THE WEIZMANN INSTITUTE FOUNDATION Company Limited by Guarantee
TRUSTEES’ REPORT & FINANCIAL STATEMENTS
30 September 2024 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 2024
| Contents | Page |
|---|---|
| Trustees and Professional Advisors | 2 |
| Trustees’ Annual Report | 4 |
| Independent Auditors’ Report to the members | |
| of the Weizmann Institute Foundation (Weizmann UK) | 14 |
| Statement of Financial Activities | 18 |
| Summary Income and Expenditure Account | 19 |
| Statement of Total Recognised Gains and Losses | 19 |
| Balance Sheet | 20 |
| Cash Flow Statement | 21 |
| Notes to the Financial Statements | 22 |
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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 Martin Paisner CBE Denis Raeburn Bianca Roden Denitza Roussinova Michael Sandler Hayley Sieff Simon Sturge Barry Townsley CBE – retired at the end of his term on 14 May 2024 Charles Wolfson Townsley
Hon. Secretary Jonathan Kropman
‐ 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 Dr. Arabella Duffield (ex officio) Charles Wolfson Townsley
Audit Committee David Marks (Chair) Jonathan Kropman Simon Sturge
Remuneration Committee Dean Lush (Chair) Dr. Arabella Duffield (ex officio) David Marks Jonathan Kropman
Scientific Advisory Committee Dr. Iris Good (Chair)
Life President Dame Vivien Duffield DBE President Barry Townsley CBE
Vice Presidents Lord Alliance CBE Lord Mitchell Martin Paisner CBE Sir John Ritblat
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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 HaysMac 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 2024
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 2024. 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.
SUMMARY OF THE YEAR
The events of 7 October 2023 presented significant challenges for both Weizmann UK and the Weizmann Institute of Science. Despite these difficulties, Weizmann UK remained steadfast in its mission, delivering a full programme of events and activities. Expenditure increased in 2023-24 due to the recruitment of two Directors of Fundraising. Visiting scientists from the Weizmann Institute played a key role in supporting awareness-raising and fundraising efforts. Additionally, Weizmann UK continued to promote scientific collaboration between the Weizmann Institute and the UK, while maintaining its commitment to educational outreach and engagement.
ACTIVITIES & ACHIEVEMENTS IN DETAIL
In the year ended 30 September 2024 we received donations and legacies of £1,485,038 (2023: £12,350,054) and we were able to award grants totalling £2,748,536 (2023: £2,448,018) to the Institute.
EDUCATION & AWARENESS
The Institute engaged its international supporters through a series of online events, ensuring they remained informed about campus developments and groundbreaking research. These sessions featured leading Weizmann scientists, including Professors Alon Chen, Roee Ozeri, Rony Paz, Ruth Scherz-Shouval, and Michal Neeman, alongside master’s and PhD students.
In March 2024, Weizmann UK hosted its Annual Lecture in London, ‘Emerging from Trauma: How Science, Knowledge, and Education Hold the Key to Israel’s Recovery,’ with Weizmann President Prof. Alon Chen. In May, Dr. Leeat Keren from the Department of Molecular Cell Biology attended lunch with supporters in Cambridge, accompanied by several post-doctoral fellows who are recipients of the Institute’s Women in Science Award and currently working at the University of Cambridge.
July saw Prof. Yardena Samuels present her pioneering melanoma research at a special event, during which Weizmann UK launched the Bessie Lawrence ISSI Fund to support future participants of this esteemed science education programme. In September, Weizmann PhD student Dina Hochhauser delivered a compelling presentation on her molecular genetics research to a fresh audience of young Weizmann supporters in London.
The UK Safe-Cracking Physics Tournament for Year 12 students took place in February at Dulwich College, with 21 teams from 13 schools competing. The winning team from Ibstock Place School went on to participate in the International Safe-Cracking Competition, held virtually in April.
Despite ongoing challenges, the Bessie Lawrence International Summer Science Institute for 18to 21-year-olds successfully ran online. Two talented UK students were selected and funded by Weizmann UK to take part in this prestigious programme.
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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024
SCIENTIFIC COLLABORATION
The Making Connections programme, which fosters collaboration between scientists from the UK and the Weizmann Institute, continued to support three ongoing research projects during the year, although no new grants were awarded. Since its inception in 2008/09, the programme has initiated and funded over 80 collaborative research projects, involving scientists from the Weizmann Institute and more than 25 UK universities and research institutes. To evaluate its impact and guide future development, an independent external review of the programme was commissioned. The findings are expected to be reported in 2025, ensuring a strategic approach to sustaining and enhancing this vital collaborative initiative.
FUNDRAISING
Weizmann UK carries out fundraising activities to support its education and awareness-raising initiatives in the UK, as well as scientific research and educational projects at the Weizmann Institute and the Davidson Institute of Science Education in Israel. Registered with the Fundraising Regulator, Weizmann UK adheres to the Fundraising Code of Practice, ensuring that all activities are conducted legally, openly, honestly, and respectfully. No complaints were received during the year.
The Charity’s fundraising strategy focuses on engaging major individual donors who have established relationships with the Charity and its Trustees. Income is generated through new and existing supporters via special events, legacy gifts, and a major gifts programme. Additionally, online donations are encouraged through the Weizmann UK website and promotional communications. Notably, Weizmann UK does not engage third-party fundraising organisations.
This year, fundraising efforts placed a particular emphasis on supporting the Davidson Institute’s STEM educational outreach in Israel and the Weizmann UK Ambassadors Programme, which promotes education programmes and collaborative research between the Institute and UK scientists. Furthermore, Weizmann UK launched the Bessie Lawrence ISSI Fund to provide crucial support for students participating in this prestigious science education programme.
COMMUNICATIONS
Weizmann UK’s donor relations and communications activities comply fully with the Data Protection Act 2018, General Data Protection Regulations (GDPR), and the Privacy and Electronic Communications Regulations (PECR). Communications are delivered via mail, email, social media, and advertising, with consent obtained and recorded where required. All supporter information is securely stored, and their rights are clearly outlined in the Privacy Policy, which is readily available. Supporters can update their communication preferences at any time. All policies are reviewed annually, with oversight provided by the Risk Committee, which reports to the Board of Trustees.
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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024
No GDPR complaints or safeguarding issues were reported during the year. Weizmann UK has robust procedures in place to manage complaints and issues in line with Charity Commission guidance and regulations. The Risk Sub-Committee confirmed that the Charity’s risk controls and monitoring responsibilities are appropriate and effectively implemented.
Supporter engagement remained active, with regular eNewsletters, magazine mailings, and social media updates continuing throughout the year.
LOOKING AHEAD
In the coming year, Weizmann UK will focus on connecting more supporters with the Weizmann Institute’s groundbreaking research. This will include welcoming additional scientists from the Institute to the UK, where they will share insights into their work advancing science for the benefit of humanity. Weizmann UK also plans to arrange visits for supporters and students to the Institute, giving them the opportunity to experience its innovative research environment firsthand.
Additionally, Weizmann UK will concentrate its fundraising efforts on supporting the launch of the Institute’s Global Fundraising Campaign. The team also intends to publish an impact report on the Making Connections programme, showcasing its achievements and outlining strategic plans to strengthen scientific collaboration between the Weizmann Institute and leading scientists, researchers, and students in the UK.
