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← The University Of Chicago Booth School Of Business

2025-06-30-accounts

Company Registration 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 2025

The University of Chicago Booth School of Business

Annual report and financial statements for the year ended 30 June 2025

Contents Page
Officers and professional advisers
Strategic and Directors’ Report 2
Statement ofDirectors’ responsibilities in respect ofthe annual report andthe financial statements 10
Independent Auditor's Report 11
Statement offinancial activities 15
Balance sheet 16
Statement ofcash flows 17
Notestothefinancialstatements 18

The University of Chicago Booth School of Business

Officers and professional advisers

Directors

K Baicker R Hochman M V Rajan

The Directors are the trustees of the Charity for Charities Act purposes.

Registered office

The University of Chicago Booth School of Business One Bartholomew Close Barts Square London ECIA 7BL

Website

www.chicagobooth.edu

Bankers

HSBC ple 8 Canada Square London E14 5DX

United Kingdom Solicitor / Company secretary

Pinsent Masons 1 Park Row Leeds West Yorkshire LS1 SAB

Auditor

Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP Company Registration: 05356589 Charity Registration: 1108516

l

: Governing Document

The University of Chicago Booth School of Business

Strategic and Directors’ Report

Reference and administrative information

The University of Chicago Booth School Of Business (“the Charity”) is a subsidiary of the University of Chicago (‘The University”). The College of Commerce and Politics, predecessor to The University of Chicago Booth School of Business, was originally founded by The University in 1898 to provide practical business instruction. The Charity is registered with the Charity Commission under Charity number 1108516. The registered office of the Charity is listed on page | together with the particulars of the Charity’s professional advisers.

The Charity is a charitable company limited by guarantee and is more commonly known as “Chicago Booth”.

Directors and Charity trustees

The Charity Directors are also the Charity trustees. They have served in office throughout the year, unless otherwise stated, and were as follows:

K Baicker

R Hochman (Appointed on | August 2025) E Shanin (Appointed on 2 August 2024 and resigned on 1 August 2025) K Taylor (Resigned on 2 August 2024) M V Rajan

Deputy Dean, Chicago Booth MBA Programs

Starr Marcello

Structure, Governance and Management

The Charity is governed by its Memorandum and Articles of Association dated 3 February 2005, amended 28 February 2026.

Recruitment and Training of Directors

The Memorandum and Articles of Association of the Charity provide for the appointment of Directors, who also act as trustees. The University, which is the sole "member" of the Charity, is empowered to appoint the Directors.

For the fiscal year ended June 30, 2025, the Charity has three Directors, Madhav Rajan, Katherine Baicker, and Kimberly P Taylor (replaced by Elizabeth Shanin on August 2, 2024). Professor Rajan is the George Pratt Shultz Professor of Accounting, and Dean of the University of Chicago Booth School of Business ("Chicago Booth"). In Professor Rajan’s position as Dean of Chicago Booth, a part of his responsibilities is the oversight of the EMBA campuses in Chicago, London, and Hong Kong.

The second Director, Professor Katherine Baicker, the Emmett Dedmon Professor at the University’s Harris School of Public Policy is Provost at The University. As Provost of The University, 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 London Charity. It is intended that one of the Directors of the Charity will be the University's Provost.

The third Director is Kimberly P Taylor, Vice President and General Counsel of The University. Ms. Taylor’s position as head ofall legal affairs for The University provides the requisite qualifications to be a Director of the London Charity. It is intended that one of the Directors of the Charity will be a senior member ofthe[University's][legal][staff.] On[August] 2, 2024, Ms.Taylor resigned as Director, as well as the University’s Vice President and General Counsel. Ms. Elizabeth Shanin was appointed Interim Vice President and General Counsel as well as appointed one ofthe[Charity’s][Directors.] On August 1, 2025 Robert Hochman replaced Ms Shanin as one of the Charity’s Directors in connection with his appointment as Vice President and General Counsel of The University. On appointment each trustee receives a copy of the England and Wales Charity Commission’s publication “The essential trustee: what you need to know, what you need to do” and agrees to follow it. Training needs are assessed and met as necessary

2

The University of Chicago Booth School of Business

Strategic and Directors’ Report (continued)

Structure, governance and management (continued)

Organisational Management

The primary active decision maker for the Charity's activities is Professor Rajan, one of the Directors. The primary activity of the London Charity is as one of three worldwide Chicago Booth part-time Executive Master of Business Administration (EMBA) degree programs, specifically designed for experienced, accomplished, and working business executives. In his capacity as Dean of Chicago Booth, he has overall responsibility for both full-time and part-time MBA programs and oversight of the entire business school faculty as well. The Dean of Chicago Booth reports to the Provost, whose position is described above. The Provost reports to the President of The University. The President is responsible to a host of University Directors.

