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2021-09-30-accounts

THE WEIZMANN INSTITUTE FOUNDATION Company Limited by Guarantee

TRUSTEES’ REPORT & FINANCIAL STATEMENTS

30 September 2021 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 2021

Contents Page
Trustees and Professional Advisors 2
Trustees’ Annual Report 4
Independent Auditors’ Report to the members
of the Weizmann Institute Foundation (Weizmann UK) 17
Statement of Financial Activities 21
Summary Income and Expenditure Account 22
Statement of Total Recognised Gains and Losses 22
Balance Sheet 23
Cash Flow Statement 24
Notes to the financial statements 25

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 30 SEPTEMBER 2021

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) David Marks (Hon. Treasurer) Prof. Benny Chain Prof. Alan Dangour – retired 30/11/2021 Julian Dwek – retired 30/11/2021 Dean Lush Maxwell Nisner Martin Paisner CBE Denis Raeburn Michael Sandler Hayley Sieff Barry Townsley CBE Charles Wolfson Townsley Lord Turnberg – retired 30/11/2021 Denitza Roussinova – appointed 30/11/2021 Dr. Iris Good – appointed 30/11/2021

The following sub-committees were in place during the year: Investment Committee Risk Committee Denis Raeburn (Chair) Jonathan Kropman (Chair) Jonathan Kropman David Marks Maxwell Nisner Charles Wolfson Townsley

Audit Committee

David Marks (Chair) Jonathan Kropman Denis Raeburn

Remuneration Committee

Dean Lush (Chair) Dr. Arabella Duffield David Marks Jonathan Kropman

Scientific Advisory Committee

Prof. Benny Chain Lord Turnberg – retired 30/11/2021 Prof. Alan Dangour – retired 30/11/2021 Dr. Iris Good – appointed 30/11/2021

Life President

Dame Vivien Duffield DBE

President

Barry Townsley CBE

Vice Presidents

Lord Alliance CBE Lord Mitchell Lord Rothschild CBE

Executive Director

Martin Paisner CBE Sir John Ritblat 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 2021

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

HSBC Bank Plc 90 Baker Street London W1U 6AX

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

REGISTERED OFFICE Weizmann UK (Company Registration Number 483123) 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 2021

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 2021.

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

Weizmann UK adapted its activities to continue its work of awareness and fundraising on behalf of the Weizmann Institute of Science (Institute) in Israel despite the limitations imposed by the pandemic.

In particular, Weizmann UK launched its first virtual fundraising campaign in support of the Making Connections programme. This was very successful, exceeding its target of £720,000 by raising over £1 million to provide sufficient funds to award six new collaborative Making Connections research grants this year and securing the programme for next year and beyond.

Core audience engagement was achieved elsewhere too, making use of technology to bring events and activities online. These included:

Support was given to the Institute’s projects in biology, chemistry and the physics of SARS-CoV-2 –the coronavirus that causes COVID-19 – to progress testing, tracking and treatment of the global pandemic.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

OUR ACHIEVEMENTS & ACTIVITES IN DETAIL

This year we were able to award grants totalling £2,893,299 to the Institute. Between 1 October 2020 and 30 September 2021, donations and legacies £2,161,271 were received.

FUNDRAISING

Weizmann UK undertakes fundraising activity to fund both its UK education and awareness-raising activities and to fund scientific research and education projects at the Institute and the Davidson Institute of Science Education in Israel. Weizmann UK is registered with the Fundraising Regulator and adheres to the Fundraising Code of Practice - ensuring our fundraising is legal, open, honest and respectful. Weizmann UK also holds organisational membership of the Institute of Fundraising.

Income is generated from new and existing supporters via a number of channels: donations, direct mail, special events, gifts in wills and a major gifts programme. Weizmann UK does not use any third-party fundraising organisations.

Making Connections virtual fundraising campaign

Making Connections is Weizmann UK's flagship programme that brings scientists from the UK and Israel together to facilitate collaborative research projects. Substituting a virtual fundraising campaign for the usual biennial Gala Dinner, the campaign raised funds to support 10 Making Connections partnerships over the next two years. The additional funds raised above the target of £720,000 will secure the future of this important programme beyond next year.

The campaign owes its success to Weizmann UK’s generous supporters, especially the Dwek family and the Bluston Charitable Trust who enabled Weizmann UK to match the first £300,000 in donations. Seventy-one grants of up to £100,000 have been 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.

Owing to a particularly strong round of applications, six grants rather than the usual five were made for 2021– 22, between Weizmann scientists and their counterparts at:

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Legacy campaign

Weizmann UK produced its first-ever legacy brochure, ‘You can change the world’, for a new legacy campaign. The brochure mailing generated several donations and legacy pledges. Recipients were also invited to join an online event to hear about the extraordinary life of a legator, Manya Igel, and the important impact her support has had on the work of Weizmann Prof. Yonina Eldar. In addition to the mailing, a legacy advertising campaign (print and online) was launched in the Jewish press and will feature regular adverts over the ensuing 12 to 18 months.

EDUCATION & AWARENESS

UK Physics Competition 2021

This year’s UK Safecracking Physics Tournament was held virtually in May with 17 teams of year-12 students from nine schools taking on the challenge of designing a safe that can only be cracked by solving physics riddles. For the first time, an all-girl team (from South Hampstead High School) won the competition. Brentwood School and Eltham College finished in second and third place respectively . The competition was judged by a panel of experts, including a post-graduate student from the Weizmann Institute. On the same weekend, the International Physics Tournament was hosted online by the Davidson Institute.

Dr Bessie Lawrence International Summer Science Institute (ISSI)

The International Summer Science Institute July – August 2021 was a virtual programme for the second year running to ensure the safety of the ten young people participating from the UK and Ireland. In total, 38 students from 11 countries, attended scientific talks and meetings with a variety of scientists from the Weizmann Institute, meeting daily with their mentors, undertaking independent study in small groups, and enjoying social and cultural activities. Weizmann Institute President Prof. Alon Chen hosted an opening session for the students. The programme concluded with on-line scientific presentations by the students.

From Research to Reality Lecture

Weizmann UK hosted its annual From Research to Reality lecture as a livestreamed event in October 2020, focusing on the potential for a universal flu vaccine. Weizmann’s Prof. Ruth Arnon gave her account of the scientific journey involved in researching a vaccine potentially capable of protecting people from flu for many years and against all strains of the virus in a single shot.

