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2020-09-30-accounts

THE WEIZMANN INSTITUTE FOUNDATION Company Limited by Guarantee

TRUSTEES’ REPORT & FINANCIAL STATEMENTS

30 September 2020 Company Registration Number 483123 Charity Registration Number 232666

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 30 SEPTEMBER 2020

Contents Page
Trustees and Professional Advisors 2
Trustees’ Annual Report 4
Independent Auditors’ Report to the members
of the Weizmann Institute Foundation (Weizmann UK) 20
Statement of Financial Activities 23
Summary Income and Expenditure Account 24
Statement of Total Recognised Gains and Losses 24
Balance Sheet 25
Cash Flow Statement 26
Notes to the financial statements 27

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 30 SEPTEMBER 2020

The Trustee Directors in office during the year and up to the date of signing the financial statements:

Dr. Arabella Duffield (Chair) Jonathan Kropman (Hon. Secretary) Howard Stanton (Hon. Treasurer) – retired 4/12/2019 David Marks (Hon. Treasurer - from 4/12/2019) Prof. Benny Chain Prof. Alan Dangour Julian Dwek Dean Lush Maxwell Nisner Martin Paisner CBE Denis Raeburn Michael Sandler Hayley Sieff Barry Townsley CBE Charles Wolfson Townsley Lord Turnberg

Risk Committee

Investment Committee

Jonathan Kropman (Chair) - appointed 4/12/2019 Howard Stanton (Chair) – retired 4/12/2019 David Marks

Denis Raeburn (Chair) Jonathan Kropman Maxwell Nisner Charles Wolfson Townsley

Audit Committee

Remuneration Committee

David Marks (Chair) – appointed 4/12/2019 Dean Lush (Chair) – appointed 4/12/2019 Howard Stanton (Chair) – retired 4/12/2019 Dr. Arabella Duffield Jonathan Kropman David Marks Denis Raeburn Jonathan Kropman

Scientific Advisor Committee

Prof. Benny Chain Lord Turnberg Prof. Alan Dangour

Life President

Dame Vivien Duffield DBE – appointed 4/12/2019

President

Barry Townsley CBE

Vice Presidents

Lord Alliance CBE Lord Mitchell Lord Rothschild CBE

Martin Paisner CBE Sir John Ritblat

Executive Director

Sheridan Gould

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 30 SEPTEMBER 2020

INVESTMENT MANAGERS

Rothschild & Co. Wealth Management (UK) Limited New Court, St Swithin’s Lane London EC4N 8AL

Weizmann Global Endowment Management Trust (W-GEM) 405 Lexington Avenue Suite 41 A New York NY 10174 USA

INDEPENDENT AUDITORS

Haysmacintyre LLP 10 Queen Place Street London EC4R 1AG

SOLICITORS

Trowers & Hamlins LLP 3 Bunhill Row London EC1Y 8YZ

Bates Wells

10 Queen Street Place London EC4R 1BE

BANKERS

Bank Leumi (UK) plc 20 Stratford Place London W1C 1BG

ACCOUNTANTS JS2 Limited One Crown Square Church Street East Woking, Surrey GU21 6HR

REGISTERED OFFICE

Weizmann UK

1a Frognal 9 Hampstead Gate London NW3 6AL United Kingdom

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020

The Board of Trustees (being the directors of The Weizmann Institute Foundation – known as Weizmann UK), presents its report and audited financial statements for the year ended 30 September 2020.

The report and the financial statements have been produced in accordance with the provisions of the FRS 102 SORP – Accounting and Reporting by Charities – Second Edition, effective 1 January 2019, the Companies Act 2006, and the Charities Act 2011.

HIGHLIGHTS OF OUR YEAR

Due to the global Coronavirus pandemic which began during this financial year, Weizmann UK’s usual activities and operating procedures were severely disrupted. From March 2020 both the UK and Israel began prolonged periods of lockdown and International travel was severely restricted which meant that no face to face fundraising or awareness events, donor visits to campus or scientist visits to the UK, were able to take place for the majority of the year.

The Weizmann Institute of Science (‘Weizmann Institute’) reacted quickly to this global health crisis. With its expertise in immunology and cutting-edge research in structural biology, computational tools, cellular sequencing, artificial intelligence tools and drug discovery, many of its scientists set about repurposing their research activities and began to address the challenge of COVID-19 with more than 60 projects focused on testing, tracking and treating the virus.

Taking this lead, Weizmann UK also adapted the focus of its work so that it could continue to engage with its supporters. Thanks to robust IT capabilities and having put in place the necessary cyber security systems, the Weizmann UK staff team was successfully able to switch to homeworking and set about using state of the art technology to communicate virtually with donors and prospects about the fast-paced coronavirus research taking place at the Institute.

Although fundraising opportunities were significantly more limited than usual across the whole sector, over the course of the year, Weizmann UK continued its core business of fundraising and awareness raising on behalf of the Weizmann Institute. In particular Weizmann UK sought funds for the Weizmann Coronavirus Response Fund which was established with the aim of raising approximately $25 million to support its scientists working on the front lines to combat the Coronavirus.

During the year Weizmann UK awarded grants totalling £13,003,942 to the Weizmann Institute. This includes a gift of $1million to support the Weizmann Coronavirus Response Fund which the Weizmann UK Trustees agreed to take from our reserves for this important programme.

Prior to the emergence of the pandemic, Weizmann UK held its annual Ambassador’s lecture From Research to Reality at the Wellcome Collection in November 2019. The evening explored the latest research into different aspects of immunology by three scientists from the Department of Biological Regulation, Dr. Roi Avraham, Dr. Moshe Biton and Prof. Karina Yaniv.

Despite challenges faced once coronavirus restrictions began, Weizmann UK made use of technology to bring events online including, in March 2020, Dr. Nir London’s research into finding an anti-viral treatment for Coronavirus.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2020

This was part of a series of online science events focused on COVID-19 research which were hosted by the Weizmann Institute or other International Weizmann Committees. These were also shared with Weizmann UK’s supporters. Personalised meetings between Weizmann scientists and leadership and UK supporters or prospective donors were arranged via video streaming.

A Virtual Cocktail of Science evening was hosted on YouTube Live in June featuring this year’s Making Connections grant recipients who were working jointly in the UK and Israel. The theme of the evening was the appropriately ‘virtual’ topic of advances in Artificial Intelligence.

OUR ACTIVITIES & ACHIEVEMENTS

DONATIONS & LEGACIES

This year we were able to award grants totalling £13,003,942 to the Institute. This includes the following major gifts and commitments:

MAJOR DONATIONS WERE RECEIVED FROM

LEGACIES

It is hoped that by the time of the next financial statements, Probate in Israel will have been granted and the Estate will be included in those financial statements. In order to verify and better understand the value of the assets left to the Weizmann UK, the Trustees have

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2020

appointed a sub-committee comprising the Honorary Treasurer, the Honorary Secretary, Martin Paisner and the Executive Director to instruct local surveyors to value the Israeli assets which are principally land and generally in regard to the matters arising in the course of the Estate's administration.

WEIZMANN CORONAVIRUS RESPONSE FUND

Significant support for the Weizmann Coronavirus Response Fund was received from:

GET CONNECTED/MANCHESTER PHD PROGRAMME

Support for the Get Connected/Manchester PhD Programme was received from:

EDUCATION & AWARENESS

Science Education

Under normal circumstances our science educational activities combine encouraging UK students to visit the Institute and to take part in activities such as the Dr. Bessie Lawrence Summer Science Institute and the International Physics Tournament. We normally encourage our visiting scientists to attend schools to talk about their work. However, this year due to coronavirus restrictions not all educational activities took place in their usual way but great efforts were made to adapt educational programmes to online settings.

Physics Tournament – London: Weizmann UK was able to hold its annual UK Safe Cracking competition in London in February at Dulwich College. A total of 18 teams of Safe crackers from 12 schools saw almost 100 Year 12 students taking part in the competition. The winning team from Dulwich College had been due to attend the International competition in the Spring alongside Ibstock Place, which was given a special grant from the Davidson Institute, as the highest scoring UK team visiting the Institute for the first time.

Physics Tournament – Rehovot: This year’s International Safe Cracking Competition was held online due to COVID-19. The UK teams from Dulwich College and Ibstock Place participated in the online competition which saw a total of 15 international teams competing. The virtual competition was organised by the Davidson Institute.

The Davidson Institute’s “Stuck at Home” website: At one point an estimated quarter of the world’s population was in some form of lockdown due to the Coronavirus, many parents were unexpectedly facing the daunting prospect of home-schooling their children. The Davidson Institute developed, Stuck

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at Home?, a website offering an innovative range of distance-learning solutions to help parents and teachers who were increasingly reliant on remote learning. This new resource included videos, articles, puzzles, science experiments that can be conducted at home, and other innovative science and maths activities. Weizmann UK shared this resource with its supporters.

Dr. Bessie Lawrence International Summer School Institute (ISSI): The Dr. Bessie Lawrence

International Summer Science Institute (ISSI) is a unique programme for talented students who are just about to begin their university career to spend a month working as part of a research team alongside scientists at the Weizmann Institute of Science. The usual in-person programme was cancelled due to COVID-19, however, Weizmann UK worked closely with the Davidson Institute to provide an alternative ‘Weizmann Experience’.

Online Seminar Programme: A Global Online Seminar programme covering a broad range of scientific topics ran in July instead of the usual ISSI programme. The virtual series of seminars began with an introductory session lead by Weizmann President, Prof. Alon Chen introducing himself and the Institute. To allow this year’s ISSI students to engage with each other and the science, virtual breakout sessions were also held. Students from the UK, Canada, US, Switzerland, Europe and Brazil participated.

Virtual Mentoring: In addition to the online seminars, a three-week mentoring programme ran allowing pairs of students to undertake a research project of their choosing. Over 50 past alumni of the programme from the UK, US, Australia, Europe and South America volunteered to act as mentors for this year’s students who were not fortunate enough to be able to attend the ISSI in person.

AWARENESS AND FUNDRAISING ACTIVITIES

Royal Parks Half Marathon: A group of four Weizmann UK supporters ran the Royal Parks Half Marathon in October 2019 raising over £2,000 in sponsorship.

International Board Meeting 2019: The 71st Annual General Board Meeting of the International Board saw the presidency of the Weizmann Institute pass from Prof. Daniel Zajfman to Prof. Alon Chen. The Institute gave a moving memorial to the late Sir David Sieff and dedicated the Sir David Sieff English Garden in his memory which is located in front of the International Donor Wall.

From Research to Reality: Weizmann UK held its annual Ambassador’s lecture From Research to Reality at the Wellcome Collection in November 2019. The evening explored the latest research into different aspects of immunology by three scientists from the Department of Biological Regulation.

The evening was moderated by Prof. Alan Dangour from the London School of Hygiene & Tropical Medicine and trustee of Weizmann UK.

