Company wtstration number. 05711851 Charity TezL8tr*tioll number: 1117431 The University of Chicago Foundation Limited Annual report attd flnantlal ststemejts for th¢ year ended 30 June 2023 The Unlversity of Chicago FouDda¢lon LSmited Contents Officer5 atNJ professional advis¢rs DirccLors' re￿1 Inde￿ndent audilor's Si8i¢m¢ni of Pinan¢i41 A¢iiviti Bal0￿¢ Shc 12 Sia¢oM¢ni of Ca51L Flow5 No*s to Ihc tinancial 5tatcmcnis 14 The Unfversity of Chicago Foundation Limited Officers ¥nd prof￿￿10￿91 *dvis¢rs Dlrnetors Ms K Taylor Mr K Afsahi Mr I Samstein The Dir¢ctOW5 arc the TnLSt¢¢s of the ChhTity for The Clwili¢S ExwfAts Comp••y setretary Si5ec Limited 21 Holknrn vi*l￿t London ECIA2DY Rryijtsrtd offi¢¢ 21 Holb)rn Viadwt n¢*) ECIA2DY BaDk¢r HSBC plc 60 Queen ViEloria Sired kn)n&in EC2N 4TR Audleor m￿re Kingston Smith LLP 6th FILK*r 9 AN￿ld Sireef nth)n EC2A 2AP Ckarlty Aumber. Cornp*fyy number. 05711851 Tbe University of Chieago Foundation Limfft¢ed Dlreetors, report The Dirtcior4 are ￿$0 the Trustce5 for the PUryA)sts of Clwithle law. treseni their annual rerA)rt for the ytar end¢d 30 Junc 2023 llnder theC¢)Thpgnie5 Act 21Xkn iogthrwith ihe audiicd a¢rounts forthe ye8r. and tonfinn the latter complies with the requir￿c￿lS of the AeL th¢ Charities (A¢￿1￿¢$ amd Rwrts} Regulations 201 l and the Charitics SORP (TrRS 102). Refettntt **d *dJninistr¥tivt informAtio I'he Charity {Cotnpany Registr&iorJ." 05711851. Chsriiy Commission Registration.. 11174311 15 a subsidiary of thc University of Chicago. ineortK)r8ted im thr Unitcd S1￿c$ of Americ4 which wa8 fvurtded in 1898. The regisi¢rgJ oifice ofthe Charity is listed on pagc l kngeiher with Ihe particullts ol'the CTharity'$ wofession￿ advisers. . Charity 15 a charitable Cornp￿Y limired by share& Dlreetor5 and Ch*rlty t￿￿te$ Thc T)iTCCtors art th¢ Charity Trusitts of the Univcrsity of ChiLW Fwnthion LimiLe4 I'lh¢ Chgrity'l. They have served in O￿lee throughoui the yvdr, excw 8$ Mrtoj: Mr J R Kroll (resigr￿d 30 june 20231 M5 K Taylor M5 M F M M¢¢ourt lapFoinicd l July ?022 and rcsignul l (kth 2023> Mr I Samyt¢in14pF4)inied l October 2023) Mr K Af$ahi lapwinid l July 20231 The &fYairs of the Lharity are 8ovemed by Ihc Board of Tnw¢e5. The Trusw mcd onL* per year and oversee the mana8etncnl of Ihe Charity. S¢rw¢tiiN yvtrnalbtt A•d m•nigememt The Ch3riiy is go¥crned by it5 M¢Tnorafidum and Arti¢[￿ ofAtyxiation da*d l6 Feivw 2￿6. Recr4itmeni Trnl*l*% oJDlreclors Th¢ Ilnivcr¥ity ofchiL¥80 1$ ¢tnFowercd lo make •prv1n¢m￿I of Tnwe4s for the Ilnivcrsity of Chiwo Foundution Limited. For Ihe ￿riThI fruffl l July 2022 through 30 Junc 2023. lh¢ fvlJowin8 5crvcd Trus*es.. M5 K Taylor. Ms M Mccoun, Mr I Samslcin and Mr J R Kroll. Throu8knut the period M$ K Taylor hcld th¢ F¢)Sition of Vrce Presidcni aThJ General Cowisel at the lJniveTSity of Chica80. Ms K Taylur's wsiiion as he&1 of all Icgal atrairs for th¢ Uniycrsity pro￿l￿t$ the requi5iic qualiticaiion for a Director ol. the Ch&Tity- By virtu¢ of h¢T apFoinlrneni ￿ this p05ilion 4th thc Univ¢rsiiy? she w&% aw)in*d as a truslee for the Charity. Throughoui thc period Mr J R Kroll held the w)siiion of S￿l0r Ad¥i%>r lor Firtanrc aThJ Admini51rativn ￿ the Univcr51ly of Chi¢ago. Hss Lapaciiy in thi5 P)5)tion provided the rt9Ui51tc qualif￿[lOft$ io be a DirectrJT of the Charity. Throughoui the peri￿ Ms M F M MLCoun held th¢ p)51tion of Chief Finffj¢iil 0￿1CcT ai the lJniv¢r5ity of Chicago. Her capacity in this Fy)sition provides the requisi1¢ qualific￿lOn$ ￿ b¢ a Dircdorof ihe ChfiTity'. M5 Mccourt resignrd on Oaober 1. 