Joint events: Abraham Society presentation with Prof. David Mirelman and The Anglo-Israel Associations

In February 2021, Weizmann UK was invited to present to a new audience, The Abraham Society (a Londonbased online debating society). Weizmann Emeritus Prof. David Mirelman gave a presentation on the Institute’s historic links to the UK to almost 500 people.

In March 2021, Weizmann UK joined the Anglo-Israel Association to co-host an online event on the topic of post-traumatic stress disorder (PTSD) and anxiety. Presentations were given by Prof. Rony Paz from the

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Institute and Prof. Sir Simon Wessely and Prof. Neil Greenberg, both from King’s College. The evening was moderated by Richard Sloggett, Senior Fellow, Health and Social Care at Policy Exchange.

Other online events with Weizmann scientists

Owing to Covid restrictions, many events organised by Weizmann’s international committees were delivered online. UK guests were invited to meet scientists and hear about their fascinating research:

Weizmann Institute International Board meeting 2020

The 72[nd] Annual General Meeting of the International Board in November 2020 was held as a virtual event, enabling Weizmann UK to extend invitations beyond International Board members. Programme highlights included:

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

SCIENTIFIC COLLABORATION

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.

Weizmann UK hosted two online events in October 2020, featuring an update on the research of students Ryan Hodgetts and Martina Riberto, the programme itself and the impact of Covid, which were attended by donors to the programme as well as other scientists from the Weizmann Institute and Manchester University. In June 2021, a further two online events took place, featuring three new students to the programme, donors and scientists from both institutions.

Weizmann UK undertakes fundraising activity to fund both its UK education and awareness-raising activities and to fund scientific research and education projects at the Institute of Science and the Davidson Institute of Science Education in Israel. Weizmann UK is registered with the Fundraising Regulator and adheres to the Fundraising Code of Practice - ensuring our fundraising is legal, open, honest and respectful. Weizmann UK also holds organisational membership of the Institute of Fundraising.

Income is generated from new and existing supporters via a number of channels: donations, direct mail, special events, gifts in wills and a major gifts programme. Weizmann UK does not use any third-party fundraising organisations.

COMMUNICATIONS

Weizmann UK’s donor relations and communications activities comply with the Data Protection Act 2018, General Data Protection Regulations (GDPR) and the Privacy and Electronic Communications Regulations (PECR). Weizmann UK sends communications via mail, email and through social media and advertising. Consent is obtained where required and recorded appropriately. All information is stored securely. Supporters’ rights are clearly outlined in the Privacy Policy, which is made available to them all, and they are able to change the way they hear from Weizmann UK at any time. All these policies are reviewed on an annual basis and all activities are monitored by the Risk Committee and annually reported on to the Board of Trustees.

During the period there were no GDPR complaints received nor safeguarding issues reported. Weizmann UK has robust procedures in place to deal with complaints or issues in compliance with the Charity Commission guidance and regulation. The Risk Sub-committee was satisfied that the controls adopted by

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

the Charity were appropriate and that responsibility is suitably allocated to monitor risk and control areas highlighted.

FUTURE PLANS

It is hoped that in the coming year, Covid restrictions will ease, enabling travel to and from Israel and a resumption of in-person education, awareness-raising and fundraising activities. We hope to welcome scientists from the Institute to the UK to meet and present to our supporters and at wider public events, and to be able to take supporters to visit scientists in their labs in Israel.

We are planning for the annual UK Physics Competition to take place in February 2022, a Women in Science fundraising lunch in April and a Making Connections event in June. The Institute’s 73[rd] International Board took place for non-Israeli residents, virtually in November 2021. The International Global Gathering is planned to take place in-person, in Zurich, in May 2022.

STRUCTURE, ORGANISATION AND GOVERNANCE

OUR LEGAL STRUCTURE

Weizmann UK (its registered corporate name being The Weizmann Institute Foundation) is a company limited by guarantee (registration number 483123), which was incorporated on 8 June 1950. It operates under the name of Weizmann UK. 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 is 9 Hampstead Gate, 1a Frognal, London NW3 6AL.

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 Institute.

OUR MISSION

Weizmann UK’s mission is to communicate the work of the Institute’s scientists, to raise funds and encourage support for the Institute’s work. Weizmann UK additionally aims to communicate the 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, are for the benefit of humanity.

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OUR GOVERNANCE AND MANAGEMENT

Weizmann UK’s professional team is led by Executive Director, Sheridan Gould, supported by Rozanne Gallon as Director of Operations and Carmel Spyer, (part-time) Director of Development overseeing our Major Donor Programme. Samantha Showham is 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 dayto-day operation of the office.

Members of the Board of Trustees are appointed in accordance with the Articles of Association. At every Annual General meeting Trustees 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 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 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.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

FINANCIAL REVIEW

The financial statements for the year ended 30 September 2021 show net expenditure for the year before foreign exchange gains and investment gains of £1,440,229 (2020: net expenditure of £11,509,588). The net movement in funds for the year amounted to an increase of £2,986,619 (2020: decrease of £11,215,157) after accounting for net investment and exchange gains of £4,426,848 (2020: £294,431). A transfer of £1,060,157 was made from Endowed funds to Restricted funds representing the allocation of total return in the year. During the year grants of £2,893,299 (2020: £13,313,577) were awarded of which £2,576,061 (2020: £13,003,942) 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.

Reserves

At 30 September 2021 the Charity held unrestricted reserves of £6,236,897 (2020: £6,049,773). Included within unrestricted reserves is £223,270 (2020: £223,270) 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 reserves be used as needed 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 £858,732 (2020: £887,112). The policy on the level of a desirable level of unrestricted reserves are reviewed 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

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

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: Peter Nadosy, 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), Dominic H. Moross (USA), Manfred Moross (UK/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 2021 was a strong period for equity markets. The first three quarters of the period saw the MSCI World index in USD terms return +28.8%, followed by a relatively flat final quarter returning -1.1%. Overall, the MSCI World index was up +27.4% in USD terms in the financial year, and US Government Bonds were down -1.4% in the 12 months to 30th September 2021.

W-GEM, which has been allocated the bulk of Weizmann UK’s investment portfolio (approximately $29.4m or £21.8m - of which - £2.6m are non-endowed funds) has been invested across a well-diversified range of asset classes and managers. The performance of the portfolio with W-GEM was +22.1% for the year ended September 30, 2021 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 +21.3% for the year.

