price Reform: Timeline 2022 2023 2024 2025 2026 Negotiated Drug Prices are Implemented Optionality for a federal repeal or legal action ahead of the 2026 enactment 2027 2028 2029 Legislation Passes Aug ‘22 Drug Prices Increases capped at levels of inflation Insulin program offered at $35 per month The first “List of 10” drugs is published The first 10 lawsuits are filed by the industry against the us government Maximum Fair Price given to companies on “The List” A bipartisan bill is proposed to eliminate “Pill Penalty” First “negotiations” between companies & CMS Lawsuits proceed through the courts Final negotiated prices published on Sept 1 Medicare Part redesign caps out of pocket Rx expenses at $2,000 The second “List of 15” drugs is published The first “List of 10” The second “List of 15” The third “List of 15” (including Part 8) The fourth “List of 15” (including Part B) Source: www.kff.org 1 Area 1 2 3 4 5 11 12 13 14 15 Diabetes Diabetes Obesity Oncology Oncology 6 7 8 9 10 Oncology Fibrosis Inflammation Oncology CNS Respiratory Diabetes Inflammation CNS Diabetes Area 1 Area 1 2 3 4 5 11 12 13 14 15 Diabetes Diabetes Obesity Oncology Oncology 6 7 8 9 10 Oncology Fibrosis Inflammation Oncology CNS Respiratory Diabetes Inflammation CNS Diabetes Area Source: www.CMS.gov 27 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION PORTFOLIO MANAGER’S REVIEW CONTINUED Market reaction to IRA-related newsflow has become benign. On a positive front, Trump’s executive order from April 2025 did call for the correction of the “Pill Penalty”, a portion of the IRA in which exclusivity for biologic drugs was set at 13 years whilst for small molecules, only 9 years. We and others expected the new Trump administration to correct this aberration. Industry litigation against the government for harm induced by the IRA continues, but we had no material developments during the reported period. OUTLOOK Whilst the malaise that hung over the Biotechnology industry post-COVID has now evaporated, the market continues to struggle to refocus on the positive fundamentals of the bio-pharma space. The most recent macro conditions that presided over the final quarter of the reported financial year were an unfortunate continuation of an incessant, multi-year macro headwind that continues to obfuscate and undervalue an industry that continues to benefit from significant technological advancements and accelerating innovation in drug discovery and development. Across therapeutics, continuous advancements in genetic engineering, personalised medicine, and synthetic biology are fostering a robust pipeline of new therapies and treatments. Increased investment in early-stage science feeds long-term opportunities. Artificial intelligence and machine learning are already impacting all facets of the industry despite still being in their infancy. New product approvals are delivering a quantity and quality of medicines never seen before. The growing elderly demographic worldwide is driving demand for new healthcare solutions, particularly in areas such as cancer treatment, chronic disease management, and age-related health issues. Overall, the future of healthcare will remain robust and dynamic, driven by data, shaped by innovation, improving access and quality for patients on a global basis. Sven H. Borho and Trevor M. Polischuk OrbiMed Capital LLC Portfolio Manager 10 June 2025 ABSOLUTE CONTRIBUTION BY INVESTMENT FOR THE YEAR ENDED 31 MARCH 2025 Principal contributors to and detractors from net asset value performance Top five contributors Sector Country Contribution £’000 Contribution per share p Boston Scientific Healthcare Equipment & Supplies United States 60,625 11.7 Intuitive Surgical Healthcare Equipment & Supplies United States 33,089 6.4 Tenet Healthcare Healthcare Providers & Services United States 20,869 4.0 Natera Life Sciences Tools & Services United States 17,799 3.4 Argenx Biotechnology Netherlands 16,505 3.2 Top five detractors Sector Country Contribution £’000 Contribution per share p Apellis Pharmaceuticals Biotechnology United States (23,988) -4.6 Merck Pharmaceuticals United States (25,861) -5.0 Evolent Health Healthcare Providers & Services United States (27,970) -5.4 Biogen Biotechnology United States (32,352) -6.2 Novo Nordisk Pharmaceuticals Denmark (50,692) -9.8 * Not held at 31 March 2025 Environmental, Social and Governance and Climate Change ORBIMED’S APPROACH TO ESG The Company’s Portfolio Manager, OrbiMed, is guided by its Responsible Investing Policy in its approach to integrating environmental, social and governance (“ESG”) issues into its investment processes. The Portfolio Manager seeks to invest in innovative healthcare companies that are working towards addressing significant unmet medical needs, across biopharmaceuticals, medical devices, diagnostics, and healthcare services sectors, globally. OrbiMed believes that there is a high congruence between companies that seek to act responsibly and those that succeed in building long-term shareholder value. The Portfolio Manager seeks to integrate ESG into the overall investment process, with the objective of maximising investment returns. Investment decisions are based on a variety of financial and non-financial company factors, including ESG information. The Portfolio Manager has appointed a Director – ESG to oversee the integration of ESGanalysis. As a responsible investor, OrbiMed negatively screens potential investments and business sectors that may objectively lead to negative impacts on public health or wellbeing. The importance of robust governance and social safeguards in healthcare has grown significantly; regulators and investors are increasingly scrutinising financially material ESG issues such as clinical trial transparency, equitable access to therapies, and pricing practices. Governance issues, including board structure and executive pay, are also financially relevant. For companies that do not have a manufacturing capability and focus on drug discovery and development, environmental factors such as greenhouse gas (“GHG”) emissions are not generally regarded as financially material. The Portfolio Manager generally utilises healthcare sector-specific guidance from the Sustainability Accounting Standards Board (“SASB”) and in-house analysis to guide its selection of material ESG factors as part of its investmentresearch. Healthcare and life sciences sectors are highly regulated globally. Regulation is well-established across developed markets and emerging markets for the sector. To that end, OrbiMed considers compliance with local laws and regulations as one of the factors in its investment evaluation. Depending on the investment, all or a subset of the ESG factors that are financially material and relevant are considered in OrbiMed’s research. MONITORING AND ENGAGEMENT OrbiMed utilises ESG scores for public equity holdings from third-party service providers. To supplement the information from the third-party service providers, OrbiMed also conducts proprietary analysis on ESG performance. The scores from the third-party service providers are integrated with OrbiMed’s analysis onto a business intelligence platform via a programming interface, for regular monitoring. The Portfolio Manager also generally engages on a regular basis with its portfolio companies through meetings with management, proxy voting, and in some cases, through board representation. OrbiMed’s analysts track financially material ESG information such as safety of clinical trials, drug safety, product safety, ethical marketing, call-backs and other materially relevant factors. As part of these efforts, OrbiMed engages with companies directly or through brokers, and facilitates dialogue and an exchange of leading practices among investors, companies, and other relevant experts on ESG in the healthcare sector. Between 1 April 2024 and 31 March 2025, a total of 235 proposals were subject to a vote within the Company’s portfolio. Of these, 234 were management proposals and 1 was a shareholder proposal. ORBIMED VOTING DURING THE YEAR ENDED 31 MARCH 2025 Proposed by Total number of proposals Voted for Voted against Votes abstained/ withheld Management 234 192 36 6 Shareholder 1 0 1 0 Most proposals focused on director elections (94), auditor appointments (10), and executive compensation (15). There were no management or shareholder proposals referring to ESG that came to vote. The Portfolio Manager provides a periodic update to the Board on ESG, including the evolving regulatory landscape in different regions. Sven H. Borho and Trevor M. Polischuk OrbiMed Capital LLC Portfolio Manager 10 June 2025 28 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Business Review The Strategic Report, on pages1 to 43, contains a review of the Company’s business model and strategy, an analysis of its performance during the financial year and its future developments and details of the principal risks and challenges it faces. Its purpose is to inform shareholders in the Company and help them to assess how the Directors have performed their duty to promote the success of the Company. The Strategic Report contains certain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them up to the date of this report. Such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward-looking information. BUSINESS MODEL Worldwide Healthcare Trust PLC is an externally managed investment trust. Its shares are admitted to the closed-ended investment funds category of the FCA’s Official List and to trading on the main market of the London Stock Exchange. The purpose of the Company is to achieve a high level of capital growth for its shareholders by offering a single investment that provides exposure to the global healthcare sector. This is achieved through a diversified portfolio of shares in pharmaceutical, biotechnology and other healthcare related companies. The Company’s investment objective and policy are detailed on pages 8 and 9. The Company’s strategy focuses on creating shareholder value by meeting its investment objective. As an externally managed investment trust, the Company outsources all day-to-day management and administrative functions. Consequently, it has no executive directors, employees or internal operations. The Company engages the following key service providers: Frostrow Capital LLP (“Frostrow”) as its Alternative Investment Fund Manager (“AIFM”); OrbiMed Capital LLC (“OrbiMed”) as its Portfolio Manager; J.P. Morgan Europe Limited as its Depositary; and J.P. Morgan Securities LLC as its Custodian and Prime Broker. Further details about these appointments can be found in the Business Review on pages 30 and 31. The Board retains responsibility for all aspects of the Company’s affairs, including: • Setting and monitoring the investment strategy; • Reviewing investment performance and policy; and • Overseeing strategic matters such as dividend policy, share issuance and buybacks, gearing, share price monitoring, and corporate governance. The Company qualifies as an investment company under Section 833 of the Companies Act 2006 and has been approved by HM Revenue & Customs as an investment trust under Section 1158 of the Corporation Tax Act 2010. This approval exempts the Company from taxation on capital gains. The Directors have no reason to believe that this status will not be maintained. Additionally, the Company is not considered a close company for taxation purposes. CONTINUATION OF THE COMPANY A resolution was passed at the Annual General Meeting (“AGM”) held in 2024 that the Company continues as an investment trust for a further five year period. In accordance with the Company’s Articles of Association, shareholders will have an opportunity to vote on the continuation of the Company at this year’s AGM and every five years thereafter. THE BOARD The Board of the Company comprises Doug McCutcheon (Chair), Sven Borho, Sian Hansen, William Hemmings, Tim Livett, Jo Parfrey and Dr Bina Rawal. With the exception of Sian Hansen and William Hemmings, all of these Directors served throughout the year. All are independent non-executive Directors with the exception of Sven Borho who is not considered to be independent by the Board. Further information on the Directors can be found on pages44 to 46. All Directors, are seeking election or re-election by shareholders at this year’s AGM. DIVIDEND POLICY It is the Company’s policy to pay out dividends to shareholders at least to the extent required to maintain investment trust status for each financial year. Such dividends will typically be paid twice a year by means of an interim dividend and a final dividend. 29 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION COMPANY PROMOTION The Company has appointed Frostrow to provide marketing and investor relations services, in the belief that a well-marketed investment company is more likely to grow over time, have a more diverse and stable shareholder register and trade at a superior rating to its peers. Frostrow actively promotes the Company in the following ways: Engaging regularly with institutional investors, discretionary wealth managers and a range of execution-only platforms: Frostrow regularly talks and meets with institutional investors, discretionary wealth managers and execution- only platform providers to discuss the Company’s strategy and to understand any issues and concerns, covering both investment and corporate governance matters; Making Company information more accessible: Frostrow works to raise the profile of the Company by targeting key groups within the investment community, holding annual investment seminars, overseeing PR output and managing the Company’s website and wider digital offering, including Portfolio Manager videos and social media; Disseminating key Company information: Frostrow performs the Investor Relations function on behalf of the Company and manages the investor database. Frostrow produces all key corporate documents, distributes monthly Fact Sheets, the Interim and Annual Report and updates from OrbiMed on portfolio and market developments; and Monitoring market activity, acting as a link between the Company, shareholders and other stakeholders: Frostrow maintains regular contact with sector broker analysts and other research and data providers, and conducts periodic investor perception surveys, liaising with the Board to provide up-to-date and accurate information on the latest shareholder and market developments. KEY PERFORMANCE INDICATORS (“KPIs”) The Board assesses the Company’s performance in meeting its objectives against KPI’s as follows. The KPI’s have not changed from the previous year: • Net asset value (“NAV”) per share total return against the Benchmark; • Discount/premium of share price to NAV per share;and • Ongoing charges. Information on the Company’s performance is provided in the Statement from the Chair and the Portfolio Manager’s Review and a record of these measures is shown on pages1, 2 and 3. Further information can be found in the Glossary beginning on page 96. NAV per share total return against the Benchmark The Directors regard the Company’s NAV per share total return as being the overall measure of value delivered to shareholders over the long term. This reflects both net asset value growth of the Company and dividends paid to shareholders. The Board considers the most important comparator, against which to assess the NAV per share total return performance, to be the MSCI World Health Care Index measured on a net total return, sterling adjusted basis (the‘Benchmark’). As noted on pages 8 and 9, OrbiMed has flexibility in managing the investments and are not limited by the make up of the Benchmark. As a result, investment decisions are made that differentiate the Company from the Benchmark and therefore the Company’s performance may also be different from that of theBenchmark. A full description of performance during the year under review is contained in the Portfolio Manager’s Review beginning on page 14. Share price discount/premium to NAV per share The share price discount/premium to the NAV per share is considered a key indicator of performance as it impacts the share price total return of shareholders and can provide an indication of how investors view the Company’s performance and its Investment Objective. Ongoing charges The Board continues to be conscious of expenses and works hard to maintain a balance between good quality service and costs. As at 31 March 2025 the ongoing charges figure was 0.8% (2024: 0.9%). * Alternative Performance Measure (See Glossary beginning on page 96). PRINCIPAL SERVICE PROVIDERS The principal service providers to the Company are: the AIFM, Frostrow; the Portfolio Manager, OrbiMed; the Custodian and Prime Broker J.P. Morgan Securities LLC; and the Depositary, J.P. Morgan Europe Limited. Details of their key responsibilities follow and further information on their contractual arrangements with the Company are included in the Report of the Directors beginning on page47. BUSINESS REVIEW CONTINUED * Alternative Performance Measure (see Glossary beginning on page 96) 30 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 BUSINESS REVIEW CONTINUED Alternative investment fund manager (“AIFM”) Frostrow under the terms of its AIFM agreement with theCompany provides, inter alia, the following services: • oversight of the portfolio management function delegated to OrbiMed; • portfolio administration and valuation; • risk management services; • marketing and shareholder services; • share price discount and premium management; • administrative and secretarial services; • advice and guidance in respect of corporate governance requirements; • maintenance of the Company’s accounting records; • maintenance of the Company’s website; • preparation and dispatch of annual and half-year reports (as applicable) and monthly fact sheets; and • ensuring compliance with applicable legal and regulatory requirements. During the year, under the terms of the AIFM Agreement, Frostrow received a fee as follows: On market capitalisation up to £150 million: 0.3%; in the range £150 million to £500 million: 0.2%; in the range £500 million to £1 billion: 0.15%; in the range £1 billion to £1.5 billion: 0.125%; over £1.5 billion: 0.075%. In addition, Frostrow receives a fixed fee per annum of £57,500. Portfolio manager OrbiMed under the terms of its portfolio management agreement with the AIFM and the Company provides, interalia, the following services: • the seeking out and evaluating of investment opportunities; • deciding on the manner by which monies should be invested, disinvested, retained or realised; • advising on how rights conferred by the investments should be exercised; • analysing the performance of investments made; and • advising the Company in relation to trends, market movements and other matters which may affect the investment objective and policy of the Company. OrbiMed receives a base fee of 0.65% of NAV and a performance fee of 15% of outperformance against the Benchmark as detailed on page 47. Depositary, custodian and prime broker J.P. Morgan Europe Limited acts as the Company’s Depositary and J.P. Morgan Securities LLC as its Custodian and Prime Broker. J.P. Morgan Europe Limited, as Depositary, must take reasonable care to ensure that the Company is managed in accordance with the Financial Conduct Authority’s Investment Funds Sourcebook, the AIFMD and the Company’s Articles of Association. The Depositary must in the context of this role act honestly, fairly, professionally, independently and in the interests of the Company and its shareholders. The Depositary receives a variable fee based on the size of the Company as set out on pages 47 and 48. J.P. Morgan Europe Limited has discharged certain of its liabilities as Depositary to J.P. Morgan Securities LLC. Further details of this arrangement are set out on pages 47 and 48. J.P. Morgan Securities LLC, as Custodian and Prime Broker, provides the following services under its agreement with the Company: • safekeeping and custody of the Company’s custodial investments and cash; • processing of transactions; • provision of an overdraft facility. Assets up to 140% of the value of the drawn overdraft can be taken as collateral. See page 91 for further details; and • foreign exchange services. AIFM AND PORTFOLIO MANAGER EVALUATION AND RE-APPOINTMENT The performance of the AIFM and the Portfolio Manager is reviewed continuously by the Board and the Management Engagement & Remuneration Committee (the “Committee”) with a formal evaluation being undertaken each year.As part of this process, the Committee monitors theservices provided by the AIFM and the Portfolio Managerand receives regular reports and views from them. TheCommittee also receives comprehensive performance measurement reports to enable it to determine whether or not the performance objectives set by the Board have been met. The Committee reviewed the appropriateness of the appointment of the AIFM and the Portfolio Manager in March 2025 with a positive recommendation being made to the Board. 31 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION BUSINESS REVIEW CONTINUED The Board believes the continuing appointment of the AIFM and the Portfolio Manager, under the terms described on pages 30 and 31, is in the interests of shareholders as a whole. In coming to this decision, it took into consideration, interalia, the following: • the quality of the service provided and the depth of experience of the company management, company secretarial, administrative and marketing team that the AIFM allocates to the management of the Company; and • the quality of the service provided and the quality and depth of experience allocated by the Portfolio Manager to the management of the portfolio and the long-term performance of the portfolio in absolute terms and by reference to the Benchmark. RISK MANAGEMENT The Board is responsible for the management of risks faced by the Company. Through delegation to the Audit & Risk Committee, the Board has established procedures to manage risk, to review the Company’s internal control framework and establish the level and nature of the principal risks the Company is prepared to accept in order to achieve its long-term strategic objective. At least twice a year the Audit & Risk Committee carries out a robust assessment of the principal risks and uncertainties with the assistance of Frostrow (the Company’s AIFM) identifying the principal risks faced by the Company. These principal risks and the ways they are managed or mitigated are detailed on the following pages. Further details on financial risks and exposure to them is included in note 16, beginning on page 88. Principal risks and uncertainties Mitigation Market risks Systematic market risks By the nature of its activities, the Company’s portfolio is exposed to fluctuations in market price (both individual security prices and FX rates) and due to exposure to the global healthcare sector, it is expected to have higher volatility than the wider market. As such investors should be aware that by investing in the Company they are exposing themselves to market risks and those additional risks specific to the sectors in which the Company invests, such as political interference in drug pricing. While this risk is accepted as inherent to the nature of the Company’s objective the Board monitor exposures and ensure that the risk is adequately disclosed to investors. In addition, the Board and the AIFM have appointed OrbiMed to manage the portfolio within the remit of the investment objective and policy, and imposed various limits and guidelines, set out on pages 8 and 9. These limits ensure that the portfolio is diversified, reducing the risks associated with individual stocks, and that the maximum exposure (through derivatives and an overdraft facility) is limited. The compliance with those limits and guidelines is monitored daily by Frostrow and OrbiMed and reported to the Board monthly. Discount risk The Company is exposed to the risk that, particularly in periods when the investment strategy or its implementation underperforms, it may become less attractive to investors. This could lead to reduced demand for the Company’s shares, resulting in a widening of the discount between the share price and the Net Asset Value (NAV) per share. Persistent underperformance, or a lack of clear communication regarding the Company’s strategy and positioning, may contribute to negative market sentiment. This can, in turn, affect shareholder confidence and trading liquidity. In managing this risk the Board: • reviews the Company’s Investment Objective and performance in relation to market, and economic, conditions and the operation of the Company’s peers; • actively seeks to promote the Company to current and potential investors and have appointed Quill PR to assist with this; and • has implemented an active discount/premium control mechanism. Frostrow have been appointed to provide Investor relations and Company promotional activities. They report to the Board at each Board meeting on these activities. Further information on these activities can be found on page 30. 32 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Principal risks and uncertainties Mitigation Strategic risks Active Management Risk The appointment of a Portfolio Manager with a high-conviction, actively managed investment style, while potentially enhancing long-term returns, can result in higher portfolio volatility and returns diverging from those of the Benchmark. Such divergence may not align with shareholder expectations for performance consistency relative to the Benchmark and could contribute to share price discount volatility or investor dissatisfaction. The Board conducts regular and detailed performance reviews of the Portfolio Manager assessing both absolute and relative returns over appropriate time horizons. The investment performance and portfolio is monitored at each Board meeting with scrutiny on performance, concentration, sector weightings, and volatility metrics. The Board on at least an annual basis reviews, and considers, the appointment of the Portfolio Manager to ensure the Portfolio Managers approach aligns with the Company’s long-term strategic objectives and shareholder interests. The Company’s communications and marketing strategy materials seek to outline the high-conviction, unconstrained nature of the investment approach. Macro economic risk, Geopolitical and regulatoryrisks The Company’s performance may be adversely affected by macroeconomic instability, geopolitical tensions, and changes in global regulatory or fiscal policy. Such risks can lead to market volatility, shifts in investor sentiment, currency fluctuations, and disruptions to the business models of underlying portfolio companies. The appointment of the new U.S. administration may introduce material uncertainty, particularly in relation to healthcare policy, trade relationships, taxation, and regulatory oversight. Given the portfolio’s substantial exposure to U.S.-domiciled healthcare companies, political intervention — including reforms to drug pricing, regulatory approval processes, or public healthcare funding — could materially impact the valuations and earnings outlook of certain holdings. Further risks include: • Geopolitical conflict or rising protectionism, which may disrupt supply chains, affect cross- border investment flows, or trigger volatility in global equity markets; • Deteriorating diplomatic or trade relationships between key economies, which may indirectly impair the operating environment for the Company’s portfolio companies; • Rising levels of cybercrime, particularly where healthcare companies are targeted for sensitive commercial or patient data, potentially leading to operational or reputational damage; • Emerging market exposure, which introduces heightened political risk, legal and regulatory unpredictability, and currency instability. While macroeconomic and geopolitical events remain outside the direct control of the Company, the Board conducts regular reviews of the broader economic, political, and regulatory environment, in close consultation with the Portfolio Manager. Particular attention is paid to emerging developments that may materially impact the healthcare sector or the geographies in which the portfolio is invested. The Board monitors the execution of the Company’s investment strategy in the context of long-term objectives and the evolving risk landscape. This includes reviewing portfolio exposures to specific countries, sectors, and currencies, particularly in relation to areas of heightened geopolitical tension such as the Asia Pacific region, and in light of potential risks stemming from trade disputes, tariffs, or regulatory reform — including those under the new U.S. administration. The Portfolio Manager’s risk team undertakes systematic risk analysis, including ongoing monitoring of country-specific, sector-specific, and issuer-level risks. In addition, the Board is supported by a specialist Alternative Investment Fund Manager (AIFM) and Company Secretary, who provide regular updates on market developments, industry regulation, and relevant legislative or tax changes, enabling timely and informed oversight. BUSINESS REVIEW CONTINUED 33 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION BUSINESS REVIEW CONTINUED Principal risks and uncertainties Mitigation Leverage Risk The Company permits the use of gearing to enhance capital growth. While day-to-day decisions on leverage levels are delegated to the Portfolio Manager (OrbiMed) within Board-approved limits, the strategic setting of these parameters involves balancing the potential for enhanced returns with the risk of amplified losses during market downturns. An inappropriate leverage policy could misalign with shareholder expectations, increase volatility, or result in underperformance relative to the Benchmark. The Board periodically reviews the Company’s leverage limits in consultation with the AIFM and Portfolio Manager, considering market conditions, risk tolerance, and long-term strategic objectives. Activism Risk The increasing visibility of activist investors on investment trust share registers poses a potential governance and strategic risk. Activists may seek to influence the Company’s investment policy, fee structure, share buyback programme, or strategic direction, which may not align with the Company’s long-term objective or those of other shareholders. In monitoring this risk the Board: • discusses at each Board meeting the Company’s future development and strategy; • reviews the shareholder register at each Board meeting; • has implemented an active discount/premium control mechanism; • both the Chair and SID make themselves available to meet with major shareholders, if requested; and, • all Directors attend the AGM are available to answer any questions, and discuss any matters, with shareholders. Frostrow and OrbiMed maintains regular and transparent communication with shareholders. Feedback from shareholders, including any shareholder concerns, are provided to each board meeting. Investment risks Performance risks OrbiMed’s approach is expected to result in performance that deviates meaningfully from market indices and other healthcare-focused investment companies. While this style may enhance long-term returns, it can also lead to periods of significant under- or outperformance relative to comparators. In addition, the Company employs leverage, both through the use of derivatives and traditional gearing. While leverage is intended to enhance returns, it also increases the Company’s exposure to market movements, thereby amplifying both gains and losses. In periods of market volatility or adverse performance, the use of leverage may increase the risk of capital loss and contribute to greater net asset value volatility. To manage this risk the Board monitor the portfolio (both performance and composition) and compliance with the limits (as noted on the previous page) and on an, at least, annual basis consider the re-appointment of the portfoliomanager. Investment performance is a primary discussion item at all Board meetings. OrbiMed reports at each Board meeting on the performance of the Company’s portfolio, which encompasses the rationale for stock selection decisions, the make-up of the portfolio, potential new holdings and, derivative activity and strategy (further details on derivatives can be found in note 16 beginning on page 88). Strategic risks continued 34 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 BUSINESS REVIEW CONTINUED Principal risks and uncertainties Mitigation Unquoted investment risk The Company invests in unquoted companies with the objective of achieving enhanced long-term returns. However, these investments carry a higher degree of risk compared to quoted securities. Unquoted holdings are typically illiquid, meaning they may be more difficult to purchase, realise, or value accurately. As such, their valuations can be more volatile and subject to greater uncertainty than those of listed investments. Valuation of unquoted investments requires significant judgement and is conducted in accordance with the accounting policies set out in Note 1(a) beginning on page 78. There is a risk that exit proceeds may ultimately be materially lower than the valuations estimated by the Company. In addition, external events beyond the Company’s control — including market conditions, political developments, or company-specific events — may significantly affect both the valuation of, and the Company’s ability to exit from, these investments. To mitigate this risk the Board and AIFM have set a limit of 10% of the portfolio, calculated at the time of investment, that can be held in unquoted investments and