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Get Connected Dinner and Immunology Symposium: Weizmann Scientists, including those who took part in the From Research to Reality lecture were at the University of Manchester in November for a Symposium entitled ‘ New Frontiers in Cell Biology and Immunology. The University of Manchester and Weizmann UK hosted a dinner in honour of Lord Alliance and the scientists and current and prospective supporters of the Get Connected programme.

Planned Prof. Alon Chen visit to the UK and Brain and Neural Institute fundraising: In March

Professor Alon Chen was due to make his first visit to London in his capacity as President. It was intended as a chance for Prof. Chen to share his vision for the Weizmann Institute and to outline plans for a flagship fundraising project – the Brain and Neural Institute - a new state-of-the art centre to bring together scientists across a range of disciplines to accelerate our understanding of the brain and brain related disease.

A Pledge Dinner event at Harry’s Bar featuring an ‘In conversation’ between broadcaster, Natasha Kaplinsky and Prof. Alon Chen was due to kickstart Weizmann UK’s major fundraising project for the year and was intended to mark the beginning of a long running campaign to engage major donors in support for the Brain and Neural Institute.

A full schedule of one-on-one meetings, fundraising events and media appearances were due to take place during his visit which had to be cancelled at the last minute due to travel restrictions introduced by Israel in response to the Coronavirus. Just one dinner went ahead which included a short video link with Prof. Alon Chen.

Following these cancellations and the Weizmann Institute’s urgent need to pivot its focus to COVID-19 research, it was agreed that Weizmann UK’s fundraising plans for the new Brain and Neural Institute would wait until the Institute was able to supply a full and compelling Case for Support and more concrete information on building plans and costs. Branding agency Spencer Du Bois was engaged by the Institute to assist with this process and Weizmann UK has worked closely with them on developing this over the course of the year.

A series of short “Explainer” videos were produced to give information about what Covid-19 research the Institute was doing.

A series of virtual events were hosted by the Weizmann Institute and other International Committees including Weizmann UK which we were able to either invite UK supporters to participate in or to invite to watch in full at a later date.

Highlights included:

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With thanks to Maxwell Nisner, the United Synagogue hosted a one-off virtual event to bring the latest coronavirus research from the Weizmann Institute to its members. Presentations were given by Prof. Roee Ozeri, Prof. Uri Alon and Dr. Noam Stern-Ginossar.

Regular communications were made to Weizmann UK supporters to keep them informed of this fastmoving situation and opportunities to give or participate in online events.

Virtual Cocktail of Science: In June a livestream event was hosted on YouTube Live to showcase the research of two of this year's Making Connections partnerships. Both projects had an appropriately virtual theme exploring questions around the role that Artificial Intelligence (AI) is increasingly playing in all of our lives.

The evening was introduced by Sheridan Gould, Executive Director of Weizmann UK and moderated by Prof. Benny Chain from UCL and Trustee of Weizmann UK.

UK visitors to the Weizmann Institute: Facilitating visits to the Weizmann Institute is a key strand to our awareness raising strategy. We consider the best way to understand what the Institute is all about, is to visit its campus, see its facilities and meet with its scientists. Up until February 2020 regular visits to the campus continued to be arranged. Following lockdown, exclusive one-on-one access to Weizmann scientists and leadership for UK donors or prospective supporters was arranged via video streaming. The Visitors’ Centre also produced personalised videos for key major donors including bespoke messages from scientists to donors which were very well received.

Youth Tours: Unfortunately, the regular Youth Tours did not take place on the Weizmann campus during the summer of 2020.

SCIENTIFIC COLLABORATION

Facilitating collaboration between Israel and the UK allows leading scientists in their field to work together to share ideas and facilities and to exchange ideas and perspectives that is leading to some important outcomes.

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MAKING CONNECTIONS

Making Connections is Weizmann UK's flagship programme bringing scientists from the UK and Israel together to facilitate collaborative research projects. Grants of $100,000 are awarded for joint research projects over two years.

Six new Making Connections Grants were made for 2020-2021. This is the 12th year of the programme and there have now been a total of 65 grants awarded since the Making Connections programme began in 2008, bringing Weizmann scientists from a variety of fields into close working contact with scientists from more than 25 UK universities and research institutes.

Two pairs of this year's recipients, Dr Giora Alexandron and Prof. Alexandra Cristea, and Prof. Yonina Eldar and Prof. Miguel Rodrigues took part in our Virtual Cocktail of Science event in June.

Some Making Connections partnerships from the past two years have requested no cost extensions or delayed start dates to their projects due to difficulties in conducting lab research in some fields due to lockdown restrictions in both the UK and Israel.

The Making Connections Grants 2020-2021

GET CONNECTED AND THE WEIZMANN-MANCHESTER VISITING STUDENTS PROGRAMME: The Get Connected Grant Programme has been forging collaborations between life scientists from the Weizmann Institute and the University of Manchester since 2010.

The successful collaboration between the two institutions has also led to the establishment of a joint PhD programme in which students from the University of Manchester undertake two years of their doctoral studies with a Weizmann Institute group.

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Ryan Hodgetts begun his PhD at the University of Manchester titled “Gut reactions: how does our intestinal microbiota regulate the immune system in health and disease.” He arrived at the Weizmann Institute shortly before the pandemic began and is being supervised by the lab of Prof. Eran Elinav.

Martina Riberto came to the Weizmann in 2018, she is studying under the guidance of Prof. Rony Paz. Martina is a student in Cognitive Neuroscience and Experimental Psychology. Her PhD project aims at investigating how our brain functions when we judge the similarity between emotional experiences in mentally healthy people. She unfortunately had to leave early due to the pandemic and was unable to continue some of her experiments. She is hoping to go back to Israel at the end of the year if possible and will undertake the final year of her PhD in Manchester.

Joanna Stimpson started on the programme at Manchester in 2019 and she will conduct part of her PhD in Israel.

COMMUNICATIONS

Our usual approach to donor relations through regular face-to-face meetings and live events was severely disrupted due to the challenges presented by the coronavirus.

This, coupled with an intense period of communications activity from the Weizmann Institute around the Coronavirus and its Response Fund, led to the need to switch to a much greater reliance on virtual communications activities to reach supporters and potential donors during this period.

The shift to this way of working entailed the need for the rapid development and dissemination of a great deal of communications led content including regular updates to supporters and the need for marketing communications to ensure that our events remained relevant and engaging in the face of growing “zoom fatigue”.

Adaptations were made to our website to enable event registration and livestreaming which provides attendees to virtual Weizmann UK events with a more direct experience. An archive of livestreamed events has also been added to the website so that they can be watched again. Online donation functionality was also improved during this time.

Ongoing GDPR compliance activities included making provision for those we communicate with via email to be able to select their email preferences at a granular level and we will switch to a new email marketing system next year to ensure that all marketing contact will be integrated with the database. Weizmann Institute publications: Once again we worked closely with the Weizmann Institute to contribute news material to their publications including Weizmann Direct and the Weizmann International Magazine of Science and People. Due to reduced logistic capabilities in both Israel and the UK, we arranged to print and distribute the Spring edition of the magazine to our supporters along with our usual update on recent Weizmann UK activity.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2020

FUTURE PLANS (From 1 October 2020)

It is anticipated that events in at least the first half of the forthcoming financial year will continue to be subject to Covid-19 restrictions. In response to this a mix of online and face to face events and activities are being planned for but will be subject to change as necessary.

From Research to Reality : Our annual Ambassador’s event From Research to Reality was livestreamed on the Weizmann UK website in October 2020. This year’s theme was Can we get shot of the flu? We were delighted to host Prof. Ruth Arnon and Prof. Roee Ozeri to hear Prof. Arnon's extraordinary scientific journey in developing a vaccine potentially capable of protecting people from flu for many years and against all strains of the virus in a single shot. It was also a chance to hear from Prof. Ozeri on the Weizmann Institute's plans for a new Institute for Infectious Disease Research.

The vaccine which was the result of almost 15 years of research by Prof. Arnon had been created by Israeli company BiondVax Pharmaceuticals and had showed promising results in Phase 2 Clinical Trials. At the time of the event we were waiting anxiously to hear the results of the Phase 3 Clinical Trials for the vaccine which were due imminently.

However, in the days following the event we heard the disappointing news from BiondVax that the vaccine did not pass the Phase 3 Clinical trials. A suitable communication was sent to supporters to manage expectations.

International Board Meeting: This year’s International Board Meeting was also held virtually for the first time giving us the opportunity to invite a wider UK audience to register and attend online scientific events. Prominent Immunologist at the University of Oxford and long-term Weizmann collaborator and donor, Sir Marc Feldmann and Dame Carole Robinson, Professor of Chemistry at the University of Oxford were among those to receive a PhD Honoris Causa at a virtual ceremony.

Further plans for 2021: It is challenging planning for the coming year due to the very uncertain environment, but current plans include:

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2020

STRUCTURE, ORGANISATION AND GOVERNANCE

OUR LEGAL STRUCTURE

Weizmann UK (its full corporate name as registered being The Weizmann Institute Foundation) is a company limited by guarantee (registration number 483123), which was incorporated on 8 June 1950. Its constitution and principal regulations are set out in its Memorandum and Articles of Association. Weizmann UK is a registered charity (registration number 232666). The registered office of The Foundation is 9 Hampstead Gate, 1a Frognal, London NW3 6AL. The Foundation operates under the name of Weizmann UK.

Weizmann UK’s charitable objectives include providing financial and material assistance, encouragement and support to and for pure and applied scientific research and related activities at the Weizmann Institute (its full registered name being The Weizmann Institute of Science) in Rehovot, Israel.

OUR MISSION

Weizmann UK’s mission is to communicate the work of the Weizmann Institute’s scientists, to raise funds and encourage support for the Weizmann Institute’s work. Weizmann UK additionally aims to communicate the Weizmann Institute's scientific discoveries and breakthroughs to its UK friends, supporters and the public. We also actively promote greater scientific collaboration between the Institute and leading UK scientific institutions.

We deliver public benefit through our events and education programmes, which provide the wider UK public with unique access to inspirational scientists and cutting-edge research. The scientific breakthroughs made at the Institute in Rehovot, Israel, are for the benefit of humanity.

OUR GOVERNANCE AND MANAGEMENT

Weizmann UK’s professional team continues to be led by Executive Director, Sheridan Gould, supported by Rozanne Gallon in her role as Director of Operations, and Carmel Spyer, (part-time) Director of Development overseeing our Major Donor Programme. Samantha Showham continues in her role as Development and Events Manager.

All members of the Board of Trustees are directors of Weizmann UK. No director had any material interest in any contract or arrangement with Weizmann UK during the year with the exception of those disclosed in note 15.

The Board of Trustees is responsible for the business of Weizmann UK. The Executive Director directs the day- to-day operation of the office with a small team of four employees.

Members of the Board of Trustees are appointed in accordance with the Articles of Association and one third of their number is required to retire by rotation at Annual General Meetings. At every annual

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2020

general meeting those who are subject to retirement by rotation retire from office and may offer themselves for re-election. New members of the Board of Trustees may be appointed at general meetings if recommended by the Board of Trustees or where relevant notice criteria set out in the Articles of Association are met. The Board of Trustees may appoint a person willing to act who may hold office until the next Annual General Meeting and it is the practice that at least two members of the Board of Trustees formally nominate any new appointee who is elected by a majority vote.