It is to be expected that W-GEM will underperform its policy benchmark in strongly rising equity markets and outperform in weaker periods for the stock market. The outperformance over the last 12 months has therefore been impressive given the strong equity market performance throughout the period. 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 1.292 to 1.348 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

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

investment strategy with Rothschild & Co, which has invested in a diversified range of asset classes and securities. The report produced by Rothschild & Co indicates that Weizmann UK’s portfolio increased by +20.0% in Sterling terms for the year ended 30 September 2021. Over this period, the MSCI World Index returned +22.2% in Sterling terms and +27.5% in local currency terms, and sterling cash deposits returned +0.1%. UK CPI inflation was +3.0% 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, whilst 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.

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 non- endowed 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 Risk Sub-committee is appointed by the Trustees. Its function is 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. Again, this year, the principal risks identified related to continuing financial implications caused by the pandemic and its effect on fundraising activities. 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;

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

2 payment procedures, security and change of bank and electronic signature processes; 3 safety of staff on return to the office

Other areas of risk reviewed included:

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 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 as appropriate and at least annually.

At a board meeting dated 14 September 2021, the Risk Policy was presented to 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 continuing risk.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

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.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 3 February 2022

Jonathan Kropman

Jonathan Kropman Trustee & Honorary Secretary

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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 The Weizmann Institute Foundation for the year ended 30 September 2021 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).

In our opinion, the financial statements:

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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the

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

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’ Annual Report (which incorporates the directors’ report).

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:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 15, 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.

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to health and safety requirements, GDPR, employment law, company and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Companies Act 2006 and consider other factors such as payroll tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

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.

19

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

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) For and on behalf of Haysmacintyre LLP, Statutory Auditor 10 Queen Street Place London EC4R 1AG

Date: 3 February 2022

20

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021

Restricted
funds
2021
2021
INCOME FROM
Note
£
£
Donations & Legacies
Donations
85,571
1,924,411
Legacies
2,078
-
Income from Investments
2
47,186
-
Income from
charitable activities
Educational events
230
-
Other Income
9,004
-
TOTAL INCOME
144,069
1,924,411
EXPENDITURE ON
Raising Funds
3
Fundraising & event costs
303,275
-
Investment management costs
22,515
-
Charitable Activities
3
Education & awareness
189,235
157,612
Research
209,217
2,604,066
TOTAL EXPENDITURE
724,242
2,761,678
(580,173)
(837,267)
Foreign exchange (losses) / gains
(899,970)
-
Net investment gains
1,667,277
-
767,307
-
187,134
(837,267)
Transfers between funds
10
-
1,060,158
187,134
222,891
6,049,773
691,103
6,236,907
913,994
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		 2021
£
85,571
2,078
47,186
230
9,004
Unrestricted
funds		 Restricted
funds
2021
£
1,924,411
-
-
-
-		 2021
£
-
-
92,791
-
-
Endowment
funds		 Total
funds
Total
funds
2021
2020
£
£
2,009,982
2,365,280
2,078
-
139,977
170,290
230
24,916
9,004
-
2,161,271
2,560,486
303,275
324,171
138,095
146,624
346,847
572,424
2,813,283
13,026,855
3,601,500
14,070,074
(1,440,229)
(11,509,588)
(899,970)
(1,096,929)
5,326,818
1,391,360
4,426,848
294,431
2,986,619
(11,215,157)
-
-
2,986,619
(11,215,157)
28,118,949
39,334,106
31,105,568
28,118,949
-
0
144,069 1,924,411 92,791
303,275
22,515
189,235
209,217		 -
-
157,612
2,604,066		 -
115,580
-
-
724,242 2,761,678 115,580
(580,173) (837,267) (22,789)
(899,970)
1,667,277		 -
-		 -
3,659,541
767,307 - 3,659,541
187,134 (837,267) 3,636,752
- 1,060,158 (1,060,158)
187,134 222,891 2,576,594
6,049,773 691,103 21,378,073
6,236,907 913,994 23,954,667

The notes on pages 25 to 47 form part of these financial statements

21

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2021

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		 £
2,068,480
(3,485,920)		 2021

£

(1,417,440)
1,060,158
(357,282)		 2020
£
£
2,461,923
(13,955,107)
(11,493,184)
1,060,810
(10,432,374)

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 30 SEPTEMBER 2021

Deficit for the year before unrealised
investment gains
Net investment gains including foreign
exchange gains
Total recognised gains and losses for
the year		 2021
£
(357,282)
767,307
410,025		 2020
£
(10,432,374)
305,292
(10,127,082)

Total income comprises £144,059 (2020: £245,320) for unrestricted funds, and £1,924,411 (2020: £2,216,603) 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 £1,417,450 (2020: deficit £11,493,184) before investment asset disposals, comprises £580,183 net expenditure (2020: net expenditure of £9,916,466) on unrestricted funds and £837,267 net expenditure (2020: net expenditure of £1,573,426) 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 25 to 47, provides information on the movements during the year on all funds of the company.

The notes on pages 25 to 47 form part of these financial statements

22

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) BALANCE SHEET AS AT 30 SEPTEMBER 2021

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		 2021
£
5,998
242,892		 2021
2020
2020

£
£
£
858,732
887,112
29,617,983
26,546,300
30,476,715
27,433,412
5,998
256,994
262,992
932,643
1,195,635

(510,098)
628,853
685,537
31,105,568
28,118,949
913,994
691,103
6,013,637
5,826,503
223,270
223,270
6,236,907
6,049,773
-
-
23,954,667
21,378,073
31,105,568
28,118,949
248,890
928,197
1,177,087
(548,234)

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 £16,720,294 (2020: £10,975,885) are represented by unrealised gains on investments.