have established a robust and consistent valuation policy and process as set out in Note 1(b) on page 79, which is in line with UK GAAP requirements and the International Private Equity and Venture Capital (“IPEV”) Guidelines. TheBoard also monitors the performance of these investments compared to the additional risks involved. ESG related risk Both the Board and the Portfolio Manager recognise the importance of maintaining a coherent and credible approach to environmental, social and governance (“ESG”) considerations. There is a risk that failure to incorporate ESG factors effectively into the investment decision-making process could negatively impact long-term investment returns. Companies that disregard ESG issues may face regulatory, reputational, or operational challenges that could impair their financial performance. Furthermore, insufficient emphasis on ESG within the Company’s investment framework may reduce its attractiveness to current and prospective shareholders, particularly as investor expectations and stewardship standards continue to evolve. A perceived lack of ESG integration could also affect the Company’s inclusion in ESG-compliant investment mandates and indices. The Portfolio Manager provides ESG reports at each Board meeting, highlighting examples where ESG issues influenced investment decisions and/or led to engagement with an investee company. The Portfolio Manager also produces a quarterly ESG update. The Board ensures that the Portfolio Manager’s ESG approach is in line with standards elsewhere and the Board’s expectations. A summary of the Portfolio Manager’s approach to Responsible Investing can be found on page 28. Investment risks continued 35 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION BUSINESS REVIEW CONTINUED Principal risks and uncertainties Mitigation Operational risks Counterparty risk In addition to market and foreign currency risks, discussed above, the Company is exposed to risk arising from the use of counterparties. If a counterparty were to fail, the Company could be adversely affected through either delay in settlement or loss of assets. The most significant counterparty the Company is exposed to is J.P. Morgan Securities LLC which is responsible for the safekeeping of the Company’s assets and provides the overdraft facility to the Company. As part of the arrangements with J.P.Morgan Securities LLC they may take assets, up to 140% of the value of the drawn overdraft, as collateral and have first priority security interest or lien over all of the Company’s assets. Such assets taken as collateral may be used, loaned, sold, rehypothecated or transferred by J.P. Morgan Securities LLC. Although the Company maintains the economic benefit from the ownership of those assets it does not hold any of the rights associated with those assets. Any of the Company’s assets taken as collateral are not covered by the custody arrangements provided by J.P. Morgan Securities LLC. The Company is, however, afforded protection in accordance with SEC rules and U.S. legislation equal to the value of the assets that have been rehypothecated. This risk is managed by the Board through: • reviews of the arrangements with, and services provided by, the Depositary and the Custodian and Prime Broker to ensure that the security of the Company’s assets is being maintained. Legal opinions are sought, where appropriate, as part of this review. Also, the Board regularly monitors the credit rating of the Company’s Custodian and Prime Broker; • monitoring of the assets taken as collateral (further details can be found in note 16 beginning on page 88); • reviews of OrbiMed’s approved list of counterparties, the Company’s use of those counterparties and OrbiMed’s process for monitoring, and adding to, the approved counterparty list; • monitoring of counterparties, including reviews of internal control reports and credit ratings, as appropriate; • by primarily investing in markets that operate DVP (Delivery Versus Payment) settlement. The process of DVP mitigates the risk of losing the principal of a trade during the settlement process; and • J.P. Morgan Securities LLC is subject to regular monitoring by J.P.Morgan Europe Limited, the Company’s Depositary, and the Board receives regular reports from J.P. Morgan Europe Limited. Service provider risk The Company is reliant on the systems of its service providers to run its business and as such disruption to, or a failure of, those systems could lead to a failure to comply with law and regulations leading to reputational damage and/ or financial loss. Given the reliance on connected systems by the Company’s service provider cyber risks are considered to be heightened currently. To manage these risks the Board: • receives a monthly compliance report from Frostrow, which includes, interalia, details of compliance with applicable laws and regulations; • reviews internal control reports, key policies, including measures taken to combat cyber security issues, and also the disaster recovery procedures of its service providers; • maintains a risk matrix with details of risks the Company is exposed to, the controls relied on to manage those risks and the frequency of the controls operation; • receives updates on pending changes to the regulatory and legal environment and progress towards the Company’s compliance with these; and • has considered the increased risk of cyber-attacks and received reports and assurance at meetings with its service providers where the information security controls in place were reviewed. 36 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Emerging risks The Company has carried out a robust assessment of its emerging risks, and the procedures in place to identify and monitor them are described below. The International Risk Governance Council defines an ‘emerging’ risk as one that is new, or a known risk appearing in a new or unfamiliar context, or under new contextual conditions (i.e. re-emerging). Failure to identify emerging risks may result in reactive responses rather than proactive management and, in extreme cases, could render the Company unviable or force a fundamental change to its structure, objective, or strategy. The Audit & Risk Committee reviews a risk schedule at its half-yearly meetings. Emerging risks are discussed during these sessions and are also considered on an ongoing basis to ensure that both new and evolving risks are identified and, where practicable, mitigated. The Audit & Risk Committee continues to monitor and assess the following key emerging risks: • Technological disruption in global healthcare markets, including the impact of artificial intelligence, precision medicine, and digital health platforms; • Evolving ESG expectations and regulatory standards, particularly relating to climate disclosure, social impact, and governance frameworks; • Cybersecurity threats affecting the Company’s service providers and/or portfolio companies, particularly relating to the protection of sensitive medical or patient data; • Long-term changes in global healthcare policy, public funding models, and innovation frameworks, especially in the U.S. and emerging markets; and • Potential long-term impacts of tariffs and trade barriers, which may arise from protectionist policy shifts or the deterioration of trade relationships. These could disrupt pharmaceutical and biotechnology supply chains, impact cross-border investment flows, and raise input costs for portfolio companies, thereby adversely affecting operating margins and investment returns over time. The Committee recognises that such risks can also present opportunities for companies that adapt early, and it remains alert to both the threats and potential strategic implications they may pose. DISCOUNT/PREMIUM CONTROL The Board undertakes a regular review of the level of discount/premium and consideration is given to ways in which share price performance may be enhanced, including the effectiveness of marketing, share issuance and share buybacks, where appropriate. It is the Board’s policy to buy back the Company’s shares if the share price discount to the net asset value per share exceeds 6% on an ongoing basis. Shares repurchased are held as treasury shares. Treasury shares can be sold back to the market at a later date at a premium to the cum-income net asset value per share (See Glossary beginning on page 96). Shareholders should note, however, that it remains very possible for the discount to be greater than 6% for extended periods of time particularly when sentiment towards the Company, the sector and to investment trusts generally remains poor. While buybacks may prove unable to prevent the discount from widening, they also enhance the net asset value per share for remaining shareholders and go some way to dampening discount volatility which can adversely affect investors’ risk adjusted returns. At times when there are unsatisfied buying orders for the Company’s shares in the market, the Company has the ability to issue new shares or to re-issue treasury shares at a small premium to the cum income net asset value per share. This acts as an effective share price premium management tool. Details of share issuance and share buybacks are set out on page 48. SOCIAL, HUMAN RIGHTS AND ENVIRONMENTAL MATTERS The Directors, through the Company’s Portfolio Manager, encourage companies in which investments are made to adhere to best practice with regard to corporate governance. In light of the nature of the Company’s business there are no relevant human rights issues and the Company does not have a human rights policy. The Company recognises that social and environmental issues can have an effect on some of its investee companies. The Company is an investment trust and so its own direct environmental impact is minimal. As an externally- managed investment trust, the Company does not have any employees or maintain any premises, nor does it undertake any manufacturing or other physical operations itself. All its operational functions are outsourced to third BUSINESS REVIEW CONTINUED 37 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION party service providers. Therefore, the Company has no material, direct impact on the environment or any particular community and the Company itself has no environmental, human rights, social or community policies. The Board of Directors consists of seven Directors, five of whom are resident in the UK, one in Canada and one in theU.S. TheBoard holds the majority of its regular meetings in the UK, with usually one meeting held each year in NewYork, and has a policy that travel, as far as possible, is minimal, thereby minimising the Company’s greenhouse gas emissions. Further details concerning greenhouse gas emissions can be found within the Report of the Directors on page 49. Video conferencing has proved to be a very effective way of holding meetings, and this medium continues to be used alongside in person meetings. The Portfolio Manager engages with the Company’s underlying investee companies in relation to their corporate governance practices and the development of their policies on social, community and environmental matters. INTEGRITY AND BUSINESS ETHICS The Company is committed to carrying out business in an honest and fair manner with a zero-tolerance approach to bribery, tax evasion and corruption. As such, policies and procedures are in place to prevent this. In carrying out its activities, the Company aims to conduct itself responsibly, ethically and fairly, including in relation to social and human rights issues. The Company believes that high standards of ESG make good business sense and have the potential to protect and enhance investment returns. The Portfolio Manager’s investment criteria provide that ESG and ethical issues are taken into account and best practice is encouraged by the Board. The Board’s expectations are that its principal service providers have appropriate governance policies in place. TASKFORCE FOR CLIMATE-RELATED FINANCIAL DISCLOSURES (“TCFD”) The Company notes the TCFD recommendations on climate-related financial disclosures. The Company is an investment trust with no employees, internal operations or property and, as such, it is exempt from the UK Listing Rules requirement to report against the TCFD framework. GOING CONCERN The financial statements have been prepared on a going concern basis. The Directors consider this is the appropriate basis as the Company has adequate resources to continue in operational existence for the foreseeable future, being taken as 12 months from the date of approval of this report on 10June 2025. The Company’s shareholders are asked every five years to vote for the continuation of the Company, this will next be put to shareholders at the Annual General Meeting to be held in 2029. The content of the Company’s portfolio, trading activity, the Company’s cash balances and revenue forecasts, and the trends and factors likely to affect the Company’s performance are reviewed and discussed at each Board meeting. The Board has considered a detailed assessment of the Company’s ability to meet its liabilities as they fall due, including stress and liquidity tests which modelled the effects of substantial falls in markets and significant reductions in market liquidity, on the Company’s net asset value, its cash flows and its expenses. Further information is provided in the Audit & Risk Committee Report beginning on page 59. Based on the information available to the Directors at the date of this report, including the results of these stress tests, the conclusions drawn in the Viability Statement below, the Company’s cash balances, and the liquidity of the Company’s listed investments, the Directors are satisfied that the Company has adequate financial resources to continue in operation for at least the next 12 months and that, accordingly, it is appropriate to continue to adopt the going concern basis in preparing the financial statements. VIABILITY STATEMENT The Directors have assessed the Company’s position and prospects, including consideration of the Company’s principal risks, and have formed a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the next five financial years. The Board has chosen a five-year horizon in view of both the long- term outlook adopted by the Portfolio Manager when making investment decisions and also the investment horizon adopted by investors. To make this assessment, the Audit & Risk Committee has considered the Company’s financial position, its ability to liquidate the portfolio and to meet its liabilities as they fall due. The following points were noted: • The portfolio is comprised principally of investments traded on major international stock exchanges. Based on recent market volumes 80.7% of the current portfolio could be liquidated within one trading day. There is no current expectation that the nature of the investments held within the portfolio will be significantly different in future. • The Board has considered the viability of the Company under various scenarios, including periods of stock market and economic volatility, and concluded that it would BUSINESS REVIEW CONTINUED 38 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 BUSINESS REVIEW CONTINUED expect to be able to ensure the financial stability of the Company due, in large part, to having a diversified portfolio comprising principally of listed and readily realisable assets. As illustrated in note 16 to the financial statements, the Board has considered the following risks with appropriate sensitivity analysis having been undertaken: market risk (including foreign currency risk, interest rate risk and other price risk), liquidity risk and credit risk. With an ongoing charges ratio of 0.8%, the expenses of the Company are predictable and modest in comparison with the assets and there are no known capital commitments which would alter that position. • The Company has an overdraft facility which can be used to meet its liabilities. Details of the Company’s current liabilities as at 31 March 2025 are set out in notes 10 and 12 to the financial statements. • The Company has no employees. Therefore, it does not have redundancy or other employment related liabilities or responsibilities. The Audit & Risk Committee, in addition to considering the potential impact of the Company’s principal risks and various plausible downside scenarios, has made the following assumptions in considering the Company’s longer-term viability: • There will continue to be demand for investment trusts; • The Portfolio Manager will continue to adopt a long-term view when making investments; • The Company invests principally in the securities of listed companies traded on international stock exchanges to which investors will wish to continue to have exposure; • Shareholders will vote for the continuation of the Company at the Annual General Meeting to be held in 2029 and at five-year intervals thereafter; • Due to the closed-ended nature of the Company, unlike open-ended funds, it does not have to sell investments when shareholders wish to sell their shares; • The Company will continue to be able to fund share buybacks when required. The Company bought back 51,310,528 shares in the year under review at a total cost of £176.5 million. It had shareholders’ funds in excess of £1,687 million at the year end; and • The long-term performance of the Company will continue to be satisfactory. STAKEHOLDER INTERESTS AND BOARD DECISION-MAKING (SECTION 172 OF THE COMPANIES ACT 2006) The Directors are required to explain more fully how they have discharged their duty under s172 of the Companies Act 2006 in promoting the success of the Company for the benefit of the members as a whole. This includes the likely consequences of the Directors’ decisions in the long term and how they have taken wider stakeholders’ needs into account. The Directors aim to act fairly between the Company’s stakeholders. The Board’s approach to shareholder relations is summarised in the Corporate Governance Report beginning on page 51. The Statement from the Chair beginning on page4 provides an explanation of actions taken by the Directors during the year to achieve the Board’s long-term aim of ensuring that the Company’s shares trade at a price close to the NAV pershare. As an externally managed investment trust, the Company has no employees, customers, operations or premises. Therefore, the Company’s key stakeholders (other than its shareholders) are considered to be its service providers. The need to foster business relationships with the service providers and maintain a reputation for high standards of business conduct are central to the Directors’ decision- making as the Board of an externally managed investment trust. The Directors believe that fostering constructive and collaborative relationships with the Company’s service providers will assist in their promotion of thesuccess of the Company for the benefit of all shareholders. The Board engages with representatives from its service providers throughout the year. Representatives from OrbiMed and Frostrow are in attendance at each Board meeting. As the Portfolio Manager and the AIFM respectively, the services they provide are fundamental to the long-term success and smooth running of the Company. The Statement from the Chair on pages 4 to 6 and also in the Business Review on pages31 and 32, describe relevant decisions taken during the year relating to OrbiMed and Frostrow. Further details about the matters discussed in Board meetings and the relationship between OrbiMed and the Board are set out in the Corporate Governance Report beginning on page 51. Representatives from other service providers are asked to attend Board meetings when deemed appropriate. Further details are set out overleaf. 39 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION Stakeholder group The benefits of engagement with the Company's stakeholders How the board, the portfolio manager and the AIFM have engaged with the Company’s stakeholders Investors Clear communication of the Company’s strategy and the performance against the Company’s objective can help the share price trade at a narrower discount or a premium to its net asset value per share which benefits shareholders. New shares can be issued to meet demand without net asset value per share dilution to existing shareholders. Increasing the size of the Company can benefit liquidity as well as spread costs. Share buybacks are undertaken at the discretion of the Directors. The Portfolio Manager and Frostrow, on behalf of the Board, complete a programme of investor relations throughout the year. An analysis of the Company’s shareholder register is provided to the Directors at each Board meeting along with marketing reports from Frostrow. The Board reviews and considers the marketing plans on a regular basis. Reports from the Company’s broker are submitted to the Board on investor sentiment and industry issues. Key mechanisms of engagement include: • The Annual General Meeting, where the Portfolio Manager provides an update on the Company’s performance and strategy. This is followed by a question and answer section. • The Company’s website which hosts reports, articles and insights, and monthly fact sheets. • One-on-one and group investor meetings. • Should any significant votes be cast against a resolution proposed at the Annual General Meeting the Board will engage with shareholders. • The Board will explain in its announcement of the results of the Annual General Meeting any actions it intends to take to consult shareholders in order to understand the reasons behind any significant votes against. • If required, following any consultation, an update would be published no later than six months after the Annual General Meeting and the Annual Report will detail the impact shareholder feedback has had on any decisions the Board has taken and any actions or resolutions proposed. The Board followed this course of action following last year’s Annual General Meeting, where there were two resolutions where more than 20% of the votes cast were against the resolution. BUSINESS REVIEW CONTINUED 40 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 What were the key areas of engagement? What actions were taken, including main decisions? Key areas of engagement with investors • Ongoing dialogue with shareholders concerning the strategy of the Company, performance and the portfolio. • The Portfolio Manager and Frostrow meet regularly with shareholders and potential investors to discuss the Company’s strategy, performance and portfolio. TheChair of the Board and the Senior Independent Director also met with key shareholders during the year to discuss corporate governance matters and also the Company’s investment strategy. Frostrow and the Portfolio Manager engage with retail investors through a number of different channels: (i) The Company’s website, which is maintained by Frostrow, contains articles, webinars and quarterly updates; (ii) A distribution list of shareholders (retail and professional) which is maintained by Frostrow and is used to communicate with investors on a regular basis; (iii) The Portfolio Manager provides annual presentations online – (webcasts) and offline (Annual General Meeting), which shareholders are able to attend and participate in; and (iv) Frostrow ensures that the Company is available through a wide range of leading execution only platforms. BUSINESS REVIEW CONTINUED 41 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION Stakeholder group The benefits of engagement with the Company's stakeholders How the board, the portfolio manager and the AIFM have engaged with the Company’s stakeholders Portfolio Manager Engagement with the Company’s Portfolio Manager is necessary to evaluate their performance against the Company’s stated strategy and to understand any risks or opportunities this may present. The Board ensures that the Portfolio Manager’s environmental, social and governance (“ESG”) approach is in line with standards elsewhere and the Board’s expectations. Engagement also helps ensure that the Portfolio Manager’s fees are closely monitored and remain competitive. Gaining a deeper understanding of the portfolio companies and their strategies as well as incorporating consideration of ESG factors into the investment process assists in understanding and mitigating risks of an investment as well as identifying future potential opportunities. The Board met regularly with the Company’s Portfolio Manager throughout the year. The Board also receives monthly performance and compliance reporting. The Portfolio Manager’s attendance at each Board meeting provides the opportunity for the Portfolio Manager and Board to further reinforce their mutual understanding of what is expected from both parties. The Board encourages the Company’s Portfolio Manager to engage with companies and in doing so expects ESG issues to be an important consideration. The Board receives an update on Frostrow’s engagement activities by way of a dedicated report at Board meetings and at other times during the year as required. Service Providers The Company contracts with third parties for other services including: custody, company secretarial, accounting & administration and registrar. The Company ensures that the third parties to whom the services have been outsourced complete their roles in line with their service level agreements thereby supporting the Company in its success and ensuring compliance with its obligations. The Board and Frostrow, acting in its capacity as AIFM, engage regularly with other service providers both in one-to-one meetings and via regular written reporting. This regular interaction provides an environment where topics, issues and business development needs can be dealt with efficiently and collegiately. The Board together with Frostrow also carried out a review of the service providers’ business continuity plans and additional cyber security provisions. The review of the performance of the Portfolio Manager and Frostrow is a continuous process carried out by the Board and the Management Engagement & Remuneration Committee with a formal evaluation being undertaken annually. BUSINESS REVIEW CONTINUED 42 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 What were the key areas of engagement? What actions were taken, including main decisions? Key areas of engagement with the Portfolio Manager on an ongoing basis are portfolio composition, performance, outlook and business updates. • Regular review of the performance and make up of the investment portfolio. • The integration of ESG factors into the Portfolio Manager’s investment processes. • The Board engaged with the Portfolio Management team to discuss the Company’s overall performance as well as developments in individual portfolio companies and wider macroeconomic developments. • The Portfolio Manager reports on ESG issues at each Board meeting. Key areas of engagement with Service Providers • The Directors have frequent engagement with the Company’s other service providers through the annual cycle of reporting. This engagement is completed with the aim of maintaining an effective working relationship and oversight of the services provided. • No specific action required as the reviews of the Company’s service providers, have been positive and the Directors believe their continued appointment is in the best interests of the Company. Key areas of engagement with the broker • The Board is cognisant that the trading of the Company‘s shares at a persistent and significant discount or premium to the prevailing NAV per share is not in the interests of shareholders. • Throughout the year the Board closely monitored the Company’s discount/premium to NAV per share and received regular updates from the broker. 51,310,528 shares were bought back during the year, and a further 11,291,577 shares were bought back since the year end to 9 June 2025. Nonew shares were issued during the year, nor following the year end to 9 June 2025. (Please see the statement from the Chair on pages 4 to 6 for further information.) PERFORMANCE AND FUTURE DEVELOPMENTS A review of the Company’s year, its performance and the outlook for the Company can be found in the Chair’s Statement on pages 4 to 6 and in the Portfolio Manager’s Review on pages 14 to 27. The Company’s overall strategy remains unchanged. ALTERNATIVE PERFORMANCE MEASURES The Financial Statements (on pages 74 to 94) set out the required statutory reporting measures of the Company’s financial performance. In addition, the Board assesses the Company’s performance against a range of criteria which are viewed as particularly relevant for investment trusts, which are explained in greater detail in the Strategic Report, under the heading ‘Key Performance Indicators’ on page 30. By order of the Board Frostrow Capital LLP Company Secretary 10 June 2025 BUSINESS REVIEW CONTINUED 43 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS FURTHER INFORMATION Board of Directors Non-Executive Director Joined the Board in 2018 Annual Remuneration Year Ended 2025: Nil Committee Membership Sven is not a member of any of the Company’s Committees. Shareholding in the Company 250,000 Skills and Experience Sven H. Borho, CFA, is a founder and Managing Partner of OrbiMed. Sven heads the public equity team and he is the portfolio manager for OrbiMed’s public equity and hedge funds. He has been a portfolio manager for the firm’s funds since 1993 and has played an integral role in the growth of OrbiMed’s asset management activities. He started his career in 1991 when he joined OrbiMed’s predecessor firm as a Senior Analyst covering European pharmaceutical firms and biotechnology companies worldwide. Sven studied business administration at Bayreuth University in Germany and received a M.Sc. (Econs.), Accounting and Finance, from The London School of Economics. Other Appointments Sven is a Managing Partner of OrbiMed. Sven is also a non-executive Director of Chinese biopharmaceutical company Sinovac Biotech Ltd. Standing for re-election: Yes Independent Non-Executive Director Joined the Board on 1 October 2024 Annual Remuneration Year Ended 2025: £35,956 Committee Membership Sian is a member of the Audit & Risk, the Management Engagement & Remuneration and the Nominations Committees. Shareholding in the Company 3,017 Skills and Experience Previously Sian was Chief Operating Officer of C|T Group, Executive Director of the Legatum Institute and before that, Managing Director of the UK think tank Policy Exchange. Earlier in her career, Sian was a senior equity analyst and Co-Director of Sales for Asian Emerging Markets at Société Générale. Sian enhances the Board’s knowledge of sustainability, enabling meaningful debates with the Portfolio Manager to take place. As a thought leader in political and other forums, she brings a valuable perspective on geo-political matters. Other Appointments Sian is a non-executive Director of Pacific Assets Trust plc and of The Lindsell Train Investment Trust plc. Standing for election: Yes Independent Non-Executive Chair Joined the Board in 2012 and became Chair on 6 July 2022 Annual Remuneration Year Ended 2025: £56,924 Committee Membership Doug attends the Audit & Risk Committee by invitation and is a member of the Nominations and Management Engagement & Remuneration Committees. Shareholding in the Company 300,000 Skills and Experience Doug is the President of Longview Asset Management Ltd., an independent investment firm that manages the capital of families, charities and endowments. Prior to this, Doug was an investment banker for 25 years at UBS and its predecessor firm, S.G. Warburg, where, most recently, he was the head of Healthcare Investment Banking for Europe, the Middle East, Africa and Asia- Pacific. Doug is involved in philanthropic organisations with a focus on healthcare and education. He attended Queen’s University, Canada. Other Appointments Doug is a non-executive Director of Labrador Iron Ore Royalty Corporation listed on the Toronto Stock Exchange. Standing for re-election: Yes DOUG MCCUTCHEON SVEN BORHO SIAN HANSEN 44 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Independent Non-Executive Director Joined the Board on 1 October 2024 Annual Remuneration Year Ended 2025: £35,956 Committee Membership William is a member of the Audit & Risk, the Management Engagement & Remuneration and Nominations Committees. Shareholding in the Company 7,250 Skills and Experience William has extensive experience in the investment trust sector from his previous roles as Head of Closed End Funds and Head of Investment Companies at Aberdeen Group (formerly Aberdeen Asset ManagementPLC). He was also formerly a Non-Executive Director on the board of Primary Health Properties Plc and a Director of the Association of Investment Trust Companies. Other Appointments William is a consultant to board performance and external evaluation specialist Cyclico. Standing for election: Yes Independent Non-Executive Director Joined the Board in 2022 Annual Remuneration Year Ended 2025: £44,054 Committee Membership A qualified accountant, Tim is Chair of the Audit & Risk Committee and is a member of the Management Engagement & Remuneration and Nominations Committees. Shareholding in the Company 22,128 Skills and Experience Tim was formerly the Chief Financial Officer at Caledonia Investments PLC. Prior to this role he was Chief Financial Officer at Wellcome Trust, the global charitable trust focused on health research, and at Virgin Atlantic Limited. He has an extensive and broad financial background. Tim studied Chemistry at Oxford University. Other Appointments Tim is a non-executive Director of British Standards Institution and of Oxford University Endowment Management, plus a Trustee of