Weizmann Uk Annual Accounts Final

The Weizmann Institute Foundation
Company Limited by Guarantee

Trustees’ Annual Report & Accounts
30 September 2009

Company Registration No. 483123
Charity Registration No. 232666

THE WEIZMANN INSTITUTE FOUNDATION (“the Foundation”)
(Company Limited by Guarantee)
REPORT OF THE TRUSTEES’
FOR THE YEAR ENDED 30 SEPTEMBER 2009

Contents

Advisers 02
Trustees’ Report 03-14
Auditors’ Report 15-16
Statement of Financial Activities 17
Summary Income and Expenditure Account 18
Statement of Total Recognised
Gains and Losses 18
Balance Sheet 19
Cash Flow Statement 20
Notes to the financial statements 21-35

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Advisers

Investment Managers Bankers
Rothschild Private Management Limited Bank Leumi (UK) plc
1 King William Street 20 Stratford Place
London EC4N 7AR London W1C 1BG
HSBC plc
W-GEM
90 Baker Street
110 East 42nd Street
London W1M 2AX
Suite 13101
New York
Accountants
NY10017
JS2 Limited
USA
One Crown Square
Church Street East
Auditors
Woking, Surrey
PricewaterhouseCoopers LLP
GU21 6HR
1 Embankment Place
London WC2N 6RH
Registered Office
Weizmann UK
Solicitors
126 Albert Street
Berwin Leighton Paisner LLP
London
Adelaide House
NW1 7NE
London Bridge
London EC4R 9HA

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The Board of Trustees (being the directors of the
Foundation), presents its report and financial statements
for the year ended 30 September 2009. The report
and the financial statements have been produced
in accordance with the provisions of the SORP –
Accounting and Reporting by Charities – issued in
February 2005.

General Information
“The Foundation” is a company limited
by guarantee (registration number 483123),
which was incorporated on 8 June 1950.
The Foundation’s constitution and principal
regulations are set out in its Memorandum
and Articles of Association.
The Foundation is a registered charity
(registration number 232666). The registered
office of the Foundation is 126 Albert Street,
London NW1 7NE.
The Foundation operates under the
name of Weizmann UK. The Foundation’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 Science in Rehovot, Israel (“the Institute”).
Lord Mitchell, Chairman & Sheridan Gould, Executive Director

Our Mission
Weizmann UK’s mission is to communicate We deliver public benefit through our events
the work of the Weizmann Institute’s and education programmes, which provide
scientists, to encourage support for the unique access to inspirational scientists and
Institute’s work, and to promote collaboration cutting-edge research to the wider UK public.
between the Institute and UK universities. The scientific breakthroughs made at the
Weizmann Institute in Rehovot, Israel, are
Although our primary goal is to raise
for the benefit of humanity.
funds, Weizmann UK aims to communicate
the Institute’s scientific discoveries and The Trustees confirm that they have
breakthroughs to its UK friends, supporters complied with the duty in section 4 of the
and the public. We also actively promote Charities Act 2006 to have due regard to
greater scientific collaboration between the Charity Commission’s general guidance
the Weizmann Institute and leading UK on public benefit.
scientific institutions.

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“ Scientific breakthroughs are the lifeline of future generations. The quality
of the research being conducted at the Weizmann Institute of Science in
Israel is recognised worldwide.The co-operation between Israeli scientists
and their colleagues in the UK builds the foundations for advances that will
serve humanity.
Shimon Peres
”
President of the State of Israel

Review of the year
This has been an exciting year for
Weizmann UK, as we continued to develop
our Making Connections programme.
This dynamic programme lies at the heart
of Weizmann UK’s mission. We are making
connections between Israel and the UK;
establishing networks across frontiers,
beyond politics, through our support of the
Institute’s launch of its first ever grant-giving The funded projects include:
programme in the UK, and establishing an
Brain Substrates of Memory Conformity:
Annual Scientific Symposium between
Prof. Yadin Dudai, Weizmann Institute &
Institute Scientists and their UK colleagues.
Prof. Raymond Dolan and Dr Tali Sharot,
University College London.
Making Connections Grant
Programme Launched Probing the Mechanism of Collagen
Degradation: Prof. Irit Sagi, Weizmann Institute
The Making Connections grants are
& Dr Robert Visse, Imperial College London.
awarded by the Institute to research
projects which unite researchers with their Self-Assembly of Surface-Confirmed
counterparts at UK Universities. The first Functional Materials: Prof. Milko van der
grants were made in March 2009. These Boom, Weizmann Institute & Dr Jonathan
grants have been possible due to Weizmann Nitschke, Cambridge University.
UK’s fundraising efforts, most notably
The study of Cell-Membrane Structures
our Gala Fundraising Dinner that was held
& Dynamics: Prof. Benny Shilo, Weizmann
in June 2008 at the Science Museum.
Institute & Prof. Buzz Baum, University
The Institute received 29 applications, College London.
many more than had been initially anticipated;
Foundations of Dark Energy Research:
10 projects were shortlisted, and 5 were
Prof. Avishay Gal-Yam, Weizmann Institute
finally chosen to receive funding. These
& Dr Mark Sullivan, Oxford University.
include work on areas as diverse as the
neurological science behind ‘false memory Each team of scientists will receive $100,000
syndrome,’ and the astrophysics behind the over 2 years, split between Institute Scientists
phenomenon of Dark Energy. and their UK colleagues.
The Institute plans to open a second call for
proposals in 2009-10.

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Alternative Energy panel discussion at the 2009 Bessie Lawrence ISSI students
Royal Geographical Society

Making Connections Educational Programmes
Scientific Symposium
A key component of Weizmann UK’s Through our educational activities we
Making Connections initiative is the have brought young people from diverse
organisation of an annual scientific meeting faiths and backgrounds into contact with
between Weizmann Institute scientists and inspirational scientists from the Weizmann
their UK colleagues. Our 2009 Making Institute. In association with the UK’s
Connections symposium focused on the Zionist Federation and other UK Academic
important topic of Alternative Energy and Friends of Israeli Universities, Weizmann UK
was entitled ‘Light Energy for a Brighter participated in a day of Science event that
Future.’ It was over-subscribed with scientists took place in March. This two day event
participating from all over Europe who was held at the Museum of Science in
work in the area of renewable and alternative Manchester and London’s Science Museum
energy. The Symposium was co-chaired in Kensington. Professor Eilam Gross of the
by Professor David Cahen, director of the Weizmann Institute’s department of Particle
Alternative Sustainable Energy Research Physics, gave a stunning presentation about
Initiative (AERI) at the Weizmann Institute his work on the Large Hadron Collider at
of Science, Israel, and Professor James CERN to audiences of awed schoolchildren
Barber FRS, the Ernst Chain Professor of in both London and Manchester.
Biochemistry at Imperial College London.
Our International Summer Science School,
Over two stimulating days there were
known as the Bessie Lawrence programme
presentations from scientists whose innovative
allowed 11 children from year 13 to travel
research has the potential to revolutionise
to Israel to take part in a prestigious residential
the way we consume and generate energy.
summer camp, undertaking lab research
The concluding event was a panel discussion
with world-leading scientists and undertaking
open to the public, which several hundred
field trips throughout Israel. For many UK
people struggled through torrential rain to
schoolchildren, Weizmann UK provides contact
attend. No doubt this was because of the
with, and a route into, professional science.
panel members, who included Professor
John Beddington, the government’s chief
scientific adviser, and Lord Hunt, the Minister
of State for Sustainable Development and
Energy Innovation, and Jonathan Leake,
Science Editor of The Sunday Times.

