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2023-09-30-accounts

THE WEIZMANN INSTITUTE FOUNDATION Company Limited by Guarantee

TRUSTEES’ REPORT & FINANCIAL STATEMENTS

30 September 2023 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 2023

Contents Page
Trustees and Professional Advisors 2
Trustees’ Annual Report 4
Independent Auditors’ Report to the members
of the Weizmann Institute Foundation (Weizmann UK) 15
Statement of Financial Activities 19
Summary Income and Expenditure Account 20
Statement of Total Recognised Gains and Losses 20
Balance Sheet 21
Cash Flow Statement 22
Notes to the Financial Statements 23

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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

Dr. Arabella Duffield (Chair) David Marks (Hon. Treasurer) Dr. Iris Good Dean Lush Maxwell Nisner (Retired at end of his term as Trustee 29 November 2022) Martin Paisner CBE - appointed 16 March 2023 Denis Raeburn Bianca Roden - appointed 16 March 2023 Denitza Roussinova Michael Sandler Hayley Sieff Simon Sturge Barry Townsley CBE Charles Wolfson Townsley

Hon. Secretary Jonathan Kropman (Retired at end of his term on 15 March 2022 as Trustee and remains Honorary Company Secretary)

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

Investment Committee Risk Committee Denis Raeburn (Chair) Jonathan Kropman (Chair) Jonathan Kropman David Marks Denitza Roussinova ‐ appointed 21 March 2023 Charles Wolfson Townsley Maxwell Nisner (retired 29 November 2022) Audit Committee Remuneration Committee David Marks (Chair) Dean Lush (Chair) Jonathan Kropman Dr. Arabella Duffield (ex officio) Denis Raeburn - retired 21 March 2023 Simon Sturge - appointed 21 March 2023 Jonathan Kropman

Scientific Advisory Committee Dr. Iris Good (Chair) - appointed 20 February 2023

Life President Dame Vivien Duffield DBE

President Barry Townsley CBE

Vice Presidents Lord Alliance CBE Martin Paisner CBE Lord Mitchell Sir John Ritblat Lord Rothschild CBE (Lord Rothschild sadly passed away on 26 February 2024. He was a longstanding and valued friend and supporter of Weizmann UK and a Life Member of the Institute’s International Board).

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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 Street Place 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

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023

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 2023. The report and the financial statements have been produced in accordance with the provisions of the FRS 102 SORP – Accounting and Reporting by Charities – Second Edition, effective 1 January 2019, the Companies Act 2006, and the Charities Act 2011.

HIGHLIGHTS OF OUR YEAR

Weizmann UK had a full and active year of events and activities supporting its awareness raising and fundraising, alongside its work to promote scientific collaboration between the Weizmann Institute of Science and scientists in the UK.

The President of the Weizmann Institute, eminent neuroscientist Prof. Alon Chen , delivered the Annual Lecture in January on his research on trauma, stress and anxiety; Weizmann scientist Dr. Leeat Keren was the keynote speaker at the Women in Science Lunch in May; and Weizmann Vice-President and quantum physicist Prof. Roee Ozeri visited in June to share his achievement in developing Israel’s first Quantum Computer. Weizmann UK also hosted collaborators Prof. Ofer Yizhar from the Weizmann Institute and Dr. Adam Packer from the University of Oxford at a dinner where they presented their research in neuroscience.

Weizmann UK’s biennial fundraising lunch ‘Women in Science & The Arts’ was delivered this year in partnership with Sotheby’s, with world-renowned artist Jenny Saville RA as guest speaker. The event raised funds for the Institute’s programmes to advance women in science. Weizmann UK continued to raise awareness of and funds for the Institute’s major flagship programmes (including the Institute ‐ for Brain and Neural Sciences, ‘Frontiers of the Universe’ facility in astro and particle physics, and The Institute for Environmental Sustainability); and for its own education programmes (including the Physics Competition and Bessie Lawrence ISSI programme) and its work supporting scientific collaboration between scientists at the Weizmann Institute and those in the UK (the Making Connections Programme).

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2023

OUR ACTIVITIES & ACHIEVEMENTS IN DETAIL

In the year ended 30 September 2023 we received donations and legacies of £12,350,054 (2022: £2,107,621) and we were able to award grants totalling £2,448,018 (2022: £2,985,289) to the Institute. £10,135,812 of this income represents the legacy gift from a testator who died in 2018 and is recognised in the year ended 30 September 2023 as overseas Probate applicable on the gift was only granted on the Estate on 11 June 2023. The legacy received has been accounted for as an Expendable endowment to support research into diabetes and cancer.

EDUCATION & AWARENESS

Weizmann Institute International Board

Over 300 international supporters including a group from the UK visited the Weizmann Institute of Science in November 2022, for the Annual General Meeting of the International Board. The focus of the meeting was the Institute’s work in environmental sustainability. Highlights of the programme included: scientific presentations on climate change research, quantum computing, and developments in RNA vaccines and therapies; a presentation of the Davidson Institute’s science gap-year student programme; and the annual Clore Luncheon with guest speaker Shaul Amsterdamski (Senior Economic Editor at Kan). There was a field visit to see the work of Dr. David Zeevi and Dr. Tamir Klein, as part of the Institute of Environmental Sustainability, in situ.

Small evening event with Making Connections Scientists Prof. Ofer Yizhar, Weizmann Institute of Science & Dr. Adam Packer, University of Oxford

Making Connections collaborators Prof. Ofer Yizhar and Dr. Adam Packer, University of Oxford, presented their collaborative research at a small private dinner. They are working together to map the circuit of the brain using an innovative laser technology.

