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2022-09-30-accounts

AMENDED

THE WEIZMANN INSTITUTE FOUNDATION Company Limited by Guarantee

TRUSTEES’ REPORT & FINANCIAL STATEMENTS

30 September 2022 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 2022

Contents Page
Trustees and Professional Advisors 2
Trustees’ Annual Report 4
Independent Auditors’ Report to the members
of the Weizmann Institute Foundation (Weizmann UK) 16
Statement of Financial Activities 20
Summary Income and Expenditure Account 21
Statement of Total Recognised Gains and Losses 21
Balance Sheet 22
Cash Flow Statement 23
Notes to the financial statements 24

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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) – retired as trustee 15 March 2022 remains as Hon. Secretary David Marks (Hon. Treasurer) Prof. Benny Chain – retired 15 March 2022 Dr. Iris Good – appointed 30 November 2021 Dean Lush Maxwell Nisner – retired 29 November 2022 Martin Paisner CBE – retired 15 March 2022 Denis Raeburn Denitza Roussinova ‐ appointed 30 November 2021 Michael Sandler Hayley Sieff Simon Sturge – appointed 27 July 2022 Barry Townsley CBE Charles Wolfson Townsley

The following sub‐committees were in place during the year: Investment Committee Risk Committee

Investment Committee Risk Committee Denis Raeburn (Chair) Jonathan Kropman (Chair) Jonathan Kropman David Marks Maxwell Nisner ‐ retired 29 November 2022 Charles Wolfson Townsley

Audit Committee

Audit Committee Remuneration Committee David Marks (Chair) Dean Lush (Chair) Jonathan Kropman Dr. Arabella Duffield (ex officio) Denis Raeburn David Marks Jonathan Kropman

Scientific Advisory Committee

Dr. Iris Good (Chair) – appointed 20 February 2023 Prof. Benny Chain – retired 15 March 2022 The Lord Turnberg Kt – retired 30 November 2021

Life President

Dame Vivien Duffield DBE

President

Barry Townsley CBE

Vice Presidents

Lord Alliance CBE Lord Mitchell Lord Rothschild CBE

Martin Paisner CBE Sir John Ritblat

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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 Stone King LLP Boundary House 91 Charterhouse St London EC1M 6HR

BANKERS

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 2022

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 2022. The report and the financial statements have been produced in accordance with the provisions of the FRS 102 SORP – Accounting and Reporting by Charities – Second Edition, effective 1 January 2019, the Companies Act 2006, and the Charities Act 2011.

HIGHLIGHTS OF OUR YEAR

Due to the slow transition back to face‐to‐face events, and following the success of last year’s online Making Connections campaign, no flagship fundraising event was held by Weizmann UK this year, however the following key events and activities took place:

The following were held as virtual events:

Weizmann UK continued to raise awareness of the Institute’s major flagship programmes including the Institute for Brain and Neural Sciences and the ‘Frontiers of the Universe’ facility in astro‐ and particle physics.

This year, the Institute also made a commitment to prioritising research around climate change and has established a new flagship project: The Institute for Environmental Sustainability (IES). Weizmann UK will be actively promoting the Institute’s two‐fold agenda in this area, which is firstly to increase funding to aid scientists to make urgently needed environmental breakthroughs, and secondly to ensure that the latest Weizmann research can be rapidly translated into revolutionary solutions by working closely with agile start‐up companies.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2022

OUR ACHIEVEMENTS & ACTIVITES IN DETAIL

In the year ended 30 September 2022 we received donations and legacies of £2,107,621 (2021: £2,012,060) and we were able to award grants totalling £2,985,289 (2021: £2,576,061) to the Institute.

Legacy Campaign

In follow up to the legacy brochure that was published in 2021, the print and online advertising campaign continued to appear in the Jewish press in November 2021. Additionally, a further legacy mailing was sent to a broad list of supporters in Spring 2022. This was the final communication from Sheridan Gould in her role as Executive Director. It reflected on her personal highlights and legacy from her tenure at Weizmann UK and invited its readers to leave their own ‘Weizmann legacy’.

EDUCATION & AWARENESS

UK Physics Competition 2022

The 10[th] annual UK Safecracking Physics Tournament was held virtually in February 2022, with 16 teams of Year 12 students from nine schools designing safes that could be cracked by solving physics riddles and was won by a team from Westminster School. Eltham College and St Paul’s School finished in 2nd and 3rd place respectively. Special mention was given to St Mary’s College as the best newcomers to the competition. The competition was judged by a panel of experts and participants were given a presentation by Prof. Eli Waxman from the Department of Particle Physics & Astrophysics at the Institute. The winning UK teams went on to compete in the Virtual International Safe Cracking Tournament held by the Institute in April 2022. We were delighted that this was won by St Paul’s School.

Dr Bessie Lawrence International Summer Science Institute

The International Summer Science Institute was once again held as a virtual event for Summer 2022. This affected the number of applications and level of engagement with the programme, but three students went on to complete the programme. They attended scientific talks and meetings with a variety of scientists from the Institute, met daily with their mentors, and undertook independent study in small groups. They also enjoyed social and cultural activities.

From Research to Reality Lecture

Weizmann UK hosted its annual From Research to Reality lecture as a livestreamed event in March 2022. Prof. Jacob Hanna presented his pioneering research on growing organs outside the human body. He is making major leaps forward in stem cell research that could pave the way to medical applications such as the ability to repair damaged tissue, treat autoimmune diseases, grow transplant organs, and reduce infertility, all using patients’ own stem‐cells.