All Trustees are members of the Company for Companies Act purposes and have a maximum liability of £10.

POLICY & PROCEDURES

Pay policy for senior staff:

The Remuneration Committee, Chaired by Dean Lush with Dr. Arabella Duffield, David Marks and Jonathan Kropman met to oversee the pay policy for the organisation. The pay of staff is reviewed annually and normally increased in accordance with performance and relevant benchmarks.

The Trustees consider the Board of Trustees and senior management comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day to day basis. All trustees give of their time freely and no trustee received remuneration in the year. Details of trustees’ expenses and related party transactions are disclosed in Note 15 to the accounts.

PUBLIC BENEFIT

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit.

FINANCIAL REVIEW

The financial statements for the year ended 30 September 2020 show net expenditure for the year before foreign exchange gains and investment gains of £11,509,588 (2019: net income of £4,655,233). The net movement in funds for the year amounted to a decrease of £11,215,157 (2019: increase of £6,985,531) after accounting for net investment and exchange gains of £294,431 (2019: £2,330,298). A transfer of £1,060,810 was made from Endowed funds to Restricted funds representing the allocation of total return in the year. During the year grants of £13,313,577 (2019: £3,003,081) were awarded of which £13,003,942 (2019: £2,664,643) were made to the Weizmann Institute.

Fundraising

The Trustees recognise the importance of meeting the highest standards of practice and care in relation to fundraising activities. The Charity keeps donors informed about fundraising activities through regular updates. All fundraising activity is carried out by the Charity’s staff in line with best practice in relation to current fundraising standards. The Charity is registered with The Fundraising Regulator. No complaints have been received. The Charity’s fundraising activity is largely limited to major individual and corporate donors who are well known to the Charity and its Trustees.

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Reserves

At 30 September 2020 the Charity held unrestricted reserves of £6,049,773 (2019: £15,664,239). The reason for the substantial reduction in these reserves was that they had been augmented by a large legacy in the year to 30 September 2019 and during the current accounting period substantial grants had been made from the proceeds of the legacy to the Weizmann Institute of Science. Included within unrestricted reserves is £223,270 (2019: £393,566) as a designated fund called Making Connections which promotes collaboration on projects undertaken between leading scientists at UK universities and scientists at the Weizmann Institute of Science (this reserve previously had the name “the UK Weizmann Scientific Programme” but the new name more accurately reflects its purpose (see Note 11).

The Trustees determined that the remaining unrestricted reserve was appropriate to be able to fund the cost of the operations and to continue the Making Connections programme into the foreseeable future during a period in which fundraising may become more difficult because of the impact of the Covid-19 pandemic. The unrestricted reserves have also been used to fund fixed assets of £887,112 (2019: £918,292). The policy on the level of a desirable level of unrestricted reserves is renewed periodically by the Trustees.

Grants for Scientific Research

Weizmann UK makes grants to the Weizmann Institute based on the current needs of the Weizmann Institute together with the availability of funds and the requests of donors.

Investment Policy

All investments held by Weizmann UK have been acquired in accordance with the powers available to the Board of Trustees. There are no specific restrictions on the investment powers available to the Board of Trustees pursuant to its Memorandum of Association. The Board of Trustees has delegated investment monitoring responsibility to a sub-committee, (the Investment Committee), whose members are: Denis Raeburn (Chair), Jonathan Kropman, Maxwell Nisner and Charles Wolfson-Townsley.

Weizmann UK’s investments are allocated between a portfolio invested in Weizmann Global Endowment Management Trust (W-GEM) and a portfolio invested by Rothschild & Co. Wealth Management (UK) Limited. The W-GEM Investment Committee members are: D. Ronald Daniel, Chair (USA), Avi Berger (Israel), Lewis Bernard (USA) , Edward Dwek (UK), Shimshon Harel (WIS-Chair of the WIS Executive Board), Professor Alon Harmelin (Weizmann Institute), Jonathon S. Jacobson (USA), Dominic H. Moross (USA), Manfred Moross (UK/USA), Peter Nadosy (USA), Robin Chemers Neustein (USA), and Steven Romick (USA). Martin Paisner (Weizmann UK) is a Trustee of W-GEM. Denis Raeburn (Weizmann UK) is a member of the W-GEM Oversight Board .

W-GEM’s stated performance objectives are several: to achieve a return which exceeds the Weizmann Institute’s spending rate and preserves the purchasing power of the assets; to outperform the MSCI All Country World Index during down markets; to produce, over time, less-volatile returns than the MSCI All Country World Index; to perform well in comparison with two benchmarks: the Policy benchmark, weighted by asset class and over a market cycle, and peers.

The 12 months to 30 September 2020 proved to be a volatile period for equity markets, and the first three months of 2020 were particularly challenging. The first quarter of 2020 saw the MSCI World index fall -21% in USD terms, including a dramatic peak to trough decline of -34% from 19th February to 23rd

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March. Equity markets then rebounded strongly in the second and third quarters, +29% in aggregate in the six month period. Overall, the MSCI World index was up +10.4% in USD terms in the financial year, and US Government Bonds were up +6.0% in the 12 months to 30th September 2020.

W-GEM, which has been allocated the bulk of Weizmann UK’s investment portfolio (approximately $25.5m or £19.8m - of which -£2.6m are non-endowed funds) invested across a well-diversified range of asset classes and managers. The performance of the portfolio with W-GEM was +7.0% for the year ended September 30, 2020 in USD, which is the reference currency of the portfolio. W-GEM’s policy benchmark is 80% MSCI All Country World Index, 10% U.S. Government Bond Index, and 10% European Government Bond Index. This benchmark returned +10.9% for the year.

W-GEM’s performance during this volatile period was in line with expectations – having protected effectively on the downside in Q120, the portfolio lagged the composite benchmark in the strongly rising equity markets that followed. In Sterling terms, the value of Weizmann UK’s investment in W-GEM was negatively impacted by the depreciation of the USD versus sterling from 1.2290 to 1.2916 over the 12 month period.

The Board of Trustees has also resolved that the part of Weizmann UK’s non endowed funds (approximately £3.2m) with both unrestricted and restricted purposes should continue to be invested in the UK by Rothschild & Co, on an unconstrained basis.

The Investment Committee established what it regards as a prudent investment strategy with Rothschild & Co which has invested in a diversified range of equities, bonds, pooled funds and cash. The report produced by Rothschild & Co indicates that Weizmann UK’s portfolio increased by +6.1% for the year ended 30 September 2020. Over the entire period, the MSCI World Index returned +5.1% in Sterling terms and +9.1% in local currency terms, and sterling cash deposits returned +0.4%. UK CPI inflation was +0.6% over this period. The portfolio strategy is implemented via the New Court Fund. The fund is intended to preserve and grow the real value of the invested capital over the long term, providing some protection during difficult market conditions.

Weizmann UK has Charity Commission approval to adopt the use of total return investment powers in relation to its permanent endowment investments by an order granted on 30 March 2006 as varied by a further order made on 15 August 2006. The power permits the Trustees to invest the portfolio to maximise total return and to apply an appropriate portion of the unapplied total return to income each year. Until the power is exercised to transfer a portion of unapplied total return to income (as disclosed in the fund transfers, note 10) the unapplied total return remains invested as part of the permanent endowment. This year £1,060,818 was applied to income.

The investment property is stated at its open market value and will be subject to a formal revaluation every five years. The property was acquired in 2011. During 2019, there were two informal valuations carried out for marketing purposes. The investment property was initially revalued at a market value of £910,000 as at 31 December 2018 and then a subsequent market value of £867,500 as at 3 October 2019. The Trustees have considered the value of the investment property and believe there has been no material change.

16

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Currencies

The funds invested in W-GEM, are denominated in US Dollars. The UK portfolio, managed by Rothschild & Co Wealth Management (UK) Limited is denominated in UK Sterling. The Board of Trustees believes that this provides Weizmann UK with an appropriate balance of currencies. Weizmann UK’s nonendowed funds are applied towards both the UK operating costs of Weizmann UK and grants to the Weizmann Institute. However, Weizmann UK’s endowed funds are applied entirely for the benefit of the Weizmann Institute. The endowed income being in US Dollars, is therefore better aligned with the Weizmann Institute’s operating expenditure which is in both the Israeli Shekel and the US Dollar.

Risk Policy

The Trustees appointed a Risk sub-committee to carry out assessment and analysis of risks attached to the operations of the Charity. The Risk sub-committee comprises the Honorary Treasurer, the Honorary Secretary, Financial Officer, (John Speed) and the Executive Director. This year, the principal risks identified related to potential financial implications caused by the pandemic and its effect on fundraising activities. In response the Charity has approved an altered Fundraising Plan in mitigation. In addition to the usual reviewed items, the Risk Sub-committee also re-considered operational processes and procedures, identifying and highlighting additional risk areas arising from the pandemic. These included: 1 investment risks;

Currency volatility issues were referred to the Investment Committee which considered these and indicated it was satisfied with the systems put in place by W-GEM and overall with the currency policy in place.

Other areas of risk reviewed included:

A GDPR incident was reported to Weizmann UK in June 2020 following the breach of a supplier’s software system. However we have received written confirmation that Weizmann UK’s data was not affected. There were no other GDPR incidents.

During the period no safeguarding issues were reported to the Safeguarding Lead, to the Executive Director or to the Board of Weizmann UK.

The Risk Sub-committee was satisfied that the controls adopted by the Charity were appropriate and that responsibility is suitably allocated to monitor risk and control areas highlighted. The results of the

17

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2020

review are set out in a risk analysis matrix. These areas of risk are monitored by the Executive Director and brought to the attention of the Board of Trustees annually.

At a board meeting dated 30 November 2020, the Risk Policy was considered by the Trustees who were satisfied that the major risks to which the Charity is exposed have been reviewed and were reasonable with systems having been established to mitigate highlighted continuing risk.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. The work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

18

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Independent Auditors

A resolution to reappoint Haysmacintyre LLP as auditors to Weizmann UK will be proposed at the annual general meeting.

By order of the Board of Trustees on 16 March 2021.

Jonathan Kropman

Jonathan Kropman Honorary Secretary

19

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) Independent Auditors’ Report to the members of the Weizmann Institute Foundation (Weizmann UK)

Opinion

We have audited the financial statements of Weizmann UK for the year ended 30 September 2020 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Statement of Total Recognised Gains and Losses, the Balance Sheet, the Cash Flow Statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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 trustees are responsible for assessing the charitable 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 auditor’s 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

20

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) Independent Auditors’ Report to the members of the Weizmann Institute Foundation (Weizmann UK)

aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion 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 such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in 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 in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the directors’ report).

