Company Registration No. 5711851 Charity ￿]￿tratIon No. 1117431 The UniversSty of Chicago Foundation Limited Annual report and fiDandal Ststemefjts for ibe year ended 30 June 2021 The University of Chicago Foundation Limited Cornpany Regigtrat*)n No. 5711851 Charity Registr*tlon I IA7431 Officers and professional advisers Directors Mr J R Kroll Ms K Taylor Mr I Samstein Ms S Marine The Directors are the Tn￿ of th¢ Charity for Th¢ Clwities Act purposes. Company J¢¢r¢tsry SIS￿ Limited 21 HoliKTrrn Viaduct London ECIA 2DY R¢8btered offlce 21 Holborn Viadu London ECIA2DY Banker HSBC plc 60 Queen Vi¢toria Street London EC2N 4TR Audltor KPMG LLP 15 Canada Square London E14 5GL Ch*rity number: 1117431 Company n4mber: 5711851 The University of Chicago Foundation Limited Compgny Reghtration 5711851 Chmrlty Reghirntlo# No. 1117431 Annual report and financial statements 2021 Contents Page Offlcen and pmfesslo•*J advi￿rI Stratrylr and dlrtttors, rry¥ort IndepeDrtent Audttor'• rep)rt St*ltfflen¢ of fl••n¢l•l Aetfvhleg io Balanct iheft Cmb Ilow it*ternen¢ The University of Chicago Foundation Limited CTrmpMny Regislr4tion Nfk 5711851 Chgrlty Reglstratio• l¥0. 1117431 Strategic and Directors, report Thc Dir¢clors present their annuttl report for th¢ year endoj 30 June 2021 under the Companie5 Act 2LNJ6 together with the audited accounts for the year. and ¢onfirn) that thc latter complies with th¢ r¢quir¢ments of the ACL the Charilies (Accolmts and Reports) Regulations 201 l and the Charitics SOIiP IFRS 102). Ref¢r¢n¢e ind 4dministr•live inCorni*tlDn The Charity (Compony Rcgistrntion.. 5711851. Chariry Commission R¢gistrHtion.' 1117431) is a subsidiary of the University of Chicago, incorp)rated irt the United States of America. whi¢h w&s founded in 1898. The registered offi¢¢ of the Charity is listed on pag¢ I togcther with the particulars of Ihe Charity's Profwional advisers. The Charity 1$ u charitable company limited by shares. Dirtttors and Ch*rlty trustee¥ The Dire¢iiKs are the Charity Trn￿etS ol lh¢ University of Chica80 Foundation Limi¢ed (-the Charity J. They have all 8¢r¥¢d in office throughout the y¢or. Mr J R Kroll Ms K Taylor Mr I Samsiein {r¢si¥n¢d 15 July 21Y21} Ms S Marine The atTAirs of th¢ Charity are governed by th¢ Bo•rd of Tnjslees. The Tnjstees me¢t once per year and oversee the manogement of the Charity. Stru¢tur¢* 8owernAnet And Goveinlnz Do¢umenl The Charity is govem¢d by its Memoranthirn and Artici¢s of Asso¢ia¢ion dated 16 Felw 2006. Reerulrfmenl ond Trnlnlng olDlreeio The University of Chi￿gO 1$ ernpowered to make aN)oinknerti of Trv5tees for the University of Chi¢980 Foundation Limiled. For th¢ period frorn l July 2020 through 30 June 2021, the following served as Tru$t¢¢s; Ms. K Taylor, Ms. S Marine. Mr I S¥m5tein and Mr. J R Kroll. Throughout the perkod Ms. K Taylor held the w)sition of Vice President and Gerternl Counsel at the University of Chi¢ago. Ms. K Taylor's ￿}81[10n 9$ head of all legal affairs for the University provides the r¢quisite qualifKation for a DIr￿tor or the Charity. By vir￿¢ of h¢r appointment to this position at the University, she was ap￿Inted as a trttsiee for the Charity. Throughout ihe period Mr. J R Kroll held the position olsenior AdvL50r for Finance and Administralion at the University of Chicago. Hi5 capacity in this p051tion provides the requisi* qualifications to be a Director of the Charity. Throughout the period Ms. S Marinc held the posi¢ion of Vice President of Alumni Relations and Development. Her capa¢ity in thi5 Position provides the requisite qualifications to be a Director of th¢ ch￿ty. The University of Chicago Foundation Limited Company R¢gistration Iyo. 5711851 Charlty Regiytration No. 1117431 Strategic and Directors. report {eontinued) Struetiire? lovernance and rnan*gemenl (¢Onl5￿￿ed) Recrulimeni ond Tr￿nIng of Dlrecifin {conllnMed) Should any of these Directors resign their wsilion ai ihe University of Chicago. the suc¢¢5s9r to that position would Idke their plaee as a trustee of the Charity pending fin￿ approval from the remaining iy)ord mernbers. Training needs o( n¢w Trustees ar¢ as5eswl and mei as necessary. Upon apFrf)inimenL each Ths￿e re¢eive$ a copy of the UK Charity Commission's publication "The essential irustee.. whal you nttd 10 know. what you need to do" and "Charity Reportin8 and Accounting= The Essentials" and a8recs to follow thern. Ongoing ￿ainin¥ is provided as relevant changes are mad¢ to the either Charity Commission guidatK¢ and requirements Of applicable legisl￿10ft. OrKanl%ailtsn471nMnaKem¢n¢ -The Chgrity 15 managed by the IlnivcT5ity of chi￿80,5 deparnnenl of Alumni Relations and Dcvelopmenl I'ARD"). 'The employ¢¢s engaged in this managemeni are employ¢¢s of the University of Chi¢ago, not of thc Charity. ARD employees are responsiblc for day-tO•day exp¢ns¢ managemeni and the Tnjsitts are res￿n51b1¢ for thc Str￿e¥IC oversi&>h¢ uf the Charity. ARD employees staiioned in Chirogo ar¢ responsible for ihe day-lfrday affairs of the Charity: inLludin# ¢he procurement of ¥oods and services for th¢ Charity and the ne801iation and cxe£ulion of contrdcts. All finanLial aciivity 15 approved by ARD financial opcration5 Staff. All staff engaged in the vveT5ighi and approval ol. actiwiry uliimately report to Ms. S Marinc. Chariry Director and Vice President for Alumni RelatlOn5 and tkveloprnent at ihe University ofchicago. Dts¢ io the Small size and naiure of ihe Charity there is currenily no internal audEi function. This is continudlly undor review and will be updated accordingly as the Charity grows. While no spe¢ific int¢rnal audit exists. Ihere is sc¥rebyalion of duties io help reduce financial risk io the Foundation. Currently. all accounting for th¢ foundation is handled by the Universily's ARD otTice whilc $i8ning authority for payrncnts is the responsibility of thc Universiry's central Financial Services department. The individuals who apFYove payments and hav¢ bonk acc(Trunt authori7Aiion privileges are not the sume individuals who request the payments, monitor monihly aciivity and manage the bank accounts. Additj011411y, Ihe Chariry cngages a consultant in the UK io act as a Charity adminisiroior. 