The financial statements on pages 21 to 47 were approved by the board of Trustees on 3 February 2022 and signed on its behalf by:

Jonathan Kropman

Jonathan Kropman Trustee

David Marks

David Marks

Treasurer

The notes on pages 25 to 47 form part of these financial statements

23

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2021

Note
Net expenditure
excluding endowments
Less investment income
Add depreciation
Net cash provided by/(used in) operating
activities
Decrease 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		 £
(1,417,440)
(47,186)
28,380
(1,436,246)
14,102
38,136		 2021
2020
£
£
£

(11,493,184)

(71,727)
31,180

3,847,155
1,116,108
148,311
(1,384,008)
(10,269,312)
170,290
139,977
170,290
-

(2,435,413)
12,579,157
1,355,164
10,143,744

(114,967)
1,239,584
10,028,777
(4,447)
(70,245)
932,643
1,002,890
928,196
932,643
139,977
-
(1,014,685)
2,369,849
(115,580)
year

The notes on pages 25 to 47 form part of these financial statements

24

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 4.65% 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.

25

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

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.

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.

26

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

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.

(g) Pensions

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.

27

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

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		 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		 2021
£
9,425
1,914
55,253
29,665
43,720
139,977		 2020
£
-
25,521
37,092
64,128
43,549
170,290
Expenditure - Current Year
Fundraising
Costs
Investment
Management
Research
Education &
Awareness
Direct costs
£
£
£
£
Salary
116,875
14,674
27,498
49,845
Other staff costs
& consultants
20,311
2,550
4,779
8,663
Grant payments
-
-
2,739,029
154,270
Investment Property
-
3,893
-
-
Legal costs
-
850
-
-
Investment manager
-
84,442
-
-
Direct activity costs
1,931
-
-
44,736
Accountancy
-
13,854
-
-
139,117
120,263
2,771,306
257,514
Support costs
Governance
Salary
18,568
1,937
4,844
10,656
Audit
9,080
948
2,369
5,211
Other
2,797
292
730
1,605
Other Support
Salary
42,548
5,040
10,375
20,248
Other staff costs
7,226
856
1,762
3,439
Office overheads
58,709
6,126
15,315
33,694
Accountancy
10,595
1,106
2,764
6,081
Depreciation
14,635
1,527
3,818
8,399
164,158
17,832
41,977
89,333
Total 2021
303,275
138,095
2,813,283
346,847
Total 2020
324,171
146,624
13,026,855
572,424		 Total 2021
Total 2020
£
£
208,892
204,386
36,303
30,126
2,893,299
13,313,577
3,893
3,477
850
13,724
84,442
75,211
46,667
44,770
13,854
13,485
139,117
120,263
2,771,306
257,514
18,568
1,937
4,844
10,656
9,080
948
2,369
5,211
2,797
292
730
1,605
42,548
5,040
10,375
20,248
7,226
856
1,762
3,439
58,709
6,126
15,315
33,694
10,595
1,106
2,764
6,081
14,635
1,527
3,818
8,399		 3,288,200
13,698,756
36,005
34,784
17,608
14,906
5,424
18,850
-
-
78,211
98,179
13,283
15,516
113,844
138,216
20,546
19,686
28,379
31,181
164,158
17,832
41,977
89,333		 313,300
371,318
303,275
138,095
2,813,283
346,847		 3,601,500
14,070,074
14,070,074
324,171
146,624
13,026,855
572,424

3. Expenditure - Current Year

Governance costs include £1,272 (2020: £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 2021 totalled £13,230 (2020: £12,950) net of VAT. The auditors did not receive any fee for nonaudit work during the year (2020: Nil).

28

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

3. Expenditure - Current Year

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

29

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

4. Staff

The aggregate payroll costs of these employees were:

2021 2020
£ £
Wages and salaries 241,744 261,000
Social security costs 25,779 27,079
Other pension costs 55,584 49,270
Total 323,107 337,349
The monthly average number of employees during the year was:
2021 2020
Number Number
5 8
No remuneration was paid to members of the Board of Trustees (2020: NIL), expenses of NIL (2020:
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:
2021 2020
£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 £54,467 (2020: £48,184), including amounts paid in relation to the higher paid employee of £47,631 (2020: 41,673).

The total employee benefits including pension contributions of the key management personnel were £129,422 (2020: £140,176).

5. Tangible Fixed Assets

Website
£
Cost
1 October 2020
25,770
Additions
-
30 September 2021
25,770
1 October 2020
25,770
Charge for the year
-
30 September 2021
25,770
Net book value
30 September 2020
-
30 September 2021
-
Accumulated depreciation		 Office
equipment
£
67,637
-
67,637
54,651
7,060
61,711
12,986
5,926		 Furniture &
fixtures
£
38,502
-
38,502
38,502
-
38,502
-
-		 Property
Total
£
£
1,066,052
1,197,961
-
-
1,066,052
1,197,961
191,926
310,849
21,320
28,380
213,246
339,229
874,126
887,112
852,806
858,732

30

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

6.
Investments
Fixed asset investments
Investment properties
(a) Fixed asset investments:
Market value at beginning of year
Acquisitions at cost
Investment disposal proceeds
Net movement in investment cash		 2021
£
28,750,483
867,500
29,617,983
2021
£
25,678,799
1,014,685
(2,866,265)
496,416
24,323,635		 2020
£
25,678,799
867,500
26,546,299
2020
£
35,528,111
2,435,413
(12,597,629)
18,473
25,384,368
Net investment gains/(losses)
Foreign exchange gain on overseas investment fund
Market value at 30 September		 5,326,818
(899,970)
28,750,483		 1,391,360
(1,096,929)
25,678,799
Historical cost at 30 September
Investments at market value comprise:
Listed investments: UK
Cash held within investment portfolio		 18,723,246
6,443,672
510,856		 14,702,913
5,865,363
14,440
Overseas investment fund * 21,795,955 19,798,996
28,750,483
25,678,799
2021
2020
£
£
(b)
1 October
10,975,886
20,288,428
Movement in the year
(948,649)
(9,312,542)
30 September
10,027,237
10,975,886
Fixed asset investments - movement in accumulated unrealised gains based on historic

31

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

6. Investments (continued)

(c) Investment Properties
Market value 1 October
Revaluation in period
Market value 30 September
(d) Application of the Power of Total Return
The investment fund and
application of total return
Opening value of permanent endowment
Less: Original value of the gift
Unapplied total return brought forward
Add
Investment return: dividends and interest
Investment return: gains and losses
Less
Investment management and administration costs
Unapplied total return before transfer to income
Less
Total return applied
Sub total: unapplied return as at 30 September
Add
Original value of the gift brought forward
New endowments in the year
Permanent endowment including unapplied total return
as at 30 September, constituting the investment fund		 2021
2020
£
£
867,500
867,500
-
-
867,500
867,500
2021
2020
£
£
21,378,074
22,466,148
(11,635,195)
(11,635,195)
9,742,879
10,830,953
92,801
98,563
3,659,541
(10,860)
(115,580)
(114,967)
13,379,641
10,803,689
(1,060,157)
(1,060,810)
12,319,483
9,742,879
11,635,195
11,635,195
-
-
23,954,678
21,378,074

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.