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X-Ray structures of the two Ribosomal Subunits from Eubacteria

Weizmann UK &
The Weizmann Institute of Science
Celebrations for the 60th anniversary of The astounding news that broke at the end
the Weizmann Institute kicked off in style this of our financial year was the awarding of the
year with a delegation from Weizmann UK 2009 Nobel Prize in Chemistry to Weizmann
attending a gala programme in Paris for Institute Scientist Professor Ada Yonath for
international friends who gathered to show her work on the ribosome, which has led to
their support. This was a glittering programme the development of advanced anti-biotics. She
of scientific presentations and gala events. is the fourth woman ever to win the chemistry
Among the many dignitaries was Baroness prize, and the first Israeli woman scientist to
Susan Greenfield who spoke at a prestigious be recognised by this prestigious award.
seminar at the Pasteur Institute. It was a huge
Prof. Yonath’s research is driven by curiosity
source of pride for the delegates from
and ambition to better understand the world
Weizmann UK to join the Institutes’ global
and our place within it. This research aims
family of friends and supporters in celebrating
high: to understand the ribosome - one of
this important milestone.
the most complicated “machines” of the
In the following pages you will read about biological system.
just a handful of the ground-breaking
The award is especially meaningful given
scientific achievements which have taken
that Prof. Yonath’s research has been
place at the Institute this year, which
significantly funded for more than 20 years
Weizmann UK has been actively supporting
by American philanthropist Mrs Helen Kimmel,
through our fundraising endeavour. One of
together with her late husband, Martin.
the highlights for the Institute has been
The special friendship developed between
receiving the Israel Presidents and Prime
Prof. Yonath and Mrs Kimmel over the years
Ministers Memorial Prize. This was awarded
perfectly symbolizes the Weizmann partnership
in recognition of their excellent work in
between science and philanthropy. This has
recruiting a record number of post-doctoral
been a consistent message for Weizmann UK
scientists back to Israel, a phenomenon
since its inception on 8 June 1950.
which has been labelled ‘brain gain.’
These scientists will shape not only the
work of the Institute, but the course of science
as a whole. We are delighted that several of
these young scientists have been supported
by Weizmann UK donors.

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Weizmann UK’s overall objectives for 2009 & beyond
The Foundation remains committed to the goal
of its founders, namely to increase support for
and awareness of the outstanding research and
accomplishments of the Institute’s scientists, in Israel.

GOVERNANCE
Strategic Goals Activities & Achievements Plans 2009-2010
To ensure existing Trustees We monitored developments To monitor trends in charity
remain actively involved. in charity governance and governance and ensure we
ensured we continued to remain compliant with legal
comply with all requirements. requirements.
Trustees have been actively To appoint a new Chairman
involved with events and at the end of Lord Mitchell’s
fundraising efforts. tenure.
Board meetings have been
well-attended and productive.

COMMUNICATIONS & PUBLIC RELATIONS

To continue to assess the Several newsletters have been Consider the possibility of
effectiveness of our website produced online, allowing our commissioning more flexible
and online marketing. supporters to feel connected and ‘branded’ e-templates.
to the Institute’s achievements
and to Weizmann UK’s events
and education programme.
To continue to market Both our Symposium and We’ll continue to market
our Making Connections our Public lecture were over- the Symposium and the
programme. subscribed events, which Gala evening online,
we succeeded in marketing targeting a younger audience
primarily online. of potential supporters.
To continue to promote our We also gained some press To continue to ensure we widen
educational activities to as coverage for the Symposium, the network of participating
wide an audience as possible. raising awareness of the schools and students.
scientific achievements at
the Institute and enforcing
our message that Weizmann
scientists are world leaders.
We secured some coverage
for our Bessie Lawrence
programme which featured
pictures and quotes from the
students as they participated
in the programme.

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FUNDRAISING
To increase funding for We organised a 2-day Next year we plan to
academic collaboration scientific Symposium on hold a third Symposium
between leading UK alternative energies as part on Astrophysics, in
academic institutions and of our Making Connections collaboration with University
the Institute. programme, which was in College London, and to
partnership with Imperial organise a second fundraising
College London. Gala evening.
Our ongoing goal is to The concluding event was a We are also planning an
increase our donor base Public Lecture attended by event with the University
and continue to strengthen several hundred people which of Manchester for late 2009.
relationships with existing introduced us to new potential
major donors. donors and raised the
Weizmann UK profile.
Several of our high-value To develop our major donors
donors joined us in Paris for a with further exclusive events.
Gala Evening in celebration of
the Institute’s 60th anniversary.
A record number of VIP To continue to promote visits
visits to the Institute were to the Institute to our major
coordinated for key prospects donors and prospects.
and existing major donors.
We’ve built on our programme To continue our programme
of business lunches and of business breakfasts,
breakfasts for major donors lectures and missions for
and prospects, holding small targeted groups.
several throughout the year.
To continue to encourage We have received several To further improve on our
smaller donations via our online donations this year e-mail Communications
online website. and are now able to link tools in order to connect
directly to our ‘Giving’ page with a younger audience
via our website. and maximise the potential
for web donations.

EDUCATION PROGRAMMES
To continue to foster closer A group of scientists We are pro-actively building
collaboration with UK specialising in Alternative on relationships funded
scientists and the Institute Energies at Imperial College by the Making Connections
in Israel. visited the Institute in programme.
January. This visit has led
to collaboration between the
two academic institutions.
To continue to promote The Bessie Lawrence To encourage all participants
the range of educational Programme sent 9 UK to promote the scheme on
programmes offered at the students to participate in the their return to the new Sixth
Institute to a UK audience. 2009 Programme. Formers.
Dulwich School sent another We are marketing the scheme
team to this year’s Physics more widely and hope that
Tournament. other schools will participate
in 2010.

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Finally, we are delighted to report that, despite global financial
turmoil, the continued commitment and generosity of our UK
supporters has enabled us to meet our fundraising targets this year.
We have succeeded in keeping our office running costs to the
minimum and been fortunate in securing sponsorship for all of our
public events. Weizmann UK’s professional team at the end of 2009
comprised of Ms Sheridan Gould, Executive Director, Ms Tamar
Levinsohn-Araneta, Donor Relations & Event Manager, Ms Zila
Ornstein, Executive Assistant to the Director, and Ms Jacqueline
Wright, part-time Communications Manager.

A snapshot of just
a few Weizmann Institute
achievements
Discoveries made by scientists at the
Institute have hit the headlines several times
in the last year. The Weizmann Institute’s
scientists focus on basic research driven
by curiosity rather than by commerce.
Here are just a few of the many achievements
realised at the Institute this year:

Making DNA Computers ‘Logical’
Bio molecular computers, made of DNA
and other molecules, are so small that a
trillion fit in a drop of water. Weizmann Institute
scientists have found a way to make these
The answer was encoded in a flash of green
microscopic devices 'user friendly,' even
light. Some of the strands were equipped with
while performing complex computations
a naturally glowing fluorescent molecule bound
Tom Ran and Shai Kaplan, research students to a second protein which keeps the light
in the lab of Prof. Ehud Shapiro – who is covered. A specialized enzyme, attracted to
funded by the UK Dorset Foundation, have the site of the correct answer, removed the
succeeded in using the DNA computers to “cover” and let the light shine. The tiny water
effectively answer yes or no questions using drops containing the bio molecular data-bases
strands of DNA designed to give off a green were able to answer very intricate queries,
light corresponding to “yes.” and they lit up in a combination of colours
representing the complex answers.
When fed a rule – “all men are mortal” –
and a fact – “Socrates is a man” – the Besides the tantalizing possibility that such
computer answered the question “Is Socrates biology-based devices could one day be
Mortal?” correctly. The team went on to injected into the body – a sort of “doctor in
set up more complicated queries involving a cell” locating disease and preventing its
multiple rules and facts, and the DNA spread – bio molecular computers could
computing devices were able to deduce conceivably perform millions of calculations
the correct answers every time. in parallel.