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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024
STRUCTURE, ORGANISATION, GOVERNANCE & 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 Weizmann Institute of Scence.
MISSION
Weizmann UK’s mission is to raise funds for, and awareness of, the pioneering research of the Weizmann Institute of Science; nurture the next generation of leading scientists; and promote collaboration between the Institute’s scientists and those at scientific institutions in the UK.
Weizmann UK delivers public benefit in the UK through its events and education programmes; and globally by funding and promoting science for the benefit of humanity.
GOVERNANCE AND MANAGEMENT
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.
The Board of Trustees is responsible for the activities of Weizmann UK. The Executive Director directs the day- to-day operation of the office.
Members of the Board of Trustees are appointed in accordance with the Articles of Association. At every Annual General Meeting, Trustees, who are subject to retirement by rotation (after ‐ serving a term of not more than four years), retire from office and may offer themselves for re election, provided that they have not been a Trustee for more than twelve consecutive years. New Trustees are appointed by the Board of Trustees.
All Trustees are members of the Company for Companies Act purposes and have a maximum liability of £10.
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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 4 and related party transactions are included 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 2024 show net expenditure for the year before foreign exchange gains and investment gains of £1,972,230 (2023: £9,276,095 net income). The net movement in funds for the year amounted to a decrease of £865,809 (2023: £9,330,266 increase) after accounting for net investment and exchange gains of £1,106,421 (2023: £54,171). A transfer of £1,087,606 was made from Endowed funds to Restricted funds representing the allocation of total return in the year. During the year grants of £2,803,576 (2023: £2,600,285) were awarded of which £2,748,536 (2023: £2,448,018) were made to the Weizmann Institute.
Reserves
At 30 September 2024 the Charity held unrestricted reserves of £5,629,795 (2023: £5,639,788). Included within unrestricted reserves is £69,959 (2023: £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.
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 £791,572 (2023: £813,257). The policy on the level of a desirable level of unrestricted reserves are reviewed periodically by the Trustees.
Grants for Scientific Research
Weizmann UK makes grants to the Weizmann Institute based on the current needs of the Institute together with the availability of funds and the requests of donors.
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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 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. Denis Raeburn was re-appointed as a member of the W-GEM Oversight Board for two years until 31 December 2026.
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, lessvolatile 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 ending 30 September 2024 were a strong period for equity markets. The MSCI World Index generated positive returns in all four quarters, delivering a total return of +31.8% in USD terms over the financial year. Meanwhile, US Government Bonds also showed positive performance, with a return of +8.4% over the same 12-month period.
W-GEM, which has been allocated the bulk of Weizmann UK’s investment portfolio (approximately $30.2m or £22.6)[1] has been invested across a well-diversified range of asset classes and managers. The performance of the portfolio with W-GEM was +19.0% for the year ended 30 September 2024, 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 +25.7% for the year.
It is not unexpected that W-GEM may underperform its policy benchmark over short time periods and therefore the underperformance over the last 12 months is not concerning in itself. In Sterling terms, the value of Weizmann UK’s investment in W-GEM was negatively impacted by the depreciation of the USD versus Sterling from 1.2199 to 1.3375 over the 12 month period.
The Board of Trustees has also resolved that the part of Weizmann UK’s non-endowed funds (approximately £3.5m) with both unrestricted and restricted purposes should continue to be invested in the UK by Rothschild & Co, on an unconstrained basis.
1 Sterling value based on £1 = $1.33748 as at 30.09.24
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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 +13.2% in Sterling terms for the year ended 30 September 2024. The return objective of the portfolio is UK CPI +3% which, over the same period, was up +4.7%. 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, £1,087,606 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 independent surveyor confirmed in November 2024 that they do not consider that there has been a material change in the capital value of the property as at 30[th] September 2024 compared to their previous valuation in December 2022. 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 2024.
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 2024
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 2024, the Risk Committee convened twice (January 2024 and July 2024) to consider relevant risk issues pertaining to the organisation.
The January 2024 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.
It was also recognised that there is a risk to staff security in the office, at events and when travelling. CST guidance is sought and followed at office premises and for events alongside staff training with CST.
A Social Media Policy for Employees in line with Charity Commission guidance and recommendation has been implemented for the organization.
The July 2024 meeting reviewed these issues again, alongside undertaking its full annual risk assessment identifying and discussing the key risk areas, as:
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Risks related to investment
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Risks related to Israel connected charities
Other areas of risk review included:
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W-GEM Management
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Budgetary control
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Gift acceptance (due-diligence procedures)
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Event fundraising
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Unrestricted funding
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Trustee succession
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GDPR (annual review of Privacy Policy, Cookies Policy, Data Retention Policy and an updated Legitimate Interest Assessment);
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Safeguarding (including staff wellbeing, home working and lone working)
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Security
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.
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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024
At a Board Meeting on 18 September 2024, 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 in October 2024 was held post financial year-end with particular reference to the impact on staff security and travel to Israel arising from the attack on Israel of 7th October 2023. Travel to the Institute will require consideration on a case-by-case basis due to the current volatile situation. Risk Assessments will be carried out by the Executive Director and the Director of Operations and shared with the Chair and the Chair of the Risk Committee and there is no pressure or expectation on any member of staff or Trustee to travel.
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
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there is no relevant audit information of which the charitable company’s auditor is unaware; and
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the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
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
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THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
Independent Auditors
On 18 November 2024 the company’s auditor changed its name from haysmacintyre LLP to HaysMac LLP. A resolution to reappoint HaysMac LLP as auditors to Weizmann UK will be proposed at the annual general meeting.
By order of the Board of Trustees on 25 March 2025
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 2024 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:
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give a true and fair view of the state of the charitable company’s affairs as at 30 September 2024 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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:
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the information given in the Trustees’ Annual Report (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors’ report included within the Trustees’ Annual Report has been prepared in accordance with applicable legal requirements.
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:
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adequate accounting records have not been kept by the charitable company; or
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the charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption from the requirement to prepare a strategic report.
Responsibilities of trustees for the financial statements
As explained more fully in the trustees’ responsibilities statement set out on page 12, 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:
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Inspecting correspondence with regulators and tax authorities;
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Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
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Evaluating management’s controls designed to prevent and detect irregularities;
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Identifying and testing journals, in particular journal entries posted at the year end; and
-
Challenging assumptions and judgements made by management in their critical accounting estimates.
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.