32

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

7.
Debtors
Amounts owed by subsidiary undertakings
Prepayments
Accrued income
8.
Cash at bank and in hand
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		 2021
2020
£
£
5,998
5,998
13,786
15,414
229,106
241,580
248,890
262,992
2021
2020
£
£
925,199
929,355
2,998
3,288
928,197
932,643
2021
2020
£
£
9,911
8,561
10,409
9,814
12,629
12,653
515,285
479,070
548,234
510,098
11,607
11,580
11,223
11,607
(11,607)
(11,580)
11,223
11,607

33

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

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

34

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

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

Biocomplexity Research Building Project- fundraising campaign 2016

BIRAX - Specific fund for Michael Sandler’s birthday donation for the BIRAX - University of Edinburgh (Prof Andrew Baker) and WIS (Dr Igor Ulitsky)

Cancer Research - The Auerbach CT

Coronavirus Response Fund COVID-19 – Fundraising Campaign for 2020 research into Coronavirus Dan Shapiro Research Fund for Heart Research - fundraising campaign 2016

Education Outreach – Physics tournament

Event - Generic fund – smaller events don’t have a specific fund e.g. if a donor sent in money after a business breakfast

Gala Dinner - Biennial Gala Dinner

Get Connected – Lord Alliance Prize awarded to collaboration project between University of Manchester scientist and a WIS scientist

Making Connections - Lord Alliance 'Get Connected' WIS-Manchester University

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. MSc Scholarship - Roden Family Foundation

PhD Scholarship – generic funding towards PhD Scholarships

Professorial Chair - Specific fund for a Professorial Chair

Stroke Research – Sir Ralph Kohn

The Cayre Foundation – general funds to WIS

The Dangoor Chair of Archaeological Sciences – The Exilarch’s Foundation

The Dollond Charitable Trust – Neuroscience research

The Paula and Ludwig Weiler Research Foundation – supporting students to do independent research at the Institute The Wohl Institute for Drug Discovery -The Maurice & Vivienne Wohl Charitable Foundation

Wolfson 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

35

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

10 Funds – Endowed Fund

Unapplied total Total Original Gift
Original Gift
return at		 Fund Value at Investment Return Unapplied Total Value at Fund Value at
Permanent Endowments Value at 30.9.20 1.10.20 30.09.20 Income Gains Expenditure Applied Return 30.9.21 30.09.21
£ £ £ £ £ £ £ £ £ £
Blond, Elaine Blond Career Development Chair 253,080 240,575 493,655 2,142 84,505 (2,695) (24,907) 299,620 253,080 552,700
Burton, Raymond Burton Prize 215,690 205,034 420,724 1,826 72,020 (2,297) (21,227) 255,356 215,690 471,046
Burton, Raymond Burton Fund 815,358 775,079 1,590,437 6,903 272,254 (8,683) (80,244) 965,309 815,358 1,780,667
Chain, Sir Ernst Chain Research Programme 175,932 167,241 343,173 1,489 58,745 (1,874) (17,314) 208,287 175,932 384,219
Curw en-Low y, The Curw en – Low y Biological Studies Fund 448,223 448,681 896,904 3,893 153,534 (4,897) (45,252) 555,959 448,223 1,004,182
Dekker, Kitty Waas Dekker, Simon Waas and Rosette Dekker
Scholarship Fund 78,365 74,491 152,856 663 26,166 (835) (7,712) 92,773 78,365 171,138
Djanogly, Jack & Simon Djanogly 52,181 49,604 101,785 441 17,424 (556) (5,135) 61,778 52,181 113,959
Ellis, Maxw ell Ellis Professorship Fund 698,951 664,421 1,363,372 5,918 233,385 (7,443) (68,788) 827,493 698,951 1,526,444
Feldmann, Prof. Sir Marc Chair 598,552 146,834 745,386 3,235 127,597 (4,069) (37,608) 235,989 598,552 834,541
Goldenberg,
The
Edith
and
Nathan		 Goldenberg Career
Development Chair 500,000 249,668 749,668 3,254 128,330 (4,093) (37,824) 339,335 500,000 839,335
Harris-Ronson,
Philip
Harris
&
Gerald		 Ronson Career
Development Chair 211,573 201,117 412,690 1,791 70,645 (2,253) (20,822) 250,478 211,573 462,051
Jacobs, The Linda and Michael Jacobs Professorial Chair 755,863 519,693 1,275,556 5,537 218,352 (6,964) (64,357) 672,261 755,863 1,428,124
Kw eller, Kathleen Kw eller Fund 172,487 163,966 336,453 1,460 57,595 (1,837) (16,975) 204,209 172,487 376,696
Lew is, The Cecil and Hilda Lew is Charitable Trust 901,148 856,628 1,757,776 7,630 300,900 (9,597) (88,687) 1,066,874 901,148 1,968,022
Marcus, Rixi Marcus Scholarship 264,449 251,384 515,833 2,239 88,301 (2,816) (26,026) 313,082 264,449 577,531
Mendoza, Martin & Dianne Mendoza Scholarship 88,346 83,981 172,327 748 29,499 (941) (8,695) 104,592 88,346 192,938
Reuff, Reuff-Wormser Scholarship Fund 304,429 251,316 555,745 2,412 95,134 (3,034) (28,040) 317,788 304,429 622,217
Ritblat, J & I Ritblat Educational Trust Fund 172,343 162,013 334,356 1,451 57,236 (1,825) (16,870) 202,005 172,343 374,348
Sebba, Samuel Sebba Professorial Chair 1,011,546 961,576 1,973,122 8,564 337,762 (10,772) (99,551) 1,197,579 1,011,546 2,209,125
Subtotal: 7,718,516 6,473,302 14,191,818 61,596 2,429,384 (77,481) (716,034) 8,170,767 7,718,516 15,889,283