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A Unique Approach for Splitting
Water into Hydrogen and Oxygen
The design of efficient systems for splitting
water into hydrogen and oxygen is among
the most important challenges facing science
today, underpinning the long-term potential
of hydrogen as a clean, sustainable fuel.
Now, a unique approach developed by
Prof. David Milstein and colleagues in the
Weizmann Institute’s Organic Chemistry
Department provides important steps in
overcoming this challenge.

Why do some Cancer The new approach devised by the Weizmann
Cells Survive? team is divided into a sequence of reactions,
What separates the few cancer cells that mediated by a unique ingredient – a special
survive chemotherapy from those that don’t? metal complex that Milstein’s team designed
The answer to this question could prevent in previous studies. The team found that, upon
cancers from recurring. Research students mixing this complex with water, the bonds
Ariel Cohen, Naama Geva-Zatorsky and Eran between the hydrogen and oxygen atoms break,
Eden in the Institute’s Molecular Cell Biology with one hydrogen atom binding to its organic
Department searched for survival anomalies part, while the remaining hydrogen and oxygen
in over 1000 different proteins. atoms (OH group) bind to its metal centre.

The team’s efforts have produced a This modified version of the complex provides
comprehensive library of images and data the basis for the next stage of the process:
on cancer cell proteins, a virtual goldmine the “heat stage.” When the water solution is
of ready material for further cancer research. heated to 100°C, hydrogen gas is released
They also succeeded in pinpointing two from the complex – a potential source of clean
proteins that seem to play a role in cancer fuel – and another OH group is added to the
cell survival. metal centre. “But the most interesting part
is the third ‘light stage,’” says Milstein.
The researchers found that around five “When we exposed this third complex to light
percent of proteins act unpredictably, even at room temperature, not only was oxygen
when the cells and drug exposure were gas produced, but the metal complex also
identical. The scientists called these proteins reverted back to its original state, which could
‘bimodal,’ as they have the potential to act be recycled for use in further reactions.”
in two different ways.
These results are even more remarkable
The team then asked whether any of the because further experiments indicate that the
bimodal proteins they had identified were two OH groups join together to form hydrogen
those that occasionally promote cell survival. peroxide (H2O2), which quickly breaks up into
They found two molecules that seem to fit the oxygen and water. “Because hydrogen
bill. One of them, known by the letters DDX5, peroxide is considered a relatively unstable
is a multitasking protein that, among other molecule, scientists have always disregarded
things, plays a role in initiating the production this step, deeming it implausible; but we have
of other proteins. The other, RFC1, also plays shown otherwise,” says Milstein. For their next
varied roles, including directing the repair of study, Milstein’s team plans to combine these
damaged DNA. When the researchers blocked stages to create an efficient catalytic system,
the production of these proteins in the cancer bringing those in the field of alternative energy
cells, the drug became much more efficient at an important step closer to realising this
wiping out the growth. important goal.

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The world needs our research: we need your support
Over the years the Weizmann Institute has grown with the country and has been the site of a
number of milestones in Israeli science. Institute scientists were pioneers in the field of cancer
research. Others planned and built the country’s first electronic computer, one of the first in the
world. Another group founded the first nuclear physics department and built a particle accelerator
next door. They were the first to establish a company for transferring knowledge from academia
to industry – named Yeda, Hebrew for knowledge – and they initiated the founding of a science-
based industrial park near the Institute.

Here are just some of the Institute’s major achievements:
■ Copaxone® and Rebif ® two FDA approved ■ Pioneered the use of amniotic fluid for
multiple sclerosis drugs were developed antenatal diagnosis, leading to the clinical
based on Weizmann research. MS affects application of amniocentesis;
2.5 million people worldwide; ■ Discovered the structure of AChE (a brain
■ Weizmann scientists developed the first enzyme). Their research is helping pave the
successful vaccine for Type I (insulin way for the design of anti-Alzheimer’s drugs;
dependent) diabetes. The vaccine is ■ Developed the Smartcard, used globally
currently in clinical trials and plans call
in IT security and Satellite TV.
for it to be marketed worldwide;

As with all the breakthroughs at the Weizmann Institute, these world-changing, life-saving
and life-enhancing discoveries were made possible by one thing: philanthropy. We are
particularly grateful to our many commited UK donors whose support has been vital in ensuring
that Weizmann UK is able to provide funding to help the Weizmann Institute carry out its
important research.

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Financial Review
The financial statements for the year ended During the year the Investment Committee
30 September 2009 show net outgoing has been reviewing the Foundation’s
resources for the year of £101,022 (2008: investment policy.
net incoming £423,200). The net movement
Over the 12 months to 30th September,
in funds for the year amounted to an increase
W-GEM has performed reasonably given
of £1,591,053 (2008: decrease of £386,977)
the turmoil in markets with a rise of about
after accounting for net investment and
1% against a rise in its policy benchmark
exchange gains of £1,692,075 (2008: losses
of about 6% and a fall of 6% in the S&P.
of £810,177). During the year grants totalling
W-GEM is well diversified across managers
£2,522,744 (2008: £1,502,330) were made
and asset classes. Its policy benchmark is
to the Institute.
currently 40% long equities, 30% marketable
The Weizmann Trading Company Ltd. alternatives, 18% fixed income, 2% cash
did not trade during the period. and 10% private strategies.
The Board of Trustees has also resolved
Reserves
that the majority of the Foundation’s non-
At 30 September 2009 the Charity held endowed funds (with both unrestricted and
unrestricted reserves of £4,825,939 restricted purposes) should continue to be
(2008: £4,507,736). Including £123,303 invested in the UK. The Investment Committee
as a designated fund towards the UK established a prudent investment policy
Weizmann Scientific Programme comprising a mix of quoted UK equities, fixed
(see Note 11) and £2,000,000 to cover income bonds and cash (approved by the
one year's operating costs of the charity Board of Trustees) and has instructed that the
and one year's budgeted grant support. Investment Manager follows the guidelines set
The balance is held to provide a steady by the Investment Committee. The reports
unrestricted income stream for the Charity. produced by the Investment Manager indicate
The policy is reviewed annually. that the Foundation’s UK Funds performed
broadly in line with the relevant equity and
Grants for Scientific Research
bond benchmark indicators during the
The Foundation makes grants to the Institute 12 months to 30th September, outperforming
based on the current needs of the Institute the benchmark in 2009 after underperforming
together with the availability of funds and the in the 4th quarter of 2008.
requests of donors.
The Foundation has Charity Commission
Investment Policy approval to adopt the use of total return
investment powers in relation to its permanent
All investments held by the Foundation
endowment investments by an order granted
have been acquired in accordance with the
on 30 March 2006 as varied by a further order
powers available to the Board of Trustees.
made on 15 August 2006. The power permits
There are no specific restrictions on the
the Trustees to invest the portfolio to maximise
investment powers available to the Board
total return and to apply an appropriate portion
of Trustees pursuant to its Memorandum
of the unapplied total return to income each
of Association.
year. Until the power is exercised to transfer
The Board of Trustees has delegated a portion of unapplied total return to income
investment monitoring responsibility to a (as disclosed in the fund transfers, note 10)
sub-committee comprising the Chairman, the unapplied total return remains invested as
Vice Chairman, Jeremy Smouha and part of the permanent endowment.
the Honorary Secretary (“the Investment
Committee”).

