Company Relistration No. 5356589 Chgrlty Regls¢ration No. I IU8516 Th¢ University of Chicago Booth School of Busine$s CompgThy limited by gu8r4ntee Annual report and financiAI statements for the y￿r ended 30 June 2021 The University of Chieago Booth School of Business Annual report and finaneial 8t4temcnt8 for the year ended 30 June 2021 Contents Page Officers and profes5ionxI odvl¥er& Sir•ttRlc #thd Dlrtt'loN' Rtport Stmtement uf Dire¢tor$' re¥ponslbllltlt¥ In r¥¥y¢cl of thr ¥nnu*l r¢￿rI lh¢ flnwh¢l#l Jt#ttmenli Staltment or rin#neial &tilvliitB 16 Bgl#n¢e she¢t 17 Caih now itattment 18 Note¥ to Ihe fin8nclAI i14ttfflewtS 19 The University of Chicago Booth School of Business Offieers and professional advisers Dinttor5 K TJylor KYILe ThL Direciors llrL' Ihc 1ruSt￿.¥ ufthe LhJrity fur Charities A¥1 PilTp￿￿S. Admiryistyatlvt ￿ddre 'I'hc ljnivcrsily ufchicg80 Booth SL'h(M)I of Bu%inL ()nL Iltjrtholomcw Closc LA)ndan r.LIA 7]4L ww.chica8o￿oih,CdU Rtglstertd office P(Irk Ri)w Lccds I.SI 3AII Llanke 60 Queen ViLt()riu Slrt London ('.2N 4'1'R 01Seltor I fnmp8ny $teret#ry Pinsciii M&%un5 I Park Row Wesl Yurkshi I,SI 5A14 Albdltor KPMfJ LLP 15 C.ttna(la Square Lonthn F145GI. ChArily Regislratlon: C￿mpanY Regi51ration: 5356589 The University of Chieago Booth School of Business Strategic and Direclors, Report K¢f¢r¢n¢¢ And *(ImiThistrktlv¢ Informatlon UniirL'fsily"l. ThL' CullL'BPL' uf Cu1nmL'rLL' and PuliiiLS. pfL'thcessor 10 ThL' UniwLrsity of ChiLagiu Booih Suh(Kil ol. l5u%iii￿4%, (Irigiiially loundcd by .1 hc Ilnivcrsiiy in I Wll ￿ providc praclical bu%incs% in51riKlinn. 'fh¢ (.'hariiy i4 rcgisicred with ihL Chariiy Coinmission un(lttr Chariiy numkr 1108516. The re&>itsi¢red oifiL* ofilie Churiiy 15 lisi¢d on pagc I iogclhcr with flic parllculgrs ol'tlic I'hariiy'5 prnf¢￿5in￿al advi.sci'% Tli¢ Lhdriiy 1$ il ¢hOTitsbl¢ compdnv limilcd bv gI￿all￿¢ Hrtd is moi* cumniviily known ￿'ChiL￿￿￿1] Fluoih" Dlr¢¢lors chiril). Iru51¢¢1 'hL l.'liariiJ DireLlors are alsi) Ik ChaTlly Ii'uslces. Tky have 5¢rved in offic¢ thToughoul th¢ y¢4T. unl¢s5 oih¢rwi¥¥ liil¢d, l(Ill()w¥'. R Kros£iier KYI.tt' K .1 aylor A$¥o¢lthte Ikin, b.xe¢utlvt MBA PribKMm ilruttuN,, G￿V*rnmniC ¥nd M*n#%tment '17￿ Chxriiy 1% biowcnicd by lis ML'rnI)r&nduin and AniclLs iTrfAS%OLittiion duied 3 Februury 2005. 'I'kK' MLlnl)Trindiiiii and AriiLles ol'Abs0¢iaiion ofihL C'hariiy pr(IvidL, lar Ilie app)inlinem uf DireLinri. who al%1) aci a% Iru%icL¥.'l-hL liniv¥rbily. which 15 Ihc.sol¢ 'nicinE¢r ofil* Charily. is ciMpow¢rLd lo appuini IhL nir¢ilurs. '()[ IhL' li%Llll year tnded Junc 30, 21121, Ihc C'hariiy hx¥ IhrLL' I)irccl()rs. knndbll Krc).v.ncr. Ka Y¢¢ (.' l.¢¢, und Kimhcrly Jrol¢ssi)r Kro%tncT'.5 CXICII%IVL' eK￿l'lL'rtcl. d% Piiilcs5()r. al (.'IIiLll&in 111￿1h. wheit hc h&4 ￿en dEtl¥rtly invi)IvL'd in IhL, C'.hdriiy will be Ili¢ t)¢piil> I￿￿ fi)r l-.x¢¥iilivi MIIA11.'MIJAI priigramb (If(.'hiLag(I IknDIh. Th¥ Kroiid DI￿rI￿r, Priifcs%i)r KJ Y¢*. C l.4'¢. is lh¢ l)dvid Shillin¥laM. Di%lin¥iiI%h4￿ SL'rviLL' PriifL'%siJr ttiid is PT(ivos1 al '1'hc I Inivcrsily. A.% PmvDsi lil I'hc I Iniver%iiy. l)rofcsy)r Lce i)¥CTNCCS All L)I' The IINivcrsiiy'5 'riic IhiTd nircclDI i.s KimIF￿r1Y P-I'a)'lor. Vicc lJrc.5idcnl and (icncral c.oull￿1 of l-lic lJniYei%iiy. Ms. TÈylor's Posllion It is inlcndcd th&1 nnt af Iht Direci()r% iTrf the Lharity will %cniiir rnLmhLr tsf IhL lJnIversiiy'￿ leglll stutT. On nccd in knnw. Ivh&l ynu nccd la da agrccs tn fnllnw it. -l-rnining iiccd$ arc as.$c%%cd and mei EL% ne¢essllry'. The University of Chicago Booth School of Business Strategie and Directors, Report {conlinued) Strueturtl IVVtrn#nce und rrbAlIARtmeni lcontinuedl l-hc priiiiar> aclivc d¢¢isiiin Iiiakcr for the Ch4rity'% Hclivilics IE I)T()fc%spT Krn%Tncr, ()nc nfilic I)ircckn)r￿..l he l.on(knn ttxpL'riL'TrLLTrd. ULLUtnpli4hed. w()rkinb. bu.%lllL'4I L'XL'LuliwL's Pwf¢s5()r Kri)%/nL'r %%'hilL' l?riJlliiril)' bu￿.0 in (.'hiLdgpO. IS whu h&Li o¥cI'dll I'L'.%sx)n%ibilily fi)r tx)Ih full-limL' Pdrl-limL' MIIA prugyfi￿4 dnd i)VL'Tsighi of Ihe cniirc bu$inLSS llrovtssi reports 10 Iho ljrcsidenl uf'i'hL Lni%'crsily. I'hL l1residL'ni is rL'%wnsiblc 10 o hosi ofunivcr%il)' l)irL'ciors. 'Ihe Associaie l)canoftlic l..xccuiivc MIIA Program 1% rcspL)nFiblc lorcnrrying OLII Ihc dn)'.10-dlly nf Ihi ('.hariiy. rL)r %ulHfiLs. Ll)mpcn%aii()ii and bciicfit&'l'hc Ak4uciaic l)caii can Inakc final dLLi4ians on applic4lion4 10 admillcd 10 ()bJtrl. wimii ubjrclives Ind ￿tI1VIll¢l Ctsffril&ble obJe<'l Tlic fhariiy's objccts, lis SL•1 uul in lis Mciniirundum and ArliLIL'S ol'Associali(In. Ihe advan￿￿1¢nI 01'Lducuii()n. in pthriiluldr IwiihiTriil l)IL'jiidiu lil Ih¢ ¥Ltr'rttliiyI Ihrou¥h t￿, pruvi%ion ol'¢du¢41Ii￿ pr()vi(k.d in th¢ Llniied Kin8diiii). 'I'hL yim i)I'ik. ('liiwily i* l() &idv#nL¢ ¥th()lur¥hip UJNJ in ItK' li¢ld ()fbu%inc¥% lind Lwnc)mi¢¥. lh¢ (.'hurily ]% an nd l¥J(k'i'% thui.shupL w()rlJ ()I' bu%in¢%s. biingiiibp LLi>ni>miL 1k.￿rill li> bi)¢i¢l>. NinL NOLKI laur¢a1¢5 huv¢ bcL'Ii Clihcr currLni or lorincr liicullj n)ernbL'rn. Objeciiivjlor Ihe)YRr 'I'hc muin ()biL¢livc4 ()f Ihe (.'hbriiy f()r thL' y￿r L'n(kd 311.lunt 21121 M'Lrc'. IN(Ilc Iliol Ihc .418rt ol. Ihi tKO8ratn ha* ￿¢n shillcd ID Augu41. Ilic recruiling cyclc Ihi9 ycar iwill hc 121 IncrL'&sc Ilie 4u&nliiy ()f dnd regis1￿11)ll5 fOrnon-dL,grL￿ progrnins inLluding Ihos¢ Ihai lire on ts Lu%ioniiiLd hasi5 liimni ond ei)rponiiL partnL'r% 10 offlr t)i>ii-de¥rL'L' pr()gruiiis Ihat llrL' ofiniilulll inicrL'%i 10 IhL'ni und iooui. fdLiIIIy. pandiinic and k)'oi)d. in-Ftrs1111 prvgra1niyiiig dn(S partlLipaiil If%Tr¥JLI arc LurrLnil> Doi opi10n. 141 I4uild on Ihc thvel()pmcnl and delivery ol'onlinc F.Acculive l.'diiLaiion PTogr&ms ioward Ihc pcrinancnl CXPAnsion ofih¢ imFK)11antt ol'tI￿Se pri)gi?ms within Iiur wrlloli(i Ol'pl'v8￿17 vff¢riiiBS. 