Global Gathering, Zurich

The postponed Global Gathering was held in person in Zurich in May 2022. The focus of the gathering was on Sustainability.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Summer Garden Party

In July 2022 Weizmann UK Chair Dr. Arabella Duffield hosted a reception to celebrate Sheridan Gould’s retirement. It was an opportunity to bring long term supporters of Weizmann UK together in person and to thank Sheridan for her dedicated 18 years of service.

Other Online Science Events

As a legacy of Covid restrictions, many events organised by Weizmann’s international committees continued to be delivered online. UK guests were invited to meet scientists and hear about their fascinating research. Events included:

Weizmann Institute International Board Meeting 2021

The 73rd Annual General Meeting of the International Board in November 2021 was held as a virtual event, enabling Weizmann UK to extend invitations beyond International Board members. Programme highlights included:

SCIENTIFIC COLLABORATION

Making Connections

Making Connections is Weizmann UK's flagship programme that brings scientists from the UK and Israel together to facilitate collaborative research projects. This is the 14th year of the programme, and, thanks to the generosity of Weizmann UK's supporters, there have now been a total of 76 grants awarded since the Making Connections programme began in 2008, bringing Institute scientists from a variety of fields into close working contact with scientists from around 30 UK universities and research institutes.

The five Making Connections grants for 2022‐23 will enable research projects between Institute scientists and their counterparts at the following UK Institutions:

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2022

 Imperial College London

Additionally, a Making Connections Symposium on Systems Biology & Immunology, called Design and Order in the Immune System, was held at the Institute in April 2022, in honour of the late Prof. Nir Friedman. It was organised by his long‐term Making Connections partner Prof. Benny Chain (UCL). The meeting was held in the Schwartz/Reisman Institute for Theoretical Physics, with special permission from the Faculty of Physics, reflecting Nir’s career which began in the study of physics and ended in the study of immunology.

Get Connected and the Weizmann‐Manchester Visiting Students Programme

The Get Connected Grant Programme has been forging collaborations between life scientists from the Institute and the University of Manchester since 2010. The successful collaboration between the two institutions 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. The PhD programme was paused this year, but funding has been secured to resume the programme for next year.

FUNDRAISING

Weizmann UK undertakes fundraising activities to fund both its UK education and awareness‐raising activities, and to fund scientific research and education projects at the Weizmann Institute and the Davidson Institute of Science Education in Israel. Weizmann UK is a member of the Institute of Fundraising and is registered with the Fundraising Regulator. It adheres to the Fundraising Code of Practice ‐ ensuring that all fundraising activities are legal, open, honest, and respectful. No complaints have been received. The Charity’s fundraising activity is largely focused on major individual donors who are well known to the Charity and its Trustees. Income is generated from new and existing supporters via special events, gifts in wills, and a major gifts programme – the opportunity to donate online via our website is also promoted in our communications. Weizmann UK does not use any third‐ party fundraising organisations.

Visit to London by the President of the Weizmann Institute, Prof. Alon Chen

After two postponed visits, Prof. Alon Chen was finally able to visit London in person in January 2022. Weizmann UK arranged a very full schedule of meetings for him over three days, in which he met with many key donor families, alongside some major new prospective supporters. His meetings enhanced the stewardship of many important supporters and opened some conversations about potential new major commitments. It has been agreed that Prof. Chen will plan to make two annual visits to the UK going forward, to build on long term relationships.

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

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2022

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

Supporter communications including eNewsletters, Magazine mailings and Social Media updates continued throughout the year.

FUTURE PLANS

A welcome return to face‐to‐face events:

In the coming year we hope to welcome more 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 more supporters to visit scientists in their labs in Israel.

Weizmann Institute International Board 6 – 9 November 2022

The International Board was held in person.

UK Physics Safe Cracking competition

The competition will be held in person at Dulwich College in February 2023 and winning teams will travel to Israel for the International Competition in April/May 2023.

Bessie Lawrence programme – Summer 2023

It is intended that the programme will go ahead in person on campus in July 2023 and it is hoped this will increase the number of UK applicants to engage with the programme.

Visits from Prof. Alon Chen

Weizmann UK look forward to welcoming the President of the Weizmann Institute to London in January and June 2023. Plans are underway for a packed schedule of events and meetings with current and prospective UK donors. His visit in January coincided with Weizmann UK’s annual lecture.

Women in Science lunch

It is planned that a fundraising lunch to support the Weizmann Institute’s Women in Science programme will go ahead in May 2023.

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

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2022

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.

OUR GOVERNANCE AND MANAGEMENT

The Board is delighted to report that Carmel Spyer was appointed as Executive Director on 20 February 2023 and will assume her new role on 1 April 2023.

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.

Members of the Scientific Advisory Committee retired during the year. Dr Iris Good was appointed as Chair as 20 February 2023. Trustees are currently seeking to recruit new members. In the interim, former members continue to provide assistance.

The Board of Trustees is responsible for the activities of Weizmann UK. The Executive Director directs the day‐ to‐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 (after serving a term of not more than four years), retire from office and may offer themselves for re‐election, provided that they have not been a Trustee for more than twelve consecutive years. New Trustees are appointed by the Board of Trustees.

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

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2022

POLICY & PROCEDURES

Pay policy for senior staff:

The Remuneration Committee, Chaired by Dean Lush with David Marks, Jonathan Kropman and Dr. Arabella Duffield, as an ex officio member, meet as required to oversee the pay policy for the organisation. The pay of staff is generally 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.

FINANCIAL REVIEW

The financial statements for the year ended 30 September 2022 show net expenditure for the year before foreign exchange gains and investment gains of £1,551,356 (2021: net expenditure of £1,440,229). The net movement in funds for the year amounted to an decrease of £513,634 (2021: increase of £2,986,619) after accounting for net investment and exchange gains of £1,037,722 (2021: £4,426,848). A transfer of £1,099,309 was made from Endowed funds to Restricted funds representing the allocation of total return in the year. During the year grants of £3,061,944 (2021: £2,893,299) were awarded of which £2,985,289 (2021: £2,576,061) were made to the Weizmann Institute.