Babraham Institute; he chairs the respective Audit and Risk Committees of these institutions. He is also a non-executive Director of Premier MarinasGroup, and a Director and Trustee of the Shell Foundation. Standing for re-election: Yes WILLIAM HEMMINGS TIM LIVETT, ACMA BOARD OF DIRECTORS CONTINUED GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 45 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 BOARD OF DIRECTORS CONTINUED Independent Non-Executive Director Joined the Board in 2022 Annual Remuneration Year Ended 2025: £35,956 Committee Membership Jo is Chair of the Management Engagement & Remuneration Committee and is a member of the Audit & Risk and Nominations Committees. Shareholding in the Company 20,000 Skills and Experience A Chartered Accountant by training, Jo is an experienced investor with a background in private equity with LGV Capital Partners Limited, where she was on the Board. Jo was formerly a non-executive Director of Henderson International Income Trust plc, Guy’s and StThomas’ Enterprises Limited. Jo has extensive experience of both global investment trusts and healthcare, including life sciences. Jo studied chemistry at OxfordUniversity. Other Appointments Jo is a non-executive Director of Octopus AIMVCT. She is also the non-executive Chair of Babraham Research CampusLimited. Standing for re-election: Yes Independent Non-Executive Director Joined the Board in 2019 Annual Remuneration Year Ended 2025: £38,563 Committee Membership Bina is the Senior Independent Director and is Chair of the Nominations Committee. She is also a member of the Audit & Risk and the Management Engagement & Remuneration Committees. Shareholding in the Company 26,060 Skills and Experience A physician scientist with 25 years’ experience in Research and Development, Bina has held senior executive roles in drug development and scientific evaluation in four global pharmaceutical companies. She has also worked in senior roles with two medical research funding organisations: Wellcome Trust and Cancer Research UK. Bina was also formerly a Trustee on the Board of the Social Mobility Foundation. Other Appointments Bina is a non-executive Director of PHPPlc. Standing for re-election: Yes JO PARFREY, ACA DR BINA RAWAL 46 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Report of the Directors The Directors present their Annual Report on the affairs of the Company together with the audited financial statements and the Independent Auditors’ Report for the year ended 31 March 2025. SIGNIFICANT AGREEMENTS Details of the services provided under these agreements are included in the Strategic Report on pages 30 and 31. Alternative investment fund management agreement Frostrow is the designated AIFM for the Company on the terms and subject to the conditions of the alternative investment fund management agreement between the Company and Frostrow (the “AIFM Agreement”). The notice period on the AIFM Agreement with Frostrow is 12 months, termination can be initiated by either party. Details of the fee payable to Frostrow can be found on page31. Portfolio management agreement Under the AIFM Agreement Frostrow has delegated the portfolio management function to OrbiMed, under a portfolio management agreement between it, the Company and Frostrow (the “Portfolio Management Agreement”). OrbiMed receives a periodic fee equal to 0.65% p.a. of the Company’s NAV and a performance fee as set out in the Performance Fee section below. Its agreement with the Company may be terminated by either party giving notice of not less than 12 months. Performance fee Dependent on the level of long-term outperformance of the Company, OrbiMed is entitled to a performance fee. The performance fee is calculated by reference to the amount by which the Company’s NAV performance has outperformed the Benchmark (see inside front cover for details of the Benchmark). The fee is calculated quarterly by comparing the cumulative performance of the Company’s NAV with the cumulative performance of the Benchmark since the launch of the Company in 1995. The performance fee amounts to 15.0% of any outperformance over the Benchmark. Provision is made within the daily NAV per share calculation as required and in accordance with generally accepted accounting standards. In order to ensure that only sustained outperformance is rewarded, at each quarterly calculation date any performance fee payable is based on the lower of: (i) The cumulative outperformance of the portfolio over the Benchmark as at the quarter end date; and (ii) The cumulative outperformance of the portfolio over the Benchmark as at the corresponding quarter end date in the previous year less any cumulative outperformance on which a performance fee has already been paid. The effect of this is that outperformance has to be maintained for a twelve month period before it is paid. As at 31 March 2025 no performance fees were accrued or payable (31 March 2024: £nil). Since the last performance fee was paid in 2021, the Company has underperformed it’s Benchmark and as such no performance fee has been provided for in the current or comparative year. Depositary agreement The Company appointed J.P. Morgan Europe Limited (the“Depositary”) as its Depositary in accordance with the AIFMD on the terms and subject to the conditions of the Depositary agreement between the Company, Frostrow and the Depositary (the “Depositary Agreement”). Under the terms of the Depositary Agreement the Company has agreed to pay the Depositary a fee calculated at 1.75bp on net assets up to £150 million, 1.50 bps on net assets between £150 million and £300 million, 1.00bps on net assets between £300 million and £500 million and 0.50bps on net assets above £500 million. The Depositary has delegated the custody and safekeeping of the Company’s assets to J.P. Morgan Securities LLC (the “Custodian and Prime Broker”) pursuant to a delegation agreement between the Company, Frostrow, the Depositary and the Custodian and Prime Broker (the “Delegation Agreement”). GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 47 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 REPORT OF THE DIRECTORS CONTINUED The Delegation Agreement transfers the Depositary’s liability for the loss of the Company’s financial instruments held in custody by the Custodian and Prime Broker to the Custodian and Prime Broker as permitted by the AIFMD. The Company has consented to the transfer and reuse of its assets by the Custodian and Prime Broker (known as “rehypothecation”) in accordance with the terms of an institutional account agreement between the Company, the Custodian and Prime Broker and certain other J.P. Morgan entities (as defined therein). See page 31 for further details. Prime brokerage agreement The Company appointed J.P. Morgan Securities LLC on the terms and subject to the conditions of the prime brokerage agreement between the Company, Frostrow and the Depositary (the “Prime Brokerage Agreement”). TheCustodian and Prime Broker receives interest on the drawn overdraft as detailed in note 12 on page 87. The Custodian and Prime Broker is a registered broker-dealer and is regulated by the United States Securities and Exchange Commission. RESULTS AND DIVIDENDS The results attributable to shareholders for the year and the transfer to reserves are shown on pages 74 and 75. Details of the Company’s dividend record can be found on page 3. Substantial interests in share capital As at 31 March 2025, the Company had not been notified of any substantial interests in the Company’s voting rights. Between the year-end and the date of this report the Company was notified of the following substantial interest in the Company’s voting rights. Number of shares held % held Saba Capital Management L.P. 26,476,555 5.4 The number and percentage of voting rights attributable to shares held directly was 4,275,644, equating to 0.9% of the Company’s issued share capital. The number and percentage of voting rights attributable to shares held through total return swaps was 22,200,911 equating to 4.5% of the Company’s issued share capital. This table reflects those shareholders who have notified the Company of a substantial interest in its shares when they have crossed certain thresholds and may not reflect their current holding. The table does not reflect the full range of investors in the Company. The shareholder register is principally comprised of private wealth managers and retail investors owning their shares through a variety of online platforms. A profile of the Company’s ownership is shown on page 95. CAPITAL STRUCTURE The Company’s capital structure comprises solely ordinary shares. During the financial year, a total of 51,310,528 shares were repurchased for treasury at a cost of £176.5m and at an average discount of 10.8%. The shares repurchased during the year equated to 9.4% of the Company’s share capital at the beginning of the year. At 31 March 2025 the Company had 494,631,804 shares in issue, excluding the 107,033,396 shares held in treasury. Voting rights in the Company’s shares Details of the voting rights in the Company’s shares at the date of this Annual Report are given in note 9 to the Notice of Annual General Meeting on page 104. Each shareholder is entitled to one vote on a show of hands and, on a poll, onevote for every share held. DIRECTORS’ & OFFICERS’ LIABILITY INSURANCE COVER Directors’ & officers’ liability insurance cover was maintained by the Company during the year ended 31March 2025 and to the date of this report. It is intended that this policy will continue for the year ending 31 March 2026 and subsequent years. DIRECTORS’ INDEMNITIES During the year under review and to the date of this report, indemnities were in force between the Company and each of its Directors under which the Company has agreed to indemnify each Director, to the extent permitted by law, in respect of certain liabilities incurred as a result of carrying out his or her role as a Director of the Company. The Directors are also indemnified against the costs of defending any criminal or civil proceedings or any claim by the Company or a regulator as they are incurred provided that where the defence is unsuccessful the Director must repay those defence costs to the Company. The indemnities are qualifying third party indemnity provisions for the purposes of the Companies Act 2006. A copy of each deed of indemnity is available for inspection at the Company’s registered office during normal business hours and will be available for inspection at the Annual General Meeting. Please refer to the Statement from the Chair on pages 4 to 6 for details of this year’s Annual General Meeting arrangements. 48 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 REPORT OF THE DIRECTORS CONTINUED POLITICAL AND CHARITABLE DONATIONS The Company has not in the past and does not intend in the future to make political or charitable donations. MODERN SLAVERY ACT 2015 The Company does not provide goods or services in the normal course of business, and as a financial investment vehicle does not have customers. The Directors do not therefore consider that the Company is required to make a statement under the Modern Slavery Act 2015 in relation to slavery or human trafficking. ANTI-BRIBERY AND CORRUPTION POLICY The Board has adopted a zero tolerance approach to instances of bribery and corruption. Accordingly it expressly prohibits any Director or associated persons when acting on behalf of the Company, from accepting, soliciting, paying, offering or promising to pay or authorise any payment, public or private in the UK or abroad to secure any improper benefit for themselves or for the Company. The Board ensures that its service providers apply the same standards in their activities for the Company. A copy of the Company’s Anti Bribery and Corruption Policy can be found on its website at www.worldwidewh.com. The policy is reviewed regularly by the Audit & Risk Committee. CRIMINAL FINANCES ACT 2017 The Company has a commitment to zero tolerance towards the criminal facilitation of tax evasion. A copy of the Company’s Prevention of the Facilitation of Tax Evasion Policy can be found on its website at www.worldwidewh.com. The policy is reviewed regularly by the Audit & Risk Committee. GLOBAL GREENHOUSE GAS EMISSIONS The Company has no greenhouse gas emissions to report from its operations, nor does it have responsibility for any other emissions producing sources under the Companies Act 2006 (Strategic Reports and Directors’ Reports) Regulations 2013 or the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, including those within the Company’s underlying investment portfolio. Consequently, the Company consumed less than 40,000 kWh of energy during the year in respect of which the Report of the Directors is prepared and therefore is exempt from the disclosures required under the Streamlined Energy and Carbon Reporting criteria. COMMON REPORTING STANDARD (“CRS”) CRS is a global standard for the automatic exchange of information commissioned by the Organisation for Economic Cooperation and Development and incorporated into UK law by the International Tax Compliance Regulations 2015. CRS requires the Company to provide certain additional details to HMRC in relation to certain shareholders. The reporting obligation began in 2016 and is an annual requirement. The Registrars, Link Group, have been engaged to collate such information and file the reports with HMRC on behalf of the Company. CORPORATE GOVERNANCE The Corporate Governance Report is set out on pages51 to58. ARTICLES OF ASSOCIATION Amendments of the Company’s Articles of Association require a special resolution to be passed by shareholders. REQUIREMENTS OF THE UK LISTING RULES The UK Listing Rules require the Company to include certain information in a single identifiable section of the Annual Report or a cross reference table indicating where the information is set out. The Directors confirm that there are no disclosures to be made under the UK Listing Rules. UK SANCTIONS The Board has made due diligence enquiries of the service providers that process the Company’s shareholder data, to ensure the Company’s compliance with the UK sanctions regime. The relevant service providers have confirmed that they check the Company’s shareholder data against the UK sanctions list on a daily basis. At the date of this report, no sanctioned individuals had been identified on the Company’s shareholder register. The Board notes that stockbrokers and execution-only platforms also carry out their own duediligence. By order of the Board Frostrow Capital LLP Company Secretary 10 June 2025 GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 49 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Statement of Directors’ Responsibilities The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulations. In preparing these financial statements, the Directors are required to: • select suitable accounting policies and apply them consistently; • make judgements and estimates that are reasonable and prudent; • follow applicable UK accounting standards comprising FRS 102; • prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business; and • prepare a director’s report, a strategic report and a directors’ remuneration report which comply with the requirements of the Companies Act 2006. 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 and the Directors’ Remuneration Report 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 ensuring that the Report of the Directors and other information included in the Annual Report is prepared in accordance with company law in the United Kingdom. They are also responsible for ensuring that the Annual Report includes information required by the UK Listing Rules. The Directors are also responsible for ensuring that the Annual Report and the Financial Statements are made available on a website. The Annual Report and the Financial Statements are published on the Company’s website at www.worldwidewh.com and via Frostrow’s website at www.frostrow.com. The maintenance and integrity of these websites, so far as it relates to the Company, is the responsibility of Frostrow. The work carried out by the Auditors does not involve consideration of the maintenance and integrity of these websites and, accordingly, the Auditors accept no responsibility for any changes that have occurred to the financial statements since they were initially presented on these websites. Visitors to the websites need to be aware that legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in their jurisdiction. DISCLOSURE OF INFORMATION TO THE AUDITORS So far as the Directors are aware, there is no relevant information of which the Auditors are unaware. TheDirectors have taken all steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the Auditors are aware of such information. RESPONSIBILITY STATEMENT OF THE DIRECTORS IN RESPECT OF THE ANNUAL FINANCIAL REPORT The Directors confirm to the best of their knowledge that: • the Annual Report and the Financial Statements have been prepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and the return for the year ended 31 March 2025; and • the Annual Report and the Financial Statements, includes a fair review of the development and performance of the Company and of its financial position, together with a description of the principal risks and uncertainties it faces. Also, that taken as a whole they are fair, balanced and understandable and provide the information necessary to assess the Company’s performance, business model and strategy. On behalf of the Board Doug McCutcheon Chair 10 June 2025 50 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 THE BOARD AND COMMITTEES Responsibility for effective governance lies with the Board. The governance framework of the Company reflects the fact that as an investment company it has no employees and outsources portfolio management to OrbiMed and risk management, company management, company secretarial, administrative and marketing services to Frostrow. Corporate Governance Management Engagement & Remuneration Committee Chair Jo Parfrey All Independent Directors Key responsibilities: • to review regularly the contracts, the performance and remuneration of the Company’s principal service providers; • to set the Directors’ Remuneration Policy; and • to review the terms and conditions of the Directors’ appointments. THE BOARD Chair – Doug McCutcheon Senior Independent Director – Dr. Bina Rawal Five additional non-executive Directors, all considered independent, except for Sven Borho (see page 44 for further information). Key responsibilities: • to provide leadership and set strategy, values and standards within a framework of prudent effective controls which enable risk to be assessed and managed; • to ensure that a robust corporate governance framework is implemented; and • to challenge constructively and scrutinise performance of all outsourced activities. Audit & Risk Committee Chair Tim Livett All Independent Directors (excluding the Chair of the Company Doug McCutcheon) Key responsibilities: • to review the Company’s financial reports; • to oversee the risk and control environment and financial reporting; and • to have primary responsibility for the relationship with the Company’s external Auditors, to review their independence and performance, and to determine their remuneration. Nominations Committee Chair Dr. Bina Rawal All Independent Directors Key responsibilities: • to review regularly the Board’s structure and composition; and • to make recommendations for any changes or new appointments; and • to manage the Board evaluation process. * The Board believes that Tim Livett has the necessary recent and relevant financial experience to Chair the Company’s Audit & Risk Committee. Copies of the full terms of reference, which clearly define the responsibilities of each Committee, can be obtained from the Company Secretary and can be found at the Company’s website at www.worldwidewh.com. Copies will also be available for inspection on the day of the Annual General Meeting. GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 51 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 CORPORATE GOVERNANCE STATEMENT The Board is committed to maintaining and demonstrating high standards of corporate governance. The Board has considered the principles and recommendations of the AIC Code of Corporate Governance published in February 2019 (the “AIC Code”). The AIC Code addresses all the principles set out in the UK Corporate Governance Code (the “UKCode”), as well as setting out additional provisions on issues that are of specific relevance to the Company. In January 2024 the FRC published a revised UK Corporate Governance Code which applies to financial years beginning on or after 1 January 2025. The AIC published a revised Code of Corporate Governance in August 2024, which applies with effect from the same date. The 2018 UK Code and the 2019 AIC Code apply until this time. The Board considers that reporting in accordance with the principles and recommendations of the AIC Code (whichhas been endorsed by the Financial Reporting Council) provides more relevant and comprehensive information to shareholders. By reporting against the AIC Code, the Company meets its obligations under the UK Code (and associated disclosure requirements under paragraph 6.6.6 of the UK Listing Rules) and as such does not need to report further on issues contained in the UK Code which are irrelevant to the Company as an externally managed investment company, including the provisions relating to the role of the chief executive, executive directors’ remuneration and the internal audit function. The Company has complied with the principles and recommendations of the AIC Code. The AIC Code can be viewed at www.theaic.co.uk and the UK Code can be viewed on the Financial Reporting Council website at www.frc.org.uk. The Corporate Governance Report on pages 51 to 58, forms part of the Report of the Directors on pages 47 to 49. BOARD LEADERSHIP AND PURPOSE Purpose and strategy The purpose and strategy of the Company are described in the Strategic Report beginning on page 1. THE BOARD The Board is responsible for the effective Stewardship of the Company’s affairs. Strategy issues and all operational matters of a material nature are considered at its meetings. The Board consists of seven non-executive Directors, each of whom, with the exception of Sven Borho, is independent of OrbiMed and the Company’s other service providers. No member of the Board is a Director of another investment company managed by OrbiMed, nor has any Board member (with the exception of Sven Borho) been an employee of OrbiMed or any of the Company’s service providers. Further details regarding the Directors can be found on pages 44 to 46. The Board carefully considers the various guidelines for determining the independence of non-executive Directors, placing particular weight on the view that independence is evidenced by an individual being independent of mind, character and judgement. All Directors retire at the AGM each year and, if appropriate, seek election or re-election. Each Director has signed a letter of appointment to formalise the terms of their engagement as a non-executive Director, copies of which are available on request at Frostrow’s offices. BOARD CULTURE The Board aims to consider and discuss differences of opinion, unique vantage points and to exploit fully areas of expertise. The Chair encourages open debate to foster a supportive and co-operative approach for all participants. Strategic decisions are discussed openly and constructively. The Board aims to be open and transparent with shareholders and other stakeholders and for the Company to conduct itself responsibly, ethically and fairly in its relationships with service providers. The Board has gained assurance on whistleblowing procedures at the Company’s principal service providers to ensure employees at those companies are supported in speaking up and raising concerns. No concerns relating to the Company were raised during the year. SHAREHOLDER RELATIONS The Company has appointed Frostrow to provide marketing and investor relations services, in the belief that a well-marketed investment company is more likely to grow over time, have a more diverse, stable list of shareholders and its shares will trade at close to net asset value per share over the long run. Frostrow actively promotes the Company as set out on page 30. SHAREHOLDER COMMUNICATIONS The Board, the AIFM and the Portfolio Manager consider maintaining good communications with shareholders and engaging with larger shareholders through meetings and presentations a key priority. Shareholders are kept informed by the publication of annual and half-year reports which include financial statements. These reports are supplemented by the daily release of the net asset value per share to the London Stock Exchange and the CORPORATE GOVERNANCE CONTINUED 52 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 publication of monthly fact sheets. All this information, including interviews with the Portfolio Manager, is available on the Company’s website at www.worldwidewh.com. The Board monitors the share register of the Company; it also reviews correspondence from shareholders at each meeting and maintains regular contact with major shareholders. Shareholders who wish to raise matters with a Director may do so by writing to them at the registered office of the Company. The Board supports the principle that the AGM be used to communicate with private investors, in particular. Shareholders are encouraged to attend the AGM, where they are given the opportunity to question the Chair, the Board and representatives of the Portfolio Manager. In addition, the Portfolio Manager makes a presentation to shareholders covering the investment performance and strategy of the Company at the AGM. Voting at the AGM is conducted on a poll and details of the proxy votes received in respect of each resolution will be made available on the Company’s website. SIGNIFICANT HOLDINGS AND VOTING RIGHTS Details of the shareholders with substantial interests in the Company’s shares, the Directors’ authorities to issue and repurchase the Company’s shares, and the voting rights of the shares are set out in the Directors’ Report. BOARD MEETINGS The Board meets formally at least four times each year. A representative of OrbiMed attends all meetings; representatives from Frostrow are also in attendance at each Board meeting. The Independent Directors also meet before each formal Board meeting without representatives from Frostrow and OrbiMed being present. The Chair encourages open debate to foster a supportive and co-operative approach for all participants. The Board has agreed a schedule of matters specifically reserved for decision by the Board. This includes establishing the investment objectives, strategy and the Benchmark, the permitted types or categories of investments, the markets in which transactions may be undertaken, the amount or proportion of the assets that may be invested in any geography or category of investment or in any one investment, and the Company’s share issuance and share buyback policies. The Board, at its regular meetings, undertakes reviews of key investment and financial data, revenue projections and expenses, analyses of asset allocation, transactions and performance comparisons, share price and net asset value performance, marketing and shareholder communication strategies, the risks associated with pursuing the investment strategy, peer group information and industry issues. The Chair is responsible for ensuring that the Board receives accurate, timely and clear information. Representatives of OrbiMed and Frostrow Capital LLP report regularly to the Board on issues affecting the Company. The Board is responsible for strategy and has established an annual programme of agenda items under which it reviews the objectives and strategy for the Company at each meeting. CONFLICTS OF INTEREST Company Directors have a statutory obligation to avoid a situation in which they (and connected persons) have, or can have, a direct or indirect interest that conflicts, or may possibly conflict, with the interests of the Company. The Board has in place procedures for managing any actual or potential conflicts of interest. No conflicts of interest arose during the year under review. BOARD FOCUS AND RESPONSIBILITIES With the day to day management of the Company outsourced to service providers the Board’s primary focus at each Board meeting is reviewing the investment performance and associated matters, such as, inter alia, future outlook and strategy, gearing, asset allocation, investor relations, marketing, and industry issues. In line with its primary focus, the Board retains responsibility for all the key elements of the Company’s strategy and business model, including: • the Investment Objective, Policy and Benchmark, incorporating the investment and derivative guidelines and limits, and changes to these; • the maximum level of gearing and leverage the Company may employ; • a review of performance against the Company’s KPIs; • a review of the performance and continuing appointment of service providers; and • the maintenance of an effective system of oversight, risk management and corporate governance. The Investment Objective, Policy, and Benchmark, including the related limits and guidelines, are set out on pages8and9, along with details of the gearing and leverage levelsallowed. Details of the principal KPIs and further information on the principal service providers, their performance and continuing appointment, along with details of the principal risks, and how they are managed, are set out in the Strategic Report. CORPORATE GOVERNANCE CONTINUED GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 53 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 The Corporate Governance Report, on pages 51 to 58, includes a statement of compliance with corporate governance codes and best practice, and the Business Review (pages 29 to 43) includes details of the internal control and risk management framework within which the Board operates. BOARD COMPOSITION AND SUCCESSION Succession planning During the year, the Nominations Committee considered the structure of the Board, recognising the need for progressive refreshment. The Nominations Committee led the recruitment process during the year to find a replacement for Humphrey van der Klugt who retired in July 2024 and also for Doug McCutcheon ahead of his planned retirement in July 2026. The Board has an approved succession planning policy to ensure that (i) there is a formal, rigorous and transparent procedure for the appointment of new Directors; and (ii) the Board is comprised of members who collectively display the necessary balance of professional skills, experience, length of service and industry/Company knowledge. Policy on the tenure of the Board Chair and otherDirectors All Directors seek election or re-election every year. The Board subscribes to the view that long-serving Directors should not necessarily be prevented from forming part of an independent majority. The Board considers that a Director’s tenure does not necessarily reduce his or her ability to act independently and will continue to assess each Director’s independence annually through a formal performance evaluation. The tenure of each Director is not ordinarily expected to exceed nine years. However, the Board has agreed that the tenure of the Board Chair may be extended in order to facilitate the Board’s overall orderly succession. The Board believes that this more flexible approach to the tenure of the Chair is appropriate in the context of the regulatory rules that apply to investment companies, which ensure that the Board Chair remains independent after appointment, while being consistent with the need for regular refreshment and diversity. The Board asked Doug McCutcheon to take on the role of Board Chair from July 2022 for a period of three to five years. This was in order to oversee the renewal of the Board, including the retirement and replacement of all but one of the then Directors as well as changing the composition and leadership of all of the Board’s Committees. Since then, good progress has been made and the Board structure now in place allows Director renewal on a more regular basis than has occurred historically. In the light of this progress, Doug McCutcheon will be retiring from the Board at the conclusion of the Annual General Meeting to be held in 2026. Portfolio Manager Representative on the Board The Company was founded in 1995 with OrbiMed as the Portfolio Manager. Since that time, the Company has performed strongly, producing a compound net asset value per share annual return of +13.5%, well above our Benchmark and making us the third best performing trust in the UK across all sectors over the period (Source:Winterflood Investment Trusts). Since our inception, a representative of OrbiMed has served as a Director of the Company. While less common in the investment trust sector today than when the Company was founded, the Board believes that the Company’s long-term performance and its shareholders have and will continue to benefit from this arrangement. The Board has also taken steps to avoid any potential conflicts of interest – the current OrbiMed representative, Sven Borho, does not sit on any of the Board’s Committees and he does not receive a salary for serving as a Director. Appointments to the Board The Nominations Committee considers annually the skills possessed by the Board and identifies any skill shortages to be filled by new Directors. The rules governing the appointment and replacement of Directors are set out in the