16
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 HaysMac LLP, Statutory Auditor 10 Queen Street Place London EC4R 1AG
Date: 8 April 2025
17
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 2024 INCOME FROM Note £ Donations & Legacies Donations 216,831 Legacies 129,245 Income from Investments 2 76,299 Income from charitable activities Educational events 12,499 Other Income 76,847 TOTAL INCOME 511,721 EXPENDITURE ON Raising Funds 3 Fundraising & event costs 541,127 Investment management costs 20,529 Charitable Activities 3 Education & awareness 170,260 Research 310,910 TOTAL EXPENDITURE 1,042,826 (531,105) Property revaluation including foreign exchange - Foreign exchange (losses) - Net investment gains 6 521,112 521,112 (9,993) Transfers between funds 11 - (9,993) 5,639,788 5,629,795 All the above operations are continuing. Details of comparative figures by fund are disclosed in note 17. Unrestricted funds NET EXPENDITURE BEFORE NET GAINS & LOSSES ON INVESTMENTS FUND BALANCES CARRIED FORWARD Fund balances brought forward NET MOVEMENT IN FUNDS NET (EXPENDITURE) / INCOME |
2024 £ 216,831 129,245 76,299 12,499 76,847 Unrestricted funds |
Restricted funds 2024 £ 1,138,962 - - - - |
2024 £ - - 168,148 - - Endowment funds |
Total funds Total funds 2024 2023 £ £ 1,355,793 2,190,852 129,245 10,159,202 244,447 180,301 12,499 243,026 76,847 - 1,818,831 12,773,381 541,127 354,590 193,901 186,859 708,705 312,374 2,347,328 2,643,463 3,791,061 3,497,286 (1,972,230) 9,276,095 (1,274,530) - (2,125,145) (2,183,213) 4,506,096 2,237,384 1,106,421 54,171 (865,809) 9,330,266 - - (865,809) 9,330,266 39,922,200 30,591,934 39,056,391 39,922,200 0 |
|---|---|---|---|---|
| 511,721 | 1,138,962 | 168,148 | ||
| 541,127 20,529 170,260 310,910 |
- - 538,445 2,036,418 |
- 173,372 - - |
||
| 1,042,826 | 2,574,863 | 173,372 | ||
| (531,105) | (1,435,901) | (5,224) | ||
| - - 521,112 |
- - - |
(1,274,530) (2,125,145) 3,984,984 |
||
| 521,112 | - | 585,309 | ||
| (9,993) | (1,435,901) | 580,085 | ||
| - | 1,087,606 | (1,087,606) | ||
| (9,993) | (348,295) | (507,521) | ||
| 5,639,788 | 1,022,388 | 33,260,024 | ||
| 5,629,795 | 674,093 | 32,752,503 | ||
The notes on pages 22 to 45 form part of these financial statements
18
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Income from continuing operations (excluding endowments) Expenditure of continuing operations (excluding endowments) Deficit of income over expenditure before transfers Transfers from endowment of total return applied in the year (Deficit)/Surplus for the year on unrestricted and restricted funds before unrealised gains |
£ 1,650,683 (3,617,689) |
2024 2023 £ £ £ 2,504,329 (3,338,943) (1,967,006) (834,614) 1,087,606 1,078,232 (879,400) 243,618 |
|---|---|---|
| STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 30 SEPTEMBER 2024 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (Deficit)/Surplus for the year before unrealised investment gains Net investment gains including foreign exchange gains Total recognised gains and losses for the year |
||
| 2024 2023 £ £ (879,400) 243,618 521,112 404,478 (358,288) 648,096 |
Total income comprises £511,721 (2023: £528,565) for unrestricted funds, and £1,138,962 (2023: £1,975,764) for restricted funds. A detailed analysis of income by source is provided in the Statement of Financial Activities.
Detailed analyses of the expenditure are provided in the Statement of Financial Activities and note 3.
Deficit of income over expenditure on unrestricted and restricted funds for the year of £1,967,006 (2023: deficit £834,614) before investment asset disposals, comprises £531,105 net expenditure (2023: net expenditure of £303,608) on unrestricted funds and £1,435,901 net expenditure (2023: net expenditure of £531,006) 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 18, which, together with the notes to the financial statements on pages 22 to 45, provides information on the movements during the year on all funds of the company.
The notes on pages 22 to 45 form part of these financial statements
19
Company Number: 483123
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) BALANCE SHEET AS AT 30 SEPTEMBER 2024
| 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 |
2024 £ 7,809,442 5,298 347,153 |
2024 2023 £ £ 791,572 29,977,930 30,769,502 9,083,973 5,498 726,046 731,544 1,646,322 11,461,839 (270,529) 8,286,889 39,056,391 674,093 5,559,836 69,959 5,629,795 - 32,752,503 39,056,391 |
2023 £ 813,257 27,917,633 |
|---|---|---|---|
| 28,730,890 11,191,310 |
|||
| 352,451 233,575 |
|||
| 8,395,468 (108,579) |
|||
| 39,922,200 | |||
| 1,022,388 5,569,829 69,959 |
|||
| 5,639,788 - 33,260,024 |
|||
| 39,922,200 |
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 £8,250,340 (2023: £7,331,447) are represented by unrealised gains on investments.
The financial statements on pages 22 to 45 were approved by the board of Trustees on 25 March 2025 and signed on its behalf by:
Dr. Arabella Duffield Trustee (Chair)
David Marks Hon. Treasurer
The notes on pages 22 to 45 form part of these financial statements
20
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Note £ Net expenditure excluding endowments (1,967,006) Less investment income (76,299) Add depreciation 21,685 Net cash (used in) operating activities (2,021,620) (Increase) in property held for resale - Decrease/(Increase) in debtors 379,093 (Decrease) in creditors (161,950) Net cash (used in) operating activities Returns on investments Investment income including endowments 244,447 Net cash provided by returns on investments Cash flow from investing activities Purchase of tangible fixed assets - Purchase of investments (3,154,885) Sale of investments 3,475,540 Financing New endowments - Expenditure from endowments (173,372) Net cash (used in)/provided by 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 |
£ (1,967,006) (76,299) 21,685 |
2024 2023 £ £ £ (834,614) (47,061) 21,503 (860,172) (9,083,973) (460,197) (99,294) (1,804,477) (10,503,636) 180,301 244,447 180,301 (3,275) (41,683) 1,434,637 320,655 1,389,679 10,135,812 (158,343) (173,372) 9,977,469 (1,412,747) 1,043,813 1,646,322 602,509 233,575 1,646,322 |
|---|---|---|
| (2,021,620) - 379,093 (161,950) |
||
| 244,447 | ||
| - (3,154,885) 3,475,540 |
||
| - (173,372) |
The notes on pages 22 to 45 form part of these financial statements
21
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
22
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
- (e) Income recognition and cost allocation
The financial statements are prepared on the accruals basis, with the exception of certain income, which cannot be quantified until it is received. The policies applied are:
Donations and Legacy income is included in the SOFA when Weizmann UK is legally entitled to the income (probate has been granted, or a donation received) and the amount can be quantified with reasonable accuracy.
Pledged donations are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the charity is considered probable.
23
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1. Accounting policies (continued)
- (e) Income recognition and cost allocation (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.
- (f) Funds
These financial statements include the income and expenditure of all endowment, restricted and unrestricted funds of Weizmann UK.
Unrestricted funds comprise those funds, which the Board of Trustees are free to use in accordance with the charitable objects of Weizmann UK. They are divided between Designated Funds which have been set aside by the Trustees at their discretion for specific purposes and General funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of Weizmann UK.
Restricted funds are funds, which have been given for particular purposes and projects (see note 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.