Reserves

At 30 September 2022 the Charity held unrestricted reserves of £4,798,081 (2021: £6,236,907). Included within unrestricted reserves is £69,959 (2021: £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.

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. The unrestricted reserves have also been used to fund fixed assets of £831,485 (2021: £858,732). 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 Institute together with the availability of funds and the requests of donors.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Investment Policy

All investments held by Weizmann UK have been acquired in accordance with the powers available to the Board of Trustees and there are no specific restrictions on the investment powers available to the Board. The Board of Trustees has delegated investment monitoring responsibility to a sub‐committee (the Investment Committee) whose members are: Denis Raeburn (Chair), Jonathan Kropman, Maxwell Nisner (retired 20 November 2022) 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), Edward Dwek (UK), Shimshon Harel (WIS‐Chair of the WIS Executive Board), Professor Alon Harmelin (Weizmann Institute), Simon Krinsky (USA), Dominic H. Moross (USA), Manfred Moross (UK/USA), Robin Chemers Neustein (USA), and Steven Romick (USA). Martin Paisner CBE (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 2022 was a difficult period for equity markets. W‐GEM, which has been allocated the bulk of Weizmann UK’s investment portfolio (approximately $24.7m or £22.6m) has been invested across a well‐diversified range of asset classes and managers. The WGEM portfolio returned ‐ 11.1% for the year compared to the relevant benchmark indices, which, in aggregate, returned ‐19.6%.

It is to be expected that W‐GEM will outperform its policy benchmark in weaker periods for the stock market. The magnitude of the outperformance over the last 12 months has been impressive, especially in the context of a challenging period for financial markets. In Sterling terms, the value of Weizmann UK’s investment in W‐GEM was positively impacted by the appreciation of the USD versus Sterling from 1.348 to 1.115 over the 12 month period.

The Board of Trustees has also resolved that the part of Weizmann UK’s non endowed funds (approximately £4.4m) with both unrestricted and restricted purposes should continue to be invested in the UK by Rothschild & Co, on an unconstrained basis.

The Investment Committee established what it regards as a prudent investment strategy with Rothschild & Co, which has invested in a diversified range of asset classes and securities. The report produced by Rothschild & Co indicates that Weizmann UK’s portfolio which is invested in the New Court fund decreased by ‐13.9% in Sterling terms for the year ended 30 September 2022. 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 noted the difficult market conditions but over an extended period, the fund’s performance has been satisfactory.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2022

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 £1,099,309 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. An informal valuation in November 2022 revalued the property at £770,000 and the Trustees have considered the value of the investment property and revalued to reflect the valuation in 2022.

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.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Risk Policy

The Risk 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 Committee comprises the Honorary Secretary (Chair) and the Honorary Treasurer. 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:

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 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 on 17 September 2022, 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 2022

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 2022

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 20[th] February 2023

David Marks

David Marks

Hon. Treasurer

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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 2022 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 14, 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:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non‐compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware

18

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

of instances of non‐compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

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: 21[st] February 2023

19

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022

Restricted
funds
2022
2022
INCOME FROM
Note
£
£
Donations & Legacies
Donations
123,869
1,851,503
Legacies
132,249
-
Income from Investments
2
60,019
-
Income from
charitable activities
Educational events
3,699
-
Other Income
-
-
TOTAL INCOME
319,836
1,851,503
EXPENDITURE ON
Raising Funds
3
Fundraising & event costs
357,249
-
Investment management costs
22,357
-
Charitable Activities
3
Education & awareness
203,225
776,874
Research
460,078
1,871,933
TOTAL EXPENDITURE
1,042,909
2,648,807
(723,073)
(797,304)
Foreign exchange gains/(losses)
-
-
Property revaluation
(97,500)
-
Net investment (losses)/gains
(618,253)
-
(715,753)
-
(1,438,826)
(797,304)
Transfers between funds
10
-
1,099,309
(1,438,826)
302,005
6,236,907
913,994
4,798,081
1,215,999
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		 2022
£
123,869
132,249
60,019
3,699
-
Unrestricted
funds		 Restricted
funds
2022
£
1,851,503
-
-
-
-		 2022
£
-
-
109,180
-
-
Endowment
funds		 Total
funds
Total
funds
2022
2021
£
£
1,975,372
2,009,982
132,249
2,078
169,199
139,977
3,699
230
-
9,004
2,280,519
2,161,271
357,249
303,275
162,516
138,095
980,099
346,847
2,332,011
2,813,283
3,831,875
3,601,500
(1,551,356)
(1,440,229)
4,806,310
(899,970)
(97,500)
-
(3,671,088)
5,326,818
1,037,722
4,426,848
(513,634)
2,986,619
-
-
(513,634)
2,986,619
31,105,568
28,118,949
30,591,934
31,105,568
-
0
319,836 1,851,503 109,180
357,249
22,357
203,225
460,078		 -
-
776,874
1,871,933		 -
140,159
-
-
1,042,909 2,648,807 140,159
(723,073) (797,304) (30,979)
-
(97,500)
(618,253)		 -
-
-		 4,806,310
-
(3,052,835)
(715,753) - 1,753,475
(1,438,826) (797,304) 1,722,496
- 1,099,309 (1,099,309)
(1,438,826) 302,005 623,187
6,236,907 913,994 23,954,667
24,577,854

The notes on pages 24 to 45 form part of these financial statements

20

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2022

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
Surplus /(deficit) for the year on
unrestricted and restricted funds
before unrealised gains		 £
2,171,339
(3,691,716)		 2022
2021