'Ihis administrator is a sx)int of contact on the ground in London and an advisor in matters relatcd to 8ift Transnational Giwin8 Europe and other like rnatt¢rs. RLsk thqnqxemenl 'rhc Directors have reviewed thc major risks io which lh¢ Charity is ex￿sed. in conjunction with the overall annual review of the risks and uncert4intie5 of the University of Chi¢ago. Direclors are content wtth the procedure5 that have been established ￿ Mitiga￿ those riiks. The following risks are managcd by the Charity.. Economic health ofprosr¢ct ￿)01 2. University of Chic¥80 Foundation continues to be viewed as # worthwhile home for philanthropic supNIrt Programs and initiatives supp)ned by the Foundation remain eniicin8 to donor5 The Foundation, through the University of Chicago, is ¢onlinually ideniifying new pro5PKts for solicitatiL)n. This 15 done in part through ¢xlensive research efforts. Additionally, as more Students matriculat¢ lo and graduate from the University of Chicago, new prospecis. in the way of Students and warents, are identificd. The rK>ol is a group of prospeLtive donors thai is ¢onslantly changing as new prospects are idenlified and moved into the pool and CUTrent prospects are reevalua¢d for iheir ability and williM8ncss to give and kept in ihe PLM71 or movcd out of it accordingty. A close relationship with the University also ensures that the objcctives of the Troundation will continu¢ to be viewed as a worthwhile home for philanthropic supN)rt and that programs and initiatives Sup￿rted by the Fowjdation remain enticin8 to don¢)rs. The relation8hip between the University and the Foundatith is crtt&cal for the Foundation to manab¥e the risk5 identified above. A5 long as Foundation and University objectives remain aligned, the risks identIf￿d above will be minimized and the philanthropic inierests of th¢ pro5￿¢1 pwl will align with the goals of the Charity. The University of Chicago Foundation Limited Comp*ny R¢gistr*tion No. 5711851 Charfty Regi$tr*tioi l 117431 Strategie and Directors, report (continued) Strueturei tovtrnance and man8gemMt {¢on¢lTrued) Airns, obJeetives and #¢tivitieJ Ch&rlthble objecilves The University of Chicago proyidcs programs and activiti¢s to offer a Tich and divmc educational environment for its Sludents to pioneer research thai pushes the boundaries of ¢UTr¢ni knowledge. A critical element of ihis activity is the necessary funding. The prirnary objective of the Charity IS io advance education. in p￿l¢u]￿r by providing grnnts to the University of Chicago and io other educational tnsiitutivns to assist in the *Jvancement of th¢ ¢du¢ation of students attending the instiLution. This increased support will advance university initiatives through provision of resource8 for unrestricied operating expenses, special projects {i.e. capital n¢edsl and endowments thwards sp¢rific purposes {i.e. rinancial aid. scholarships. professorships and resear¢h). Thi5 purpose directly cOntribu￿S to the b¢ncfit of giving an education io the public. ObJecdveJloT iheyeor The main obj¢clives of the Charity for the yegr ¢nd￿ June 2021 were.. To support the publi¢ b¢nefit initiatlV¢5 of the University ofchicago 2. To raisc funds for th¢ University orchic￿0 io further advanc¢ the ethication pro8rams and activities availabk to the public in the UK To offer UK ¢iti2ens an avenue for 8iving with increased peT50nal benefits 4. To keep UK based Alumni connected to the Univ¢rsity of Chicago in a meanin8fv1 way rai¢xles lo achleve iheperlod s obJ¢cdvd¥ Ensure that donors are aware of the benefiis of giving ihn)ugh th¢ Charity. benefits such as Gift Aid and iax*ffi¢i¢nt ¥iving frorn other Parts of Europe. Stay connecied wilh University alumni and friends ro ensure university iniliaiive5 and mission are clearly conveyed to these groups. Identify'losf alumni and friends to help incre&s¢ neThvork of potential supporters of the ch￿1￿ and the University. PrlnclpalAcllvlrfrt ofrheyeor The University of Chicago sponsored a number of olvmni relations and th)nor cultivatiort events in the United Kingdom. Alumni from many divisions and schw1$ of th¢ University of Chicago were repre5cnted. Th¢se events gave the Cherity an opportunity to connect with prospecLS whil¢ communicaling Chariry objectives io prospective donors. Revlew (bfgchlevements and perforrnaAee for ¢kne y￿r Op¢r4ilonalperlornMnee of the Chorlty The Foundation targcts alumni and friends of the University of Chica80. including parents, 5POU5es of alumni. fomier faculty and prior non-alumni donors. The fvndrai5ing ieam managed events and or8anized solicitations throughout the year to advance the objectives of the Charity. These events and aciivities, along with one to one meelings with donor5 build ¢onnertions within the University of Chicago community whil¢ fosterin8 an cnvironm¢nt which encourages philanthropi affiliation with the Chariry. The University of Chicago Foundation Limited Company Registration 5711851 Charity Registrgtion No. 1117431 Strategie and Directors, report (continued) RevieY4 of aehievements and performance for the ye•r (eontinued Flnonclt71 revlew qndreJuftslortheyeor Fundraising progre&$ lor the year