24
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
25
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 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 |
2024 2023 £ £ 42,707 4,384 7,709 12,697 85,006 41,943 66,785 87,133 42,240 34,144 244,447 180,301 |
|---|---|
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 2024 Total 2023 |
Fundraising Costs Investment Management Research Education & Awareness Total 2024 Total 2023 £ £ £ £ £ £ 232,208 10,321 28,147 43,337 314,013 214,546 19,048 847 2,309 3,554 25,758 28,649 - - 2,281,969 521,607 2,803,576 2,600,285 - 3,877 - - 3,877 6,824 - - - - - 17,606 - 151,618 - - 151,618 109,927 8,694 - - 82,022 90,716 182,381 - 16,652 - - 16,652 16,828 |
|---|---|
| 259,950 183,315 2,312,425 650,520 3,406,210 3,177,046 24,031 858 3,003 5,112 33,004 37,183 13,807 493 1,725 2,937 18,962 21,971 3,492 125 436 743 4,796 24,305 80,748 3,371 9,881 15,722 109,722 107,979 9,732 406 1,191 1,895 13,224 35,060 113,864 4,065 14,231 24,223 156,383 44,751 19,714 704 2,463 4,194 27,075 27,488 15,789 564 1,973 3,359 21,685 21,503 |
|
| 281,177 10,586 34,903 58,185 384,851 320,240 |
|
| 541,127 193,901 2,347,328 708,705 3,791,061 3,497,286 |
|
| 354,590 186,859 2,643,463 312,374 3,497,286 |
Governance costs include £1,454 (2023: £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 2024 totalled £18,200 (2023: £17,000) net of VAT. The auditors received £330 for fees in relation to corporation tax and VAT advice during the year (2023: £2,750).
26
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
3. Expenditure - Prior Year
| Direct costs Salary Other staff costs & consultants Grant payments Investment Property Legal costs Investment manager Direct activity costs Accountancy Support costs Governance Salary Audit Other Other Support Salary Other staff costs Office overheads Accountancy Depreciation Total 2023 |
Fundraising Costs Investment Management Research Education & Awareness Total 2023 £ £ £ £ £ 127,029 16,829 27,016 43,672 214,546 16,961 2,247 3,609 5,832 28,649 - - 2,576,015 24,270 2,600,285 - 6,824 - - 6,824 - 17,606 - - 17,606 - 109,927 - - 109,927 3,076 - - 179,305 182,381 - 16,828 - - 16,828 |
|---|---|
| 147,066 170,261 2,606,640 253,079 3,177,046 24,851 1,568 4,128 6,636 37,183 14,685 926 2,439 3,921 21,971 16,244 1,025 2,698 4,338 24,305 - 67,256 6,889 12,947 20,887 107,979 21,837 2,237 4,204 6,782 35,060 29,909 1,887 4,968 7,987 44,751 18,371 1,159 3,052 4,906 27,488 14,371 907 2,387 3,838 21,503 |
|
| 207,524 16,598 36,823 59,295 320,240 |
|
| 354,590 186,859 2,643,463 312,374 3,497,286 |
27
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
4. Staff
The aggregate payroll costs of these employees were:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 367,863 | 294,999 |
| Social security costs | 37,754 | 35,396 |
| Other pension costs | 51,122 | 29,313 |
| Charity only | 456,739 | 359,708 |
| The monthly average number of employees during the year was: | ||
| 2024 | 2023 | |
| Number | Number | |
| 6 | 4 | |
| No remuneration was paid to members of the Board of Trustees (2023: NIL), expenses of £448 (2023: 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: | ||
| 2024 | 2023 | |
| £60,000-£69,999 | 2 | 2 |
| £80,000-£89,999 | - | 1 |
| £90,000-£99,999 | 1 | - |
Weizmann UK operates a defined contribution pension scheme to which fixed contributions are made. The amount paid in the year was £51,023 (2023: £26,983), including amounts paid in relation to the higher paid employees of £45,586 (2023: £19,189).
The total employee benefits including pension contributions of the key management personnel were £138,465 (2023: £134,927).
28
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
- Tangible Fixed Assets
| Website £ Cost 1 October 2023 25,770 Disposals - 30 September 2024 25,770 1 October 2023 25,770 Charge for the year - Disposals - 30 September 2024 25,770 Net book value 30 September 2023 - 30 September 2024 - Accumulated depreciation |
Website £ 25,770 - |
Office equipment £ 43,764 (1,265) |
Furniture & fixtures £ 37,375 - |
Property Total £ £ 1,066,052 1,172,961 - (1,265) 1,066,052 1,171,696 255,888 359,704 21,321 21,685 - (1,265) 277,209 380,124 810,164 813,257 788,843 791,572 |
|---|---|---|---|---|
| 25,770 | 42,499 | 37,375 | ||
| 40,671 364 (1,265) |
37,375 - - |
|||
| 25,770 | 39,770 | 37,375 | ||
| - - |
3,093 2,729 |
- - |
29
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 |
2024 £ 29,207,930 770,000 29,977,930 2024 £ 27,147,633 3,154,885 (3,472,709) (2,830) 26,826,979 |
2023 £ 27,147,633 770,000 |
|---|---|---|
| 27,917,633 | ||
| 2023 £ 28,486,416 41,683 (1,432,957) (1,680) |
||
| 27,093,462 | ||
| Net investment gains Foreign exchange gain on overseas investment fund |
4,506,096 (2,125,145) |
2,237,384 (2,183,213) |
| 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 cost* |
29,207,930 20,957,590 6,638,157 - 22,569,773 29,207,930 2024 £ 7,331,447 918,893 8,250,340 |
27,147,633 |
| 19,816,186 | ||
| 6,152,501 2,832 20,992,300 |
||
| 27,147,633 | ||
| 2023 £ 7,186,473 144,974 |
||
| 7,331,447 | ||
- The Weizmann Global Endowment Fund L.P. (W-GEF) 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).
30
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
6. Investments (continued)
| 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 |
2024 2023 £ £ 770,000 770,000 - - 770,000 770,000 2024 2023 £ £ |
| Opening value of permanent endowment | 33,260,024 24,577,854 |
| 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 |
(11,635,195) (11,635,195) 21,624,829 12,942,659 168,148 133,240 585,309 (350,307) (173,372) (158,343) 22,204,914 12,567,249 (1,087,606) (1,078,232) 21,117,308 11,489,017 11,635,195 11,635,195 - 10,135,812 32,752,503 33,260,024 |
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 2024. It has been assumed that for the years to 30 September 2004 and 2009 the dividends and interest less costs has equated to the unapplied total return applied in the periods and as such the value of the unapplied return is equivalent to the net gains and losses in those periods.
31
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 7. Property held for resale Property held for resale |
2024 2023 £ £ 7,809,442 9,083,973 7,809,442 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). The change in value relates to a foreign exchange loss of £526,217 and a revaluation loss of £748,313.