£
£
£
2,068,480
(3,485,920)
(1,520,377)
(1,417,440)
1,099,309
1,060,158
(421,068)
(357,282)

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 30 SEPTEMBER 2022

Deficit for the year before unrealised
investment gains
Net investment gains including foreign
exchange gains
Total recognised gains and losses for
the year		 2022
2021
£
£
(421,068)
(357,282)
(715,753)
767,307
(1,136,821)
410,025

Total income comprises £319,836 (2021: £144,059) for unrestricted funds, and £1,851,503 (2021: £1,924,411) 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 £1,520,377 (2021: deficit £1,417,450) before investment asset disposals, comprises £723,073 net expenditure (2021: net expenditure of £580,183) on unrestricted funds and £797,304 net expenditure (2021: net expenditure of £837,267) 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 20, which, together with the notes to the financial statements on pages 24 to 45, provides information on the movements during the year on all funds of the company.

The notes on pages 24 to 45 form part of these financial statements

21

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) BALANCE SHEET AS AT 30 SEPTEMBER 2022

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
Endowed funds
10,12
TOTAL FUNDS		 2022
£
5,798
265,549		 2022
2021
2021

£
£
£
831,485
858,732
29,256,416
29,617,983
30,087,901
30,476,715
5,998
242,892
248,890
928,197
1,177,087

(548,234)
504,033
628,853
30,591,934
31,105,568
1,215,999
913,994
4,728,122
6,013,637
69,959
223,270
4,798,081
6,236,907
24,577,854
23,954,667
30,591,934
31,105,568
271,347
602,509
873,856
(369,823)

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 £7,186,473 (2021: £10,027,237) are represented by unrealised gains on investments.

The financial statements on pages 24 to 45 were approved by the board of Trustees on 20[th] February 2023 and signed on its behalf by:

Arabella Duffield

David Marks

Dr. Arabella Duffield

Trustee (Chair)

David Marks

Hon. Treasurer

The notes on pages 24 to 45 form part of these financial statements

22

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2022

Note
Net expenditure
excluding endowments
Less investment income
Add depreciation
Net cash (used in) operating activities
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash (used in) operating activities
Returns on investments
Investment income including endowments
Net cash provided by returns on
investments
Cash flow from investing activities
Purchase of investments
Sale of investments
Financing
New endowments
Expenditure from endowments
Net cash provided by 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 inflow from capital		 £
(1,520,377)
(60,019)
27,247
(1,553,149)
(22,457)
(178,411)		 2022
2021
£
£
£

(1,417,440)

(47,186)
28,380

(1,436,246)

14,102

38,136
(1,754,017)
(1,384,008)
139,977
169,199
139,977

(1,014,685)
2,369,850
1,399,289
1,355,165

(115,580)
1,259,130
1,239,585
(325,688)
(4,446)
928,197
932,643
602,509
928,197
169,199
(518,229)
1,917,518
(140,159)
year

The notes on pages 24 to 45 form part of these financial statements

23

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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.

24

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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.

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.

25

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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.

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.

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.

26

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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		 2022
2021
£
£
-
9,425
1,040
1,914
72,588
55,253
36,414
29,665
59,157
43,720
169,199
139,977

3. Expenditure - Current Year

Direct costs
Salary
Other staff costs
& consultants
Grant payments
Investment Property
Legal costs
Investment manager
Direct activity costs
Accountancy
Support costs
Governance
Salary
Audit
Other
Other Support
Salary
Other staff costs
Office overheads
Accountancy
Depreciation
Total 2022
Total 2021		 Fundraising
Costs
Investment
Management
Research
Education &
Awareness
Total 2022
Total 2021
£
£
£
£
£
£
137,351
16,974
29,302
53,563
237,190
208,892
19,872
2,456
4,239
7,751
34,318
36,303
-
-
2,263,616
798,328
3,061,944
2,893,299
-
5,900
-
-
5,900
3,893
30,564
5,424
-
-
35,988
850
-
97,689
-
-
97,689
84,442
9,021
-
-
36,483
45,504
46,667
-
16,733
-
-
16,733
13,854
196,808
145,176
2,297,157
896,125
3,535,266
3,288,200
21,254
2,199
4,642
11,971
40,066
36,005
9,124
944
1,993
5,139
17,200
17,608
1,962
203
428
1,105
3,698
5,424
-
-
46,759
5,475
10,052
20,847
83,133
78,211
7,685
900
1,652
3,426
13,663
13,283
44,739
4,628
9,771
25,198
84,336
113,844
14,464
1,496
3,159
8,147
27,266
20,546
14,454
1,495
3,157
8,141
27,247
28,379
160,441
17,340
34,854
83,974
296,609
313,300
357,249
162,516
2,332,011
980,099
3,831,875
3,601,500
303,275
138,095
2,813,283
346,847
3,601,500

Governance costs include £1,272 (2021: £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 2022 totalled £14,800 (2021: £13,230) net of VAT. The auditors did not receive any fee for non‐ audit work during the year (2021: Nil).