su¢ces5fv11y exc¢￿ed the cost of doing business. For the fiscal year £2,935,3081?020.. £3,819,437) was rdiscd by the Charity from alumni and friends. Expenses toialled £35.680 (2020.. £31,779) which ineludes governance costs. support ¢osts and bank fees. The Cost p¢r p)und rdi5ed rdiio is less than Ipl£ I raised. This marks the renth consecutive year where this ratio was le95 thyn Jp/£l rais¢d. The Charity hopes and ex￿Ct$ to sustain thi5 ratio into the foreseeable future. During the fiscal year the Charity w#s #ble to make charitable don&ions io the University of Chi¢ago for objective5 laid out in the Foundation's written resolutions. tX)nation5 made by the Charity durin8 thi5 fis¢al period io¢alled £2,968,568 (2020.. rest￿ed £3.761,366). Charitsbl¢ ac¢ivity in a given year is direcily related to th¢ fvndrai5ing progyress in that given year. As a resulu tluctuation in th¢ l¢v¢l ofcharitsble activity can be expected as furtth¥isirtg fluctual¢s. Charitable activities in FY21 were split among the following written re501utions as detailed below.. Endowed Scholarships- Coll¢ge'. £1,408,622 2. Endowed Scholarships- Other: £105,990 3. Programmatic Support.. £1,071.676 4. Annual Fund Support: £99.681 5. Enduwed Professorships: £282.599 Reservt policy Th¢ Charity's primary objective is to ¢oll¢¢t and distribute grants lo the University of Chica80 dnd to other educalional insti￿tIons. In considering the tar8¢t r¢s¢rv¢5 10 held by the Chariry, Ihe Trustees ￿¢0￿nIXe that administrative and operdtional costs are nominal and largely non conlrnctual and that the Charity does seek to retain funds for growth or future projects. They hawe det¢min¢d that rexyves should ￿ minimal ai any period end. only retlecting a short tenn timin8 difference between re¢¢ip¢ of income and payment of a grant and io mainlain adequat¢ fund5 to cover nominal annual expenscs. At 30 June 2021 lh¢ Charity repons a surplus of £2.144 (20?O'. re5tat¢d £96.936) against re5erve5. Ihe toial amount of funds held by the Charity on 30 June 2021 was held as restri¢t¢d fvnd5 £723 (2020.. restated £52,845) and unrestricted £1.42] (2020- restated £44,091). The Charity LS SUp&￿ed in its day-lfrday obligations through its parent company. the University of Chicago. The University has commin¢d ¢0 providing supp)Tl (o the Charity to enable it to m¢¢t its short tern commitments a5 ihey fall due. Future plans pu￿re p14ns include continuing lo provide an avenue for giving from the UK and across Europe to supw>rt th¢ pro¥rdms and activities of the University of Chicago. To do thi5, the Charily. in cooperation with the University of Chiwo will host alumni and student events to encourdgc enga8¢m¢nl with the Universiry. These events will include annual receptions for new students, faculty lerture5 and private dinners with key prosw. p￿￿11¢ Benefit We have ref¢￿ed to the guid8nc¢¢ontained in the Clwiry Commission's ¥enernl guidan¢¢ on public benefLI when reviewing our aims and objeriives and in planning our future objectives. In particular. the Trustee5 Consider how planned activities will contribute to the aims and obj¢ctives ih¢y have sei. Continuing to support th¢ initiatiV¢5 laid out in the Charity's written r¢501ulions. including granting ￿holarShips, grdnting professorships and off¢ring oth¢r are&5 of financial support to higher education institutlolls, is continuing to suppon the public benefit of advancern¢nt of ¢ducation. These funds will provide both fomial education as well as research which add to the coll¢ctive knowledge and understhnding of specific areas of study. The University of Chicago Foundation Limited Cornpgny Registration N(k 5711851 Charity Registration No. l 117431 Strategic and Directors, report (continued) Dts¢losure of Information to ¥4llditor The Direcrors who held oifiGe at th¢ itst¢ of approval of this Dire¢lors' ￿e￿rt confimi that. so far as they are each aware. there is no relevant audit infomiaiion of which lh¢ Charitsble company's audiior is unaware: and each Director has taken all the steps ihat ihey oughi to have taken as a Director to make themselves aware of any ttlevant audit inf0rn14tion and to e5rablish ihat the Charitable company'5 auditor is aware of thai inforniation. St&ttrnent o( Directors, responsibilities ifi resptet of tht Tru$t¢¢s' •nfju•l r¢pDrt and the financial gtAttment$ The Directors are responsibl¢ for preparing th¢ Annual repcKt and the financial StsLements in al¢oid4n￿ with applicable law and regulations. Company law requires lhe Directors to prepare financial swem¢nts for financi41 year. Under that law they have are r¢quireiJ to prcpare ihe financial siatcments in acconlance with UK A¢¢ounliDg Standards and applicable law (UK Generally ALcept¢d Accounting Practice), including FRS 102 The Financiul Repuriing Sidndurd upplicable irt ike UK und Repuhlic oflreland. Under company law the Director5 musl nol atprove thc financial sta￿men1S unless (hey or¢ satisfied that they giv¢ a tThe and fair Yiew of the Sta￿ of affair5 of the Charitable company and of the excess of income over expendi¢ure for that period. In preparing ihese linancial stalcmcnts. the D￿r￿torS are rquired ￿.. select 5Uitablc accouniin8 policies artd then apply them consistenily. make judgements and estimales that are rew>nable and p￿dent. osscs$ the Chariiable company's ability to continue as a Boing ¢￿¢¢rn, di￿1051n& as applicable, matters related io going ¢onc¢m; and use the ¥oin8 collLern basi5 Of a¢¢ounting unless they either intend ￿ liquidate the Chari4ble ￿mpthy or to ceu5e operation4 or have no r¢ali5ti¢ alternative bui to do so. The Dire¢iors are responsible for keeping adequaie 4¢¢0unting record5 that are sufficient