2023. On July 1. 2023. Mr K Af5ahi wa5 4V)in¢¢d. He ihe t*)sition of Vice Presidmt of Alumni Relwions and De¥eiopm¢ni at the University of Chicw. His wiry in thi5 P)siIN)n [￿0vid¢S th¢ Tequisitc qualifJL*tons ¢0 bc Dircetor of thc Charity. Ort Octobcr I, 2023. Mr I SaM￿¢1n w&s aP￿inted. H¢ hplds the rA)siiion ofchief F1nDnCi￿ Offic¢r at thc Univcrsity of Chicago. His Ca￿lty ITh this rM)siiion provides the rqui5iie qualific*ion5 to bc a DireC￿r of thv Ch￿ltY. Should 4ny of ihesc ThreCtO￿ rc5iBn Iheir r*)Silion at University Orchir￿0. Ik sue£cwr 10 that w)sition would tak¢ tkiT place a trusttt of the Chui(y r*(Kiin8 appToval from thc remaining ixwd mcmbEf5. Training nttds. of new Truste￿ arc *55e55ed and mffl &% necessary. Upon aprrf)intsThenL trustee re£cives a topy of thc UK Chariiy Commission's publiraiion"Thc csseniia] tTUacc.' whai you nttd to know, wh& you need to Ik>- and""Charity RcKK>rting and Attuuntin8.' Th¢ Ewniials- agrees to follow them. On80ingtrnining is provid￿ as rckvant Lthan8cs are tT to the either Charity Lomm15sion guidaJKr atKI r¢quirtmen15 01 applicabi¢ le8islatioft. The University of Chi¢ago Found*tlots Limiied Directors, report (ton¢lnued) The Charity is man&g&l by the Uniw¢r5ily of Thica80"s d¢parm￿l of Alumni Relations and Devrloprncnl {-ARD"I. The employees engaged in this M￿agnsiblc foT th¢ day-to-day atrairs of the Charity: includin8 the procurerncnt ol g￿lS aThl seryices for Ihc ChaTity and the ne8oiiwion ond ¢iecuiion of contraLts. All rinancial activity is approv¢(J by ARD tinancial operations yatT. All stsff enga8cd in the oversi8hi and approval of activity uliimaiely to Mr K Afsthi, CTharii) Dirccror ar￿ Vi¢¢ Presideni for Alumni Rclai1o￿ and Developmcnt at the University of Chicago. Djcto ihc S￿￿1 Sitt 8nd naDJre ofthe Ch8tity there is currenily Intern￿ a￿111 function. Thi5 is continually uth review and will k uplated accordin8ly as lh¢ Charity growL While no srrtific internal a￿di1 extst5, Ihcre is 5cBregation ofduiies 10 help reduc¢ financid risk ￿ the Found￿1￿￿. Currently, all ac£ounting for th¢ FoUnd￿10n is handlcd by the Univiysity's ARD olTice while sigthin8 authority for paymeThts is thr rel￿nSibIlity of il University's centraj l.'inanci41 Scrvirrs dewment. Thc individuJs who arwve paymcnts 8nd h4v¢ bank account authorizaiion wsvilcgcs are the 5arn¢ individu￿5 wkn rcqucsi the paymeM& moniror monthly #tiivity 8nd manage the bank accounts. Additionally, the Charitv eDgagcs a Consul￿11 in th¢ UK io &t &s a Charity athnini*¢rnior. Thi5 admini5trJ¢or is a p)ini of contxt on Ihc in aThl an ￿J¥150T in matter5 rel￿ed k) gift Transnational Giving Eumpc and oihcr like matters. kish The Dircclors have reviwed the major Ti5k5 to which the Charity is ex￿sed. in Conjun￿lon with ihc overall 8nnual review of the risks un¢¢rt8inties of the Univ¢Tsity ofChica80. Direaors are contthi wilh the procedur￿ tha¢ have establishcd kn rrLitigat¢ tlw risks. The following risks are mana8ed lry Charily: Lconornic hcalih of prospeJ University ofchica80 FouThl•ion coniiTrues ￿ be vKw¢d Ls a worthwhilc home for philanthropic supwrt PTO8fdm% and iniliaiivu suprA)rt￿ by the Fourthion remwn eniicing ￿ (kn￿r$ Ile Foundation, thTOU8h th¢ Universiiy of Chicw. 