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 |
2024 2023 £ £ - 1,192 5,298 5,498 25,807 16,114 321,346 708,740 352,451 731,544 2024 2023 £ £ 231,927 1,644,501 1,648 1,821 233,575 1,646,322 2024 2023 £ £ 11,655 6,847 13,020 8,553 20,497 22,271 63,407 232,858 108,579 270,529 - 11,228 11,368 - - (11,228) 11,368 - |
|---|---|
- Cash at bank and in hand
10. Creditors – amounts falling due within one year
32
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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:
| Endowment Funds | 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 |
33
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 Hillel, Jacob Hillel Restricted Fund for Cancer and Diabetes Research
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
Davidson Fund for Displaced Children – Education Programme
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
Nurture Programme at BINA – Research Projects
PhD Scholarship – generic funding towards PhD Scholarships
President’s Discretionary Fund – Education and Research 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 Davidson Institute Science Education Appeal – Science Education
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
34
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
- Funds – Endowed Fund
| Original Gift | Unapplied total | Original Gift | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value at | return at | Fund Value at | Investment | Total Return | Unapplied | Value at | Fund Value at | |||||
| Permanent Endowments | 30.9.23 | 1.10.23 | 30.09.23 | Income | Gains | Expenditure | Applied | Total Return | 30.9.24 | 30.09.24 | ||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | £ | |||
| Blond, Elaine Blond Career Development Chair | 253,080 | 279,510 | 532,590 | 3,710 | 41,031 | (3,846) | (24,887) | 295,518 | 253,080 | 548,598 | ||
| Burton, Raymond Burton Prize | 215,690 | 238,213 | 453,903 | 3,162 | 34,969 | (3,277) | (21,210) | 251,857 | 215,690 | 467,547 | ||
| Burton, Raymond Burton Fund | 815,358 | 900,510 | 1,715,868 | 11,951 | 132,192 | (12,389) | (80,179) | 952,085 | 815,358 | 1,767,443 | ||
| Chain, Sir Ernst Chain Research Programme | 175,932 | 194,294 | 370,226 | 2,579 | 28,523 | (2,673) | (17,300) | 205,423 | 175,932 | 381,355 | ||
| Curwen-Lowy, The Curwen – Lowy Biological Studies Fund | 448,223 | 519,406 | 967,629 | 6,740 | 74,547 | (6,987) | (45,215) | 548,491 | 448,223 | 996,714 | ||
| Dekker, Kitty Waas Dekker, Simon Waas | and Rosette Dekker | |||||||||||
| Scholarship Fund | 78,365 | 86,556 | 164,921 | 1,149 | 12,706 | (1,191) | (7,706) | 91,514 | 78,365 | 169,879 | ||
| Djanogly, Jack & Simon Djanogly | 52,181 | 57,623 | 109,804 | 765 | 8,459 | (793) | (5,131) | 60,923 | 52,181 | 113,104 | ||
| Ellis, Maxwell Ellis Professorship Fund | 698,951 | 771,950 | 1,470,901 | 10,245 | 113,319 | (10,621) | (68,732) | 816,161 | 698,951 | 1,515,112 | ||
| Feldmann, Prof. Sir Marc Chair | 598,552 | 205,620 | 804,172 | 5,601 | 61,954 | (5,807) | (37,577) | 229,791 | 598,552 | 828,343 | ||
| Goldenberg, The Edith and Nathan |
Goldenberg | Career | ||||||||||
| Development Chair | 500,000 | 308,795 | 808,795 | 5,633 | 62,310 | (5,840) | (37,793) | 333,105 | 500,000 | 833,105 | ||
| Harris-Ronson, Philip Harris & Gerald Ronson |
Career | |||||||||||
| Development Chair | 211,573 | 233,666 | 445,239 | 3,101 | 34,302 | (3,215) | (20,805) | 247,049 | 211,573 | 458,622 | ||
| Jacobs, The Linda and Michael Jacobs Professorial Chair | 755,863 | 620,284 | 1,376,147 | 9,585 | 106,019 | (9,936) | (64,304) | 661,648 | 755,863 | 1,417,511 | ||
| Kweller, Kathleen Kweller Fund | 172,487 | 190,493 | 362,980 | 2,528 | 27,964 | (2,621) | (16,961) | 201,403 | 172,487 | 373,890 | ||
| Lewis, The Cecil and Hilda Lewis Charitable Trust | 901,148 | 995,259 | 1,896,407 | 13,209 | 146,101 | (13,693) | (88,615) | 1,052,261 | 901,148 | 1,953,409 | ||
| Marcus, Rixi Marcus Scholarship | 264,449 | 292,057 | 556,506 | 3,876 | 42,874 | (4,018) | (26,004) | 308,785 | 264,449 | 573,234 | ||
| Mendoza, Martin & Dianne Mendoza Scholarship | 88,346 | 97,570 | 185,916 | 1,295 | 14,323 | (1,342) | (8,687) | 103,159 | 88,346 | 191,505 | ||
| Reuff, Reuff-Wormser Scholarship Fund | 304,429 | 295,144 | 599,573 | 4,176 | 46,192 | (4,329) | (28,017) | 313,166 | 304,429 | 617,595 | ||
| Ritblat, J & I Ritblat Educational Trust Fund | 172,343 | 188,383 | 360,726 | 2,513 | 27,791 | (2,605) | (16,856) | 199,226 | 172,343 | 371,569 | ||
| Sebba, Samuel Sebba Professorial Chair | 1,011,546 | 1,117,189 | 2,128,735 | 14,827 | 163,999 | (15,370) | (99,471) | 1,181,174 | 1,011,546 | 2,192,720 | ||
| Subtotal: | 7,718,516 | 7,592,522 | 15,311,038 | 106,645 | 1,179,575 | (110,553) | (715,450) | 8,052,739 | 7,718,516 | 15,771,255 |
35
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 11. Funds – Endowed Fund (continued) | Original Gift | Unapplied total | Original Gift | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Value at | return at | Fund Value at | Investment | Total Return | Unapplied | Value at | Fund Value at | |||
| 30.9.23 | 1.10.23 | 30.09.23 | Income | Gains | Expenditure | Applied | Total Return | 30.9.24 | 30.09.24 | |
| £ | £ | £ | £ | £ | £ | £ | £ | £ | £ | |
| Brought forward | 7,718,516 | 7,592,522 | 15,311,038 | 106,645 | 1,179,575 | (110,553) | (715,450) | 8,052,739 | 7,718,516 | 15,771,255 |
| Sieff, Sir David Sieff | 112,686 | 124,443 | 237,129 | 1,652 | 18,269 | (1,712) | (11,080) | 131,572 | 112,686 | 244,258 |
| Sieff, Lord (Marcus) Sieff - Scholarship Funds | 518,003 | 510,684 | 1,028,687 | 7,165 | 79,251 | (7,428) | (48,068) | 541,604 | 518,003 | 1,059,607 |
| Sosnow, The Norman Sosnow Postdoctoral Fellowship | 288,453 | 318,582 | 607,035 | 4,228 | 46,766 | (4,383) | (28,365) | 336,828 | 288,453 | 625,281 |
| Smouha, The Sabine and Jeremy Smouha Scholarship | 77,000 | 60,499 | 137,499 | 958 | 10,593 | (993) | (6,425) | 64,632 | 77,000 | 141,632 |