151 IncTCa5C Ihc 8rnniJnl fird￿n￿led fund5 and ￿rI]CipatIOn TRle% fil. olumni fund-rai%in8 8rlii.ili¢s of Ihc fjrhool froin Ihe l.un)pedn dluiiini bdSe. 161 InipTOVC Ib¢ visibility of th¢ Charit). in EuroFK, Iht Middl¢ E8s1 8nd Afri¢9 through mwk¢iing #nd publi¢ 171 Coniinue 10 Ironiior the ￿rLe￿I￿ge of siud¢nis i¥hose fees are Inei by Iheir ¢inploy¢rs and rh¢ exi¢ni 10 ￿.hICh Iho£c tKs arc Incl and In rcviC￿. our guidancc to 51ud¢nlE nn thw In apprTr￿h clnpl0yc￿ to rcqu¢%l fcc siipport. The University of Chicago Booth School of Business Strategie 2nd Directors, Report (conlinued) Objtet. alm$, obltciive& s￿￿ #¢iivltbes leonilnutdl CJbjedive,%lor Iheyeur (coNliNMerf) 1111 (.'pn%idcr iii wliiLh WL can hring lh¢ hencf11 of Ihc ('Tr￿rIlY's cducalional prog1￿1￿5, tacully rcscarcli and rdLilillCS 10 Ihc widesi fM)ssible rdngie ufpevple, wiihin our avdildble biidgei. 191 1)rovidt suppo11 for recenils-iniradiiced fundmi%ing pNikrrttm% l()r %ch()lllr%hiw fi)r I".MIIA lTrrognni l..UTOP¢'. Iwo loi. Iwuni¢n and nii¢ for un rtgulur mcril schol&rships. 11a1 Incre4Ne L'ngagLmLni wilh ￿>r￿rateS and *idk¢hDld¢r% in 111¢ ￿Eltsn Ir(IleKies Iu iiL'b¢eivlhep¢irvrf i ubjvriibvi I'hc I'.hurity gc¥k% 10 cnrol siiidcnis in our Lduc81ional pro8rthns.'l o thai end, li Cstyies oui mtsrkciin8 &TMI pn)InDiionlll ¢liviliL'% Ihrns 1)f th¢ pund¥niiL 4rtd Ihl Llonornic 4iabilily ol'ihL I.'Ml.'A ￿BIll￿. li 19 also incumtK'nl upon u% i(1 LxHininL Masii'rLI*L%%i'% with .soughi-Aller faculty 11lLluding Rii&hiiriim l %i'aA< closely with Ihc IA)ndon Iv 5UPPQrt rccruilmcnl and busiiie%s devilopmLni efftsrtS dimed ai ￿Lr￿lling high-p()ILiilidl. diY¢Th¢ ¢Mndid&it* 10 all ofih¢ 5¢hnol% pr￿gr￿￿. I)ilTing Ihc pRndcinic. Mr havc cn4uTcd Ihc c(>niinucd dclivcry of high.qua11ry acadcmic in%iruclion and co-ciirricijlar n¥a¥¥rneiil de%pile forL¥d Iransili()n l() reinule inblTuLliun. 'I'his pul InL￿¥s¢￿ pr¢¥sur¢ vn myinlaining pvsilivc rclaiion8 wilh siudenis and alumni alike. I)UT adiiii%siDns cril¢ria Rrc scl In Sup￿rI Ihc ￿hl¢v¢m￿nI al'ihc ohjcclivc.5. Applicants arc rcqul￿d In suhiDii d¢lail¢d wriiien applI￿lI￿rt￿. pruviding Ih¥ir dLudginiL irvdeniiuls and iJss¥ssmeni 1¥s1 rgsuli, dn(J explaining Ih¢ir Lare¥r cii)criin¢c and ohjcdivcs. ApplicRiion5 mil41 hL accnmponiid hy liiicr.% rt. I'c¢niniiicndaiioii froin Ihl appliLani's mand¥¥r d5NJ Igl¥r¥¢s and, ￿.h￿l¢ pussible & Ihe limE Ul.￿￿p]i￿Iiun, u l¥llii¥h I I r¢Yarch ccnlcrs and114% a ILnurc ￿)lIcY ltir faculiy that rL'IiL'% hL'llviIs' ()n b7ri)und-hrL'tskinbi rL'scurch. KL￿.11rLlI 1% ciinduLIL'd in Cli%Lipli￿$ ¥ULh L'LiTrN>mi¢s. finllncc. and Ihc undcrpiiincd lig csiahli%lirn¢ni havL bccn An iiii1x)rt￿nt Buidc.%111CL% thai iimc. inLludLS the re%eurLh LindLriuken hy ils fiiLuIIy. L￿Till￿￿'1)i dndl)'si.4 i>fiuiYLni li)PlLI. uiiJ Inidid ¥uLIi Hnd liidLOS %114rin¥ IhLiiJghi ILydcr%hip oli iopic$ alleclin8 winpaiiiis aiid orBW117.Riions &rouiid Ihc glolK. I'hi. inforinuiion is freL' dnd &vail¥blL Iii IhL publiL. Rttriem of #ehith'trneTrl$ #nd ptrformantt for *he year OperftrioiiRlperforMi#nce olrfhe uiiiver511J' belung. As direLI dundlii)n% Ici ('hiLa¥u. lh￿ suinb Hre n()1 Ilie rE5tx)ii%ibilily uf Ilie&e IruyI￿S. cJigdgiLIIILIII dLspilC Forccd Iransiiion io I'clnoli in51ruclion. Tliis I1%L8 pul iiicrcas¢d prcssi1￿ on mainiaining wsiiivc The University of Chicago Booth Sehool of Business Str¥4tegie and Directors, Report (continued) Revlew uf Uehitvtmenls ynil perf￿r￿￿￿('t lur the J'eyr Icontinuedl OperiiiluiitTlperlormwnL'¥ ufihe uNlvenlty (cviiftinueilj fi5Liil 21 ell()I'1% 1'¥suliLd In (>.5 hi&lil)'"IiuJliliLd IiLlI' r.i¢cuiivc M14A I.'Ml.'A *udcnts ￿illg cnrikllcd in %cpicNikr rr(iJii 27/0 lysl y¢ui', (iun) huin¢. ILa(k'rqhii7 ci>Khlng durin&i Ilicir Icnurc $iudcnl$ aiid Ik'n li)r lili. A5 iilumni. progrtiini 11irthu8￿)U1 Ihc ycttr. 1¢ ¢onlinu¢d lo ￿'01'k M'lth 5ev¢i'al ¢u51oin ¢lieDis.' IiibtiluiionJl Liiiiil¢d Partn¢rs AbbOillitii)n. Qaiar L¢Jd¢r%hiiiC.enl¢l I)IlTlll8 1.'Y 21. pro8r&ins ii'crc run Ihcsc clicnls. alihnu8h ol'ihciii ￿￿rC in-rKIwn. Inonciolrekyew ffNrfres¥lhfor 1he)pe￿T ai ll dEfiLIt. IJ(iih reveiiues ttnd ii¢i iiiiY)nie M'ere les% Ihdn ext￿lL111{11l￿. prinidril J du¢ 10 l(>%i'er ENIBA siudent tr#Y¢l Iv Lvnibn. The Universlty of Chicago Booth Sehool of Business Slrategic and Directors, Report (continued) Rev1¢￿ vf uchlevvrnen15 and perfUrM#￿ce fur Iht )'tyrlcuntlnuvdl FirtftNei(Il revlew r*.sNlisJorrliÉyertr cilg¢il¢ ¢kpir¢d iii JunL' 202U. 121 £240.(K)0 5JieAier ¢urrcnc>' 8fiin Ili*n in F'Y 20. Oi'crall r¢¥¢i1￿ dcercosed h). £2.130.000, EMnA pr()gniiii rei'¢i)u¢, dL'LrL'akn,d b!, £1.776.O(K). TOIAI SlLidLnib decredled froiii l)1. 1.14 ol-2112O. -.IL'Luiive I..di￿dI1On reveiiue dtLreaNed bs, £554.