Company’s articles of association and the aforementioned succession planning policy. Where the Board appoints a new Director during the year, that Director will stand for election by shareholders at the next AGM. Subject to there being no conflict of interest, all Directors are entitled to vote on candidates for the appointment of new Directors and on the recommendation for shareholders’ approval for the Directors seeking election or re-election at the AGM. When considering new appointments, the Board endeavours to ensure that he or she has the capabilities required to be effective and oversee the Company’s strategic priorities. This will include an appropriate range, balance and diversity of skills, experience and knowledge. TheCompanyiscommitted to ensuring that any vacancies arising are filled by the most qualified candidates. During the year, the Board appointed Sian Hansen and William Hemmings as a non-executive Directors, following the retirement of Humphrey van der Klugt in July 2024 and ahead of the planned retirement of Doug McCutcheon at the conclusion of the AGM to be held in 2026. The Board engaged the services of a specialist recruitment agency, Nurole, to assist with the search process. Nurole sourced and prepared a diverse long list of potential candidates for consideration by the Nominations Committee. The Nominations Committee then selected a short list of candidates to interview. Following CORPORATE GOVERNANCE CONTINUED 54 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 the interviews, a recommendation was made to the Board that Mrs Hansen and Mr Hemmings be appointed as Directors. Nurole has no other connection with the Company. Diversity policy The Board supports the principle of Boardroom diversity, of which gender and ethnicity are two important aspects. The Company’s policy is that the Board and its committees should be comprised of directors with a diverse range of skills, knowledge and experience and that appointments should be made on merit against objective criteria, including diversity in its broadest sense. The objective of the policy is to have a broad range of approaches, backgrounds, skills, knowledge and experience represented on the Board. To this end, achieving a diversity of perspectives and backgrounds on the Board will be a key consideration in any director search process. The Board encourages any recruitment agencies it engages to find a diverse range of candidates that meet the criteria agreed for each appointment and, from the shortlist, aims to ensure that a diverse range of candidates is brought forward for interview. The Board will continue to give due regard to the new diversity targets in the UK Listing Rules set out below. The Board will not discriminate unfairly on the grounds of gender, ethnicity, age, sexual orientation, disability or socio- economic background when considering the appointment of a new Director. Candidates’ educational and professional backgrounds, their cognitive and personal strengths, are considered against the specification prepared for each appointment. The UK Listing Rules require companies to report against the following diversity targets: a) At least 40% of individuals on the board are women; b) At least one of the senior board positions (Chair, CEO, CFO or SID) is held by a woman; and c) At least one individual on the board is from a minority ethnic background. As an externally managed investment company, the Company does not have the positions of CEO or CFO and therefore, as permitted by the UK Listing Rules, it has not reported formally against the second target as it is not applicable. As shown in the tables below, the Company has met both the first and the third targets. The Board will have due regard to these targets in future Director recruitment processes. In accordance with the UK Listing Rules, the Board has provided the following information in relation to its diversity as at the year end. Number of Board Members Percentage of the Board Number of senior positions on the Board Men 4 57% n/a Women 3 43% n/a Not specified/prefer not to say – – n/a Number of Board Members Percentage of the Board Number of senior positions on the Board White British or other White (including minority-white groups) 6 63% n/a Mixed/Multiple Ethnic Groups – – n/a Asian/Asian British 1 14% n/a Black/African/Caribbean/Black British – – n/a Other ethnic group, including Arab – – n/a Not specified/ prefer not to say – – n/a * This column is does not apply to the Company as it is externally managed and does not have executive management functions, specifically it does not have a CEO or CFO. The Chair of the Board is a man and the SID is woman. Also, the Company considers that the chairs of the permanent sub-committees of the Board are senior roles in an investment company context. Of the three permanent sub-committees of the Board, two are chaired by a woman: the Nominations Committee and the Management Engagement & Remuneration Committee. The information above was obtained by asking the Directors to indicate on an anonymous form, how they should be categorised for the purposes of the UK Listing Rules disclosures. CORPORATE GOVERNANCE CONTINUED GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 55 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 MEETING ATTENDANCE The number of meetings held during the year of the Board and its Committees, and each Director’s attendance level, is shownbelow: Type and number of meetings held in 2024/25 Board (6) Audit & Risk Committee (2) Nominations Committee (2) Management Engagement & Remuneration Committee (1) Doug McCutcheon~ 6 – 2 1 Dr Bina Rawal 6 2 2 1 Tim Livett 6 2 2 1 Sven Borho^ 5 – – – Sian Hansen ‡ 3 1 1 1 William Hemmings ‡ 3 1 1 1 Jo Parfrey 6 2 2 1 Humphrey van der Klugt 2 1 – – ~ Not a member of the Audit & Risk Committee. ^ Sven Borho does not sit on any of the Company’s Committees. ‡ Joined the Board on 1 October 2024. * Retired from the Board on 10 July 2024. All of the serving Directors attended the Annual General Meeting held on 10July 2024. BOARD EVALUATION Following last year’s external Board evaluation, an internal review of the Board its committees and individual Directors (including each Director’s independence) was carried out in the form of performance evaluation questionnaires. The review concluded that the Board works in a collegiate, efficient and effective manner, and there were no material weaknesses or concerns identified. The Board is satisfied that the structure, mix of skills and operation of the Board, its committees, and individual Directors continue to beeffective. The Board pays close attention to the capacity of individual Directors to carry out their work on behalf of the Company. In recommending individual Directors to shareholders for election and re-election, it considered their other Board positions and their time commitments and is satisfied that each Director has the capacity to be fully engaged with the Company’s business. The Board has considered the position of all of the Directors as part of the evaluation process, and believes that it would be in the Company’s best interests to propose them for election and re-election for the followingreasons: Doug McCutcheon joined the Board in November 2012 and became Chair in July 2022. Doug was an investment banker at S.G. Warburg and then UBS for 25 years, most recently as the head of Healthcare Investment Banking for Europe, the Middle East, Africa and Asia-Pacific. It is noted that Doug has been a Director of the Company for more than nine years. The Board has agreed to this period of longer service to ensure an orderly succession. The Senior Independent Director conducted a preliminary evaluation of the Chair shortly after his appointment with no issues being raised. The Board continues to believe that Doug remains independent in thought and judgement. Sven Borho joined the Board in June 2018. Sven is a founder and Managing Partner of OrbiMed and heads their public Equity team and is the portfolio manager for OrbiMed’s public equity and hedge funds. Having a senior OrbiMed representative on the Board dates back to the Company’s inception in 1995. The Board believes that there is great value in the current representative, Sven Borho, being a Director of the Company as a result of his considerable knowledge and experience. Sven does not receive a fee for being a Director, neither is he a member of any of the Company’s Committees. Tim Livett joined the Board in September 2022. A qualified accountant, Tim is Chair of the Audit & Risk Committee. Tim was formerly the Chief Financial Officer at Caledonia Investments PLC. Prior to this role he was Chief Financial Officer at Wellcome Trust, the global charitable foundation focused on health research and at Virgin Atlantic Limited. Tim is a non-executive Director of British Standards Institution and CORPORATE GOVERNANCE CONTINUED 56 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 of Oxford University Endowment Management, plus a Trustee of Babraham Institute; he chairs the respective Audit and Risk Committees of these institutions. Tim is also a Director and Trustee of the Shell Foundation. He has an extensive and broad financial background. Jo Parfrey joined the Board in September 2022. Jo is Chair of the Management Engagement & Remuneration Committee. She is a non-executive Director of Octopus AIM VCT. She is also the non-executive Chair of Babraham Research Campus Limited. A Chartered Accountant, Jo has extensive experience of both global investment trusts and healthcare, including life sciences. Dr Bina Rawal joined the Board on November 2019. Aphysician with 25 years’ experience in life sciences research and development, she has held senior executive roles in drug development and scientific evaluation in four global pharmaceutical companies. She has also worked in senior roles with two medical research funding organisations. She is also a non-executive Director of PHP Plc. Sian Hansen was previously Chief Operating Officer of C|T Group, Executive Director of the Legatum Institute and before that, Managing Director of the UK think tank Policy Exchange. Earlier in her career, Sian was a senior equity analyst and Co-Director of Sales for Asian Emerging Markets at Société Générale. Sian enhances the Board’s knowledge of sustainability, enabling meaningful debates with the Portfolio Manager to take place. As a thought leader in political and other forums, she brings a valuable perspective on geo-political matters. She is a non-executive Director of Pacific Assets Trust plc and of The Lindsell Train Investment Trust plc. William Hemmings has extensive experience in the investment trust sector from his previous roles as Head of Closed End Funds and Head of Investment Companies at Aberdeen Group (formerly Aberdeen Asset Management PLC). He was also formerly a Non-Executive Director on the board of Primary Health Properties Plc and a Director of the Association of Investment Trust Companies. He is consultant to board performance and external evaluation specialist Cyclico. The Chair is pleased to report that following a formal performance evaluation, the Directors’ performance continues to be effective and they continue to demonstrate commitment to the role. TRAINING AND ADVICE New appointees to the Board are provided with a full induction programme. The programme covers the Company’s investment strategy, policies and practices. The Directors are also given key information on the Company’s regulatory and statutory requirements as they arise including information on the role of the Board, matters reserved for its decision, the terms of reference of the Board Committees, the Company’s corporate governance practices and procedures and the latest financial information. It is the Chair’s responsibility to ensure that the Directors have sufficient knowledge to fulfil their role and Directors are encouraged to participate in training courses where appropriate. The Directors have access to the advice and services of a Company Secretary through its appointed representative which is responsible to the Board for ensuring that Board procedures are followed and that applicable rules and regulations are complied with. The Company Secretary is also responsible for ensuring good information flows between all parties. There is an agreed procedure for Directors, in the furtherance of their duties, to take independent professional advice if necessary at the Company’s expense. RISK MANAGEMENT AND INTERNAL CONTROLS The Board has overall responsibility for the Company’s risk management and internal control systems and for reviewing their effectiveness. The Company applies the guidance published by the Financial Reporting Council on internal controls. Internal control systems are designed to manage, rather than eliminate, the risk of failure to achieve the business objective and can provide only reasonable and not absolute assurance against material misstatement or loss. These controls aim to ensure that the assets of the Company are safeguarded, that proper accounting records are maintained and that the Company’s financial information is reliable. The Directors have a robust process for identifying, evaluating and managing the significant risks faced by the Company, which are recorded in a risk matrix. The Audit & Risk Committee, on behalf of the Board, considers each risk as well as reviewing the mitigating controls in place. Each risk is rated for its “likelihood” and “impact” and the resultant numerical rating determines its ranking into ‘Principal/Key’, ‘Significant’ or ’Minor’. This process was in operation during the year and continues in place up to the date of this report. The process also involves the Audit & Risk Committee receiving and examining regular CORPORATE GOVERNANCE CONTINUED GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 57 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 reports from the Company’s principal service providers. The Board then receives a detailed report from the Audit & Risk Committee on its findings. The Directors have not identified any significant failures or weaknesses in respect of the Company’s internal control systems. BENEFICIAL OWNERS OF SHARES – INFORMATION RIGHTS Beneficial owners of shares who have been nominated by the registered holder of those shares to receive information rights under section 146 of the Companies Act 2006 are required to direct all communications to the registered holder of their shares rather than to the Company’s registrar, MUFG Corporate Markets, or to the Company directly. The Company has adopted a nominee share code which is set out on the following page. The annual and half-year financial reports, and a monthly fact sheet are available to all shareholders. The Board, with the advice of Frostrow, reviews the format of the annual and half-year financial reports so as to ensure they are useful to all shareholders and others taking an interest in the Company. Inaccordance with best practice, the annual report, including the Notice of the AGM, is sent to shareholders at least 20working days before the meeting. Separate resolutions are proposed for substantive issues. ANNUAL GENERAL MEETING The following information to be considered at the forthcoming annual general meeting is important and requires your immediate attention. If you are in any doubt about the action you should take, you should seek advice from your stock broker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act2000 (as amended). If you have sold or transferred all of your ordinary shares in the Company, you should pass this document, together with any other accompanying documents, including the form of proxy, at once to the purchaser or transferee, or to the stock broker, bank or other agent through whom the sale or transfer was effected, for onward transmission to the purchaser or transferee The Company’s Annual General Meeting will be held at Saddlers’ Hall, 40 Gutter Lane, London EC2V 6BR on Wednesday, 9 July 2025 from 12.30 p.m. Please refer to the Chair’s Statement beginning on page 4 for details of this year’s arrangements. In particular, resolutions relating to the following items will be proposed at the forthcoming Annual General Meeting. Resolution 13 Authority to allot shares Resolution 14 Authority to disapply pre-emption rights Resolution 15 Authority to sell shares held in treasury on a non pre-emptive basis Resolution 16 Authority to buy-back shares Resolution 17 Authority to hold General Meetings (other than the Annual General Meeting) on at least 14 clear days’ notice Resolution 13 will be proposed as an Ordinary Resolution and resolutions 14 to 17 will be proposed as Special Resolutions. The full text of the resolutions can be found in the Notice of Annual General Meeting on pages 101 to 105. Explanatory notes regarding the resolutions can be found on pages 106 and 107. EXERCISE OF VOTING POWERS The Board and the AIFM have delegated authority to OrbiMed to vote the shares owned by the Company. The Board has instructed that OrbiMed submit votes for such shares wherever possible. This accords with current best practice whilst maintaining a primary focus on financial returns. OrbiMed may refer to the Board on any matters of a contentious nature. The Board has reviewed OrbiMed’s Voting Guidelines and is satisfied with their approach. The Company does not retain voting rights on any shares that are held as collateral in connection with the overdraft facility provided by J.P. Morgan Securities LLC. NOMINEE SHARE CODE Where shares are held in a nominee company name, the Company undertakes: • to provide the nominee company with multiple copies of shareholder communications, so long as an indication of quantities has been provided in advance; and • to allow investors holding shares through a nominee company to attend general meetings, provided the correct authority from the nominee company is available. Nominee companies are encouraged to provide the necessary authority to underlying shareholders to attend the Company’s general meetings. By order of the Board Frostrow Capital LLP Company Secretary 10 June 2025 CORPORATE GOVERNANCE CONTINUED 58 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Audit & Risk Committee Report INTRODUCTION FROM THE CHAIRMAN I am pleased to present this report to shareholders as Chair of the Audit & Risk Committee (the “Committee”), for the year ended 31 March 2025. COMPOSITION AND MEETINGS The Committee comprises those Directors considered to be independent by the Board. The Chair of the Company is not a member of the Committee but attends meetings by invitation. The Committee met twice during the year and attendance by each Director is shown in the table on page56. The Board has taken note of the requirements that the Committee as a whole should have competence relevant to the sector in which the Company operates and that at least one member of the Committee should have recent and relevant financial experience. I am a qualified accountant and Chair a number of Audit& Risk Committees for other organisations. The other Committee members have a combination of financial, investment and other relevant experience gained throughout their careers. The Committee is satisfied that it is properly constituted in both respects. The experience of the Committee members can be assessed from the Directors’ biographies set out on pages44 to 46. RESPONSIBILITIES The Committee’s main responsibilities during the year were: 1. To review the Company’s Half-Year and Annual Report. 2. To advise the Board on whether the Annual Report, taken as a whole, is fair, balanced and understandable. 3. To review the risk management and internal control processes of the Company and its key service providers. Further details of the Committee’s review are included in the Principal Risks section beginning on page 32. 4. To develop and implement a policy for the engagement of the external Auditors and agreeing the scope of its work and its remuneration. Also, to be responsible for the selection process of the external Auditors (including the leadership of an audit tender process) and to have primary responsibility for the Company’s relationship with the external Auditors. 5. To review the quality and effectiveness of the external audit and the process. 6. To review the independence and objectivity of the external Auditors. 7. To consider any non-audit work to be carried out by the Auditors. The Committee reviews the need for non-audit services to be provided by the Auditors and authorises such on a case by case basis, having consideration to the cost effectiveness of the services and the independence and objectivity of the Auditors. 8. To consider the need for an internal audit function. 9. To assess the going concern and viability of the Company, including the assumptions used. 10.ToreportitsfindingstotheBoard. A comprehensive description of the Committee’s role, its duties and responsibilities, can be found in its terms of reference which are available for review on the Company’s website at www.worldwidewh.com. SIGNIFICANT ISSUES CONSIDERED BY THE COMMITTEE DURING THE YEAR Annual Report and Financial Statements The production of the Company’s Annual Report (including the external audit) is a thorough process involving input from a number of different areas. In order to be able to confirm that the Annual Report is fair, balanced and understandable, the Board has requested that the Committee advise on whether it considers these criteria have been satisfied. As part of this process the Committee has considered the following: • the procedures followed in the production of the Annual Report, including the processes in place to assure the accuracy of the factual content; • the extensive levels of review that were undertaken in the production process, by the Company’s AIFM and the Committee; • the internal control environment as operated by the Portfolio Manager, AIFM and other service providers; and • the data and commentary provided within the Annual Report was presented in a clear and complete manner and that there was a thorough explanation of financialperformance. As a result of the work undertaken by the Committee, it has confirmed to the Board that the Annual Report for the year ended 31 March 2025, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s financial position, performance, business model and strategy. GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 59 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 AUDIT & RISK COMMITTEE REPORT CONTINUED The Committee addressed the overall accuracy of the annual report by considering the draft Annual Report, a letter from Frostrow in support of the letter of representation made by the Board to the Auditors and the Auditors’ Report to the Committee. Valuation and Ownership of the Company’s Investments and Derivatives, including unquotedinvestments The Committee dealt with this matter by: • ensuring that all investment holdings and cash/ deposit balances had been agreed to an independent confirmation from the Custodian and Prime Broker or relevant counterparty. Receiving and reviewing details of the internal control procedures in place at the Portfolio Manager, the AIFM and the Custodian and Prime Broker. In addition, reviewing regular reports received from both the Custodian and Prime Broker and also the Depositary (whose role it is to ensure that the Company’s assets are safeguarded and to verify their valuation); • reconfirming its understanding of the processes in place to record investment transactions and income, and to value the portfolio; • reviewing and amending, where necessary, the Company’s register of key risks in light of changes to the portfolio and the investment environment; • gaining an overall understanding of the performance of the portfolio both in capital and revenue terms through comparison to the Benchmark; and • conducting a review of how the Company’s derivative positions were monitored. The Committee also reviewed both the process and the resulting valuations of the unquoted investments; the Committee was satisfied that the process was effective and that the valuations were appropriate. The Company has the ability to make unquoted investments within its investment portfolio, up to a limit of 10% of the portfolio at the time of acquisition. Both the Company’s Directors and the AIFM need to ensure that an appropriate value is placed on such investments within the Company’s net asset value. The Committee has worked with the Company’s Portfolio Manager and the AIFM to establish clear guidelines for the valuation of unquoted investments, including the use of valuations produced by independent external valuers, whereappropriate. Valuations are reviewed formally on a six-monthly basis and, if necessary, on an ad hoc basis in response to material events such as a significant change in fundamentals, a takeover approach or an initial public offering (“IPO”). Any adhoc changes made to valuations are reflected in the next day’s published NAV per share, which is announced to the London Stock Exchange. Calculation of AIFM, Portfolio Management and Performance Fees The AIFM, Portfolio Management and Performance fees are calculated in accordance with the AIFM and Portfolio Management Agreements. The Auditors perform agreed upon procedures over any performance fee payable to the Portfolio Manager prior to payment. The Auditors also recalculate the AIFM and Portfolio Management fee as part of the audit. Recognition of Revenue from Investments The Committee sought to gain an understanding of the processes in place to record investment income and transactions. The Committee requested and received confirmation from the AIFM that all dividends both received and receivable had been accounted for correctly. The Committee noted and acknowledged the segregation of duties in place between the AIFM and the Custodian and Prime Broker. Investment Trust Status The Committee approached and dealt with ensuring compliance with Section 1158 of the Corporation Tax Act 2010, by seeking confirmation from Frostrow that the Company continues to meet the eligibility conditions on a monthly basis. OTHER REPORTING MATTERS Withholding Tax The Committee monitored the reclamation of withholding tax, receiving regular updates from Frostrow on the process and the appointment of specialist local agents. Investment Performance The Committee gained an overall understanding of the performance of the investment portfolio both in capital and revenue terms through ongoing discussions and analysis with the Company’s Portfolio Manager and also with comparison to suitable key performance indicators (see page 30). Accounting Policies During the year the Committee ensured that the accounting policies, as set out on pages 82 to 86, were applied consistently throughout the year. In light of there being no unusual transactions during the year or other possible reasons, the Committee agreed that there was no reason to change the policies. 60 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Half Year Report and Financial Statements The Committee reviewed the Half Year Report and Financial Statements, which are not audited or reviewed by the external Auditors, to ensure that the accounting policies used in the Annual Financial Statements were also used at the half-year stage and that they portrayed a fair balanced and understandable picture of the period in question. Going Concern and Viability Statement Having reviewed the Company’s financial position and liabilities, the Committee is satisfied that it is appropriate for the Board to prepare the financial statements on the going concern basis. Further detail is provided on page 39. The Committee’s review of the Company’s financial position included consideration of the cash and cash equivalent position of the Company; the diversification of the portfolio; and the analysis of portfolio liquidity, which estimated over 80.7% of the portfolio could be liquidated within one trading day (based on current market volumes). The Committee also considered the longer-term viability of the Company in connection with the Board’s statement in the Strategic Report on pages 38 and 39. The Committee reviewed the Company’s financial position (including its cash flows and liquidity position), the principal risks and uncertainties and the results of stress tests. The stress tests included a number of scenarios which considered the impact of severe adverse stock market volatility in the form of substantial market falls and significantly reduced marketliquidity. The scenarios assumed that there would be no recovery in asset prices and that listed portfolio companies would not reinstate dividends. The results demonstrated the impact on the Company’s NAV, its expenses, its cash flows and its ability to meet its liabilities. In even the most stressed scenario, the Company was shown to have sufficient cash, or to be able to liquidate a sufficient portion of its listed holdings, in order to be able to meet its liabilities as they fall due. Based on the information available to the Directors at the time, the Committee therefore concluded it was reasonable for the Board to expect that the Company will be able to continue in operation and meet its liabilities as they fall due over the next five financial years. The Committee expects that the Company will continue to exist for the foreseeable future and at least for the period of theassessment. Internal Controls and Risk Management As set out on page 32 the Board is responsible for the risk assessment and review of internal controls of the Company, undertaken in the context of the overall investment objective. The review covers the key business, operational, compliance and financial risks facing the Company. In arriving at its judgement of what risks the Company faces, the Board has considered the Company’s operations in the light of the following factors: • the nature of the Company, with all management functions outsourced to third party service providers; • the nature and extent of risks which it regards as acceptable for the Company to bear within its overall investment objective; • the threat of such risks becoming a reality; and • the Company’s ability to reduce the incidence and impact of risk on its performance. Against this background, a risk matrix has been developed which covers key risks the Company faces, the likelihood of their occurrence and their potential impact, how these risks are monitored and mitigating controls in place. The Board has delegated to the Committee the responsibility for the review and maintenance of the risk matrix and it reviews, in detail, the risk matrix each time it meets, bearing in mind any changes to the Company, its environment or service providers since the last review. Any significant changes to the risk matrix are discussed with the whole Board. Principal Service Providers In addition to reviewing the systems of internal control in place at the Company’s principal service providers, the Committee also reviewed the cyber security strategies adopted by them. Depositary During the year, the Committee reviewed reports from the Depositary on their regulatory oversight and due diligence duties. Nothing material was brought to the attention of theCommittee. AUDIT & RISK COMMITTEE REPORT CONTINUED GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 61 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Correspondence from the Financial Reporting Council (“FRC”) The FRC raised some minor comments relating to the Company’s 2024 Annual Report. The Committee reviewed the comments made and also the response to them. The FRC subsequently confirmed that they were satisfied with the response. Appropriate amendments have been made to notes 16 and 17 to the Financial Statements beginning on page 88 and also on page 94, and also to the narrative disclosure regarding the performance fee on page 47, to reflect the comments made by the FRC. Internal Audit The Committee considered whether there was a need for the Company to have an internal audit function. As the Company delegates its day-to-day operations to third parties and has no employees, the Committee concluded that there was no such need. EXTERNAL AUDITOR Appointment and Tenure PricewaterhouseCoopers (“PwC”) were initially appointed on 14July 2014 following a formal tender process and this appointment was renewed at each subsequent AGM. As set out in last year’s Annual Report, the Board re-appointed PwC following a competitive audit tender process held in 2023. Shujaat Khan was the audit partner for the financial year under review and this was his first audit of the Company. The Audit This year the nature and scope of the audit together with PwC’s audit plan were considered by the Committee on 30 October 2024. I, as Chair of the Committee, had a separate meeting with them specifically to discuss the audit and any issues that arose. The Committee then met PwC on 28 May 2025 to review the outcome of the audit and to discuss the limited issues that arose. The Committee also discussed the presentation of the Annual Report with the Auditors and sought their perspective. The Auditors were provided with an opportunity to meet with the Committee without the AIFM or the Portfolio Manager being present. No concerns were raised by the Auditors or the Committee in relation to the service provided by the AIFM, the Portfolio Manager, or any other third-party service provider. There were no material or significant adverse matters brought to the Committee’s attention in respect of the 2025 audit, which should be brought to shareholders’attention. Independence and Effectiveness In order to fulfil the Committee’s responsibility regarding the independence of the Auditors, the Committee reviewed: • the