The Deputy Dean of Chicago Booth for MBA Programs is responsible for oversight of the affairs of the Charity. The Deputy Dean, Starr Marcello, and her delegates can negotiate and execute on behalf of the Charity contracts for the purchase of goods or services in the ordinary course of operations of the Charity subject to limitations imposed by the Directors on the value of these contracts. The Deputy Dean can hire employees, subject to the prior approval from the Directors for salaries, compensation and benefits, The Deputy Dean can make final decisions on applications to be admitted to the EMBA program.

The Directors consider key management personnel to be 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 within the report.

Object, aims, objectives and activities

Charitable objects

The Charity’s objects, as set out in its Memorandum and Articles of Association, are the advancement of education, in particular (without prejudice to the generality) through the provision of education provided in the United Kingdom.

Aims and intended impact

The aim ofthe[Charity][is][to][advance][scholarship][and][research][in][the][field][of][ business][and][economics.] The[Charity][is][an] integral part of the University whose innovations in business education and path breaking research have produced ideas and leaders that shape the world of business, bringing economic benefits to society. Ten Nobel laureates have been either current or former faculty members of Chicago Booth.

Objectives for the year

The main objectives of the Charity for the year ended 30 June 2025 were:

3

The University of Chicago Booth School of Business

Strategic and Directors’ Report (continued)

Object, aims, objectives and activities (continued)

Objectives for the year (continued)

Strategies to achieve the period’s objectives

4

The University of Chicago Booth School of Business

Strategic and Directors’ Report (continued)

Object, aims, objectives and activities (continued)

Principal activities of the year

The Charity offers a part-time Executive MBA degree program for students. In addition, the Charity hosts select nondegree Chicago Booth business education courses covering finance, marketing, operations, strategy, and leadership. As part of its on-going support for graduates of the Charity’s EMBA program, graduates are offered access to career and leadership development resources, coaching and opportunities to participate in networking events. (c.g., faculty, alumni and/or external speakers held at the Charity’s facility).

In the United Kingdom, the Charity held events during the year which were open to people not currently students in our EMBA program, including the general public. These events included special lectures by faculty — including facultyin-residence program - as well as conferences and roundtable events on topics of interest to the general public. Public lectures covered diverse topics including Global Economic Outlook; Marketing Analytics in the Age of AI; Private Equity — Past, Present, & Future; and US Exceptionalism, APAC Growth Optimism, and a European Rebound — Too Good to be True? These events were conducted primarily in-person with the opportunity for networking afterwards. All of these events were free for our students and, depending on the event may have included a nominal charge for catering to members of the general public. Other events were open to members of partner organizations including businesses and charities not directly affiliated with the University. The events provided access to our facilities, and in many cases the expertise of our faculty and staff. Events are promoted through partner organizations, on our website, and/or through direct emailing public relations social media campaigns.

We offered our campus facilities for use, at no cost to PTI, an educational charity, in support of a range of teacher training days focused on primary and secondary schools across the UK.

Going forward we plan to continue offering public access to key events throughout the year, leveraging faculty research and thought leadership and expanding the range of[topics][covered.]

The University supports an active research agenda through 14 research centres and has a tenure policy for faculty that relies heavily on ground-breaking research. Research is conducted in disciplines such as economics, finance, and the behavioural sciences. Our faculty are recognized globally for their contributions to bodies of knowledge.

Since its inception, the University has been a distinctive intellectual and educational community, and the values that underpinned its establishment have been an important guide since that time.

In addition, the Charity published extensive information on its website and through other publications. This information includes the research undertaken by its faculty, comment and analysis of current topics, and media such as podcasts and videos sharing thought leadership on topics affecting companies and organizations around the globe. This information is free and available to the public.