(X)O wiih all i)rcigr*iiis bL'iii8 ck,layed. LanLL'IL'd. or niiidifi¢d lo k. d¢liver￿ ￿1￿1}1¢1Y. duL lo c'uvir) rc511'iLlions. iiiirM)%cd M Ihe pnndcii)i£. Siu(kn'i)I lii?lil tiiid piiigiym fl'% nLlY'I)rk lif IhrL* L#IiiPU51s. wiirldwith., l(>r Lxp¢ri¢nLL¢J hu%in¢bs priilrs4i()ndlN Nc¢king diJ¥anii(I huiinc%s dcb7rcc. -1 he Ilnivcrsil> aiid C'.hic¥ga 13n(>ih hclievc IhHI Ihc lovcl of Iinllnci￿I ID%s inLurrcd by Iht LA)nd•n w¢ll a¥-l-h¢ Univ¢rsily'5 broadir glvbdl cducaii(Inul MibSlOlI. l-h¥ Uiiiv¢r&ily has provid¢J u l¢iicr vfsuptK)rt for th¢ C'.harily. A5 part ol'ihib commilni¢iit, as Wf11 ￿ ¢vid¢nc¢ uri15 ongoiiig SUPPXbn ol'lhe IA)iid(iii Lhai'il)., lh¢ Uniw¢r5iiy r¢L¢nily cnTntnittcd lo a 15 ycar Ic&sc Iwiih an oplinn In Icrminalc in IllycaT.5) lo rclncalc Ihc CDtnpu% tthTnniittcd %ubsianii pital lund5 lor a cJ51omi/¢d spac¢ build-out. Con5¢qu¢nily* Ihe nalure ol'ihe pro8raiii and Ihe ne¢d lur Lu51orn spac¢ has vcry long tcrrn implicatlOn5 for thc lJnll'crsity.s wc.5ciIEc in Londoii. B). IhcEc actitsns. Ili¢ L'niv¢rsiiy has indi¢&ed 115 lull liiiaiicial SUPFKkrt lor a long lerm wesetKe ofihe program in London. The University of Chicago Booth School of Business Strategic and Directors, Report (continued) Review of a¢hitvemenf$ and ptrform&nce f￿r the yeArltonilnutdl Iwfjncifflreview re.TMII.TforiheyeKT (coiiiinile￿j l-hL pi'ogTam 1% %lru¢iui'Ld 4() Ihai it cnn%i51s ()l- knven Lon$ccutive quaficrg of thrce monihs cach. l.ir%l ycar studcnt rce8 drL' LiillL'LIL'd. DurTng' IhL' SL'Lund y¢tw. lh¢ %lud¥ni ¢()Inpl¥li8 thc liiiul Ihi¥x quanLr% pasing the TL'Tnaining L'nlL'rL'd IhL' pr()gTrMin in llllL' %UmTnL'r, Ihus CUtnplL'ling cinly Ihree (iuulL'r& durin¥ Ik'ir tir51 Ii¥Llll yLJr four qUUTIL'TY durin¥ IIK'ir liKal sccoiid >ear. A seLDiidary ailivily ofihL' LhllTily is pr()vidL n(In.dL'ufLL' husiiiLSS ri'llliL'd I'.AL'LUIIVL' F.duL81iun pruBrain>. SomL' ur¢ availablc on arKn cnrolinciii ba%1%. bui mosl ￿r¢ r￿lIVIded a4 cu4inin dc8igpncd.slHITiraiiiiiig Inra %'aricl>'of husine%sc and a￿￿￿1#110115. 'fhc%c ihvrt. iTrnL-wcLk liir ini)rL'I prugirdins. L'duLdlL' bu¥inLSS Pn)fL'¥sioiials un d vdriLly l)f bu%in¢.%s- Ihmii lho￿ nLCL"¥￿ri1}, Ihiirg¥J li)r Ihc pdrt-IiTlii dcgr¢¢ prugr4iTI. I)UTing FY 21. all wo%iuin% w¢r¢ d¢livir¢J I'¥mvTIIy, Reservelipollcy uur %luJLnlb, orKruiin¥ loy*c% havl rL%ulibil iii Ilic ILrN)ricd £38.19&.987 ￿cUm￿l#lcd diliiii, 5'hL' Lhttriiy is and. iii turn T¢s¢￿rch &iriini ui?wriiinili¥%. I'hc IlnibcTSily has boih ihc Ini55ion find Ihc rc%ourcc5 to %iipwrt Ihc l.ondon thrtplttN.T Key ohjcL1ivc% fDr lh¢ fiilurc &rL'. /.()Iitn. l.'urihvr. Ihi pandLliiiC hds had &n iinpaci on illaiiy polLii1i*l ￿ndid￿lL4 carecr securily. Ilfii%¢vcr. we %i/K ofihc cnicring class over the ne.Ki feiv j'ea￿. We will alsD conlinue exainining Ihc foTThai ofour olyering ncl uur li)ii¥er-lerm n)arkeliii¥ slrule¥ie% 11> align wiih ￿￿Tk￿l wndiii¢ins. 12} Incrcase Ihi qiiwiiiiy of attLI rLbiSirAiiuns for non-dcLrLL pro¥prum% iniludinbt ihose th21 ￿ on a cusioinized ba%1% In coinpdni¢s wi%hing 10 pr()vide Iraiiiing lor groijps ol'thcir eniploycc%. Incrc&%c our engagcircni with BLN)Ih ulumni LxTrrwr#ie pllriners 10 otTer non-d¥gr* wo&7runits ih81 gre 4)f Jnuiyal inieres110 them ur laculry 131 ALLelerdie Ihe developmeiii and clEliYei)' of Dnline ExeLulive EduLdliun prv8rlltns durin¥ lh¢ dur21ion ofi pa￿cIn1¢ aiid ￿YOnd. as ￿n-￿r80n programining and pariicipani Iiyvcl arc coniiniic 10 ￿ lirniicd. The University of Chicago Booth School of Business Strategic and Directors, Report (continued) R¢vitw of *¢hl¢v¢m¢nt* p¢rform•th¢¢ for the y¢gr l¢ontillu¢dl Fuliirep1N￿.f (c(Jnliniierf) 141 Build uri The developiiieni Èlld deliveiy of unline ExeLulive EduL81ion Pr(￿gr￿M5 IowyTd the p¢nnO￿nI expan%ion of the imwrtanc£ ol'lhe5c programs wiihin our porttoliij ot prograin ollcring8. 151 Incrca%c thL' uin(?unl of di?nalL'd funds dnd participation ral¢% nf 8liinini in fund-raisin8 aclivili¢5 01.ihe school rroni the Europewi aluniiii ￿Se. 161 Improve Ihe trisibility of Lharity in Luropc. lh¢ Middlc l.'a$l ond AfricA Ilirough rnarkeiiiig und public 171 <.'LinliDuL' lu m()nil()T the sltLd¢nls iYh(Isc fccs urc niL% by Ihcir ciiiplo)'eTS. Ihc cxicni lo whiLh Ihose fees are iiiil &nd i() rLViLW l)ur guid#iiLL Ii) Stu￿.n1¥ ()n how 11> ¥ppr(laLh Lmployer5 10 rd4ms1 lee &Lippuri. 181 Considcr wuy% in wlii¢h w¢ Lgli briiig Ilic bLiiifii iifihl ('.harily'4 Lduc#liunul piuBram%. faluliy r¢¥¢arLh aiid IY) L)¢'ploy in¢i'LuKIl %Lh(Iliir%hip fund% Iii ciiniiiiuv ti) Hiiracl highl)'-qiialifitd 5iudcnl%. l>rovi(k %uppon l<)r rLLLiiily-iniriiduLL¢J fLindrui%in&' pn)girning for s¢holarnhips for r-.MIIA Ilri)gr&m l-.uropL': IWLI for wom¢n ()IK l()I' unikrripTcsciiicd min(>rily ¥￿ILlp1 aiid Ik. 75ih Aiinivirlury tsward, in (Iddiliff¢ring u¥nl¢t¢n¢¢ ¢¢ni¢r %¥rvic¢* ith Ili¥ IIK Li>mJnuniiy unLI bubiii¢%% %LII(Mil purinLr%. 'I'hi% will inhullLL' our visibili1> wiihin th¢ UK hi151￿55 Li>inillLiiiily pn)vidL' ￿nlIll8ry inciNne10 Ik ihurity. Ri.IA 'I'lIL' I)irL'LlI?rs hllwL K'VlL'I¥L'd IhL m4ior risk$ 10 which th¥ Lhurily 1$ ¢xrOX￿. iii ci)njiinthion wilh the overall gnnual Ilisk l.. Siiidcni cla8$ %i£c lalling b¢l#w a kvcl ttt whiLh tsnnuiil finLinLitsl dcficits bt¢oine untsc¢cpi8hlc fnr th¢ %luthni%.'I lic Lhariiy is eurcnlly iinplcmLniinbi %ifuirgTiCS ID mccl Ihc LhuiibTin¥ mkirkcl cntrir(bnmcni. in i>rdcr lo r¢iuvn biidbiil dLfiLIIs. 'I'k. lJnivLrsiiy hus Srfirnied it¥ %uprx)ii of IIK. r¢'¢eni rL'IoL*ii(>n of lh¢ ￿mpu% thnd a%so¢iatLd IiinB- Risk 3.. A¢#J¢miL dnd %lulT los￿$ thal nii¥ht ¢r(Kl¢ tk qiiality of iiisirurlion andlor Ihc noii.4cad¢mic *￿¢15 of the %lu(kni ¥kpcriLncc. Ihc ri8k I￿ miligaicd by reiaining and moniioring sialTih&i arL' apwpriaicly quslified and iraincd hi8hcr learning in IhL' IIK and within Ihc Lums￿an comrniinity. apprupri¥iL intcrndl Lonirolts. iiiLludin&i ￿￿tT￿ver51￿￿h1 trdtninb. eng,￿￿1n￿ uppropiidlL' third purt) &LLuunidnis thnd 1ndcpvndcni audiiors io assi%1 In safeguarding Ik C'hHriiy's SSS¢1s. Inuiniaining ￿p￿1)P1.1￿tc Icvclts i)r iliburan¢t wverHge. Public b¢nefit Wc havc rcfcrird In Ihc 8uidancc cnnlllincd in Ilic f.harily (.nrnmission % gr￿151 giiidoncc on puhlic IKnelil and planning our fulurc Dhjcclivcs. In particular, truslceE Con.