1$ coniinuaily ideniifying llcv4 prospecL% for solicitaiion. This is done in part Ihrough ¢x￿￿1Ve research efforts. Add11￿￿111y. &8 mute siudenls malricul￿¢ 10 and 8radualc from ihe Ilniv¢rsity of Chi￿80. pro%pr¢￿ in the wfyy of sttthnls aThJ p8rrnts, are ideniifid. Th¢ wl is a Broup ol pro$rÉaive donors th& is eun5t￿l]Y EhaD8in& 8$ new pr05Fttts ar¢ identified and Thved into thc rool and Lurrcnt pr05ry¢1s are reevaiuatul for thcLT ability aryj willingr*ss 10 8¢ve aryj kcm in the [￿￿TrI OT moved oul tsf il a¢¢ordin8ly. A cloJc r¢lwiortship with the University also ensure5 that Ihe 0￿e￿1¥t5 orth¢ Foundation will ￿ntinUe ￿ b¢ vicwed &$ worthwhile IKbrDe for philanthropic SUPFQrt and th* ry08rams and inilialives $upwrttyJ by ihe F(TrurKi8lion remain enticing io donoT5. '1Th¢ r¢181ionship the lJniversity and ihc Four￿￿lOtt is criii¢81 for the Foundation io m8nag¢ th¢ risks identified aÈrf>vc. As long &$ Foundai¢on and UDiv¢rsiiy obieaive5 r¢rnain align¢d. the risks idenLifJcd above will be minimised the philanihTOPi¢ interests of PTosp¢￿ pool will align wilh th¢ goal% of th¢ Chariiy. Alm& objeetlvts *Nd gctiwltles The Univ¢r5iiy of Chica80 provide5 wogroms ￿1¥111¢& io offer a iith aThJ diwerse educalion4J environmeni for it5 swdents to pionttr research that rA￿he5 thc ￿￿[￿rIeS olcurrcni kmwlalge. A critical element of thi% &¢tivity is ihe ncc¢s5ary funding. Thc prsmary objective of th¢ Ch8rity is to advancc educ81ion. in particular by PTovidin¥ grants io Ihc University of Cbitago aftd to oiher education￿ ins¢iiiJLiMs 10 ￿ls1 in thc &Jv8n¢emeni of ihc education of studcn attending the institution. This increased siwrt will Vnivcysiiv iniiiaiive5 ihTOU8h provision of re50UTce$ for uDrestri¢ied operdling cxpffl%& $pecia] projetts li.e. capitsi n¢eJlsl and etKk>wrntnts ￿w•d5 sFcific PUTF05eS {i.e. firtanti8] aid, scholarship5. professor5hip$ 8nd research). Ihis PUTFW dirtt(ly Contribu￿ w th¢ kn¢fi( of giving an educalion to the public. Otyeclive5for theye Thc obi¢cliv¢$ of the Charity for thc yur Cr￿¢￿ 30 June 2023 wffc: To supp)rt the pjblic txnefjt initiatives of the Universiry of Chi To r￿5¢ funds for the University of to further advancc th¢ uhKation pm8rams and xtiYitie$ available to the public in thc UK To offer UK ¢itiiens an avemK forgiving with iTKTewd [￿r￿>[￿ b￿￿fits To keep UK b￿d Alumni connectal to the Universiry of Chiryo in a me8nirbgfvl way The University of Chicago Foundatiott Limited Direc¢ors' ttport (continued) Str￿￿¥1¢5 lo ¢bje<*ve5 Ensure ihai donor5 arc aware of the benefits of giving thr￿Sh the ch￿rity. Etnefits swh as Gift Aid and r&¥-efficieni 8iving from Oth￿ part5 of E￿0￿. Sthy ¢onnect&l with University alumni and friends 10 ensu￿ University iniiidlives and rnission clearly conveyed to Thcse groupk Idenufy-losw alumni frityMl$￿h¢IP inCTwenelwork ofpotcntial pponer5 of the Charity artd thc University. Principal&cli￿lIeS ofihcyew The University of Chi¢4go 5FofLsofed anumF*r of ajumni Teiations and donorcuklv￿10n evrnts in the Unitcd Kingdom. Alumni from many divisions and scknols of thc University of Thicago wue represented. These ¢¥enls gave the Charity op￿rtUnitY io conrKcl with pn)sr*cts whilc COMM￿1¢111ng Lharity objective5 kn pfoswivc (bMfS. Revlew ofxhievernefvts anl ￿rfO￿a￿¢t for tht yÈ#r Operatson4lperfornidrtttolih* Charity 'I'hc Foundation rargeis alumni and tn{￿d$ of the lJniversity Orchi￿0. including ￿reTI￿. 