Review of achievements and performance for the year

Operational performance of the Charity

During the year the EMBA program graduated its 19th London-based class of students. During FY25, Alumni of Chicago Booth, residing in the EMEA region, donated directly to the University of Chicago parent, in philanthropic support for faculty research, student scholarships, and alumni and University programming throughout our international community, helping enrich the business community to which Chicago Booth alumni belong. As direct donations to Chicago, these sums are not the responsibility of these trustees.

40 new Executive MBA EMEA students enrolled in September 2025. This class size represents a decrease from the September 2024 class of 45 students, remaining well below our target of 60-75 enrolees. This new class size was restricted by the impact of the current political and economic climate throughout EMEA as well as uncertain US government policies on entry visas. This included a pause on student visa insurance over key summer months during which our London based EMBA students start their program with an orientation week on our Chicago campus.

In FY25, we hosted and facilitated a multi-sessions open enrolment non-degree Chicago Booth Executive Education program.

5

The University of Chicago Booth School of Business

Strategic and Directors’ Report (continued)

Review of achievements and performance for the year (continued)

Financial review and results for the year

The Charity financial results met expectations; however, continued to operate at a deficit. Both revenues and net income were as expected, albeit less than longer term targets, primarily due to lower EMBA student attendance. This is partially associated with the war in Ukraine, Israel, and other geo-political events.

The overall loss of £8,506,699 in 2024-2025 was less than the loss of £8,965,692 in 2023-2024 by £458,993, as revenues decreased, and expenses decreased.

Overall revenue decreased by £751,498 from £7,120,155 to £6,368,657 a decrease of 10.6%. This was mainly attributed to the following reasons;

Overall expenses decreased by £1,210,491 from £16,085,847 to £14,875,356, a decrease of 7.5%. Expenses were generally down in FY25 compared with FY24, along with a significant currency gain. The main reasons which accounted for this decrease are as follows;

While the Charity continues to operate at a deficit, the University remains fully committed to its primary mission of being a worldwide leader of higher education and academic research and, more specifically, committed to continuing to provide the funding required to support the London Charity. The London EMBA program is an integral part of the business school's network of three campuses, worldwide, for experienced business professionals seeking an advanced business degree. The University and Chicago Booth believe that the level of financial loss incurred by the London Charity is well worthwhile considering its valuable contribution toward the mission of the global EMBA program, as well as The University's broader global educational mission. The University has provided a letter of support for the Charity.

The EMBA program is structured so that it consists of seven consecutive quarters of three months each. First year students complete the first three quarters during a single fiscal year cycle, September to June, during which three/sevenths of the tuition fees are collected. During the second fiscal year, the student completes the final four quarters, paying the remaining four/sevenths ofthe tuition fees.

6

The University of Chicago Booth School of Business Strategic and Directors’ Report (continued)

Review of achievements and performance for the year (continued)

Financial review and results for the year (continued)

The Charity’s financial position reflects a continued increase in accumulated deficit by £8,506,699 (2024: £8,965,692). This was funded by an increase in Amounts Payable to Group Companies of £8,206,200 (2024: £8,333,823) primarily due to £5,761,543 cash transfers from a group company in Hong Kong as well as services provided by the Chicago parent. As a result, the cash position of the Charity remains very stable.

Reserves policy

The Charity recognises the need to hold reserves to meet both its day-to-day and long-term obligations. Balanced against this is the need to deliver value to its students through the provision of education. Since inception in 2005 the Charity has operated at 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 London Charity as a standalone entity. Therefore, while the Charity’s long term financial objective is to hold reserves sufficient to meet the education commitments of our students, annual operating losses have resulted in the reported £72,086,100 (2024: £63,579,401) accumulated deficit. The Charity is financially supported in its day-to-day obligations through its parent, The University.

The Directors recognize that the Charity operates at a significant deficit. It is important to note that London is one part of the international EMBA program. Students from Hong Kong and Chicago also study in London during special session weeks, while London students travel to Chicago and Hong Kong as well. During these sessions they interact with their international counterparts, which is a key component of enhancing the quality of their global EMBA education. The campuses are interrelated and interdependent. The finances of the programs are evaluated in combination. The London campus is a strategic part of the global mission of both Chicago Booth and The University of Chicago as a whole. Further, the University has a long-term view of the importance of[global][scholarly][interaction] that benefit the University and Chicago Booth in ways that are not necessarily quantifiable in the short term, nor directly financially identified with its specific activities in London. For example, overall fundraising may be enhanced indirectly by the global reputation of[the][ University.][Faculty][exposure][to][a global][community][may][enhance][research][opportunities] and, in turn research grant opportunities. The University has both the mission and the resources to support the London Charity and is committed to doing so on an indefinite basis.