￿Ider hnw pl8nn¢d activiti¢s ￿.711 conlributc lothc aims and bj¢ciiv¢¥ Ilry have Sel. The University of Chicago Booth School of Business Strulegic and Directors, Report {continued) Dist1Tr5urt infTrrmHtion ITh gudit(kr Tlic T)irLciDr% hcld ollict ai Ihe dale of approval of this Siraitgic and l)iYcclor5 Rctxirl cTrnfim Iliai. so txr hs they ar¢ each aware, Lhertt is no reltvaiii audii inlomiaiion vl. which th¢ Cumpdny'b aucliior 15 unawtsre.. and ¢dLlI r)ii'¢Lior has iakcn all thc sicp% ihai IhLy ouglii ID have iakcn Dir¢cl1)r 10 makc Ihem8elves awsrc ot. any rclcv&ni akndii infuirnuiiuii lu eslthli%h ihai ihe L()mpany's uudiior i& aiv41'e u1.th￿l inl()rrnaiion. Auditor l..uLh c)f ihL' who DiTL'Lknr ul IhL' tlEtic ofHPPTuvlll of thi$ rL'FKlrt ¢ortfirms Ihui.. o lar as Ilie l)irtLiors are awaie. ther¢ is relcvdni audit infurmalii>n vfwhiLh thc Cumpany's auJiiur is unawar¢'. and IIIL I)irL'Liors hAve Ik)ken all Ilie stL'P8 Ihai they oughi 10 have laken a% b Direcl(>rs in i)rdcr i(1 make Ihem%elve8 4waTL DI.￿Y rLlcvani aud)l inlormalion and io e%iublish ihat the Company's audiior 1% (>l'ihai inloTmalioD. 'lkni% confimaiion 1% givLn itslcrpreied in ￿L￿)rdanLe wilh Ihr pr()visi(In$ of 44111 of I'.()mp8nies Acl 21M)6. KIJMCI l.l.l) h8v¢ ¢xpr¢ss¢d Ikir willingn¥$$ io ¢(￿11￿U¢ 0￿1￿¢ lluditur H ￿%￿lUll1)n IiTr r¢#pp()inl th¢m will b¢ prup)¥¢d ai Ik r()rthLoniin¥ Annual Ciciicral McLYin8. Appmvcd by Ik Ilaard of Dircclors I P#i'k Ri>w l.ccd% WL41 York%hir¢ 1,415A IkLcinh¢il421121 The University of Chicago Booih School of Busin¢$$ Statement of Direet(brs' responsibilities in respeet of ihe trustees, annual report and the financial $14tement The d1rcclo￿ arc rcskx>ll5ible forpreparing Annual R¢port and ihe financial St￿¢￿tn￿ in accordanff withapplicabl¢ law and regulaiion%. CumpHny law reciuire5 the d]reL.tu￿ tu pr¢p&rL' finxn¢i81 slaittinenls fur e￿LI7 finanL'i41 y¢llr. Under th41 law Ihey have are rcquircd io prcpare Ihc financinl si&icmcni% irt acL<>rdance wilh IIK Accounling %iaiidai'd% and applicabl¢ law IIIK GenerAlly ALLL'PTL'd AcwunlinB lJr&liLel, intluding l-'KS 102 Th* FiFJun('iiil Rvwrii*7% S1¢117d¢irddpylicoble ih¥ U IndL'r uinipuny law Ili¢ dir¢cinrs mi)51 nol appmv¢ tlie lingncial 51alcincnt¥ unl¢s% Ih¢y ar¢ sali4fi¢d Ihal Ih¢y Yivc Iruc and lair VILW (Il'lhL *iaiL Lif <)I'ihL LharildblL L()mpany ￿11(1 i)fihL LxLe44 of CA￿￿J11urL (>vLr inLom¢ for Ih&l tKriiKI. In piLt>arin¥ Lhisi fin￿￿lI￿] 4llll¢ininl%. Ili¢ diir¢ii)r% urL r¢quir¢J lib.. 8LILLI %uiiablL uLLouniing wlicies thnd ihen apply Ih¥in Lonsisienily.. i11￿ku jiidgiiiiLnis L41iinaiLi Ihui rLa*inablL and pru(k'iii', $iat¢ wh¢ihcf Appli¢abl¢ IJK A¢¢ountin¥ havc b¢¢n follow¢d. ¥iibj¢¢i lo any Inai¢ri81 (kparturcs %K44 IIiL ¢huTil#tIlL Li)mpuny's obility lo ci)iiiinuc &iiiiii&i wnLLrn. discl()liin&i. a% upplicablc. lliaiiLfs T¢laiLd lu IlSe Ihi &buin¥ LOllLL'rn busiy i)f acLouniing unlc%s IhLy cither inlen(J to liquidule Ihc churiiable company ur Iv LeU5e 'I'k dircciors arc rc%i)on%ihli foi. kccping #dLquaiL aLcouniinB rccords Ihal arL %uniciLiil lo 4liow aiid CXpl￿1n Ihc cliui'ilahlL wiiipllny al￿ cnablc Iliim locn4urc Iliai Ihc linaiicial I1￿11¢111￿17l5 cowply w'iih Ihc Coiiipanic% ALI 2￿6. '1'ky 5ILPi 11% lir¢ rLii%()iiuhly ()PLn In Iheiii i() %df¢gutrd Ihe Jitse15 1)I'ihc chariiublt W1n[￿n} ttnd li¥ prcv¢ni Bnd deicLI I'r*ud -I'IIL' dirL'Lli>r% urL' rL%ix)n%iblL' r(Ir Ihc Inainieii8ntt and inic¥rily of IhL LnrpDrHlc and fin#nLial inf()rmali()n includcd lin ## **The University of Chicago Booth School of Business** ## **Independent auditor's report to the members of The University of Chicago Booth School of Business** ## **Opinion** We have audited the financial statements of University of Chicago Booth School of Business ("the Charitable company") for the year ended 30 June 2021 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and related notes, including the accounting policies in note 1. In our opinion the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 30 June 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with UK accounting standards, including FRS 102 _The Financial Reporting Standard applicable in /he UK and Republic of Ireland;_ and - 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 are described below. We have fulfilled our ethical responsibilities under, and are independent of the charitable company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. ## **Going concern** The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the charitable company or to cease its operations, and as they have concluded that the charitable company's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements ("the going concern period"). We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period ofat least a year from the date of approval of the financial statements. In our evaluation of the directors' conclusions. we considered the inherent risks to the charitable company's business model and analysed how those risks might affect the charitable company's financial resources or ability to continue operations over the going concern period. We have nothing to report in these respects. However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the charitable company will continue in operation. ## **Fraud and breaches of laws and regulations - ability to detect** _Jdentifj1ing and responding to risks of material misstatement due to fraud_ To identify risks of material misstatement due to f[r] aud ("f[r] aud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: - Enquiring of managemenL and inspection of policy documentation as to the charitable company's high­ level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected, or alleged fraud. - Reading Board Minutes. - Using analytical procedures to identify any unusual or unexpected relationships. 