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Currencies
The W-GEM investment is denominated in The Board of Trustees may appoint a person
US Dollars. The UK portfolio is denominated willing to act who may hold office until the next
in UK Sterling. The Board of Trustees believes Annual General Meeting and it is the practice
that this provides the Foundation with a that at least two members of the Board of
more appropriate balance of currencies than Trustees formally nominate any new appointee
historically where the Foundation’s investment who is elected by a majority vote. All trustees
portfolio was entirely denominated in UK receive an annual invitation to attend trustee
Sterling. The Foundation’s non-endowed funds training seminars.
are applied towards both the UK operating
The following persons constituted the
costs of the Foundation and grants to the
Board of Trustees during the year:
Institute. However, the Foundation’s endowed
funds are entirely for the benefit of the Lord Mitchell Chairman
Institute. The endowed income being in US Dame Vivien Duffield DBE Vice Chairman
Dollars, is therefore better aligned with the
Jonathan Kropman Hon Secretary
Institute’s operating expenditure which is in
both the Israeli Shekel and the US Dollar. Maxwell Nisner Hon Treasurer

Governance Lord Alliance CBE
All members of the Board of Trustees are Professor Benny Chain
directors and trustees of the Foundation.
Dr Arabella Duffield
No director had any material interest in any
contract or arrangement with the Foundation Daniel Gestetner
during the year with the exception of those
Michael Jacobs
disclosed in note 16.
Jonathan Metliss
The Board of Trustees manages the
business of the Foundation. The Executive Robert Ohrenstein
Director directs the day-to-day operation of
Martin Paisner CBE
the office with a current staff of two full-time
employees and a one day a month consultant Robert Perlman
who advises on PR and Communications. Sir John Ritblat
Unpaid volunteers also support the small
professional team. Daniel Shapiro

Members of the Board of Trustees are Howard Shore
appointed in accordance with the Articles Jeremy Smouha
of Association and one third of their number
Myra Waiman
are required to retire by rotation at annual
general meetings. At every annual general
meeting those who are subject to retirement
by rotation retire from office and generally
offer themselves for re-election. New members
of the Board of Trustees may be appointed
at general meetings if recommended by the
Board of Trustees or where relevant notice
criteria set out in the Articles of Association
are met.

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Risk
■ prepare the financial statements on
The Board of Trustees believes that the
major risks to which the charity is exposed the going concern basis unless it is
have been reviewed, and where reasonable, inappropriate to presume that the charitable
systems have been established that are company will continue in business.
intended to mitigate those risks. A risk The trustees are responsible for keeping
assessment analysis was undertaken by proper accounting records that disclose with
a sub-committee comprising the Honorary reasonable accuracy at any time the financial
Treasurer, the Honorary Secretary and the position of the charitable company and enable
Executive Director. No major risks were them to ensure that the financial statements
identified. A risk analysis grid summarising comply with the Companies Act 2006. They
key areas is monitored by the Executive are also responsible for safeguarding the
Director and brought to the attention of the assets of the charitable company and hence
Board of Trustees on at least an annual basis. for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Statement of trustees’
responsibilities In so far as the trustees are aware:
The trustees (who are also directors of the ■ there is no relevant audit information of
Weizmann Institute Foundation for the which the charitable company’s auditor is
purposes of company law) are responsible unaware; and
for preparing the Trustees’ Report and the
■ the trustees have taken all steps that they
financial statements in accordance with
ought to have taken to make themselves
applicable law and United Kingdom
aware of any relevant audit information
Accounting Standards (United Kingdom
and to establish that the auditor is aware
Generally Accepted Accounting Practice).
of that information.
Company law requires the trustees to prepare The trustees are responsible for the
financial statements for each financial year maintenance and integrity of the corporate
which give a true and fair view of the state and financial information included on the
of affairs of the charitable company and charitable company’s website. Legislation in
of the incoming resources and application the United Kingdom governing the preparation
of resources, including the income and and dissemination of financial statements may
expenditure, of the charitable company for differ from legislation in other jurisdictions.
that period. In preparing these financial
statements, the trustees are required to: Auditors
A resolution to reappoint
■ select suitable accounting policies and
PricewaterhouseCoopers LLP as auditors
then apply them consistently;
to the company will be proposed and
■ observe the methods and principles in implemented at the annual general meeting.
the Charities SORP;
By order of the Board of Trustees.
■ make judgements and estimates that
Jonathan Kropman
are reasonable and prudent;
Honorary Secretary
■ state whether applicable UK Accounting
Standards have been followed, subject
to any material departures disclosed and
explained in the financial statements; 20 January 2010

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS
OF THE WEIZMANN INSTITUTE FOUNDATION

We have audited the financial statements We report to you our opinion as to whether
of The Weizmann Institute Foundation for the financial statements give a true and fair
the year ended 30 September 2009 which view, have been properly prepared in
comprise the Statement of Financial Activities, accordance with United Kingdom Generally
the Summary Income and Expenditure Accepted Accounting Practice, and have
Account, the Balance Sheet, the Cash Flow been prepared in accordance with the
Statement and the related notes. The financial Companies Act 2006. We also report to
statements have been prepared under the you whether in our opinion the information
accounting policies set out therein. given in the Trustees’ Annual Report is
consistent with the financial statements.
Respective responsibilities
In addition we report to you if, in our
of trustees and auditors
opinion, the company has not kept adequate
The trustees’ (who are also the directors of accounting records, if the company’s
the company for the purposes of company financial statements are not in agreement
law) responsibilities for preparing the Annual with the accounting records and returns,
Report and the financial statements in if we have not received all the information and
accordance with applicable law and United explanations we require for our audit, or if
Kingdom Accounting Standards (United certain disclosures of trustees’ remuneration
Kingdom Generally Accepted Accounting specified by law are not made.
Practice) and for being satisfied that the
financial statements give a true and fair view We read the Trustees’ Annual Report and
are set out in the Statement of Trustees’ consider the implications for our report if we
Responsibilities. become aware of any apparent misstatements
within it.
Our responsibility is to audit the financial
statements in accordance with relevant Basis of audit opinion
legal and regulatory requirements and
We conducted our audit in accordance with
International Standards on Auditing (UK and
International Standards on Auditing (UK and
Ireland). This report, including the opinion,
Ireland) issued by the Auditing Practices
has been prepared for and only for the
Board. An audit includes examination, on a
company’s members as a body in accordance
test basis, of evidence relevant to the amounts
with Sections 495 and 496 of the Companies
and disclosures in the financial statements. It
Act 2006 and for no other purpose. We do
also includes an assessment of the significant
not, in giving this opinion, accept or assume
estimates and judgments made by the trustees
responsibility for any other purpose or to
in the preparation of the financial statements,
any other person to whom this report is
and of whether the accounting policies are
shown or into whose hands it may come
appropriate to the company’s circumstances,
save where expressly agreed by our prior
consistently applied and adequately disclosed.
consent in writing.
We planned and performed our audit
so as to obtain all the information and
explanations which we considered necessary
in order to provide us with sufficient evidence
to give reasonable assurance that the
financial statements are free from material
misstatement, whether caused by fraud
or other irregularity or error. In forming
our opinion we also evaluated the overall
adequacy of the presentation of information
in the financial statements.