36

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

10 Funds – Endowed Fund (continued)

Unapplied total Total Original Gift
Original Gift
return at		 Fund Value at Investment Return Unapplied Total Value at Fund Value at
Value at 30.9.20 1.10.20 30.09.20 Income Gains Expenditure Applied Return 30.9.21 30.09.21
£ £ £ £ £ £ £ £ £ £
Brought forw ard 7,718,516 6,473,302 14,191,818 61,596 2,429,384 (77,481) (716,034) 8,170,767 7,718,516 15,889,283
Sieff, Sir David Sieff 112,686 107,117 219,803 954 37,626 (1,200) (11,090) 133,407 112,686 246,093
Sieff, Lord (Marcus) Sieff - Scholarship Funds 518,003 435,492 953,495 4,139 163,221 (5,206) (48,108) 549,538 518,003 1,067,541
Sosnow , The Norman Sosnow Postdoctoral Fellow ship 288,453 274,203 562,656 2,442 96,316 (3,072) (28,388) 341,501 288,453 629,954
Smouha, The Sabine and Jeremy Smouha Scholarship 77,000 50,456 127,456 553 21,818 (696) (6,431) 65,700 77,000 142,700
Weinrebe,
Harry
Weinrebe		 Professorial Chair of Laser
Physics 1,434,125 1,165,041 2,599,166 11,283 444,930 (14,190) (131,138) 1,475,926 1,434,125 2,910,051
Weinrebe, The Harry Weinrebe Professorial Chair of Computer
Science and Biology 150,029 136,265 286,294 1,243 49,008 (1,563) (14,445) 170,508 150,029 320,537
Weinstock, Lord (Arnold) Weinstock Fund 839,665 798,181 1,637,846 7,110 280,370 (8,942) (82,636) 994,083 839,665 1,833,748
Weyman, J Stanley Weyman & Dr Esther Hellinger Scholarship
Fund 86,747 82,463 169,210 735 28,967 (923) (8,537) 102,705 86,747 189,452
11,225,224 9,522,520 20,747,744 90,055 3,551,640 (113,273) (1,046,807) 12,004,135 11,225,224 23,229,359
Expendable Endowments
J Watt 409,971 220,358 630,329 2,736 107,901 (2,307) (13,351) 315,337 409,971 725,308
Total Expendable Endow ments 409,971 220,358 630,329 2,736 107,901 (2,307) (13,351) 315,337 409,971 725,308
11,635,195 9,742,878 21,378,073 92,791 3,659,541 (115,580) (1,060,158) 12,319,472 11,635,195 23,954,667

37

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

10. Funds (continued) – Restricted Income Funds Funds (continued) – Restricted Income Funds Funds (continued) – Restricted Income Funds Funds (continued) – Restricted Income Funds
Endowment
Balance 1.10.20 Income Expenditure Transfer Balance 30.9.21
£ £ £ £ £
Bessie Law rence ISSI - 12,061 (12,061) - -
Biocomplexity Research 54,008 - - - 54,008
BIRAX 2,170 - - - 2,170
Blond, Elaine Blond Career Development Chair - - (24,907) (24,907) (49,814)
Burton, Raymond Burton Prize - - (21,227) (21,227) (42,454)
Burton, Raymond Burton Fund - - (80,244) (80,244) (160,488)
Cancer Research 1,025 - - - 1,025
Chain, Sir Ernst Chain Research Programme - - (17,314) (17,314) (34,628)
Coronavirus Response Fund COVID-19 - 30,630 (30,630) - (0)
Curw en-Low y, The Curw en – Low y Biological Studies Fund - - (45,252) (45,252) (90,504)
Dan Shapiro Research Fund 4,936 - - - 4,936
Dekker, Kitty Waas Dekker, Simon Waas and Rosette
Dekker Scholarship Fund - - (7,712) (7,712) (15,424)
Djanogly, Jack & Simon Djanogly - - (5,135) (5,135) (10,270)
Education Outreach 21,500 1,450 - - 22,950
Ellis, Maxw ell Ellis Professorship Fund (68,788) (68,788) (137,576)
Events 3,500 - - - 3,500
Feldmann, Prof. Sir Marc Chair (37,608) (37,608) (75,216)
Gala Dinner 3,500 - - - 3,500
Get Connected 8,000 - - - 8,000
Goldenberg, The Edith and Nathan Goldenberg Career
Development Chair - - (37,824) (37,824) (75,648)
Harris-Ronson,
Philip
Harris		 & Gerald Ronson Career
Development Chair - - (20,822) (20,822) (41,644)
Jacobs, The Linda and Michael Jacobs Professorial Chair - - (64,357) (64,357) (128,714)
J Watt (13,351) (13,351) (26,702)
Kw eller, Kathleen Kw eller Fund - - (16,975) (16,975) (33,950)
Lew is, The Cecil and Hilda Lew is Charitable Trust - - (88,687) (88,687) (177,374)
Making Connections - 697,304 (514,707) - 182,597
Manchester PhD scholarship 37,500 12,500 (12,500) - 37,500
Subtotal: 136,139 753,945 (1,120,101) (550,203) (780,220)