Annual Lecture – Mental Health Matters with Weizmann President Prof. Alon Chen

Over 120 guests joined Weizmann UK’s Annual Lecture in January. The evening was opened by the Chair of Weizmann UK, Dr. Arabella Duffield, and Prof. Miranda Wolpert MBE, Director of Mental Health at Wellcome Trust, who spoke about the key areas of research that Wellcome Trust is currently funding. Prof. Chen gave an overview of why the Institute is such a special environment for the development of scientific knowledge and touched on its current flagship projects, followed by a presentation on his own area of neuroscience research on stress, anxiety, and depression.

UK Physics Competition

Weizmann UK’s 11th Annual Safe Cracking competition took place in-person at Dulwich College, with 18 teams (over 120 pupils) from 13 schools. Teams designed and built safes which could be cracked only by solving two physics riddles. The teams were competing to win a travel grant to take part in the International Safe Cracking Tournament at the Institute in March 2023. Tonbridge School came in first place, Dulwich College in second place and Haberdashers’ Aske’s Boys School in third place. The Tonbridge team was awarded a full grant to participate in the International Competition. The teams placing second and third funded their travel independently but with a grant for their registration fee covered by WUK.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Dr Bessie Lawrence International Summer Science Institute

The International Summer Science Institute was once again held on campus for the first time since the pandemic. 22 applications were received with 18 selected for interview, and 10 exceptional students from the UK participated in the Bessie Lawrence ISSI at Rehovot. The students collaborated on a broad range of research projects, from astrophysics to biomedical imaging.

Women in Science Lunch

Over 180 guests attended the Women in Science & The Arts Lunch that was hosted by Dr. Arabella Duffield and Hayley Sieff in May at The Design Museum. Thanks to the support of Sotheby’s, the guest speaker was acclaimed British artist Jenny Saville RA, who spoke alongside Weizmann scientist Dr. Leeat Keren. The event raised funds for the Weizmann Institute’s programme advancing women in science.

Visit of Vice President Prof. Roee Ozeri

Prof. Ozeri came to London in June for a programme of meetings and events to present his work in Quantum Computing, and to promote scientific collaboration with a number of UK universities.

Women in the Arts & Sciences Cultivation Lunch in partnership with Sotheby’s

Following our Women in Science fundraising lunch in May, we held a small cultivation lunch at Sotheby’s to engage guests further in the work of the Institute. Guests heard from Weizmann alumna Dr. Avital Hahamy, a neuroscientist at UCL, and a speaker from Sotheby’s, Lisa Stevenson, Director, Specialist, Head of Curated Sales in Contemporary Art.

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. Thanks to the generosity of Weizmann UK's supporters, there have now been a total of 79 grants awarded since the Making Connections programme began in 2008/9, bringing Institute scientists from a variety of fields into close working contact with scientists from around 30 UK universities and research institutes.

The Board approved three further Making Connections grants to fund the following collaborations:

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2023

A Making Connections Sponsored Scientific Meeting , Ideas in Contemporary Immunology was held at UCL in September in memory of Prof. Av Mitchison. Prof. Benny Chain organised this international meeting attended by Weizmann scientist Prof. Yardena Samuels. Weizmann UK provided sponsorship as part of its Making Connections Programme.

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 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.

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 can change the way they hear from Weizmann UK at any time. All of these policies are reviewed on an annual basis and all activities are monitored by the Risk Committee and annually reported on to the Board of Trustees.

During the year 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 2023-2024

In the coming year Weizmann UK will welcome more scientists from the Institute to the UK, to share details of their important research advancing science for the benefit of humanity, and it plans to take more supporters to the Institute to see this work in situ. The team plans to launch an Ambassadors Giving Network to help raise unrestricted funds for its UK-based programmes and activities, and they will also focus on raising funds for the Institute’s flagship projects. 2023/24 will mark the 15th anniversary of the Making Connections Programme, and there are plans in place for an external impact review of the programme.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 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 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 and assumed 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 16.

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.

Denis Raeburn retired as a member of the Audit Committee and Simon Sturge was appointed as a member on 21 March 2023. Maxwell Nisner retired as a member of the Investment Committee on 29 November 2022. Denitza Roussinova was appointed as a member of the Investment Committee on 21 March 2023.

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

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2023

‐ 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.

ARTICLES OF ASSOCIATION

Following a review and advice from legal advisers, on 21 March 2023 the company at the Annual General Meeting adopted new Articles of Association in contemporary form.

POLICY & PROCEDURES

Pay policy for senior staff:

The Remuneration Committee, Chaired by Dean Lush with David Marks, Jonathan Kropman and with 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 16 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 2023 show net income for the year before foreign exchange gains and investment gains of £9,276,095 (2022: net expenditure of £1,551,356). The net movement in funds for the year amounted to an increase of £9,330,266 (2022: decrease of £513,634) after accounting for net investment and exchange gains of £54,171 (2022: £1,037,722). A transfer of £1,078,232 was made from Endowed funds to Restricted funds representing the allocation of total return in the year. During the year grants of £2,600,285 (2022: £3,061,944) were awarded of which £2,448,018 (2022: £2,985,289) were made to the Weizmann Institute.

Reserves

At 30 September 2023 the Charity held unrestricted reserves of £5,639,788 (2022: £4,798,081). Included within unrestricted reserves is £69,959 (2022: £69,959) 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.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2023

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 £813,257 (2022: £831,485). 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.

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, Denitza Roussinova (appointed 21 March 2023) 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.

Weizmann UK Trustee Martin Paisner CBE is a Trustee of W ‐ GEM and Weizmann UK Trustee Denis Raeburn 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 2023 was a strong period for equity markets. The first three quarters of the period saw the MSCI World index in USD terms return +25.1%, followed by a negative quarter returning -3.4%. Overall, the MSCI World index was up +20.8% in USD terms in the financial year. US Government Bonds were marginally positive, returning +1.3% in the 12 months to 30 September 2023.