12 The Univcrsity of Chicago Booth School of Business IDdLPL'ndL'nt auditor's report lo thL' mL'mbcr¥ Df The unive￿itY of Chicagu Boolh Sehool of Business rAud ￿nd b￿sche9 of l**s regul*iltsns- ablllty 10 dtrett Itthrtilmuedl IdertlifyikJR &*dJ'e5pondi*7R 10 risky ofnitsitriul ftiisJlQlehienl thle iofrÉ>ud (c0*71iftued) We communicaied idemiified fraud I'isks Ihroiighoui ihe audii Icani and ycmaincd alcrt 10 any indicaiions of fraud As rc4Liir¢d by diidiliiiB sldn(Idrds, dnd Idking inio ￿luLl111 W￿￿1b]e prL'ssurL's lu mLel reg*uldlury perfuniittnL* IdrB¥ls. 'C I￿rI￿rIn pi'occdiirc4 In udilrc45 Ihc ri%k (Il. maiiugcincni ()wcrridc nf conlml% and ITrK Tisk of fraudulLnl rcvciiuc Ihc ri%k Ihui monagcrncni bc in a fM)siliiiii 10 niakc inrtppriipri8ic a¢counling cniric*. cJTeciivenes$ ol'saime i)I'ihe Cx)m￿nY-￿ldc fraud ri8k mL1n8gcnieni conimls. WL PLrliinnLd i?riKLdurL.i inLliidln￿ Idiniilying .jiiurnal ¢niri¢% 10 l¥si b&9¢,d on risk irilirio and ¢DmparinA I1￿ i¢*nlifi¢d ¢nirie$ iu $upportin Inpli. ILsiiiiy Lif inL(inic rLLKivLd iii IIK. p¥i'ii)d priur l() IhL yLllr Lnd Iii dLILrminL whLihLr in¢i?InL rLL()glil%Ld in Ilic corri￿1 accouiili118 poriiid. Idei?lifiJiiTX (JKdrffsputtdinx lo riJk.F iJJ'mulLwriul lliiX¥iOiemenl diiv lo i￿￿￿()￿7p1l￿￿ctt willi Iinv.% undrexiiliJliL>ITS 4lulL'mL'lll% fr()m ()Iir ¥L'nL'ral Li)mniL'rLiuI und ¥L'LI(Ir L'XPL'fiL'nLL', und Ihriiiib.h diiLU%%lI)n 14'iih Ik. IndnMuL'mL'ni ¥orrL%pL)ndinc¢ ￿n￿ di5¢U55¢cI wilh Ix(Inu¥Liii¢nl Ili¢ piliiieb ￿n￿ prviLJLifis fL¥51rdiii¥ ¢otnplixnrc iviih law5 and >inplianLY Ihn)Ligthul IhL' aiidil. Thc pol#nlial ¢lY¢u ol'ih¢s¢ laws and r¢8ul#iion5 pn th¢ finuii¢I￿15I&lLlll¢n15 i'8ric5 con8idcrably. rcportin8 ILgi%l&iion lincludin¥ TelLvanl coinpanieq chariiies IL'8i%laiiDnl and ¥i'c a4$c%￿￿ IhL cxIL'ni ol'coinpliancl iih tllL* IdM'% und rL'Bulaliiin% 4t% pdrt i>f c)ur pn)LL'durL'i ()n Ik. rL'ldlL'd fiiiunLilll %llllL'iheni ilL'm%. Whils1 IhL ('liuriit)bli Cutnpuny 15 5ubjiLI li> muny oihLr ltsws und rLbyul&iivns. WL dill niii idLniifv iin). oihLrs wk'K Ilk. con¥Lciii¢iiL¢% ol. non-wniplioncc alun¢ ¢uuld g nial¢rial ¢ff¢¢l oil Dnioiiiiib (Ir di5LlI)surL5 in ikn. finaiicial sIEItLmLni5. C ottiexi o[Ih¢ ohililj, o[Ilie ¥iudii iodeiecilroudor lJv¢oche.r ollailP nr regiiloiion ()WlllB lo the iiihcrcnl limilalio115 01.an aLdil, Iherc is unavoidablc risk Ihiil WL. niay t￿1 havL' dclcLlcd somc InalL'rial misslillimints. in Ihc findncial siaicincnis. cvcnlhouRh wc havc wopcrlv planncd and ￿rform￿lI our akjdii iii accordanL with oudilinE %landard.s. I'ur cxaniplc. Ihc furthcr ￿Ni0￿Ld n()n-cuniplidncc with la￿,8 and rcgiilalions IF Iroiii Ilic cvcni and I￿￿￿14LlIOns riflLLILd in IhL financial slaicmcnis. Ihc Ic55 likely Ihc inhLrLnily limiiLd priKLduNs requircd by torgcry. inlcniional OlMTS%i011S. misrcprc5cnialions. or thc ovcrridc ol iiiicin£l conlrols. ()ur audii prwcdurc% arc designed 10 deieLI mdleridl Ini$sldieineni. We are nui responbibll for preveniin8 n<>J)-complidn¢e or frdiid dnd Lannoi iK cxpcctcd 10 dctccl non-complian￿ wilh all law5 and rcgulat10ll5. The University of Chicago Booth Sehool of Business ndependent auditor'$ report to the members of The University of Chicago Rooth School of Ru$incs$ Oth¢r Ihformation I 11¢ dii'¢Lliir.£ arl rL.sponsibl¢ lor Ilie slralcgic and dircclor4' rcpnrt. ()ur npinion Ihc finttncitl.%iai¢m¢iii8 doe% Th)1 Lov¢r the ol￿r iiiformaiion aiid, aLL￿rdIngly. w¢ do n(11 express an audii opinion ur. ¢XL¢PI ¢xpliLiily slated ￿lOw, any form ()f a.4siirJnce coDclu%ioll IhcrL(In. ()ur respoii4ibiliiy 14 lo read Ihttoiher inf()rni￿lI1￿n #n¢J. in doing 40. u)n%ider wh¢ih¢T, b&%¢d on our financial slylenienl audil i¥()rk. Ihc inl()rmali(In IhLrLin 15 mulL'rially iniyslHled ur inLunsislL'nl wilh ihL' fitwnLiMI slulL'incnis or our audii WL hav4 not idL'niili¥d m4icri41 Tni%slulL'inL'nls in IIK. oihLr infurmaliun: sialcmcni%' and in WTiTrpiniun Ilial rcpirt br¢n pr¢por¢d iii a¢¢thrd&￿¢ willi lh¢ C()Inp8ni¢% Ali 2006, M￿tter4 on ￿'hICh V*e Art required t￿ ￿￿rI by gArcptii> IlndL'r IhL C'i>mp&)nii$ A¢1 2006 WL, ¥rL' re4uirL'd 10 rLsNirt 10 yuu if, iti (iur ()pini(In.' IhL Lharil4hl¢ coinpan). hu% ii()I k¢pl ￿￿￿UntIng riLurdq or r¢iurns adL'ouai¢ fi)r our uudii hsve llL)I heen r41¢iv¢d froin bthnikK'& noi iisilLd hy u%,, ()r IhL, linunLial 414icmL'ni% ¥rc n()i in Hgrccincnl wilh Ihc dLcounling TCLords and rciurns.. ur wc hav¢ Iioi T¢¢¢iv¢d all Ili¢ inlorM#iiun ￿11 ¥xplanwiioiis w¢. require f()r our Mudii. WL havL' n()Ihing 11) r¢Txirf 111 IhL&c r¢S￿LI4. A% L'xpluinL'd m(irL' fiilly in Ihcir ¥ldlL'mL'ni sei aul l)n p&gc I l. the tru%ices Iw,ho aTL' alyu ihi, diirciurs ofihL Lhariiabl Ihc ¥iiing concLrn lil- acciiiiiiiiiig Iinl¢s% IhL'y eiiher ini¢nd i() liquidllil Ihl ¢lillrilyl?l¢ iornpoiiy Trr 10 ¢¢&5¢ vperuiionb. or huve no rL'ali%iiL aliernttiive bLli iu ¢Jo su. .4uditDr'% re%pDn%ihlliile% OUT ()bjeciives arc lo Dbl8in rLasnnuhlc ux%uranth aknul ￿'hlI11¢r Ihc finan¢ial $lai¢mcnts a% ll whol¢ free from S5uran£c is a high Icvcl ol a.S4ura￿¢. bill not guuTanicc thal audil rondurl¢d in accorduTbCC With ISA5 IIIKI Milsiaieinenis can arise froni frdud vr em)r ¥re con8idered m&icrial il.. individiiall> or ill aggTLgnic. IlKy could rc8%onably bc cxpcctcd to innucncc t1￿ c￿￿￿7C deci%ioiii ofugers iaken uii Ihe bknis vl'ihe liiidnLldl 51diemeiiis. nur www.fr¢.or8.uklauditorsresponsibilltiu. pTr)vid¢d lh¢ FRL's M'ebsite ## **The University of Chicago Booth School of Business** ## **Independent auditor's report to the members of The University of Chicago Booth School of Business** ## **The purpose of our audit work and to whom we owe our responsibilities** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed. **Joanne Lees (Senior Statutory Auditor) for and on behalf ofKPMG LLP, Statutory Auditor** _Chartered Accountants_ 15 Canada Square London, E14 5GL 15 February 2022 15 The University of Chicago Boolh School of Business Slatcment of financial activitie8 (ineluding the ineome and expenditure account) for the year endod 30 Junc 2021 2021 2020 Nut¢$ Jneome C'hmrftmble *etlvltl¢s 5,430,470 7,760.6A>I 5.431).470 7,7(AI.601 XPtndilur¢ nn: Lhurii&bl¢ aLtiviti¢s 111,214.8971114.447.5381 Trtftle4pendllMre 111,214,11971114.447,55%1 Nei ¢xsxnditur¢ for Ih¢ y¢ 15,784,427) 1fi.6R6,9571 Tutml diflcil fund$ brvu%ht furw•rd 132.412,5601125.725,6031 'lut41 defKII uf fuDdA rwrri¥d furw4rd 13#.146,Y%711.32,412.5f>OI All in¢offl¢ And exrrfndliu￿ d¢riv¢ trom eoniinuin8 a¢iiviii¢s. 