| Weinrebe, Harry Weinrebe Professorial Chair of Laser Physics | 1,434,125 | 1,370,030 | 2,804,155 | 19,531 | 216,034 | (20,247) | (131,033) | 1,454,315 | 1,434,125 | 2,888,440 |
| Weinrebe, The Harry Weinrebe Professorial Chair of Computer | ||||||||||
| Science and Biology | 150,029 | 158,848 | 308,877 | 2,151 | 23,796 | (2,230) | (14,433) | 168,132 | 150,029 | 318,161 |
| Weinstock, Lord (Arnold) Weinstock Fund | 839,665 | 927,348 | 1,767,013 | 12,308 | 136,132 | (12,759) | (82,568) | 980,461 | 839,665 | 1,820,126 |
| Weyman, J Stanley Weyman & Dr Esther Hellinger Scholarship | ||||||||||
| Fund | 86,747 | 95,820 | 182,567 | 1,272 | 14,065 | (1,318) | (8,531) | 101,308 | 86,747 | 188,055 |
| 11,225,224 | 11,158,776 | 22,384,000 | 155,910 | 1,724,481 | (161,623) | (1,045,953) | 11,831,591 | 11,225,224 | 23,056,815 | |
| Expendable Endowments | ||||||||||
| J Watt | 409,971 | 330,241 | 740,212 | 5,156 | 57,027 | (4,408) | - | 388,016 | 409,971 | 797,987 |
| Legacy from the Estate of the Late Jacob Hillel | 10,135,812 | - | 10,135,812 | 7,082 | (1,196,199) | (7,341) | (41,653) | (1,238,111) | 10,135,812 | 8,897,701 |
| Total Expendable Endowments | 10,545,783 | 330,241 | 10,876,024 | 12,238 | (1,139,172) | (11,749) | (41,653) | (850,095) | 10,545,783 | 9,695,688 |
| 21,771,007 | 11,489,017 | 33,260,024 | 168,148 | 585,309 | (173,372) | (1,087,606) | 10,981,496 | 21,771,007 | 32,752,503 |
36
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
- Funds (continued) – Restricted Income Funds
| Transfers | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (including | |||||||||
| Balance 1.10.23 | Income | Expenditure | Endowments) | Balance 30.9.24 | |||||
| £ | £ | £ | £ | £ | |||||
| Bessie Lawrence ISSI | - | 49,120 | - | - | 49,120 | ||||
| Blond, Elaine Blond Career Development Chair | - | - | (24,887) | 24,887 | - | ||||
| Burton, Raymond Burton Prize | - | - | (21,210) | 21,210 | - | ||||
| Burton, Raymond Burton Fund | - | - | (80,179) | 80,179 | - | ||||
| Chain, Sir Ernst Chain Research Programme | - | - | (17,300) | 17,300 | - | ||||
| Curwen-Lowy, The Curwen – Lowy Biological | Studies Fund | - | - | (45,215) | 45,215 | - | |||
| Davidson Fund for Displaced Children | - | 395,441 | (395,441) | - | - | ||||
| Dekker, Kitty Waas Dekker, Simon | Waas and | Rosette | |||||||
| Dekker Scholarship Fund | - | - | (7,706) | 7,706 | - | ||||
| Djanogly, Jack & Simon Djanogly | - | - | (5,131) | 5,131 | - | ||||
| Donor Request | 500 | 65,597 | (1,000) | - | 65,097 | ||||
| Ellis, Maxwell Ellis Professorship Fund | - | - | (68,732) | 68,732 | - | ||||
| Feldmann, Prof. Sir Marc Chair | - | - | (37,577) | 37,577 | - | ||||
| Goldenberg, The Edith and Nathan |
Goldenberg | Career | |||||||
| Development Chair | - | - | (37,793) | 37,793 | - | ||||
| Harris-Ronson, Philip Harris & |
Gerald | Ronson | Career | ||||||
| Development Chair | - | - | (20,805) | 20,805 | - | ||||
| Jacobs, The Linda and Michael Jacobs Professorial Chair | - | - | (64,304) | 64,304 | - | ||||
| Kweller, Kathleen Kweller Fund | - | - | (16,961) | 16,961 | - | ||||
| Legacy from the Estate of the Late | Jacob | Hillel | - | - | (41,653) | 41,653 | - | ||
| Lewis, The Cecil and Hilda Lewis Charitable Trust | - | - | (88,615) | 88,615 | - | ||||
| Making Connections | 286,148 | 128,803 | (55,040) | - | 359,911 | ||||
| Manchester PhD scholarship | 25,000 | - | - | - | 25,000 | ||||
| Marcus, Rixi Marcus Scholarship | - | - | (26,004) | 26,004 | - | ||||
| Subtotal: | 311,648 | 638,961 | (1,055,553) | 604,072 | 499,128 |
37
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
- Funds – Restricted Income Funds (continued)
| Transfers | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (including | |||||||||
| Balance 1.10.23 | Income | Expenditure | Endowments) | Balance 30.9.24 | |||||
| £ | £ | £ | £ | £ | |||||
| Brought forward | 311,648 | 638,961 | (1,055,553) | 604,072 | 499,128 | ||||
| Mendoza, Martin & Dianne Mendoza Scholarship | - | - | (8,687) | 8,687 | - | ||||
| Nurture Programme at BINA | - | 1,215 | - | - | 1,215 | ||||
| President's Discretionary Fund | - | 84,053 | (84,053) | - | - | ||||
| Reuff, Reuff-Wormser Scholarship Fund | - | - | (28,017) | 28,017 | - | ||||
| Ritblat, J & I Ritblat Educational Trust Fund | - | - | (16,856) | 16,856 | - | ||||
| Sebba, Samuel Sebba Professorial Chair | - | - | (99,471) | 99,471 | - | ||||
| Sieff, Sir David Sieff | - | - | (11,080) | 11,080 | - | ||||
| Sieff, Lord (Marcus) Sieff - Scholarship Funds | - | - | (48,068) | 48,068 | - | ||||
| Sosnow, The Norman Sosnow Postdoctoral | Fellowship | - | - | (28,365) | 28,365 | - | |||
| Smouha, The Sabine and Jeremy Smouha Scholarship | - | - | (6,425) | 6,425 | - | ||||
| The Dangoor Chair of Archaelogical Sciences | 154,463 | 141,392 | (157,105) | - | 138,750 | ||||
| The Davidson Institute Science Education Appeal | - | 28,341 | (28,341) | - | - | ||||
| The Dollond Charitable Trust | - | 10,000 | (10,000) | - | - | ||||
| The Roden Family Fund for Environmental | Sustainability | - | 200,000 | (200,000) | - | - | |||
| UBS UK Donor Advised Foundation | 63,800 | 35,000 | (63,800) | - | 35,000 | ||||
| Weinrebe, Harry Weinrebe Professorial |
Chair | of Laser | |||||||
| Physics | - | - | (131,033) | 131,033 | - | ||||
| Weinrebe, The Harry Weinrebe Professorial |
Chair | of | |||||||
| Computer Science and Biology | - | - | (14,433) | 14,433 | - | ||||
| Weinstock, Lord (Arnold) Weinstock Fund | - | - | (82,568) | 82,568 | - | ||||
| Weyman, J Stanley Weyman & Dr |
Esther | Hellinger | |||||||
| Scholarship Fund | - | - | (8,531) | 8,531 | - | ||||
| Wolfson - Cost of Equipment for Molecular Engineering | 491,727 | - | (491,727) | - | - | ||||
| Women In Science | 750 | - | (750) | - | - | ||||
| 1,022,388 | 1,138,962 | (2,574,863) | 1,087,606 | 674,093 |
38
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