Future plans

Key objectives for the future are:

  1. Continue to recruit a highly qualified pool of applicants for our EMBA program. The recruiting environment has become even more challenging, and it will take years to rebuild to an average class size of 65-70. The region suffers from major concerns which impact recruiting: wars in Ukraine and Israel which impact those countries and their neighbouring airspace, currency fluctuations, inflation, and overall employment security. We continue to deploy creative recruiting tactics initiated in recent years, and we continue to make cosmetic changes to our offerings to increase their marketplace appeal.

  2. Continue to provide an increased level of scholarship funding required to attract highly qualified students. The EMBA marketplace is becoming increasingly competitive on the scholarship front, with candidates opting to eschew Booth for business programs which appeal to them less, but which offer significantly more funding. Historically, we have been able to counter such potential losses with ROT arguments, but with the scholarship amounts increasing dramatically, that is becoming less viable.

  3. Implement recommendations from the EMBA curriculum review committee which include, but are not limited to, creating optionality for certain aspects of the Global Leadership & Career Development program, expanding alumni programming during the degree (e.g. as guest speakers, mentors), and increasing flexibility on how students can validate core course requirements.

  4. Launch the new Global Innovation & Impact: Study Abroad in London Program. This program is for Booth Specialized Masters students to spend the winter quarter 2026 studying on the London campus.

  5. Increase the amount of donated funds and participation rates of alumni in fund-raising activities of the school from the European alumni base.

7

The University of Chicago Booth School of Business

Strategic and Directors’ Report (continued)

Review of achievements and performance for the year (continued)

Future plans (continued)

  1. Improve the visibility of the Charity in Europe, the Middle East and Africa through marketing and public relations.

  2. Continue to expand the activities within the new, more spacious campus space by offering conference centre 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.

  3. Continue to monitor the students whose fees are met by their employers and the extent to which those fees are met and to review our guidance to students on how to approach employers to request fee support.

  4. Consider ways in which we can bring the benefit of the Charity's educational programs, faculty research and facilities to the widest possible range of people, within our available budget. The Faculty-in-Residence Program that expands the faculty presence and accessibility in EMEA was successfully launched in late FY23. We plan to continue to build on this program.

  5. Increase engagement with corporates and stakeholders in the region, with the intent of building the Booth brand in EMEA to support the dissemination of Booth knowledge and talent. :

Risk Management

The Directors have reviewed the major risks to which the Charity is exposed, in conjunction with the overall annual review of the risks and uncertainties of The University. The Directors are content with the procedures that have been established to mitigate those risks. The following risks are managed by the Charity:

Risk 1: Student class size falling below a level at which annual financial deficits become unacceptable for the programme. This risk is mitigated by maintaining a sufficient applicant pool to maintain class sizes between 65-70 students. The Charity is currently implementing strategies to meet the changing market environment, in order to return to enrolment class sizes within this target range.

Risk 2: There is always a risk ofa change in the University’s viewofthe strategic importance of an international presence. The risk is mitigated by regularly assessing the level of University support to assure long term funding of budget deficits.

Risk 3: Academic and staff losses that might erode the quality of instruction and/or the non-academic aspects of the student experience. The risk is mitigated by retaining and monitoring staff that are appropriately qualified and trained to deliver the highest level of scholarly instruction and to uphold The University’s standing as an elite institution of higher learning in the UK and within the European community.

Risk 4: Fraudulent, inappropriate or inefficient use of resources. This risk is mitigated by establishing and monitoring appropriate internal controls, including staff oversight and training, engaging appropriate third party accountants and independent auditors to assist in safeguarding the Charity’s assets, and maintaining appropriate levels of insurance coverage.

Public benefit

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit and guidance relating specifically to educational and fee-charging charities when reviewing our aims and objectives and in planning our future objectives. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Disclosure of information to auditor

The Directors who held office at the date of approval of this Strategic and Directors’ Report confirm that, so far as they are each aware, there is no relevant audit information of which the Company’s auditor is unaware; and each Director has taken all the steps that they ought to have taken as a Director to make themselves aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.