38

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

10.
Funds – Restricted Income Funds (continued)
Brought forw ard
Marcus, Rixi Marcus Scholarship
Mendoza, Martin & Dianne Mendoza Scholarship
MSc Scholarship
PhD Schloarship
Professorial Chair
Reuff, Reuff-Wormser Scholarship Fund
Ritblat, J & I Ritblat Educational Trust Fund
Sebba, Samuel Sebba Professorial Chair
Sieff, Sir David Sieff
Sieff, Lord (Marcus) Sieff - Scholarship Funds
Sosnow , The Norman Sosnow Postdoctoral Fellow ship
Smouha, The Sabine and Jeremy Smouha Scholarship
Stroke Research
The Cayre foundation		 Balance 1.10.20
Income
Expenditure
Endowment T'fer
Balance 30.9.21
£
£
£
£
£
136,139
753,945
(1,120,101)
(550,203)
(780,220)
-
-
(26,026)
(26,026)
(52,052)
-
-
(8,695)
(8,695)
(17,390)
250
-
-
-
250
500
-
-
-
500
405,050
-
-
-
405,050
-
-
(28,040)
(28,040)
(56,080)
-
-
(16,870)
(16,870)
(33,740)
-
-
(99,551)
(99,551)
(199,102)
-
-
(11,090)
(11,090)
(22,180)
-
-
(48,108)
(48,108)
(96,216)
-
-
(28,388)
(28,388)
(56,776)
-
-
(6,431)
(6,431)
(12,862)
17,500
-
-
-
17,500
-
18,297
(18,297)
-
0
The Dangoor Chair of Archaelogical Sciences
The Dangoor-Research Accelorator Mass Spectrometer
The Dollond Charitable Trust
The Paula and Ludw ig Weiler Reseach Foundation ( R )
Weinrebe,
Harry
Weinrebe
Professorial Chair
of
Laser
Physics
Weinrebe,
The
Harry
Weinrebe
Professorial
Chair
of
Computer Science and Biology
Weinstock, Lord (Arnold) Weinstock Fund
Weyman,
J
Stanley
Weyman
&
Dr
Esther
Hellinger
Scholarship Fund
The Wohl Institute for Drug Discovery
Wolfson FCT KillCorona
Wolfson charitable trust
Women In Science
Other		 -
142,464
(142,464)
-
-
6,664
-
-
-
6,664
-
30,000
(20,000)
-
10,000
25,000
-
-
-
25,000
-
-
(131,138)
(131,138)
(262,276)
-
-
(14,445)
(14,445)
(28,890)
-
-
(82,636)
(82,636)
(165,272)
-
-
(8,537)
(8,537)
(17,074)
-
718,969
(718,969)
-
-
100,000
-
-
-
100,000
-
231,892
(231,892)
-
-
-
2,500
-
-
2,500
-
26,344
-
-
26,344
691,103
1,924,411
(2,761,678)
(1,060,158)
(1,206,322)

39

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

10 Funds – Endowed Fund Prior Year

Unapplied total Total Original Gift
Original Gift
return at		 Fund value at Investment Return Unapplied Total Value at Fund Value at
Permanent Endowments Value at 1.10.19 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
Curw en-Low y, The Curw en – Low y 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, Maxw ell 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
Kw eller, Kathleen Kw eller Fund 172,487 181,395 353,882 1,553 (171) (1,836) (16,975) 163,966 172,487 336,453
Lew is, The Cecil and Hilda Lew is 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

40

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

10 Funds – Endowed Fund (continued)

Unapplied total Total Original Gift
Original Gift
return at		 Fund value at Investment Return Unapplied Total Value at Fund Value at
Value at 1.10.19 1.10.19 1.10.19 Income Gains Expenditure Applied Return 30.9.20 30.09.20
£ £ £ £ £ £ £ £ £ £
Brought forw ard 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 Fellow ship 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 Endow ments 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

The Making Connections fund has been established to support high level scientific collaboration between the Weizmann Institute of Science in Israel and UK scientists.

41

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 Funds (continued) – Restricted Income Funds Prior Year
Endowment
Balance 1.10.19 Income Expenditure Transfer Balance 30.9.20
£ £ £ £ £
Bessie Law rence ISSI - 10,000 (10,000) - -
Blond, Elaine Blond Career Development Chair - - (24,907) 24,907 -
BIRAX 2,170 - - - 2,170
Biocomplexity Research 54,008 - - - 54,008
Burton, Raymond Burton Prize - - (21,227) 21,227 -
Burton, Raymond Burton Fund - - (80,244) 80,244 -
Cancer Research 1,025 - - - 1,025
Chain, Sir Ernst Chain Research Programme - - (17,314) 17,314 -
Coronavirus Response Fund COVID-19 - 111,739 (111,739) - -
Curw en-Low y, The Curw en – Low y Biological Studies Fund - - (45,253) 45,253 -
Dangoor-Research Accelorator Mass Spectrometer Lab 6,664 - - - 6,664
Dan Shapiro Research Fund 4,936 - - - 4,936
Dekker, Kitty Waas Dekker, Simon Waas and Rosette
Dekker Scholarship Fund - - (7,712) 7,712 -
Djanogly, Jack & Simon Djanogly - - (5,135) 5,135 -
Dr Michal Rivlin - 268,108 (268,108) - -
Ellis, Maxw ell Ellis Professorship Fund - - (68,788) 68,788 -
Environmental Research - 10,000 (10,000) - -
Education Outreach 5,000 16,500 - - 21,500
Events 3,500 - - - 3,500
Feldmann, Prof. Sir Marc Chair - - (37,608) 37,608 -
Gala Dinner 3,500 - - - 3,500
Get Connected 8,000 - - - 8,000
Goldenberg, The Edith and Nathan Goldenberg Career
Development Chair - - (37,824) 37,824 -
Harris-Ronson,
Philip Harris		 & Gerald Ronson Career
Development Chair - - (20,822) 20,822 -
J Watt - - (14,000) 14,000
Jacobs, The Linda and Michael Jacobs Professorial Chair - - (64,357) 64,357 -
Kw eller, Kathleen Kw eller Fund - - (16,975) 16,975 -
Lew is, The Cecil and Hilda Lew is Charitable Trust - - (88,687) 88,687 -
Subtotal: 88,803 416,347 (950,700) 550,853 105,303

42

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

10. Funds – Restricted Income Funds Prior Funds – Restricted Income Funds Prior Year (continued)
Balance 1.10.19 Income Expenditure Endowment T'fer Balance 30.9.20
£ £ £ £ £
Brought forw ard 88,803 416,347 (950,700) 550,853 105,303
Making Connections 176,539 62,440 (238,979) - -
Manchester PhD scholarship 25,000 12,500 - - 37,500
Marcus, Rixi Marcus Scholarship - - (26,026) 26,026 -
Mendoza, Martin & Dianne Mendoza Scholarship - - (8,695) 8,695 -
MSc Scholarship 20,250 20,000 (40,000) - 250
Parkinsons Research - 17,500 (17,500) - -
Paula and Ludw ig Weiler Reseach Foundation ( R ) - 25,000 - - 25,000
PhD Schloarship 500 - - - 500
Physics Tournament 4,000 - (4,000) - -
Professorial Chair 406,585 393,540 (395,075) - 405,050
Reuff, Reuff-Wormser Scholarship Fund - - (28,040) 28,040 -
Ritblat, J & I Ritblat Educational Trust Fund - - (16,870) 16,870 -
Sebba, Samuel Sebba Professorial Chair - - (99,552) 99,552 -
Sieff, Sir David Sieff - - (11,090) 11,090 -
Sieff, Lord (Marcus) Sieff - Scholarship Funds - - (48,108) 48,108 -
Sosnow , The Norman Sosnow Postdoctoral Fellow ship - - (28,388) 28,388 -
Smouha, The Sabine and Jeremy Smouha Scholarship - - (6,431) 6,431 -
Stroke Research 17,500 - - - 17,500
The Dangoor Chair of Archaelogical Sciences 162,657 147,873 (310,530) - -
The Wohl Institute for Drug Discovery - 1,016,215 (1,016,215) - -
Weinrebe, Harry Weinrebe Professorial Chair of Laser
Physics - - (131,139) 131,139 -
Weinrebe,
The
Harry
Weinrebe		 Professorial Chair of
Computer Science and Biology - - (14,445) 14,445 -
Weinstock, Lord (Arnold) Weinstock Fund - - (82,636) 82,636 -
Weyman,
J
Stanley
Weyman
&		 Dr
Esther		 Hellinger
Scholarship Fund - - (8,537) 8,537 -
Wolfson Family Charitable trusts 184,000 - (184,000) - -
Wolfson FCT KillCorona - 100,000 - - 100,000
Women In Science 117,884 - (117,884) - -
Other - 5,188 (5,188) - -
~~43~~
1,203,718		 2,216,603 (3,790,028) 1,060,810 691,103