W-GEM, which has been allocated the bulk of Weizmann UK’s investment portfolio (approximately $25.4m or £23.1) has been invested across a well-diversified range of asset classes and managers. The performance of the portfolio with W-GEM was +9.4% for the year ended 30 September 2023, in USD, which is the reference currency of the portfolio. W-GEM’s policy benchmark is 80% MSCI All Country World Index, 10% U.S. Government Bond Index, and 10% European Government Bond Index. This benchmark returned +15.2% for the year.

It is to be expected that W-GEM will underperform its policy benchmark in strongly rising equity markets and outperform in weaker periods for the stock market. The underperformance over the last 12 months is therefore not concerning. In Sterling terms, the value of Weizmann UK’s

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2023

investment in W-GEM was negatively impacted by the depreciation of the USD versus Sterling from 1.115 to 1.220 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 increased by +11.0% in Sterling terms for the year ended 30 September 2023. The fund is intended to preserve and grow the real value of the invested capital over the long term, whilst providing some protection during difficult market conditions.

Weizmann UK has Charity Commission approval to 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 11), the unapplied total return remains invested as part of the permanent endowment. This year, £1,078,232 was applied to income.

The investment property is stated at its open market value and is subject to a formal revaluation every five years. The property was acquired in 2011. A desk-top valuation by an independent qualified surveyor in November 2022 valued the property at £770,000. The Trustees considered that there has been no change in the underlying market condition in the period and have therefore made no adjustment to the fair value of the property in 2023.

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 2023

Risk Policy

The Risk Committee is appointed by the Board of Trustees. The 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, with the Chair of the Trustees (ex officio) and is also attended by the Director of Operations and the Executive Director. In the financial year to 30 September 2023, the Risk Committee convened twice (March 2023 and July 2023) to consider relevant risk issues pertaining to the organisation.

The March 2023 meeting specifically focused on the risks for charities connected to Israel. It was recognised that political issues in and around Israel have long been monitored as a risk, but the Committee noted the changing (and potentially increasingly negative) views relating to Israel and the implications this could have on fundraising. It was agreed that as the focus of Weizmann UK’s fundraising and communications is on science which has a global impact, and not on political issues relating to Israel, Weizmann UK would hope to avoid any controversy and impact on fundraising income.

The July 2023 meeting reviewed this issue again, alongside undertaking its full annual risk assessment identifying and discussing the key risk areas, as:

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 26 September 2023, the Risk Analysis Matrix 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.

A further Risk Committee Meeting was held post financial year-end with particular reference to the impact on fundraising and ancillary issues arising from the attack on Israel of 7[th] October 2023.

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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2023

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 2023

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 14th May 2024

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 2023 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 other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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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 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 13, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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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)

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 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.

17

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

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: May 2024 27

18

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023

INCOME FROM
Note
Donations & Legacies
Donations
Legacies
Income from Investments
2
Income from
charitable activities
Educational events
TOTAL INCOME
EXPENDITURE ON
Raising Funds
3
Fundraising & event costs
Investment management costs
Charitable Activities
3
Education & awareness
Research
TOTAL EXPENDITURE
Foreign exchange (losses) / gains
NET (EXPENDITURE) /
INCOME BEFORE NET GAINS
& LOSSES ON INVESTMENTS		 Restricted
funds
Total
funds
Total
funds
2023
2023
2023
2023
2022

£
£
£
£
£
215,088
1,975,764
-
2,190,852
1,975,372
23,390
-
10,135,812
10,159,202
132,249
47,061
-
133,240
180,301
169,199
243,026
-
-
243,026
3,699
528,565
1,975,764
10,269,052
12,773,381
2,280,519
354,590
-
-
354,590
357,249
28,516
-
158,343
186,859
162,516
188,104
124,270
-
312,374
980,099
260,963
2,382,500
-
2,643,463
2,332,011
832,173
2,506,770
158,343
3,497,286
3,831,875
(303,608)
(531,006)
10,110,709
9,276,095
(1,551,356)
-
-
(2,183,213)
(2,183,213)
4,806,310
Endowment
funds
Unrestricted
funds
Property revaluation -
-
-
-
(97,500)
Net investment gains/(losses)
6
404,478
-
1,832,906
2,237,384
(3,671,088)
404,478
-
(350,307)
54,171
1,037,722
100,870
(531,006)
9,760,402
9,330,266
(513,634)
Transfers between funds
11,12
740,837
337,395
(1,078,232)
-
-
841,707
(193,611)
8,682,170
9,330,266
(513,634)
4,798,081
1,215,999
24,577,854
30,591,934
31,105,568
5,639,788
1,022,388
33,260,024
39,922,200
30,591,934
All the above operations are continuing.
Details of comparative figures by fund are disclosed in note 17.
-
FUND BALANCES CARRIED
FORWARD
Fund balances brought forward
NET MOVEMENT IN FUNDS
NET INCOME/(EXPENDITURE)

The notes on pages 23 to 46 form part of these financial statements

19

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023

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		 £
2,504,329
(3,338,943)		 2023
£

(834,614)
1,078,232
243,618		 2022
£
£
2,171,339
(3,691,716)
(1,520,377)
1,099,309
(421,068)

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR THE YEAR ENDED 30 SEPTEMBER 2023
STATEMENT OF TOTAL RECOGNISED
GAINS AND LOSSES
Surplus/(Deficit) for the year before
unrealised investment gains
Net investment gains and losses including
foreign exchange gains
Total recognised gains and losses
for the year		 2023
£
243,618
404,478
648,096		 2022
£
(421,068)
(715,753)
(1,136,821)

Total income comprises £528,565 (2022: £319,836) for unrestricted funds, and £1,975,764 (2022: £1,851,503) 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 £834,614 (2022: deficit £1,520,377) before investment asset disposals, comprises £303,608 net expenditure (2022: net expenditure of £723,073) on unrestricted funds and £531,006 net expenditure (2022: net expenditure of £797,304) 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 19, which, together with the notes to the financial statements on pages 23 to 46, provides information on the movements during the year on all funds of the company.