27

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

3. Expenditure - Prior Year

Fundraising Investment Education &
Costs Management Research Awareness Total 2021
Direct costs £ £ £ £ £
Salary 116,875 14,674 27,498 49,845 208,892
Other staff costs
& consultants 20,311 2,550 4,779 8,663 36,303
Grant payments - - 2,739,029 154,270 2,893,299
Investment Property - 3,893 - - 3,893
Legal costs - 850 - - 850
Investment manager - 84,442 - - 84,442
Direct activity costs 1,931 - - 44,736 46,667
Accountancy - 13,854 - - 13,854
139,117 120,263 2,771,306 257,514 3,288,200
Support costs
Governance
Salary 18,568 1,937 4,844 10,656 36,005
Audit 9,080 948 2,369 5,211 17,608
Other 2,797 292 730 1,605 5,424
Other Support
Salary 42,548 5,040 10,375 20,248 78,211
Other staff costs 7,226 856 1,762 3,439 13,283
Office overheads 58,709 6,126 15,315 33,694 113,844
Accountancy 10,595 1,106 2,764 6,081 20,546
Depreciation 14,635 1,527 3,818 8,399 28,379
164,158 17,832 41,977 89,333 313,300
Total 2021 303,275 138,095 2,813,283 346,847 3,601,500

28

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

4. Staff

The aggregate payroll costs of these employees were:

Wages and salaries
Social security costs
Other pension costs
Charity only
The monthly average number of employees during the year was:		 2022
2021
£
£
274,046
241,744
30,665
25,779
55,677
55,584
360,388
323,107
2022
Number
2021
Number
5
5

No remuneration was paid to members of the Board of Trustees (2021: NIL), expenses of NIL (2021: NIL) were reimbursed to Trustees during the current year.

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

during the year between:
2022 2021
£60,000-£69,999 1 -
£80,000-£89,999 - 1

Weizmann UK operates a defined contribution pension scheme to which fixed contributions are made. The amount paid in the year was £43,251 (2021: £54,467), including amounts paid in relation to the higher paid employee of £5,786 (2021: 47,631).

The total employee benefits including pension contributions of the key management personnel were £123,710 (2021: £129,422).

5. Tangible Fixed Assets

Website
£
Cost
1 October 2021
25,770
Additions
-
30 September 2022
25,770
1 October 2021
25,770
Charge for the year
-
30 September 2022
25,770
Net book value
30 September 2021
-
30 September 2022
-
Accumulated depreciation		 Office
equipment
£
67,637
-
67,637
61,711
5,926
67,637
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
213,246
339,229
21,321
27,247
234,567
366,476
852,806
858,732
831,485
831,485

29

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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
Net investment gains/(losses)
Foreign exchange gain on overseas investment fund
Market value at 30 September
Historical cost at 30 September
Investments at market value comprise:
Listed investments: UK
Cash held within investment portfolio
Overseas investment fund
(b) Fixed asset investments
- movement in*
1 October
Movement in the year
30 September		 2022
2021
£
£
28,486,416
28,750,483
770,000
867,500
29,256,416
29,617,983
2022
2021
£
£
28,750,483
25,678,799
518,229
1,014,685
(1,411,173)
(2,866,265)
(506,345)
496,416
27,351,194
24,323,635
(3,671,088)
5,326,818
4,806,310
(899,970)
28,486,416
28,750,483
21,299,943
18,723,246
5,845,328
6,443,672
4,512
510,856
22,636,576
21,795,955
28,486,416
28,750,483
2022
2021
£
£
10,027,237
10,975,886
(2,840,764)
(948,649)
7,186,473
10,027,237

30

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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		 2022
2021
£
£
867,500
867,500
(97,500)
-
770,000
867,500
2022
2021
£
£
23,954,667
21,378,073
(11,635,195)
(11,635,195)
12,319,472
9,742,878
109,180
92,791
1,753,475
3,659,541
(140,159)
(115,580)
14,041,968
13,379,630
(1,099,309)
(1,060,158)
12,942,659
12,319,472
11,635,195
11,635,195
-
-
24,577,854
23,954,667

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.

31

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

7.
Debtors
Trade debtors
Amounts owed by subsidiary undertakings
Prepayments
Accrued income
8.
Cash at bank and in hand
Balance with bankers comprise:
Current accounts
Cash in hand
9.
Creditors – amounts falling due within one year
Trade creditors
Taxation & social security
Other creditors
Accruals and deferred income
Deferred income
Deferred income brought forward
Resources deferred in the year
Amounts released from previous years
Deferred income carried forward		 2022
£
28,248
5,798
14,360
222,941
271,347
2022
£
600,035
2,474
602,509
2022
£
22,490
15,679
14,869
316,785
369,823
11,223
11,228
(11,223)
11,228		 2021
£
-
5,998
13,786
229,106
248,890
2021
£
925,199
2,998
928,197
2021
£
9,911
10,409
12,629
515,285
548,234
11,607
11,223
(11,607)
11,223

32

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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

33

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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

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 Dangoor Chair of Archaeological Sciences – The Exilarch’s Foundation The Dollond Charitable Trust – Neuroscience research The Dyna & Fala Weinstock Charitable Trust - Restricted to the Physics Student Lounge at WIS 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) Wolfson Foundation- Cost of equipment for molecular engineering Wolfson Family Charitable Trust - Cost of equipment for molecular engineering Women In Science – restricted to the Israel National Postdoctoral Award Program for Advancing Women in Science

