|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| ##