The notes on pages 23 to 46 form part of these financial statements

20

Company Number: 483123

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) BALANCE SHEET AS AT 30 SEPTEMBER 2023

Note
FIXED ASSETS
Tangible Fixed Assets
5
Investments
6
CURRENT ASSETS
Property held for resale
7
Debtors:
Amount due from subsidiary undertaking
8
Other debtors
8
Cash at bank and in hand
9
Creditors:amounts falling due within one
year
10
NET CURRENT ASSETS
NET ASSETS
FUNDS
Restricted funds
11,13
Unrestricted funds:
12,13
General fund
Designated funds
Non Charitable Trading funds
Endowed funds
11,13
TOTAL FUNDS		 2023
£
9,083,973
5,498
726,046		 2023
£
813,257
27,917,633
28,730,890
11,191,310
39,922,200
1,022,388
5,569,829
69,959
5,639,788
-
33,260,024
39,922,200		 2022
2022
£
£
831,485
29,256,416
30,087,901
-
5,798
265,549
271,347
602,509
873,856
(369,823)
504,033
30,591,934
1,215,999
4,728,122
69,959
4,798,081
-
24,577,854
30,591,934
731,544
1,646,322
11,461,839
(270,529)

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 £7,331,447 (2022: £7,186,473) are represented by unrealised gains on investments.

The financial statements on pages 23 to 46 were approved by the board of Trustees on 14[th] May 2024 and signed on its behalf by:

David Marks

Dr. Arabella Duffield David Marks Trustee (Chair) Hon. Treasurer

The notes on pages 23 to 46 form part of these financial statements

21

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2023

Note
£
Net expenditure
excluding endowments
(834,614)
Less investment income
(47,061)
Add depreciation
21,503
Net cash provided by/(used in) operating
activities
(860,172)
(Increase) in property held for resale
(9,083,973)
(Increase) in debtors
(460,197)
Increase/(Decrease) in creditors
(99,294)
Net cash provided by/(used in)
operating activities
Returns on investments
Investment income including endowments
180,301
Net cash provided by/(used in)
returns on investments
Cash flow from investing activities
Purchase of tangible fixed assets
(3,275)
Purchase of investments
(41,683)
Sale of investments
1,434,637
Financing
New endowments
10,135,812
Expenditure from endowments
(158,343)
Net cash (used in) investing
activities
CHANGE IN CASH AND CASH
EQUVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Net cash outflow from capital		 £
(834,614)
(47,061)
21,503
(860,172)
(9,083,973)
(460,197)
(99,294)
180,301		 2023
£






(10,503,636)
180,301


1,389,679


9,977,469
1,043,813
602,509
1,646,322		 2022
£
£
(1,520,377)
(60,019)
27,247
(1,553,149)
-
(22,457)
(178,411)
(1,754,017)
169,199
169,199
-
(518,229)
1,917,518
1,399,289
-
(140,159)
1,259,130
(325,688)
928,197
602,509
(3,275)
(41,683)
1,434,637

The notes on pages 23 to 46 form part of these financial statements

22

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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.

23

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. Accounting policies (continued)

(b) Investments (continued)

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 4.5% has been applied to income. A rate of 4.5% 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.

(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.

24

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. Accounting policies (continued)

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.

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 11).

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.

25

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. Accounting policies (continued)

(g) Pensions

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

(h) Operating Leases

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

(i) Irrecoverable Tax

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

(j) Financial Instruments

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

(k) Judgements and key sources of estimation uncertainty

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

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

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

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

Total return on investments – Weizmann UK adopt the use of total return investment powers in relation to its permanent endowment investments. During the current financial year the Trustees allocated 4.5% to income.

26

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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		 2023
2022
£
£
4,384
-
12,697
1,040
41,943
72,588
87,133
36,414
34,144
59,157
180,301
169,199

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 2023
Total 2022		 Fundraising
Costs
Investment
Management
Research
Education &
Awareness
Total 2023
Total 2022
£
£
£
£
£
£
127,029
16,829
27,016
43,672
214,546
237,190
16,961
2,247
3,609
5,832
28,649
34,318
-
-
2,576,015
24,270
2,600,285
3,061,944
-
6,824
-
-
6,824
5,900
-
17,606
-
-
17,606
35,988
-
109,927
-
-
109,927
97,689
3,076
-
-
179,305
182,381
45,504
-
16,828
-
-
16,828
16,733
147,066
170,261
2,606,640
253,079
3,177,046
3,535,266
24,851
1,568
4,128
6,636
37,183
40,066
14,685
926
2,439
3,921
21,971
17,200
16,244
1,025
2,698
4,338
24,305
3,698
-
-
67,256
6,889
12,947
20,887
107,979
83,133
21,837
2,237
4,204
6,782
35,060
13,663
29,909
1,887
4,968
7,987
44,751
84,336
18,371
1,159
3,052
4,906
27,488
27,266
14,371
907
2,387
3,838
21,503
27,247
207,524
16,598
36,823
59,295
320,240
296,609
354,590
186,859
2,643,463
312,374
3,497,286
3,831,875
357,249
162,516
2,332,011
980,099
3,831,875

Governance costs include £1,272 (2022: £1,272) relating to the purchase of Trustees’ indemnity insurance. Grant payments represent awards to the Weizmann Institute, Israel and universities and research institutions in the UK in accordance with Weizmann UK's charitable objects.

Auditors’ remuneration for 2023 totalled £17,000 (2022: £14,800) net of VAT. The auditors received £2,750 for fees in relation to corporation tax and VAT advice during the year (2022: Nil).