4W)uscs of alumni. forn)CT raLuIty and PfiOT rnn-alumni th)nors. The fundraising team rnanaged events arKt organiz¢d 501iciwions througlx>ui ihe ycar lo advance Ihe obie¢iivu of the Ch4riiy. These ev￿15 ath1vili￿. along with one ￿ onc me¢iings with donors build conneetioTrs within Ihc Ilniversity of LThi¢a80 communiiy while fos*rin8 8n environment which cllcoura8es philanthropic affi11￿10n with ihe Charity. FiK&Kciql rcvlew qndre5ultsfor theye4r Fundraising prugrcis for Ihcycar SULcessfully ttrcedrd thee0￿ of doing tMtsine55. Forihe fis¢81 ye&r£l0.662.249(2022: £730.9441 was raised by Ihc Chwity from alumni ar￿ tnumts. Therc was a sI￿111L￿nI increas¢ in donaiions in 2023 du¢ to some g¢n¢rous in year and iwi¢rm plvJ8C5 m*4e by major ¢S)rKYs which hAv¢ been dixloscd in rnre 4 to the accounts. KF*n$￿ lotslled £27.34612022.. £36.2861 whith includes SLIP￿rt costs #Thj bank fee5. 'I'he cosi p¢r rais¢d r￿10 Is less than I￿£] raised. This mwks the tcnth c4)nsccuiiwc ye81 wh¢T¢ this ratio less thon 3p/£l rnis¢d. lThc CTharity hopL8 and ¢XF¢aS to SU5tsin ihis Totio ITh￿ the fO￿s￿Able fuluT¢. During the fijcal year the Ch￿lty was Able to mak¢¢h¥it8blc don&ions to the unIv￿51tyofch1C￿o for objeffliwcs laid oui in the foundation's wri¢i¢n ruoluiionk Donatifmts m8dc by Ihe Ch¥i(y during thi5 fsscal period ioialled £10,870.384 {2U22.. £854.2861. Ch9riiabl¢ a¢tiviry in a 8iwen ye8r is dire¢ily rela￿d LO th¢ fundr8i$lll8 progress Ln that 8iven ycHr. As a result. lluciuation irt the level of chartiable adiwit>' Ean ￿ expecicd •% fuNJrai5ing nUrt￿le& Charitsble actlVLtie5 in FY23 were split among the followin8 wriiien rewlulions ddailed kiow.. Endowed Scholarships-Colle8¢.' £1,096.150 {2022.. £253,121) F.ndowed Stho14f5hips-(Xher.' £169,34512022.. f174,1381 Pro8ramm8ti¢ Supp)rt: £9.tAM,889 {2022-. £421.7311 Amual Fund SuFVOrt'. £0 (2022.. £52961 Re$¢ry¢ poliey Th¢ Chariiy's primary objeciive is to ¢oll%i and di5tributr gw15 10 thc University of to othcr educational inslitulion5. In considerin8 the tsr8¢1 T¢5erve5 to be held by th¢ Chariry. the Trusttts re£OgnI￿ thal administr￿1ve and operaiional costs are Njmird 8nd14rg¢l)' rK)n con1ract￿ and thc Charity (kns 5cck io rnain funds fur growth OT future projects. Th¢y have da¢TTnined that ￿SerVeS SI￿]d b¢ mirtim81 ai ￿). period cnd, only rcflcctin8 Fi short ieTm timing diffcrtnce Ixtwccn r￿¢1￿ of irtome and paymcnl of a 8ranL and to maintain adcquaie funds to Cover nominal annual eX￿nseS. Al 30 JurK 2023 the Charity r¢wn5 4 ithal £193.93512022.. £628.9381 fi￿d balan(e.'The tool amouni of fund$ hcld by the Charity on 30 JutL¢ 2023 held a% restric*d furMJ5 £150,91712022.. £610.40418nd unrestricted £43,018 {2022= £18,534). donalion5 are recuvd as ta5h tran5feT5. the). are rK)MI￿1￿ paid over io the Universily of Chicago as S￿￿ &$ prdthicable. The signifi1￿nI T¢￿erveS b81gmc¢ refl￿ts toth a ￿UT￿iKT of major donations which w¢r¢ made irnmediakly rxiorto they￿ cnd, aNI a numberof pl¢d8es which have beth made ro theCh8rity whith have been rccogni5ed in income in compliarKc with xcounting *ndard5. and will be grynted to the University of Chic￿0 in future yeats. Th¢ Charity is supwrted in its d8y-kHlay obli￿lOn$ its pmi corNp￿y. tk University of ￿1C38￿. The Univer511y h&$ comTnittcd to providing suprA)n (o the Charity to enable li ￿ meet Sknn terni commithjents a5 they fall due. The University of Chieago Foukndatktyn Limited Dlrtetors, report (￿nI]nue￿) Fu¢yre p￿￿5 Future plw)5 include ¢on¢inuing to provide an avenue for giving fTom the UK 8Thlacr055 Europe to support the PTogrdms and activitie5 of the Univcr5ity of Thica80.