Company Regfstration No. 05356589
Charity Registration No. 1108516
The University of Chicago Booth School
of Business
Company limited by guarantee
Annual report and financial statements
for the year ended 30 June 2024

The University of Chicago Booth School of Business
Annual report and financial statements for the year ended 30 June 2024
Contents
Page
Officers and profe55ional advisers
Strategic and Dlre¢tors' Report
Ststement of Dlre¢tors' responsibilities in respect of the annual report aDd the flnancial statements
io
Independent Auditor's report
Statement of tloaneial activities
15
BalAnce sh¢et
16
Statement of cash flows
17
Note5 to the financial statements
18

The Unlverslty of Chicago Booth School of Business
Officers and professional advisers
Dlrectors
K Baicker
M V Rajan
E Shanin
Th¢ Directots are the tr￿Ste¢s of thc Charity foT Charitie5 Act putPOSC5.
Registered office
The University of Chicago B￿th School of Busine55
One Bartholomew Close
Barts Square
London
ECIA 7BL
Website
www.chicagobooth.edu
Bankers
HSBC plc
I Canada Square
Londo
E145DX
Unlted Kingdom SolicitOT I Company secretary
Pinscnl Masons
I Park Row
Leeds
West Yorkshire
LSI SAB
Auditor
Moore Kingston Smith LLP
9 Appold Street
London
EC2A 2AP
Charity RegiStrad0￿..
Company Re8iStr*tion: 05356589
1108516

The University of Chicago Booth School of Business
Strategie and Directors, Report
Reference and admlnlstrltivt information
The University of Chicago Booth School Of Business ('the Charityy is a subsidiary ofthe University of Chicago ('The
University"). The College of Commerce and Politi¢s, prede¢essor to The University of Chicago Bootli School of
Business. was originally founded by The Universiry in 1898 to provide Prnciical business instruction. The Charity is
registered with the Charity Commi&%ion under Charity numb¢r 1108516. The r¢gisiered office of the Charity 15 listed
on page I togeiher wi(h the pan?culars of (he Charity's professional advisers.
The Charity is a Charitable company limiied by guarantee and is more cominonly known as"Chic&go Booih"
Dlrectors And Charlty trustees
The Charity Directors are also the Charity tnJst¢es. They have served in office thToughout the year. unless otheiwise
state( and were as follows..
K Baicker
K Taylor (Resigned August 2. 2024)
E Shanin {Appoint¢d on Augusr 2. 2024)
M V Rajan
Assotiate Dean for Bootb Global Degree Programs and Executive Dirtetor. The Robert Rothman. '77 London
Campus
EliLabeth O'Neill
Strueture, GoverDaMce and Management
Governing Docunienl
The Charity is governed by its Memorandum and Article5 of Association dated 3 February 2￿5, arnend￿ 28 February
2026.
Recruibnenl 47nd Training ofDireciors
The Memorandum and Articles ofAssocialion of the ChaTtty provide for the ap￿intMen1 of Directors. who also aet as
Irustces. The Ulliversily. which is the sole "member" of the Charity. is emp)wered io appoini ihe Directors.
For Ihc fiscal year ended June 30, 20?4, the Charity has three DIrec￿r$, Madhav Rajan, Kaiherine Baicker. and
Kimberly P Taylor. Professor Rajan is the George Prdit Shultz Professor oCAccouniing, and Dcan of the University of
Chicago Booth School of Business ("Chicago Booth"}. In Professor Rajan's position as Dean of Chicago Booth, a pari
of his responsibilities is the oversight of the EMBA campuses in Chicago, London: and Hong Kong.
The second Director, PTofessor Katherine Baickcr. the Emmell Dedmon Professor at the University's Harris School or
Public Policy 15 Provost at The tiniversity. As Provost of The Univcrsity, Professor Baicker oversees all aspects of The
University's academic and research community. Professor Baicker's position as head of all of academic activities at
The University provides the requisite qualifications to be a Director of the LDndon Charity. It is intended that one of
the Directors of the Charity will be the UniveTsity's Provosl.
The third Director is Kimberly P Taylor, Vice President and Generdl Counsel of The Univusity. Ms. Taylor's position
as head of all legal affairs foT The University provides the requisi* qualifications to be a Director of the London Chariry.
It is intended that one of the Directors of the Charity will be a senior member of the UniveTSity'S legal staff. On August
2, ?024, Ms.Taylor resigned as DiTector. as well a5 the University's Vice Pr¢sid¢nt and General Counsel. M5. Elizabeth
Shanin was appointed Lnterim Vice President and General Counsel as well as appoin(ed one of the Charity's Directors.
On appoinlment each trustee receives 8 copy of the England and Wales LTharity Lommi55ion's publi¢ation "I he
essenttal tNslee.' whai you need to know. whal you need to do" and agrees io follow it. Trnining needs are assessed and
Lnet as necessary.

The University of Chicago Booth School of Business
Strategic and Directors, Report (continued)
Strueture* governance aDd management (continued)
OpgaAisalionalMauageNiexl
The primary active decision maker for the Charity's activities is Professor Rajan. one of the Directors. The primary
activity of thc London Charity is as one of three WOTldwide Chicago Booth part-lime Executive Masters of Business
Administration (EMBA) degree progrdTns. spccifically designed for cxpcri¢nre(L accomplishcd, and woiking business
executive5. ITJ hib capacity as Dean of Chicago Booth. he has ovcrall responsibility for both full-time and part-lime
MBA piograms and oversight of thc cntire business school faculty as well. Tbe Dean of Chicago B(M)th reports to the
Prov05t, whose position is describ¢d above. The Provost TCPOrts to the President of Th¢ University. The Presidcnt is
re5POT]sible to a host of Universi(y DirecloTS.
The Associaie Dean of ihe Global Exccutive MBA Progrdm 15 rc5ponsible for carying out thc day-to-day affails of tlic
Cbarily. The Associate Dean and her delegates can negoti&tc and execute on behalf of the Charity contracts for the
purchase of goods or scrvices in the ordinary COUTSC of operdtions of the Charity subject to limitations imposed by tlie
Direclors on the value of these contracts. The Associaie Dean can hir¢ employees. subject to the prior approval from
the Dircclor5 for.8alaries, compcnsalion and benef1ts, Thc Associatc Dean can makc final dccisions on applications io
be admilled to thc EMBA progrnm.
The Directors consid¢r key managemenl per50nn¢l to be employed by the Universily of Chicago in the US, with global
responsibilities, a portion of which includes ihe UK Ciiarity. Therefore. no key managemcnl personnel remuneration is
discloscd wiihin the repofl.
ObjecL aims, objectives and actlvllies
Charitsble objecÉ.s
Tlie Charity's objects, as set oul in 115 Memorandum and Articlc5 of Associa(ion. are ihe advancemenl of education, in
parlicular (wiihout prejudice lo (hc generalily) through ihc provision ofeducation provided in the United Kingdom.
ims and inlended impact
The aim of the Charity is to advance scholarship and research ID the field of business and economics. The Chai'ity is an
integral pan of th¢ University whose innovations in busine55 educaiion and path breaking research have produced ideas
and leaders Ihai shape the world of business, bringing economic benefi￿ to society. Ten Nobel laureates have been
either currenl or former faculty inembers of Chicago Booth.
ObjeLlivesfor iheyeor
The main objectives of the Charity for the year ended 30 June 2024 were:
(l } Continue lo recruit a highly qualified pool of applicants for our EMBA program. The re¢rui(ing environment has
bccorne even morc challcnging and il will takc several ye&TS lo rebuild to a goal of ln average class sizc of 65-70.
Thc reLTion suffers from cvncerns which impacl rccruilinL'.' wars in Ukraine and Israel, currency fluctualioT]S,
inflalion, and ovcrall eTnploymeni security. Wc conliT]ue to deploy crcativc rEcruilinLy taclic5 initiatcd iyj recent years,
and we continuc to make cosinetic changc5 to our offerings to incrca5c their markelplace appcal.
{2) Continue to provide an increascd Icvcl of scholarship funding rcqul￿d io atlract highly qualified sludents. The
EMBA markrtplxr.e. is he.r.nming Inc￿a￿1n8lY ¢ompeiilive on Ihe Kholarship front. with candidate5 oplinR ro eschew
Booth for business progranis which &ppeal io them less. but which offer significantly niore funding. Historically.
wc havc been able to countcr such wtential losscs with ROI arguments, but with thc scholarship amounts incrcasing
dramatically, that is bccorning less viable.
13) Incrcase the quantity of, and registrations for. non-degr¢e programs including those that arc on a customi7.tA basis
lo compaJ)ies wishing to pmvide trdining for groups of their employees. Incrcase ourengagement with Booth alumni
and corporate partners to offer non-dcgTCC programs that are of mu￿al interest to them and to our faculry.
14) Build on the development and delivery of online Executive Education programs toward the permanent expansion
of the importance of ihese programs within our portfolio of program offerings.