27

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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

28

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

4. Staff

The aggregate payroll costs of these employees were:

2023 2022
£ £
Wages and salaries 294,999 274,046
Social security costs 35,396 30,665
Other pension costs 29,313 55,677
Charity only 359,708 360,388
The monthly average number of employees during the year was:
2023 2022
Number Number
4 5
No remuneration was paid to members of the Board of Trustees (2022: NIL), expenses of NIL (2022: 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:
2023 2022
£60,000-£69,999 2 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 £26,983 (2022: £43,251), including amounts paid in relation to the higher paid employee of £19,189 (2022: 5,786).

The total employee benefits including pension contributions of the key management personnel were £134,927 (2022: £123,710).

29

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. Tangible Fixed Assets

Website
£
Cost
1 October 2022
25,770
Additions
-
Disposals
-
30 September 2023
25,770
1 October 2022
25,770
Charge for the year
-
Disposals
-
30 September 2023
25,770
Net book value
30 September 2022
-
30 September 2023
-
Accumulated depreciation		 Office
equipment
£
67,637
3,275
(27,148)
43,764
67,637
182
(27,148)
40,671
-
3,093		 Furniture &
fixtures
£
38,502
-
(1,127)
37,375
38,502
-
(1,127)
37,375
-
-		 Property
Total
£
£
1,066,052
1,197,961
-
3,275
-
(28,275)
1,066,052
1,172,961
234,567
366,476
21,321
21,503
-
(28,275)
255,888
359,704
831,485
831,485
810,164
813,257

30

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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)
1 October
Movement in the year
30 September
Fixed asset investments - movement in
accumulated unrealised gains based on historic		 2023
2022
£
£
27,147,633
28,486,416
770,000
770,000
27,917,633
29,256,416
2023
2022
£
£
28,486,416
28,750,483
41,683
518,229
(1,432,957)
(1,411,173)
(1,680)
(506,345)
27,093,462
27,351,194
2,237,384
(3,671,088)
(2,183,213)
4,806,310
27,147,633
28,486,416
19,816,186
21,299,943
6,152,501
5,845,328
2,832
4,512
20,992,300
22,636,576
27,147,633
28,486,416
2023
2022
£
£
7,186,473
10,027,237
144,974
(2,840,764)
7,331,447
7,186,473

31

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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		 2023
2022
£
£
770,000
867,500
-
(97,500)
770,000
770,000
2023
2022
£
£
24,577,854
23,954,667
(11,635,195)
(11,635,195)
12,942,659
12,319,472
133,240
109,180
(350,307)
1,753,475

(158,343)
(140,159)
12,567,249
14,041,968
(1,078,232)
(1,099,309)
11,489,017
12,942,659
11,635,195
11,635,195
10,135,812
-

33,260,024
24,577,854

The Charity Commission permitted Weizmann UK to 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 11) 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 2023. It has been assumed that for the years to 30 September 2004 and 2009 the dividends and interest less costs has equated to the unapplied total return applied in the periods and as such the value of the unapplied return is equivalent to the net gains and losses in those periods.

32

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

7. Property held for resale

Property held for resale 2023
2022
£
£
9,083,973
-
9,083,973
-

Real estate interests in Israel were received pursuant to a legacy. The intention is that these assets be sold, The proceeds of sale will be held and invested to produce income which will be paid to a public endowment supporting cancer and diabetes research at the Institute. The value of these properties have been included in the accounts as an expendable endowment (see Note 11 Funds-Endowed Fund).

8. Debtors

Trade debtors
Amounts owed by subsidiary undertakings
Prepayments
Accrued income
Cash at bank and in hand
Balance with bankers comprise:
Current accounts
Cash in hand
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		 2023
2022
£
£
1,192
28,248
5,498
5,798
16,114
14,360
708,740
222,941
731,544
271,347
2023
2022
£
£
1,644,501
600,035
1,821
2,474
1,646,322
602,509
2023
2022
£
£
6,847
22,490
8,553
15,679
22,271
14,869
232,858
316,785
270,529
369,823
11,228
11,223
-
11,228
(11,228)
(11,223)
-
11,228

9. Cash at bank and in hand

10. Creditors – amounts falling due within one year

33

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. 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:

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:		 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
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

34

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.Endowment and Restricted Income Funds (continued)

Endowment Funds (continued) 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

Clore Garden of Science - Science Education

Dan Shapiro Research Fund for Heart Research - fundraising campaign 2016

Donor Request - Scientific Research

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 Dangoor - Research Accelorator Mass Spectrometer Lab The Dollond Charitable Trust – Neuroscience research

The Paula and Ludwig Weiler Research Foundation – supporting students to do independent research at the Institute

The Roden Family Fund for Environmental Sustainability - Scientific Research UBS UK Donor Advised Foundation - Scientific Research Wolfson – Cost of Equipment for Molecular Engineering The Wohl Institute for Drug Discovery – Scientific Research Wolfson FCT Kill Corona – Wolfson Family Charitable Trust (via national 'Kill Corona' programme) Women In Science – restricted to the Israel National Postdoctoral Award Program for Advancing Women in Science