senior audit personnel in the audit plan for the year; • the Auditors’ arrangements concerning any conflicts ofinterest; • the extent of any non-audit services; and • the statement by the Auditors that they remain independent within the meaning of the regulations and their professional standards. Quality and Effectiveness The Committee reviews the key areas of risk and judgement as proposed by the external auditors. One of the key areas of judgement, as noted earlier in this report, is the valuation of unquoted investments. The Committee encouraged input and challenge on this matter to provide additional rigour to the process. The Committee reviews the quality and effectiveness of the external audit by seeking feedback from the key participants in the process. This year feedback was obtained from key service providers alongside the PortfolioManager, Frostrow and PwC. This was reviewed and collated with the Committee’s own views of the process to provide a fullassessment. The Committee is satisfied with the Auditors’ independence and the effectiveness of the audit process. The Committee also reviews the outcomes of the FRC’s annual Audit Quality Reviews and discusses the findings with the Auditors. Remuneration The Committee approved a fee of £75,000 for the audit for the year ended 31 March 2025 (2024: £56,070). While this represents an increase on the previous year’s fee, the Committee believes that the fee is in line with general audit fees payable for the investment trust sector and is reflective of the level of work required to audit a listed company. Non-Audit Services Policy The Company operates on the basis whereby the provision of all non-audit services by the Auditors has to be pre- approved by the Committee. Such services are only permissible where no conflicts of interest arise, the service is not expressly prohibited by audit legislation, where the independence of the Auditors is not likely to be impinged by undertaking the work and the quality and the objectivity AUDIT & RISK COMMITTEE REPORT CONTINUED 62 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 AUDIT & RISK COMMITTEE REPORT CONTINUED of both the non-audit work and audit work will not be compromised. The Committee will monitor the need for non-audit work to be performed by the Auditors, if any, in accordance with the Company’s non-audit services policy. A copy of the Company’s non-audit services policy can be found on the Company’s website at www.worldwidewh.com. No non-audit fees were paid to the Auditors during the year (2024: £nil). The Committee has considered the extent and nature of the non-audit work performed by the Auditors (none was undertaken during the year) and is satisfied that this did not impinge on their independence and is a cost effective way for the Company to operate. Auditors’ Reappointment PwC have indicated their willingness to continue to act as Auditors for the forthcoming year and a resolution for their re-appointment will be proposed at theAGM. The Committee reviews the scope and effectiveness of the audit process, including agreeing the Auditors’ assessment of materiality and monitors the Auditors’ independence and objectivity. It conducted a review of the performance of the Auditors during the year and concluded that performance was satisfactory and there were no grounds for change. As a public company listed on the London Stock Exchange, the Company is subject to mandatory auditor rotation requirements. Based on these requirements, another tender process will be conducted no later than 2034. PwC will not be eligible to take part in this tender (if they are still in post) as they will have completed 20 years as the Company’sAuditors. The Committee will be mindful of any potential conflicts of interest. Any firms providing services to the Company within a two-year period of the date of the audit tender will be unable to participate. The Committee has adopted formal audit tender guidelines to govern the audit tender process. PERFORMANCE EVALUATION The Committee’s performance over the past year was reviewed and discussed as part of this year’s internal Board evaluation. The evaluation considered the composition of the Committee and the efficacy of Committee meetings, as well as assessing the Committee’s role in monitoring and overseeing the Company’s financial reporting and accounting, risk management and internal controls, compliance with corporate governance regulations and also the assessment of the external audit. I am pleased to confirm that the evaluation result was positive and no matters of concern or requirements for change were highlighted. AUDIT & RISK COMMITTEE CONFIRMATION The Audit & Risk Committee confirms that it has carried out a review of the effectiveness of the system of internal financial control and risk management during the year, as set out above and that: (a) An ongoing procedure for identifying, evaluating and managing significant risks faced by the Company was in place for the year under review and up to 9 June 2025. This procedure is regularly reviewed by the Board; and (b) It is responsible (on behalf of the Board) for the Company’s system of internal controls and for reviewing its effectiveness and that it is designed to manage the risk of failure to achieve business objectives. This can only provide reasonable not absolute assurance against material misstatement or loss. Tim Livett Chair of the Audit & Risk Committee 10 June 2025 GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 63 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Directors’ Remuneration Report INTRODUCTION FROM THE CHAIR This report has been prepared in accordance with Schedule 8 of the Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulation 2013, the requirements of Section 421 of the Companies Act 2006 and the Enterprise and Regulatory Reform Act 2013. The Directors’ Remuneration Report is subject to an annual advisory vote and therefore an Ordinary Resolution for the approval of this report will be put to shareholders at the Company’s forthcoming AGM. The law requires the Company’s Auditors to audit certain of the disclosures provided in this report. Where disclosures have been audited, they are indicated as such and the Auditors’ audit opinion is included in its report to shareholders on pages 67 to 73. The Management Engagement & Remuneration Committee (the “Committee”) considers the framework for the remuneration of the Directors on an annual basis. It reviews the ongoing appropriateness of the Directors’ Remuneration Policy and the individual remuneration of Directors by reference to the activities and particular complexities of the Company and comparison with other companies of a similar structure and size. This is in-line with the AIC Code. An Ordinary Resolution proposing the adoption of the Directors’ Remuneration Report was put to shareholders at the Annual General Meeting of the Company held on 18July 2023, and was passed with 99.8%of the votes cast by shareholders voting in favour of the Resolution. As noted in the Strategic Report, all of the Directors are non-executive and therefore there is no Chief Executive Officer. The Company does not have any employees. There is therefore no Chief Executive Officer or employee information to disclose. Directors’ remuneration policy The Directors’ Remuneration Policy provides that fees payable to the Directors should reflect the time spent by the Board on the Company’s affairs and the responsibilities borne by the Directors and should be sufficient to enable candidates of high calibre to be recruited. Directors are remunerated in the form of fees payable monthly in arrears, paid to the Director personally or to a specified third party. There are no long-term incentive schemes, share option schemes, pension arrangements, bonuses, or other benefits in place and fees are not specifically related to the Directors’ performance, either individually or collectively. The remuneration for the non-executive Directors is determined within the limits set out in the Company’s Articles of Association. The present limit is £350,000 in aggregate per annum. The amount paid in aggregate to the Directors in 2025 is set out in the table on the followingpage. A binding resolution to approve the Directors’ Remuneration Policy was put to shareholders at the Annual General Meeting held in 2023, and was passed with 99.8% of shareholders voting in favour of the Resolution. The aforementioned Directors’ Remuneration Policy provisions apply until the next time that they are put to shareholders for the renewal of that approval, which must be at intervals of not more than three years, or if the Directors’ Remuneration Policy is varied. As approval of this policy was last granted by shareholders at the Annual General Meeting held in July 2023, shareholder approval will again be sought at the Annual General Meeting to be held in 2026. Directors’ appointment None of the Directors has a service contract. The terms of their appointment provide that Directors shall retire and be subject to election at the first Annual General Meeting after their appointment and to re-election annually thereafter. The terms also provide that a Director may be removed without notice and that compensation will not be due on leaving office. Directors’ fees Following a review by the Committee it was agreed that the Directors’ fees would have a nominal increase of 1%, with effect from 1 April 2026. The Committee considered the current year increase is appropriate and is adequate to ensure retention of Directors with the relevant skills and experience to support yourCompany. The table overleaf shows the level of fees paid to Directors and the percentage increase from the prior year. With the exception of Sian Hansen and William Hemmings, all of the Directors, as at the date of this report, served throughout the year. The table overleaf excludes any employer’s national insurance contributions, if applicable. The Directors are entitled to be reimbursed for reasonable expenses incurred by them in connection with the performance of their duties and attendance at Directors’ and shareholder meetings. 64 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Year Ending 31 March 2026 Year Ended 31 March 2025 Year Ended 31 March 2024 Year Ended 31 March 2023 Director Fee Level (per annum) % Change Fee Level (per annum) % Change Fee Level (per annum) % Change Fee Level (per annum) % Change Chair 57,494 1.0 £56,924 5.0 £54,213 2.0 £53,150 – Audit & Risk Committee Chair 44,495 1.0 £44,054 5.0 £41,956 2.0 £41,133 – Senior Independent Director 38,949 1.0 £38,563 5.0 £36,727 2.0 £36,007 – Director 36,316 1.0 £35,956 5.0 £34,244 2.0 £33,573 – Sums paid to third parties None of the fees referred to in the below table were paid to any third party in respect of the services provided by any of the Directors. Directors’ emoluments for the year (audited) Date of Appointment to the Board Fixed fees (£) 2025 Taxable Expenses (£)† 2025 Total (£) 2025 Fixed fees (£) 2024 Taxable Expenses (£)† 2024 Total (£) 2024 Doug McCutcheon 7 November 2012 56,924 – 56,924 54,213 – 54,213 Dr Bina Rawal 1 November 2019 38,563 – 38,563 35,907 – 35,907 Tim Livett 1 September 2022 44,054 – 44,054 41,956 – 41,956 Sven Borho+ 7 June 2018 – – – – – – Sian Hansen 1 October 2024 17,978 – 17,978 – – – William Hemmings 1 October 2024 17,978 17,978 – – – Jo Parfrey 1 September 2022 35,956 – 35,956 34,244 – 34,244 Sarah Bates 22 May 2013 – – – 10,877 – 10,877 Humphrey van der Klugt 15 February 2016 10,095 – 10,095 34,244 – 34,244 Total 221,548 – 221,548 211,790 – 211,790 † Taxable expenses primarily comprise travel and associated expenses incurred by the Directors in attending Board and Committee meetings in London. These are reimbursed by the Company and, under HMRC Rules, are subject to tax and National Insurance and therefore are treated as a benefit in kind within this table. + Sven Borho has waived his Director’s fee. * Sarah Bates retired from the Board on 18 July 2023. ** Humphrey van der Klugt retired for the Board on 10 July 2024. No communications have been received from shareholders regarding Directors’ remuneration. Directors’ interests in the Company’s shares (audited) Ordinary Shares of 2.5p each 31 March 2025 31 March 2024 Doug McCutcheon 300,000 250,000 Dr Bina Rawal 26,060 26,060 Tim Livett 22,128 21,957 Sven Borho 250,000 200,000 Sian Hansen 3,017 N/A William Hemmings 7,250 N/A Jo Parfrey 20,000 20,000 Humphrey van der Klugt N/A 30,000 628,455 548,017 DIRECTORS’ REMUNERATION REPORT CONTINUED GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 65 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Share price total return The chart below illustrates the total shareholder return for a holding in the Company’s shares as compared to the Benchmark, which the Board has adopted as the key measure of the Company’s performance. TOTAL SHAREHOLDER RETURN FOR THE TEN YEARS TO 31 MARCH 2025 Mar 25 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 Mar 24 Benchmark (Total Return) +126.5% Rebased to 100 as at 31 March 2015 Source: Morningstar WWH Share Price (Total Return) +67.2% % 0 50 100 150 200 250 Relative cost of directors’ remuneration The bar chart below shows the comparative cost of Directors’ fees compared with the level of dividend distribution and ongoing charges for 2024 and 2025. 'LUHFWRUV̵ )HHV 'LYLGHQGV 'LUHFWRUV̵ )HHV eP 'LYLGHQGV 2QJRLQJ &KDUJHV 2QJRLQJ &KDUJHV $OWHUQDWLYH3HUIRUPDQFH0HDVXUHVHHORVVDU\EHJLQQLQJRQSDJH Annual statement On behalf of the Board, I confirm that the Directors’ Remuneration Policy, set out on page 64 of this Annual Report, and the Directors’ Remuneration Report set out on pages 64 to 66 summarise, as applicable, for the year to 31March2025: (a) the major decisions on Directors’ remuneration; (b) any substantial changes relating to Directors’ remuneration made during the year; and (c) the context in which the changes occurred and decisions have been taken. Jo Parfrey Chair of the Management Engagement & Remuneration Committee 10 June 2025 DIRECTORS’ REMUNERATION REPORT CONTINUED 66 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Independent Auditors’ Report to the Members of Worldwide Healthcare Trust PLC REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Opinion In our opinion, Worldwide Healthcare Trust PLC’s financial statements: • give a true and fair view of the state of the Company’s affairs as at 31 March 2025 and of its loss and cash flows for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and • have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements, included within the Annual Report, which comprise: Statement of Financial Position as at 31 March 2025; the Income Statement, the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies. Our opinion is consistent with our reporting to the Audit and Risk Committee. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, as applicable to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical Standard were not provided. We have provided no non-audit services to the Company in the period under audit. Our audit approach Context The Company is a standalone Investment Trust Company and engages Frostrow Capital LLP (the “AIFM”) to manage its assets. Overview Audit scope • We conducted our audit of the financial statements using information from the AIFM and J.P. Morgan Europe Limited with whom the AIFM have engaged to provide certain administrative functions. • We tailored the scope of our audit taking into account the types of investments within the Company, the involvement of the third parties referred to above, the accounting processes and controls, and the industry in which the Company operates. • We obtained an understanding of the control environment in place at the AIFM and adopted a fully substantive testing approach using reports obtained from the AIFM and service providers. Key audit matters • Income from investments • Valuation and existence of investments Materiality • Overall materiality: £16,868,000 (2024: £20,804,000) based on 1% of net assets. • Performance materiality: £12,651,000 (2024: £15,603,000). The scope of our audit As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 67 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Key audit matters Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the 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) identified by the auditors, including 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, and any comments we make on the results of our procedures thereon, 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. This is not a complete list of all risks identified by our audit. Ability to continue as a going concern (Continuation Vote), which was a key audit matter last year, is no longer included because of the passing of the continuation vote, which has resulted in allowing the Company to continue as an investment trust for a further five years. Otherwise, the key audit matters below are consistent with last year. Key audit matter How our audit addressed the key audit matter Income from investments Refer to the Audit & Risk Committee Report, Accounting Policies and Notes to the Financial Statements (Note 2). ISAs (UK) presume there is a risk of fraud in income recognition because of the pressure management may feel to achieve a certain objective. In this instance, we consider that ‘income’ refers to all the Company’s income streams, both revenue and capital (including gains and losses on investments). As the Company has a capital objective, there might be an incentive to overstate income in that category if capital is particularly underperforming. As such, we focussed this risk on the existence/occurrence of gains/losses on investments and completeness of dividend income recognition and its presentation in the Income Statement as set out in the requirements of The Association of Investment Companies’ Statement of Recommended Practice (the “AIC SORP”). We assessed the accounting policy for income recognition for compliance with accounting standards and the AIC SORP and performed testing to confirm that income had been accounted for in accordance with this stated accounting policy. We found that the accounting policies implemented were in accordance with accounting standards and the AIC SORP, and that income has been accounted for in accordance with the stated accounting policy. We understood and assessed the design and implementation of key controls surrounding income recognition. The gains/losses on investments held at fair value comprise realised and unrealised gains/losses. For unrealised gains/ losses, we sample tested the valuation of the portfolio at the year-end (see below), together with testing the reconciliation of opening and closing investments. For realised gains/losses, we tested a sample of acquisitions and disposals by agreeing the transactions to bank statements and trade tickets and we re-performed the calculation of a sample of realised gains/losses. For all the dividends recorded by the Company, we tested the accuracy of dividend income by agreeing the dividend rates from investments to independent market data. We tested occurrence by examining for each investment holding, that all dividends recorded in the year had been declared in the market. To test for completeness, we tested that the appropriate dividends had been received in the year by reference to independent data of dividends declared for all listed investments during the year. Our testing did not identify any unrecorded dividends. We tested the allocation and presentation of dividend income between the revenue and capital return columns of the Income Statement in line with the requirements set out in the AIC SORP. We did not find any special dividends that were not treated in accordance with the AIC SORP. No material misstatements were identified from this testing. INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WORLDWIDE HEALTHCARE TRUST PLC CONTINUED 68 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Key audit matter How our audit addressed the key audit matter Valuation and existence of investments Refer to the Audit & Risk Committee Report, Accounting Policies and Notes to the Financial Statements (Note 9). The investment portfolio at 31 March 2025 principally comprised of listed equity investments and unquoted equity investments and totalled £1,673,659,000. We focused on the valuation and existence of investments because investments represent the principal element of the net asset value as disclosed in the Statement of Financial Position in the financial statements. We tested the valuation of all listed investments by agreeing the prices used in the valuation to independent third party sources. We tested the existence of all listed investments by agreeing the holdings of each investment to an independent confirmation from the Custodian and Prime Broker, J.P. Morgan Securities LLC, as at 31 March 2025. For unquoted investments we understood and evaluated the valuation methodology applied, by reference to the International Private Equity and Venture Capital Valuation guidelines (IPEV), and tested the techniques used by the Directors in determining the fair value of unquoted investments. Our testing, performed on a sample basis, included: – assessing the appropriateness of the valuation models used; – testing the inputs either through validation to appropriate third party sources, or where relevant, assessing the reasonableness of significant estimates and judgements used; and – assessing the ongoing impact of geopolitical events on the valuation of investments. We found that the Directors’ valuations of unquoted investments were materially consistent with the IPEV guidelines and that the assumptions used to derive the valuations within the financial statements were reasonable based on the investee’s circumstances or consistent with appropriate third party sources. No material misstatements were identified from this testing. We tested the existence of the unquoted investment portfolio by agreeing a sample of the holdings to independently obtained third party confirmations as at 31 March 2025. No variances were identified from this testing. How we tailored the audit scope We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements as a whole, taking into account the structure of the Company, the accounting processes and controls, and the industry in which it operates. As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we looked at where the Directors made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WORLDWIDE HEALTHCARE TRUST PLC CONTINUED GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 69 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 The impact of climate risk on our audit As part of our audit we made enquiries of management to understand the extent of the potential impact of climate risk on the Company’s financial statements and we remained alert when performing our audit procedures for any indicators of the impact of climate risk. Our procedures did not identify any material impact as a result of climate risk on the Company’s financial statements. Materiality The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually and in aggregate on the financial statements as a whole. Based on our professional judgement, we determined materiality for the financial statements as a whole as follows: Overall company materiality £16,868,000 (2024: £20,804,000). How we determined it 1% of net assets Rationale for benchmark applied We believe that net assets is the primary measure used by the shareholders in assessing the performance of the entity, and is a generally accepted auditing benchmark. This benchmark provides an appropriate and consistent year on year basis for our audit. We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in determining sample sizes. Our performance materiality was 75% (2024: 75%) of overall materiality, amounting to £12,651,000 (2024: £15,603,000) for the Company financial statements. In determining the performance materiality, we considered a number of factors – the history of misstatements, risk assessment and aggregation risk and the effectiveness of controls – and concluded that an amount at the upper end of our normal range was appropriate. We agreed with the Audit and Risk Committee that we would report to them misstatements identified during our audit above £843,000 (2024: £1,040,000) as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons. Conclusions relating to going concern Our evaluation of the Directors’ assessment of the Company’s ability to continue to adopt the going concern basis of accounting included: • evaluating the Directors’ updated risk assessment and considering whether it addressed relevant threats, including rising inflation and the wider macroeconomic uncertainty; • evaluating the Directors’ assessment of potential operational impacts, considering their consistency with other available information and our understanding of the business and assessed the potential impact on the financial statements; • reviewing the Directors’ assessment of the Company’s financial position in the context of its ability to meet future expected operating expenses, their assessment of liquidity as well as their review of the operational resilience of the Company and oversight of key third-party service providers; • assessing the premium/discount the Company’s share price trades as compared to the net asset value per share; and • assessing the implication of significant reductions in NAV as a result of severe but plausible downside scenario in the market’s performance on the ongoing ability of the Company to operate. INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WORLDWIDE HEALTHCARE TRUST PLC CONTINUED 70 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Company’s ability to continue as a going concern. In relation to the Directors’ reporting on how they have applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors considered it appropriate to adopt the going concern basis of accounting. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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. We have nothing to report based on these responsibilities. With respect to the Strategic Report and the Report of the Directors, we also considered whether the disclosures required by the UK Companies Act 2006 have been included. Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below. Strategic report and the Report of the Directors In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic Report and the Report of the Directors for the year ended 31March 2025 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements. In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic Report and the Report of the Directors. Directors’ Remuneration In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006. Corporate governance statement The UK Listing Rules require us to review the Directors’ statements in relation to going concern, longer-term viability and that part of the corporate governance statement relating to the Company’s compliance with the provisions of the UK Corporate Governance Code specified for our review. Our additional responsibilities with respect to the corporate governance statement as other information are described in the Reporting on other information section of this report. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate governance statement is materially consistent with the financial statements and our knowledge obtained during the audit, and we have nothing material to add or draw attention to in relation to: • The Directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks; • The disclosures in the Annual Report that describe those principal risks, what procedures are in place to identify emerging risks and an explanation of how these are being managed or mitigated; • The Directors’ statement in the financial statements about whether they considered it appropriate to adopt the going concern basis of accounting in preparing them, and their identification of any material INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WORLDWIDE HEALTHCARE TRUST PLC CONTINUED GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 71 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 uncertainties to the Company’s ability to continue to do so over a period of at least twelve months from the date of approval of the financial statements; • The Directors’ explanation as to their assessment of the company’s prospects, the period this assessment covers and why the period is appropriate; and • The Directors’ statement as to whether they have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the period of its assessment, including any related disclosures drawing attention to any necessary qualifications or assumptions. Our review of the Directors’ statement regarding the longer-term viability of the Company was substantially less in scope than an audit and only consisted of making inquiries and considering the Directors’ process supporting their statement; checking that the statement is in alignment with the relevant provisions of the UK Corporate Governance Code; and considering whether the statement is consistent with the financial statements and our knowledge and understanding of the Company and its environment obtained in the course of the audit. In addition, based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate governance statement is materially consistent with the financial statements and our knowledge obtained during the audit: • The Directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and understandable, and provides the information necessary for the members to assess the Company’s position, performance, business model and strategy; • The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems; and • The section of the Annual Report describing the work of the Audit and Risk Committee. We have nothing to report in respect of our responsibility to report when the Directors’ statement relating to the Company’s compliance with the Code does not properly disclose a departure from a relevant provision of the Code specified under the Listing Rules for review by the auditors. Responsibilitiesforthefinancialstatementsand the audit Responsibilities of the Directors for the financial statements As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The Directors are also responsible for such internal control as they 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. Auditors’ responsibilities for the audit of the financialstatements 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 auditors’ 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of section 1158 of the Corporation Tax Act 2010, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the requirements of the Companies Act 2006. We evaluated management’s incentives and INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WORLDWIDE HEALTHCARE TRUST PLC CONTINUED 72 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue (investment income and capital gains) or to increase net asset value, and management bias in accounting estimates. Audit procedures performed by the engagement team included: • discussions with the AIFM and the Audit & Risk Committee, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; • reviewing relevant meeting minutes, including those of the Audit & Risk Committee; • assessment of the Company’s compliance with the requirements of section 1158 of the Corporation Tax Act 2010, including recalculation of numerical aspects of the eligibility conditions; • challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the valuation of unquoted investments (see related key audit matter above); • identifying and testing journal entries, in particular any material or revenue-impacting manual journal entries posted as part of the Annual Report preparation process; and • designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected. 