- Funds – Endowed Fund Prior Year
| Original Gift | Unapplied total | Original Gift | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value at | return at | Fund value at | Investment | Total Return | Unapplied | Value at | Fund Value at | ||||||
| Permanent Endowments | 1.10.22 | 1.10.22 | 1.10.22 | Income | Gains | Expenditure | Applied | Total Return | 30.9.23 | 30.09.23 | |||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | £ | ||||
| Blond, Elaine Blond Career Development Chair | 253,080 | 313,512 | 566,592 | 3,072 | (8,076) | (3,697) | (25,301) | 279,510 | 253,080 | 532,590 | |||
| Burton, Raymond Burton Prize | 215,690 | 267,191 | 482,881 | 2,618 | (6,882) | (3,151) | (21,563) | 238,213 | 215,690 | 453,903 | |||
| Burton, Raymond Burton Fund | 815,358 | 1,010,057 | 1,825,415 | 9,896 | (26,018) | (11,912) | (81,513) | 900,510 | 815,358 | 1,715,868 | |||
| Chain, Sir Ernst Chain Research Programme | 175,932 | 217,931 | 393,863 | 2,135 | (5,614) | (2,570) | (17,588) | 194,294 | 175,932 | 370,226 | |||
| Curwen-Lowy, The Curwen – Lowy | Biological Studies Fund | 448,223 | 581,181 | 1,029,404 | 5,581 | (14,672) | (6,717) | (45,967) | 519,406 | 448,223 | 967,629 | ||
| Dekker, Kitty Waas Dekker, Simon Waas | and Rosette Dekker | ||||||||||||
| Scholarship Fund | 78,365 | 97,086 | 175,451 | 951 | (2,501) | (1,145) | (7,835) | 86,556 | 78,365 | 164,921 | |||
| Djanogly, Jack & Simon Djanogly | 52,181 | 64,633 | 116,814 | 633 | (1,665) | (762) | (5,216) | 57,623 | 52,181 | 109,804 | |||
| Ellis, Maxwell Ellis Professorship | Fund | 698,951 | 865,857 | 1,564,808 | 8,483 | (22,303) | (10,211) | (69,876) | 771,950 | 698,951 | 1,470,901 | ||
| Feldmann, Prof. Sir Marc Chair | 598,552 | 256,962 | 855,514 | 4,638 | (12,194) | (5,583) | (38,203) | 205,620 | 598,552 | 804,172 | |||
| Goldenberg, The Edith and |
Nathan | Goldenberg | Career | ||||||||||
| Development Chair | 500,000 | 360,432 | 860,432 | 4,664 | (12,264) | (5,615) | (38,422) | 308,795 | 500,000 | 808,795 | |||
| Harris-Ronson, Philip Harris |
& Gerald Ronson |
Career | |||||||||||
| Development Chair | 211,573 | 262,091 | 473,664 | 2,568 | (6,751) | (3,091) | (21,151) | 233,666 | 211,573 | 445,239 | |||
| Jacobs, The Linda and Michael Jacobs Professorial Chair | 755,863 | 708,140 | 1,464,003 | 7,937 | (20,866) | (9,553) | (65,374) | 620,284 | 755,863 | 1,376,147 | |||
| Kweller, Kathleen Kweller Fund | 172,487 | 213,667 | 386,154 | 2,093 | (5,504) | (2,520) | (17,243) | 190,493 | 172,487 | 362,980 | |||
| Lewis, The Cecil and Hilda Lewis Charitable Trust | 901,148 | 1,116,331 | 2,017,479 | 10,937 | (28,755) | (13,165) | (90,089) | 995,259 | 901,148 | 1,896,407 | |||
| Marcus, Rixi Marcus Scholarship | 264,449 | 327,586 | 592,035 | 3,209 | (8,438) | (3,863) | (26,437) | 292,057 | 264,449 | 556,506 | |||
| Mendoza, Martin & Dianne Mendoza Scholarship | 88,346 | 109,440 | 197,786 | 1,072 | (2,819) | (1,291) | (8,832) | 97,570 | 88,346 | 185,916 | |||
| Reuff, Reuff-Wormser Scholarship Fund | 304,429 | 333,422 | 637,851 | 3,458 | (9,091) | (4,162) | (28,483) | 295,144 | 304,429 | 599,573 | |||
| Ritblat, J & I Ritblat Educational Trust Fund | 172,343 | 211,413 | 383,756 | 2,080 | (5,470) | (2,504) | (17,136) | 188,383 | 172,343 | 360,726 | |||
| Sebba, Samuel Sebba Professorial Chair | 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 | |||
| Subtotal: | 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 |
39
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
- Funds – Endowed Fund (continued)
| 11. Funds – Endowed Fund (continued) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Original Gift | Unapplied total | Original Gift | ||||||||
| Value at | return at | Fund value at | Investment | Total Return | Unapplied | Value at | Fund Value at | |||
| 1.10.22 | 1.10.22 | 1.10.22 | Income | Gains | Expenditure | Applied | Total Return | 30.9.23 | 30.09.23 | |
| £ | £ | £ | £ | £ | £ | £ | £ | £ | £ | |
| Brought forward | 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 |
| Sieff, Sir David Sieff | 112,686 | 139,582 | 252,268 | 1,368 | (3,596) | (1,646) | (11,265) | 124,443 | 112,686 | 237,129 |
| Sieff, Lord (Marcus) Sieff - Scholarship Funds | 518,003 | 576,358 | 1,094,361 | 5,933 | (15,598) | (7,141) | (48,868) | 510,684 | 518,003 | 1,028,687 |
| Sosnow, The Norman Sosnow Postdoctoral Fellowship | 288,453 | 357,336 | 645,789 | 3,501 | (9,204) | (4,214) | (28,837) | 318,582 | 288,453 | 607,035 |
| Smouha, The Sabine and Jeremy Smouha Scholarship | 77,000 | 69,278 | 146,278 | 793 | (2,085) | (955) | (6,532) | 60,499 | 77,000 | 137,499 |
| Weinrebe, Harry Weinrebe Professorial Chair of Laser Physics | 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 |
| Weinrebe, The Harry Weinrebe Professorial Chair of Computer | ||||||||||
| Science and Biology | 150,029 | 178,567 | 328,596 | 1,781 | (4,683) | (2,144) | (14,673) | 158,848 | 150,029 | 308,877 |
| Weinstock, Lord (Arnold) Weinstock Fund | 839,665 | 1,040,160 | 1,879,825 | 10,191 | (26,793) | (12,267) | (83,943) | 927,348 | 839,665 | 1,767,013 |
| Weyman, J Stanley Weyman & Dr Esther Hellinger Scholarship | ||||||||||
| Fund | 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 | |
| Expendable Endowments | ||||||||||
| J Watt | 409,971 | 354,821 | 764,792 | 4,146 | (10,901) | (2,952) | (14,873) | 330,241 | 409,971 | 740,212 |
| Legacy from the Estate of the Late Jacob Hillel | - | - | - | 10,135,812 | - | - | - | - | 10,135,812 | 10,135,812 |
| Total Expendable Endowments | 409,971 | 354,821 | 764,792 | 10,139,958 | (10,901) | (2,952) | (14,873) | 330,241 | 10,545,783 | 10,876,024 |
| 11,635,195 | 12,942,659 | 24,577,854 | 10,269,052 | (350,307) | (158,343) | (1,078,232) | 11,489,017 | 21,771,007 | 33,260,024 |
The Making Connections fund has been established to support high level scientific collaboration between the Weizmann Institute of Science in Israel and UK scientists.