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The University of Chicago Booth School of Business

Strategic and Directors’ Report (continued)

Auditor

Each of the persons who is a Director at the date of approval of this report confirms that:

The auditor, Moore Kingston Smith LLP has indicated their willingness to continue in office in accordance with section 485 of the Companies Act 2006, a resolution concerning their appointment will be passed at the Annual General Meeting.

This report was approved by the Board of Directors on p24... 2026 and signed on its behalf by

‘ \ CW - MV Rajan Director

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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 Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Directors are required to:

The Directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position ofthe[charitable][company][and][enable][ them][to][ensure][that][ the][financial][statements][comply] with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the UK governing the preparation and dissemination of financial statements 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

Opinion

We have audited the financial statements of The University of Chicago Booth School of Business (‘the company’) for the year ended 30 June 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of[Ireland’][(United][ Kingdom] Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of[the][financial][statements][in][the][UK,][including][the][FRC’s][Ethical][Standard,] and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going 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 the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections ofthis report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

I]

The University of Chicago Booth School of Business

Independent auditor’s report to the members of The University of Chicago Booth School of Business

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of[the][audit,] we have not identified material misstatements in the strategic report or the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation ofthe financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

AS part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

12

The University of Chicago Booth School of Business Independent auditor’s report to the members of The University of Chicago Booth School of Business

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of[detecting][irregularities,][including][fraud][is][detailed][below.]

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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11 March 2026

The University of Chicago Booth School of Business

Statement of financial activities

(including the income and expenditure account) for the year ended 30 June 2025

Unrestricted Unrestricted
2025 2024
Notes £ £
Income
Charitable activities 3 6,368,657 7,120,155
Totalincome 6,368,657 7,120,155
Expenditure on:
Charitable activities 4 (14,875,356) (16,085,847)
Totalexpenditure 4 (14,875,356) (16,085,847)
Net expenditure and netmovement in funds fortheyear (8,506,699) (8,965,692)
Reconciliation offunds:
Total deficit on funds brought forward 10 (63,579,401) (54,613,709)
Total deficit offunds carried forward 10 (72,086,100) (63,579,401)
Allfundsareunrestricted.

The notes on pages 18 to 26 form part of[these][financial][statements.]

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The University of Chicago Booth School of Business Company registration number: 05356589

Balance sheet As at 30 June 2025

==> picture [450 x 364] intentionally omitted <==

----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |Notes|£|£| |Fixed|assets| |Tangible|assets|6|6,257,245|7,244,994| |Current|assets| |Debtors|7|3,079,097|2,655,530| |Cash|at bank|and|in|hand|796,251|1,056,208| |3,875,348|3,711,738| |Creditors:|amounts|falling|due|within|one year|8|(82,218,693)|(74,536,133)| |Net|current|liabilities|(78,343,345)|(70,824,395)| |Total|assets|less|current|liabilities|(72,086,100)|(63,579,401)| |Net|liabilities|(72,086,100)|(63,579,401)| |The|funds|of the|Charity:| |Unrestricted|deficit|10|(72,086,100)|(63,579,401)| |Approved|by|the Board|ofDirectors|and authorised|for|issue on|pelo|uaey|24 2026 and|signed on|its|behalf|by:| |M V|Rajan|

----- End of picture text -----

All assets and liabilities relate to general unrestricted funds.

The notes on pages 18 to 26 form part of these financial statements

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The University of Chicago Booth School of Business

Statement of cashflows

For the year ended 30 June 2025

==> picture [440 x 193] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |Notes|£|£| |Net|cash|(used|in)/generated|from|operating|activities| |Cash generated|from|operations|12|97,305|934,516| |Interest paid|(292,703)|(317,425)| |Net|cash|(used|in)/generated|from|operating|activities|(195,398)|617,091| |(Decrease)/increase|in|cash|(195,398)|617,091| |Cash|and|cash|equivalents|at beginning|of year|1.056.208|440,196| |Effect|of foreign|exchange|rate|changes|(64.559)|(1,079)| |Cash|and|cash|equivalents|at|the|end|of the year|13|796,251|1,056,208|

----- End of picture text -----

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The University of Chicago Booth School of Business Notes to the financial statements (continued) Year ended 30 June 2025

  1. Accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements.

Basis of preparation

The financial statements have been prepared under the historic cost basis of accounting, in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and RepublicStandard of Treland (FRS 102) (effective 1 January 2019)— (Charities SORP (FRS 102)), the Financial Reporting applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements are prepared in Pound Sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £1.