to show and explain the Charithble ¢ompany'5 transactions and disclose with reasonable a¢¢urw at any time the financial posiiion of the Chariiable ¢OTnpany and enable them to ensure the finan¢i41 sia¢¢menls cornply with the comp￿ie$ Aci 2(M)6. They are responsible for such internal control as they ddemitne is ntte%sary ¢0 enable the prcparation or rinancial staiements Ihat are fr¢¢ from material misstatemen( whether due to frntsd or error, and have general resw)nsibility for takingb such sw)s as are r¢a50nabty open to them to safeguard the assets of the Charithbl¢ company and io prevent and deieci fraud and other irregularilie5. The Directors are responsible for the mainienance and ini¢grtty of th¢ corp)rate and finarKial infomialion includcd on the Charitable company's website. Legislation in the UK governing the preparation and dissemination of financial stat¢m¢nts may differ from le¥islaiion in other jurisdictions. The University of Chicago Foundxtion Limiled Com￿nY Regbtr*thD iyo. $7111S1 Charity Re￿tratIoN No. 1117431 Stratryie and Direetorg. report (eontinued) A¥dttor of the [￿r￿S who rs a 41 th¢ dat¢ ofaF*Yoval of thi5 rrpLwI confTh5 that.. sts ftr ￿ the DlrE¢tor iqaw¥¢ th¢re is no r¢I¢v￿{ aydii informatiott of which the coM￿Y'S wditty is unllw￿ tho Dirtctor Iw taken the *eps th* Wthe CAL￿1 to hav¢ thk¢n as i Dwr may c&st Si8nifLc4nt (k)ulA on the Charl￿ble company's abili(y lo ¢ontinue ￿ 8 80in8 conccm for the going wnc¢rn ￿{KI. However. as w¢ Cannoi all fulure even￿ or condition* athd ¥5 5ub5cquent events may TC5uIt in outcomes that are inconsi81enl with judgements wcrc rc&8onable ￿ thc lim¢ they wur thc alx)ve aTrnclu$ions Jr¢ not 8 Buarantc that the charit#bl¢ company will Coniinue in upLrntion. Fraud bre*thes ofi*ws re￿1•1•￿￿- #blllty to detect ldenirfyingandrespf￿Olng io riskn ofmthffrialm&TslaRN*ni iofruwd To identify risks orm￿rnal missiatement duc to fraud{"fraud risks") we a&￿sCd cvrnts or condiii(Trns that Could indicatc an inccntive or pr¢s5Urt ￿ ¢ommit frdud or rmvide an (yw)nwiiiy ￿ ￿MMIt fraud. Our risk &ssessm¢Th¢ pro¢￿Ur<￿ includcd= Fnquiring nf management ond in5PeCtion ofwlicy &)cumentation a8 ￿ ihE Gharitable company's hi8h-Itvel poli¢i¢s and I￿0C£dUr¢stO pr¢v¢nLandd¢w¢i fraud. as wcll &swhetherthey hav¢ knowlojge olany Ackn￿1. suspected orallc8cd fraud. Reading Board minutcs. Usin8 sn4lybtal pro¢ethir¢s lo identify any unusual or unex￿ed relauon5hip& Independent auditor's report to the members of The university of Chicago Foundation Limited Cornpany Registrxtio* Nth.$711851 Chirhy Reglstr*tloTr 1117431 Wc communicrtted idenlifjed fraud risks throu8htM]i thc audit team and remaind alert ￿ any indtcations of fraud throughout thc audil. As rrquired by 4Luditin8 stsndar(ts. we perform to th the risk of mthnagement override of wntmls in particular the risk that m¥nauemtnt may ￿ in a ￿>5]I10n lo make inappropriate dc¢out)iing entries. On this audit we do not lievc (herc is a fraud risk related lo r¢vrnuc reLWition EfLXUSe we th) noi ¢onsits 15 an incenlive Lo rtcogniLe revenue in the wmng Jc(x)unting perM)d. We did not i(knlify any 4ddi(ional fraud risks. W¢ perfomicd PTocedurLS inclLKlin8.' Id¢niifyin¥ journkl enlri&s and other adju%¢mcni$ k) trsl based on risk crileria and ¢omp¥io% th¢ ilk'ntificd cnlriey io SUPFOrting dOL'umcntution.'I'he￿ included j()urnal$ to unrelatcd acLxTrunL8 and th¢ l#st five j()vmal% wJ5tL'd in th¢ Iden¢ifying andreJpondins io n5kF ofma¢eriulmiui￿t￿tnrf r¢loi¢dio ¢othpllunc¢ wilh lows 0ndres￿latiO￿¥ Wc ideniificd areas (>f luws ar￿ TC8ulalion5 tha¢ a)uld r¢awnably be expL%tcd ￿ hav¢ a mal¢ri#l on the finwicial s(atLm¥miS from tsur gen¢rul commercial 8nd S￿or ex￿￿¢l. and Ihrou8h discu￿10n with the dirL'ciurs and oihLY mAnu8cmeni145 required by auditin8 S￿nd￿d5') ond di*ux%thl with the direc￿￿5 and othff m8noB¢mwi the wlici&$ and p￿￿Ldur&% re8ardin8 ¢(>mplidn￿ with law$ and rc8uIsiions. W¢ Lvmmunicai¢d idcntified I¥w8 and Ycgula(i()ll5 thTOU8knut our t¢am and remaincd alcrt Lo any indication$ of non- LY)mplianGc throu8hout th¢ audil. The poLenti¥l ¢tTecl of these laws artd rc8ulatK￿offj the financial *a*mcnts vgric5 tt>nsid¢r¥bty. -I'hc LhurithblL company 1% $uhj¢¢t io law8 and T¢8ulations IhHI diTraly alTe¢i IhL financi￿ slalcmenL% inLludin8 finanLial r¢wrtin8 IvBislation lincluding ￿lated ¢ompani¢s and chllrilic5 Ic8islationl. and w¢ assessed ihc Lxlcnt (Trl'complianee with Ih¢* l#ws and rL'gulalions &4 FArt i)four pft)kYdurLs on the rela￿ rjrwncial 5thtem¢ni iths. Whilsi IhL' ¢haritohle c()rnpany 15 suI)jeL# io many uihLY Iuw5 and rc8uldtion5. we did nui i(kniify any other5 whLrc the eortsequLn¢￿ of non-compliartee Alonc could have a mo¢trial effeci on amoun15 or dis¢lu¥urcs in thc finan¢iiil ¥lM¢Lmcnts. Coni¢xi ofih¥ ablllty oli1* audli ID deiecifrawdor brvaches oflthv orr¢sNlailon l)wing to the inhcT(*t limit¥tiun5 of an audiL thue is an ￿￿¥OldSb]e risk we may noi have de￿ ￿)rne malerial mis3taL¢ments in thc financiol stlltcments. ev¢n lknugh wc havc propLYly plannul WKI rtTfom¥d i)ur audit in accordance with auditing S￿ndArd$. FOT cxample. the further removLY] nOn￿OMpli8nCC wilh law5 3￿j regultytions is from thc cvcnts dnd tran%aLlions reneLted in the financiaj ststcmenLI. the Iw likely the inhcrcntly lirniled required by Hudiling 8tandard5 would id¢niify il. Tn 4dditiTrn. a5 with any audiL thv¢ YemHinLY] a hi8hcr risk of Thm4eWton of fraud, as these may involve ￿[luSIon, lor8ery. In￿￿tiOnal omissions. misrepres¢ntauon5. or thc ovuride ofintcmol o)nirc>ls. ()uraudit pr{￿edUreS are dc5igned lo dl,￿,￿1 mai¢rrdl mi55tdilement. We are not r¢5P)t)sible for prevcntin8 nOn-c￿p1I￿n¢e or fraud cannot bc Cxp￿te to deteLI