40
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 11. | Funds (continued) – Restricted Income | Funds (continued) – Restricted Income | Funds (continued) – Restricted Income | Funds (continued) – Restricted Income | Funds (continued) – Restricted Income | Funds (continued) – Restricted Income | Funds | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Transfers | ||||||||||||
| (including | ||||||||||||
| Balance 1.10.22 | Income | Expenditure | Endowments) | Balance 30.9.23 | ||||||||
| £ | £ | £ | £ | £ | ||||||||
| Bessie Lawrence ISSI | 3,060 | 22,350 | - | (25,410) | - | |||||||
| Biocomplexity Research | 54,008 | - | - | (54,008) | - | |||||||
| BIRAX | 2,170 | - | - | (2,170) | - | |||||||
| Blond, Elaine Blond Career Development Chair | - | - | (25,301) | 25,301 | - | |||||||
| Burton, Raymond Burton Prize | - | - | (21,563) | 21,563 | - | |||||||
| Burton, Raymond Burton Fund | - | - | (81,513) | 81,513 | - | |||||||
| Cancer Research | 1,025 | - | - | (1,025) | - | |||||||
| Chain, Sir Ernst Chain Research Programme | - | - | (17,588) | 17,588 | - | |||||||
| Clore Garden of Science | - | 100,000 | (100,000) | - | - | |||||||
| Curwen-Lowy, The Curwen – Lowy Biological | Studies Fund | - | - | (45,967) | 45,967 | - | ||||||
| Dan Shapiro Research Fund | 4,936 | - | - | (4,936) | - | |||||||
| Dekker, Kitty Waas Dekker, |
Simon | Waas | and | Rosette | ||||||||
| Dekker Scholarship Fund | - | - | (7,835) | 7,835 | - | |||||||
| Djanogly, Jack & Simon Djanogly | - | - | (5,216) | 5,216 | - | |||||||
| Donor Request | - | 5,500 | (5,000) | - | 500 | |||||||
| Education Outreach | 22,950 | - | - | (22,950) | - | |||||||
| Ellis, Maxwell Ellis Professorship Fund | - | - | (69,876) | 69,876 | - | |||||||
| Events | 5,450 | - | - | (5,450) | - | |||||||
| Feldmann, Prof. Sir Marc Chair | - | - | (38,203) | 38,203 | - | |||||||
| Gala Dinner | 3,500 | - | - | (3,500) | - | |||||||
| Get Connected | 8,000 | - | - | (8,000) | - | |||||||
| Goldenberg, The Edith and Nathan |
Goldenberg | Career | ||||||||||
| Development Chair | - | - | (38,422) | 38,422 | - | |||||||
| Harris-Ronson, Philip Harris & |
Gerald | Ronson | Career | |||||||||
| Development Chair | - | - | (21,151) | 21,151 | - | |||||||
| International Physics Tournament | - | 10,000 | - | (10,000) | - | |||||||
| Jacobs, The Linda and Michael Jacobs Professorial Chair | - | - | (65,374) | 65,374 | - | |||||||
| J Watt | - | - | (14,873) | 14,873 | - | |||||||
| Kweller, Kathleen Kweller Fund | - | - | (17,243) | 17,243 | - | |||||||
| Lewis, The Cecil and Hilda Lewis | Charitable Trust | - | - | (90,089) | 90,089 | - | ||||||
| Making Connections | 324,570 | 58,658 | (97,080) | - | 286,148 | |||||||
| Manchester PhD scholarship | 14,500 | 25,000 | - | (14,500) | 25,000 | |||||||
| Marcus, Rixi Marcus Scholarship | - | - | (26,437) | 26,437 | - | |||||||
| Subtotal: | 444,169 | 221,508 | (788,731) | 434,702 | 311,648 |
41
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 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 ( R ) | 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 |
42
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 30.9.23 £ 69,959 5,569,829 |
Income £ - 511,721 |
Expenditure £ - (1,042,826) |
Net investment gain £ - 521,112 |
Transfers / Gift Aid Balance 30.9.24 £ £ - 69,959 - 5,559,836 - 5,629,795 Transfers / Gift Aid Balance 30.9.23 £ £ - 69,959 740,837 5,569,829 740,837 5,639,788 |
|---|---|---|---|---|---|
| 5,639,788 Balance 30.9.22 £ 69,959 4,728,122 |
511,721 Income £ - 528,565 |
(1,042,826) Expenditure £ - (832,173) |
521,112 Net investment gain £ - 404,478 |
||
| 4,798,081 | 528,565 | (832,173) | 404,478 |
- Analysis of net assets between funds
| Tangible fixed assets Investments Net current assets Total net assets Tangible fixed assets Investments Net current assets Total net assets Analysis of net assets between funds Prior Year |
£ 791,572 5,034,869 (266,605) 5,559,836 £ 813,257 4,793,421 (36,849) 5,569,829 General Funds General Funds |
£ - - 69,959 69,959 £ - - 69,959 69,959 Designated Funds Designated Funds |
£ - - 674,093 674,093 £ - - 1,022,388 1,022,388 Restricted Income Funds Restricted Income Funds |
£ £ - 791,572 24,943,061 29,977,930 7,809,442 8,286,889 32,752,503 39,056,391 £ £ - 813,257 23,124,212 27,917,633 10,135,812 11,191,310 33,260,024 39,922,200 Endowment Funds Total Funds at 30.9.24 Total Funds at 30.9.23 Endowment 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.
43
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 2024:
| 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 |
2024 2023 £ £ 3,016 3,305 3,016 3,305 (5,298) (5,498) (2,282) (2,193) 3 3 (2,285) (2,196) (2,282) (2,193) |
|---|---|
16. Related party transactions
Weizmann UK is owed £5,298 (2023: £5,498) 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 £2,748,536 to the Weizmann Institute during the year (2023: £2,448,018). There are amounts outstanding of £674,093 (2023: £1,022,388).
There have been no other related party transactions with the exception of the payment of legal charges amounting to £600 in relation to the charity (2023: £17,032) 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 (2023: £nil).
The total aggregate donations received from Trustees was £151,064 (2023: £93,750).
44
THE WEIZMANN INSTITUTE FOUNDATION (Weizmann UK) (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 17. Prior Year SOFA INCOME FROM Note Donations & Legacies Donations Legacies Income from Investments 2 Income from charitable activities Educational events Other Income 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 Property revaluation Net investment gains 6 NET EXPENDITURE BEFORE NET GAINS & LOSSES ON INVESTMENTS |
2023 £ 215,088 23,390 47,061 243,026 - Unrestricted funds |
Restricted funds 2023 £ 1,975,764 - - - - |
2023 £ - 10,135,812 133,240 - - Endowment funds |
Total funds 2023 £ 2,190,852 10,159,202 180,301 243,026 - |
|---|---|---|---|---|
| 528,565 | 1,975,764 | 10,269,052 | 12,773,381 | |
| 354,590 28,516 188,104 260,963 |
- - 124,270 2,382,500 |
- 158,343 - - |
354,590 186,859 312,374 2,643,463 |
|
| 832,173 | 2,506,770 | 158,343 | 3,497,286 | |
| (303,608) | (531,006) | 10,110,709 | 9,276,095 | |
| - - 404,478 |
- - - |
(2,183,213) - 1,832,906 |
(2,183,213) - 2,237,384 |
|
| Transfers between funds 11,12 Fund balances brought forward FUND BALANCES CARRIED FORWARD NET (EXPENDITURE) / INCOME NET MOVEMENT IN FUNDS |
404,478 | - | (350,307) | 54,171 |
| 100,870 | (531,006) | 9,760,402 | 9,330,266 | |
| 740,837 | 337,395 | (1,078,232) | - | |
| 841,707 | (193,611) | 8,682,170 | 9,330,266 | |
| 4,798,081 | 1,215,999 | 24,577,854 | 30,591,934 | |
| 5,639,788 | 1,022,388 | 33,260,024 | 39,922,200 | |
45