The University of Chicago Booth School of Business
Strategic and Directors, Report (continued)
ObjeeL *ims. objectives and Aetlvities (eontinyed)
ObjeL'tiveslor iheyeqr (conlinued)
15) Increase the amount of donated fi]nds and participation rates of alumni in fijnd-raising activities of the school from
the European alu7nni base.
(6) Improve ihe visibility of the Charity in Europe. the Middle East and Africa through marketing and public relation5.
{7) Continue to monitor ihe students whose fee5 are by their employets and the extent lo which those fees are mel
and lo review our guidance to sNdents on how to approach employ¢t3 to requesi fee support.
(8) Consider ways in whi¢h we can bring the benefit of the Charity's educalional programs, faculty research and
facilities to the widest possible range of people. within our available budget. The new Global Faculty in Residcllce
Program that expands the faculty presence and accessibility in EMEA. We plan to Continue to build on this prograin.
(91 Increase engagemenl with corporates and stskeholders in the region. with the inient of building the Booth brnnd in
EMEA io support the dissemination of Booth knowledge and talenL
I l O) Expand ihe aclivitics within the new, morc spaciou5 campus space by offering confercnce ccntrc services to the UK
community and business school partners. This will enhance our visibility within the UK business community and
provide ancillary income to the charity.
strat￿1￿ to achieve iheperiod's objecÉives
{ l ) The Charity 5e¢ks io enrol students in our Ex¢cuiive MBA Program. To that end, il carries out marketing and
promolional aclivities Ihrougliout EuTope. the Middle EasL and Africa. It a150 targets students from Latin ATncrica.
Thesc activilies are supported by advcrtising campaigns onlin¢ (Ihrough L7T)kedln, for example) and in leading
publications, search engine optimization. and direct marketing and public relations. The EMBA Program also
benefits from the plcthora of ac(ivities held on the London campu5 which serve to boost awareness of Chicago
Booth's presen¢e in London. As tuition fees do not ￿llY coverthe operating costs of The University. The UniveTsity
employs Siaff in Chicago and the UK to develop relalionships wilh alumni, including those with the financial means
to donate funds to The University.
{2) Our admissions criteria are sei to support the achievement of the objectives. We seek applicants who display
impressive professional and personal tra¢k records and demonstrate academic prowess which aifirtns their ability
to navigate Booth's academic rigor. Applicants are required to submit deiailed written appli¢ations. providing their
acadeinic credentials, their career experience and objectives and, in some cases, assessiTrenttest results. Applications
Inust be accompanied by letters of r¢¢ommendation from the applicant's manager and professional colleagues, and,
when possible at Ihe lime of application, a letier of support from tlie applicant's einployer. Qualified applicanis are
also interviewed.
(31 Given the ongoing stat¢ of the EMEA market, it is incumbent upon us lo examine our EMBA offering and adjust lo
render it inore flexible, resTlient, and markei appropriale. This entails c105e examination of program SirLlCture.
curricular offerings, and career and leadership suppon.
(4) We work closely wilh the Advancemeni team to be sure EMBA scholarships are on Ihcir fundraising agenda. This
has yielded some recent success! Internally. we work with tight yield and funding iargeis, so as our yield improves
so does our ability to offer scholarship5.
(5) We Secure cuslomizcd, company specific non-degree pmgrams through a direcl sales sirategy. Wc offer open
enrolmeni prob?rams on topics of inleresi io ihe business communi(y through adveriising and a variety of direci
markcting tools.

The University of Chicago Booth School of Business
Strategic and Directors, Report (continued)
Objec4 aim& ¢Jbjedivts and *etivities (eontlnued)
PriAeipdl 4eÉivities ofthe Jjear
The Charity offers a part-time Executive MBA degree program for students. In addition. the Charity offer5 non-degree
business edu¢a(ion CQUTses covering finance, marketing, operations. strategy. and leadership. As part of its on-going
support for graduates of the Charity's EMBA wogram. grdduales are offered access lo career and leadership
developinenl resources, coaching and opponunities to participate in networking cvenls. (e.g., faculty, alumni andlor
external speakers held al the Chariiy's facility)-
In the United Kingdom. the Charity held events during the year which were open to people not currenily sludents in
our EMBA program, including the general public. These events included special lectUTes by faculty- Tncluding faculiy-
in-residencc program - as well as conferences and roundiable events on Iopic5 of interest to the general public. Public
Icctures cov¢r¢d diverse topics including the global economy, reimagining India's economic future. propelling growth
and inipacl in Africa, and an economic outlook for the EMEA region. These evenls were conducted pryTnarily in-persoTJ
wilh the opportuniry for networking aftcrwards. All of these ¢vents were free for our students and tncmbcrs of die
generdl public. Other events were open io members of parnier organizalions including businesses and charities not
directly ajfilialed with the Universiry. The events provided acce55 to our facilities. and in many cases the expertise of
our faculry and staff. Events are promoted through partneroTganizations, on our website. andlorthrough direct emailing
public relations social media campaigns.
We offered our campus facilitie5 for use, at no c05t to wri, an eaucatsonal charity. in support of a range of teacher
training days focused on primary and secondary schools across the LK
Going fonvard we plan lo conlinue offering public acce55 lo key events throughout lh¢ year, leveraging faculty research
and thought leadership and expanding the range of topics covered.
Thc University supports an active research agenda through 14 research centres and has a tenure policy for faculty that
relies heavily on ground-breakin¥ r¢scaTch. Rescarch is conducted in di￿1p1]neS such as economics. financc, and the
behavioural science5. Our faculty are recognized globally for their contributsons to bodie5 of knowled¥e.
Since ils incepiion, the University ha5 becn a distinctive ini¢ll¢ctual and educalional community. and ihe values tliat
underpinned its establishTnent have been an imponani guide since that time.
In addition, the Charity publTshcd exiensive inforniation on ils web51te and ihrough othcr publi(*iions. This infonnaiion
includes ihe rescarch undertaken by irs faculty. commeni and analysis of currenl iopics, and ni¢dia such as podcasts
and vidcos sharing thoug?ht leadership on topics affeciing companies and organi721ions around the globe. Tliis
infomiation is free and available lo ihe public.
Review of aehlevements performance for the year
Operafionolperformonce ofihe Charity
During the year ihe EMBA program graduated it5 18Lb London-based class of swdents. During FY24, Aliiiiini of
Chicago Booih. residing in the EMEA region. donated directly to the University of Chicago parent. in philanthropic
support for fA¢ulry research. student seholaTships. and alumni and Lniv¢rsity progrdmming Ihroughoiit ourinternatioiial
community. helping enrich tlie business community to which Chi¢ago Booih alwnni belong. As direct donations ro
Chicago, tliese sums are not the responsibility of these (rusiees.
45 new Executive MBA EMEA S￿dents enrolled in Sepieinber 2024. Tliis cla&s size represents a decrease froin the
Sepleiiiber 2023 class of 46 students, r¢maining well below our targel of 60-75 enrollees. This n•v ¢labs size was
restricted by the impaci of the curreni political and economic climale thToughout EMEA.
In FY24, we delivered a multi-session non-degree Executiye Education program.