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 auditors’ report. Use of this report This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Other required reporting Companies Act 2006 exception reporting Under the Companies Act 2006 we are required to report to you if, in our opinion: • we have not obtained all the information and explanations we require for our audit; or • adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or • certain disclosures of Directors’ remuneration specified by law are not made; or • the financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility. Appointment Following the recommendation of the Audit and Risk Committee, we were appointed by the members on 14July 2014 to audit the financial statements for the year ended 31March 2015 and subsequent financial periods. The period of total uninterrupted engagement is 11 years, covering the years ended 31 March 2015 to 31 March 2025. Shujaat Khan (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Edinburgh 10 June 2025 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WORLDWIDE HEALTHCARE TRUST PLC CONTINUED GOVERNANCE STRATEGIC REPORT FINANCIAL STATEMENTS FURTHER INFORMATION 73 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 74 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 2025 2024 Notes Revenue £’000 Capital £’000 Total £’000 Revenue £’000 Capital £’000 Total £’000 (Losses)/gains on investments 9 – (200,614) (200,614) – 213,794 213,794 Exchange losses on currency balances – (157) (157) – (5,492) (5,492) Income from investments 2 15,243 – 15,243 21,398 – 21,398 AIFM, portfolio management and performance fees 3 (765) (14,542) (15,307) (813) (15,454) (16,267) Other expenses 4 (1,252) – (1,252) (1,294) – (1,294) Net return/(loss) before finance charges and taxation 13,226 (215,313) (202,087) 19,291 192,848 212,139 Finance costs 5 (354) (6,726) (7,080) (406) (7,718) (8,124) Net return/(loss) before taxation 12,872 (222,039) (209,167) 18,885 185,130 204,015 Taxation 6 (601) – (601) (2,853) – (2,853) Net return/(loss) after taxation 12,271 (222,039) (209,768) 16,032 185,130 201,162 Return/(loss) per share 7 2.4p (42.8)p (40.4)p 2.7p 31.7p 34.4p The “Total” column of this statement is the Income Statement of the Company. The “Revenue” and “Capital” columns are supplementary to this and are prepared under guidance published by The Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. The Company has no recognised gains and losses other than those shown above and therefore no separate Statement of Total Comprehensive Income has been presented. The accompanying notes are an integral part of these statements. Income Statement FOR THE YEAR ENDED 31 MARCH 2025 75 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FINANCIAL STATEMENTS STRATEGIC REPORT GOVERNANCE FURTHER INFORMATION Share capital £’000 Capital redemption reserve £’000 Share premium account £’000 Capital reserve £’000 Revenue reserve £’000 Total shareholders’ funds £’000 At 31 March 2024 15,042 9,564 841,599 1,193,396 20,816 2,080,417 Net (loss)/return after taxation – – – (222,039) 12,271 (209,768) Final dividend paid in respect of year ended 31 March 2024 – – – – (11,197) (11,197) Interim dividend paid in respect of year ended 31 March 2025 – – – – (3,582) (3,582) Shares purchased for treasury – – – (176,524) – (176,524) At 31 March 2025 15,042 9,564 841,599 794,833 18,308 1,679,346 FOR THE YEAR ENDED 31 MARCH 2024 Share capital £’000 Capital redemption reserve £’000 Share premium account £’000 Capital reserve £’000 Revenue reserve £’000 Total shareholders’ funds £’000 At 31 March 2023 16,265 8,341 841,599 1,261,025 23,491 2,150,721 Net return after taxation – – – 185,130 16,032 201,162 Final dividend paid in respect of year ended 31 March 2023 – – – – (14,709) (14,709) Interim dividend paid in respect of year ended 31 March 2024 – – – – (3,998) (3,998) Shares purchased for treasury – – – (252,759) – (252,759) Treasury Shares cancelled from treasury (1,223) 1,223 – – – – At 31 March 2024 15,042 9,564 841,599 1,193,396 20,816 2,080,417 Statement of Changes in Equity FOR THE YEAR ENDED 31 MARCH 2025 76 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Notes 2025 £’000 2024 £’000 Fixed assets Investments 9 1,673,659 2,108,235 Derivative – OTC swaps 9 & 10 1,487 944 1,675,146 2,109,179 Current assets Debtors 11 8,003 10,232 Cash 93,584 73,797 101,587 84,029 Current liabilities Creditors: amounts falling due within one year 12 (72,109) (100,373) Derivative – OTC swaps 9 & 10 (25,278) (12,418) (97,387) (112,791) Net current assets/(liabilities) 4,200 (28,762) Total net assets 1,679,346 2,080,417 Capital and reserves Share capital 13 15,042 15,042 Capital redemption reserve 9,564 9,564 Share premium account 841,599 841,599 Capital reserve 17 794,833 1,193,396 Revenue reserve 18,308 20,816 Total shareholders’ funds 1,679,346 2,080,417 Net asset value per share 14 339.5p 381.1p The financial statements on pages 74 to 94 were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by: Doug McCutcheon Chair The accompanying notes are an integral part of this statement. Worldwide Healthcare Trust PLC – Company Registration Number 3023689 (Registered in England) Statement of Financial Position As at 31 March 2025 77 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FINANCIAL STATEMENTS STRATEGIC REPORT GOVERNANCE FURTHER INFORMATION Notes 2025 £’000 2024 £’000 Net cash (outflow)/inflow from operating activities 18 (1,544) 2,262 Purchases of investments and derivatives (1,048,871) (975,783) Sales of investments and derivatives 1,272,404 1,260,461 Realised loss on foreign exchange transactions (157) (5,535) Net cash inflow from investing activities 223,376 279,143 Shares repurchased (179,317) (252,760) Equity dividends paid (14,779) (18,707) Interest paid (7,080) (8,124) Net cash outflow from financing activities (201,176) (279,591) Increase in net cash 20,656 1,814 Cash flows from operating activities include interest received of £3,722,000 (2024: £3,219,000) and dividends received of £14,151,000 (2024:£17,463,000). RECONCILIATION OF NET CASH FLOW MOVEMENT TO MOVEMENT IN NET CASH/(DEBT) 2025 £’000 2024 £’000 Increase in net cash/debt resulting from cashflows 20,656 1,814 Gains on foreign currency cash and cash equivalents – 44 Movement in net cash/debt in the year 20,656 1,858 Net cash/(debt) at 1 April 4,855 2,997 Net cash at 31 March 25,511 4,855 Net cash includes the drawn overdraft of £68,073,000 (2024: £68,942,000) (see note 12) and cash as per the balance sheet of £93,584,000 (2024: £73,797,000). The accompanying notes are an integral part of this statement. Statement of Cash Flows For the year ended 31 March 2025 78 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Notes to the Financial Statements 1. ACCOUNTING POLICIES The principal accounting policies, all of which have been applied consistently throughout the year in the preparation of these financial statements, are set out below: (A) Basis of preparation These financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 ‘The Financial Reporting Standard applicable in the UK and Ireland’ (‘UK GAAP’) and the guidelines set out in the Statement of Recommended Practice (‘SORP’), published in July 2022, for Investment Trust Companies and Venture Capital Trusts issued by the Association of Investment Companies (‘AIC’), the historical cost convention, as modified by the valuation of investments and derivatives at fair value. The Board has considered a detailed assessment of the Company’s ability to meet its liabilities as they fall due, including stress and liquidity tests which modelled the effects of substantial falls in markets and significant reductions in market liquidity (including further stressing the current economic conditions) on the Company’s financial position and cash flows. Theresults of the tests showed that the Company would have sufficient cash, or the ability to liquidate a sufficient proportion of its listed holdings, to meet its liabilities as they fall due. Based on the information available to the Directors at the time of this report, including the results of the stress tests, the Company’s cash balances, and the liquidity of the Company’s listed investments, the Directors are satisfied that the Company has adequate financial resources to continue in operation for at least the next 12 months from the date of approval of these financial statements and that, accordingly, it is appropriate to adopt the going concern basis in preparing these financial statements. The Company’s financial statements are presented in sterling, being the functional and presentational currency of the Company. Allvalues are rounded to the nearest thousand pounds (£’000) except where otherwise indicated. In addition, investments and derivatives held at fair value are categorised into a fair value hierarchy based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: • Level 1 – Quoted prices in active markets. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data), either directly or indirectly. • Level 3 – Inputs are unobservable (i.e. for which market data is unavailable). Presentation of the Income Statement In order to reflect better the activities of an investment trust company and in accordance with the SORP, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The net revenue return is the measure the Directors believe appropriate in assessing the Company’s compliance with certain requirements set out in Sections 1158 and 1159 of the Corporation Tax Act 2010. Critical Accounting Judgements and Key Sources of Estimation Uncertainty Critical accounting judgements and key sources of estimation uncertainty used in preparing the financial information are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. The resulting estimates will, by definition, seldom equal the related actual results. 79 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FINANCIAL STATEMENTS STRATEGIC REPORT GOVERNANCE FURTHER INFORMATION 1. ACCOUNTING POLICIES continued In the course of preparing the financial statements, the only key source of estimation uncertainty in the process of applying the Company’s accounting policies, is in relation to the valuation of the unquoted (Level 3) investments. The nature of estimation means that the actual outcomes could differ from those estimates, possibly significantly. The estimates relate to the investments where there is no appropriate market price i.e. the private investments. Whilst the board considers the methodologies and assumptions adopted in the valuation are supportable, reasonable and robust, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investment existed. As at 31 March 2025, there is no single key assumption used in the valuation of the unquoted investments, or other key source of estimation uncertainty, that, in the Directors’ opinion has a significant risk of causing a material adjustment to the carrying values of assets and liabilities within the next financial year. Unquoted investments are all valued in line with the accounting policy set out below. (B) Investments Investments are measured under FRS 102 and are measured initially, and at subsequent reporting dates, at fair value. Investments are recognised and de-recognised at trade date where a purchase or sale is under a contract whose terms require delivery within the time frame established by the market concerned. Changes in fair value and gains or losses on disposal are included in the Income Statement as a capital item. For quoted securities fair value is either bid price or last traded price, depending on the convention of the exchange on which the investment is listed. Fair value is the price for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction. In estimating the fair value of unquoted investments, the AIFM and Board apply valuation techniques which are appropriate in light of the nature, facts and circumstances of the investment, and use reasonable current market data and inputs combined with judgement and assumptions and apply these consistently. The following principles used in determining the valuation of unquoted investments, are consistent with the International Private Equity and Venture Capital Valuation (“IPEV”) Guidelines. The assumptions and estimates made in determining the fair value of each unquoted investment are considered at least each six months or sooner if there is a triggering event. An example of where a valuation would be considered out of the six-month cycle is the success or failure of a drug under development to meet an anticipated outcome of its trial, announcement of the company undergoing an initial public offering, or other performance against tangible development milestones. The primary valuation method applied in the valuation of the unquoted investments is the probability-weighted expected return method (“PWERM”), which considers on a probability weighted basis the future outcomes for the investment. When using the PWERM method significant judgements are made in estimating the various inputs into the model and recognising the sensitivity of such estimates. Examples of the factors where significant judgement is made include, but are not limited to, the probability assigned to potential future outcomes; discount rates; and, the likely exit scenarios for the investor company, for example, IPO or trade sale. Where the investment being valued was itself made recently, or there has been a third party transaction in the investment, the price of the transaction may provide a good indication of fair value. Using the Price of Recent Investment technique is not a default and at each reporting date the fair value of recent investments is estimated to assess whether changes or events subsequent to the relevant transaction would imply a material change in the investment’s fair value. When using the price of a recent transaction in the valuations the Company looks to ‘re-calibrate’ this price at each valuation point by reviewing progress within the investment, comparing against the initial investment thesis, assessing if there are any significant events or milestones that would indicate the value of the investment value has changed materially and considering whether an alternative methodology would be more appropriate. NOTES TO THE FINANCIAL STATEMENTS CONTINUED 80 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 1. ACCOUNTING POLICIES continued (C) Derivative financial instruments The Company uses derivative financial instruments (namely put and call options and equity swaps). All derivative instruments are valued initially, and at subsequent reporting dates, at fair value in the Statement of Financial Position. The equity swaps are accounted for as Fixed Assets or Current Liabilities. All gains and losses on over-the-counter (OTC) equity swaps are accounted for as gains or losses on investments. Where there has been a re-positioning of the swap, gains and losses are accounted for on a realised basis. All such gains and losses have been debited or credited to the capital column of the Income Statement. Cash collateral held by counterparties is included within cash, except where there is a right of offset against the overdraft facility. (D) Investment income Dividends receivable are recognised on the ex-dividend date. Where no ex-dividend date is quoted, dividends are recognised when the Company’s right to receive payment is established. Foreign dividends are grossed up at the appropriate rate of withholding tax, with the withholding tax recognised in the taxation charge. Income from fixed interest securities is recognised on a time apportionment basis so as to reflect the effective interest rate. Deposit interest is accounted for on an accruals basis. (E) Expenses All expenses are accounted for on an accruals basis. Expenses are charged through the revenue column of the Income Statement except as follows: • expenses which are incidental to the acquisition or disposal of an investment are charged to the capital column of the Income Statement; and • expenses are charged to the capital column of the Income Statement where a connection with the maintenance or enhancement of the value of the investments can be demonstrated. In this respect the portfolio management and AIFM fees have been charged to the Income Statement in line with the Board’s expected long-term split of returns, in the form of capital gains and income, from the Company’s portfolio. As a result 5% of the portfolio management and AIFM fees are charged to the revenue column of the Income Statement and 95% are charged to the capital column of the Income Statement. Any performance fee is charged in full to the capital column of the Income Statement. (F) Finance costs Finance costs are accounted for on an accruals basis. Finance costs are charged to the Income Statement in line with the Board’s expected long-term split of returns, in the form of capital gains and income, from the Company’s portfolio. As a result 5% of the finance costs are charged to the revenue column of the Income Statement and 95% are charged to the capital column of the Income Statement. Finance charges are accounted for on an accruals basis in the Income Statement using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. NOTES TO THE FINANCIAL STATEMENTS CONTINUED 81 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FINANCIAL STATEMENTS STRATEGIC REPORT GOVERNANCE FURTHER INFORMATION 1. ACCOUNTING POLICIES continued (G) Taxation The tax effect of different items of expenditure is allocated between capital and revenue using the marginal basis. Deferred taxation is provided on all timing differences that have originated but not been reversed by the Statement of Financial Position date other than those differences regarded as permanent. This is subject to deferred tax assets only being recognised when it is probable that there will be suitable profits from which the reversal of timing differences can be deducted. Any liability to deferred tax is provided for at the rate of tax enacted or substantially enacted. (H) Foreign currency Transactions recorded in overseas currencies during the year are translated into sterling at the appropriate daily exchange rates. Assets and liabilities denominated in overseas currencies at the Statement of Financial Position date are translated into sterling at the exchange rates ruling at that date. Exchange gains/losses on foreign currency balances Any gains or losses on the translation of foreign currency balances, including foreign currency overdrafts, whether realised or unrealised, are taken to the capital or the revenue column of the Income Statement, depending on whether the gain or loss is of a capital or revenue nature. (I) Capital redemption reserve This reserve arose when ordinary shares were redeemed by the Company and subsequently cancelled. When ordinary shares are redeemed by the Company and subsequently cancelled, an amount equal to the par value of the ordinary share capital is transferred from the ordinary share capital to the capital redemption reserve. (J) Capital reserve The following are transferred to this reserve: • gains and losses on the disposal of investments; • exchange differences of a capital nature, including the effects of changes in exchange rates on foreign currency borrowings; • expenses, together with the related taxation effect, in accordance with the above policies; and • changes in the fair value of investments and derivatives. This reserve can be used to distribute realised capital profits by way of dividend or share buybacks. Any gains in the fair value of investments that are not readily convertible to cash are treated as unrealised gains in the capital reserve. Distributions are only payable out of the capital reserve if realised capital reserves are greater than the proposed distribution and positive on the date of distribution. (K) Revenue reserve The revenue reserve is distributable by way of dividend. Dividends are only payable out of the revenue reserve if revenue reserves are greater than the proposed dividend and positive on the date of distribution. NOTES TO THE FINANCIAL STATEMENTS CONTINUED 82 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 1. ACCOUNTING POLICIES continued (L) Dividend payments Dividends paid by the Company on its shares are recognised in the financial statements in the year in which they become payable and are shown in the Statement of Changes in Equity. (M) Cash and cash equivalents Cash comprises cash at bank and cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. Drawn overdrafts are considered a component of cash and cash equivalents as they are repayable on demand and form an integral part of the Company’s cash management. 2. INCOME FROM INVESTMENTS 2025 £’000 2024 £’000 Income from investments Overseas dividends 8,358 14,699 UK dividends 3,163 3,480 11,521 18,179 Other income Derivatives 470 27 Deposit interest 3,252 3,192 Total income from investments 15,243 21,398 Total income comprises: Dividends 11,521 18,179 Interest 3,722 3,219 15,243 21,398 3. AIFM, PORTFOLIO MANAGEMENT AND PERFORMANCE FEES 2025 2024 Revenue £’000 Capital £’000 Total £’000 Revenue £’000 Capital £’000 Total £’000 AIFM fee 139 2,640 2,779 141 2,689 2,830 Portfolio management fee 626 11,902 12,528 672 12,765 13,437 765 14,542 15,307 813 15,454 16,267 See page 47 for further information on the performance fee. Further details on the above fees are set out in the Strategic Report on pages 30 and 31 and in the Report of the Directors on page 47. NOTES TO THE FINANCIAL STATEMENTS CONTINUED 83 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FINANCIAL STATEMENTS STRATEGIC REPORT GOVERNANCE FURTHER INFORMATION 4. OTHER EXPENSES 2025 £’000 2024 £’000 Directors’ remuneration 222 211 Employer’s NIC on Directors’ remuneration 19 17 Auditors’ remuneration for the audit of the Company’s financial statements 75 56 Depositary and custody fees 208 227 Listing fees 98 101 Registrar fees 52 58 Legal and professional costs 157 267 Other costs 421 357 1,252 1,294 Details of the amounts paid to Directors are included in the Directors’ Remuneration Report on page 65. 5. FINANCE COSTS 2025 2024 Revenue £’000 Capital £’000 Total £’000 Revenue £’000 Capital £’000 Total £’000 Finance costs 354 6,726 7,080 406 7,718 8,124 6. TAXATION (A) Analysis of charge in year 2025 2024 Revenue £’000 Capital £’000 Total £’000 Revenue £’000 Capital £’000 Total £’000 Corporation tax at 25% (2024: 25%) – – – – – – Overseas taxation 601 – 601 2,853 – 2,853 601 – 601 2,853 – 2,853 NOTES TO THE FINANCIAL STATEMENTS CONTINUED 84 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 6. TAXATION continued (B) Factors affecting the tax charge for the year Approved investment trusts are exempt from tax on capital gains made within the Company. The tax charged for the year is lower (2024: lower) than the standard rate of corporation tax of 25% (2024: 25%). Thedifference is explained below. 2025 2024 Revenue £’000 Capital £’000 Total £’000 Revenue £’000 Capital £’000 Total £’000 Net return before taxation 12,872 (222,039) (209,167) 18,885 185,130 204,015 Corporation tax at 25% (2024: 25%) 3,218 (55,510) (52,292) 4,721 46,283 51,004 Non-taxable losses/(gains) on investments – 50,194 50,194 – (52,076) (52,076) Overseas withholding taxation 601 – 601 2,853 – 2,853 Non taxable dividends (2,881) – (2,881) – – – Brought forward excess expenses utilised – – – (4,545) – (4,545) Excess management expenses (337) 4,977 4,640 (176) 5,056 4,880 Disallowed expenses – 339 339 – 737 737 Total tax charge 601 – 601 2,853 – 2,853 (C) Provision for deferred tax No provision for deferred taxation has been made in the current or prior year. The Company has not provided for deferred tax on capital profits and losses arising on the revaluation or disposal of investments, as it is exempt from tax on these items because of its status as an investment trust company. The Company has not recognised a deferred tax asset of £59,499,000 (25% tax rate) (2024: £54,349,000 (25% tax rate)) as a result of excess management expenses and overdraft expenses. It is not anticipated that these excess expenses will be utilised in the foreseeable future. 7. RETURN/(LOSS) PER SHARE 2025 £’000 2024 £’000 The return/(loss) per share is based on the following figures: Revenue return 12,271 16,032 Capital (loss)/return (222,039) 185,130 (209,768) 201,162 Weighted average number of ordinary shares in issue during the year 518,984,143 585,308,530 Revenue return per ordinary share 2.4p 2.7p Capital (loss)/return per ordinary share (42.8)p 31.7p (40.4)p 34.4p The calculation of the total, revenue and capital (loss)/return per ordinary share is carried out in accordance with IAS 33, “Earnings per Share”, in accordance with the requirements of FRS 102. NOTES TO THE FINANCIAL STATEMENTS CONTINUED 85 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FINANCIAL STATEMENTS STRATEGIC REPORT GOVERNANCE FURTHER INFORMATION 8. DIVIDENDS Under UK Company Law, final dividends are not recognised until they are approved by shareholders and interim dividends are not recognised until they are paid. They are also debited directly from reserves. Amounts recognised as distributable in these financial statements were as follows: 2025 £’000 2024 £’000 Final dividend in respect of the year ended 31 March 2024 11,197 – Interim dividend in respect of the year ended 31 March 2025 3,582 – Final dividend in respect of the year ended 31 March 2023 – 14,709 Interim dividend in respect of the year ended 31 March 2024 – 3,998 14,779 18,707 In respect of the year ended 31 March 2025, an interim dividend of 0.7p per share was paid on 9 January 2025. A final dividend of 1.7p will be payable, subject to shareholder approval, on 23 July 2025, the associated ex-dividend date will be 12 June 2025. The total dividends payable in respect of the year ended 31 March 2025 amount to 2.4p per share (2024:2.8pper share,). The aggregate cost of the final dividend, based on the number of shares in issue (excluding shares held in treasury) at 9 June 2025, will be £8,217,000. In accordance with FRS 102 dividends will be reflected in the financial statements for the year in which they become payable. Total dividends in respect of the financial year, which is the basis on which the requirements of s1158 of the Corporation Tax Act 2010 are considered, are set outbelow. 2025 £’000 2024 £’000 Revenue available for distribution by way of dividend for the year 12,271 16,032 Interim dividend in respect of the year ended 31 March 2024 – (3,998) Final dividend in respect of the year ended 31 March 2024 – (11,241) Interim dividend in respect of the year ended 31 March 2025 (3,582) – Final dividend in respect of the year ended 31 March 2025 (8,217) – Net retained revenue 472 793 * based on 483,340,227 shares in issue (excluding shares held in treasury) as at 9 June 2025. NOTES TO THE FINANCIAL STATEMENTS CONTINUED 86 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 9. INVESTMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS Quoted Investments £’000 Unquoted Investments £’000 Total £’000 Derivative Financial Instruments - Net £’000 Total Investments £’000 Cost at 1 April 2024 1,549,252 124,985 1,674,237 – 1,674,237 Investment holdings gains/(losses) at 1 April 2024 425,856 8,142 433,998 (11,474) 422,524 Valuation at 1 April 2024 1,975,108 133,127 2,108,235 (11,474) 2,096,761 Movement in the year: Transfer (8,774) 8,774 – – – Purchases at cost 1,024,898 – 1,024,898 – 1,024,898 (Sales proceeds)/Close-out costs (1,296,397) (3,138) (1,299,535) 28,358 (1,271,177) Net movement in investment holdings gains/losses (127,981) (31,958) (159,939) (40,675) (200,614) Valuation at 31 March 2025 1,566,854 106,805 1,673,659 (23,791) 1,649,868 Cost at 31 March 2025 1,260,233 119,894 1,380,127 – 1,380,127 Investment holding gains/(losses) at 31 March 2025 306,621 (13,089) 293,532 (23,791) 269,741 Valuation at 31 March 2025 1,566,854 106,805 1,673,659 (23,791) 1,649,868 * See Note 16. One quoted investment was transferred to the unquoted category following the suspension of its shares. The Company received £1,271,177,000 (2024: £1,266,878,000) from investments and derivatives sold in the year. The book cost of these was £1,319,008,000 (2024: £1,266,824,000). These investments and derivatives have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investments. 2025 £’000 2024 £’000 Net movement in investment holding (losses)/gains in the year (159,939) 176,063 Net movement in derivative holding (losses)/gains in the year (40,675) 37,731 (Losses)/gains on investments (200,614) 213,794 Purchase transaction costs were £646,000 (2024: £992,000). Sales transaction costs were £915,000 (2024: £1,299,000). These comprise mainly commission and stamp duty. 10. DERIVATIVES 2025 £’000 2024 £’000 Fair value of OTC equity swaps - asset 1,487 944 Fair value of OTC equity swaps - liability (25,278) (12,418) (23,791) (11,474) See note 9 above for movements during the year. NOTES TO THE FINANCIAL STATEMENTS CONTINUED 87 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FINANCIAL STATEMENTS STRATEGIC REPORT GOVERNANCE FURTHER INFORMATION 11. DEBTORS 2025 £’000 2024 £’000 Amounts due from brokers 5,281 6,508 Withholding taxation recoverable 1,949 1,665 Prepayments and accrued income 773 2,059 8,003 10,232 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 £’000 2024 £’000 Amounts due to brokers – 23,973 Overdraft drawn 68,073 68,942 Other creditors and accruals 4,036 7,458 72,109 100,373 * The Company’s borrowing requirements are met through the utilisation of an overdraft facility provided by J.P. Morgan Securities LLC. The overdraft is drawn down in U.S. dollars. Interest on the drawn overdraft is charged at the United States Overnight Bank Funding Rate plus 45 basis points. As described on page 92, J.P. Morgan Securities LLC may take investments up to 140% of the value of the overdrawn balance as collateral and has been granted a first priority security interest or lien over the Company’s assets. 13. SHARE CAPITAL 2025 Number 2024 Number As at 1 April 545,942,332 62,620,763 Purchase of shares into treasury pre-share split – (2,507,439) Issue of shares following 10 for 1 share split – 541,019,916 Purchase of shares into treasury post-share split (51,310,528) (55,190,908) As at year end: In circulation 494,631,804 545,942,332 In Treasury 107,033,396 55,722,868 Listed 601,665,200 601,665,200 Nominal Value of 2.5p (2024: 2.5p) ordinary shares (£000) 15,042 15,042 During the year, the Company bought back ordinary shares at a cost of £176,524,000 (Year ended 31 March 2024: £252,759,000). At the July 2023 AGM shareholders approved a resolution for a ten for one share split such that each shareholder would receive ten shares with a nominal value of 2.5 pence each for every one share held. 541,498,680 additional shares (541,019,916 to shareholders and 478,764 in relation to shares held in treasury) were issued on 27 July 2023 following this approval. NOTES TO THE FINANCIAL STATEMENTS CONTINUED 88 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 14. NET ASSET VALUE PER SHARE 2025 2024 Net asset value per share 339.5p 381.1p The net asset value per share is based on the assets attributable to equity shareholders of £1,679,346,000 (2024: £2,080,417,000) and on the number of shares in issue at the year end (excluding those shares held in treasury) of 494,631,804 (2024: 545,942,332) in issue. 15. RELATED PARTIES AND TRANSACTIONS WITH THE AIFM The following are considered to be related parties: • Frostrow Capital LLP (the Company’s AIFM, a related party under the Listing Rules only) • OrbiMed Capital LLC (the Company’s Portfolio Manager) • The Directors of the Company Sven Borho is a Managing Partner at OrbiMed and has waived his Director’s fee of £35,596 (2024: £34,244). Details of fees paid to OrbiMed by the Company can be found in note 3 on page 82. All material related party transactions have been disclosed in notes 3 and 4 on pages 82 and 83. Details of the remuneration of all Directors can be found on page 65. Details of the Directors’ interests in the capital of the Company can also be found on page 65. Three current and two former partners at OrbiMed have a minority financial interest totalling 19.2% in Frostrow, the Company’s AIFM. Details of the fees paid to Frostrow by the Company can be found in note 3 onpage 82. 16. FINANCIAL INSTRUMENTS Risk management policies and procedures The Company’s financial instruments comprise securities and other investments, derivative instruments, cash balances, overdrafts and debtors and creditors that arise directly from its operations. As an investment trust, the Company invests in equities and other investments for the long term so as to secure its investment objective. In pursuing its investment objective, the Company is exposed to a variety of risks that could result in a reduction in the Company’s net assets. The main risks that the Company faces arising from its financial instruments are: (i) market risk (including foreign currency risk, interest rate risk and other price risk) (ii) liquidity risk (iii) credit risk These risks, with the exception of liquidity risk, and the Directors’ approach to the management of them have not changed from the previous accounting year. The AIFM, in close co-operation with the Board and the Portfolio Manager, co-ordinates the Company’s risk management. NOTES TO THE FINANCIAL STATEMENTS CONTINUED 89 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FINANCIAL STATEMENTS STRATEGIC REPORT GOVERNANCE FURTHER INFORMATION 16. FINANCIAL INSTRUMENTS continued Use of derivatives Equity swaps are used within the Company’s portfolio. OTC equity swaps The Company uses OTC equity swap positions to gain access to the Indian and Chinese markets when it is more cost effective to gain access via swaps or to gain exposure to thematic baskets of stocks. Offsetting disclosure Swap trades and OTC derivatives are traded under ISDA† Master Agreements. The Company currently has such agreements in place with Goldman Sachs and JP Morgan. These agreements create a right of set-off that becomes enforceable only following a specified event of default, or in other circumstances not expected to arise in the normal course of business. As the right of set-off is not unconditional, for financial reporting purposes, the Company does not offset derivative assets and derivative liabilities. †International Swap Dealers Association Inc. (i) Other price risk In pursuance of the Company’s Investment Objective the Company’s portfolio, including its derivatives, is exposed to the risk of fluctuations in market prices and foreign exchange rates. The Board manage these risks through the use of limits and guidelines, monthly compliance reports from Frostrow and reports from Frostrow and OrbiMed presented at each Board meeting. Other price risk exposure The Company’s gross exposure to other price risk is represented by the fair value of the investments and the underlying exposure through the derivative investments held at the year end as shown in the table below. 