non.compliancc wilh all laws and re8uldlion5. Str8¢egle •md direeton, report The dTrwlvTS are DJw)nsible for lh¢ str#ie¥ic and dircaoTS' rep)rL Ouropinion on thc financial ststemenLsikj￿ noi LTher th￿ r¢port and wc do rK)t exprLW an audit opinioD thereon. C)ur T¢8￿nSIbIlity is to thc strategie and direclors, TeFrf)rt an¢L in &)in8 YO. ¢xytsider wheth￿. based on our fin8n¢io1 slatements audit w(Kk. thc inlorn?aiion thcrcin 1$ matcrially mi55tattd or inconsistent with the financial 51aiements or our audit knowledge. Ba￿j solely on that work.. we have kKJt ideniificd materiaj M)￿tements in the strntegic al￿ dircctors. rerA)rt; in our opinion the int¢)rmaiion giv(￿ in that rew)rt is ¢onsist¢ni with the financiaj 5t8tLyncnts' 8Dd in ouropinion that re￿rt has been prq)ared tn aL%ordan￿ with the Cvmwie5 20(kn. **Independent auditor's report to the members of The University of Chicago Foundation Limited Company Registration No. 5711851 Charity Registration No. 1117431** ## **Matters on which we are required to report by exception** Under the Companies Act 2006 we are required to report to you if, in our opinion: - the charitable company has not kept adequate accounting records or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. We have nothing to report in these respects. ## **Directors' responsibilities** As explained more fully in their statement set out on page 6, the Trustees (who are also the Directors of the Charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities** 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 our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not 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 the financial statements. A fuller description of our responsibilities is provided on the FRC's website at www.frc.org.uk/auditorsresponsibilities. ## **The purpose of our audit work and to whom we owe our responsibilities** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. **Joanne Lees (Senior Statutory Auditor) for and on behalf of KPMG LLP, Statutory Auditor** _Chartered Accountants_ 15 Canada Square London, El4 SGL 09 December 2022 10 The University ofchi¢ago Foundation LArnit¢d COMI￿nY Rogktrjlthll No. 5711851 Cknrhy Rq¢litr*dx M 1117431 Balan¢e $heel AQ 30 Jun¢ 2021 dl 2• Cwrrentum D¢trrtor&' amnunts ffrllity th *ithiM 0￿ye Cath at btsnk Irtd lft h 216f2 21817 9&rp47 34.652 120.945 Cr￿1•Y$. •AI••Ats fAlliq •*r y44W 132.401) 123.SW} 2244 97￿36 Ch•rlty UDrL¥triEts¥J funds 44091 51145 100 723 io) Jo 23M 97m6 Th• 14 10 22 pfflofllxx •Pie&* rnftf to 15 for thtsi1sth1 rvA4¢e4 LxmF￿lV0$. The fin￿Gi11 of Tht Univtnity of Chi(w Itryi*ernJ Nmber. 57118Jl} veA by the of for tsw¢ r)Er•mber 7 2022. $18ned oll beFdf of thc P￿￿Id of DiTrx 12 The University of Chicago Foundation Limited Comp•my Reg15tr*tioA 5711851 Ch*rlty R¢gbtrntk>n No. 11174kll Cash flow statement Year ended 30 June 2021 202 Note Cash provlded knvby oper#tlth¢ *ttlvltles (84,143) 43.948 Cxsh lknwy from Invutlfji •¢tfvltl IniLYesi ￿e7vCd Cash provided by Iwvestlni *eifvlt (DtcreA*y Incre￿e In ush •md equlv*leNts l• the year 184.137) 43.9541 #nd Lyuivai¢nL8 Ot the Prt8inthing of the yewr 96.097 52,138 Tothl cajh and ¢•¥h ¢qplv•kwts •¢ Ihe end ofthe yar 11.960 96,(197 Rtt•nelll*tlon to cash It hnk and In h*Dd: C&qh a¢ bwk and $hDwn in thc Charity's balontt shc¢t 96.097 13 The University of Chicago Foundation Limited Company Registration 5711851 Charity Registration Nth 1117431 Notes to the financial statements Year ended 30 June 2021 Accountlng polieies General informatlon and of accounting The following accounting policies have been applied con515tently in dealing wtth items whi¢h are ¢onsid¢Ted material in rel*ion to the financial statrmenLS. Balis ol preparation The finan¢ial statements have been prepored un11er lh¢ h?storic cost basis of accounting. in accordttnee with Accounting and Reporting by Charities= Sthtemeni of Recommend￿ Practice applicable to chariiies preparin¥ iheir financial ytatement5 in accordance with the Financial Reporting Siandar(l applicable in the UK and Rcpublic of Ir¢land (FRS 102) {effective I January 2019)- (Charities SOtIP (FRS 102)), the Financial Reporting Standard appli¢able in thc UK and Republic of Ireland IFRS 102) and the Lompanies Act 2(￿. -The functional currency of The University of Chica80 FoUnd￿10n Limited is considered to be pounits sterling be¢aus¢ tho1 is the currency of ihe primary economic cnvironmeni in which the Charity opcTrte5. The Direclory believc thai ihe Charity will noi be Significantly impacted by any economi¢ downtum that may result from the COVID-19 pandemic. The l)ireciors believe thai the income of ihe Charity will contirtue ¢0 con5idcrobly cxceed the cost of generdting revenuc throughout an economic di)wnturn or recession. The day to day operalion5 ofthc Charity were managed on a remute basis and hav¢ no¢ been affected by office closures resulting from COVID-19 PTcv¢ntion mea5ure5. Colng eon¢¢rn Management has reviewed the cash forec>s through fiscal year 2024 (fiscal year¢ndin8 Jun¢ 30. 