The University of Chicago Booth School of Business
Strategic and Directors, Report (continued)
Review of achievements and performance for the year (eontlnued)
Finoncial review resultsfor ihÈyé4r
Tli¢ Charity finan¢ixl results mei cxpectations. however, conlinued to operate at a deficit. Both revenues and nel income
were as expect¢d. albeit less than longer Icrm targets, prtmarily due lo lower EMBA student attendance. This is partially
associated with the war in Ukraine. 15rael. and Olher gco-political cvcnts.
The overdll loss of £8.965.692 in 2023-2024 wa5 more than the loss of £7.513.392 in 2022-2023 by £1.452.300. as
reveiiues deLreased. and expenses decreas￿.
Ovcrall rcvcnuc dccrca5ed by £1.457.781 from £8.577.936 to £7.] ?0,155, a decrease of 17 %.
(I) EMBA program tuition revenue dccrcascd by £1,161,188. Tolal studeiits dccrcascd from an avcragc of123 studenls
in FY23 to an averdge of l 00 shjdents in FY24, with lcss students in the incoming cohort. This avcragc docs refle¢1
a small component TepTesenting the rehjrn of some FY21 and FY22 students who deferred during the hcight of the
pandemic and returned as in-perwn cla5s¢s r¢sumed for th¢ FY23 and FY24 fiscal years.
12) Conference Center Tevenue in￿e8$ed by a totsl of £321,473 a5 a Tesult of rnaTk¢ting effort5 beginning in FY23.
(3) Executive Education revenue decwsed by a totsl £587,449 duc lo a f¢w recurring contrac15 that ended in FY23
and were not renewed.
Overdll expenses decreased by £5.481 froin £16,091,328 to £16,085,847, a decre8se of 30/0. Expcnscs were generally
down slightly iii FY24 compared with FY23. hoivever. currency gains in FY23. nol r¢p¢ated in FY24. miiigaied the
impact of Ihe lower eX￿nseS.
{1)
A currency gain of £8.174 in FY24 compared with a currency gain of £514,979 in FY23 increased expense5
by £506.805.
(2)
Building renl and services fees incTeased by £57,754 due to the fiT5t full year of the ￿lIa1 flai for ihe Faculty-
in-Residence.
(31
(41
Executive Educ&tion faculty costs decreased by £261.151 due to holding fewer programs.
Teaching services and University overhead allocations decreased by £127.132 due io a combination of a
geiierally lowered University allocation. plus the lower London swdent tuition which is one of the factors
deten11ining the allocation ￿￿OUnt.
Two significant projects in FY23 were expensed. One foi th¢ ¢onsmi¢tion of a donor wall and insiallatlOD of
classroom audio visual equipment No such projects were completed in FY24. Tliis resulted in £87.382 in
expense savings.
In FY24. th¢ Direrlor of Acadcmic Support Allocation was eliminated due to an organizational change. Tliis
i'esulted in £69,838 savings.
While the Charity Continues to opcratc at a dcficiL thc Unive￿Ity remaTns fully committed to its primary mission of
being a worldwide leader of higher education and acadcmic rcscarch and. morc spccifically. committed to continuing
to provide the funding TequiTed io SUp￿)rt the London Charity. Th¢ London EMBA piogr2rn is an integral part of die
business school's n¢twoTk of thrcc campuses, worldwide, for experienced business professionals seeking an advanced
business degree. The University and Chicago Booth believe that the level of financial Ioss incurred by the London
Charity is wcll worthwhile consTdering its valuable contribution toward th¢ mission of ihe global F_MFIA program, as
well a5 The I IniYe.r%ity's hrnader elnhal ediirafinnal missinn Thp. l inivp.rsity hHs prrFvidvd a 1p.llrr nf 8iipr*nrt fnr thp.
Charity.
(51
161
The EMBA program is structured so Ihat it ronsi5ts of seven con.8ecutive quarters of ihree months each. Fir51 year
students coniplete the firsi three quarters during a single fiscal year cycle, Sepiember io June. during which
threelsevenths of the tuition fees are collected. During the Second fiscal year. the stydent completes ihe final four
quarters. paying the remaining fourlseveT)ths of the tuition fee5.

The University of Chicago Booth School of Business
Strategie and Directors, Report (continued)
Revlew of achievements and perfomante for the year (eontlllued)
Finaiicial review and resultsfor rheyeor (continiied)
The Charity's financial position r¢fle¢ts a continued incre&se in accumulated deficit by £8,965,692 (2023.. £7,513,392).
This was funded by an increase in Amounts Payable to Group Companies of £8.333.823 {2023.. £4.159,061) priinarily
due to servi¢¢s pmvided by the Chicago parent and & decTease in Amounts Receivable from Group Companies of
£1.038.876 (2023.. £2.468.141) primarily as repayment from previous c&sh transfers to a group company in Hong Kong.
As a result, the cash position of the Charity remains very stsble.
Re5ervespoliey
The Chariry recognises the need to hold reserve5 to meet both its day-to-day and long-lern) obligations. Balanced against
this is the need to deliver value lo its students thTough the provision of education. Since incepiion in 2005 the Charity
has operdted a( a loss as we are focused primarily on the educational mission as part of the mission of the University as
a whole and only secondarily on the specific financial model of the IA)ndon Charity as a sthndalone entity. Therefore,
while the Charity's long tern) fJnan¢ial objective is to hold reserves suificieni lo meei the educaiion ¢on)mitinenis of
our students, annual operating losses have resulted in the reported £63.579,401 (2023: £54,613,709) accuinulated
deficil. The Chorily is financially supwrted in it5 day-to-day obligations ihrough its parent, The University.
The Directors recognize ihal the Charity operales ai a significant deficit. li is importanl lo nole thai London is one part
of the intemational EMBA program. Siiid¢n¢s from Hong Kong* and ChicagTO also study iii London duringT special
SLssion weeks. while Londoll Siudenls travel io Cliicago and Hong Kono as wpell. During these sessions they interact
with their inleiTraiion&l counierpans, which is a key component of enhancing the qualiry of their global EMBA
education. The campuses are inteJTelated and interdependent. The finances of the programs are evaluated in
combinaiion. The London campus is a strategic PaTt of the global mission of boih Chicago Booth and The Univer5ily
of Chicago as a whole. Further. the Unive￿Ity has a long-ierni iiiew of the importance of global scholarly interactton
that benefit the University and Chicago Booth in ways that are not necessarily quantifiable in the short tenn, nordiir¢tly
financially identified with its specific a¢tivilies in London. For example. overall fundraising may be enl)aiiced indirectly
by the global reputation ofihe Llniversity. Faculty exposure to a global communily may enhance research opportunities
and, in liirn research grdni opwJrtLiniiies. The University has boih the mission and the resources to support the LondoJ)
Charity and is coinmitted to doing 50 on an indefinite basis.
Fulureplans
Key objeclives for the future are:
l. Coi)tinue lo recruit a highly qualified pool of applicants for our EMBA program. The recruiting environmeni h&g
become cvcn more challenging, and li will lake years io rebuild to an avera&Te Class size of 65-70. The reL7ion suffer5
from major concems which impaci recruiting= wars in Ukrain¢ and Israel which impact ihose countries and their
nelg.hbourln&￿ airspace, cU￿encY flucluatlOT15. inflation, and overdll employment security. We continue lo dcploy
cr¢alive recruiting iactics initiaied in Tecent Ye￿￿, and we continue to make ee5￿￿ changes to our offeringys io
increase their marketplace appeal.
2. Continue to provide an increased level of scholarship funding required to attrdct highly qualified sttjdents. The
F.MRA marketplace 18 hecoming increasingly competitive on the scholarship fronL with candidaies opting to eschew
Booth for business programs which appeal lo them less. but which offer si8nificanily niore funding. Historically.
we have been able to counter such FM)tential losses wtth ROI argum¢nts, but with the scholarship amounts increasing
draMati￿lly, that is becoming viable.
3. Convene a fa¢ulty-led comprehensive curr5culum review committee to assess multiple aspects of the cu￿ent course
program and make recommendations that will assure course work remains timely and relevant. This review process
is conducted approximaiely every 5 years in keeping with Chicago Booth's leadership role in business edu¢ation.