'Fhcrc wcre N re¢o8nised gains ur loy￿5 other Ihfin those listed aix)ve ¥nd Iht nti expcndiiur¢ fiTrT Ihc ycNr. All funds ￿Te unrtblriLi¢d. 'S'kn' nL?IL's vn IY li) 26 fomi pbrt of IhL¥L' financisl %i&cmcnts. 16 The Univer5i1y of Chicago Booth Sehool of Business Balance Sheet As at 30June 2021 2021 2020 Fix¢d ¥5S¢¢5 angibl¥ as5cts 111,520,411h I1,5117.9(dl C.'urrnnt o$&et¥ Ik.bt()r% (.a%h al baiik in hJnd 10,413.345 9,361.506 671.lw 3,ot14.S13 I I.OX6.535 12.446.-319 frL,dltor%.' mmounii fMlllnK due withir• one yesr 159.803.92111156,3fi0.11471 Nei ¢urvenl IIMbllliles 14¥,717.-3Y.31143,920.5281 TolMI A￿ttl le*% turr¢rbl Ilibllltiti 138. I￿.9871152,412,5fvol 1.3X, I()h.9X71132.412.56UI 'he fuTrdi of Iht C.hArity'. UnM%lriLIL%J dL'fJLil 10 138,196,987) 1.72.412.5601 I'h¢ nol¥% pii pH8C5 IY lil 26 1<)rm part i)rik.￿. itslLmLni%. Appi'Trvcd hy th¢ ri()&rd ()I'DircLI()r% WmW..1321121 dnd siBned on lis ￿haIr by.. K 18ylor CompE)ny reBi81i¥iion numbgr.. 5356589 The University of Chicago Booth School of Business Cash flow statement For the year ended 30 June 2021 2021 2020 Notes Net c4yh Illllloi¥Voutllow from op¢r4tln% w¢tfvltlc5 12,30.1,1541 13.6.IR,158 Net cAgh outllow frorn Investlng actlvltles l)urLha¥¢ (Il'iangible fixed a*sei (In8.4691111.597,1721 IDt¢re15eV inertAie in ¢iJh 12.411,62.11 2.11411.986 Cash and ¢&$h equlval¢nls At beglnnlng ofy¢8r 3.084.811 1.043,827 C'8sh and cash equlvglents gt the end ofthe year 673,190 3.IIM4.¥13 Certoin amounl.q %hown hav¢ b¢cn rcslaicd. Furthcr inforrnution 14 di8cI()%ed in ni)ie 17. The University of Chieagn Booth School of Business otes to the financial statements (continued) Year ended 10 June 2021 Atetsknntln8 polieie rhe l()11()win4 thcu)uniing rK)licI￿ have iK'cn fipplied consistcnlly in dcaling with item% whi¢h arc considered of pr¢parotioD 'Ibc liTi&nLial %lAILinLI)i% havl prcparcd uiid¢r Ihv hi%lDric LD%1 nl. alcounling. in accordaiicc wilh ALLounlinu aiid IILrxirling b) ChariliL's-. Siuieineni ol'RcLuilltri¢nded l>rxLiiL¢ appli¢uhl¢ ILI rhdrilies pi'cpdrin iandard ￿PplIcable in Ik. IIK aiid RLpuhli¢ ol. Irllund (l.'RS 11121 und Iht Companies Act 21x16. sicrling beLau4e Ihui 1% Ihc currciic). ol'ihc priwdr) L'L(IDi>mik ¢nviruniii¢ni in H'hiLh IhL ('IIHriiy opcraiLs. Ni}l￿,11h￿l￿nd7nE nei Ii#hiliiiL4 ()r £.3N,196.gR7 ul IU Jiiii¢ 2021 Hnd ¢1 ltir th¥ yLdr IhL'n Lndcd i)r £5.784.427, th¢ finJn¢iAI %liiicinLnlS h&v¢ h'¥n prepttrLd Dn a gLiin&tr Lonccrn b&s'is whiLh IM. dir¢¢l()r¥ wnsidei. 'hc dir¢ci¢>r* havi prcptw¢d llow fÉ)r li pLrii)d of 12 Inonihs Iroin IhL JHIC i)r aiyrlival uf Ihc rinlliiLltil %iaicment% M'liiLh indiLUl¢ Ihai. Imking ￿C￿lIn1 Dl. scwcr¥ pluu%ible doivnsiths, IhL' Lharilablc '111>.sc for¥c11415 Ji'¢ dvp¢iid¢nl on lh¢ Ilniv¥r%ily ul'LhiLuBI) n(>1 sL'L'kinx rcpaymcni ol'lk 4m(>unls currcnily duc Ihai Ihi% %iii)FX>rt will ¥ontinu¢ JlihouBh, 81 IhL LIHIL. Or￿pPI￿Val ol'ihesL, linan¢ixl %i#iem¢iii8, Ih¢y havc ni) ￿a￿)n nd IlicrLlorL havL pr¥wiTC(I lh¢ linaiiriBI siai¢mchlS Ilrt ￿ gning L()rt£ei'n ha%1%. HCCI)UlltinK L'nrtiifiLied dre 8cncfdl fuiids Ihal are #vailabl¥ fur al IIK Dii'#¢tvrs' di%£￿il￿n iii furth¥rdnLe ufihe objLclivi% ol'ihL' L'hnrity. InC￿Me FLES fcLLivablc and charges for ￿rviCeS and use (Il'premiws &¢LouniLd for in Ilig period ill whiLh the s¢rviL¢ 151)rowidLd. InvL'%ltncii1 IIKUIIIL rcprcsL'ni1 am(iunis rc¢¢iw¢d in Ihcycar Iroin bank Illic￿St. Inwm¢ is TcCngni￿d when Ihi Chariij 15 Icgally ¢niiil¢d 10 Ili¢ iii¢om¢ wid lh¢ dmiiuiil be 4LJaniifivd wilh rea5011abl¢ dLLur4¥)'. IX)nalion4 rc£civabl¢ for th¢ g¢neral of Ihe Lharity arc Crediied io Ilnrcsiriclcd l.und5 on rcccipl QT if ¢arli¢r when th¢ Chariiy is legall J eniiil¢(I 10 Ili¢ inwm¢ and aiiiuunl be ￿￿111111ed wilh rea5Lindbl¢ accuracy. 19 The University of Chicago Booth School of Business Nole$ to the finaneial statements (continued) Year ended .10 June 2021 Arcounting p(blici¢% 1¢thntinV￿ .'xptnditure Cx5Lndilure is llLcounied fuT un an aLLrulllh bagis. Thc C.httrily is VAT regislered. Trie v*41 Inaj¢)rily Dr it uppliL'% are cxcmpi Irom VA'I. iKing the provi4ion nfcducaii Imakiiig othl), L¥L'nipi supplies li rLLi)vLr Ihi.¥ VA'I. and %() is rcquired, Ihr(>ugh ils VAI. rcium. to Inukc fi payiiiLnl io HMRL. (.Kivtyrnun¢¢ iiisig L4)mpri%e Ihc Ll)%l% of riinniiig Iht I'liariiy. including %iraiegic plaiinin¥ lor il% lulurc dei'clopincni. LxiLrnul Judit. ￿Y ILbul ￿1VilL f¢ir IhL Charity l)irL¢iiirs, (ind all lh¢ cil. LCiTnplying willi n%liluliiiniil lind %lululciry re9uircincnis. 5LJch Ihe ci)sis of.