2025 2024 Assets £’000 Liabilities £’000 Notional exposure £’000 Assets £’000 Liabilities £’000 Notional exposure £’000 Investments 1,673,659 – 1,673,659 2,108,235 – 2,108,235 OTC equity swaps 1,487 (25,278) 207,565 944 (12,418) 198,082 1,675,146 (25,278) 1,881,224 2,109,179 (12,418) 2,306,317 * The notional exposure is calculated in accordance with the AIFMD requirements for calculating exposure via derivatives. See glossary beginning on page 96. Other price risk sensitivity If market prices of all of the Company’s financial instruments including the derivatives at the Statement of Financial Position date had been 25% higher or lower (2024: 25% higher or lower) while all other variables remained constant: the revenue return would have decreased/increased by £0.2 million (2024: £0.2 million); the capital return would have increased/decreased by £462.8million (2024: £572.5 million); and, the return on equity would have increased/decreased by £462.6million (2024:£468.5million). The calculations are based on the portfolio as at the respective Statement of Financial Position dates and are not representative of the year as a whole. NOTES TO THE FINANCIAL STATEMENTS CONTINUED 90 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 16. FINANCIAL INSTRUMENTS continued (ii) Foreign currency risk A significant proportion of the Company’s portfolio and derivative positions are denominated in currencies other than sterling (the Company’s functional currency, and the currency in which it reports its results). As a result, movements in exchange rates can significantly affect the sterling value of those items. Foreign currency exposure The fair values of the Company’s monetary assets and liabilities that are denominated in foreign currencies are shown below. 2025 2024 Current assets £’000 Current liabilities £’000 Investments £’000 Current assets £’000 Current liabilities £’000 Investments £’000 U.S. dollar 98,209 (68,073) 1,371,703 140,646 (166,711) 1,579,696 Swiss franc 1,301 – – 11,102 – 11,652 Japanese yen 386 – 50,227 1,041 – 130,007 Hong Kong dollar – – 87,177 – – 62,058 Other 643 – 22,132 993 – 132,435 100,539 (68,073) 1,531,239 153,782 (166,711) 1,915,848 Foreign currency sensitivity The following table details the sensitivity of the Company’s net return for the year and shareholders’ funds to a 10% increase and decrease in sterling against the relevant currency (2024: 10% increase and decrease). These percentages have been determined based on market volatility in exchange rates over the previous 12 months. The sensitivity analysis is based on the Company’s significant foreign currency exposures at each Statement of Financial Position date. 2025 2024 USD £’000 YEN £’000 CHF £’000 HKD £’000 USD £’000 YEN £’000 CHF £’000 HKD £’000 Sterling depreciates 181,466 5,624 145 9,686 195,910 14,561 2,528 6,895 Sterling appreciates (148,472) (4,601) (118) (7,925) (160,290) (11,913) (2,069) (5,642) (iii) Interest rate risk Interest rate changes may affect: – the interest payable on the Company’s variable rate borrowings; – the level of income receivable from floating and fixed rate securities and cash at bank and on deposit; – the fair value of investments in fixed interest securities. Interest rate exposure The Company’s main exposure to interest rate risks is through its overdraft facility with J.P. Morgan Securities LLC, which is repayable on demand, and its holding in fixed interest securities. The exposure of financial assets and liabilities to fixed and floating interest rates, is shown below. NOTES TO THE FINANCIAL STATEMENTS CONTINUED 91 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FINANCIAL STATEMENTS STRATEGIC REPORT GOVERNANCE FURTHER INFORMATION 16. FINANCIAL INSTRUMENTS continued The interest rate exposure is shown in the table below. 2025 2024 Floating rate £’000 Floating rate £’000 Cash 101,502 78,721 Drawn overdraft (75,991) (73,866) Financed swap positions (231,356) (209,556) (205,845) (204,701) * In the 2024 financial statements, the figure for the overdraft facility was incorrectly disclosed as £12,412,000. The correct amount, which is properly reflected above, is £73,866,000. This correction relates solely to the disclosure and had no impact on the previously reported financial position or results. All interest rate exposures are held in U.S. dollars. Cash of £76.0 million (2024: £73.9 million) was held as collateral against the financed swap positions, of which £7.9million (2024: £4.9 million) was offset against the drawn overdraft. Interest rate sensitivity If interest rates had been 1% higher or lower and all other variables were held constant, the Company’s net return for the year ended 31 March 2025 and the net assets would increase/decrease by £2.1 million (2024: increase/decrease by £1.4 million). (iv) Liquidity risk This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. Management of the risk Liquidity risk is not considered significant as the Company is a closed ended vehicle and the majority of the portfolio is invested in quoted securities that are readily realisable within one week, in normal market conditions. There may be circumstances where market liquidity is lower than normal. Stress tests have been performed to understand how long the portfolio would take to realise in such situations. The Board is comfortable that in such a situation the Company would be able to meet its liabilities as they fall due. Liquidity exposure and maturity Contractual maturities of the financial liability exposures as at 31 March 2025, based on the earliest date on which payment can be required, are as follows: 2025 2024 3 to 12 months £’000 3 months or less £’000 3 to 12 months £’000 3 months or less £’000 Drawn overdraft – 75,991 – 73,866 Amounts due to brokers and accruals – 4,036 – 31,461 OTC equity swaps 25,278 – 12,418 – 25,278 80,027 12,418 43,873 NOTES TO THE FINANCIAL STATEMENTS CONTINUED 92 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 16. FINANCIAL INSTRUMENTS continued (v) Credit risk Credit risk is the risk of failure of a counterparty to discharge its obligations resulting in the Company suffering a financial loss. The carrying amounts of financial assets best represent the maximum credit risk at the Statement of Financial Position date. The Company’s quoted securities are held on its behalf by J.P. Morgan Securities LLC acting as the Company’s Custodian and Prime Broker. As noted on page 36, certain of the Company’s assets can be held by J.P. Morgan Securities LLC as collateral against the drawn overdraft provided by them to the Company. As at 31 March 2025 such assets held by J.P. Morgan Securities LLC are available for rehypothecation (see Glossary on page 98). As at 31 March 2025, assets with a total market value of £100.8million (2024: £104.1 million) were available to J.P. Morgan Securities LLC to be used as collateral against the drawn overdraft which equates to 140% of the overdrawn position (calculated on a settled basis). CREDIT RISK EXPOSURE 2025 £’000 2024 £’000 Derivative – OTC equity swaps 1,487 944 Current assets: Other receivables (amounts due from brokers, dividends and interest receivable) 8,003 10,232 Cash 93,584 73,797 (vi) Fair value of financial assets and financial liabilities Financial assets and financial liabilities are either carried in the Statement of Financial Position at their fair value (investments and derivatives) or the Statement of Financial Position amount is a reasonable approximation of fair value (due from brokers, dividends and interest receivable, due to brokers, accrual, cash at bank, and the drawn overdraft). (vii) Hierarchy of investments The Company has classified its financial assets designated at fair value through profit or loss and the fair value of derivative financial instruments using a fair value hierarchy that reflects the significance of the inputs used in making the fair value measurements. The hierarchy has the following levels: • Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2 – inputs other than quoted prices included with Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and • Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs). NOTES TO THE FINANCIAL STATEMENTS CONTINUED 93 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FINANCIAL STATEMENTS STRATEGIC REPORT GOVERNANCE FURTHER INFORMATION 16. FINANCIAL INSTRUMENTS continued As of 31 March 2025 Level 1 £’000 Level 2 £’000 Level 3 £’000 Total £’000 Investments held at fair value through profit or loss 1,566,854 – 106,805 1,673,659 Derivatives: OTC swaps (assets) – 1,487 – 1,487 Derivatives: OTC swaps (liabilities) – (25,278) – (25,278) Financial instruments measured at fair value 1,566,854 (23,791) 106,805 1,649,868 As at 31 March 2025, nine equity investments (2024: ten) and a deferred consideration investment have been classified as level 3. All level 3 positions have been valued in accordance with the accounting policy set out in Note 1(b). During 2025 two unquoted investments (2024: none) were transferred to Level 1 following their initial public offering and oneLevel 1 investment was transferred to level 3 following the suspension of its shares. As of 31 March 2024 Level 1 £’000 Level 2 £’000 Level 3 £’000 Total £’000 Investments held at fair value through profit or loss 1,975,108 – 133, 127 2,108,235 Derivatives: OTC swaps (assets) – 944 – 944 Derivatives: OTC swaps (liabilities) – (12,418) – (12,418) Financial instruments measured at fair value 1,975,108 (11,474) 133,127 2,096,761 (viii) Capital management policies and procedures The Company’s capital management objectives are to ensure that it will be able to continue as a going concern and to maximise the income and capital return to its equity shareholders through an appropriate level of gearing or leverage. The Board’s policy on gearing and leverage is set out on page 9. As at 31 March 2025 the Company had a net leverage percentage of 12.0% (2024: 10.8%). The capital structure of the Company consists of the equity share capital, retained earnings and other reserves as shown in the Statement of Financial Position on page 76. The Board, with the assistance of the AIFM and the Portfolio Manager, monitors and reviews the broad structure of the Company’s capital on an ongoing basis. This includes a review of: – the planned level of gearing, which takes into account the Portfolio Manager’s view of the market; – the need to buy back equity shares, either for cancellation or to hold in treasury, in light of any share price discount to net asset value per share in accordance with the Company’s share buy-back policy; – the need for new issues of equity shares, including issues from treasury; and – the extent to which revenue in excess of that which is required to be distributed should be retained. The Company’s objectives, policies and processes for managing capital are unchanged from the preceding accounting year. NOTES TO THE FINANCIAL STATEMENTS CONTINUED 94 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 17. CAPITAL RESERVE Capital Reserves Other £’000 Investment Holding Gains £’000 Total £’000 At 1 April 2024 770,872 422,524 1,193,396 Net losses on investments (47,831) (152,783) (200,614) Expenses and taxation charged to capital (21,268) – (21,268) Exchange loss on currency balances (157) – (157) Shares repurchased for Treasury (176,524) – (176,524) At 31 March 2025 525,092 269,741 794,833 * Investment holding gains relate to the revaluation of investments and derivatives held at the reporting date. (See note 9 beginning on page 86 for further details). ** In the 2024 financial statements, the breakdown of capital reserves between Other and Investment holding gains was misclassified as £607,590,000 and £585,806,000, respectively. This misclassification did not affect the total capital reserves figure or any other totals in the Statement of Financial Position. The opening figures in the capital reserves table in these financial statements have been corrected accordingly. The comparative information has been restated solely to correct the presentation of these components; no changes have been made to the overall total capital reserves figure. Under the Company’s Articles of Association, sums within “capital reserves – other” are also available for distribution. 18. RECONCILIATION OF OPERATING RETURN/(LOSS) TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2025 £’000 2024 £’000 (Loss)/gain before finance charges and taxation (202,087) 212,139 Add: capital loss/(gains) before finance charges and taxation 215,313 (192,848) Revenue return before finance charges and taxation 13,226 19,291 Expenses charged to capital (14,542) (15,454) Decrease/(increase) in other debtors 1,286 (653) (Decrease)/increase in other creditors (629) 714 Net taxation suffered on investment income (885) (1,636) Net cash (outflow)/inflow from operating activities (1,544) 2,262 NOTES TO THE FINANCIAL STATEMENTS CONTINUED 95 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FURTHER INFORMATION STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS 5WN[FYJ<JFQYM2FSFLJWXFSI5WN[FYJ'FSPX 8MFWJXMJQI[NFNS[JXYRJSYUQFYKTWRX 2ZYZFQ+ZSIX 5JSXNTSX .SXZWFSHJ 7JYFNQ (MFWNYNJX +ZSITK+ZSIX .S[9WZXYX (TWUTWFYJ )NWJHYTWX Shareholder Information FINANCIAL CALENDAR 31 March Financial Year End June Final Results Announced July Annual General Meeting 30 September Half Year End November Half Year Results Announced January/July Dividends Payable Annual general meeting The Annual General Meeting of Worldwide Healthcare Trust PLC will be held at Saddlers’ Hall, 40 Gutter Lane, London EC2V 6BR on Wednesday, 9 July 2025 from 12.30 pm Please refer to the Statement from the Chair on pages 4 to 6 for details of this year’s arrangements. Dividends The Company pays an interim and a final dividend in January and July each year. Shareholders who wish to have dividends paid directly into a bank account, rather than by cheque to their registered address, can complete a mandate form for the purpose. Mandates may be obtained from the Company’s Registrars, MUFG Corporate Markets, on request. Seepage 110 for their contact details. Share prices The Company’s shares are listed on the London Stock Exchange under ‘Investment Companies’. The price is given daily in the Financial Times and other newspapers. Change of address Communications with shareholders are mailed to the address held on the share register. In the event of a change of address or other amendment this should be notified to the Company’s Registrars, MUFG Corporate Markets, under the signature of the registered holder. Daily net asset value The daily net asset value of the Company’s shares can be obtained on the Company’s website at www.worldwidewh.com and is published daily via the London Stock Exchange. Profile of the company’s ownership % of Ordinary Shares held at 31 March. 5WN[FYJ<JFQYM2FSFLJWXFSI5WN[FYJ'FSPX 8MFWJXMJQI[NFNS[JXYRJSYUQFYKTWRX 2ZYZFQ+ZSIX 5JSXNTSX .SXZWFSHJ 7JYFNQ (MFWNYNJX +ZSITK+ZSIX .S[9WZXYX (TWUTWFYJ )NWJHYTWX 96 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Glossary of Terms and Alternative Performance Measures (“APMs”) Active Share Active Share is expressed as a percentage and shows the extent to which a fund’s holdings and their weightings differ from those of the fund’s benchmark index. A fund that closely tracks its index might have a low Active Share of less than 20% and be considered passive, while a fund with an Active Share of 60% or higher is generally considered to be actively managed. Alternative Investment Fund Managers Directive (“AIFMD”) Agreed by the European Parliament and the Council of the European Union and transported into UK legislation, the AIFMD classifies certain investment vehicles, including investment companies, as Alternative Investment Funds (AIFs) and requires them to appoint an Alternative Investment Fund Manager (AIFM) and a depositary to manage and oversee the operations of the investment vehicle. The Board of the Company retains responsibility for strategy, operations and compliance and the Directors retain a fiduciary duty to shareholders. Alternative performance measure (“APM”) An APM is a numerical measure of the Company’s current, historical or future financial performance, financial position or cash flows, other than a financial measure defined or specified in the applicable financial framework. In selecting these Alternative Performance Measures, the Directors considered the key objectives and expectations of typical investors in an investment trust such as the Company. Benchmark The performance of the Company is measured against the MSCI World Health Care Index on a net total return, sterling adjusted basis. (Please also see page 30). The net total return is calculated by reinvesting dividends after the deduction of withholding taxes. Large Cap Biotech Biotechnology companies with fully-integrated discovery, development and commercial capabilities and considered sustainably profitable. Large Cap Pharma Global, multinational pharmaceutical companies with fully-integrated discovery, development and commercial capabilities. Discount or premium A description of the difference between the share price and the net asset value per share. The size of the discount or premium is calculated by subtracting the share price from the net asset value per share and is usually expressed as a percentage (%) of the net asset value per share. If the share price is higher than the net asset value per share the result is a premium. If the share price is lower than the net asset value per share, the shares are trading at a discount. Emerging Biotech Biotechnology companies that do not fit the criteria of Large Cap Biotech, ranging from early-stage development to newly profitable. Equity swaps An equity swap is an agreement where one party (counterparty) transfers the total return of an underlying equity position to the other party (swap holder) in exchange for a payment of the principal, and interest for financed swaps, at a set date. Total return includes dividend income and gains or losses from market movements. The exposure of the holder is the market value of the underlying equity position. The Company currently only uses financed equity swaps, where payment is made on maturity. Financed swaps increase exposure by the value of the underlying equity position, with no initial outlay and no increase in the investment portfolio’s value – there is therefore embedded leverage within a financed swap due to the deferral of payment to maturity. * Alternative Performance Measure 97 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FURTHER INFORMATION STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES (‘APMS’) CONTINUED The Company employs swaps for two purposes: • To gain access to individual stocks in the Indian, Chinese and other emerging markets, where the Company is not locally registered to trade or is able to gain in a more cost efficient manner than holding the stocks directly; and, • To gain exposure to thematic baskets of stocks (aBasket Swap). Basket Swaps are used to build exposure to themes, or ideas, that the Portfolio Manager believes the Company will benefit from and where holding a Basket Swap is more cost effective and operationally efficient than holding the underlying stocks or individual swaps. Gearing Gearing is calculated as the drawn overdraft, less net current assets (excluding dividends), divided by Net Assets, expressed as a percentage. For years prior to 2013, the calculation was based on borrowings as a percentage of Net Assets. Generics Any therapeutics company, domestic or global, that focuses a majority of its efforts (not necessarily 100%) on developing and selling generic and/or biosimilar prescription and/or OTC products. Leverage Leverage is defined in the AIFMD as any method by which the AIFM increases the exposure of an AIF. In addition to the gearing limit the Company also has to comply with the AIFMD leverage requirements. For these purposes the Board has set a maximum leverage limit of 140% for both methods. This limit is expressed as a % with 100% representing no leverage or gearing in the Company. There are two methods of calculating leverage as follows: The Gross Method is calculated as total exposure divided by Shareholders’ Funds. Total exposure is calculated as net assets, less cash and cash equivalents, adding back cash borrowing plus derivatives converted into the equivalent position in their underlying assets. The Commitment Method is calculated as total exposure divided by Shareholders Funds. In this instance total exposure is calculated as net assets, less cash and cash equivalents, adding back cash borrowing plus derivatives converted into the equivalent position in their underlying assets, adjusted for netting and hedging arrangements. See the definition of Equity Swaps for more details on how exposure through these instruments is calculated. 2025 £’000 2024 £’000 Fair Value Exposure Fair Value Exposure Investments 1,673,659 1,673,659 2,108,235 2,108,235 OTC equity swaps (23,791) 207,565 (11,474) 198,082 1,649,868 1,881,224 2,096,761 2,306,317 Shareholders’ funds 1,679,346 2,080,417 Leverage % 12.0% 10.8% * Calculated in accordance with AIFMD requirements using the Commitment Method MSCI World Health Care Index (the Company’s Benchmark) The MSCI World Health Care Index is designed to capture the large and mid capitalisation segments across 23 developed markets countries: All securities in the index are classified as healthcare as per the Global Industry Classification Standard (GICS). Developed Markets countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland the UK and the U.S. The net total return of the Index is used which assumes the reinvestment of any dividends paid by its constituents after the deduction of relevant withholding taxes. The performance of the Index is calculated in U.S.$ terms. Because the Company’s reporting currency is £ the prevailing U.S.$/£ exchange rate is applied to obtain a £ based return. * Alternative Performance Measure 98 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES (‘APMS’) CONTINUED NAV per share (pence) The value of the Company’s assets, principally investments made in other companies and cash being held, minus any liabilities. The NAV is also described as ‘shareholders’ funds’ per share. The NAV is often expressed in pence per share after being divided by the number of shares which have been issued. The NAV per share is unlikely to be the same as the share price which is the price at which the Company’s shares can be bought or sold by an investor. The share price is determined by the relationship between the demand and supply of the shares. Net asset value (NAV) per share total return The theoretical total return on shareholders’ funds per share, reflecting the change in NAV assuming that dividends paid to shareholders were reinvested at NAV at the time the shares were quoted ex-dividend. A way of measuring investment management performance of investment trusts which is not affected by movements in discounts/premiums. NAV Total Return 2025 p 2024 p Opening NAV 381.1 343.5 Increase/(decrease) in NAV (41.6) 37.6 Closing NAV 339.5 381.1 % increase/(decrease) in NAV (10.9)% 10.9% Impact of reinvested dividends 0.6% 1.1% NAV Total Return (10.3)% 12.0% Ongoing Charges Ongoing charges are calculated by taking the Company’s annualised ongoing charges, excluding finance costs, taxation, performance fees and exceptional items, and expressing them as a percentage of the average daily net asset value of the Company over the year. 2025 £’000 2024 £’000 AIFM & Portfolio Management fees (Note 3) 15,307 16,267 Other Expenses – Revenue (Note 4) 1,252 1,294 Total Ongoing Charges 16,559 17,561 Performance fees paid/crystallised – – Total 16,559 17,561 Average net assets 1,984,818 2,036,653 Ongoing Charges 0.8% 0.9% Ongoing Charges (including performance fees paid or crystallised during the year) 0.8% 0.9% Rehypothecation Rehypothecation is the practice by banks and brokers of using, for their own purposes, assets that have been posted as collateral by clients. * Alternative Performance Measure 99 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FURTHER INFORMATION STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES (‘APMS’) CONTINUED Share Price Total Return* Return to the investor on mid-market prices assuming that all dividends paid were reinvested. Share Price Total Return 2025 p 2024 p Opening share price 335.0 311.5 Increase/(decrease) in share price (37.5) 23.5 Closing share price 297.5 335.0 % increase/(decrease) in share price (11.2)% 7.5% Impact of reinvested dividends 0.7% 1.1% Share Price Total Return (10.5)% 8.6% Spec Pharma Any other therapeutics company that does not fit the criteria of Large Cap Pharma or Generics that develop and sell pharmaceutical products, often focused on a limited number of therapeutic areas (or technologies), with a domestic and sometimes global footprint. 100 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 RETAIL INVESTORS ADVISED BY IFAS The Company currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers (‘IFAs’) inthe UK to ordinary retail investors in accordance with the Financial Conduct Authority (‘FCA’) rules in relationship to non- mainstream investment procedures and intends to continue to do so. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust. INVESTMENT PLATFORMS The Company’s shares are traded openly on the London Stock Exchange and can be purchased through a stock broker or other financial intermediary. The shares are available through savings plans (including Investment Dealing Accounts, ISAs, Junior ISAs and SIPPs) which facilitate both regular monthly investments and lump sum investments in the Company’s shares. There are a number of investment platforms that offer these facilities. A list of some of them, that is not comprehensive nor constitutes any form of recommendation, can be found below: AJ Bell Youinvest http://www.youinvest.co.uk/ Barclays Smart Investor https://www.smartinvestor.barclays.co.uk/ Bestinvest http://www.bestinvest.co.uk/ Charles Stanley Direct https://www.charles-stanley-direct.co.uk/ Halifax Share Dealing https://www.halifaxsharedealing-online.co.uk/ Hargreaves Lansdown http://www.hl.co.uk/ HSBC https://www.hsbc.co.uk/investments/ iDealing http://www.idealing.com/ Interactive Investor http://www.iii.co.uk/ IWEB http://www.iweb-sharedealing.co.uk/share-dealing-home.asp The Share Centre https://www.share.com/ How to Invest 101 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FURTHER INFORMATION STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS Notice of the Annual General Meeting Notice is hereby given that the Annual General Meeting of Worldwide Healthcare Trust PLC will be held at Saddlers' Hall, 40Gutter Lane, London EC2V 6BR on Wednesday, 9 July 2025 from 12.30 pm for the following purposes: Ordinary Resolutions To consider and, if thought fit, pass the following resolutions which will be proposed as ordinary resolutions: 1. That the Report of the Directors and the audited Accounts for the year ended 31March 2025 together with the Report of the Auditors thereon be received and adopted. 2. To approve the payment of a final dividend of 1.7p per ordinary share for the year ended 31 March 2025. 3. To approve the Company’s dividend policy, as set out on page 29 of the Annual Report for the year ended 31 March 2025. 4. To elect Ms Sian Hansen as a Director of the Company. 5. To elect Mr William Hemmings as a Director of the Company. 6. To re-elect Mr Doug McCutcheon as a Director of the Company. 7. To re-elect Mr Sven Borho as a Director of the Company. 8. To re-elect Dr Bina Rawal as a Director of the Company. 9. To re-elect Mr Tim Livett as a Director of the Company. 10. To re-elect Ms Jo Parfrey as a Director of the Company. 11. To re-appoint PricewaterhouseCoopers LLP as the Company’s Auditors and to authorise the Audit & Risk Committee to determine their remuneration. 12. To approve the Directors’ Remuneration Report for the year ended 31 March 2025. Authority to Allot Shares 13. THAT in substitution for all existing authorities the Directors be and are hereby generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 (the “Act”) to exercise all powers of the Company to allot relevant securities (within the meaning of section 551 of the Act) up to a maximum aggregate nominal amount equal to 10% of the issued share capital of the Company at 9 June 2025 (or,if changed, the number representing 10% of the issued share capital of the Company at the date at which this resolution is passed), provided that this authority shall expire at the conclusion of the Annual General Meeting of the Company to be held in 2026 or 15 months from the date of passing this resolution, whichever is the earlier, unless previously revoked, varied or renewed, by the Company in General Meeting and provided that the Company shall be entitled to make, prior to the expiry of such authority, an offer or agreement which would or might require relevant securities to be allotted after such expiry and the Directors may allot relevant securities pursuant to such offer or agreement as if the authority conferred hereby had not expired. Special Resolutions To consider and, if thought fit, pass the following resolutions which will be proposed as special resolutions: Disapplication of Pre-Emption Rights 14. THAT in substitution for all existing powers (and in addition to any power conferred on them by resolution 15 set out in the notice convening the Annual General Meeting at which this resolution is proposed (“Notice of Annual General Meeting”)) the Directors be and are hereby generally empowered pursuant to Section 570 of the Companies Act 2006 (the“Act”) to allot equity securities (within the meaning of Section 560 of the Act) for cash pursuant to the authority conferred on them by resolution 13 set out in the Notice of Annual General Meeting or otherwise as if Section 561(1) of the Act did not apply to any such allotment: 102 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 NOTICE OF THE ANNUAL GENERAL MEETING CONTINUED (a) pursuanttoanofferofequitysecuritiesopenforacceptanceforaperiodfixedbytheDirectorswheretheequitysecurities respectivelyattributabletotheinterestsofholdersofsharesinthecapitaloftheCompany(“Shares”)areproportionate (asnearlyasmaybe)totherespectivenumbersofSharesheldbythembutsubjecttosuchexclusionsorother arrangementsinconnectionwiththeissueastheDirectorsmayconsidernecessary,appropriateorexpedienttodealwith equitysecuritiesrepresentingfractionalentitlementsortodealwithlegalorpracticalproblemsarisinginanyoverseas territory,therequirementsofanyregulatorybodyorstockexchange,oranyothermatterwhatsoever; (b) providedthat(otherwisethanpursuanttosub-paragraph(a)above)thispowershallbelimitedtotheallotmentofequity securitiesuptoanaggregatenominalvalueequalto10%oftheissuedsharecapitaloftheCompanyat9June2025 (or,ifchanged,thenumberrepresenting10%oftheissuedsharecapitaloftheCompanyatthedateatwhichthis resolutionispassed)andprovidedfurtherthat(i)thenumberofequitysecuritiestowhichthispowerappliesshallbe reducedfromtimetotimebythenumberoftreasuryshareswhicharesoldpursuanttoanypowerconferredonthe Directorsbyresolution15setoutintheNoticeofAnnualGeneralMeetingand(ii)noallotmentofequitysecuritiesshall bemadeunderthispowerwhichwouldresultinSharesbeingissuedatapricewhichislessthanthenetassetvalueper ShareasatthelatestpracticabledatebeforesuchallotmentofequitysecuritiesasdeterminedbytheDirectorsintheir reasonablediscretion;and suchpowershallexpireattheconclusionofthenextAnnualGeneralMeetingoftheCompanyafterthepassingofthis resolutionor15monthsfromthedateofpassingthisresolution,whicheverisearlier,unlesspreviouslyrevoked,variedor renewedbytheCompanyinGeneralMeetingandprovidedthattheCompanyshallbeentitledtomake,priortotheexpiry ofsuchauthority,anofferoragreementwhichwouldormightotherwiserequireequitysecuritiestobeallottedaftersuch expiryandtheDirectorsmayallotequitysecuritiespursuanttosuchofferoragreementasifthepowerconferredhereby hadnotexpired. 15.THATinsubstitutionforallexistingpowers(andinadditiontoanypowerconferredonthembyresolution14setoutin theNoticeofAnnualGeneralMeeting)theDirectorsbeandareherebygenerallyempoweredpursuanttoSection570of theCompaniesAct2006(the“Act”)tosellrelevantshares(withinthemeaningofSection560oftheAct)if,immediately beforethesale,suchsharesareheldbytheCompanyastreasuryshares(asdefinedinSection724oftheAct(“treasury shares”)),forcashasifSection561(1)oftheActdidnotapplytoanysuchsaleprovidedthat: (a) thispowershallbelimitedtothesaleofrelevantshareshavinganaggregatenominalvalueequalto10%ofthe issuedsharecapitaloftheCompanyat9June2025(or,ifchanged,thenumberrepresenting10%oftheissuedshare capitaloftheCompanyatthedateatwhichthisresolutionispassed)andprovidedfurtherthatthenumberofrelevant sharestowhichpowerappliesshallbereducedfromtimetotimebythenumberofShareswhichareallottedforcash asifSection561(1)oftheActdidnotapplypursuanttothepowerconferredontheDirectorsbyresolution14 set out intheNoticeofAnnualGeneralMeeting, andsuchpowershallexpireattheconclusionofthenextAnnualGeneralMeetingoftheCompanyafterthepassingof thisresolutionor15monthsfromthedateofpassingthisresolution,whicheverisearlier,unlesspreviouslyrevoked, variedorrenewedbytheCompanyinGeneralMeetingandprovidedthattheCompanyshallbeentitledtomake,priorto theexpiryofsuchauthority,anofferoragreementwhichwouldormightotherwiserequiretreasurysharestobesold aftersuchexpiryandtheDirectorsmayselltreasurysharespursuanttosuchofferoragreementasifthepowerconferred herebyhadnotexpired. Authority to Repurchase Ordinary Shares 16.THATtheCompanybeandisherebygenerallyandunconditionallyauthorisedinaccordancewithsection701ofthe CompaniesAct2006(the“Act”)tomakeoneormoremarketpurchases(withinthemeaningofsection693oftheAct)of ordinarysharesinthecapitaloftheCompany(“Shares”)(eitherforretentionastreasurysharesforfuturereissue,resale, transferorcancellation),providedthat: (a) themaximumaggregatenumberofSharesauthorisedtobepurchasedshallbethatnumberofshareswhichisequal to14.99%oftheissuedsharecapitaloftheCompanyasofthevalueofthedateofthepassingofthisresolution; 103 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FURTHER INFORMATION STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS NOTICE OF THE ANNUAL GENERAL MEETING CONTINUED (b) the minimum price (exclusive of expenses) which may be paid for a Share is 2.5 pence; (c) the maximum price (exclusive of expenses) which may be paid for a Share is an amount equal to the greater of (i)105% of the average of the middle market quotations for a Share as derived from the Daily Official List of the London Stock Exchange for the five business days immediately preceding the day on which that Share is purchased and (ii) the higher of the price of the last independent trade and the highest then current independent bid on the London Stock Exchange as stipulated in the technical standards referred to in Article 5(6) of the Market Abuse Regulation (EU) No. 596/2014 (which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018); (d) the authority hereby conferred shall expire at the conclusion of the Annual General Meeting of the Company to be held in 2025 or, if earlier, on the expiry of 15 months from the date of the passing of this resolution unless such authority is renewed prior to such time; and (e) the Company may make a contract to purchase Shares under this authority before the expiry of such authority which will or may be executed wholly or partly after the expiration of such authority, and may make a purchase of Shares in pursuance of any such contract. General Meetings 17. THAT the Directors be authorised to call general meetings (other than the Annual General Meeting of the Company) on not less than 14 clear days’ notice, such authority to expire on the conclusion of the next Annual General Meeting of the Company, or, if earlier, on the expiry 15 months from the date of the passing of the resolution. By order of the Board Registered Office: One Wood Street London EC2V 7WS Frostrow Capital LLP Company Secretary 10 June 2025 NOTES 1. Members are entitled to appoint a proxy to exercise all or any of their rights to attend and to speak and vote on their behalf at the meeting. A shareholder may appoint more than one proxy in relation to the meeting provided that each proxy is appointed to exercise the rights attached to a different share or shares held by that shareholder. A proxy need not be a shareholder of the Company. 