The functional currency of The University of Chicago Booth School of Business is considered to be Pounds Sterling because that is the currency ofthe primary economic environment in which the Charity operates.

Going concern

Notwithstanding net liabilities of £72,086,100 as at 30 June 2025 and a loss for the year then ended of £8,506,699, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate as they have received written confirmation from the company’s parent undertaking, the University of Chicago, that it will continue to provide financial support to the company to enable it to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of[these][financial][statements] and will not seek repayment of amounts owed to it (totalling £69,807,985 at 30 June 2025) during this period.

As with any charitable company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the Directors are confident that the charitable company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Fund accounting

Unrestricted funds are general funds that are available for use at the Directors” discretion in furtherance of the objectives of the Charity.

Income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

Donations receivable for the general purposes of the Charity are credited to Unrestricted Funds on receipt, or if earlier, when the Charity is legally entitled to the income and the amount can be measured reliably.

18

The University of Chicago Booth School of Business

Notes to the financial statements (continued) Year ended 30 June 2025

1. Accounting policies (continued)

Expenditure

Expenditure is accounted for on an accruals basis. The Charity is VAT registered. The vast majority of its supplies are exempt from VAT being the provision of education and therefore there is no entitlement for the Charity to recover the VAT it incurs. The Charity generally posts all UK costs as gross so the VAT is an additional cost to the business. The Charity also monitors its UK supplies to ensure that they fall within the exemption under the relevant VAT legislation. In addition, the Charity occasionally receives supplies of services from non-UK suppliers and therefore has to account for the reverse charge output VAT on its VAT returns. As the Charity is generally making only exempt supplies it cannot recover this VAT and so is required, through its VAT return, to make a payment to HMRC.

Governance costs comprise the costs of running the Charity, including strategic planning for its future development, external audit, any legal advice for the Charity Directors, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

Operating leases

Rentals payable under operating leases are charged to the SOFA on a straight-line basis over the lease term. The benefit of any rent free periods is spread evenly over the lease term.

Pension schemes

The Charity operates a defined contribution pension scheme. Contributions are charged to the SOFA as they become payable in accordance with the rules of the scheme.

Fixed assets

Capitalisation and replacement

Cost relating to the fit out of the building, which includes both improvements and expenditure on furniture, fittings and equipment are capitalised and carried in the balance sheet at cost less depreciation. Assets are only capitalised where these are considered material or costs for enhancements to an existing asset.

Depreciation

Depreciation is provided on all tangible fixed assets from the time they are available for use at rates calculated to write off the cost in equal instalments over the estimated lives of[the][assets.]

to write off thethe cost in equal instalments over the estimated estimated estimated lives of[the] [assets.]
The rates ofdepreciation are as follows:
Leasehold improvements - overthe term ofthe lease
Audio and visual equipment - 20% per annum
Computer and telecommunications equipment - 20% per annum
Furniture,fixturesandequipment - 10%to20%perannum

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of[the][deposit][or][similar][account.]

Taxation

The University of Chicago Booth School of Business is considered to pass the tests set out in Paragraph | Schedule 6 Finance Act 2010 and therefore it meets the definition ofa charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

19

The University of Chicago Booth School of Business

Notes to the financial statements (continued) Year ended 30 June 2025

  1. Accounting policies (continued)

Foreign currencies

Transactions in foreign currencies are recorded at the rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the year-end exchange rates. All differences are taken to the statement of financial activities.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's Balance Sheet when the charity becomes party to the contractual 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 liability simultaneously.

Trade debtors and creditors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount after allowing for any trade discounts due.

  1. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Charity’s accounting policies, which are described in note 1, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.

3. Income from charitable activities

Income from charitable activities comprises tuition fees received from students on the degree Executive MBA programs and non-degree Executive Education programs.