￿oard ('.ommillLC IIILLlings aiid ot'pr¢paring %laiuiory aLLX)ulli% an¢J suii%lyiny put)lic acLouniabilily. ()p¢r¥llnx l¢¥%i Rciiial% pa)'hblL' undcrr>peraiing le&%cs arc charged If> Ihc S()l.'A on a $lrnighi.linc ba4isover lh¢ l¢rm.'I'h¢ tK'nLlii ol'any rcnl frcc r￿riodS is ¥pr¢ad ci'rnly vvrr Ihc l¢rm. Ptn$ion Sehtmts Ilic L-.hHriiy i)rcrnlc¥ a dCli￿d ionlribulion rKn%ion ¥LhL'llii. ('Dntribuiion$ 8r¢ ¢hargcd 10 the S1)l.'A +1% Ihc), brLI)iiIL' payHblL' in HLo>rd8ncL' wilh IhL rulL'4 01.ihe SLheinL. -ixtd 218etJ rillili&% L(iuipm¥nl nr¢ ¢upilaliKd Jnd ￿trI￿d in thi haluiicL' %hccl nl hi%liiriLuI LO81. All uihLf LxpundiluK' 1% lully CA￿1)￿ed in Ihc wriod 11 is inLiir￿d. Ik,prt'¢'iuiiu Ikpreci#iion is provided on all i0n8iblc fixed &%*1s Irom Ihc iinic Ihey arL' availabll r(Ir al ratc5 calGulat¢d TIIL. faiL% (if dL'preciaii()n dr¥ as folloivs.. over Ilic l¢rn) of I￿. Ica 2￿/0 PLf dniiun) 811nuin Audi() and iiisusl equiprnL'nt Cumpuier und i¢lr¢i>miniiiiicfili(>r4 cquipm¢ni Furniiurc. fixiuro5 and ¢quipm¢nl 10 ￿r￿nnum T*xAtion 'Ihc IlnivEr%ity af (".liicogi> B(ioih School i)f IlubiiiL￿ is cDnbidcrcd io sMss Ihi Icsls sci oui in Par4grRpli I SLhedule 6 1-'inaitL AL1 201Q and Ihcrclorc pi iiicc15 Ilie d¢linitii)ii lif u Lli4rilBble L()Inpllny flir IJK Luftmifdtiun lax purposes. Accnrdingly, Ihc Lh&rit) 1% PDIL'niially CXLmpi from lux&iion in TC%￿LI orinc0￿C or capital gaiD5 reLeii'ed ￿'IthIn Ldi¢g<)riL% IIIVLKd hy Chapici. 3 Part I I C.-orpordiivn Tax ALI 2UIU i)r %Lclion 256 ul. the laxalion nf ('.hargcahle Citiini Aci 1992. 10 thc exlLni Ihai suih income or gain5 aTC applicd cxclu5ively lo chdriiabl¢ pury05¢S. 20 The University of Chicago Booth School of Business Notes to the 17nanclal stalements (eontinucd) Y¢ar ended 30.june 2021 A¢cuuntln¥ pullLle% IL'onlinUtdl Trnreign ¢urreneies Trdii%dLlii)ii% in li)reisii currencies re￿r￿¢0 ai Ihe ralc prevailing ai ihc dale ol'ihc transaction. Mtsneiary asgel.s uiid IiabilitiLs dcnominaied in fiirLi¥n li1r￿.￿L.1C￿ llfL' tr￿￿51￿1¢￿ In￿ Sterling ai Ihe year*nd ¢xchange rHIL'%. All dilTLrL'IILL'% art iaktn 10 IhL %()I.'A. FlnMnclMI in$lrument$ l.inanLiuI linarteial liabililics arc rccognised whcn Ilie ('harity bc￿m¢S a party lo lh¥ iuDII'llLIu prov14ii)115 ¢if Ihl in%li'uinL'ni. All financial as5¢1s und liBbilili¢s iiiiliull}' mL'ttsur¢d ￿ Iran%tteiion price Trtsde debt¢brs #nd tr&,dIt￿rs -1 rad¢ dnd i)Ihcr dcbiiiri urc rcLX)bini%ed ai Ihe &eiilL'nienl ainliuiii ¢JuL aft¢r aiiy trad¥" diswiiiil (Illcr¢d. PrLpuymLiil4 arc valiicd ul Ihc aniuuni pr¥paid nL'I ¢ifiiny IrudL' dis¢nuni% due. C'.rcdiiur5 afL rLLI)&inivd wlicrc 1<1 tt third purty and ihL Mmouiii duL' 111 ￿'111L. IhL' i)bli8ELlian ian bc Imcosured or L%iinJuK'd rLliobly. L￿ditU1¥ RtbulL,d parrle ¢JisLlii%in¥ Ir&n¥JLlii)n8 %Yiih nllicr mL'nibers of ihe gr()up hcadcd by Ihc Ilnivcr%ily ol'C'.hiLagi). C"rill¢*l 4¢rnuntin¥ judgfrnent% kry sovryri i)rtAtlmutl(In unetrtaSnt)' In InJkL jii(l¥icmcnis. ¢%iimai¢.s and usyumpiiiin% uTr¥iui IhL ¢51rrying amniini% ol'&%%e15 l￿d liuhiliii¢b Ihol are nd ()Ih¢i' la¢ithrs lh￿ arc ¢nii%i(k'rcd Iii IK, I'LIL'Vllll1. ALIu81 rcsLtli4 inay Ililler froni Ih¥*L Ls1imol¢s. 'I'k. l)IriLior% d() ii(?l Lxin%iJ¢r Ihlri an). ¢rili¢41.jud¥¥niL'ni% iTrr %iiurLL'S i)r L,￿li1￿￿(lOn unLL'rtdiniy r¢yuirin dis¢19surc h¢)'ond Ihe hccouniing wlicics lisied a￿VC. In¢i*me from ¢harilHblt nrtivitics InLI)iiic from ihariiablL aLiiviiie4 u)mpri%¢% iuiiion Ic¢4 veLYivLd lry)In bllldcnt% lin Ik. dL'8fL* Exe¢iili¥c MBA program8 and non.dcgrcc l..xccuiivc l-.duryLii(In pr(18fllTnS. The University of Chicago Booth School of Business Notes to the financial gtatemenls (eonlinued) Year ended 30 June 2V21 Exp¢ndilur¢ 2011 21)2 CharltAble A¢iSvltles -5,9(14.662 N,22.1,1132 2.977,569 4,162.346 2x2.1117 325,7311 1449,2831 1208.9401 I.IK)6.031 493,813 0sKfdling> Ic#* renluls-onlgnd wid buildings Illl¢￿¥1 PTnllll.%$()ry I￿)￿ not¢ Forci&aii L%chang¢ Ig7uinsyIubs¢5 Ik'pre¢iatii)n 9,811,796 12,995.981 IityVtrD8D¢t ClJSti Au¢Jii ¥¢rviL¢¥ ALL(iuntlln¢y 22.￿0 1&,20 38.2DO 31.200 Staff ¢0511 WHges and sul￿ric￿ %()Lidl ¥ccuriiy Cosis l?ciision cunlTihulii)n¥ 164,792 12U,273 79.836 1.198,¢lh5 129,126 92.2¥6 1.164.901 1,420.377 'Ji)txl tAptnditure 11.214.X97 14,447.55 'Ihe 8udil lirm only rcttiv¢d Ic¢.% in r¢¥pcLI ()fAudii $crvicc5.'lol￿l fcc% cxclu51VC ()fvA l amouni¢d ¢0 £22,0 12020.. £15,IIMI, T￿. Thv¢rugL' nuiiilK'r ofemplaycei in Ihc peri￿ 211211211.. 241. Ni> l)irciiors or p¢rsuns L￿nn¢¢I¢d wilh Ihein rc¢cived any r¢miiii¢raiion. nihcr ￿￿ell¢S or Tcinihursemenl Ol'¢X￿1i.%C¥ Iram Iho L'hllrity. RcmuncrniiL is r¢c¢ived fr(iin IJDivcrsiiy É)f LhiLdbiu in the IIS.'I'hL I)iriLlÉ>rs ll>nsi￿.r kcy nian4i¥¢m¢nl wr4(ITin¥l t(> hc UK ClIBrily.'IthLrcli)re, no kL'y In&tldgL'inLni PL'rstinnLI rLll)LinLr¥iii)ii 1% di¥Llo8cd. The numkr Df hi8hcr paid employee5 W&S'. 20211 T&xoblc cni()IuTncni8 hAnd.. £(10.fl011. £7n.ofK) £80.fl011_ £9n,orK) £yii,1100- £1 o(i.000 £ioo,000- f I10,o(xi £1 111,IIIXl- £120,0 £130,000- £140.0( £1711,IIIAI- £190.0 £200.0￿- £300,0 Total 22 The University of Chic74go Booth School of Business Notc$ to the fin#neiAI statements (Continued) Year ended 30 Junc 2021 'I'k Lumpany i.£ a l.'hgrity arKI as $u¢h 1% noi li&blc lo IJK In￿Me Dr corporation charitabl¢ th¢ilviiles. 1'*hgible fixed M%$tt¥ ('DmpulL'r rniture. Audiu 14lL'IOIll. fixturts .esbithold visu¥l municHlivn$ nd impn)vements e4ulpm¢nt I'4ulpJn¢nl tquSpmL'III I'otal C'ojt or vAlualiTrn 1572.517 12,938,721 I 1389,1941 96.425 950,941 I.OY3.747 15,547.084 164,5151 1144,1861 13.741.11161 108.469 Di%p(>.%als Addiiions 881,426 755.379 11.914..137 l)tprti'l8tlon AI 30 luni 20211 3,102.Y54 12.938.721) 1.1114.IY41 011fi,-1311 237.870 364,91(J 4,0.39,716 169,5 ljl 1344,31161 11.741,8161 176.285 7.1.5711 1,04Y).U31 Ch&rg¢ fvr Ik, yL'*r Ai 3n JunL' 21121 302.710 224,-SX2 96.068 1,-7413,y.31 Ncl hii(Ik %'¥lues AI .10 JULK 21121 8,317.612 88fi,fi79 65fi,844 AI.10 JurK' 2020 8,827,525 833.129 72¥.811 11,5117,1)6R D¢htnrn 202U 'rlldt d¢biors Airuuiii8 rLicivable frorn gT(iup cviiipanic Oihcr (kbtnrs PrL'puJ'niciiis and accrued inLY)IN¢ 537.721 8,h15,h41) 10.702 197,4.34 8,609.1¥8 4.Yg4 9.361.506 Credilors.. 