The University of Chicago Booth School of Business
Strategic and Directors, Report (continued)
Revlew of achievements and perform•n¢e for the yelr (CDntlnued)
Fulureploiis (eonliAued)
4. Increase the amount of donated funds and participation r&tes of alumni in fvnd-raising activities of the school from
the Europ¢8n alumni base.
5. Improve the visibility of the Clwity in Europe, the Middle East and Africa through matkeiing and public Telations.
6. Continue to expand ihe activities within the new. more spacious campus spaceby offering conference centre services
lo thc UK cotnmuTJity and busin￿ school pathe￿. This will enhance our visibility within the UK business
community and providc ancillary income lo the charity.
7. Continuc to moniior the sludenls whose fees are met by thcir ¢rnploycr5 arld thc cxt¢nl lo which thosc fees are met
and to rcvicw our guidance to students on how lo approach employers to request fee support.
8. Considcr way5 in which we can bring the benefil of th¢ Charity's cduc81ional prograrn5. faculty research and
faciliiies to lh¢ widest possiblc rdngc of pcople, within our available budgel. The new Cjlobal Faculty in Residcnce
Program that expandg the faculty prescnce and acce55ibility in EMEA was successfully launched in late FY23. We
plan to continu¢ to build on this prograJn.
9. Incr¢ase ¢nLiagyeTn¢nl with corporate5. Strdtegic partners, and other stakeholders in ihe r¢gion, WTth ihc intent or
building the Boorh brand in EMEA to support the di&semination of B(M)th knowledge and talent.
l O. Explore the introduction ofaglobal trnck option for Booth's new M&ster in Management program. whereby students
can opt to spend an academic quarter in London as part of their progrdm.
Ri¥k MdMagemeAI
The Directors hav¢ reviewed the major risk5 to which the Charity is exwsed. in conjunction with the overnll annual
review of ihe risks and uncertainlies of Thc UnivcT5ity. The Dircctors arc content with ￿le procedurel thai have been
cstablishcd to mitigate those risks. The following risks arc tnanagcd by thc Charity..
Risk I: EMBA 5tudenl class size falliog below a level at which annual financial deficits become unacceptable for the
programrn¢. Thi5 risk is mitigaied by maintaining a sutTici¢nt applicant pool to malniain class size5 between 65-70
students. The Cliarity is currcntly iTnplcmenling strategies lo meet the changing market environment. in order lo return
(o enrolment class sizes within ihis targct Tangc.
Risk 2= There is alway5 a risk of a change in the Universiry's view of the sLralegic importAnce of an international
prcscnce. The risk is miligaied by rcgularly asscssing ihc Icvcl of Univcrsity support to assure long lern) funding or
budgct dcficits.
Risk 3.. Academic and staff losses thai might eTodc th¢ quality of instruction andlor the non-academic aspects of the
studcnt cxp¢ri¢nce. Thc risk is miligated by reiaining and moniloring 5tatr thai ar¢ approprial¢ly qualified and trained
to deliver ihe highesi level of scholarly inslnjclion and to uphold The University's sla￿ding a5 an elite Fn5titulion of
liigher l¢arning in the UK and within the EuTopean cornmunily.
Risk 4- Fraudulent. inappropriate or inefficient use ofresources. This risk is mitigal¢d by establisliing a7)d monitoring
appropriate internal controls, including staff oversight and training. engaging appropriate third party accounlanis and
independent auditors to assist in saf¢guarding the Charity's asscls. and maintaining appropriate levels of insurance
coverage.
Public benefit
We have referred to the guidance contained In Ihe Charity Comtnis5ion.￿ gerieral guidance on public benefil and
guidance relating specifically to educational and fee-charging charilies when reviewing our aims and objeclives and in
planning our future objeclives. In particulaT. the trustees consider how planned activities will contribute lo Ihe aims and
objectives they have set.

The University of Chicago Booth School of Business
Strategic and Directors, Report (continued)
Diselosure of information to auditor
The Directors who held office at the date of approval of this Strategic and Directors, Report confirn) thaL so far as they
are each aware, there is no relevant audit information of which the Company's auditor is unaware. arLd each Director
has taken all the steps that they ought to have taken a5 a Director to make themselves aware of any relevant audit
inforniation and to estsblish that the Company's auditor is aware of that inforniation.
Auditor
Each of the persons who 15 a Director at the date of approval of this report confims that:
so far as the Director5 are awar¢. there is no relevant audit informaiion of which the Company's auditor is
unaware. and
the Directors have taken all the steps that th¢y ought to have taken as a Directors in order lo make themselves
aware of any relevant audit inforniation and to establish that the Company's auditor is aware of that information.
The auditor, Moore Kingston Smith LLP has indicated their willingne&s to continue in office in accordance with Section
48) of the Companies Act 2006: a resolution conceming their appointment will be p￿ed al the Annual General
Meeting.
This report was approved by the Board of Directors on.
M V Rajan
Director

The University of Chicago Booth School of Business
Statement of Directors, responsibilities in respect of the trustees, annual report
and the financial statements
The Directors are responsible for preparing the trustees, report and the financial statements in accordance with
applicable law and United Kingdom Accounting Stsndards. including Financial Reporting Standard 102.. The Finttncial
Reporting Stondard applicable En thé UK and Republic ofJrelond (United Kinodom Gellerally Accepted Accounting
Pi'actic¢).
Cornpany law requires the Directors to prepare fin8n¢ial statements for eacb fmancial year. Under company law the
Director5 Inust not approve the finaucial statements unless they are satisfied that they give a true and fair view of tbe
state of affairs of the charitable company aDd of the inGQtning resources and application of iesources, including the
income and expenditure, of thc charitable company for that period.
In preparing these finan¢ial statements. the Directors are required to".
5ele¢l suitable accounting policies and then apply thcm ¢onsislently"
observe the Tncrhods and principles in the Charities SORP.
make judgeinents and accounting estiTTrale5 that are reasonable and prndent-
state whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial staEements- and
piepar¢ the financial staternents on the going concern basis unless it is inappropriate to presume that the company
will continue in busines5.
The Directors arc responsible for maintaining pioper accounting records wFLich disclose with reasonablc accuracy at
any time the financial position of the chuitable company and enable them to ensure that the fu￿nCIal statements cornply
with the Companies Act 2006. They arc also responsible for safeguarding rhe ￿Sets of the chariiable compally and
h¢nce for taking reasonable steps for the prcvcnlion and deteciion of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial infonnation included on
the charitsble company's website. Legislation in the UK governing the preparation and dissemination of finan¢ial
stateTnenls may differ from legislation in other jurisdictions.
10