34

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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 30.9.21 1.10.21 30.09.21 Income Gains Expenditure Applied Return 30.9.22 30.09.22
£ £ £ £ £ £ £ £ £ £
Blond, Elaine Blond Career Development Chair 253,080 299,620 552,700 2,519 40,462 (3,268) (25,821) 313,512 253,080 566,592
Burton, Raymond Burton Prize 215,690 255,356 471,046 2,147 34,479 (2,785) (22,006) 267,191 215,690 482,881
Burton, Raymond Burton Fund 815,358 965,309 1,780,667 8,116 130,348 (10,528) (83,188) 1,010,057 815,358 1,825,415
Chain, Sir Ernst Chain Research Programme 175,932 208,287 384,219 1,750 28,115 (2,271) (17,950) 217,931 175,932 393,863
Curwen-Lowy, The Curwen – Lowy Biological Studies Fund 448,223 555,959 1,004,182 4,576 73,495 (5,936) (46,913) 581,181 448,223 1,029,404
Dekker, Kitty
Waas Dekker,
Simon Waas		 and Rosette
Dekker Scholarship Fund 78,365 92,773 171,138 781 12,539 (1,012) (7,995) 97,086 78,365 175,451
Djanogly, Jack & Simon Djanogly 52,181 61,778 113,959 519 8,334 (674) (5,324) 64,633 52,181 116,814
Ellis, Maxwell Ellis Professorship Fund 698,951 827,493 1,526,444 6,958 111,743 (9,025) (71,312) 865,857 698,951 1,564,808
Feldmann, Prof. Sir Marc Chair 598,552 235,989 834,541 3,804 61,090 (4,934) (38,987) 256,962 598,552 855,514
Goldenberg,
The
Edith
and
Nathan		 Goldenberg Career
Development Chair 500,000 339,335 839,335 3,826 61,445 (4,962) (39,212) 360,432 500,000 860,432
Harris-Ronson,
Philip
Harris
&
Gerald		 Ronson Career
Development Chair 211,573 250,478 462,051 2,106 33,823 (2,731) (21,585) 262,091 211,573 473,664
Jacobs, The Linda and Michael Jacobs Professorial Chair 755,863 672,261 1,428,124 6,509 104,533 (8,444) (66,719) 708,140 755,863 1,464,003
Kweller, Kathleen Kweller Fund 172,487 204,209 376,696 1,716 27,568 (2,227) (17,599) 213,667 172,487 386,154
Lewis, The Cecil and Hilda Lewis Charitable Trust 901,148 1,066,874 1,968,022 8,970 144,065 (11,636) (91,942) 1,116,331 901,148 2,017,479
Marcus, Rixi Marcus Scholarship 264,449 313,082 577,531 2,632 42,267 (3,414) (26,981) 327,586 264,449 592,035
Mendoza, Martin & Dianne Mendoza Scholarship 88,346 104,592 192,938 879 14,124 (1,141) (9,014) 109,440 88,346 197,786
Reuff, Reuff-Wormser Scholarship Fund 304,429 317,788 622,217 2,836 45,544 (3,678) (29,068) 333,422 304,429 637,851
Ritblat, J & I Ritblat Educational Trust Fund 172,343 202,005 374,348 1,706 27,404 (2,213) (17,489) 211,413 172,343 383,756
Sebba, Samuel Sebba Professorial Chair 1,011,546 1,197,579 2,209,125 10,070 161,713 (13,062) (103,206) 1,253,094 1,011,546 2,264,640
Subtotal: 7,718,516 8,170,767 15,889,283 72,420 1,163,091 (93,941) (742,311) 8,570,026 7,718,516 16,288,542

35

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

10 Funds – Endowed Fund 10 Funds – Endowed Fund (continued) (continued) (continued) Unapplied total Total Original Gift
Original Gift return at Fund Value at Investment Return Unapplied Total Value at Fund Value at
Value at 30.9.21 1.10.21 30.09.21 Income Gains Expenditure Applied Return 30.9.22 30.09.22
£ £ £ £ £ £ £ £ £ £
Brought forward 7,718,516 8,170,767 15,889,283 72,420 1,163,091 (93,941) (742,311) 8,570,026 7,718,516 16,288,542
- - -
Sieff, Sir David Sieff 112,686 133,407 246,093 1,121 18,006 (1,455) (11,497) 139,582 112,686 252,268
Sieff, Lord (Marcus) Sieff - Scholarship Funds 518,003 549,538 1,067,541 4,865 78,139 (6,311) (49,873) 576,358 518,003 1,094,361
Sosnow, The Norman Sosnow Postdoctoral Fellowship 288,453 341,501 629,954 2,872 46,118 (3,725) (29,430) 357,336 288,453 645,789
Smouha, The Sabine and Jeremy Smouha Scholarship 77,000 65,700 142,700 650 10,438 (844) (6,666) 69,278 77,000 146,278
Weinrebe,
Harry
Weinrebe
Professorial		 Chair of Laser
Physics 1,434,125 1,475,926 2,910,051 13,264 213,022 (17,205) (135,951) 1,549,056 1,434,125 2,983,181
Weinrebe,
The
Harry
Weinrebe		 Professorial Chair of
Computer Science and Biology 150,029 170,508 320,537 1,461 23,468 (1,895) (14,975) 178,567 150,029 328,596
Weinstock, Lord (Arnold) Weinstock Fund 839,665 994,083 1,833,748 8,358 134,229 (10,842) (85,668) 1,040,160 839,665 1,879,825
Weyman,
J
Stanley
Weyman		 & Dr Esther Hellinger
Scholarship Fund 86,747 102,705 189,452 864 13,878 (1,121) (8,851) 107,475 86,747 194,222
11,225,224 12,004,135 23,229,359 105,875 1,700,389 (137,339) (1,085,222) 12,587,838 11,225,224 23,813,062
Expendable Endowments
J Watt 409,971 315,337 725,308 3,305 53,086 (2,820) (14,087) 354,821 409,971 764,792
Total Expendable Endowments 409,971 315,337 725,308 3,305 53,086 (2,820) (14,087) 354,821 409,971 764,792
11,635,195 12,319,472 23,954,667 109,180 1,753,475 (140,159) (1,099,309) 12,942,659 11,635,195 24,577,854