2024) which indicate that The University of Chicago Foundation Lirniied {the Charity) will have sufficicni fund5 lo continuc as a going concern. Th¢ Charity 15 managed by employe¢s of The University of Chicago (the parent ¢ompany) and has ncgligible fixed costs. Th¢ fixed cosrs of Ihe Charity include yearly fees for audit and &ccounthn¢y services. The paTeni company 15 commiii¢d t(Tr supporting the Charity in meeting these costs. The Trnst¢¢s and management have olso considered the implications of COVIt>19 and Brexit on these cash for¢ca5ts and do noi hav¢ any substantial or si8nificartt doubts regarding the Charity's ability to continue &8 J 80ing ¢oncem for a period of at leasi 12 months from the approval of the &c¢ounts. Fund 8¢¢oyntln% lJnre5tricted funds are gencrni fund5 that are available for use at the Directors, dis¢r¢tion in furtherance of the objeclives of the Charity- Ineome Donaiion5 represent thounts received in the year. Investtnents wresent wnounts receiv￿1 in the year from bank interest. Income is recognised when the Charity is legally entitled to th¢ iftcom¢ and the amount can be quantified with rcasonable accurdcy. Donat¢d services are recognised &$ income when th¢ Chority ha5 control over the item. any conditions associated with the donated item have been met, the receipt of economic i￿er11 from the use by the Charity of the item is probubl¢ and that economic benefit can be measured reliably. Expenditure Expenditure is accounted for on a commitsneni b￿15. Overheads and other costs not dir¢cily attributable to particular functional artivity categories arc oPPOrtioned overthe relevant categories on the basis of mana¥eTnent cstimate5 of the amount attributable to tha( aclivity in the year. eiiher by reference to staff time or space occupied, a5 appropriat¢. Th¢ irrecoverable element of VAT is included with the item of ¢xpen5¢ to which it relates. 14 The University of Chicago Foundation Limited Company Registration No. 57118SI Charity Registr*titin No. 1117431 Iyotes to the finaneial statements Year ended 30 June 2021 Accounting pollcks (contlDued Expendlture (continued) Governance costs Comprise the costs ofrunning ihe Charity. includrn¥ Strdie¥ic planning for its future development. ¢xt¢rnal audit. any legal advice for The Universiiy of Chicago Foundaiion Lirni*d Dircclors. and all ihe costs of complying with constitutional and slalulory requirements, such as the costs of Board and Committe¢ mcetings and of preparing statutory a¢c¢)unts and satisfying public accountsbility. Dethiled disclosures con¢erning how support costs were split are noi made on the basis ofihern noi b¢ing material. Charitable activity is in compliance with th¢ Fowthion's gTrnt making ￿)liCY. Gi￿4 from (kTrnoT5 musi be in accordance with ihe Foundation's resolutions. As Bins are r￿CIv￿ they may be granied to th¢ University of Chicago with specific in5truction5 for use aCc￿ding to the donor'5 inlent. The Foundation relies on the Univ¢r5ity's internal c4)nlTo15 to verity d(Trnor's inieni is realiied. TAX#tIo The University of Chicago Found*ion is ¢on$idered ￿ pas5 the tests set out in ParAgrnph I ￿hedUle 6 Finance Act 2010 and th¢refor¢ it meets the definition of a ¢harithble company for UK corpordiion thx purposes. Accordingly. the Charity IS p¢)¢entially exempl from lax01￿n in re5PCCt of income or capithl gains received wiihirt c*tegorie5 covered by Chapter 3 Pa I I Corporation Tax Aci 2010 or S¢¢tion 256 ofthe Taxation of Chargeable Gains A¢1 1992, to the extent that such income or gain5 arc applied exclusivcty w ¢harilabl¢ wrposes. Forelgn ¢urren¢ks I'ransaclions in foreibn curr¢n¢ie$ are recorded at the ratc prcvailing at the date of the ¢Tan5action. Monctary as5ers and liabiliiies denominated in foreign currcncie5 are translatrd inth Sterling at the period end exchange rates. All differences are taken io the Staiem¢ni of fin4n¢ial acliviiits. Cash wt bank And In hand Cash at bank and c&sh in hand includcs cash and short terni highly liquid iftvestmettts with a short M￿urItY of thrtt month$ or less from th¢ dai¢ of acqui5ilion or opening of Ihc dep05il or similar account. Flnancl*l instrurnents Financial 0$s¢ls and financial liabilitie5 are recognised when the Charity becomes a party to the contractual proviSLon5 of the in$twm¢nt. All financial ￿setS and liabilities Are inilially measured ai tyan5aciion price (including trgnsa¢tjOll C05tsl. TrAde debtors creditorn Trade and other debiors are recogni5ed at the 5ettlcmenl amount due after any trade discotsni offered. Pr¢payrnents are valued at the amounl prepaid net of any trade discounts due. Lrediiors are recogniscd wher¢ the Charity has a present obligation resulting from a past event that will probably result in the transfer of fund5 to a third party and the amount due to settle the obligation can be Tncasured or estimated reliabty. Crediiors are recognised a¢ their settlement amount after allowing for any trade discounts du¢. Critical ¥c¢ounting judgements #nd key soyr¢u of ¢stimatiOll IlA¢ertaiAty In the application of th¢ Chariry's accounting p)licies. whtch are desGribed in note I, the Directors are required to make judgcment5. estimates and assumptions alKJui thc orrying amounts of &55ets and liabilities thai are not readily apparent from other sourccs. The estimates and a&vKiated &%sumptlQ115 are b&5ed on historical experience and other fa¢tors that are considered to be relevant. Actual results rnay differ frotn th¢s¢ eslimates. The University of Chicago Foundation Limited CornpANy Rtgistratioth No. 5711851 Cb4ri(y Registration No. 1117431 Notes to the financial ststements Year ended 30 June 2021 Criti¢81 accountin8 judgemeDts key gourceg ofeslimgtlon lln¢¢rt4ittty (Contlnued) Ihe esiimates and underlying assumptions are review￿ on an ongoing bLsis. Rewisions to a¢¢ounling e5timaies are recognised in the period in which the estimate is revised if the revision affects only Ib￿ or in the period of the revision and future periods if the revision atTects trx)th current and fuwre periods. The Dir￿torS do not consider there are any critical judgements or sources of estimation uncertainty requiring di¥rlo8ure beyond the accounting p)li¢ies listol 4bove. Ineorn¢ frow Charltable actlvStles Unrestricted Restricied fllnds rulld$ Total UnreJtrki¢4 Rejtrlried 2021 