21

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) Independent Auditors’ Report to the members of the Weizmann Institute Foundation (Weizmann UK)

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Lee Stokes (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditors London 16 March 2021 EC4R 1AG

22

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2020

Restricted
funds
2020
2020
INCOME FROM
Note
£
£
Donations & Legacies
Donations
148,677
2,216,603
Legacies
-
-
Income from Investments
2
71,727
-
Income from
charitable activities
Educational events
24,916
-
TOTAL INCOME
245,320
2,216,603
EXPENDITURE ON
Raising Funds
3
Fundraising & event costs
324,171
-
Investment management costs
31,657
-
Charitable Activities
3
Education & awareness
480,159
92,265
Research
9,329,091
3,697,764
TOTAL EXPENDITURE
10,165,078
3,790,029
(9,919,758)
(1,573,426)
Foreign exchange (losses) / gains
(28,790)
-
Net investment gains
334,082
-
305,292
-
(9,614,466)
(1,573,426)
Transfers between funds
10
-
1,060,810
(9,614,466)
(512,616)
15,664,239
1,203,719
6,049,773
691,103
All the above operations are continuing.
Details of comparative figures by fund are disclosed in note 16.
FUND BALANCES CARRIED
FORWARD
Fund balances brought forward
NET MOVEMENT IN FUNDS
NET (EXPENDITURE) / INCOME
Unrestricted
funds
NET EXPENDITURE BEFORE NET
GAINS & LOSSES ON
INVESTMENTS		 2020
£
148,677
-
71,727
24,916
Unrestricted
funds		 Restricted
funds
2020
£
2,216,603
-
-
-		 2020
£
-
-
98,563
-
Endowment
funds		 Total
funds
Total
funds
2020
2019
£
£
2,365,280
1,804,674
-
6,198,750
170,290
255,062
24,916
296,551
2,560,486
8,555,037
324,171
281,366
146,624
153,674
572,424
541,868
13,026,855
2,922,896
14,070,074
3,899,804
(11,509,588)
4,655,233
(1,096,929)
1,457,502
1,391,360
872,796
294,431
2,330,298
(11,215,157)
6,985,531
-
-
(11,215,157)
6,985,531
39,334,106
32,348,575
28,118,949
39,334,106
-
0
245,320 2,216,603 98,563
324,171
31,657
480,159
9,329,091		 -
-
92,265
3,697,764		 -
114,967
-
-
10,165,078 3,790,029 114,967
(9,919,758) (1,573,426) (16,404)
(28,790)
334,082		 -
-		 (1,068,139)
1,057,278
305,292 - (10,861)
(9,614,466) (1,573,426) (27,265)
- 1,060,810 (1,060,810)
(9,614,466) (512,616) (1,088,075)
15,664,239 1,203,719 22,466,148
6,049,773 691,103 21,378,073

The notes on pages 27 to 50 form part of these financial statements

23

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2020

Income from continuing operations
(excluding endowments)
Expenditure of continuing operations
(excluding endowments)
Deficit of income over expenditure
before transfers
Transfers from endowment of total return
applied in the year
Deficit for the year on unrestricted and
restricted funds before unrealised gains		 2020
2019
£
£
£
£
2,461,923
8,417,775
(13,955,107)
(3,798,792)
(11,493,184)
4,618,983
1,060,810
1,112,549
(10,432,374)
5,731,532		 2020
2019
£
£
£
£
2,461,923
8,417,775
(13,955,107)
(3,798,792)
(11,493,184)
4,618,983
1,060,810
1,112,549
(10,432,374)
5,731,532
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Deficit for the year before unrealised
investment gains
Net investment gains including foreign
exchange gains
Total recognised gains and losses for
the year		 2020
2019
£
£
(10,432,374)
5,731,532
305,292
417,656
(10,127,082)
6,149,188

Total income comprises £245,320 (2019: £6,581,812) for unrestricted funds, and £2,216,603 (2019: £1,835,962) for restricted funds. A detailed analysis of income by source is provided in the Statement of Financial Activities.

Detailed analyses of the expenditure are provided in the Statement of Financial Activities and note 3.

Deficit of income over expenditure on unrestricted and restricted funds for the year of £11,493,184 (2019: surplus £4,618,983) before investment asset disposals, comprises £9,916,466 net expenditure (2019: net income of £5,680,811) on unrestricted funds and £1,573,426 net expenditure (2019: net expenditure of £1,061,828) on restricted funds, as shown in the Statement of Financial Activities.

The Income and Expenditure Account is derived from the Statement of Financial Activities on page 21, which, together with the notes to the financial statements on pages 27 to 50, provides information on the movements during the year on all funds of the company.

The notes on pages 27 to 50 form part of these financial statements

24

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) BALANCE SHEET AS AT 30 SEPTEMBER 2020

Company Number: 483123

Note
FIXED ASSETS
Tangible Fixed Assets
5
Investments
6
CURRENT ASSETS
Debtors:
Amount due from subsidiary undertaking
7
Other debtors
7
Cash at bank and in hand
8
Creditors:amounts falling due within one
year
9
NET CURRENT ASSETS
NET ASSETS
FUNDS
Restricted funds
10,12
Unrestricted funds:
11,12
General fund
Designated funds
Non Charitable Trading funds
Endowed funds
10,12
TOTAL FUNDS		 2020
2020
2019
2019
£
£
£
£
887,112
918,292
26,546,300
36,395,613
27,433,412
37,313,905
5,998
5,998
256,994
1,373,102
262,992
1,379,100
932,643
1,002,888
1,195,635
2,381,988
(510,098)
(361,787)
685,537
2,020,201
28,118,949
39,334,106
691,103
1,203,719
5,826,503
15,270,673
223,270
393,566
6,049,773
15,664,239
-
-
21,378,073
22,466,148
28,118,949
39,334,106

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Of the total funds £10,975,885 (2019: £20,288,428) are represented by unrealised gains on investments.

The financial statements on pages 22 to 50 were approved by the board of Trustees on 16 March 2021 and signed on its behalf by:

Arabella Duffield

Dr. Arabella Duffield Chair

David Marks

Treasurer

The notes on pages 27 to 50 form part of these financial statements

25

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2020

Note
Net expenditure
excluding endowments
Less investment income
Add depreciation
(Increase) in debtors
Increase/(Decrease) in creditors
Net
cash
provided
by/(used
in)
operating activities
Returns on investments
Investment income including endowments
Net cash provided by/(used in) returns
on investments
Cash flow from investing activities
Purchase of tangible fixed assets
Purchase of investments
Sale of investments
Financing
New endowments
Expenditure from endowments
Net cash (used in) investing activities
CHANGE IN CASH AND CASH
EQUVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the
Cash and cash equivalents at the end of the year
Net cash outflow from capital		 2020
2019
£
£
£
£
(11,493,184)
4,618,983
(71,727)
(117,800)
31,180
25,974
1,116,108
(591,915)
148,311
(108,914)
(10,269,312)
3,826,328
170,290
255,062
170,290
255,062
-
(19,393)
(2,435,413)
(12,091,097)
12,579,157
7,680,041
10,143,744
(4,430,449)
(114,967)
(101,012)
10,028,777
(4,531,461)
(70,245)
(450,071)
year
1,002,890
1,452,961
932,645
1,002,890
year

The notes on pages 27 to 50 form part of these financial statements

26

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

1. Accounting policies

(a) Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Weizmann UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity’s forecasts and projections and have taken account of pressures on donation and investment income. After making enquiries the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

(b) Investments

Investments in common stocks and fixed income securities are stated at fair value as at the balance sheet date. Fair value of exchange-listed securities is determined by the last sale price on the valuation date. Fixed income securities are valued based on prices obtained by one or more independent pricing services. Mutual funds are valued based on published net asset value.

The Weizmann Global Endowment Fund (“WGEF”) is a limited partnership based in the USA which invests in a diverse range of equities and bonds and is managed by Weizmann Global Endowment Management Trust (W-GEM). WGEF’s investments in nonregistered investment companies, which represent circa two thirds of its net assets, are carried at fair value as determined by the general partner and generally represent the Fund’s pro rata interest in the net assets of each nonregistered investment company. All valuations utilise financial information supplied by each investment company.

The statement of financial activities includes the net gains and losses arising on the revaluation and disposals throughout the year. Investments are stated at fair value. It is the Weizmann UK’s policy to keep valuations up to date such that when investments are sold there is no gain or loss arising. As a result the Statement of Financial Activities (“SOFA”) only includes those unrealised gains and losses arising from the revaluation of the investment portfolio throughout the year. Disclosure is made in note 6 of the difference between the historical cost and the sale proceeds of the investments sold during the year. Investment income is included on an accruals basis and is allocated across funds in proportion to the value of funds held.

The Charity Commission permitted Weizmann UK to adopt the use of total return investment powers in relation to its permanent endowment investments by an order granted on 15 August 2006. The power permits the trustees to invest the portfolio to maximise total return and to apply an appropriate portion of the unapplied total return to income each year. In the current year 4.8% has been applied to income. A rate of 4.8% has been applied to new endowment investments made during the year. Until the power is exercised to transfer a portion of unapplied total return to income (as disclosed in the fund transfers, note 10) the unapplied total return remains invested as part of the Permanent Endowment.

Properties not used for charitable purposes are classified as investment properties and are included in investments at open market value. Investment properties are formally revalued every five years.

27

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

1. Accounting policies (continued)

(c) Tangible fixed assets

Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. Tangible fixed assets with a value of £1,000 or more are capitalised.

Depreciation is provided to write off the cost, less estimated residual values, of all fixed assets, evenly over their expected useful lives. It is calculated at the following rates:

Furniture & fixtures - 4 years
Office equipment - 3 years
Website - 3 years
Property - 50 years

(d) Foreign currency translation

The market value of investments outside the United Kingdom and monetary assets denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.

Revenue and expenses in foreign currencies are recorded in sterling based on monthly average exchange rates. All gains or losses arising on translation are included in the SOFA for the year.

(e) Income recognition and cost allocation

The financial statements are prepared on the accruals basis, with the exception of certain income, which cannot be quantified until it is received. The policies applied are:

Donations and Legacy income is included in the SOFA when Weizmann UK is legally entitled to the income (probate has been granted, or a donation received) and the amount can be quantified with reasonable accuracy.

Pledged donations are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the charity is considered probable.

Event income (including donations received at events) and expenditure is included in the SOFA in the period in which the event takes place. Income received in advance is deferred to future periods.

Cost of raising funds are those costs incurred in attracting donations and legacies. Investment Management fees and other overheads are allocated between restricted, unrestricted and endowed funds on appropriate bases such as investment values and staff time.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.

Overhead and support costs have been allocated first between Charitable Activity and governance. Overhead and support costs relating to Charitable Activities have been apportioned based on the number of individual grant awards made in recognition that the administrative costs of awarding, monitoring and assessing research grants, salary support and postgraduate scholarships are broadly equivalent.

The allocation of overhead and support costs is analysed in note 3. All Value Added Tax (VAT) costs are irrecoverable and included within the cost expenditure category to which they relate.

28

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

Weizmann UK makes grants to the Institute based on the current needs of the Institute together with the availability of funds and the requests of donors.