4mounts fallin% Hithin on¢ y¢¥r 2021 202U rees Teccivcd in lldvancc 1￿C nol¢ 91 Trud¥ Lrediiurs Oiher crcdilors and accTual Amoun15 puyable 10 gruup comwallies 1.021.407 414,69 4,699 71,386 6,608.408 4.262.809 52,169,414 51.(?17,Y54 59,%113.928 56.366.847 23 ## **The University of Chicago Booth School of Business** ## **Notes to the financial statements (continued) Year ended 30 June 2021** ## **8. Creditors: amounts falling due within one year (continued)** The entire intercompany balance due to the University of Chicago US which amounts to £51,791,892 (2020: £51,240,432) has been now been reclassified to creditors due in less than one year; in the prior year financial statements this amount was inappropriately classified as due after more one year. Included within this balance is a promissory loan note amounting to £4,830,329 (2020: £5,428,834) on which interest is accruing at 6%. The accrued interest included in the balance is £303,157 (2020: £303,157). The loan note is repayable on demand and The University of Chicago US has indicated it is not intending to demand repayment in the foreseeable future. The remaining balance of £46,658,406 (2020: £45,508,441) relates primarily to the operations of the Europe Campus and payables arising from the ongoing teaching and services agreement and whilst the amount legally remains payable on demand it is considered that recovery is not expected by The University of Chicago US. ## **9. Fees received in advance** Students are requested to make a sizeable deposit towards their tuition fees in the spring prior to their first quarter session, £3,800 per student. In addition, some students may have paid the remainder of the first quarter tuition, £13,364 by the end of June. Both amounts are taken into income with the commencement of the first quarterly session in September. Consequently, every year, at the end of the fiscal year, there will be an advance fee payment liability on the books. In addition, many students are subsidized by their employers. Occasionally, we receive more than four quarters of tuition fees paid at one time. This results in a few advance fee payments that may not be applied within a year. Also, on occasion, a student will take a leave from the program, after having paid, with the intent of continuing at a later date. This may also lead to advance fee payments applicable to more than one year in advance. ||||**2021**|**2020**| |---|---|---|---|---| ||||**£**|**£**| |Within|1|year|1,021,407|414,698| The balance represents the accrued liability under the contracts. The movements during the year were: |Balance at 1 July
Fees received in the year
Amounts recognised in the current year
Balance at 30 June
**Analysis of charitable deficit**
**30 June**
**2020**
**Income**
**£**
**£**
General deficit
(32,412,560)
5,430,470|**2021**
**£**
414,698
916,966
(310,257)
1,021,407
**Expenditure**
**£**
11,214,897|**2020**
**£**
1,014,435
198,680
(798,417)
414,698
**30 June**
**2021**
**£**
(38,196,987)| |---|---|---| ## **10. Analysis of charitable deficit** 24 The University of Chicago Booth School of Business Noles to the financial statements (continued) Year ended 30 June 2021 Operutlng leise ¢omml¢m¢nt$ Ai_Ill .lunL 11)L (.'ompdn> had annLial commilmcnls undcr nnn-can¢ellAblc O￿Tk)lItI8 l¢asc8 a% tollows.. 2021 2020 L#nd and buildin%5 l.ond And hulldings ()ther Oth¢r Total L¥#SL5 whiLh ¢¥pire'. WiilJin une year Within Iwii 10 Iiic years Moic Ihan I iiic ) Lars -7,Y117.22(J 15.C>211.91I6 30.28 I.(XTr5 ()76.8117 14.7()11 15.64.1,61)(1 15,6211,90fi -70.281.11115 34. Iiitl.231 lJll,597 29.5111 15,hJK.487 34.188.231 49.817,1.17 2I).580 49.1146.717 5n.7()11)44 44,371 511.141¥.-715 Durin8 2111 g. a lease M'as cnlerLd inlo for u nLw L&lrnPil% building. I hL' initial Ica%L ¢cI'in 1% 15 )'¢ar& c()mmLnLIII 12. CJuMr¥ntees contlngent Ilabilltle 'hL ('.huriiy eniLrcd into n() 8uaranlL* ¥rrdi1￿YLMgnl￿, 13. Rec￿ne111￿110n of n¢t ¢xp¢ndlture to iiel cM5h uuiflow from operailnns 2021 2Q211 NLI cxpcndiluiL N(In-OPLiuliiig Li15h Iluu'% iliininMILd'. l)L'PI'eLldll(In LhllrBL'% d(JdL'd bllck 15.7x4.4271 1().08().9$71 4Y.1.¥13 In¢rL'￿5L 111 trade and oihcr LrLdil()rs InLI'L,d%L,IidL'LIL'￿%L,l in #Jidlice Icc c(InlraL15 2.830..372 111.444.112.3 ()IK).709 159().7771 Net ertsh Ilnflowlloutnow from op¢rR¢lon 12..30_1.1541 13,f)38,15 25 The University of Chiea%o Booth School of Business Note.$ In the financial statcmcnts {continued) Year ended 30 Junc 2021 14. Rel*ted pgriy tr*n$AtiSong Ilnivcr%ity ofLhicagD in th¥ IJS is lh¢ pareni of the C.h&riry'Chicago Rooih. and. as such, is re.srK)iiEiblc for ihe dPPlllI)Imcni ol. all maiia¥i¢menill)ii'rLlui's ul. Chie4gio 14(K)Ih'y l.iiiidiin Cynipu￿. ds M¢ll as pr(ividiii¥ Ihc ncce454ry funding and th vari¢iy of 8¢￿ie¢S. 2021 21121 OtKninb b&l&n¢c l July b818ncc due from Ihe University of Chicago Foundaiion 8.615.649 10,333.677 Rcpoymcni ofprior L#mpu% fiindiiigi Irom Ilongb Kung Co%14 incurrcd oil IK'hall'ul'ih¢ I Iniiy KÉ?n¥ cumpu% and rc¢ll￿rge￿ 13.647 Closing IxLlancc 10 Jiine balancL duc fmm Ihc lJnivcr%ity ol'LhiL4gO Fi)unl'Elu$inc*% iii.%in¥4pore. Illllmute runir(bllln¥ undL'rtaking -I'hc l)iTcdors ¢1)n%id¢r'l'hc Ilnivcr%ily Iil'("hiLago. 8 cthinpany regi%iLrLd in-I'hL Ilnitbd SIEilc% ofAmLTifQ lo in writing to 5801 Souih l.'Ili¥ Avcnuc. C.hits8ts, Illinoi8 60637. USA. 16, Subsequent tvenls Th¢r¢ havc n(1 uJjii41in¥ iTrr ni?llvU(lju%lin8 L'venis &Acr IhL' rtpoff ing dat¢. 20