The University of Chicago Booth School of Business
Independent auditor's report to the members of The University of Chicago
Booth School of Business
Opinlon
We have audited the financial staiemenls of The Universiry of Chicago Booth School of Business ('the company.) for
the year ended 30 June 2024 which comprise the Siatement of Finallcial Activities, tbe Balance Sheet, the Cash Flow
Statement and notes to the financial statements. including sigrLificatLt accounting policies. The financial Teporting
framework that has been applied in their prepardtion is applicable law and United Kingdom Accounling Standards,
including FRS 102 'The Financial Reporting Standard Applicable in the L.K and Republi¢ of Ireland, (United Kingdoin
Generally Accepted Accounling Practice).
In our opinion ihe financial statements:
give a true and fair view of the state of the ¢haritsbl¢ ¢ompany's affairs as at 30 June 2024 and of its incoming
resources and application of resour¢¢s. iiicluding its Income and expenditure, for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounling Practice. and
lJave been prepared in accordance with Ihc requireTheniS of Ihe Coinpanies Act ?006.
Basis for opinion
We condLlCted our audit in accordance with International Standards on Auditing IUK} (ISAS (UK)) and applicable law.
Our responsibilities under those 5thndards are fvrther described in the Auditor's RestK)nsibilitie5 for the aiidit of the
financial statements section of our report. We are independent of the charitable company in accordance wilh the ethical
requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Stsndard.
and we have fulfilled our other ethical responsibilities in accordance wirh these requirements. We believe that tlie audit
evidence we have obtained is sufficieni and appropriatc to provide a basis for our opinion.
Conclusions relArfng lo golng concern
In auditing the financial statements, we have concluded that the trustees. use of the going concern basis of accounting
in the preparation of the financial statements is appropriate.
Based on tlie work we have perfornied, we have not identified any material uncerta7nlies relaitng to events or conditions
Iliat. individually or collectively. may cast 5ignificani doubl on the charitsble company's ability to conlinue ￿ a going
concem for a period of at leasl Iwelve monihs from when ihe financial ststements are authorised for issiie.
Our rcsponsibilities 2nd the responsibilities of the trusLees with respect to going concern are described in Ihe relevanl
sections ofthis report.
Other information
The oth¢r inforniation comprises the informalion included in ihc annual report. other than the financial 8talements and
our auditor's repori thereon. The trustees are responsible for the other infomation contained wiihin the annual report.
Our opinioi) on the financial sthiements does not ¢over the other inforniation and. except lo the extent othenvise
explicitly stated in our reporL we do noi expres5 any fom) of assurdnce conclusion thereon.
Our responsibiliry is to read the other inforn)ation and. in doing so. consideT whether the other inforniation 15 mateTially
inconsistent with the financial statements or our knowledge obthined in the course of the audit or otherwise appears to
be inaterially misstated. Jf we identify such matcrial inconsistencies or apparent material misstareinenls. we are required
to deteiinine whether there is a mat￿18] misstst¢ment in the financial statements themselves. If, based on the work we
have performed, we conclude thai there is a material missiatement of ihis Other inforniation. we are required to report
Ihal fact.
We have nothing to Tew)rt in this regard.

The University of Chicago Booth School of Business
Independent auditor's report to the members of The University of Chicago
Booth School of Business
Oplnlons on other matters pr(stribed by the Companie5 Act 2006
In our opinion, bascd on the work undertaken in the course of the audit=
the inforniation given in the strdtegic report and the trustees. annual re￿rt for the financial year for which th¢
financial sts(ements are prepared is consistent with the financial statements; and
thc strategic rcport and thc tDJ5tces' annuaI rcport ha%c been prcparcd in accordancc ￿1th applicable Icgal
requirements.
Matters on whlch we are requhrtd to report by exception
In the light of the knowledge and understanding of the company and its envirotllnent obtained in the COUTse of the audit.
we have not identified maierial misstatements in ihe strategic report or the trUs￿es. annual report.
We have nothing to report in reSp￿t of the following matiers whve the Companies Act 2006 requires US to repoii to
you if, in our opinion..
adequate accounting Tecords have not been kept. or rett￿$ adequYAte for our audit have not been received from
bran¢hes not visited by us- OT
thc financial 51aternents are nol in agreemenl wilh the accounting records and returns. or
certain disclosures of truste￿, remuneration specifled by law Are noi made:
w¢ have not r¢c¢ived all the infonnation and explanations we require for our audiL
Responsibilities of trnstees
As explained more ￿llY in the trustC¢5' rcsponsibilitics statclncnt, thc trustccs (who arc k150 thc diTCCtor5 of the
charitable company for the purposes of company law) are responsible foi the preparation of thE financial statement5
for being satisfi¢d that th¢y give a true and fair vi¢w, and for such inremal control as the tNslees deiern)ine is neccssary
to enable the preparation of fiDancAal StsteM￿lS that are free from material misstatem¢nL whether due lo fraud or eJror.
In preparing the financial statements, the Irustees are re5pon5ible for a&%es5ing the charitsble company's abilily to
continue as a going concern, disclosing, as applicabl¢. mailers r¢lai¢d to going concern and using the going Concern
basis of accounting unless the trustees either intend io liquidate the charitable company or to cease operalions, or hav¢
no rcalistic alternative but to do 50.
Auditor's Responsibilllles for the audit of the financial statements
Our objectives are ro obthin reasonable a55urance about whether the financial ststements as a whole are free from
material misstatement. whether due ro fraud or error, and to issue an audiiof's Teport that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audii conducted in accord8n¢¢ with
ISAS (UK) will always detect a rnaierial misstatement when it exists. Misstatements can arise from fraud or etTor and
are considered material if, individually OT in aggregate. they could reasonably be expected to influence the economic
de¢isions of users taken on the basis of these fmancial sthtements.
As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional
scepti¢ism throughout the audit. We also-.
Identify and assess the risks of material misstatement of the financial statement& whether due to fraud or error.
design and perfonn audit pro¢edur¢s responsive to those risks, and obiain audii evidence ihat is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a ￿￿terial missiaiement resulting from
fraud is liigher than for one Tesulting from error, as fraud may involve collusion. foTgery, intentional omission5.
misrepr¢s¢ntation& or the override of intemal control.
Obtain an understanding of internal ¢ontrol relevant lo the audit in order to design audit procedures that are
appmpria(e in the circumstances, bul not for the purposes of expressing an opinion on th¢ eff¢cliveness of the
charitable company's internal control.
12

The University of Chicago Booth School of Business
Independent auditor's report to the members of The Unlversity of Chicago
Booth School of Business
Evaluate the appropriat¢n¢ss of accounling policies used and the reasonableness of accounting estimates and
related disclosures made by the trustees.
Concludc on thc appropTiaieness of the trustees. use of the going conccm basis of accouniing and, based on (he
audit evidcnce Obtaine￿ whether a material uncertainty cxists related io events or conditions that Inay cast
significant doubt on the charitablc company's ability to continue as a going concern. If wc concludc that a
material uncertainty exists. we are rcquircd to draw attcntion in our auditor's repot1 to the related disclosurcs in
the financial statements or. if such disclosurcs arc inadequate, to modify our opinion. Our conclusions arc based
on the audit evidence obtaincd up to thc datc of our auditor's reporL However. future cvcnts 01 conditions may
cause the charitablc cornpany to ccase to continue as a going concern.
Evaluale thc ovcrall prcscThtation. structUTe and con(enl of the financial sta1cmcn￿ including thc disclosuTes, and
wlictlicr thc financial 5taiements represeni the underlying trdnsactions and cvcnts in a TnaT]ner th&t achieves fair
prcscntation.
Wc comTfLunicate with those charged with govcrnancc rcgarding. among other matters. the planned scopc and timing of
the audit and significant audit findings. including any significant deficiencies in internal control that wc idcntify during
our audit.
Explanation as to what extellt the audit wa$ considered capable of deteetimg irregulgritiw including fraud
Irregularities, in¢luding fraud, are insLances of noTJ-compliancc with laws and regulations. We design procediires in line
with our responsibilities, outlined aboiie, to delecl Ma￿Tial misstatements in respect of i￿egularl11e5. including fraud.
The extent to which our PTocedures ar¢ ¢apable of deteciing irregularilies. including fraud TS detsiled b¢low.
The objectives of our audil in respeci of frdud, are- to idenlify and assess the risks of maierial misslatemenl o( the
rinancial statements due to frnud- to obtain sU￿1C]ent appropriate audit evid¢n¢e regarding ihe assessed risks of material
misstsiement due to frdud. through designing and implemeniing appropriate responses to those assessed risk5. and ro
respond appmpriately to instances of fraud or suspected ftaud identified during the audit. However, Ihe primary
responsibility for the prth'eniion and detection of frdud rests wilh both managenient and those charged with gowernance
of the charitable company.
Our approach was as follows=
We obtained an undcrstmnding of the legal and regulatory requirements applicable to (he charitable eompany and
considered that the mosi significant are the Companies Act 2006. the Charities Act 2011. the Charity SORP, and
UK financial reporting standards as issued by the Financial Rcporting Council.
We obtaincd an undcrsiandiTiE ofhow the charl￿ble company complic5 With ihcs¢ requirenienis by discussions
with mana¥emcnt and those charged wilh governance.
We assessed thc risk of malcrial misslateTnent of the financial slalcmcnl& including the risk of inaierial
misstatCTncni duc lo fiaud 2nd how it might occur, by holding discussions With Management and those chargcd
with governance.
We inquircd of rnanagunent and those charged with governaDCC a5 to any known instsnces of non-compliance
UI SUbV¥LILLi iiiiii-LviiipliatiLe with laws aiid iEgulations.
Based on this undcrstanding. we designed specific appropriatc audit p￿C¢dUreS to identify instances of non-
compliance with laws and regulations. This includcd making enquiries of management and ihosc chargcd with
governance and obtairjing additTonal corrobordtivc cvidence as required.
There are inherent limitations in thc audit prncedures described above. We are le55 likely to becoTne aware of instances
of non-coinpliance with laws and reEulalions that are not closely related to cvcnts ond transactions rellected in the
fiDancial statements. Also, the risk of not delecting a material mis5tateTneni due lo fraud is higheT than the risk of nol
detecting one resulting froin error. as fraud may involve deliberaie concealinent by. for exainple. forgery or intenlional
Tnisrepr¢sentations, or through collusTOn.
13