2. A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against the resolutions. If no voting indication is given, a proxy may vote or abstain from voting at his/her discretion. A proxy may vote (or abstain from voting) as he or she thinks fit in relation to any other matter which is put before the meeting. 3. This year, hard copy forms of proxy have not been included with this notice. Members can vote by: logging onto https://uk.investorcentre.mpms.mufg.com/ and following instructions; requesting a hard copy form of proxy directly from the registrars, MUFG Corporate Markets at [email protected]. com or in the case of CREST members, utilising the CREST electronic proxy appointment service in accordance with the procedures set out below. To be valid any proxy form or other instrument appointing a proxy must be completed and signed and received by post or (during normal business hours only) by hand at MUFG Corporate Markets, PXS1, CentralSquare, 29 Wellington Street, Leeds LS1 4DL no later than 12.30 p.m. on Monday, 7 July 2025. Alternatively if you are an institutional shareholder you may also be able to appoint a proxy electronically via the proxymity platform (see note 14 below). Shareholders can vote electronically via the Investor Centre, a free app for smartphone and tablet provided by MUFG Corporate Markets (the Company’s registrar). It allows you to securely manage and monitor your shareholdings in real time, take part in online voting, keep your details up to date, access a range of information including payment history and much more. The app is available to download on both the Apple App Store and Google Play, or by scanning the relevant QR code below. 104 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 NOTICE OF THE ANNUAL GENERAL MEETING CONTINUED 4. In the case of a member which is a company, the instrument appointing a proxy must be executed under its seal or signed on its behalf by a duly authorised officer or attorney or other person authorised to sign. Any power of attorney or other authority under which the instrument is signed (or a certified copy of it) must be included with the instrument. 5. The return of a completed proxy form, other such instrument or any CREST Proxy Instruction or appointing a proxy via Proxymity (as described below) will not prevent a shareholder attending the meeting and voting in person if he/she wishes to do so. 6. Any person to whom this notice is sent who is a person nominated under section 146 of the Companies Act 2006 to enjoy information rights (a “Nominated Person”) may, under an agreement between him/her and the shareholder by whom he/she was nominated, have a right to be appointed (or have someone else appointed) as a proxy for the meeting. If a Nominated Person has no such proxy appointment right or does not wish to exercise it, he/she may, under any such agreement, have a right to give instructions to the shareholder as to the exercise of voting rights. 7. The statement of the rights of shareholders in relation to the appointment of proxies in paragraphs 1 and 3 above does not apply to Nominated Persons. The rights described in these paragraphs can only be exercised by shareholders of the Company. 8. Pursuant to regulation 41 of the Uncertificated Securities Regulations 2001, only shareholders registered on the register of members of the Company (the “Register of Members”) at the close of business on Monday, 7 July 2025 (or, in the event of any adjournment, on the date which is two days before the time of the adjourned meeting) will be entitled to attend and vote or be represented at the meeting in respect of shares registered in their name at that time. Changes to the Register of Members after that time will be disregarded in determining the rights of any person to attend and vote at the meeting. 9. As at 9 June 2025 (being the last business day prior to the publication of this notice) the Company’s issued share capital consists of 483,340,227 ordinary shares, carrying one vote each. The Company holds 118,324,973 shares in treasury. Therefore, the total voting rights in the Company as at 9 June 2025 are 483,340,227. 10. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so by using the procedures described in the CREST Manual. CREST Personal Members or other CREST sponsored members, and those CREST members who have appointed a service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf. 11. In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a “CREST Proxy Instruction”) must be properly authenticated in accordance with the specifications of Euroclear UK and International (“CRESTCo”), and must contain the information required for such instruction, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or is an amendment to the instruction given to a previously appointed proxy must, in order to be valid, be transmitted so as to be received by the issuer’s agent (ID RA10) no later than 48 hours before the time appointed for holding the meeting. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Application Host) from which the issuer’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means. 12. CREST members and, where applicable, their CREST sponsors, or voting service providers should note that CRESTCo does not make available special procedures in CREST for any particular message. Normal system timings and limitations will, therefore, apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member, or sponsored member, orhas appointed a voting service provider, to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting system providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings. 13. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001. 14. If you are an institutional investor you may also be able to appoint a proxy electronically via the Proxymity platform, a process which has been agreed by the Company and approved by the Registrar. For further information regarding Proxymity, please go to www.proxymity.io. Your proxy must be lodged by 12.30pm on 7 July 2025 in order to be considered valid or, in the event of any adjournment, close of business on the date which is two working days before the time of the adjourned meeting. Before you can appoint a proxy via this process you will need to have agreed to Proxymity’s associated terms and conditions. It is important that you read these carefully as you will be bound by them and they will govern the electronic appointment of your proxy. An electronic proxy appointment via the Proxymity platform may be revoked completely by sending an authenticated message via the platform instructing the removal of your proxy vote. 15. In the case of joint holders, where more than one of the joint holders purports to appoint a proxy, only the appointment submitted by the most senior holder will be accepted. Seniority is determined by the order in which the names of the joint holders appear in the Register of Members in respect of the joint holding (the first named being the most senior). 16. Members who wish to change their proxy instructions should submit a new proxy appointment using the methods set out above. Note that the cut-off time for receipt of proxy appointments (see above) also applies in relation to amended instructions; any amended proxy appointment received after the relevant cut-off time will be disregarded. 17. Members who have appointed a proxy using the hard-copy proxy form and who wish to change the instructions using another hard-copy form, should contact MUFG Corporate Markets on 0371 664 0300 or +44 371 664 0300. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom are charged at the applicable international rate. Lines are open 09.00 to 17.30 Monday to Friday excluding public holidays in England and Wales. 18. If a member submits more than one valid proxy appointment, the appointment received last before the latest time for the receipt of proxies will take precedence. 19. In order to revoke a proxy instruction, members will need to inform the Company. Members should send a signed hard copy notice clearly stating their intention to revoke a proxy appointment to MUFG Corporate Markets, PXS1, 29 Wellington Street, Central Square, Leeds LS1 4DL. In the case of a member which is a company, the revocation notice must be executed under its common seal or signed on its behalf by an officer of the company or an attorney for the company. Any power of attorney or any other authority under which the revocation notice is signed (or a duly certified copy of such power of attorney) must be included with the revocation notice. If a member attempts to revoke their proxy appointment but the revocation is received after the time for receipt of proxy appointments (see above) then, subject to paragraph 4 above, the proxy appointment will remain valid. 105 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FURTHER INFORMATION STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS NOTICE OF THE ANNUAL GENERAL MEETING CONTINUED Location of the Annual General Meeting Saddlers’ Hall, 40Gutter Lane, London EC2V 6BR to be held from 12.30pm on Wednesday, 9 July 2025 How To Vote If you hold your shares directly you can: • Log on to https://uk.investorcentre.mpms.mufg.com/ and follow the instructions; or • Request a hard copy form of proxy from the Company’s registrars, MUFG Corporate Markets, by emailing [email protected] or by calling +44 (0)371 664 0300 and returning the completed form to MUFG Corporate Markets, PXS1, Central Square, 29Wellington Street, Leeds LS1 4DL, no later than 12.30 pm on Monday, 7 July 2025. If you hold your shares via an investment platform (e.g. Hargreaves Lansdown) or a nominee, you should contact them to enquire about arrangements to vote. 106 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Explanatory Notes to the Resolutions Resolution 1 – To receive and adopt the Annual Report and Accounts The Annual Report and Accounts for the year ended 31 March 2025 will be presented to the Annual General Meeting (“AGM”). These accounts accompany this Notice ofMeeting. Resolution 2 – To approve a Final Dividend The rationale for the payment of a final dividend is set out in the Statement from the Chair beginning on page 4, in the Business Review on page 29 and the Report of the Directors on page 48. Resolution 3 – Approval of the Company’s Dividend Policy Resolution 3 seeks shareholder approval of the Company’s dividend policy, which is set out on page 29. Resolutions 4 to 10 – Election/Re-election of Directors Resolutions 4 to 10 deal with the election/re-election of each Director. Biographies of each of the Directors can be found on pages44 to 46 of the annual report. The Board has confirmed, following a performance review, that the Directors standing for re-election and election continue to perform effectively. Resolution 11 – Re-appointment of Auditors and the determination of their remuneration Resolution 11 relates to the re-appointment of PricewaterhouseCoopers LLP as the Company’s independent Auditors to hold office until the next AGM of the Company and also authorises the Audit & Risk Committee to set their remuneration (see pages 62 and 63 for further information). Resolution 12 – Directors’ Remuneration Report The Directors’ Remuneration Report is set out in full in the annual report on pages 64 to 66. Resolutions 13, 14 and 15 – Issue of Shares Ordinary Resolution 13 in the Notice of AGM will renew the authority to allot the unissued share capital up to an aggregate nominal amount equal to 10% of the aggregate nominal amount of the Company’s issued share capital on 9 June 2025, being the nearest practicable date prior to the signing of this Report (or if changed, the number representing 10% of the issued share capital of the Company at the date at which the resolution is passed). Such authority will expire on the date of the next AGM or after a period of 15 months from the date of the passing of the resolution, whichever is earlier. This means that the authority will have to be renewed at the next AGM. When shares are to be allotted for cash, Section 551 of the Companies Act 2006 (the “Act”) provides that existing shareholders have pre-emption rights and that the new shares must be offered first to such shareholders in proportion to their existing holding of shares. However, shareholders can, by special resolution, authorise the Directors to allot shares otherwise than by a pro rata issue to existing shareholders. Special Resolution 14 will, ifpassed, give the Directors power to allot for cash equity securities up to an aggregate nominal amount equal to 10% of the Company’s share capital on 9 June 2025 (or if changed, the number representing 10% of the issued share capital of the Company at the date at which the resolution is passed), as if Section 551 of the Act does not apply. This is the same nominal amount of share capital which the Directors are seeking the authority to allot pursuant to Resolution 15. This authority will also expire on the date of the next Annual General Meeting or after a period of 15months, whichever is earlier. This authority will not be used in connection with a rights issue by the Company. Under the Companies (Acquisition of Own Shares) (Treasury Shares) Regulations 2003 (as amended) (the “Treasury Share Regulations”) the Company is permitted to buyback and hold shares in treasury and then sell them at a later date for cash, rather than cancelling them. The Treasury Share Regulations require such sale to be on a pre-emptive, pro rata, basis to existing shareholders unless shareholders agree by special resolution to disapply such pre-emption rights. Accordingly, in addition to giving the Directors power to allot unissued share capital on a non pre-emptive basis pursuant to Resolution 14, Resolution15, if passed, will give the Directors authority to sell shares held in treasury on a non pre-emptive basis. No dividends may be paid on any shares held in treasury and no voting rights will attach to such shares. The benefit of the ability to hold treasury shares is that such shares may be resold. This should give the Company greater flexibility in managing its share capital, and improve liquidity in its shares. It is the intention of the Board that any re-sale of treasury shares would only take place at a premium to the cum income net asset value per share. It is also the intention of the Board that sales from treasury would only take place when the Board believes that to do so would assist in the provision 107 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FURTHER INFORMATION STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS of liquidity to the market. The number of treasury shares which may be sold pursuant to this authority is limited to an aggregate nominal amount equal to 10% of the Company’s share capital on 9 June 2025 (or if changed, the number representing 10% of the issued share capital of the Company at the date at which the resolution is passed) (reduced by any equity securities allotted for cash on a non-pro rata basis pursuant to Resolution 14, as described above). This authority will also expire on the date of the next Annual General Meeting or after a period of 15months, whichever is earlier. The Directors intend to use the authority given by Resolutions 13, 14 and 15 to allot shares and disapply pre-emption rights only in circumstances where this will be clearly beneficial to shareholders as a whole. The issue proceeds would be available for investment in line with the Company’s investment policy. No issue of shares will be made which would effectively alter the control of the Company without the prior approval of shareholders in general meeting. New Shares will only be issued at a premium to the Company’s cum income net asset value per share at the time of issue. Resolution 16 – Share Repurchases The Directors wish to renew the authority given by shareholders at the previous AGM. The principal aim of a share buyback facility is to enhance shareholder value by acquiring shares at a discount to net asset value, as and when the Directors consider this to be appropriate. The purchase of Shares, when they are trading at a discount to net asset value per share should result in an increase in the net asset value per share for the remaining shareholders. This authority, if conferred, will only be exercised if to do so would result in an increase in the net asset value per share for the remaining shareholders and if it is in the best interests of shareholders generally. Any purchase of shares will be made within guidelines established from time to time by the Board. It is proposed to seek shareholder authority to renew this facility for another year at the AGM. Under the current Listing Rules, the maximum price that may be paid on the exercise of this authority must not exceed the higher of (i) 105% of the average of the middle market quotations for the shares over the five business days immediately preceding the date of purchase and (ii)the higher of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. The minimum price which may be paid is 2.5p per Share. Existing shares which are purchased under this authority will either be cancelled or held as Treasury Shares. Special Resolution 16 in the Notice of AGM will renew the authority to purchase in the market a maximum of 14.99% of the issued share capital of the Company as at the date of the passing of the resolution, 14.99% of the issued share capital of the Company as changed by that resolution. Such authority will expire on the date of the next AGM or after a period of 15 months from the date of passing of the resolution, whichever is earlier. This means in effect that the authority will have to be renewed at the next AGM or earlier if the authority has been exhausted. Resolution 17 – General Meetings Special Resolution 17 seeks shareholder approval for the Company to hold General Meetings (other than the AGM) at 14 clear days’ notice. The Board confirms that the shorter notice period would only be used where it was merited by the purpose of the meeting. Recommendation The Board considers that the resolutions relating to the above items are in the best interests of shareholders as a whole. Accordingly, the Board unanimously recommends to the shareholders that they vote in favour of the above resolutions to be proposed at the forthcoming AGM as the Directors intend to do in respect of their own beneficial holdings totalling 628,455 shares. EXPLANATORY NOTES TO THE RESOLUTIONS CONTINUED 108 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Regulatory Disclosures ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (“AIFMD”) DISCLOSURES Investment objective and leverage A description of the investment strategy and objectives of the Company, the types of assets in which the Company may invest, the techniques it may employ, any applicable investment restrictions, the circumstances in which it may use leverage, the types and sources of leverage permitted and the associated risks, any restrictions on the use of leverage and the maximum level of leverage which the AIFM and Portfolio Manager are entitled to employ on behalf of the Company and the procedures by which the Company may change its investment strategy and/or the investment policy can be found on pages 8 and 9 under the heading “Investment Strategy”. The table below sets out the current maximum permitted limit and actual level of leverage for the Company as a percentage of net assets. Gross Method Commitment Method Maximum level of leverage 140.0% 140.0% Actual level at 31 March 2025 116.5% 112.0% REMUNERATION OF AIFM STAFF Following completion of an assessment of the application of the proportionality principle to the FCA’s AIFM Remuneration Code, the AIFM has disapplied the pay-out process rules with respect to it and any of its delegates. This is because the AIFM considers that it carries out non- complex activities and is operating on a small scale. Further disclosures required under the AIFM Rules can be found within the Investor Disclosure Document on the Company’s website: www.worldwidewh.com. SECURITY FINANCING TRANSACTIONS DISCLOSURES As defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions (SFT) include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sellback transactions or sell-buyback transactions and margin lending transactions. Whilst the Company does not engage in such SFT’s, it does engage in Total Return Swaps (TRS) therefore, in accordance with Article 13 of the Regulation, the Company’s involvement in and exposure to Total Return Swaps for the accounting year ended 31 March 2025 are detailed below. Global data Amount of assets engaged in TRS The following table represents the total value of assets engaged in TRS: £’000 % of AUM TRS 23,791 (1.4) Concentration Data Counterparties The following table provides details of the counterparties and their country of incorporation (based on gross volume of outstanding transactions with exposure on a gross basis) in respect of TRS as at the balance sheet date: Country of Incorporation £’000 Goldman Sachs U.S.A. 191,222 JPMorgan U.S.A. 16,343 Aggregate transaction data Type, quality, maturity, tenor and currency of collateral No collateral was received by the Company in respect of TRS during the year to 31 March 2025. The collateral provided by the Company to the above counterparties is set out below. Type Currency Maturity Quality £’000 Cash USD less than 1 day n/a 75,991 Maturity tenor of TRS The following table provides an analysis of the maturity tenor of open TRS positions (with exposure on a gross basis) as at the balance sheet date: Maturity TRS Value £’000 3 to 12 months 177,080 12 to 24 months 30,485 Settlement and clearing OTC derivative transactions (including TRS) are entered into by the Company under an International Swaps and Derivatives Associations, Inc. Master Agreement (“ISDA Master Agreement”). An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivative transactions (including TRS) entered into by the parties. All OTC derivative transactions entered under an ISDA Master Agreement are netted together for collateral purposes, therefore any collateral disclosures provided are in respect of all OTC derivative transactions entered into by the Company under the ISDA Master agreement, not just total return swaps. 109 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 FURTHER INFORMATION STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS Safekeeping of collateral There was no non-cash collateral provided by the Company in respect of OTC derivatives (including TRS) with the counterparties noted above as at the statement of financial position date. Return and cost All returns from TRS transactions will accrue to the Company and are not subject to any returns sharing arrangements with the Company’s AIFM, Portfolio Manager or any other third parties. Returns from those instruments are disclosed in Note 9 to the Company’s financial statements. REGULATORY DISCLOSURES CONTINUED 110 Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2025 Company Information Directors Doug McCutcheon (Chair of the Board) Dr Bandhana (Bina) Rawal (Senior Independent Director and Chair of the Nominations Committee) Tim Livett, ACMA (Chair of the Audit & RiskCommittee) Sven Borho Sian Hansen William Hemmings Jo Parfrey, ACA (Chair of the Management Engagement & Remuneration Committee) Company Registration Number 3023689 (Registered in England) The Company is an investment company as defined under Section 833 of the Companies Act 2006 Website Website: www.worldwidewh.com Registered Office One Wood Street London EC2V 7WS Alternative Investment Fund Manager, Company Secretary and Administrator Frostrow Capital LLP 25 Southampton Buildings, London WC2A 1AL Telephone: 0203 008 4910 E-mail: [email protected] Website: www.frostrow.com Authorised and regulated by the Financial Conduct Authority If you have an enquiry about the Company or if you would like to receive a copy of the Company’s monthly fact sheet by e-mail, please contact Frostrow Capital using the above e-mail address. Portfolio Manager OrbiMed Capital LLC 601 Lexington Avenue, 54th Floor New York NY 10022 Website: www.orbimed.com Registered under the U.S. Securities & Exchange Commission Depositary J.P. Morgan Europe Limited 25 Bank Street London E14 5JP Independent Auditors PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX Custodian and Prime Broker J.P. Morgan Securities LLC Suite 1, Metro Tech Roadway Brooklyn, NY 11201 USA Stockbroker Winterflood Securities Limited Riverbank House 2 Swan Lane London EC4R 3GA Registrars MUFG Corporate Markets (formerly known as Link Group) Central Square 29 Wellington Street Leeds LS1 4DL E-mail: shareholderenquiries@ cm.mpms.mufg.com Telephone (in UK): 0371 664 0300† Telephone (from overseas): + 44 371 664 0300† Investor Centre: https://uk.investorcentre.mpms.mufg.com/ Website: www.mpms.mufg.com/en/ mufg-corporate-markets/ Please contact the Registrars if you have a query about a certificated holding in the Company’s shares. † Calls are charged at the standard geographic rate and will vary by provider. Calls outside the UK are charged at the applicable international rate. Lines are open between 09.00 and 17.30 Monday to Friday excluding public holidays in England and Wales. Investor Centre You can register online to view your holdings using the Investor Centre, aservice offered by MUFG Corporate Markets at https://uk.investorcentre. mpms.mufg.com/ The Investor Centre is an online service enabling you to quickly and easily access and maintain your shareholding online – reducing the need for paperwork and providing 24 hour access to your shareholding details. Through the Investor Centre you may: • Cast your proxy vote online; • View your holding balance and get an indicative valuation; • View movements on your holding; • Update your address; • Register and change bank mandate instructions so that dividends can be paid directly to your bank account; • Elect to receive shareholder communications electronically; and • Access a wide range of shareholder information including the ability to download shareholder forms. Share Price Listings The price of your shares can be found in various publications including the Financial Times, The Daily Telegraph, The Times and The Scotsman. The Company’s net asset value per share is announced daily and is available, together with the share price, on the TrustNet website at www.trustnet.com. Identification Codes Shares: SEDOL : BN455J5 ISIN : GB00BN455J50 BLOOMBERG : WWH LN EPIC : WWH Foreign Account Tax Compliance Act (“FATCA”) Global Intermediary Identification Number (GIIN) : FIZWRN.99999.SL.826 Legal Entity Identifier (LEI) : 5493003YBCY4W1IMJU04 In order to achieve its investment objective, the Company invests worldwide in a diversified portfolio of shares in pharmaceutical and biotechnology companies and related securities in the healthcare sector. It may use gearing, and derivative transactions to enhance returns and mitigate risk. Performance is measured against the MSCI World Health Care Index on a net total return, sterling adjusted basis (“Benchmark”). Further details of the Company’s investment policy, including how it can use gearing and employ derivatives, are set out in the Strategic Report on pages 8 and 9. ACCESSING THE GLOBAL MARKET The healthcare sector is global and accessing this market as a UK investor can be difficult. The Company offers an opportunity to gain exposure to pharmaceutical, biotechnology and related companies in the healthcare sector on a global scale. The Company invests in large companies with market capitalisations of over U.S.$10bn, smaller companies below that size, as well as in unquoted companies. The portfolio ranges from large multi-national pharmaceutical companies with multiple products to unquoted emerging biotechnology companies. Worldwide Healthcare Trust PLC is able to participate in all aspects of healthcare, anywhere in the world because of its broad investment, mandate. These may include patented speciality medicines for small patient populations and unpatented generic drugs, in both developed countries and emerging markets. In addition, the Company invests in medical device technologies, life science tools and healthcare services. The overall geographic spread of Worldwide Healthcare Trust PLC is also extensive with investments in the U.S., Europe, Japan, China and India (see page 12 for further information). HOW TO INVEST The Company’s shares are traded openly on the London Stock Exchange and can be purchased through a stockbroker or other financial intermediary. The shares are also available through savings plans (including investment dealing accounts, ISAs, Junior ISAs and SIPPs) which enable both regular monthly investments and lump sum investments in the Company’s shares. There are a number of investment platforms that offer these facilities. Further details can be found on page 100. Worldwide Healthcare Trust PLC (the “Company”) is a specialist investment trust which invests in the global healthcare sector with the objective of achieving a high level of capital growth. Strategic Report Financial Summary 1 Key Information 2 Company Performance 3 Statement from the Chair 4 Board and Adviser Activity 7 and Shareholder Engagement Investment Objective and Policy 8 Portfolio 10 OrbiMed Capital LLC (‘OrbiMed’) 13 Portfolio Manager’s Review 14 Environmental, Social and Governance and Climate Change 28 Business Review 29 Governance Board of Directors 44 Report of the Directors 47 Statement of Directors’ 50 Responsibilities Corporate Governance 51 Audit & Risk Committee Report 59 Directors’ Remuneration Report 64 Independent Auditors’ Report 67 Financial Statements Income Statement 74 Statement of Changes in Equity 75 Statement of Financial Position 76 Statement of Cash Flows 77 Notes to the Financial Statements 78 Further Information Shareholder Information 95 Glossary of Terms and Alternative 96 Performance Measures (‘APMs’) How to Invest 100 Notice of the Annual General Meeting 101 Explanatory Notes to the 106 Resolutions Regulatory Disclosures 108 Company Information 110 For more information about Worldwide Healthcare Trust PLC visit the website at www.worldwidewh.com Follow us on X @worldwidewh Contents WORLDWIDE HEALTHCARE TRUST PLC 25 SOUTHAMPTON BUILDINGS LONDON WC2A 1AL WWW.WORLDWIDEWH.COM This report is printed on Revive 100% White Silk a totally recycled paper produced using 100% recycled waste at a mill that has been awarded the ISO 14001 certificate for environmental management. The pulp is bleached using a totally chlorine free (TCF) process. This report has been produced using vegetable based inks. CBP008251 A member of the Association of Investment Companies Disability Act Copies of this annual report and other documents issued by the Company are available from the Company Secretary. If needed, copies can be made available in a variety of formats, including Braille, audio tape or larger type as appropriate. You can contact the Registrar to the Company, MUFG Corporate Markets, which has installed telephones to allow speech and hearing impaired people who have their own telephone to contact them directly, without the need for an intermediate operator, for this service please call 0800 731 1888. Specially trained operators are available during normal business hours to answer queries via this service. Alternatively, if you prefer to go through a ‘typetalk’ operator (provided by the RNID) you should dial 18001 followed by the number you wish to dial. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 WORLDWIDE HEALTHCARE TRUST PLC Annual Report for the year ended 31 March 2025
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