2023-06-30-accounts

The University ofChicago	The University ofChicago	Booth School	ofBusiness	ofBusiness
Annual report and financial		statements	for the year ended 30		June 2023
Contents						Page
Officers and	professional advisers
Strategic and	Directors' Report
Statement of	Directors' responsibilities	in respect ofthe	annual	report and the financial	statements	10
Independent	Auditor's report
Statement of	financial activities					15
Balance sheet						16
Statement of	cash flows					17
Notes to the financial statements						IS

for the year	ended 30	June 2023
				Unrestricted
				2023 2022
			Notes
Income
Charitable activities				8,577,936 7,209,211
Total income				8,577,936 7,209,211
Expenditure on:
Charitable activities				(16,091,328) (16,112,541)
Total expenditure				(16.091.3-61 ( 6,1(3,541)
Net expenditure	for the year			(7,513,392) (8,903,330)
Reconciliation	offunds:
Total deficit on	funds brought	forward	10	(47,100,317) (38,196,987)
Total deficit of	funds carried	forward	10	(54613,709) (47,100317)

						2023	2022
					Notes
Fixed assets Tangible assets						8,345,880	91446,766
Current assets Debtors Cash at bank and in		hand				3,628,849 440,196	6,5865243 486,677
						4,0697045	7,072,920
Creditors: amounts		falling due within		one year		(67,028,634)	(63,6207003)
Net current	liabilities					463959589)	)56 547 1)83)
Total assets	less current		liabilities			)54613,709)	)47, 100.317)
Net liabilities						754,613,709)	547 100317)
The funds ofthe Charity:
Unrestricted	deficit				10	(54,613,709)	(47,100,317)

						2023	2022
					Notes
Net cash used in	operating	activities
Cash generated from operations					12	274,260	168,669
Interest paid						(317,915)	(330,110)
Net cash outllow	from operating		activities			(43,655)	(161,441)
Net cash used in	investing	activities
Purchase oftangible fixed		assets					(25,072)
Decrease in cash						(43.655)	(136.513)
Cash and cash equivalents		at beginning		ofyear		486,677	673,190
Effect offoreign	exchange	rate changes				(2,826)
Cash and cash equivalents		at the	end of	the year	13	440,196	486,677

4.	Charitable activities
					2023	2022
					8	8
	Direct costs:
	University Education				3,105,708	6,269,962
	Support costs:
	Operating lease rentals	—on land and buildings			3,270,963	3,473,090
	Interest on promissory	loan note			317,915	330,110
	Foreign exchange (gains)/losses				(514,979)	629,993
	Depreciation				1,100,886	1,098,712
	Support staff costs				1,728,984	1,241,414
	Other support costs (including		governance	costs)	7,081,851	3,069,260
	Total expenditure				16,091,328	16,112,541
	Governance costs
	Audit services				17,250	27,750
	Accountancy				8,250	16,200
					25,500	43,950
5.	Staffcosts
					2023	2022
	Wages and salaries				1,374,567	1,036,242
	Social security costs				231,230	124,443
	Pension contributions				123,187	80,729
					1,728,984	1,241,414

The number ofhigher	paid employees	was:	2023	2022
			No.	No.
Taxable emoluments	band, '
f60,000 - f70,000
f70,000 - f80,000
f80,000 - f90,000
f90,000 - f100,000
f.100,000 - Kt 10,000
f110,000 —g120,000
f.130,000 - f140,000
f.190,000 - f200,000
Total			10

ngible fixed assets
			Computer	Furniture,
		Audio	and telecom-	fixtures
	Leasehold	visual	munications	and
	improvements	equipment	equipment	equipment	Total
Cost
At 1 July 2022	9,088,183	1,189,349	904,905	756,972	11,939,409
At 30 June 2023	9,088, 183	1,189,349	904,905	756,972	11,939,409
Depreciation
At 30 June 2022	1,376,909	540,580	403,389	171,765	2,492,643
Charge for the year	606,338	237,870	178,807	77,871	1,100,886
At 30 June 2023	1,983,247	778,450	582,196	249,636	3,593,529
Net book values
At 30 June 2023	7,104,936	410,899	322,709	507,336	8,345,880
At 30 June 2022	7,711,274	648,769	501,516	585,207	9,446,766