-10 th thi& the Charity. in c1K>per￿l0n with the Univernity of CThieago will hosi alumni and ￿Udenr events to encour￿ engagement with thr Urtiv¢rsity. events will incltyje 8nnual re¢eptiorts lor new slLKknts. faculty lectures and WiV￿C dinncrs with kcy FY05Wts. Publk ￿ller￿ Wc hAVe r¢f¢rred 10 the guidancc conthined in C7wity Commission's gvLtta] guidance on publi¢ bertefit and guidance relaiing srttifically io edu¢•iotthE and ftt-cWing charities whcn r¢viewin8 our aim5 and obje¢iives and in planning our futllre objeLiives. In particular. Ihc ITUSte¢s wnsider how plannryj xt1vill￿ will coniributr ￿ th¢ aim$ 8nd objcctives they hav¢ 9a. Ststement of Dlreetors. regponglbllltle5 rapect of the Tru$ltts' •nTru*l report and the finAthtlal st*tements lTh¢ tru8iee5 (who we aiyo dircdof5 of The Univernity of Thica80 FthJT¥J&tiort for the of Company lawl • rc5rKn5ibl¢ for prcparin8 the Tru#ccs' Rewi linwrwratin8 the diTector5' r¢prtl and the finarKiai sta¢cm¢n¢$ 111 acu)rd8n¢e with appIl￿bI¢ law arml United Kingdom A¢¢ouniin8 Standards, inclwjing FinwKi41 RcrKirting StsndaTd 102.. The FIna￿la1 Reporiingsiathopplicable irt UK Rep¥blic oflrelornl{Unite41 Kingth)m Generally Acceocd Accounting PTa¢iic¢l. Comparty law requires the irustee5 to profjTe fin•n¢io1 stht¢ments for e&h financial ye4r which give o true and foir view of ihc st￿¢ ofaffaiys of the ch8ritablc comFWDy and of the in¢cAne and exrk7Mli¢ure, ofthe charitable cofflpany fur ihai period. In prep8rin8 th¢$¢ finonciaj statl.men￿ the T¢qLLirtd ￿.. s¢lea suitable accwniinB policic5 and Ihen 8pply them Co[￿151£￿11y. ob￿r¥C the mcrhod5 and principles in the Chariiies SORP: m8ke judwenLS and gccountin8 ¢51imatrs tha¢ ¥Te reas0t￿b]e s¢8t¢ whe(her applicable UK Accounling SthJ¥d$ hav¢ been followed subirfito wy M￿tri￿ dwur¢g dis¢lowJ aNJ explained in th¢ finarKiaJ Sta￿ents, and prepare the financilll s¢atcmcnt5 on Ihe 80in8 ￿nC￿n FASLS UTr1￿ li 1$ in•ppropTith to wesume that the chaTitsble ¢omp8ny will continue in bJsirfft* The trnsttts are resp)n$ible for mointhinin8 propcr reoyd% which disclo￿ with r¢wnabl¢ accur&y ai any time the financial p)silion ofthe Ghprriiable company and enable thcm 10 eiLwre that the financi&l swements comply with Ihe Companics Aci 21K*. Tho ar¢ alg) ff5wnsible for safeguarding the as5¢ts of the charithblc company 3nd hence for taking re￿n￿ble stepy for thc prevention and d¢teaion of fraud and other brre8utariiie& In 50 lar a5 Ihc In￿¢¢5 ar¢ 4w8re: thcrc 15 IK> r¢l¢vant 8udii information of whith thr ¢h8ritable companls audi￿r$ we unaware; and the have iakcn all s*PS th8t they ou8hi ￿ have tsken to make themselves aw￿ of any relev•nt •udtl infornia(ion and 10 establish thai th¢ a￿lton 8r¢ aware of ih&t infornatio The tru￿et5 are r¢5rM)nsiblc foT the matnten8r￿¢ and integrity ofihe wryA)rni¢ and financial inforJn81ion included on Ihc ¢h¥ritsble eompany's websitc. Lcgi518Lion in the Uniied Kingthm go¥￿nIng the [Ke[￿￿tiOn and disseminaiion of rinan¢ial statements may differ from legi51ation in jurisdiction MrM)rt Kingston Smith LLP w¢re #>￿in[ed as a￿jitOr 10 Ihc Chariiy irt &c(￿danCe wilh 5¢L1ion 485 of the ComrAnic5 Ad 2Q(K>. a resolution proposing that th¢y be rc-afTKJinied will be wt ￿ a Gtn¢ral Meal Page 5 The Uttiversity of Chicago FoundatiOD Limited Dlrectors, report (contimlled) The fin8D¢ial statcmcnts havc been pT4)¥ed in x¢(Y(kwc with ihe pmvisions appli¢ableth the sma]I comwies regime. Appyovcd by the Board of man￿30r thechty on 30 sigrd by oth ofthe am)in Director University of Chica80 FOuThJ*i￿LiMittd 21 Holknrn Viaduct sahi ECIA2DY Date: lo w ts)Ly ## **The University of Chicago Foundation Limited** ## **Independent auditor’s report to the members of the University of Chicago Foundation Limited** ## **Opinion** We have audited the financial statements of The University of Chicago Foundation