The University of Chicago Booth School of Business
Independent auditor's report to the members of The UnRversity of Chicago
Booth School of Business
of our report
This report is made solely to the charitable coMpan￿S members. as a body. in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audil work has been undenaken so that we might srate lo the company's members those
matter5 we are required to state to them in an auditor'5 report and for no other Purpose. To the fullest extent perniitted
by law, we do not accept or assume responsiTr>ility to any party other than the charitable company and charitable
company's members as a body* for our audit work. for this reporl or for the opinions we have fornied.
James Saunders (Senior Ststutory Auditor)
for and on behalf of Moore Kingston Smith LLP. sta￿tOry Auditor
9 Appold Street
London
EC2A 2AP
12 March 2025
14

The University of Chicago Booth School of Business
Statement of financial activities
(including the income and expenditure account)
for the year ended 30 June 2024
Unrestricted
2024
2023
Notes
Ineome
Charitable activities
7.E20,155
8,577,936
Total income
7,120.155
8.577,936
Expenditure on:
Charitablc activities
(16.085,847) 116,091,328)
Total wendilure
(16,085,847) (16.091,328)
Net expendi￿re and net movement in funds for the year
(8.965.692) (7.513,392)
Reconciliation of funds".
Tott41 deficit on funds brought forward
io
154.613,709) (47,100,317)
Total defjcit of funds carried forward
10
(63,579,401 } (54.613,709)
All ￿ndS are unrestricied.
The notes on pages 18 to 26 fonn part of these financial statements.
15

The University of Chicago Booth School of Business
Balance sheet
As at 30 June 2024
2024
2023
Flxed gssets
Tangible assets
7.244,994
8,345,880
Current a&stts
Debtors
Cash at bank and in hand
2,655,530 3.628.849
1,056,208
440,196
3,711,7J8
4.069.045
Creditors: amouDts falling due witbin one yur
(74.536,133) (67.028,634)
Net eurrent Ilablllties
(70.824,3951 (62,959,589)
Total assets less current IiAbilities
(63,579.40I) (54,613,709)
Net Ilabllitles
{63,i79.401) (i4,613,709)
The funds of the Charity:
Unrestricted deficit
io
(63.579.401) (54,613,709)
All assets and liabilities relate to general unrestricted fvnd5.
The notes on pages 18 to 26 forni part of these financial Statements.
Approved by the Board of Directors on
2025 and signed on its behalf by:
M V tiajan
Company ￿gIStratIon number: 05356589
16

The University of Chicago Booth School of Business
Statement of cashflows
For the year ended 30 June 2024
2024
2023
Notes
Net Cash generated from operating activities
Cash generated from opcrations
Intcrc5t paid
12
934.516
274,260
(317,425) (317,915)
Net cash generated fron￿{￿Sed in) opergting Ylctiviti
617,091
(43.655)
Increasel{decrease) in cash
617.091
(43,655)
Cash and cash equivalents at beEinning of year
Effect of foreign exchange rate changes
440.196
(1,079)
486,677
(2,826)
Cash and cash equivalents 91 the end of the year
13
,056,208
440,196
17

The University of Chicago Booth School of Business
Notes to the financial statements (continued)
Year ended 30 June 2024
Aeeounting polities
The following accouniing tx)licies have been applied consistently in dealing with itrms which arc considered
ma￿rial in relation to the financial statements.
Basis of preparation
The finaT]cial 5tatcmcnts havc been prepared under the historic cosi basis of accounting, in accoTdance with
Accounting and Rcponing by Charilics.. Ststement of Recommended Practice applicable lo charities prepaTing
their financial statements in accordance with thc Financial R¢porting Standard applicablc in the UK and
Rcpublic of Ireland (FRS 102) (effective l January 2019}- (Charities SORP (FRS 102)). tlic Financial Rcporting
Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Thc financial statemenls are prepared in Sterling, which is the funclional currcncy of thc Charity. Monctary
amounts in thesc financial statements are rounded io the nearest £1.
Thc functional currency of The UniveTsity of Chic&go Booth Schijol of BuSLfic5S 15 considered to bc pounds
slcrling because that is the currency of the primary economic envrronment in which ihc Charity opcralc5.
Going concern
Notwitlistanding n¢1 liabiliti¢s of £63.579,401 as at 30 June 2024 aT)d a 105s for the year then ended of
£8.965,692, the financial ststements have been Prepared on a going ¢on¢¢rn basis which the directors consider
to be appropriate as ihey have received written confirniation from rhe company's parent undertaking? Ihe
University of Chicago. thai il will conlinuc io provide financial support to ihe company lo enable it to meet its
liabilities as they fall due fora period of at least 12 months from the date of approval of theK finaT)cial statements
and will not seek repayment of amounts OW￿ to ti Itotslling £68.735.409 al 30 June 2024) during this Peri￿].
As with any charilable company placing reliance on other group erttities for financial ￿1PpOrt, the DirecloTS
acknowledge that there can be no cerlainty ihat this support will Continue although. at the dalc of appToval of
these financial statements, Ihey have no rea￿n to believe that it will noi do so.
Cons¢quenily, the Directors are confident that the charitable company will have sutricient funds lo continue to
meet its liabilities as they fall due for ai leasi 12 months from the date of approval of the financial statements
and therefore have prepared the financial statements on a going concern ba51S.
Fund accounting
Unrestric(ed funds Are genernl funds thai aTe available for use at ihe Directors. discretion in furtherance of the
objectives of the Charity.
Income
Fees receivable and charges foT services and use of premises are accounted for in the period in which the service
is provided. Income is recognised wh¢y] thc rharity h&5 cntitlcmcnt lo the funds, any perforn)ance conditions
attached to the income have been met. il is probable that thc incorn¢ will bc rcccivcd and thc aujount can be
¢a5ur¢d r¢liably.
Donations r¢cciv8blc for thc generdl pury>oses of the Chartty are credited to Unrestricted Funds on receipt, or if
earlier, when the Charity is Icgally cntitlcd to thc income and the amount can be measured reliably.