btors
					2023	2022
Trade debtors					286,574	761,640
Amounts receivable			from group companies		2,097,488	4,565,629
Other debtors					15,450	4,999
Prepayments and		accrued income			1,229,337	1,253,975
					3,628,849	6,586,243
editors: amounts		falling due within		one year
					2023	2022
Fees received	in	advance (see note 9)			1,088,910	1,191,549
Trade creditors						8,694
Other creditors	and		accruals		5,538,138	6,177,235
Amounts payable		to	group companies		60,401,586	56,242,525
					67,028,634	63,620,003

	The bala	nce	r	epresen	ts	the accrued liability und	er the contracts. The m	ovements d	uring the year	were:
									2023	2022
	Balance	at	1	July					1,191,549	1,021,407
	Fees received			in the	year				785,863	1,160,765
	Amounts	recognised			in	the current year			(888,502)	(990,623)
	Balance	at	30June						1,088,910	1,191,549
10.	Analysis	ofcharitable				deficit
							30June			30June
							2022	Income	Expenditure	2023
	Unrestricted			general	deficit		(47,100,317)	8,577,936	(16,091,328)	(54,613,709)
							30June			30June
							2021	Income	Expenditure	2022
	Unrestricted			general	deficit		(38,196,987)	7,209,211	(16,112,541)	(47,100,317)

		2023			2022
	Land and			Land and
	buildings	Other	Total	buildings	Other	Total
Leases which expire:
	3,995,366	1,425	3,996,791	3,907,226	14,790	3,922,016
Within two to five years	15,695,011		15,695,011	15,628,906		15,628,906
More than five years	22,792,154		22,792,154	26,373,778		26,373,778
	42,482,531	1,425	42,483,956	45,909,910	14,790	45,924,700

Reconciliation ofnet expe	nditure to net cash outflow/intlow f	rom operations
		2023	2022
Net expenditure		(7,513,392)	(8,903,330)
Non-operating cash tlows eliminated:
Finance costs		317,915	330,110
Depreciation charges added	back	1,100,886	1,098,712
I/nrealised foreign currency	gams and losses	228,563
Decrease in debtors		2,957,394	3,827,102
Increase in trade and other	creditors	3,285,533	3,645,933
(Decrease)/increase in advance fee contracts		(102,639)	170,142
Net cash outflow from operations		274,260	168,669

								Other non-	Exchange
						I July		Cash	rate	30June
						2022	Cash Flows	Changes	movements	2023
Cash						486,677	(49,307)		2,826	440,196
Loans	falling	due	within	one	year	(5,501,836)	(317,915)	302,155	219,008	(5,298,588)
						(5,015,159)	(367,222)	302,155	221,834	(4,858,392)

elated party transactions	elated party transactions	elated party transactions
University ofChicago in the US is the parent ofthe Charity			'Chicago Booth' and,
as such, is responsible for the appointment of	all management/Directors			of
Chicago Booth's London Campus, as well as providing		the necessary		funding
and a variety ofsupport services.					2023	2022
Opening balance I July balance due from the University		of	Chicago Foundation		4,565,629	8,609,188
in Hong Kong Limited
Repayment ofprior campus funding from Hong	Kong				(3,024,222)	(3,992,977)
						(50,582)
					(32,178)
Costs incurred on behalf ofthe Hong Kong campus and		recharged
Closing balance 30 June balance due from the	University		ofChicago	Foundation	1,509,229	4,565,629
in Hong Kong Limited
Opening balance I July owed to the University	ofChicago				55,865,003	51,791,892
Costs incurred on behalf ofCharity by the US and recharged					149,973	975,298
Teaching and services agreement					3,508,537	3,329,073
Accrued interest (income)/cost on build out loan					(12,795)	26,952
Tuition income received in the US					(1,078,187)	(929,719)
Foreign exchange restatement ofbuild out loan	due in USD		as at 30June		(203,249)	671,506
Campus funding in relation to One Bartholomew	campus				2,171,704
Closing balance 30June owed to the University	ofChicago				60,401,586	55,865,002