-15-

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS
OF THE WEIZMANN INSTITUTE FOUNDATION

Opinion
In our opinion:
■ the financial statements give a true
and fair view of the state of the
company’s affairs as at 30 September
2009 and of its incoming resources
and application of resources, including
its income and expenditure and cash
flows, for the year then ended;
■ the financial statements have been
properly prepared in accordance with
United Kingdom Generally Accepted
Accounting Practice;
■ the financial statements have been
prepared in accordance with the
Companies Act 2006; and
■ the information given in the Trustees’
Annual Report is consistent with the
financial statements.

Suzanne Woolfson
(Senior Statutory Auditor)

For and on behalf of
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
20 January 2010

-16-

THE WEIZMANN INSTITUTE FOUNDATION
(Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
___________________________________________________________________________________
Unrestricted Restricted Permanently Total Total
funds funds Endowed funds funds
funds
2009 2009 2009 2009 2008
Note £ £ £ £ £
INCOMING RESOURCES
Generated funds:
Voluntary income
Donations, gifts 141,765 1,809,990 185,366 2,137,121 1,662,968
Legacies 738,675 10,000 - 748,675 112,432

Activities for generating funds:
Fundraising events 11,573 - - 11,573 557,298

Investment income 2 97,642 - 70,765 168,407 306,534

Incoming resources from
charitable activities
Educational events 8,520 95,000 - 103,520 11,867

998,175 1,914,990 256,131 3,169,296 2,651,099
TOTAL INCOMING RESOURCES

RESOURCES EXPENDED
Cost of generating funds 3
Fundraising costs 190,230 - - 190,230 357,171
Investment management & 53,287 - 87,098 140,385 110,101
administration costs

Charitable activities 3
Research 482,554 2,010,709 - 2,493,263 1,526,399
Education & awareness 224,956 169,139 - 394,095 194,592

Governance costs 3 52,345 - - 52,345 39,636

1,003,372 2,179,848 87,098 3,270,318 2,227,899
TOTAL RESOURCES EXPENDED

NET (OUTGOING)/INCOMING
RESOURCES BEFORE (5,197) (264,858) 169,033 (101,022) 423,200
TRANSFERS
Transfer between funds 10 - 382,876 (382,876) - -
NET (OUTGOING)/INCOMING
RESOURCES BEFORE GAINS / (5,197) 118,018 (213,843) (101,022) 423,200
(LOSSES)

Foreign exchange gains - - 1,799,308 1,799,308 1,179,691
Unrealised investment gains / (losses) 323,400 - (430,633) (107,233) (1,989,798)

323,400 - 1,368,675 1,692,075 (810,177)

NET MOVEMENT IN FUNDS 318,203 118,018 1,154,832 1,591,053 (386,977)
Fund balances brought forward at 1
October 4,507,736 292,050 11,224,813 16,024,599 16,411,575

FUND BALANCES CARRIED
4,825,939 410,068 12,379,645 17,615,652 16,024,598
FORWARD AT 30 SEPTEMBER

All the above operations are continuing.

The notes on pages 21 to 35 form part of these financial statements

- 17 -

SUMMARY INCOME AND EXPENDITURE ACCOUNT

2009 2008
£ £ £ £

Income from continuing operations
(excluding endowments) 2,913,165 2,230,520
Expenditure of continuing operations (3,183,220) (2,158,978)
(excluding endowments)

Surplus/(deficit) of income over expenditure
before transfers (270,055) 71,542

Transfers from endowment of total return applied in
the period 382,876 347,158

Surplus for the year on unrestricted and restricted
112,821 418,700
funds before unrealised gains/(losses)

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
2009 2008
£ £
Surplus/(deficit) for the year before unrealised
investment gains/(losses) 112,821 418,700

Unrealised investment (losses)/gains 323,400 (692,430)
Total recognised gains and losses for the year 436,221 (273,730)

Total income comprises £998,175 (2008: £1,052,415) for unrestricted funds, and £1,914,990 (2008: £1,178,105) 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.

Surplus of Income over Expenditure on unrestricted and restricted funds for the year of £112,821 (2008: £418,700)
before investment asset disposals, comprises £5,197 net outgoing resources (2008: net £360,277) of unrestricted funds
and £118,018 net incoming resources (2008: net incoming £58,423) 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 36, provides information on the movements during the year on
all funds of the company.


- 18 -

BALANCE SHEET
AS AT 30 SEPTEMBER 2009
____________________________________________________________________________
2009 2008
Note £ £ £ £

Fixed assets

Tangible Fixed Assets 5 10,405 21,401
Investments 1(c), 6 17,601,029 15,739,549
17,611,434 15,760,950

Current assets

Debtors: Amount due from subsidiary undertaking 7 487 487
Other debtors 7 30,029 70,206
30,516 70,693

Cash at bank and in hand 8 177,046 234,664
207,562 305,357

Creditors: amounts falling due within one year 9 (203,344) (41,709)
4,218 263,648
Net current assets

17,615,652 16,024,598
Net assets

Reserves

Unrestricted funds 11,12
General Funds 4,702,636 4,116,081
Designated Funds 123,303 391,655
4,825,939 4,507,736

Restricted Funds 10,12 410,068 292,049

Endowed Funds 10,12 12,379,645 11,224,813

17,615,652 16,024,598

Of the total funds £2,706,662 (2008: £775,444) are represented by unrealised gains on investments

Approved by the Board of Trustees on 20 January 2010 and signed on its behalf by:

Trustee Trustee


- 19 -

CASH FLOW STATEMENT
___________________________________________________________________________

2009 2008
Note £ £ £ £
Net (outgoing)/incoming resources

Net (outgoing)/incoming resources excluding
endowments (270,055) 71,542
Less investment income (97,642) (193,656)
Add depreciation 11,850 13,615
Operating loss (355,847) (108,499)

Decrease/(increase) in debtors 40,177 (40,861)
Increase/(decrease) in creditors 161,635 (334,460)
Net cash (outflow) from operating activities (154,035) (483,820)

Returns on investments
Investment Income including endowments 168,407 306,534
Net cash inflow from returns on investments 168,407 306,534

Capital expenditure and financial investment
Purchase of tangible fixed assets (854) (29,295)
Purchase of investments (2,161,884) (1,606,075)
Sale of investments 1,992,480 1,541,711

Net cash outflow from capital expenditure and
(170,258) (93,659)
financial investment

Financing
New endowments 185,366 307,701
Expenditure from endowments (87,098) (68,921)
Net cash inflow from financing 98,268 238,780

(Decrease) in cash in the period 17 (57,618) (32,165)