20

The University of Chicago Booth School of Business

Notes to the financial statements (continued) Year ended 30 June 2025

4. Charitable activities

2025 2024
£ £
Direct costs:
University Education 2,038,023 2,572,627
Support costs:
Operating lease rentals—on land and buildings 3,567,352 3,566,516
Interest on promissory loan note 292,703 317,425
Foreign exchange gains (411,802) (8,174)
Depreciation 987,749 1,100,886
Support staffcosts 1,627,042 1,837,095
Other support costs (including governance costs) : 6,774,289 6,699,472
Total expenditure 14,875,356 16,085,847
Governance costs
Audit services 25,000 25,000
Accountancy services 9,270 8,825
34,270 33,825

Moore Kingston Smith only received fees in respect of Audit services. Total fees exclusive of VAT amounted to £25,000 (2024: £25,000).

5. Staff costs

2025 2024
£ £
Wages and salaries 1,342,130 1,494,787
Social security costs 182,420 229,476
Pension contributions 102,492 112,832
1,627,042 1,837,095

The average number of employees in the period was 22 (2024: 27). No Directors or persons connected with them received any remuneration, other benefits or reimbursement of expenses from the Charity. Remuneration is received from the University of Chicago in the US. No recharges are received from the University of Chicago as the proportion of directors remuneration relating to the Chairty is inconsequential. The Directors consider key management personnel to be the director Starr Marcello who is 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 Chicago Booth School of Business

Notes to the financial statements (continued) Year ended 30 June 2025

5. Staff costs (continued)

The number ofhigher paid employees was: 2025 2024
No. No.
Employee benefits (excluding employerpension contributions):
£60,000 - £70,000 1 2
£70,000 - £80,000 2 2
£80,000 - £90,000 1 ]
£90,000 - £100,000 1 ]
£100,000 - £110,000 2 2
£110,000 - £120,000 ] ]
£120,000 - £130,000 1 2
£140,000 - £150,000 : - 1
£170,000 - £180,000 - ]
£180,000 - £190,000
Total 10 13

6. Tangible fixed assets

Computer Furniture,
Audio and telecom- fixtures
Leasehold visual munications and
improvements equipment equipment equipment Total
£ £ £ £ £
Cost
At 1 July 2024 9,088,183 1,189,349 904,905 756,972 11,939,409
At 30 June 2025 9,088,183 1,189,349 904,905 756,972 11,939,409
Depreciation
At 30 June 2024 2,589,585 — 1,016,320 763,177 325,333 4,694,415
Charge for theyear 606,338 173,029 132,684 75,698 987,749
At 30 June 2025 3,195,923 1,189,349 895,861 401,031 5,682,164
Net book values
At30 June 2025 5,892,260 - 9,044 355,94] 6,257,245
At30June2024 6,498,598 173,029 143,902 429,465 7,244,994

22

The University of Chicago Booth School of Business

Notes to the financial statements (continued) Year ended 30 June 2025

7. Debtors

2025 2024
£ £
Trade debtors 113,969 285,206
Amounts receivable from group companies 1,620,686 1,058,612
Other debtors 144,973 22,322
Prepayments and accrued income 1,199,469 1,289,390
3,079,097 2,655,530

8. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2025 2024
£ £
Fees received in advance (see note 9) 1,103,128 961,351
Other creditors and accruals 4,173,956 4,839,373
Amounts payable to group companies 76,941,609 68,735,409
82,218,693 74,536,133

The intercompany balance due to the University of Chicago US which amounts to £69,807,985 (2024: £67,263,527) has been included in creditors due in less than one year. Included within this balance is a promissory loan note amounting to £4,878,377 (2024: £5,290,414), the loan is denominated in US dollars and the movement of £412,037 relates to a foreign exchange gain in the year. Interest is also accruing on the loan at 6%. The accrued interest included in the amounts payable to group companies is £928,043 (2024: £635,340). 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 £64,001 ,565 (2024: £61,337,773) 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.

23

The University of Chicago Booth School of Business

Notes to the financial statements (continued) Year ended 30 June 2025

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, £3,846 per student. In addition, some students may have paid the remainder ofthe first quarter tuition, £15,698 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 subsidised 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.