1. Accounting policies (continued)

(f) Funds

These financial statements include the income and expenditure of all endowment, restricted and unrestricted funds of Weizmann UK.

Unrestricted funds comprise those funds, which the Board of Trustees are free to use in accordance with the charitable objects of Weizmann UK. They are divided between Designated Funds which have been set aside by the Trustees at their discretion for specific purposes and General funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of Weizmann UK.

Restricted funds are funds, which have been given for particular purposes and projects (see note 10).

Endowment funds are funds which must be held permanently by Weizmann UK. The funds are invested and the movement in fund values are recognised in the SOFA as investment gains and losses. Income arising on endowed funds is treated as restricted and shown in the SOFA as such.

Employees of the charity are entitled to join a defined contribution “money purchase” scheme. The charity contribution is restricted to the contributions disclosed in note 4. There were no outstanding contributions at the year end.

(h) Operating Leases

Operating lease rentals are charged to the SOFA on a straight line basis over the term of the lease.

(i) Irrecoverable Tax

Irrecoverable VAT is charged as a cost to the SOFA or capitalised within fixed assets as appropriate.

(j) Financial Instruments

Financial assets such as cash and debtors are measured at their present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors, loans and finance leases are measured at the present value of the obligation. An equity instrument is any contract that evidences a residual interest in the assets of Weizmann UK after deducting all of its liabilities.

(k) Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.

The most significant estimates and assumptions which affect the carrying amount of assets and liabilities in the accounts relate to:

Useful Economic Lives - The annual depreciation charge for property, plant and equipment is sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended were necessary to reflect current circumstances.

Total return on investments – Weizmann UK adopt the use of total return investment powers in relation to its permanent endowment investments. During the current financial year the Trustees allocated 4.8% to income.

29

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

2. Investment income

Income from shares listed in the UK
Interest on bonds and other fund interest in the UK
Income from shares listed outside the UK
Interest on bonds and other fund interest outside UK
Rental income		 2020
2019
£
£
-
9,067
25,521
39,453
37,092
72,965
64,128
82,798
43,549
50,779
170,290
255,062

3. Expenditure - Current Year

Fundraising Investment Education &
Costs Management Research Awareness Total 2020 Total 2019
Direct costs £ £ £ £ £ £
Salary 112,197 16,323 28,857 47,009 204,386 217,128
Other staff costs
& consultants 16,537 2,407 4,254 6,928 30,126 33,717
Grant payments - - 12,934,530 379,047 13,313,577 3,003,081
Investment Property - 3,477 - - 3,477 3,882
Legal costs - 13,724 - - 13,724 4,198
Investment manager - 75,211 - - 75,211 100,101
Direct activity costs 3,656 - - 41,114 44,770 189,651
Accountancy - 13,485 - - 13,485 7,553
132,390 124,627 12,967,641 474,098 13,698,756 3,559,311
Support costs
Governance
Salary 17,708 1,897 5,692 9,487 34,784 40,863
Audit 7,589 813 2,439 4,065 14,906 15,571
Other 9,596 1,028 3,085 5,141 18,850 10,119
Other Support - -
Salary 52,353 6,861 14,730 24,235 98,179 106,397
Other staff costs 8,274 1,084 2,328 3,830 15,516 16,712
Office overheads 70,365 7,539 22,617 37,695 138,216 107,235
Accountancy 10,022 1,074 3,221 5,369 19,686 17,622
Depreciation 15,874 1,701 5,102 8,504 31,181 25,974
191,781 21,997 59,214 98,326 371,318 340,493
Total 2020 324,171 146,624 13,026,855 572,424 14,070,074 3,899,804
Total 2019 281,366 153,674 2,922,896 541,868 3,899,804

Governance costs include £1,272 (2019: £1,272) relating to the purchase of Trustees’ indemnity insurance. Grant payments represent awards to the Weizmann Institute, Israel in accordance with Weizmann UK's charitable objects. Auditors’ remuneration for 2020 totalled £12,950 (2019: £12,400) net of VAT. The auditors did not receive any fee for nonaudit work during the year (2019: Nil).

30

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

3. Expenditure (continued) - Prior Year

Direct costs
Salary
Other staff costs
& consultants
Grant payments
Investment Property
Legal costs
Investment manager
Direct activity costs
Accountancy
Support costs
Governance
Salary
Audit
Other
Other Support
Salary
Other staff costs
Office overheads
Accountancy
Depreciation
Total 2019		 Fundraising
Costs
Investment
Management
Research
Education &
Awareness
Total 2019
£
£
£
£
£
122,561
18,439
29,716
46,412
217,128
19,031
2,863
4,615
7,208
33,717
-
-
2,843,832
159,249
3,003,081
-
3,882
-
-
3,882
-
4,198
-
-
4,198
-
100,101
-
-
100,101
1,226
-
-
188,425
189,651
-
7,553
-
-
7,553
142,818
137,036
2,878,163
401,294
3,559,311
14,859
1,592
5,307
19,105
40,863
5,662
607
2,022
7,280
15,571
3,680
394
1,314
4,731
10,119
-
51,422
7,059
14,261
33,655
106,397
8,077
1,109
2,240
5,286
16,712
38,995
4,178
13,927
50,135
107,235
6,408
687
2,289
8,238
17,622
9,445
1,012
3,373
12,144
25,974
138,548
16,638
44,733
140,574
340,493
281,366
153,674
2,922,896
541,868
3,899,804

31

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

4. Staff

The aggregate payroll costs of these employees were:

Wages and salaries
Social security costs
Other pension costs
Charity only
The monthly average number of employees during the year was:		 2020
2019
£
£
261,000
303,362
27,079
31,498
49,270
29,528
337,349
364,388
2020
Number
2019
Number
8
8

No remuneration was paid to members of the Board of Trustees (2019: NIL), expenses of NIL (2019: NIL) were reimbursed to Trustees during the current year.

The following number of employees received employee benefits (excluding employer pension costs) during the year between:

during the year between:
2020 2019
£90,000-£99,999 1 -
£120,000-£129,999 - 1

Weizmann UK operates a defined contribution pension scheme to which fixed contributions are made. The amount paid in the year was £48,184 (2019: £29,528), including amounts paid in relation to the higher paid employee of £41,673 (2019: £30,294).

The total employee benefits including pension contributions of the key management personnel were £140,176 (2019: £140,887).

32

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

5. Tangible Fixed Assets

Website
£
Cost
1 October 2019
25,770
Additions
-
30 September 2020
25,770
1 October 2019
25,770
Charge for the year
-
30 September 2020
25,770
Net book value
30 September 2019
-
30 September 2020
-
Accumulated depreciation		 Office
equipment
£
67,637
-
67,637
44,792
9,859
54,651
22,845
12,986		 Furniture &
fixtures
£
38,502
-
38,502
38,502
-
38,502
-
-		 Property
Total
£
£
1,066,052
1,197,961
-
-
1,066,052
1,197,961
170,605
279,669
21,321
31,180
191,926
310,849
895,447
918,292
874,126
887,112

33

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

6. Investments

6. Investments
2020 2019
£ £
Fixed asset investments 25,678,800 35,528,113
Investment properties 867,500 867,500
26,546,300 36,395,613
2020 2019
**(a) ** Fixed asset investments: £ £
Market value at beginning of year 35,528,113 28,884,257
Acquisitions at cost 2,435,413 12,091,097
Investment disposal proceeds (12,597,629) (7,510,856)
Net movement in investment cash 18,473 (169,183)
25,384,370 33,295,315
Net investment gains/(losses) 1,391,360 775,296
Foreign exchange gain on overseas investment fund (1,096,929) 1,457,502
Market value at 30 September 25,678,801 35,528,113
Historical cost at 30 September 14,702,915 15,239,685
Investments at market value comprise:
Listed investments: UK 5,865,363 5,571,875
Cash held within investment portfolio 14,440 (4,033)
Overseas investment fund * 19,798,997 29,960,271
25,678,800 35,528,113
2020 2019
£ £
(b) Fixed asset investments - movement in accumulated unrealised gains based on historic
cost
1 October 20,288,428 19,462,335
Movement in the year (9,312,543) 826,093
30 September 10,975,885 20,288,428
2020 2019
**(c) ** Investment Properties £ £
Market value 1 October 867,500 770,000
Revaluation in period - 97,500
Market value 30 September 867,500 867,500

34

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

6. Investments (continued)

(d) Application of the Power of Total Return

Application of the Power of Total Return
2020 2019
£ £
The investment fund and application of total return to permanent
endowment funds:
Opening value of permanent endowment 22,466,148 21,629,805
Less: Original value of the gift (11,635,195) (11,635,195)
Unapplied total return brought forward 10,830,953 9,994,610
Add
Investment return: dividends and interest 98,563 137,262
Investment return: gains and losses (10,860) 1,912,642
Less
Investment management and administration costs (116,111) (101,012)
Unapplied total return before transfer to income 10,802,545 11,943,502
Less
Total return applied (1,060,787) (1,112,549)
Sub total: unapplied return as at 30 September 9,741,758 10,830,953
Add
Original value of the gift brought forward 11,635,195 11,635,195
New endowments in the year - -
Permanent endowment including unapplied total return as
at 30 September, constituting the investment fund 21,376,953 22,466,148

The Charity Commission permitted Weizmann UK to adopt the use of total return investment powers in relation to its permanent endowment investments by an order granted on 15 August 2006. The power permits the trustees to invest the portfolio to maximise total return and to apply an appropriate portion of the unapplied total return to income each year. Until the power is exercised to transfer a portion of unapplied total return to income (as disclosed in the fund transfers, note 10) the unapplied total return remains invested as part of the Permanent Endowment.

The original value of the permanent endowment at 1 October 2017 is the value of the individual funds as at 1 October 2003 together with any new gifts made in the period 1 October 2003 to 30 September 2020. It has been assumed that for the years to 30 September 2004 and 2009 the dividends and interest less costs has equated to the unapplied total return applied in the periods and as such the value of the unapplied return is equivalent to the net gains and losses in those periods.