- 20 -

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1. Accounting policies

(a) Basis of accounting
The financial statements are prepared on the modified historical cost basis of accounting except investments
which are shown at fair value in accordance with applicable Accounting Standards in the United Kingdom and
comply with the Statement of Recommended Practice Accounting & Reporting by Charities (SORP 2005) and
the Companies Act 2006.
(b) Subsidiary company
The Weizmann Institute Foundation owns 100% of the issued share capital of The Weizmann Trading
Company 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. There is an open deed of
covenant under which the profits of The Weizmann Trading Company Limited are donated to the Weizmann
Institute Foundation.
These financial statements contain information about The Weizmann Institute Foundation as an individual
company and do not contain consolidated financial information as the parent company of a group. In the
opinion of the directors, the accounts of the trading subsidiary are not material to the Foundation. Accordingly,
the profit and loss account of The Weizmann Trading Company Limited is reproduced as note 14 to these
accounts together with a summary balance sheet in note 15. The Company did not trade in the period.
(c) 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.
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 Foundation’s policy to keep valuations up to date such that when
investments are sold there is no gain or loss arising. As a result the Statement of Financial Activities (“SOFA”)
only includes those unrealised gains and losses arising from the revaluation of the investment portfolio
throughout the year. Disclosure is made in note 6 of the difference between the historical cost and the sale
proceeds of the investments sold during the year.
Investment income is included on an accruals basis and is allocated across funds in proportion to the value of
funds held.
The Charity Commission permitted the Foundation 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 3% has been applied to income. 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.
(d) Tangible fixed assets
Tangible fixed assets with a value of £500 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 & computers - 3 years
Website - 3 years

- 21 -


1. Accounting policies (continued)
(e) 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 Statement of Financial Activities for the year.
(f) 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 Statement of Financial Activities when the Foundation is
legally entitled to the income and the amount can be quantified with reasonable accuracy.
Event income (including donations received at events) and expenditure is included in the Statement of
Financial Activities in the period in which the event takes place.
Cost of generating funds are those costs incurred in attracting voluntary income. 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 VAT costs are irrecoverable and included within the cost expenditure
category to which they relate.
The Foundation makes grants to the Institute based on the current needs of the Institute together with the
availability of funds and the requests of donors.
(g) Funds
These financial statements include the income and expenditure of all endowed, restricted and unrestricted
funds of the Foundation.
Unrestricted funds comprise those funds, which the Board of Trustees are free to use in accordance with the
charitable objects of the Foundation. 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 the Foundation.
Restricted funds are funds, which have been given for particular purposes and projects (see note 10).
Endowed funds are funds which must be held permanently be The Weizmann Institute Foundation. The
funds are invested and the movement in fund values are recognised in the SOFA as investment gains
and loses. Income arising on endowed funds is treated as restricted and shown in the SOFA as such.
(h) 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.

- 22 -


2. Investment income
2009 2008
£ £
Income from shares listed in the UK 15,077 3,269
Interest on bonds and other fund interest in the UK 82,565 190,387
Income from shares listed (outside the UK) 33,781 31,518
Interest on bonds and other fund interest (outside UK) 36,984 81,360
168,407 306,534

3. Resources expended
Fund- Investment Research Education Gover- Total for Total for
raising Manage- & nance 2009 2008
costs ment Awareness
£ £ £ £ £ £ £
Direct costs ,

Salary 83,335 17,103 15,830 51,864 13,765 181,897 196,099
Other staff costs &
26,254 2,317 2,145 8,130 1,865 40,711 15,273
consultants
Grant payments - - 2,457,454 65,290 - 2,522,744 1,502,330
Audit - - - - 16,669 16,669 16,533
Legal costs - 6,272 - - 6,272 12,544 12,246
Investment manager
- 98,150 - - - 98,150 72,451
costs
Direct activity costs 4,604 - - 211,119 1,642 217,365 239,625
Accountancy - 4,567 - - - 4,567 6,056

114,193 128,409 2,475,429 336,403 40,213 3,094,647 2,060,613

Support costs

Salary 18,477 3,548 3,738 12,198 3,023 40,984 38,631
Other staff costs 16,782 3,222 3,395 11,079 2,746 37,224 15,080
Office overheads 31,362 4,004 8,230 26,468 4,893 74,957 85,830
Accountancy 4,458 569 1,170 3,763 696 10,656 14,130
Depreciation 4,958 633 1,301 4,184 774 11,850 13,615

76,037 11,976 17,834 57,692 12,132 175,671 167,286

Total 190,230 140,385 2,493,263 394,095 52,345 3,270,318 2,227,899

Governance costs include £1,642 (2008: £1,565) relating to the purchase of Trustees’ indemnity insurance.
Grant payments represent awards to the Weizmann Institute, Israel in accordance with the Foundation’s
charitable objects.
Auditors’ remuneration for 2009 totalled £14,070 net of VAT (2008 £14,070). The auditors did not receive any
fee for non-audit work.

- 23 -


4. Staff

The aggregate payroll costs of these employees were:
2009 2008
£ £

Wages and salaries 184,378 202,135
Social security costs 21,221 23,008
Pension contributions 17,282 9,587
222,881 234,730
Temporary Staff 9,802 8,675

232,683 243,405

The average number of employees (full time equivalents)
during the year was: 3.8 4.9

No remuneration was paid to members of the Board of Trustees, nor were any expenses reimbursed to them,
during the current or previous years.
The number of employees whose emoluments were over £60,000 was as follows:

2009 2008
Number Number
£80,000-£89,999 - 1

£90,000-£99,999 1 -

The Foundation operates a defined contribution pension scheme to which fixed contributions are made. The
amount paid in the year was £17,282 (2008: £9,587), including amounts paid in relation to the higher paid
employee of £17,282 (2008: £9,587).

- 24 -


5. Tangible Fixed Assets
Website Office Furniture &
equipment fixtures Total
£ £ £ £
Cost
1 October 2008 25,770 17,687 9,980 53,437
Additions - - 854 854
__________ __________ __________ __________
30 September 2009 25,770 17,687 10,834 54,291
__________ __________ __________ __________
Depreciation
1 October 2008 8,590 15,337 8,109 32,036
Charge for the year 8,590 1,175 2,085 11,850
__________ __________ __________ __________
30 September 2009 17,180 16,512 10,194 43,886
__________ __________ __________ __________
Net book value
30 September 2009 8,590 1,175 640 10,405
__________ __________ __________ __________
Net book value
30 September 2008 17,180 2,350 1,871 21,401
__________ __________ __________ __________

- 25 -


6. Investments
2009 2008
£ £
(a) Listed investments:
Market value at beginning of year 15,739,549 16,485,362
Acquisitions at cost 1,631,795 2,136,165
Investment disposal proceeds (1,254,661) (1,251,462)
Net movement in investment cash (737,819) (290,249)
Movement in transactions awaiting settlement 530,090 (530,090)

15,908,954 16,549,726
Net investment (losses)/gains (107,233) (1,989,868)
Foreign exchange gain/(loss) on overseas
1,799,308 1,179,691
investment fund

Market value at 30 September 17,601,029 15,739,549

Historical cost at 30 September 14,894,367 14,964,105

Investments at market value comprise:

Listed investments: UK 3,615,738 3,115,690
Cash held within investment portfolio 482,721 1,220,540
Transactions awaiting settlement - (530,090)
Overseas investment fund 13,502,570 11,933,409
17,601,029 15,739,549

2009
(b) Movement in accumulated unrealised
£
gains based on historic cost

1 October 775,444 1,613,900
Movement in the year 1,931,218 (838,456)

30 September 2,706,662 775,444

(c) Investments comprising 5% or over by
value of the portfolio
Market Market
value value
2009 2008
£ £

-
WGEF* 13,502,570 11,933,409

* The Weizmann Global Endowment Fund (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).