35

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. Funds – Endowed Fund

11. Funds – Endowed Fund
Permanent Endowments
Blond, Elaine Blond Career Development Chair
Burton, Raymond Burton Prize
Burton, Raymond Burton Fund
Chain, Sir Ernst Chain Research Programme
Curwen-Lowy, The Curwen – Lowy Biological
Studies Fund
Dekker, Kitty Waas Dekker, Simon Waas and
Rosette Dekker Scholarship Fund
Djanogly, Jack & Simon Djanogly
Ellis, Maxwell Ellis Professorship Fund
Feldmann, Prof. Sir Marc Chair
Goldenberg, The Edith and Nathan Goldenberg
Career Development Chair
Harris-Ronson, Philip Harris & Gerald Ronson
Career Development Chair
Jacobs, The Linda and Michael Jacobs Professorial
Chair
Kweller, Kathleen Kweller Fund
Lewis, The Cecil and Hilda Lewis Charitable Trust
Marcus, Rixi Marcus Scholarship
Mendoza, Martin & Dianne Mendoza Scholarship
Reuff, Reuff-Wormser Scholarship Fund
Ritblat, J & I Ritblat Educational Trust Fund
Sebba, Samuel Sebba Professorial Chair
Subtotal:		 Original Gift
Value at
30.9.22
Unapplied
total return
at 1.10.22
Fund Value
at 30.09.22
Income
Investment
Gains
Expenditure
Total
Return
Applied
Unapplied
Total Return
Original Gift
Value at
30.9.23
Fund Value
at 30.09.23
£
£
£
£
£
£
£
£
£
£
253,080
313,512
566,592
3,072
(8,076)
(3,697)
(25,301)
279,510
253,080
532,590
215,690
267,191
482,881
2,618
(6,882)
(3,151)
(21,563)
238,213
215,690
453,903
815,358
1,010,057
1,825,415
9,896
(26,018)
(11,912)
(81,513)
900,510
815,358
1,715,868
175,932
217,931
393,863
2,135
(5,614)
(2,570)
(17,588)
194,294
175,932
370,226
448,223
581,181
1,029,404
5,581
(14,672)
(6,717)
(45,967)
519,406
448,223
967,629
78,365
97,086
175,451
951
(2,501)
(1,145)
(7,835)
86,556
78,365
164,921
52,181
64,633
116,814
633
(1,665)
(762)
(5,216)
57,623
52,181
109,804
698,951
865,857
1,564,808
8,483
(22,303)
(10,211)
(69,876)
771,950
698,951
1,470,901
598,552
256,962
855,514
4,638
(12,194)
(5,583)
(38,203)
205,620
598,552
804,172
500,000
360,432
860,432
4,664
(12,264)
(5,615)
(38,422)
308,795
500,000
808,795
211,573
262,091
473,664
2,568
(6,751)
(3,091)
(21,151)
233,666
211,573
445,239

755,863
708,140
1,464,003
7,937
(20,866)
(9,553)
(65,374)
620,284
755,863
1,376,147
172,487
213,667
386,154
2,093
(5,504)
(2,520)
(17,243)
190,493
172,487
362,980
901,148
1,116,331
2,017,479
10,937
(28,755)
(13,165)
(90,089)
995,259
901,148
1,896,407
264,449
327,586
592,035
3,209
(8,438)
(3,863)
(26,437)
292,057
264,449
556,506
88,346
109,440
197,786
1,072
(2,819)
(1,291)
(8,832)
97,570
88,346
185,916
304,429
333,422
637,851
3,458
(9,091)
(4,162)
(28,483)
295,144
304,429
599,573
172,343
211,413
383,756
2,080
(5,470)
(2,504)
(17,136)
188,383
172,343
360,726
1,011,546
1,253,094
2,264,640
12,277
(32,277)
(14,778)
(101,127)
1,117,189
1,011,546
2,128,735
7,718,516
8,570,026
16,288,542
88,302
(232,160)
(106,290)
(727,356)
7,592,522
7,718,516
15,311,038

36

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. Funds – Endowed Fund (continued) 11. Funds – Endowed Fund (continued)
Original Gift
Value at
30.9.22
Unapplied
total return
at 1.10.22
Fund Value
at 30.09.22
Income
Investment
Gains
Expenditure
Total
Return
Applied
Unapplied
Total Return
Original Gift
Value at
30.9.23
Fund Value
at 30.09.23
ought forward
Sir David Sieff
Lord (Marcus) Sieff - Scholarship Funds
Sosnow,
The
Norman
Sosnow
Postdoctoral
Fellowship
Smouha,
The
Sabine
and
Jeremy
Smouha
Scholarship
Weinrebe, Harry Weinrebe Professorial Chair of
Laser Physics
Weinrebe, The Harry Weinrebe Professorial Chair
of Computer Science and Biology
nstock, Lord (Arnold) Weinstock Fund
Weyman, J Stanley Weyman & Dr Esther Hellinger
Scholarship Fund
endable Endowments
tt
cy from the Estate of the Late Jacob Hillel
Expendable Endowments		 £
£
£
£
£
£
£
£
£
£
7,718,516
8,570,026
16,288,542
88,302
(232,160)
(106,290)
(727,356)
7,592,522
7,718,516
15,311,038
112,686
139,582
252,268
1,368
(3,596)
(1,646)
(11,265)
124,443
112,686
237,129
518,003
576,358
1,094,361
5,933
(15,598)
(7,141)
(48,868)
510,684
518,003
1,028,687
288,453
357,336
645,789
3,501
(9,204)
(4,214)
(28,837)
318,582
288,453
607,035
77,000
69,278
146,278
793
(2,085)
(955)
(6,532)
60,499
77,000
137,499

1,434,125
1,549,056
2,983,181
16,172
(42,519)
(19,467)
(133,212)
1,370,030
1,434,125
2,804,155
150,029
178,567
328,596
1,781
(4,683)
(2,144)
(14,673)
158,848
150,029
308,877
839,665
1,040,160
1,879,825
10,191
(26,793)
(12,267)
(83,943)
927,348
839,665
1,767,013
86,747
107,475
194,222
1,053
(2,768)
(1,267)
(8,673)
95,820
86,747
182,567
11,225,224
12,587,838
23,813,062
129,094
(339,406)
(155,391) (1,063,359)
11,158,776
11,225,224
22,384,000
409,971
354,821
764,792
4,146
(10,901)
(2,952)
(14,873)
330,241
409,971
740,212
-
-
-
10,135,812
-
-
-
10,135,812
-
10,135,812
409,971
354,821
764,792
10,139,958
(10,901)
(2,952)
(14,873)
10,466,053
409,971
10,876,024
11,635,195
12,942,659
24,577,854
10,269,052
(350,307)
(158,343) (1,078,232)
21,624,829
11,635,195
33,260,024