36

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

10. Funds (continued) – Restricted Income Funds Funds (continued) – Restricted Income Funds Funds (continued) – Restricted Income Funds Funds (continued) – Restricted Income Funds Funds (continued) – Restricted Income Funds Funds (continued) – Restricted Income Funds
Endowment
Balance 1.10.21 Income Expenditure Transfer Balance 30.9.22
£ £ £ £ £
Bessie Lawrence ISSI - 3,060 - - 3,060
Biocomplexity Research 54,008 - - - 54,008
BIRAX 2,170 - - - 2,170
Blond, Elaine Blond Career Development Chair - - (25,821) 25,821 -
Burton, Raymond Burton Prize - - (22,006) 22,006 -
Burton, Raymond Burton Fund - - (83,188) 83,188 -
Cancer Research 1,025 - - - 1,025
Chain, Sir Ernst Chain Research Programme - - (17,950) 17,950 -
Curwen-Lowy, The Curwen – Lowy Biological Studies Fund - - (46,913) 46,913 -
Dan Shapiro Research Fund 4,936 - - - 4,936
Dekker, Kitty Waas Dekker, Simon Waas and Rosette Dekker
Scholarship Fund - - (7,995) 7,995 -
Djanogly, Jack & Simon Djanogly - - (5,324) 5,324 -
Education Outreach 22,950 - - - 22,950
Ellis, Maxwell Ellis Professorship Fund - - (71,312) 71,312 -
Events 3,500 1,950 - - 5,450
Feldmann, Prof. Sir Marc Chair - - (38,987) 38,987 -
Gala Dinner 3,500 - - - 3,500
Get Connected 8,000 - - - 8,000
Goldenberg,
The
Edith
and		 Nathan Goldenberg Career
Development Chair - - (39,212) 39,212 -
Harris-Ronson,
Philip
Harris		 & Gerald Ronson Career
Development Chair - - (21,585) 21,585 -
Jacobs, The Linda and Michael Jacobs Professorial Chair - - (66,719) 66,719 -
J Watt - - (14,087) 14,087 -
Kweller, Kathleen Kweller Fund - - (17,599) 17,599 -
Lewis, The Cecil and Hilda Lewis Charitable Trust - - (91,942) 91,942 -
Making Connections 182,597 141,973 - - 324,570
Manchester PhD scholarship 37,500 5,000 (28,000) - 14,500
Subtotal: 320,186 151,983 (598,640) 570,640 444,169

37

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

10. Funds – Restricted Income Funds (continued)
Balance 1.10.21 Income Expenditure Endowment T'fer Balance 30.9.22
£ £ £ £ £
Brought forward 320,186 151,983 (598,640) 570,640 444,169
Marcus, Rixi Marcus Scholarship - - (26,981) 26,981 -
Mendoza, Martin & Dianne Mendoza Scholarship - - (9,014) 9,014 -
MSc Scholarship 250 - - - 250
PhD Schloarship 500 5,000 - - 5,500
Professorial Chair 405,050 - - - 405,050
Reuff, Reuff-Wormser Scholarship Fund - - (29,068) 29,068 -
Ritblat, J & I Ritblat Educational Trust Fund - - (17,489) 17,489 -
Sebba, Samuel Sebba Professorial Chair - - (103,206) 103,206 -
Sieff, Sir David Sieff - - (11,497) 11,497 -
Sieff, Lord (Marcus) Sieff - Scholarship Funds - - (49,873) 49,873 -
Sosnow, The Norman Sosnow Postdoctoral Fellowship - - (29,430) 29,430 -
Smouha, The Sabine and Jeremy Smouha Scholarship - - (6,666) 6,666 -
Stroke Research 17,500 - - - 17,500
The Dangoor Chair of Archaelogical Sciences - 185,205 (2,263) - 182,942
The Dangoor-Research Accelorator Mass Spectrometer Lab 6,664 - - - 6,664
The Dollond Charitable Trust 10,000 - (10,000) - -
The Dyna & Fala - 300,000 (300,000) -
The Paula and Ludwig Weiler Reseach Foundation ( R ) 25,000 - - - 25,000
Weinrebe, Harry Weinrebe Professorial Chair of Laser Physics - - (135,951) 135,951 -
Weinrebe, The Harry Weinrebe Professorial Chair of Computer
Science and Biology - - (14,975) 14,975 -
Weinstock, Lord (Arnold) Weinstock Fund - - (85,668) 85,668 -
Weyman, J Stanley Weyman & Dr Esther Hellinger Scholarship
Fund - - (8,851) 8,851 -
The Wohl Institute for Drug Discovery - 741,735 (741,735) - -
Wolfson FCT KillCorona 100,000 - - - 100,000
Wolfson Foundation - 276,000 (276,000) - -
Wolfson Family Charitable Trust - 184,000 (184,000) - -
Women In Science 2,500 7,500 (7,500) - 2,500
Other 26,344 80 - - 26,424
913,994 1,851,503 (2,648,807) 1,099,309 1,215,999

38

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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 1.10.20 1.10.20 1.10.20 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 Fu 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

39

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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 1.10.20 1.10.20 1.10.20 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

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

40

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

10. 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 -
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 - 30,630 (30,630) - (0)
Curw en-Low y, The Curw en – Low y Biological Studies Fund - - (45,252) 45,252 -
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 -
Education Outreach 21,500 1,450 - - 22,950
Ellis, Maxw ell Ellis Professorship Fund (68,788) 68,788 -
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 -
Jacobs, The Linda and Michael Jacobs Professorial Chair - - (64,357) 64,357 -
J Watt (13,351) 13,351 -
Kw eller, Kathleen Kw eller Fund - - (16,975) 16,975 -
Lew is, The Cecil and Hilda Lew is Charitable Trust - - (88,687) 88,687 -
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) 550,203 320,186