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

11. Unrestricted income funds

Designated Funds
Making Connections
General Fund
Total unrestricted funds
charity
Prior Year
Designated Funds
General Fund
Total unrestricted funds
charity		 Balance
30.9.20
£
223,270
5,826,503		 Income
£
-
144,069		 Expenditure
£
-
(724,242)		 Net
investment
gain
£
-
767,307		 Transfers /
Gift Aid
Balance 30.9.21
£
£
-
223,270
-
6,013,637
-
6,236,907
Transfers /
Gift Aid
Balance 30.9.20
£
£
-
223,270
-
5,826,503
-
6,049,773
6,049,773
Balance
30.9.19
£
393,566
15,270,673		 144,069
Income
£
-
245,320		 (724,242)
Expenditure
£
(170,296)
(9,994,782)		 767,307
Net
investment
gain
£
-
305,292
15,664,239 245,320 (10,165,078) 305,292

44

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

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		 £
858,732
5,663,316
(508,411)
6,013,637
£
887,112
5,168,227
(228,836)
5,826,503
General
Funds
General
Funds		 £
-
-
223,270
223,270
£
-
-
223,270
223,270
Designated
Funds
Designated
Funds		 £
-
-
913,994
913,994
£
-
-
691,103
691,103
Restricted
Income
Funds
Restricted
Income
Funds		 £
£
-
858,732
23,954,667
29,617,983
-
628,853
23,954,667
31,105,568
£
£
-
887,112
21,378,073
26,546,300
-
685,537
21,378,073
28,118,949
Total Funds
at 30.9.20
Endowment
Funds
Endowment
Funds
Total Funds
at 30.9.21

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.

45

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 not trading in the financial year. For this reason, no useful purpose is served by producing consolidated accounts.

The Weizmann International Event Management Limited Summary Balance Sheet as at 30 September 2021:

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		 2021
2020
£
£
-
-
-
-
3,882
4,405
3,882
4,405
(5,998)
(5,998)
(2,116)
(1,593)
3
3
(2,119)
(1,596)
(2,116)
(1,593)

15. Related party transactions

Weizmann UK is owed £5,998 (2020: £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 £2,576,061 to the Weizmann Institute during the year (2020: £13,003,942). There are amounts outstanding of £913,993 (2020: £691,102).

There have been no other related party transactions with the exception of the payment of legal charges amounting to £nil in relation to the charity (2020: £22,000) to Trowers & Hamlins LLP. Jonathan Kropman, a member of the Board of Trustees, was a partner in that firm. All transactions were arm's length. There are no amounts outstanding (2020: Nil).

The total aggregate donations received from Trustees was £274,520 (2020: £nil).

46

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

16. Prior Year SOFA
2020
INCOME FROM
Note
£
Donations & Legacies
Donations
148,677
Legacies
-
Income from Investments
2
71,727
Income from
charitable activities
Educational events
24,916
TOTAL INCOME
245,320
EXPENDITURE ON
Raising Funds
3
Fundraising & event costs
324,171
Investment management costs
31,657
Charitable Activities
3
Education & awareness
480,159
Research
9,329,091
TOTAL EXPENDITURE
10,165,078
(9,919,758)
Foreign exchange (losses) / gains
(28,790)
Property revaluation
-
Net investment gains
334,082
305,292
(9,614,466)
Transfers between funds
10
-
(9,614,466)
15,664,239
6,049,773
All the above operations are continuing.
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
2020
INCOME FROM
Note
£
Donations & Legacies
Donations
148,677
Legacies
-
Income from Investments
2
71,727
Income from
charitable activities
Educational events
24,916
TOTAL INCOME
245,320
EXPENDITURE ON
Raising Funds
3
Fundraising & event costs
324,171
Investment management costs
31,657
Charitable Activities
3
Education & awareness
480,159
Research
9,329,091
TOTAL EXPENDITURE
10,165,078
(9,919,758)
Foreign exchange (losses) / gains
(28,790)
Property revaluation
-
Net investment gains
334,082
305,292
(9,614,466)
Transfers between funds
10
-
(9,614,466)
15,664,239
6,049,773
All the above operations are continuing.
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
2020
£
2,216,603
-
-
-		 Total
funds
2020
2020
£
£
-
2,365,280
-
-
98,563
170,290
-
24,916
98,563
2,560,486
-
324,171
114,967
146,624
-
572,424
-
13,026,855
114,967
14,070,074
(16,404)
(11,509,588)
(1,068,139)
(1,096,929)
-
-
1,057,278
1,391,360
(10,861)
294,431
(27,265)
(11,215,157)
(1,060,810)
-
(1,088,075)
(11,215,157)
22,466,148
39,334,106
21,378,073
28,118,949
Endowment
funds
245,320 2,216,603
324,171
31,657
480,159
9,329,091		 -
-
92,265
3,697,764
10,165,078 3,790,029
(9,919,758) (1,573,426)
(28,790)
-
334,082		 -
-
-
305,292 -
(9,614,466) (1,573,426)
- 1,060,810
(9,614,466) (512,616)
15,664,239 1,203,719
6,049,773 691,103

47