35

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

7.
Debtors
Trade debtors
Amounts owed by subsidiary undertakings
Prepayments
Accrued income
8.
Cash at bank and in hand
Balance with bankers comprise:
Current accounts
Cash in hand
9.
Creditors – amounts falling due within one year
Trade creditors
Taxation & social security
Other creditors
Accruals and deferred income
Deferred income
Deferred income brought forward
Resources deferred in the year
Amounts released from previous years
Deferred income carried forward		 2020
2019
£
£
-
13,487
5,998
5,998
15,414
23,760
241,580
1,335,855
262,992
1,379,100
2020
2019
£
£
929,355
999,137
3,288
3,751
932,643
1,002,888
2020
2019
£
£
8,561
32,924
9,814
12,740
12,653
16,222
479,070
299,901
510,098
361,787
11,580
76,382
11,607
11,580
(11,580)
(76,382)
11,607
11,580

36

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

10. Endowment and Restricted Income Funds

The Weizmann Institute Foundation (Weizmann UK) holds the following permanently endowed funds, the income from which are to be applied for specific restricted purposes associated with the Weizmann Institute of Science (“The Institute”), and restricted funds where the entire balance is to be applied for the specific purposes stated:

Endowment Funds

Blond, Elaine Blond Career Development Chair – 1981
Burton, Raymond Burton Prize – for nominated Chairs at the Institute – 1986
Burton, Raymond Burton Fund - for Plant Genome Research – 1988
Chain, Sir Ernst Chain Research Programme – joint research programmes with Imperial College, London & the
Institute
Curwen-Lowy, The Curwen – Lowy Biological Studies Fund – a legacy to fund Postdoctoral Fellowships in Biological
Sciences - 2002
Dekker, Kitty Waas Dekker, Simon Waas and Rosette Dekker Scholarship Fund – A legacy to establish a MSc
scholarship - 1998
Djanogly, Jack & Simon Djanogly Chairs in Computer Science and Biochemistry
Djanogly, Jack & Simon Djanogly Scholarships for graduate scholarships
Ellis, Maxwell Ellis Professorship Fund – a legacy to fund a Professorial Chair for biological research for
medical purposes - 1997
Feldmann, Prof. Sir Marc to fund the Rina Gudinksi Career Development Chair. - 2014
Goldenberg, The Edith and Nathan Goldenberg Career Development Chair – a legacy restricted to Plant Science -
2010
Harris-Ronson, Philip Harris & Gerald Ronson Career Development Chair – for a Chair in Diabetes Research - 1987
Jacobs, The Linda and Michael Jacobs Professorial Chair – in Immune and Stem Cell Research - 2006
Kweller, Kathleen Kweller Fund – A legacy to establish a Chair of Condensed Matter Physics - 1998
Lewis, The Cecil and Hilda Lewis Charitable Trust– to support a Professorial Chair at the Institute
Marcus, Rixi Marcus Scholarship in memory of Eugenia, Ignacy & Herbert Alfred Heller – for scholarships at the
Institute
Mendoza, Martin & Dianne Mendoza Scholarship –a PhD scholarship established in Martin Mendoza’s honour -
1993
Reuff, Reuff-Wormser Scholarship Fund and a legacy to provide scholarships for postdoctoral students to
complete their studies abroad –1992
Ritblat, J & I Ritblat Educational Trust Fund – to fund the costs of attendance at the Annual Summer School -
1992
Sebba, Samuel Sebba Professorial Chair – for a Chair in Pure and Applied Physics- 1982
Sieff, Sir David Sieff - PhD Scholarship in Brain Research – for endowed scholarships
Sieff, Lord (Marcus) Sieff - Scholarship Funds – The Lord Sieff of Brimpton Memorial Fund, Marcus & Lily Sieff
Postdoctoral Scholarship and the Lily Sieff Postdoctoral Scholarship to support scientific co-operation
between UK and the Institute
Sosnow, The Norman Sosnow Postdoctoral Fellowship –est.1984
Smouha, The Sabine and Jeremy Smouha Scholarship –support of a Graduate Scholarship - 2007
Weinrebe, The Harry Weinrebe Professorial Chair of Laser Physics (2005) & Computer Science and Biology (2007)
– funded via the Dorset Foundation
Weinstock, Lord (Arnold) Weinstock Fund – Established a Chair in Astrophysics in memory of their son Simon –
2006

37

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

10. Endowment and Restricted Income Funds (continued)

Weyman, J Stanley Weyman & Dr Esther Hellinger Scholarship Fund – A legacy to establish a scholarship for the
Feinberg Graduate School – 1997
Weizmann UK, Campaign for Science – Weizmann UK Fundraising Campaign to support general research - 2008
Weizmann UK, Weizmann UK Fundraising Campaign to support the G-INCPM - Personalised Medicine - 2013
Wohl, The Wohl Institute for Drug Discovery – Funded by The Maurice & Vivienne Wohl Charitable
Foundation – 2010
Wohl, The Wohl Biology Endowment – The Maurice and Vivienne Wohl Charitable Foundation
Wolfson, The Wolfson Family Charitable Trust Fund – to support stem cell research - 2013

Restricted Income Funds

Bessie Lawrence ISSI- donations received from partipating students MSc Scholarship - Roden Family Foundation Dan Shapiro Research Fund for Heart Research - fundraising campaign 2016 Physics Tournament - E & C Sosnow CT Cancer Research - The Auerbach CT Biocomplexity Research Building Project- fundraising campaign 2016 Environmental Research at the Yatir Forest - The Hilda & Cecil Lewis CT Making Connections - Lord Alliance 'Get Connected' WIS-Manchester University Dr Michal Rivlin - Young Scientist - The Charles Wolfson CT The Wohl Institute for Drug Discovery -The Maurice & Vivienne Wohl Charitable Foundation Dangoor-Research Accelorator Mass Spectrometer Lab - The Exilarch's Foundation Stroke Research – Sir Ralph Kohn PhD Scholarship – generic funding towards PhD Scholarships BIRAX - Specific fund for Michael Sandler’s birthday donation for the BIRAX - University of Edinburgh (Prof Andrew Baker) and WIS (Dr Igor Ulitsky) Get Connected – Lord Alliance Prize awarded to collaboration project between University of Manchester scientist and a WIS scientist Manchester PhD scholarship - Specific fund for a 4 year fund for a University of Manchester student (1st year – Manchester, 2nd and 3rd year – WIS and 4th year – Manchester). WUK funding is sent to WIS for the middle two years. Gala Dinner - Biennial Gala Dinner Event - Generic fund – smaller events don’t have a specific fund e.g. if a donor sent in money after a business breakfast Professorial Chair - Specific fund for a Professorial Chair Parkinsons Research – specific fund for Parkinsons Research at the Institute Coronavirus Response Fund COVID-19 – Fundraising Campaign for 2020 research into Coronavirus The Dangoor Chair of Archaeological Sciences – The Exilarch’s Foundation

The Paula and Ludwig Weiler Research Foundation – supporting students to do independent research at the Institute Wolsfon FCT Kill Corona – Wolfson Family Charitable Trust (via national 'Kill Corona' programme) Women In Science – restricted to the Israel National Postdoctoral Award Program for Advancing Women in Science

38

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

10 Funds – Endowed Fund

Unapplied Total Original Gift
Original Gift total return Fund value at Investment Return Unapplied Total Value at Fund Value at
Permanent Endowments Value at 1.10.19 at 1.10.19 1.10.19 Income Gains Expenditure Applied Return 30.9.20 30.09.20
£ £ £ £ £ £ £ £ £ £
Blond, Elaine Blond Career Development Chair 253,080 266,149 519,229 2,278 (251) (2,694) (24,907) 240,575 253,080 493,655
Burton, Raymond Burton Prize 215,690 226,830 442,520 1,941 (214) (2,296) (21,227) 205,034 215,690 420,724
Burton, Raymond Burton Fund 815,358 857,472 1,672,830 7,339 (809) (8,679) (80,244) 775,079 815,358 1,590,437
Chain, Sir Ernst Chain Research Programme 175,932 185,018 360,950 1,584 (174) (1,873) (17,314) 167,241 175,932 343,173
Curwen-Lowy, The Curwen – Lowy Biological Studies Fund 448,223 495,146 943,369 4,139 (456) (4,895) (45,253) 448,681 448,223 896,904
Dekker, Kitty Waas Dekker, Simon Waas and Rosette Dekker
Scholarship Fund 78,365 82,410 160,775 705 (78) (834) (7,712) 74,491 78,365 152,856
Djanogly, Jack & Simon Djanogly 52,181 54,876 107,057 470 (52) (555) (5,135) 49,604 52,181 101,785
Ellis, Maxwell Ellis Professorship Fund 698,951 735,051 1,434,002 6,291 (693) (7,440) (68,788) 664,421 698,951 1,363,372
Feldmann, Prof. Sir Marc Chair 598,552 185,449 784,001 3,440 (379) (4,068) (37,608) 146,834 598,552 745,386
Goldenberg,
The
Edith
and
Nathan
Goldenberg		 Career
Development Chair 500,000 288,505 788,505 3,459 (381) (4,091) (37,824) 249,668 500,000 749,668
Harris-Ronson, Philip Harris & Gerald Ronson Career Development
Chair 211,573 222,497 434,070 1,904 (210) (2,252) (20,822) 201,117 211,573 412,690
Jacobs, The Linda and Michael Jacobs Professorial Chair 755,863 585,774 1,341,637 5,886 (649) (6,961) (64,357) 519,693 755,863 1,275,556
Kweller, Kathleen Kweller Fund 172,487 181,395 353,882 1,553 (171) (1,836) (16,975) 163,966 172,487 336,453
Lewis, The Cecil and Hilda Lewis Charitable Trust 901,148 947,690 1,848,838 8,111 (894) (9,592) (88,687) 856,628 901,148 1,757,776
Marcus, Rixi Marcus Scholarship 264,449 278,107 542,556 2,380 (262) (2,815) (26,026) 251,384 264,449 515,833
Mendoza, Martin & Dianne Mendoza Scholarship 88,346 92,909 181,255 795 (88) (940) (8,695) 83,981 88,346 172,327
Reuff, Reuff-Wormser Scholarship Fund 304,429 280,108 584,537 2,564 (283) (3,033) (28,040) 251,316 304,429 555,745
Ritblat, J & I Ritblat Educational Trust Fund 172,343 179,335 351,678 1,543 (170) (1,825) (16,870) 162,013 172,343 334,356
Sebba, Samuel Sebba Professorial Chair 1,011,546 1,063,793 2,075,339 9,105 (1,002) (10,768) (99,552) 961,576 1,011,546 1,973,122
Subtotal: 7,718,516 7,208,514 14,927,030 65,487 (7,216) (77,447) (716,036) 6,473,302 7,718,516 14,191,818