41

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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
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		 Balance 1.10.20
Income
Expenditure
Endowment T'fer
Balance 30.9.21
£
£
£
£
£
136,139
753,945
(1,120,101)
550,203
320,186
-
-
(26,026)
26,026
-
-
-
(8,695)
8,695
-
250
-
-
-
250
500
-
-
-
500
405,050
-
-
-
405,050
-
-
(28,040)
28,040
-
-
-
(16,870)
16,870
-
-
-
(99,551)
99,551
-
-
-
(11,090)
11,090
-
-
-
(48,108)
48,108
-
-
-
(28,388)
28,388
-
-
-
(6,431)
6,431
-
17,500
-
-
-
17,500
-
18,297
(18,297)
-
0
-
142,464
(142,464)
-
-
6,664
-
-
-
6,664
-
30,000
(20,000)
-
10,000
25,000
-
-
-
25,000
-
-
(131,138)
131,138
-
-
-
(14,445)
14,445
-
-
-
(82,636)
82,636
-
-
-
(8,537)
8,537
-
-
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
913,994

42

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

11. Unrestricted income funds

Designated Funds
UKWSP
General Fund
Total unrestricted funds
charity
Prior Year
Designated Funds
General Fund
Total unrestricted funds
charity		 Balance
30.9.21
£
223,270
6,013,637
6,236,907
Balance
30.9.20
£
223,270
5,826,503
6,049,773		 Income
£
-
319,836
319,836
Income
£
-
144,069
144,069		 Expenditure
£
(153,311)
(889,598)
(1,042,909)
Expenditure
£
-
(724,242)
(724,242)		 Net
investment
gain
Balance
30.9.22
£
£
-
69,959
(715,753)
4,728,122
(715,753)
4,798,081
Net
investment
gain
Balance
30.9.21
£
£
-
223,270
767,307
6,013,637
767,307
6,236,907

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		 £
831,485
4,678,562
(781,925)
4,728,122
£
858,732
5,663,316
(508,411)
6,013,637
General
Funds
General
Funds		 £
-
-
69,959
69,959
£
-
-
223,270
223,270
Designated
Funds
Designated
Funds		 £
-
-
1,215,999
1,215,999
£
-
-
913,994
913,994
Restricted
Income
Funds
Restricted
Income
Funds		 £
£
-
831,485
24,577,854
29,256,416
-
504,033
24,577,854
30,591,934
£
£
-
858,732
23,954,667
29,617,983
-
628,853
23,954,667
31,105,568
Total Funds
at 30.9.20
Endowment
Funds
Endowment
Funds
Total Funds
at 30.9.22

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.

43

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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 2022:

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		 2022
2021
£
£
3,671
3,882
3,671
3,882
(5,798)
(5,998)
(2,127)
(2,116)
3
3
(2,130)
(2,119)
(2,127)
(2,116)

15. Related party transactions

Weizmann UK is owed £5,798 (2021: £5,998) on its current account by its wholly owned subsidiary, the Weizmann International Event Management Limited at the year‐end.

During the year, ten 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, and Charles Wolfson Townsley) are members of the International Board of the Weizmann Institute. Weizmann UK paid £2,985,289 to the Weizmann Institute during the year (2021: £2,576,061). There are amounts outstanding of £1,215,999 (2021: £913,994).

There have been no other related party transactions with the exception of the payment of legal charges amounting to £18,070 in relation to the charity (2021: £nil) 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 amounts outstanding of £18,070 (2021: Nil).

The total aggregate donations received from Trustees was £nil (2021: £274,520).

44

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

16. Prior Year SOFA
2021
INCOME FROM
Note
£
Donations & Legacies
Donations
85,571
Legacies
2,078
Income from Investments
2
47,186
Income from
charitable activities
Educational events
230
Other Income
9,004
TOTAL INCOME
144,069
EXPENDITURE ON
Raising Funds
3
Fundraising & event costs
303,275
Investment management costs
22,515
Charitable Activities
3
Education & awareness
189,235
Research
209,217
TOTAL EXPENDITURE
724,242
(580,173)
Foreign exchange (losses) / gains
(899,970)
Property revaluation
-
Net investment gains
1,667,277
767,307
187,134
Transfers between funds
10
-
187,134
6,049,773
6,236,907
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
2021
INCOME FROM
Note
£
Donations & Legacies
Donations
85,571
Legacies
2,078
Income from Investments
2
47,186
Income from
charitable activities
Educational events
230
Other Income
9,004
TOTAL INCOME
144,069
EXPENDITURE ON
Raising Funds
3
Fundraising & event costs
303,275
Investment management costs
22,515
Charitable Activities
3
Education & awareness
189,235
Research
209,217
TOTAL EXPENDITURE
724,242
(580,173)
Foreign exchange (losses) / gains
(899,970)
Property revaluation
-
Net investment gains
1,667,277
767,307
187,134
Transfers between funds
10
-
187,134
6,049,773
6,236,907
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
2021
£
1,924,411
-
-
-
-		 Total
funds
2021
2021
£
£
-
2,009,982
-
2,078
92,791
139,977
-
230
-
9,004
92,791
2,161,271
-
303,275
115,580
138,095
-
346,847
-
2,813,283
115,580
3,601,500
(22,789)
(1,440,229)
-
(899,970)
-
-
3,659,541
5,326,818
3,659,541
4,426,848
3,636,752
2,986,619
(1,060,158)
-
2,576,594
2,986,619
21,378,073
28,118,949
23,954,667
31,105,568
Endowment
funds
144,069 1,924,411
303,275
22,515
189,235
209,217		 -
-
157,612
2,604,066
724,242 2,761,678
(580,173) (837,267)
(899,970)
-
1,667,277		 -
-
-
767,307 -
187,134 (837,267)
- 1,060,158
187,134 222,891
6,049,773 691,103
6,236,907 913,994

45