37

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. Funds (continued) – Restricted Income Funds

Bessie Lawrence ISSI
Biocomplexity Research
BIRAX
Blond, Elaine Blond Career Development Chair
Burton, Raymond Burton Prize
Burton, Raymond Burton Fund
Cancer Research
Chain, Sir Ernst Chain Research Programme
Clore Garden of Science
Curwen-Lowy, The Curwen – Lowy Biological Studies Fund
Dan Shapiro Research Fund
Dekker, Kitty Waas Dekker, Simon Waas and Rosette
Dekker Scholarship Fund
Djanogly, Jack & Simon Djanogly
Donor Request
Education Outreach
Ellis, Maxwell Ellis Professorship Fund
Events
Feldmann, Prof. Sir Marc Chair
Gala Dinner
Get Connected
Goldenberg,
The Edith
and Nathan
Goldenberg Career
Development Chair
Harris-Ronson,
Philip
Harris
&
Gerald
Ronson
Career
Development Chair
International Physics Tournament
Jacobs, The Linda and Michael Jacobs Professorial Chair
J Watt
Kweller, Kathleen Kweller Fund
Lewis, The Cecil and Hilda Lewis Charitable Trust
Making Connections
Manchester PhD scholarship
Marcus, Rixi Marcus Scholarship
Subtotal:		 Balance 1.10.22
Income
Expenditure
Transfers
(including
Endowments)
Balance 30.9.23
£
£
£
£
£
3,060
22,350
-
(25,410)
-
54,008
-
-
(54,008)
-
2,170
-
-
(2,170)
-
-
-
(25,301)
25,301
-
-
-
(21,563)
21,563
-
-
-
(81,513)
81,513
-
1,025
-
-
(1,025)
-
-
-
(17,588)
17,588
-
-
100,000
(100,000)
-
-
-
-
(45,967)
45,967
-
4,936
-
-
(4,936)
-

-
-
(7,835)
7,835
-
-
-
(5,216)
5,216
-
-
5,500
(5,000)
-
500
22,950
-
-
(22,950)
-
-
-
(69,876)
69,876
-
5,450
-
-
(5,450)
-
-
-
(38,203)
38,203
-
3,500
-
-
(3,500)
-
8,000
-
-
(8,000)
-

-
-
(38,422)
38,422
-

-
-
(21,151)
21,151
-
-
10,000
-
(10,000)
-
-
-
(65,374)
65,374
-
-
-
(14,873)
14,873
-
-
-
(17,243)
17,243
-
-
-
(90,089)
90,089
-
324,570
58,658
(97,080)
-
286,148
14,500
25,000
-
(14,500)
25,000
-
-
(26,437)
26,437
-
444,169
221,508
(788,731)
434,702
311,648

38

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

  1. Funds – Restricted Income Funds (continued)
Transfers
(including
Balance 1.10.22 Income Expenditure Endowments) Balance 30.9.23
£ £ £ £ £
Brought forward 444,169 221,508 (788,731) 434,702 311,648
Mendoza, Martin & Dianne Mendoza Scholarship - - (8,832) 8,832 -
MSc Scholarship 250 - - (250) -
PhD Schloarship 5,500 - - (5,500) -
Professorial Chair 405,050 - - (405,050) -
Reuff, Reuff-Wormser Scholarship Fund - - (28,483) 28,483 -
Ritblat, J & I Ritblat Educational Trust Fund - - (17,136) 17,136 -
Sebba, Samuel Sebba Professorial Chair - - (101,127) 101,127 -
Sieff, Sir David Sieff - - (11,265) 11,265 -
Sieff, Lord (Marcus) Sieff - Scholarship Funds - - (48,868) 48,868 -
Sosnow, The Norman Sosnow Postdoctoral Fellowship - - (28,837) 28,837 -
Smouha, The Sabine and Jeremy Smouha Scholarship - - (6,532) 6,532 -
Stroke Research 17,500 - - (17,500) -
The Dangoor Chair of Archaelogical Sciences 182,942 154,509 (182,988) - 154,463
The Dangoor-Research Accelorator Mass Spectrometer Lab 6,664 - - (6,664) -
The Dollond Charitable Trust - 10,000 (10,000) - -
The Paula and Ludwig Weiler Reseach Foundation 25,000 - - (25,000) -
The Roden Family Fund for Environmental Sustainability - 200,000 (200,000) - -
UBS UK Donor Advised Foundation - 63,800 - - 63,800
Weinrebe,
Harry Weinrebe
Professorial		 Chair of Laser
Physics - - (133,212) 133,212 -
Weinrebe,
The
Harry
Weinrebe		 Professorial Chair of
Computer Science and Biology - - (14,673) 14,673 -
Weinstock, Lord (Arnold) Weinstock Fund - - (83,943) 83,943 -
Weyman,
J
Stanley
Weyman
&		 Dr Esther Hellinger
Scholarship Fund - - (8,673) 8,673 -
Wolfson - Cost of Equipment for Molecular Engineering - 491,727 - - 491,727
The Wohl Institute for Drug Discovery - 833,470 (833,470) - -
Wolfson FCT KillCorona 100,000 - - (100,000) -
Women In Science 2,500 750 - (2,500) 750
Other 26,424 - - (26,424) -
1,215,999 1,975,764 (2,506,770) 337,395 1,022,388

39

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. Funds – Endowed Fund Prior Year

11. Funds – Endowed Fund Prior Year
Original Gift Unapplied Total Original Gift
Value at total return Fund value at Investment Return Unapplied Value at
Fund Value at
Permanent Endowments 1.10.21 at 1.10.21 1.10.21 Income Gains Expenditure Applied Total 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

40

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. Funds – Endowed Fund (continued)