Limited (‘the charitable company’) for the year ended 30 June 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the 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: - give a true and fair view of the state of the charitable company’s affairs as at 30 June 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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 directors’ 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 directors with respect to going concern are described in the relevant sections of this 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 directors 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 Page 7 ## **The University of Chicago Foundation Limited** ## **Independent auditor’s report to the members of the University of Chicago Foundation Limited (continued)** 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. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the directors’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the directors’ annual report have been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ 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: - adequate accounting records have not been kept, 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 directors’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the directors’ annual report and from preparing a strategic report. ## **Responsibilities of directors** As explained more fully in the directors’ responsibilities statement set out on page 5, the directors (who are also the trustees of the charitable company for the purposes of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors 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 directors 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 directors 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. Page 8 ## **The University of Chicago Foundation Limited** ## **Independent auditor’s report to the members of the University of Chicago Foundation Limited (continued)** As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: - identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; - obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control; - evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors; - conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern; - evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 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. Page 9 ## **The University of Chicago Foundation Limited** ## **Independent auditor’s report to the members of the University of Chicago Foundation Limited (continued)** Our approach was as follows: - we obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council; - we obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance; - we assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance; - we inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations; - based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 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. ## **Use of our report** 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 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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. James Saunders (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 21 June 2024 9 Appold Street London EC2A 2AP Page 10 The UDiver5ity of Chicago FoundalioD Limiled Statement of FiDanci*l Activities for the yegr ended 30 J*llt 2023 (Including Income Expenditure account) Uirejtrittrd Restrlttsd fvnds Totsl U•mtrlrt¢d R*stritted 21)23 f**ds fuDds Tot*1 2022 Not¢ lTreome tndowrne•ts from: Don8t]U￿ Inve5tmcnts 327205 82 10,335,044 10.662249 82 276.259 454.685 730,944 Total 5ne•me 327.287 10.335.044 10,662,331 276.260 454,683 730.945 Exp¢ndl¢ury on: Raising fvnd$ Charitable oaiviiies 117,0861 117,0861 1242.0611 1641.1611 1183,2221 {302.803) {10.794.531) (11.097.334) T•t*l expendlture (302.8031 110,794.5311 {11.097J341 1259,1471 1641,1611 19(K),3081 24,484 {459.487) {435.