- 26 -


6. Investments (continued)

Application of the Power of Total Return

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

The investment fund and application of total return to 2009 2008
permanent endowment funds: £ £

Opening value of permanent endowment 11,224,813 11,338,060

Less: Original value of the gift (9,941,309) (9,633,608)

Unapplied total return brought forward 1,283,504 1,704,452
Add
Investment return: dividends and interest 70,765 112,878
Investment return: gains and losses 1,368,675 (117,747)
Less
Investment management and administration costs (87,098) (68,921)
Unapplied total return before transfer to income 2,635,846 1,630,662

Less
Unapplied total return applied (382,876) (347,159)
Sub total: unapplied return as at 30 September 2,252,970 1,283,504

Add
Original value of the gift brought forward 9,941,309 9,633,608
New endowments in the period 185,366 307,701

Permanent endowment including unapplied total return 12,379,645 11,224,813
as at 30 September, constituting the investment fund

The original value of the permanent endowment at 1 October 2008 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 2008. It has been
assumed that for the years to 30 September 2004 and 2008 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.

- 27 -


7. Debtors
2009 2008
£ £

Amounts due from subsidiary 487 487
Prepayments 20,574 20,885
Accrued income 9,455 49,321
30,516 70,693

In addition to the income and assets recognised in the financial statements, the Trustees are aware of two additional
matters. First, there is a potential legacy from an estate, but we have been informed that this may be subject to
challenge and due to the nature of the assets of the trust, which includes property, the value is uncertain. Secondly,
the Trustees own minority shares in an unquoted property company, but the value to be ascribed to this
shareholding is also uncertain. For these reasons neither of these matters have been reflected in the results for the
year or balance sheet.

8. Cash at bank and in hand 2009 2008
£ £
Balance with bankers comprise:
Current accounts 176,542 234,310
176,542 234,310
Cash in hand 504 354
177,046 234,664

9. Creditors – amounts falling due within one year 2009 2008
£ £
Trade creditors 3,214 -
Sundry creditors 5,809 415
Tax and Social Security 6,128 6,396
Grant commitment 157,041 -
Accruals & deferred income 31,152 34,898
203,344 41,709

- 28 -


10. Permanent Endowments and Restricted Funds
The Weizmann Institute Foundation 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 (“WIS”),
and restricted funds where the entire balance is to be applied for the specific purposes stated:
Permanent Endowed Funds
Reuff-Wormser Scholarship Fund - to provide scholarships for Weizmann Institute postdoctoral students to
complete their studies abroad
Marcus Sieff Fund - to support Scientific Co-operation between United Kingdom Scientists and the Weizmann
Institute of Science
Maxwell Ellis Professorship Fund - to fund a Professorial Chair for biological research for medical purposes
Dr Esther Hellinger & J Stanley Weyman Memorial Scholarship Fund - to establish a scholarship for the
Feinberg Graduate School
Raymond Burton Fund - for plant genome research
Kitty Waas Dekker, Simon Waas and Rosette Dekker Scholarship Fund - for an MSc scholarship in perpetuity
Kweller Fund - for a Chair of condensed matter physics
Weinstock Fund - for a Chair in astrophysics
Dorset Foundation – for the purpose of establishing a Chair at WIS
Philip Harris & Gerald Ronson Career Development Chair – for a Chair in Diabetes Research
Raymond Burton Prize – for nominated Chairs at WIS
Jack & Simon Djanogly Scholarships and Djanogly Chair in Computer Science – for scholarships at WIS and a
Chair in computer science
Rixi Marcus Scholarships in memory of Eugenia, Ignacy and Herbert Alfred Heller – for scholarships at WIS
Martin & Dianne Mendoza Scholarship – for the purpose of endowing a PhD scholarship
Samuel Sebba Professorial Chair – for a Chair in pure and applied physics
Norman Sosnow Postdoctoral Fellowship – for a postdoctoral fellowship
Sir David Sieff PhD Scholarship in Brain Research – for endowed scholarships
Elaine Blond Career Development Chair – a Chair at WIS in perpetuity
Cecil Lewis – a Chair at WIS in perpetuity
J&I Ritblat Educational Trust Fund – to fund the costs of attendance at the Annual Summer School.
Sir Ernst Chain Research Programme – for joint research programmes (Imperial College, London and WIS)
Curwen – Lowy Biological Studies Fund - to fund Postdoctoral Fellowships in Biological Sciences
Smouha Endowment – To support Graduate Scholarships at the Feinberg Graduate School.

Restricted Funds
Charles Wolfson Charitable Trust – monies received to support Stem Cell Research
New Scientists Fund – provides resources for new scientists to set up their laboratories and provides
scholarships towards their stipends
New Scientific Equipment Fund – this fund enables the Head of each Department to purchase new equipment
or upgrade existing equipment
Weizmann Book – funding towards the production of a high quality publication promoting the Weizmann
Institute
Annual Lectures – specific funding towards the foundations series of annual lectures
Campaign for Science – part of the Institute campaign raising money for Science and Health, Education and the
Environment.
Biomatics – To support the work of Dr Eran Segal in the department of Computer Science & Mathematics.

- 29 -


10. Funds – Permanent Endowed Fund
Original Gift Unapplied Fund value Incoming Investment Outgoing Total Return Unapplied Original Gift Fund Value
Value at total return at Gains / resources Applied Total Return Value at at 30.9.09
1.10.08 at 1.10.08 1.10.08 Losses 30.9.09
£ £ £ £ £ £ £ £ £ £
Rueff Wormser Scholarship Fund 304,429 24,652 329,081 2,058 39,797 (2,533) (11,052) 52,922 304,429 357,351
Marcus Sieff Research Fund 518,003 46,600 564,603 3,530 68,280 (4,345) (18,962) 95,103 518,003 613,106
Maxwell Ellis Professorship Fund 698,951 108,356 807,307 5,048 97,631 (6,213) (27,113) 177,709 698,951 876,660
Dr Esther Hellinger & J Stanley Weyman
Memorial Scholarship Fund 86,747 13,448 100,195 626 12,117 (771) (3,365) 22,055 86,747 108,802
Raymond Burton Fund 815,358 126,402 941,760 5,889 113,891 (7,248) (31,629) 207,305 815,358 1,022,663
Kitty Waas Dekker, Simon Waas and
Rosette Dekker Scholarship Fund 78,365 12,148 90,513 566 10,946 (697) (3,040) 19,923 78,365 98,288
Kweller Fund 172,487 26,739 199,226 1,246 24,093 (1,533) (6,691) 43,854 172,487 216,341
Weinstock Fund 839,665 130,169 969,834 6,064 117,286 (7,464) (32,572) 213,483 839,665 1,053,148
Dorset Foundation 1,248,759 114,835 1,363,594 194,471 176,114 (11,207) (51,689) 237,158 1,434,125 1,671,283
Cecil Lewis Fund 901,148 139,703 1,040,851 6,508 125,875 (8,010) (34,959) 229,117 901,148 1,130,265
J&I Ritblat Educational Trust Fund 172,343 25,643 197,986 1,238 23,943 (1,524) (6,649) 42,651 172,343 214,994
Philip Harris & Gerald Ronson Career
Development Chair 211,573 32,801 244,374 1,528 29,553 (1,881) (8,208) 53,793 211,573 265,366
Raymond Burton Prize 215,690 33,438 249,128 1,558 30,128 (1,917) (8,368) 54,839 215,690 270,529
Jack & Simon Djanogly Scholarship 52,181 8,090 60,271 377 7,289 (464) (2,025) 13,267 52,181 65,448
Rixi Marcus Scholarships 264,449 40,998 305,447 1,910 36,939 (2,351) (10,260) 67,236 264,449 331,685
Martin & Dianne Mendoza Scholarship 88,346 13,695 102,041 638 12,340 (785) (3,426) 22,462 88,346 110,808
Samuel Sebba Professorial Chair 1,011,546 156,814 1,168,360 7,305 141,295 (8,992) (39,236) 257,186 1,011,546 1,268,732
Norman Sosnow Postdoctoral Fellowship 288,453 44,719 333,172 2,083 40,292 (2,564) (11,191) 73,339 288,453 361,792
Sir David Sieff PhD Scholarship in Brain
Research 112,686 17,468 130,154 814 15,740 (1,002) (4,369) 28,651 112,686 141,337
Elaine Blond Career Development Chair 253,080 39,234 292,314 1,828 35,351 (2,250) (9,818) 64,345 253,080 317,425
Sir Ernst Chain Research Programme 175,932 27,273 203,205 1,271 24,575 (1,564) (6,824) 44,731 175,932 220,663
Harry Weinrebe Chair 150,029 15,655 165,684 1,060 24,344 (1,305) (5,693) 34,061 150,029 184,090
Curwen-Lowy Biological Studies Fund 448,224 86,714 534,938 3,321 60,386 (4,087) (17,837) 128,497 448,224 576,721
Jacobs Endowment 755,863 (556) 755,307 4,723 91,343 (5,813) (25,367) 64,330 755,863 820,193
Smouha Endowment 77,002 (1,534) 75,468 471 9,127 (578) (2,533) 4,953 77,002 81,955
9,941,309 1,283,504 11,224,813 256,131 1,368,675 (87,098) (382,876) 2,252,970 10,126,675 12,379,645