2025 2024
£ £
Within year 1,103,128

The balance represents the accrued liability under the contracts. The movements during the year wete:

2025 2024
£ £
Balance at
1 July		 961,351 1,088,910
Fees received in the year 936,690 760,259
Amounts recognised in the current year (794,913) (887,818)
Balance at 30 June 1,103,128 961,351
10. Analysis ofcharitable deficit
30 June 30 June
2024 Income Expenditure 2025
£ £ £ £
Unrestricted general deficit (63,579,401) 6,368,657 (14,875,356) (72,086,100)
30 June 30 June
2023 Income Expenditure 2024
£ £ £ £
Unrestrictedgeneraldeficit (54,613,709) 7,120,155 (16,085,847) (63,579,401)

24

The University of Chicago Booth School of Business

Notes to the financial statements (continued) Year ended 30 June 2025

  1. Operating lease commitments

At 30 June, the Company had annual commitments under non-cancellable operating leases as follows:

2025 2024
Land and Land and
buildings
£		 Other
£		 Total
£		 buildings
£		 Other
£		 Total
£
Leases which expire:
Within oneyear 4,018,283 1,425 4,019,708 3,974,654 1,425 3,976,079
Within two to fiveyears 10,828,165 - 10,828,165 14,652,099 - 14,652,099
14,846,448 1,425 14,847,873 18,626,753 1,425 18,628,178

During 2019, a lease was entered into for a new campus building. The initial lease term is 15 years, commencing Ist April 2019.

During 2023, a maintenance agreement was entered into in respect of a new copier. The agreement term is structured on a quarterly basis commencing 7th July 2023.

12 Reconciliation of net expenditure to net cash generated from operations

2025 2024
£ £
Net expenditure forthe reporting period (8,506,699) (8,965,692)
Adjustment for:
Finance costs 292,703 317,425
Depreciation
Unrealised foreign currency gains
(Increase)/decrease in debtors		 987,749
64,559
(423,567)		 1,100,886
1,079
973,319
Increase in trade and other creditors 7,540,783 7,635,058
Increase/(decrease) in advance fee contracts 141,777 (127,559)
Netcash(usedin)/generatedfromoperations 97,305 934,516

13. Analysis of change in net funds

Exchange
1 July rate 30 June
2024 Cash Flows movements 2025
Cash 1,056,208 (195,398) (64,559) 796,251
Loans falling due within oneyear (5,290,414) - 412,037 (4,878,377)
(4,234,206) (195,398) 347,478 (4,082,126)

25

The University of Chicago Booth School of Business

Notes to the financial statements (continued) Year ended 30 June 2025

14. Related party transactions

University of Chicago in the US is the parent of the 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 of support services.

==> picture [425 x 267] intentionally omitted <==

----- Start of picture text -----
|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Opening|balance|1|July|balance due|(to)/from|the|University|of|Chicago Foundation|(1,471,882)|1,509,229| |in|Hong|Kong|Limited| |Repayment|of prior campus|funding|from|Hong Kong|(5,761,543)|(3,095,909)| |Costs|incurred|on|behalf of|theHong Kong|campus|and|recharged|99,801|114,798| |Closing|balance|30|June|balance|due|(to)/from|the|University|of|Chicago|(7,133,624)|(1,471,882)| |Foundation|in|Hong|Kong|Limited| |Opening|balance|1|July|owed to|the|University|of Chicago|(67,263,527)|(60,401,586)| |Costs|incurred|on|behalf|of Charity|by|the|US|and|recharged|(434,846)|(469,141)| |Costs|incurred|on|behalf od|the|US|by|the|Charity|and|recharged|675,686|-| |Teaching|and|Administrative|Support|agreement|(3,517,183)|(3,381,404)| |Accrued|interest|cost/(income)|on|build|out|loan|(292,703)|(317,425)| |Tuition|income|received|in|the US|612,551|799,792| |Foreign|exchange|restatement|of|build|out|loan|due|in|USD|as|at 30|June|412,037|8,174| |Campus|funding|in|relation|to|One|Bartholomew|campus|-|(3,501,937)| |Closing|balance|30|June|owed|to|the|University|of Chicago|(69,807,985)|(67,263,527)|

----- End of picture text -----

Amounts due from group undertakings also includes a balance of £1,620,686 (2024: £1,058,612) amount due to group undertakings) due from the University of Chicago Booth School of Business in Singapore.

15. _Ultimate controlling undertaking

The Directors consider The University of Chicago, a company registered in The United States of America to be the ultimate controlling undertaking and is the smallest group consolidating the results of this company. Copies of the University’s financial statements are available upon request in writing to 5801 South Ellis Avenue, Chicago, Illinois 60637, USA.

The Charity’s accounts are consolidated into the parent financial statements as part of the Booth School of Business figures.

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