(￿3> {186.476I 1169.3631 R¢¢onelJl*tion of funds Total fund$ bro•¢ht forw*rd 1&534 610.404 628.938 1,421 796.880 79&301 Tolal funds e*rrled forw*rd 43,018 150.917 193,935 18.534 610.404 628.938 All income ar￿ ￿pendIture deriv¢ from ¢vNinuin8 xiiviiie The TLOt¢s on p88es 14 ￿ 23 forn part of these firwKiai 8th*mrnt& Pyll The UDiverslty of Chitago Foundation Limited (Company registratiott number: 05711851) {Cknarity registr*tlo# number. 1117431) Balgllce Sheet as at 30 Jutte 21123 2023 2022 Cttrrettt issets Ekb￿r5 due within 0￿year Debtors due aft¢r t￿re thttn one year C&sh ai bank and in haT 637.654 1.387.347 1.620.7N) 419.961 246,777 Tatll Crndlton: #mounts f•Ulxi due wlthh) •ie yur 3.645.701 (3,45I.6f￿) 666.738 (37.7001 194.035 629,038 The fundx of tb¢ Ch#rlty Urtresiric*d funds Res¢ri¢ted funds Sharc capital 43.018 150,917 18.534 610.404 Tot#1 194,035 629.038 The note5 on pa8e$ 14 kn 23 foml Partof these fir￿1￿7 st&eTr Th¢ fin•n¢ial s¢ai¢mcntsofTh Univernity ofChi(•80 FoyThlaiion Lirnit•J{re8iStugJ number.. 057118511 weregpprr)ved by Ihe Board of Directo￿ •TrJ auihsrisuj for ISSUE on.l.P.. .. Signcd on behdfofBoardof DircctOf5 by: 'annin Dlrtttor Ps8¢ 12 The University ofchieago Foundatiom Limited Statement of Cash Flows for th¢ year ended 30 JuDe 2023 2022 N•t¢ Ntt ¢Ash provided by oper•tiN¥ •rtiviii¢s io l J73.841 234.816 Intertst Teceived 82 Net uih nw4J from iNvestin% *ethltles 82 Intr¢•s¢ In ush ••d cash eqllivlknts Cash and cash equivalents ai the beginning of the yew lJ73.923 246,777 234,817 TotAI cash •nd e4Dlv•ktyts 4t Ibt tnd of the yt•r I.620,7( 24A777 At start of ye*r C￿bkn At•nd•fyur Cash 246.777 l J73.923 1,620.7(X) Pag¢ 13 The University of Chlc40 Foundation Limited Note5 to the finAnei21 statemetsts for the year ended 30 June 2023 pollci The University ofchiw FoLuthiion Limit&1 isa¢lwritsblecofflrAny. limit¢d by shar￿. incorporated in Enwand and Wales. re8]SleT￿ office is 21 Holl￿ ViwJwL Lornlon ECIA 2DY. T￿ Charity's principl adivitiC5 are di$clos¢d in the Directors Kwrt. CenerAI loforniatlDtt *wd b•si5 of aeeo*oti•e The following x¢ounlin8 wlicies have bren aFvlied con5tSLattly in d￿l￿g with itans which Bre wnsidertyj mat¢r)￿ in relation to the fJnan¢iai s¢ateTllCnl& BASIS o(pvtpar*iion Th¢ finJn¢ial Si￿¢m¢nI3 have prepwcd under the histori¢ f05t bpsis of acLU)uniin& in 8ccordant¢ with A¢¢ouTrlin8 and Rep)rting by Chariiie8.. Slaicrne￿t of Recommwujed PrKtice applicable ￿ ch8rilies PTcparsng their linancial ststemcnis in ac¢ordanc¢ with Ihc Financial Rwrtin8 S￿ndard applicablt in the UK arml Republic of Ireland IFRS 102) letTetliv¢ l January 2019I- IChariT¢C5 SORPII.