The University of Chicago Booth School of Business
Notes to the financial statements (continued)
Year ended 30 June 2024
Accounting polities (eontlnued)
Expenditure
Expenditure is accounted for on an accruals basis. The Charily is VAT registcrcd. The vast majoriry of its
5upplics #re exempt frorn VAT bcing thc provision of educlltion and thercfoTC thcrc is J)0 entitlement for the
Charity to recover the VAT it incur5. Thc ch￿]ry generally posts all UK cost5 a5 gr055 50 the VAT ts an
additional cost to the businc5s. Thc Charity also monitors its UK supplie5 to cnsurc that they fall within the
exemption undcrthc Tclevani VAT legislatioTh. In addition, thc Charity occasionally receives supplies of scrvicc5
from non-UK suppliers and therefore has to account for thc Tcverse charge output VAT on its VAT retUTns. As
the Charity is generally making only exempt supplic5 It Cannot recover this VAT and so is requircd, through its
VAT rcturn, to make a payment to HMRC.
Governancc costs comprise the costs of running the Charity. including strategic plavjning for its future
dcvclopmcn( cxternal audit, any legal advicc for thc Charity DI￿tOrS. and all the costs of cornplyiDg with
onsti￿riOnal and statutory rcquircTfJCDts, such as the costs of Board and ComTnillcc meetings and of prepaTing
ststutory a¢counts and satisfying public accountability.
Operating luses
Rentals payable under operating lease5 aTe charged to the SOFA on a straight-line basi5 over the lease temi. The
benefit of any rent free perioits is spread evenly over the lease tenn.
Pension schemes
The Charity operales a defined contribution pension scheme. Contributions are charged to the SOFA as they
becomc payable in occordance with the rules of thc scheme.
Fixed assets
capilal￿oI[0n and Yeplacemenl
Cost relating to the fit out of the building. whith includes botb improyemenis and expenditure on ￿rniture,
fittings and equipment are capiialised and carTied in the balance sheer at cost less depreciation. A55ets are only
capitslised where lh￿¢ are considered malerial or cosis for enhancemenls lo an existing asset.
Deprecialion
Depreciation is provided on all tAngible fixed assets from Ihe time they are kvailable for use at rate5 calculated
to write off the cosi in equal instsiments over the e5timatcd lives of the hss¢ts.
The rates of deprcciation 8re ks follows=
Leasehold improvemenls
Audio and visual equipment
Cotnputer and telecommunications cquiplnertl
FUrnI￿re, fixtures and equipmcnt
over the tern) of the lease
200/0 per annum
200/0 per annum
IOO/o to 201J/o P￿ annu
Cash st bank and in hand
Cash at bank and in hand includes cash and shon-iern] highly liquid investments with a short maturity of thrce
months or Ics5 from the date of acquisition or opening of the derKJsit or similaT account.
Taxation
The University of Chicago Booth School of Business is considcrcd lo pass the lesls set oul in ParagTraph I
Schedule 6 Finance Aci 201 O and therefore IÉ meets the definition of a charitible company for UK corw>ratiorb
tax purposes. Accordingly. the Charity is poteniially cxempi from taxation in respect of incoTn¢ or capitsl gains
received within categories covered by Chapier 3 Part I I Corporation Tax Aci 2010 or Section 256 of the
Taxation of Chargeable Gains Act 199? to the extent thal such income or gains ar¢ applied exclusively lo
charitable purposes.
19

The University of Chicago Booth School of Business
Notes to the financial statements (continued)
Year ended 30 June 2024
Aceovntlng policies (continued)
Foreign currencies
Transactions in foreign currencies are reLorded ai the rate prevailing at the date of the transaction. Monetary
assets and liabiliti¢s dcnominated in foreign currencies are translaled into Sierling at the year-cnd cxchange
rdtes. All differences ar¢ takcn to thc siatcmcnl of financial activilie
Financial instruments
The ¢h0rity has elected to apply the provisions of Section I I 'Basic Financial InstruTnent5' and Section 12
'Other Financial In5trLunents Issues. of FRS 102 to all of its financial instnunents.
Financial instrument5 are recogThised in the chariry's Balance Sheet when the charity becomes party io the
contracnlal Provisions of the instrument.
Financial assets and liabilities are offset. with the net amounts presented in the financial statements. when there
is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis
or to realise the asset and settle the liabl￿ty simultaDeously.
Trade debtors and creditor5
Trade and othcr debtors are recognised at the settlement amouni due aftci. any tradc discount offered.
Prepayments are valued at the amount prcpaid net of any trdde discount5 dlle. Creditors are recognised whei'e
the Charity has a present obligarion Tesulting from a past evcnt that will probably result in the transfer of fvnds
to a third paTty and the amount due to settle ihe obligation can be measured or estimated reliably. Cr¢ditors
are recogni5ed at their settlement amount after allowing for any trade discounts due.
Critical ae¢ounting judgemeots and key sources of eslim#tion uneert*iDty
In the application of the Charity's accounting policie5. which aTe described in note I, the Dire¢toys are required
to make judgements. estimates and assumptions about the carying amounts of assets and liabilities thal al'e not
readily apparent from otheT sources. The estimate5 and associated assumptions are based on historical expertence
and other factors ihat are considered to be relevant. Actual results may differ from these esiimates.
The estimates and underlying assumptions are reviewed on an ongoing b&sis. Revisions to accounting estima￿8
are recognised in the period in which the estimate is revised if the revision affects only that perio& or in the
period of the revision and future periods if the revision affects both CUTrenl and future periods.
The Direciors do not consider there are any Critical judgements or sources of estimation uncertainty requiring
disclosure beyond the accounting ￿)I]CleS 1]￿ed above.
Income from charitable activities
Income from chaTitsble activities comprises Nilion fees received from students on the degree Executive MBA
programs and non-degree Executive Education programs.
20

The University of Chicago Booth School of Buslness
Notes to the financial statements (continued)
Year ended 30 June 2024
Charitable gctivitiei
2024
2023
Direct costs:
Universily Education
2.572,627 3,105,708
Support Costs:
Operaiing lease rentals- on land and buildings
Interest on promissory loan note
Foreign exchange gain5
Deprecialion
Support stsff costs
Other support costs (including governance costs)
3,566.516 3.270,963
317.425
317,915
(8,1741 (514,979)
1.100,886 1,100,886
1,837,095 1,728,984
6,699,472 7,081.851
Total expenditure
16,085,847 16.091.328
Governanee costs
Audil services
Accountancy
25.000
8,825
17250
8,250
33,825
25.500
Moore Kingston Smith only receivcd fees in rcspcct of Audit services. Total fees exclusive of VAT amounted
to £25,00012023.. £17.250).
Staff costs
2024
2023
Wages and salaries
Social security costs
Pension contributions
1.494.787 1.374.567
229.476
231230
112.832
123,187
1.837.095 1.728.984
The average number of employees in the period was 27 (2023= 26). No Directors or person5 connected with
thern received any remuneration. other benefits or reimbursemeni ofexpenses from the Charity. Reinuneration
is received from the Univ¢rsiry of Chicago in the US. No recharges are received from the University of Chicago
as the prow>rtion of directors remunerdtion relating to the Chairty is inconsequential. The Directors consider
key management personnel to be the dircctors and Eli28beth O'Neill and Starr Marcello who are employed by
the University of Chicago in the US. with global responsibilities. a portion of which includes the UK Charity.
Therefore. no key management personnel remuneration is disclosed.
21