Original Gift Unapplied Total Original Gift
Value at total return Fund value at Investment Return Unapplied Value at
Fund Value at
1.10.21 at 1.10.21 1.10.21 Income Gains Expenditure Applied Total 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

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

41

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

11. Funds (continued) – Restricted Income Funds

Transfers
(including
Balance 1.10.21 Income Expenditure Endowments) 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 42 151,983 (598,640) 570,640 444,169

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

  1. Funds – Restricted Income Funds (continued)
Transfers
(including
Balance 1.10.21 Income Expenditure Endowments) 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 - - 135,951 160,951
Weinrebe,
Harry Weinrebe
Professorial		 Chair of Laser
Physics - - (135,951) 14,975 (120,976)
Weinrebe,
The
Harry
Weinrebe		 Professorial Chair of
Computer Science and Biology - - (14,975) 85,668 70,693
Weinstock, Lord (Arnold) Weinstock Fund - - (85,668) 8,851 (76,817)
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 ~~43~~
1,851,503		 (2,648,807) 1,099,309 1,215,999

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

12. Unrestricted income funds

Designated Funds
Making Connections
General Fund
Total unrestricted funds
charity
Prior Year
Designated Funds
Making Connections
General Fund
Total unrestricted funds
charity		 Balance
30.9.22
£
69,959
4,728,122
4,798,081
Balance
30.9.21
£
223,270
6,013,637
6,236,907		 Income
£
-
528,565
528,565
Income
£
-
319,836
319,836		 Expenditure
£
-
(832,173)
(832,173)
Expenditure
£
(153,311)
(889,598)
(1,042,909)		 Net
investment
gain
£
-
404,478
404,478
Net
investment
gain
£
-
(715,753)
(715,753)		 Transfers /
Gift Aid
Balance
30.9.23
£
£
-
69,959
740,837
5,569,829
740,837
5,639,788
Transfers /
Gift Aid
Balance
30.9.22
£
£
-
69,959
-
4,728,122
-
4,798,081
13. Analysis of net assets between funds
£
£
Tangible fixed assets
813,257
-
Investments
4,793,421
-
Net current assets
(36,849)
69,959
Total net assets
5,569,829
69,959
£
£
Tangible fixed assets
831,485
-
Investments
4,678,562
-
Net current assets
(781,925)
69,959
Total net assets
4,728,122
69,959
Designated
Funds
General
Funds
Analysis of net assets
between funds Prior
Year
General
Funds
Designated
Funds		 £
-
-
1,022,388
1,022,388
£
-
-
1,215,999
1,215,999
Restricted
Income
Funds
Restricted
Income
Funds		 £
£
-
813,257
23,124,212
27,917,633
10,135,812
11,191,310
33,260,024
39,922,200
£
£
-
831,485
24,577,854
29,256,416
-
504,033
24,577,854
30,591,934
Endowmen
t Funds
Total
Funds at
30.9.23
Total
Funds at
30.9.22
Endowmen
t Funds

14. Taxation

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

44

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

15. 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 2023:

Debtors
Prepaid event costs
Cash at bank and in hand
Less: Creditors falling due within one year
Net assets
Share capital and reserves
Share capital
Profit and loss account
Total shareholders’ funds		 2023
2022
£
£
-
-
-
-
3,305
3,671
3,305
3,671
(5,498)
(5,798)
(2,193)
(2,127)
3
3
(2,196)
(2,130)
(2,193)
(2,127)

16. Related party transactions

Weizmann UK is owed £5,498 (2022: £5,798) on its current account by its wholly owned subsidiary, the Weizmann International Event Management Limited at the year-end.

During the year, eight members of the Board of Trustees (Dr. Arabella Duffield, 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 £2,448,018 to the Weizmann Institute during the year (2022: £2,985,289). There are amounts outstanding of £1,022,388 (2022: £1,215,999).

There have been no other related party transactions with the exception of the payment of legal charges amounting to £17,032 in relation to the charity (2022: £18,070) 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 £nil (2022: £18,070).

The total aggregate donations received from Trustees was £93,750 (2022: £nil).

45

THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. Prior Year SOFA
INCOME FROM
Donations & Legacies
Donations
Legacies
Income from Investments
Income from
charitable activities
Educational events
Other Income
TOTAL INCOME
EXPENDITURE ON
Raising Funds
Fundraising & event costs
Investment management costs
Charitable Activities
Education & awareness
Research
TOTAL EXPENDITURE
Foreign exchange (losses) / gains
Property revaluation
Net investment gains
Transfers between funds
Fund balances brought forward
FUND BALANCES CARRIED
FORWARD
NET EXPENDITURE BEFORE NET
GAINS & LOSSES ON INVESTMENTS
NET (EXPENDITURE) / INCOME
NET MOVEMENT IN FUNDS		 Note
2
3
3
10		 2022
£
123,869
132,249
60,019
3,699
Unrestricted
funds		 Restricted
funds
2022
£
1,851,503
-
-
-
-		 Total
funds
2022
2022
£
£
-
1,975,372
-
132,249
109,180
169,199
-
3,699
-
-
109,180
2,280,519
-
357,249
140,159
162,516
-
980,099
-
2,332,011
140,159
3,831,875
(30,979)
(1,551,356)
4,806,310
4,806,310
-
(97,500)
(3,052,835)
(3,671,088)
1,753,475
1,037,722
1,722,496
(513,634)
(1,099,309)
-
623,187
(513,634)
23,954,667
31,105,568
24,577,854
30,591,934
Endowment
funds
319,836 1,851,503
357,249
22,357
203,225
460,078		 -
-
776,874
1,871,933
1,042,909 2,648,807
(723,073) (797,304)
-
(97,500)
(618,253)		 -
-
-
(715,753) -
(1,438,826) (797,304)
- 1,099,309
(1,438,826) 302,005
6,236,907 913,994
4,798,081 1,215,999

46