funds funds Total 2020 Donation$ and gilts 370.527 2.564,781 2,935.308 131.994 3.687.443 3.819,437 Expendlture (Restated) Total 2020 Totll 21121 R4i51ng funds Bunk fees Support costs 229 16.951 328 16.951 17,180 17,279 Charltsble A¢tlvitleJ Grants awarded Curr¢n¢y loS￿(gaIn) 2,968,568 3.761.366 25,858 (18.594) 2.994,426 3.742.772 Governgnce Cogts Audit services Accountancy 14,0 4.500 10,( 4,500 18,5 14,500 Total 3,030.106 3.774,551 *Plea5e refer to note 15 for further detai15 on re51ated c(thparatiYes. The audit firnj only received fees in res￿￿1 to audit servi¢¢s. Audit fees are presented ex¢lusiv¢ of V AT. No Directots or persons conneded with them received any rcrnunernlion, other i￿er1￿ or reimbursement of¢xp¢n5¢s from the Charity. During the year the Charity did not employ any stsff support directly. All grants made by the Charity were awarded to the University of Chicago in the Unitd Stat¢S. 16 The University of Chicago Foundation Limited Company Registration $711851 Charity Registr8tiom l 117431 Notes to the financial statements Year ended 30 June 2021 Anatysts of tharltab]t furtds {Rest*ted) un Incorne Expenditure 30Jun 2021 2020 UThr¢$iricted Funds 44.091 370.533 413.203 1.421 Re51TiCted funds.. Chicago Ilooih AnDuo1 fund I ChiLa¥o B(M)Ih I long Kun8 Mt. I)avis Cthicago MIJA PAperiL7Jce Fund J CLI- Siud¢ll¢ Organizatior￿- Trm¢in Juy and MauTa Satdcnbcr8 ()Jyssey bund S H4Lrberger Profe&wT8hip in bKMumi¢¥ I Icnry Ritcholt¢ In*yn￿l0noI Siudi¢s Fund CSA China Pruwmming and Irliliativcs Jeff Mc¢caifiniemship8 On51 S&waris frund lo 2.330 12,330) 13Y,4351 39.435 391 123.0461 173.1￿) {282.6011 {164,9731 {34,856} 75,184 282.601 164.973 34,856 7.280 ,182,631 391499 30.411 7.280 11.182.631) 1392.4991 130,411) Sllwiri$ ()dy&scy F.xpcnddble MHrr and Amn# Bohcim S¢holmhip fund- Chicago Bwth Martini Family Inicrnaiional Udytrq M¢tal(Infftthip fund 50.4IO 156.9671 (6721 {J3,6691 18.0681 {44.981 {2,4351 (148,8631 174,9071 (17.9641 2616W3 16,5571 Marvin 7.onis Intematiot￿I Scholarship Odys%ey S¢holarthip Expcndablc 15 Pr¢ddy family Fund So¢iil Course SuprK>rt Surnmer Aysistant Psych 11 Thc H￿dad Fumily International Scholarship 19 Van %iults Scholarship fund 29 Watson ()pen lknr5 Scholarship P'und" 672 33,669 8,(￿8 44.981 2.435 148,863 74.*)7 17.964 n3 Total Funds 1935.J14 3 031Lll 1144 17 The University of Chicago Foundation Limited Cornpany R¢gistration 5711851 Ch*ri¢y R¢gi$tr*tion l 117431 Notes to the financial statements Year ended 30 June 2021 Analysis of ch4ritable funds (eontlnued) I Chicago Booth AnTh￿al FuDd Thi5 fund provides unrestricted supiwi lo the Booth Sch(KJl of Business. Chle#Ko Booth Hong Kong Mount Davts This fijnd provides sUPWYt for the developmeni of the pernian¢nl Chicago Booth c4mpu3 in Hong Kong. Chic*go Booth's MBA Experlente Fund This fund provides support for the MBA experience outside ofthe classroom. including funding foTtr¢ks, travel opportunitie& expansion of Ivddership programs, living supw)rL student-alumni progfdmming, brand buildin¥ activities among the student population. iniernships. $wd¢ni gTOUPS and i)thcr activities and progrnms As dir¢￿ed by the Deputy Dean for the MBA program. 4CLI_ Sltsd¢Dt Org*DkT4iltsns- Fencing The purpos¢ of this fund is to provide suppffl for the fencin8 Club ￿ the Univu5ity, includin8 but not limited to ¢omwilion expense5 Coaching. SGUY and M*urn SAlde•bery Ody$sey Fumd The purpose of this fund is io provide scholarship SUFP)rt for undergraduats students in the College. OArnold C. Harbtryer PrOfeS￿rghIp In Eeortomlcs The Universiry of Chicago Foundation receive donations which are gifted to th¢ University of Chi¢ogo School of Business, the expendable income from this fund is used ￿ provide seed fiJndin8 for a 18r8¢r ¢ifort io ¢stabli5h and maintain a profeswrship in its Department of Economics to be known as the Amold C. Harberg¢r Profe550rship. Henry Ritchotte Iniern•tiort*l Studles F•nd This fund provides support for new r￿earch in Intern￿10nd1 studies in the 50ci•I ￿lenceS, with a particular emph&sis on collaborntive mixed rn¢thod$ re5eaTCh. ESA Chin* Pro@rafflrnin8 and Inittatives This fund provides suppn for thc enrolment and student ￿1vanCernent division's initiatives ond programming in gTeater China. Jeff Metcalf Internships This fund provides sUPPOrt und8raduate stydenl irttemships. IQOnJi Sawlris Fund Thi5 fund provides 5cholar5hip Supp￿ for international travel r&qearch. SawiTiS Odyssey Expendable This bjnd provides expendable Scholarship support to the Odyssey Scholarship Program, which rffovides supplem¢nlal Colle¥e aid grnnts to und¢rgraduale SDJdents who would otherwi* have to acttpt student loans in order io attend the University of Chicago Marc And Am￿0 Boheirn Scho]arshAp Fund This fund provides scholarship 5UPFrfKt for ￿udentS in the fvll-time MBA Program at the Booth School of Business. Martini Family International Odyssey Metcaif internship Fuftd This fund provides suppurt for internships for undergraduate sNdents in th¢ Coll¢ge. M¥rvln Zoniy International Schol*rsblp This flmd provide5 scholarship support for full-time MBA S￿dents at the Booth School of Business. ' Odysyey Scholarship Expend*ble 18 The University of Chicago Foundation Limited Company Regigtration No. 57118SI Charity Registrntion No. 1117431 Notes to the financial statements Year ended 30 June 2021 Thi5 fund provides expendable scholarship Supp￿ to the (Myssey SclKTrlaTship Progr8rn, which provides supplem¢ntal College aid grants to Under￿lua* sth¢Jents who would othetwtse have to acc¢pt student loans in order io Attend the Univmity of Chicago. J6Preddy Family Fund The purpose of this fund is io ￿0VIde support 10 Strengthen and expand progrnmming and iniiiaiives d¢velopEd. overseen, ond executed by the University's Sexuiil Mi¥opduci Student Advisory Board and its pArtnets 4¢ro&s ¢aTnpus. 