39

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

10 Funds – Endowed Fund (continued) Unapplied Total Original Gift
Original Gift total return Fund value at Investment Return Unapplied Total Value at Fund Value at
Value at 1.10.19 at 1.10.19 1.10.19 Income Gains Expenditure Applied Return 30.9.20 30.09.20
£ £ £ £ £ £ £ £ £ £
Brought forward 7,718,516 7,208,514 14,927,030 65,487 (7,216) (77,447) (716,036) 6,473,302 7,718,516 14,191,818
Sieff, Sir David Sieff 112,686 118,505 231,191 1,014 (112) (1,200) (11,090) 107,117 112,686 219,803
Sieff, Lord (Marcus) Sieff - Scholarship Funds 518,003 484,888 1,002,891 4,400 (485) (5,203) (48,108) 435,492 518,003 953,495
Sosnow, The Norman Sosnow Postdoctoral Fellowship 288,453 303,351 591,804 2,596 (286) (3,070) (28,388) 274,203 288,453 562,656
Smouha, The Sabine and Jeremy Smouha Scholarship 77,000 57,060 134,060 588 (65) (696) (6,431) 50,456 77,000 127,456
Weinrebe, Harry Weinrebe Professorial Chair of Laser Physics 1,434,125 1,299,691 2,733,816 11,995 (1,321) (14,185) (131,139) 1,165,041 1,434,125 2,599,166
Weinrebe, The Harry Weinrebe Professorial Chair of Computer
Science and Biology 150,029 151,097 301,126 1,321 (146) (1,562) (14,445) 136,265 150,029 286,294
Weinstock, Lord (Arnold) Weinstock Fund 839,665 883,030 1,722,695 7,558 (833) (8,938) (82,636) 798,181 839,665 1,637,846
Weyman, J Stanley Weyman & Dr Esther Hellinger Scholarship
Fund 86,747 91,228 177,975 781 (86) (923) (8,537) 82,463 86,747 169,210
11,225,224 10,597,364 21,822,588 95,740 (10,550) (113,224) (1,046,810) 9,522,520 11,225,224 20,747,744
Expendable Endowments
J Watt 409,971 233,589 643,560 2,823 (311) (1,743) (14,000) 220,358 409,971 630,329
Total Expendable Endowments 409,971 233,589 643,560 2,823 (311) (1,743) (14,000) 220,358 409,971 630,329
11,635,195 10,830,953 22,466,148 98,563 (10,861) (114,967) (1,060,810) 9,742,878 11,635,195 21,378,073

40

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

10. Funds (continued) – Restricted Income Funds

Cancer Research
Environmental Research
Education Outreach
Parkinsons Research
Coronavirus Response Fund COVID-19
The Wohl Institute for Drug Discovery
Dr Michal Rivlin
The Dangoor Chair of Archaelogical Sciences
Dangoor-Research Accelorator Mass Spectrometer Lab
Wolfson
Paula and Ludw ig Weiler Reseach Foundation ( R )
Wolfson FCT KillCorona
Professorial Chair
PhD Schloarship
MSc Scholarship
Women In Science
Bessie Law rence ISSI
Physics Tournament
Making Connections
Subtotal:		 Balance 1.10.19
Income
Expenditure
Endowment
Transfer
Balance 30.9.20
£
£
£
£
£
1,025
-
-
-
1,025
-
10,000
(10,000)
-
-
5,000
16,500
-
-
21,500
-
17,500
(17,500)
-
-
-
111,739
(111,739)
-
-
-
1,016,215
(1,016,215)
-
-
-
268,108
(268,108)
-
-
162,657
147,873
(310,530)
-
-
6,664
-
-
-
6,664
184,000
-
(184,000)
-
-
-
25,000
-
-
25,000
-
100,000
-
-
100,000
406,585
393,540
(395,075)
-
405,050
500
-
-
-
500
20,250
20,000
(40,000)
-
250
117,884
-
(117,884)
-
-
-
10,000
(10,000)
-
-
4,000
-
(4,000)
-
-
176,539
62,440
(238,979)
-
-
1,085,104
2,198,915
(2,724,030)
-
559,989

41

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

10.
Funds – Restricted Income Funds (continued)
Brought forw ard
Get Connected
Manchester PhD scholarship
BIRAX
Gala Dinner
Events
Biocomplexity Research
Dan Shapiro Research Fund
Stroke Research
Other		 Balance 1.10.19
Income
Expenditure
Endowment T'fer
Balance 30.9.20
£
£
£
£
£
1,085,104
2,198,915
(2,724,030)
-
559,989
8,000
-
-
-
8,000
25,000
12,500
-
-
37,500
2,170
-
-
-
2,170
3,500
-
-
-
3,500
3,500
-
-
-
3,500
54,008
-
-
-
54,008
4,936
-
-
-
4,936
17,500
-
-
-
17,500
-
5,188
(5,188)
-
-
1,203,718
2,216,603
(2,729,218)
-
691,103

42

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

10 Funds – Endowed Fund Prior Year

Unapplied Total Original Gift
Original Gift total return Fund value at Investment Return Unapplied Total Value at Fund Value at
Permanent Endowments Value at 1.10.18 at 1.10.18 1.10.18 Income Gains Expenditure Applied Return 30.9.19 30.09.19
£ £ £ £ £ £ £ £ £ £
Blond, Elaine Blond Career Development Chair 253,080 247,237 500,317 3,175 44,241 (2,362) (26,142) 266,149 253,080 519,229
Burton, Raymond Burton Prize 215,690 210,712 426,402 2,706 37,705 (2,013) (22,280) 226,830 215,690 442,520
Burton, Raymond Burton Fund 815,358 796,543 1,611,901 10,229 142,534 (7,610) (84,224) 857,472 815,358 1,672,830
Chain, Sir Ernst Chain Research Programme 175,932 171,871 347,803 2,207 30,755 (1,642) (18,173) 185,018 175,932 360,950
Curwen-Lowy, The Curwen – Lowy Biological Studies Fund 448,223 460,786 909,009 5,769 80,380 (4,292) (47,497) 495,146 448,223 943,369
Dekker, Kitty Waas Dekker, Simon Waas and Rosette Dekker
Scholarship Fund 78,365 76,554 154,919 983 13,699 (731) (8,095) 82,410 78,365 160,775
Djanogly, Jack & Simon Djanogly 52,181 50,976 103,157 655 9,122 (487) (5,390) 54,876 52,181 107,057
Ellis, Maxwell Ellis Professorship Fund 698,951 682,820 1,381,771 8,769 122,185 (6,524) (72,199) 735,051 698,951 1,434,002
Feldmann, Prof. Sir Marc Chair 598,552 156,894 755,446 4,794 66,801 (3,567) (39,473) 185,449 598,552 784,001
Goldenberg,
The
Edith
and
Nathan
Goldenberg		 Career
Development Chair 500,000 259,785 759,785 4,822 67,185 (3,587) (39,700) 288,505 500,000 788,505
Harris-Ronson, Philip Harris & Gerald Ronson Career Development
Chair 211,573 206,690 418,263 2,653 36,985 (1,975) (21,856) 222,497 211,573 434,070
Jacobs, The Linda and Michael Jacobs Professorial Chair 755,863 536,908 1,292,771 8,204 114,315 (6,104) (67,549) 585,774 755,863 1,341,637
Kweller, Kathleen Kweller Fund 172,487 168,505 340,992 2,164 30,153 (1,610) (17,817) 181,395 172,487 353,882
Lewis, The Cecil and Hilda Lewis Charitable Trust 901,148 880,351 1,781,499 11,305 157,531 (8,411) (93,086) 947,690 901,148 1,848,838
Marcus, Rixi Marcus Scholarship 264,449 258,345 522,794 3,318 46,229 (2,468) (27,317) 278,107 264,449 542,556
Mendoza, Martin & Dianne Mendoza Scholarship 88,346 86,307 174,653 1,108 15,444 (824) (9,126) 92,909 88,346 181,255
Reuff, Reuff-Wormser Scholarship Fund 304,429 258,817 563,246 3,574 49,806 (2,659) (29,430) 280,108 304,429 584,537
Ritblat, J & I Ritblat Educational Trust Fund 172,343 166,527 338,870 2,150 29,965 (1,601) (17,706) 179,335 172,343 351,678
Sebba, Samuel Sebba Professorial Chair 1,011,546 988,203 1,999,749 12,690 176,830 (9,441) (104,489) 1,063,793 1,011,546 2,075,339
Subtotal: 7,718,516 6,664,831 14,383,347 91,275 1,271,865 (67,908) (751,549) 7,208,514 7,718,516 14,927,030

43

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

10 Funds – Endowed Fund (continued)

10 Funds – Endowed Fund (continued)
Unapplied Total Original Gift
Original Gift total return Fund value at Investment Return Unapplied Total Value at Fund Value at
Value at 1.10.18 at 1.10.18 1.10.18 Income Gains Expenditure Applied Return 30.9.19 30.09.19
£ £ £ £ £ £ £ £ £ £
Brought forward 7,718,516 6,664,831 14,383,347 91,275 1,271,865 (67,908) (751,549) 7,208,514 7,718,516 14,927,030
Sieff, Sir David Sieff 112,686 110,084 222,770 1,414 19,699 (1,052) (11,640) 118,505 112,686 231,191
Sieff, Lord (Marcus) Sieff - Scholarship Funds 518,003 448,361 966,364 6,133 85,451 (4,563) (50,494) 484,888 518,003 1,002,891
Sosnow, The Norman Sosnow Postdoctoral Fellowship 288,453 281,795 570,248 3,619 50,425 (2,692) (29,796) 303,351 288,453 591,804
Smouha, The Sabine and Jeremy Smouha Scholarship 77,000 52,177 129,177 820 11,423 (610) (6,750) 57,060 77,000 134,060
Weinrebe, Harry Weinrebe Professorial Chair of Laser Physics 1,434,125 1,200,117 2,634,242 16,717 232,936 (12,437) (137,642) 1,299,691 1,434,125 2,733,816
Weinrebe, The Harry Weinrebe Professorial Chair of Computer
Science and Biology 150,029 140,129 290,158 1,841 25,658 (1,370) (15,161) 151,097 150,029 301,126
Weinstock, Lord (Arnold) Weinstock Fund
Weyman, J Stanley Weyman & Dr Esther Hellinger Scholarship
Fund		 839,665
86,747		 820,285
84,747		 1,659,950
171,494		 10,534
1,088		 146,783
15,164		 (7,837)
(810)		 (86,735)
(8,961)		 883,030
91,228		 839,665
86,747		 1,722,695
177,975
11,225,224 9,802,526 21,027,750 133,441 1,859,404 (99,279) (1,098,728) 10,597,364 11,225,224 21,822,588
Expendable Endowments
J Watt 409,971 192,084 602,055 3,821 53,238 (1,733) (13,821) 233,589 409,971 643,560
Total Expendable Endowments 409,971 192,084 602,055 3,821 53,238 (1,733) (13,821) 233,589 409,971 643,560
11,635,195 9,994,610 21,629,805 137,262 1,912,642 (101,012) (1,112,549) 10,830,953 11,635,195 22,466,148