- 30 -


10. Funds – Restricted Fund
Balance Income Outgoing Transferred Balance
30.9.08 from Endowed 30.9.09
Funds
£ £ £ £ £
Rueff Wormser Scholarship Fund - - (11,052) 11,052 -
Marcus Sieff Research Fund - - (18,962) 18,962 -
Maxwell Ellis Professorship Fund - - (27,113) 27,113 -
Dr Esther Hellinger & J Stanley Weyman
Memorial Scholarship Fund - - (3,365) 3,365 -
Raymond Burton Fund - - (31,629) 31,629 -
Kitty Waas Dekker, Simon Waas and Rosette
Dekker Scholarship Fund - - (3,040) 3,040 -
Kweller Fund - - (6,691) 6,691 -
Weinstock Fund - - (32,572) 32,572 -
Dorset Foundation (51,689) 51,689
Cecil Lewis Fund - - (34,959) 34,959 -
J&I Ritblat Educational Trust Fund - - (6,649) 6,649 -
Philip Harris & Gerald Ronson Career
Development Chair - - (8,208) 8,208 -
Raymond Burton Prize - - (8,368) 8,368 -
Jack & Simon Djanogly Scholarship - - (2,025) 2,025 -
Rixi Marcus Scholarships - - (10,260) 10,260 -
Martin & Dianne Mendoza Scholarship - - (3,426) 3,426 -
Samuel Sebba Professorial Chair - - (39,236) 39,236 -
Norman Sosnow Postdoctoral Fellowship - - (11,191) 11,191 -
Sir David Sieff PhD Scholarship in Brain
Research - - (4,369) 4,369 -
Elaine Blond Career Development Chair - - (9,818) 9,818 -
Sir Ernst Chain Research Programme - - (6,824) 6,824 -
Harry Weinrebe Chair - - (5,693) 5,693 -
Curwen-Lowy Biological Studies Fund - - (17,837) 17,837 -
Jacobs Endowment - - (25,367) 25,367 -
Smouha Endowment - - (2,533) 2,533 -
- - (382,876) 382,876 -

- 31 -


10. Funds –Restricted (continued)

Fund Balance Income Outgoing Transferred Balance
30.9.08 from Endowed 30.9.09
Funds
£ £ £ £ £
Wolfson Family CT funds (split) - 503,950 (503,950) - -
Mike Jacobs PhD for MDs - 164,918 (164,918) - -
Cecil and Hilda Lewis - 242,000 (242,000) - -
Weizmann Book Fund - 80,450 (80,450) - -
Biomatics - 80,000 - - 80,000
PR & Communications Fund 50,000 95,000 (83,689) - 61,311
Campaign for Science 242,050 19,342 (22,635) - 238,757
Development of Fuels from Plant - 15,000 (15,000) - -
LIYSF – Daniel Falkner - 5,000 (5,000) - -
Richard & Christine Pinchas - 20,000 - - 20,000
Laboratories - 10,000 - - 10,000
Bioimaging - 679,330 (679,330) - -
292,050 1,914,990 (1,796,972) - 410,068

TOTAL 292,050 1,914,990 (2,179,848) 382,876 410,068

- 32 -


11. Unrestricted funds

Balance Incoming Outgoing Net Transfers Balance
30.9.08 resources resources investment 30.9.09
gain/(loss)
£ £ £ £ £ £
Designated Funds
UKWSP 391,655 - (268,352) - - 123,303

General Funds 4,116,081 998,175 (735,020) 323,400 - 4,702,636

Total Unrestricted
4,507,736 998,175 (1,003,372) 323,400 - 4,825,939
Funds

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

12. Analysis of net assets between funds

Permanent
Restricted
General Endowment Total Funds
Total
Total
£ £ £ £

Tangible fixed assets 10,405 - - 10,405
Investments 4,811,316 410,068 12,379,645 17,601,029
Current assets 207,562 - - 207,562
Current liabilities (203,344) - - (203,344)
Total net assets 4,825,939 410,068 12,379,645 17,615,652

13. Taxation

The Weizmann Institute Foundation is registered under the Charities Act 1993 and is therefore not
liable to Corporation Tax on its income and gains when applicable to, and applied for, charitable
purposes.

- 33 -


14. The Weizmann Trading Company Limited Trading Profit and Loss Account for the
year ended 30 September 2009
2009 2008
£ £
Continuing operations
Turnover - -
Cost of sales - -
Gross profit - -

Donation to Weizmann Institute Foundation - -

Operating profit/(loss) - -
Bank interest received - -
- -
Less: Taxation - -
Retained loss for the financial year - -
Accumulated surplus brought forward 408 408
Accumulated surplus carried forward 408 408

15. The Weizmann Trading Company Limited Summary Balance Sheet as at 30
September 2009
2009 2008
Current Assets £ £

Cash at bank and in hand 898 898
898 898
Less:
Creditors falling due within one year (487) (487)
Net assets 411 411

Share capital and reserves
Share capital 3 3
Profit and loss account 408 408
Total shareholders’ funds 411 411

- 34 -


16. Related party transactions

The Foundation is owed £487 (2008: £859) on its current account by its wholly owned subsidiary, the
Weizmann Trading Company Limited at the year-end.

Five members of the Board of Trustees (The Hon Mrs Gilbert de Botton, Dame Vivien Duffield DBE,
Martin Paisner, Sir John Ritblat and Lord Mitchell) are members of the Board of Governors of the
Weizmann Institute of Science to which the Foundation paid £2,522,744 during the year (2008:
£1,502,330).

There have been no other related party transactions with the exception of the payment of legal
charges amounting to £2,573 (2008: £12,245) to Berwin Leighton Paisner LLP. Martin Paisner and
Jonathan Kropman, members of the Board of Trustees, are partners in that firm.

17. Movement in Cash
At 1 October Cash flow At 30
2008 September
2009
£ £ £

Cash at bank and in hand 234,664 (57,618) 177,046

18. Leasing Commitments
2009 2008
Land & Land &
Buildings Buildings
£ £

Expiring 1-2 years 54,990 nil

- 35 -

Weizmann Uk Annual Accounts Final

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Weizmann Uk Annual Accounts Final