17Soci&l ]rn￿et Courxe Support The putpose of this fund is io provide supFM for an exp¢ricniial learning based Chicago Booth Social Impacl Lab ¢uur5e. This course will require a student cohort io th¢ f￿lbilIty. I￿lIa1 impactlrcturn. and scalabiliry of social irnpact projects. )¥Summ¢r A$Jlstaw¢ In PJyeholoLv Fu#d The purpos¢ of thi5 fund is to provid¢ supp(Trrt for undergraduate students who will work #s summer part.time research assistan15 studying chililhood autism in th¢ tkpartrnent of Psychology und¢r Professor Amgnda Woudward. H¥dd8d Wxmily Int¢rn4lion41 Odyssey Sehol8rshSp Fund Expendable in¢om¢ frorn the fund is used to provide ￿hol￿r$hIpy known as 'HwAdad Family International Odys%y Scholarships" to international students in the Coll¢g¢ who qualify for financial aid under the Colleg¢'$ finAn¢ial aid wlicy. 30V4n S¢ults Scholarshlp Fund The purpose of this fund is io provide stholar5hip support to fiJll-iim¢ MBA swd¢rtts ￿ the Booth School of Bu5ine5$. 21W#twn Opert DoDr5 Scholarshlp Fund The purpose of this fund is to provide scholarship Supp￿ io full-time MBA 5wdents at the B￿xh School of Businesy. Debtors: 8rn(trunts f•lllNg due wlthln one year {ReJt<d) 2020 2021 Ami)unts payabl¢ from related parties 22,692 24.847 22,692 24.B47 Creditors: amounts falllng due wlthin vn¢ yur 2021 2020 Accruals Other creditors 18,5 13,908 10, 13,908 (32.408) {23,4)8) 19 The University of Chicago Foundation Limited Cornpany ReKi$trAtion No. 5711851 Cbarity Registrntlon No. 1117431 Notes to the financial ststements Year ended 30 June 2021 Analysis of assets and Ilabilities be¢wttn f•ndg Endowm¢nt and rejtrieted fund$ Unrestricted funds Totpl Cash at bank Debior5.' amounts falling due within one year Creditors.. amounts falling due within one year 11.237 22,692 132.408) 723 11,960 22.692 (32,408) As at 30 June 2021 1.521 723 2.244 As at 30 June 2020 {r¢s¢al￿) 44.191 52.845 97,036 Guar*ntees and contingent lknbllltlej The Charity has eni¢red into no guarantee arrangem￿ts. ShAre capltal io. 2021 2020 Allotted, ¢4lled-up fully pald Ordinary ghare5 of £1 each loo IOIY/o of the share capital is owned by the Urtiversity ofchicago. The Charitable status ofthe Ch4rity prohibits the University from bein8 entitled to any dividends. Reconciliation of net In¢om¢ ¢0 net Ik)w frnm oper*tin¥ *etlvltles {Rest*ted) 20211 2021 N¢t {expensel/income per statement of financial ￿tIvitI Deduct gains on inY¢stments Decrea￿(lnCreaSe) in debtors Increase in credito (94,752) (6) 2,115 8,5(Kl 44,890 (24,845) 23,908 Cash provided (used Iny by opEr8ting A¢¢iviti {84.143) 43.948 12. Related party trnnmetlons Durirtg they¢arth¢ Univ¢rsity ofchicago in the US incurred costson behalfof the Charity which amounted to £18.500 {2020.. £14.500). Th¢ Univ¢rsity of Chicago in the US rechar8ed £rtil (2020.. £nill of 5UPWIrt Costs to the Charity durin8 th¢ y¢ar which related to staff time 5F¢nt in relation ro the Chartty. During the year the University ofchicago in the US ha5 gifted £nil (2020: £nil) to th¢ Charity. The balance at the year end w&s £nil (2020.. £nil). 20 The University of Chicago Foundation Limited Company ReRistr*tion 5711851 Charity Registratio￿ No. 1117431 Notes to the financial statements Year ended 30 June 2021 12. Related party transietlo Grants made in th¢year totalled £2.968.568 (2020.. re$¢ated £3,761,366) and were all paid to the University of Chi¢ago in (he US during ¢he year. 13. Events after the ¢nd of the reporting period There were no significani ev¢nts aft￿ the ￿lance sheet date. 14. Ultimate parent compAny Thc Director5 consider Th¢ Univ¢r5ity of Chicago. a company re8lStered in lThe United States ofAm¢ri¢a io be th¢ ultimate paTent company. University of Chi￿0 18 the smallesi and largest8TOUP in which the re5uIt5 of ihe Charily or¢conKJlidaied. Copies ofihe University's fin4n¢ial st￿eMents ave availuble upon request in writing to 580 I South Ellis Awenue. Chicago. Illinois 60637. USA. 15. PTlor yeAr rest¥tement Adjusim¢nts have b¢¢n made io the prior period financial sthiements as a reyuli of issues idcntified in the intercomp8ny transfers with the par¢nl entity. Balonce sheet &131 December 2020 A¥ orl8lnilly reported AdJustmevJt As rutstod Currtnt aysets Debtors.. amounts falling due within one year Cash at bank and in hand 89,453 96,097 (64.606) 24.847 96,097 Totsl assets 185,550 (64,606) 120,944 Creditors". •mounts falling d￿e wlthln one y￿r 129.308) 5.400 (23,908> Net ass¢ts 156,242 (59.206) 97,036 The fundj of th¢ Charity Unrestricted funds Restricted funds Share capital 73,992 82,150 (29.￿)1) (29,305) 44,091 52,845 100 156242 (59,206) 97.036 The University of Chicago Foundation Limited Company Registration No. 5711851 Charity Rt8iStrntion No. l 117431 Notes to the financial statements Year ended 30 June 2021 15. Prior ye*r rejtatement {eontinued) St&temeDt of fjnancial AetlvStles (Intludlnt Ineome expendltwre letount) Year ¢n41ed 30 Ju•e 2020 A5 original Unrestricted ndj A• orlElnal AdJu$¢mtnt Rextrictd UDrulr•rted F4nd$ AdjuJtment Restricted FuDdi Ai rtstlttd 2020 In¢om¢ Donations Invc5tm¢nts 131,994 3,687,443 3.819.437 Tothl In¢ome I32.￿5 3,687,443 3,819.448 Expendlture on". Raisin8 fund5 Charitabl¢ activil?e5 {17,279) {78,8641 (17.279) 13,757.2721 (3,619201) (6.883) (52.323) Total exp¢ndlture (96,143) (3.619201) (6,883) (52,323) {3,774.551) Net ￿0vement in funds 35.862 68242 (6.883) (52.323) 44,896 Re¢onclllwtlon of Totsl funds brought forn*rd 36,926 52.038 Tot•1 fund8 ￿rrIed forward 50.974 105,168 (6,883) (52,323) 96,936 22