44

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

10. Funds (continued) – Restricted Income Funds Prior Year Funds (continued) – Restricted Income Funds Prior Year Funds (continued) – Restricted Income Funds Prior Year Funds (continued) – Restricted Income Funds Prior Year
Endowment
Balance 1.10.18 Income Expenditure Transfer Balance 30.9.19
£ £ £ £ £
Blond, Elaine Blond Career Development Chair - - (26,142) 26,142 -
Burton, Raymond Burton Prize - - (22,280) 22,280 -
Burton, Raymond Burton Fund - - (84,224) 84,224 -
Chain, Sir Ernst Chain Research Programme - - (18,173) 18,173 -
Curwen-Lowy, The Curwen – Lowy Biological Studies Fund - - (47,497) 47,497 -
Dekker, Kitty Waas Dekker, Simon Waas and Rosette Dekker
Scholarship Fund - - (8,095) 8,095 -
Djanogly, Jack & Simon Djanogly - - (5,390) 5,390 -
Ellis, Maxwell Ellis Professorship Fund - - (72,199) 72,199 -
Feldmann, Prof. Sir Marc Chair - - (39,473) 39,473 -
Goldenberg,
The
Edith
and
Nathan		 Goldenberg Career
Development Chair - - (39,700) 39,700 -
Harris-Ronson,
Philip
Harris
&
Gerald		 Ronson Career
Development Chair - - (21,856) 21,855 -
Jacobs, The Linda and Michael Jacobs Professorial Chair - - (67,549) 67,549 -
Kweller, Kathleen Kweller Fund - - (17,817) 17,817 -
Lewis, The Cecil and Hilda Lewis Charitable Trust - - (93,086) 93,086 -
Marcus, Rixi Marcus Scholarship - - (27,317) 27,317 -
Mendoza, Martin & Dianne Mendoza Scholarship - - (9,126) 9,126 -
Reuff, Reuff-Wormser Scholarship Fund - - (29,430) 29,430 -
Ritblat, J & I Ritblat Educational Trust Fund - - (17,706) 17,706 -
Sebba, Samuel Sebba Professorial Chair - - (104,489) 104,489 -
Sieff, Sir David Sieff - - (11,640) 11,640 -
Sieff, Lord (Marcus) Sieff - scholarship funds - - (50,494) 50,494 -
Sosnow, The norman snosnow Postdoctoral fellowship - - (29,796) 29,796 -
Subtotal: - - (843,479) 843,479 -

45

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

10. Funds – Restricted Income Funds Prior Income Funds Prior Year (continued)
Balance 1.10.18 Income Expenditure Endowment T'fer Balance 30.9.19
£ £ £ £ £
Brought forw ard - - (843,479) (843,479) -
Smouha, The Sabine and Jeremy Smouha Scholarship - - (6,750) 6,750 -
Weinrebe, Harry
Weinrebe Professorial Chair		 of Laser
Physics - - (137,642) 137,642 -
Weinrebe,
The
Harry		 Weinrebe Professorial Chair of
Computer Science and Biology - - (15,161) 15,161 -
Weinstock, Lord (Arnold) Weinstock Fund - - (86,735) 86,735 -
Weyman,
J
Stanley
Weyman
&		 Dr
Esther		 Hellinger
Scholarship Fund - - (8,961) 8,961 -
J Watt - - (13,821) 13,821 -
The Dangoor Chair of Archaelogical Sciences 153,457 162,657 (153,457) - 162,657
Bessie Law rence ISSI - 27,481 (27,481) - -
MSc Scholarship 250 20,000 - - 20,250
Dan Shapiro Research Fund 4,936 - - - 4,936
Physics Tournament - 4,000 - - 4,000
Cancer Research 277,025 - (276,000) - 1,025
Biocomplexity Research 100,000 - (45,992) - 54,008
Stroke Research 17,500 - - - 17,500
Education Outreach 5,000 - - - 5,000
Computational Biology 10,000 - (10,000) - -
Professorial Chair - 406,585 - - 406,585
Making Connections 497,996 131,572 (453,028) - 176,539
Dangoor-Research Accelorator Mass Spectrometer Lab 6,664 - - - 6,664
Dangoor- Research Accelorator Mass Spectrometer Lab 6,664 - 6,664
Wolfson - Single Cell Analysis - 184,000 - - 184,000
Women In Science - 119,884 (2,000) - 117,885
PhD Schloarship 500 - - - 500
The Wohl Institute for Drug Discovery - 767,284 (767,284) - -
BIRAX 2,170 - - - 2,170
Get Connected 58,000 - (50,000) - 8,000
Manchester PhD scholarship 12,500 12,500 - - 25,000
Gala Dinner 3,500 - - - 3,500
Events 3,500 - - - 3,500
1,152,998 1,835,963 (2,897,791) 1,112,549 1,203,719

46

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

11. Unrestricted income funds

Designated Funds
UKWSP
General Fund
Total unrestricted funds
charity
Prior Year
Designated Funds
General Fund
Total unrestricted funds
charity		 Balance
30.9.19
£
393,566
15,270,673
15,664,239
Balance
30.9.18
£
393,566
9,172,206
9,565,772		 Income
£
-
245,320
245,320
Income
£
-
6,581,812
6,581,812		 Expenditure
£
(170,296)
(9,994,782)
(10,165,078)
Expenditure
£
-
(901,001)
(901,001)		 Net
investment
gain
£
-
305,292
305,292
Net
investment
gain
£
-
417,656
417,656		 Transfers /
Gift Aid
Balance 30.9.20
£
£
-
223,270
-
5,826,503
-
6,049,773
Transfers /
Gift Aid
Balance 30.9.19
£
£
-
393,566
-
15,270,673
-
15,664,239

The UK Weizmann Scientific Programme (UKWSP) has been established to support high level scientific collaboration between the Weizmann Institute of Science in Israel and UK scientists.

47

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

12. Analysis of net assets between funds

Tangible fixed assets
Investments
Net current assets
Total net assets
Tangible fixed assets
Investments
Net current assets
Total net assets
Analysis of net assets
between funds Prior
Year		 £
887,112
5,168,227
(228,836)
5,826,503
£
918,292
13,929,465
422,916
15,270,673
General
Funds
General
Funds		 £
-
-
223,270
223,270
£
-
-
393,566
393,566
Designated
Funds
Designated
Funds		 £
-
-
691,103
691,103
£
-
-
1,203,719
1,203,719
Restricted
Income
Funds
Restricted
Income
Funds		 £
£
-
887,112
21,378,073
26,546,300
-
685,537
21,378,073
28,118,949
£
£
-
918,292
22,466,148
36,395,613
-
2,020,201
22,466,148
39,334,106
Total Funds
at 30.9.19
Endowment
Funds
Endowment
Funds
Total Funds
at 30.9.20

13. Taxation

The Weizmann Institute Foundation is registered under the Charities Act 2011 and is therefore not liable to Corporation Tax on its income and gains when applicable to, and applied for, charitable purposes.

48

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

14. Subsidiary company

The Weizmann Institute Foundation (Weizmann UK) owns 100% of the issued share capital of The Weizmann International Event Management Limited, a company incorporated in England. The issued share capital of 3 ordinary £1 shares is included at nil value. The principal activity of the Weizmann Trading Company Limited is to carry out trading activities associated with the activities of the Weizmann Institute Foundation (Weizmann UK). There is an open deed of covenant under which the profits of The Weizmann Trading Company Limited are donated to the Weizmann Institute Foundation (Weizmann UK).

The Weizmann International Event Management Limited was dormant in the financial year.

The Weizmann International Event Management Limited Summary Balance Sheet as at 30 September 2020:

Debtors
Prepaid event costs
Cash at bank and in hand
Less: Creditors falling due within one year
Net assets
Share capital and reserves
Share capital
Profit and loss account
Total shareholders’ funds		 2020
£
-
-
4,405
4,405
(5,998)
(1,593)
3
(1,596)
(1,593)		 2019
£
-
-
4,885
4,885
(5,998)
(1,113)
3
(1,116)
(1,113)

15. Related party transactions

Weizmann UK is owed £5,998 (2019: £5,998) on its current account by its wholly owned subsidiary, the Weizmann International Event Management Limited at the year-end.

During the year, nine members of the Board of Trustees (Dr. Arabella Duffield, Prof. Benny Chain, Julian Dwek, Jonathan Kropman, David Marks, Martin Paisner CBE, Denis Raeburn, Michael Sandler and Barry Townsley CBE), are members of the International Board of the Weizmann Institute. Weizmann UK paid £13,003,942 during the year (2019: £2,664,643). There are amounts outstanding of £691,102 (2019: £1,203,721).

There have been no other related party transactions with the exception of the payment of legal charges amounting to £22,000 in relation to the charity (2019: £nil) to Trowers & Hamlins LLP. Jonathan Kropman, a member of the Board of Trustee, is a partner in that firm. All transactions were arm's length. There are no amounts outstanding (2019: Nil).

The total aggregate donations received from Trustees was nil (2019: £16,400).

49

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

16. Prior Year SOFA
2019
INCOME FROM
Note
£
Donations & Legacies
Donations
86,596
Legacies
6,198,750
Income from Investments
2
117,800
Income from
charitable activities
Educational events
178,666
TOTAL INCOME
6,581,812
EXPENDITURE ON
Raising Funds
3
Fundraising & event costs
281,366
Investment management costs
52,662
Charitable Activities
3
Education & awareness
337,433
Research
229,541
TOTAL EXPENDITURE
901,001
5,680,811
Foreign exchange (losses) / gains
181,076
Property revaluation
-
Net investment gains
236,580
417,656
6,098,467
Transfers between funds
10
-
6,098,467
9,565,772
15,664,239
All the above operations are continuing.
Details of comparative figures by fund are disclosed in note
Fund balances brought forward
FUND BALANCES CARRIED
FORWARD
Unrestricted
funds
NET EXPENDITURE BEFORE NET
GAINS & LOSSES ON
INVESTMENTS
NET (EXPENDITURE) / INCOME
NET MOVEMENT IN FUNDS		 16. Prior Year SOFA
2019
INCOME FROM
Note
£
Donations & Legacies
Donations
86,596
Legacies
6,198,750
Income from Investments
2
117,800
Income from
charitable activities
Educational events
178,666
TOTAL INCOME
6,581,812
EXPENDITURE ON
Raising Funds
3
Fundraising & event costs
281,366
Investment management costs
52,662
Charitable Activities
3
Education & awareness
337,433
Research
229,541
TOTAL EXPENDITURE
901,001
5,680,811
Foreign exchange (losses) / gains
181,076
Property revaluation
-
Net investment gains
236,580
417,656
6,098,467
Transfers between funds
10
-
6,098,467
9,565,772
15,664,239
All the above operations are continuing.
Details of comparative figures by fund are disclosed in note
Fund balances brought forward
FUND BALANCES CARRIED
FORWARD
Unrestricted
funds
NET EXPENDITURE BEFORE NET
GAINS & LOSSES ON
INVESTMENTS
NET (EXPENDITURE) / INCOME
NET MOVEMENT IN FUNDS		 Restricted
funds
2019
£
1,718,078
-
-
117,885		 Total
funds
2019
2019
£
£
-
1,804,674
-
6,198,750
137,262
255,062
-
296,551
137,262
8,555,037
-
281,366
101,012
153,674
-
541,868
-
2,922,896
101,012
3,899,804
36,250
4,655,233
1,276,426
1,457,502
-
-
636,216
872,796
1,912,642
2,330,298
1,948,892
6,985,531
(1,112,549)
-
836,343
6,985,531
21,629,805
32,348,575
22,466,148
39,334,106
(0)
Endowment
funds
6,581,812 1,835,963
281,366
52,662
337,433
229,541		 -
-
204,436
2,693,355
901,001 2,897,791
5,680,811 (1,061,828)
181,076
-
236,580		 -
-
-
417,656 -
6,098,467 (1,061,828)
- 1,112,549
6,098,467 50,721
9,565,772 1,152,998
15,664,239 1,203,719
16.

50