The University of Chlcago Booth School of Business
Iyotes to the financial statements (continued)
Year ended 30 June 2024
5. Staff costs (eontinued)
The number of higher paid employees was..
2024
No.
2023
Employee benefits (excluding employer pension Contrib￿10￿s)=
£60,000- £70,000
£70,000- £80,000
£80,000- £90,000
£90,000- £100,000
£ioo,000 - £i10,o
£1 10.O(M) - £120,0(KI
£120,0(M)- £130,0(KI
£I30,0￿- £140.0(KY
£1210,OIXI- £150.OIKI
£170,000- £180,OIKI
£190,000- £2(Ki,OIXI
Tothl
13
10
6. Tanglble flxed assets
Computer FurDiture,
Audio and telecom-
r￿t￿re5
Leasehold
vtsual mullleatfions
and
improvements equipmeDI
equlpment equlpment
TotAI
Cost
At l July 2023
9,088,183
1.189,349
904.905
756,972 11.939,409
At 30 June 2024
9.088.183
1.189.349
904.905
756,972 11.939.409
Depreciation
At 30 June 2023
Charge for the year
1.983,247
606.338
778.450
237.870
582.196
180.981
249,636 3.593,529
75.697 1.100,886
At 30 June 2024
2.589.585
1.016.320
763,177
325,333 4,694,415
N¢¢ book values
At 30 Jun¢ 2024
6,498,598
173.029
143,90?
429.465
7,244.994
At 30 Juue 2023
7,104.936
410.899
322,709
507.336
8,345,880
22

The University of Chicago Booth School of Business
Notes to the financial statements (continued)
Year ended 30 June 2024
7. Debtors
2024
2023
Trade debtors
Ainounts receivable from group companies
Other debiors
Prepayments and accrued income
285.206
.058.612
22.322
1.289.390
286,574
2.097,488
15,450
1229.337
2,655.530 3,628,849
8. Creditors: amounts falling due within one year
2024
2023
Fees received in advance (see note 9)
Other creditors and accruals
Arnounts payable to group companies
961,351
1.088,910
4,839.373
5.538,138
68,735,409 60,401.586
74,536.133 67,028,634
The intercompany balance due to the University of Chicago LS which amounts to £67.263,527 (2023=
£60.401,586) has been included in creditor5 due itL less than one year. Included within thi5 balance is a
proiTLiSSOry loan note amounting to £5,290,414 (2023-. £5,298,588), the loan is denominated in US dollars and
the movement of £8.174 relates to 3 forei8n exchange gain in the year. Lnierest is also accruing on the loan at
60/0. The accThed interest included in amounis payable to group ¢oinpanies is £635,34012023: £317,915). The
loan note is repayable on demand arKI The University of Chicago US has indicaied il is not intending to demand
repayment in the foreseeable futurc. The remaining balance of £61.337.773 (2023= £54,789,895) relates
primarily (o the operaiions of the Europe Campus and payables arising. from thc ongoing teaching and 5crvices
a&￿eement and whilst the amount legally remains payable on demand il is considered ihai recov¢ry is nol
expected by The University of Chicago US.
The int¢r¢ompany bal8nce also includes amounts due to the University ofchicago Foundation in Hong Kong
which amounts lo £1.471.88212023'. amount due from of £1.509.229).
23

The University of Chicago Booth School of Business
Notes to the financial statements (continued)
Year ellded 30 June 2024
'ees reteived in advance
St￿lents are Tequesled to make a sizeable dewsit towards their tuition fees in the spring priorto their firsl quarter
session, £i.800 per student. Iii addition. son)e students n)ay liave paid the reniaindei. of tlie first quaitei. tyition.
£16.220 by the end of June. Both amounts are taken into income with the ¢ommencement of the first quarterly
session in September. Consequently, every year, at the end of th¢ fiscal y¢aT, there will be an advance fee
payment li&bility on the books.
In addition, many smdents are subsidised by th¢ir ¢mploy¢rs. Occasionally. we receive more than ftsur quarters
of tyition fees paid al on¢ tim¢. This results in a few advance fee payments that may not be applied within a yeaT.
Also, on occasion. a sNdent will tske a leave from the progrdm, 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.
2024
2023
Within l year
961,351
1,088,910
The balance represents the accrued liability under the contracts. Th¢ mov¢ments during the year were:
2024
2023
Balance at l July
Fees received in the year
Amounis re¢ognised in the ¢ury¢nt year
.088,910 1.191,549
760,259
785.863
(887,818) (888,502)
Balance ai 30 June
961,351
1,088.910
io.
Anatysls of eharltable deflelt
30 June
2023
30 June
2024
Income Expenditure
Unrestricted general deficit
(54,613,709) 7.120.155 (16.085,847) (63,579.401)
30 Julle
2022
30 June
2023
Income Expenditure
Unrestricted general deficil
(47,100,317) 8.577,936 (16.091,328) (54.613.709)
24

The University of Chicago Booth School of Business
Notes to the financial statements (Continued)
Year ended 30 June 2024
Operatlng lease eommltments
At 30 June. Ihe Company had annual commitments under non-cancellable opeTating leases as follows:
2024
2023
Lgnd and
buildings
L#nd and
bulldlDgs
Other
Totsl
Other
Total
Leases which expire=
Within one year
Within two to five years
Mor¢ than five years
3.974,654
14,652.099
3.974,654
3.995.366
14.652,099 15,695.011
22,792,154
1.425
3,996,791
15.695,011
22,792,154
18,626,753
18,626.753 42,48?,531
1,425 42.483,956
During 2019, 8 le￿ was enier¢d into for a new campus buildtng. The inilial lease tenn is 15 years, commencing
I st April 2019.
12
Reeoncililltion ol net expenditure lo net tash generated from operations
2024
2023
Net expenditure
Non-op¢rating ¢&sh flows eliminatd:
Finan¢¢ costs
Depreciation charges added back
Unrealised forcign CUTrency gains and losses
Dccrease in debtors
Increase in trade and other creditors
Decre&8e in advance fee contracts
(8.965.692) (7.513,392)
317.425
317.915
.100.886
1.100,886
1.079
228.563
973,319 2,957,394
7.635,058 3285,533
(127.559) (102,639)
Iyet cAsh generated from operations
934.516
274,260
13. Analysis of change in net funds
Exchange
lJuty
rgte
30 June
2023 Cash Flows movements
2024
440.196
614.933
1,079
1.056.208
(5298,588)
8.174 (5,290.414)
(4.858.392)
9.253 (4.234,206)
Cash
Loans falling due within one year
614.933
25

The University of Chicago Booth School of Business
Notes to the financial statements (continued)
Year ended 30 June 2024
14. Related party transaetlons
University of Chicago in the US is the parent of the Charity 'Chicago Booth, and, as such, is responsible for the
appointmcnt of all managemcnVDircctors of Chicago Booth's London Campus, as well as providing thc
necessary funding and a variety of support service5.
2024
2023
Opening balance l July balance due from the University of Chicago Foundation
in Hong Kong Limited
Repayment of prior campus fi]nding from Hong Kong
Costs incurred on behalf of th¢ Hong Kong campus and r¢¢harg¢d
1.509.229
4.565.629
(3.095,909) (3.024.222)
114,798
132,178)
Closing balance 30 June balance due (toyfrom the University of Chicago (1.471.882) 1.509,229
Foundation in Hong Kong Limited
Opening balance l July owed to the University of Chicago
Costs incurred on behalf of Charity by the US and T¢charged
Teaching and services agreement
Accrued interest costl(income) on build out loan
Tuition income received in the US
Foreign exchange restatement of build out loan due in USD as at 30 June
Campus funding in relaiion io One Bariholomew campus
60.401,586 55.865.003
469,141
149,973
3.381,404
3.508,537
317.425
(12.795)
(799.792) (1.078.187)
(8,174) {203,249)
3.501.937
2.171,704
Closing balance 30 June owed to the University of Chicago
67,263,527 60,401,586
Amounts due from group undertaki7)gs also includes a balance of £1.058,612 (2023= £589.371} amount due lo
group undertakings) due from the Universiry of Chicago Booth School of Business in Singapore.
15.
Ultimate eontrolling undertaking
Thc Dircctor5 corisidcT Thc University of Chicago, a company registered in Thc United State5 of Amcrica to be
the ultimatc controlling und¢rtaking and is Ihc sniallc5t group con501idating th¢ rc5uIts of this company. Copics
of the University's financial ststements are available upon request in writing to 5801 South Ellis AveTLUC.
Chicago, Illinois 60637. USA.
The Charity's accounts are consolidated inio the parent financial statements as part of the Booth School of
Business figures.
26