-RS 1021}. th¢ Fin￿¢1￿1 Reponin8 Si8Thknd applicable in the UK arKI Rcpublic of Ireland IFRS 1021 and thc Companies Aa 2(KJ6. The fun￿lon￿ curMcy of The Univcrsity of Chic880 F(wThJaiion Limi*d is aJftsideTed ￿ b¢ Founds sterling bccauyc thai is the curr¢n¢y of the primary eLY)rwmi¢ ¢nViTonmeni in which th¢ Chority OPtt&trs. Monetsry amounrs in these finth¢ial statcmcn(s are rtrjndal to thc nearc￿ £1. G•ln8 co*cern Managcmenr has revtewed th¢ fu¢ure plan5 through the fL5cal year 2024 {f15e41 Je8r ¢ndingJune 30, 20241 which indicalc Ihai lkne UnivLY3ity of Chica80 Foundation LimilLxI lthc will hav¢ buffi£i¢ni funds to coniinuc as a 8oiThg ¢otKem. Th¢ Chllriry is mar4ed by ¢mployccs of 'lhe University of ChiLW {Ihe parent eompanyl and h&$ negligibl¢ fixrd c0515. The ¢ompmy is commiiieJ 10 surv)nin8 ihe Charily in meeiing Ih¢s¢ v051S and providing Ihc 5UPP)rt services r¢quirtd ￿ rwi the Ch￿ty. Fund accountiol u￿rl￿1r1Lled fun(ts are gcneral funds are O￿lIable for use at the Dirttors. disCr￿lon in fuvtherance ol the objective$ of ik Ch8ri1y. R¢sirifflcd funds are fimd$ wheTe theth)nor has thsi8n8toJ the pur￿ ofthe fiJThJin& In¢Twed S￿d5 or wi¢¢5 arc T¢￿1¥ed. Thcy ￿ Ytc()gni5ed al the fair value of Ihc gilled item when thr Ch￿1¢Y has eniidemeni ￿ th¢ gift. gny perfonnance ¢ondilions attached io the gift have been And it Is probable th￿ the gift will bg reLrived. Gifts in kind arc crcdiLcd to restria¢d or unrestriited income according (o the *mis set by thc (k>nor. Exptnditsre Expendiiur¢ is a¢¢ounted for on an b&8i$. Th¢ irrccoverable element of VAT is includcd with the item of expense lo which il relaies. Govemance costs comprise th¢ costs of numing the Charity. ￿ternAl a￿lL and a]1 the w5ts of complying wilh onslilutional and stoiutory r4uircrncnis. Such a5 pretwin8 thiulory xcounts. c1w1￿ble aciiviry is In ￿mplIar1cc with ihe Fowd&ton s grdnt making wlicy. Gifts frDttL dotK>f5 musl be in aEcordaTK¢ with (he Foundation s r¢501ulion& A5 gitis are rEteiv¢d may be gran1￿ to the University or Chicago with 5rKthfic instr￿(70￿5 for usc xcording to Ihc dO￿r.$ imeni. The FoutMlat¥)n relie5 on the Univcrsiry's inLernal eontrols kn VCTify (k)rM)r s inttni i% reali5ed. Grdnts pay&ble w¢ I￿lUth1 in the Slate[ne￿I of FinarKiJ Actiwilies once a finn wrnmimMI h&$ be¢n amd a8reed with the beneficiary. Pwge 14 Tbe University of Cbieago Foundation Limlted Notes to the fill%n¢i*l statements for the year ended 30 J•ne 2023 {¢ontinued) Aeeo¥nti￿ politi¢y (¢o•tl•¥ed} T*xAtlon The University of Chicago FOW￿110￿ is eonsidered the iests sci out in Paragrdph I Schedule 6 tsfih¢ Finance Act 2010 and thereforc it mcct5thed¢finition 0faChaTi￿blc 0)M￿nY foT UK corrx)rdiion pwp)sts. Accordingly. Ihe Charity is wientially ex¢mpi from lax￿lon in ￿$￿tor￿)me orrapith] 8ains rcceivcdwiihirt categories covered by Chapter J Part I l of the Corwration Ad 2010 or Section 256 of the Taxation of Chargtable Gains Aa IW2. 10 the extern thw $u¢h irth￿Me or gains ate a￿lled exCl￿1¥clY LO charithblc purpose& Worei8u currtncits Transac[io￿5 in for¢ign curruKics are reccthl & the rate wevailit)g & the d* of the Ir•nsXtion. Mone dS5et5' liabilitits de￿mina￿d in for¢i8rt currencies arc translated into ￿￿]ing at the period CT￿ exch8nge rdic& All ditT¢ren¢¢$ taken ￿ the Skncni of Fin8ncial Aaivities. And ta5h È4#lvalents C&%h ¥1 trAnk and rash irt hand includes c#h aThJ SIM tenn hiBhly liquid invesThents with a S￿rt ffl4turity of thre¢ monrhs ¢x I￿ from the dw¢ of wuisition or OFthin8 of the dep¥J$it or Similar acc¥unL The Ch￿1￿ h&8 elected th apply the WOViSiOD5 ofscaion I I 'BasÉ¢ Financi￿ Instrwnc*)ts' ofFRS 102 ¢0 all or its financial instyum¢nLS. Fin8M¢1￿ Instrumcnis arc r¢w8ftised in ihc Charity's BaJan¢t when Charity bccorn¢s party tr) the cfJntya¢iuo1 provisions ofihe instyumenL fin￿cial &sets li&biliiie5 ¥e inili•lly meB5urcd ai tranwiion price {inLluding tran5aclion ¢¢)stsl. Tr•dt debton and ertdltor5 Tradc and other debtors arc TewgDisa at the sdtlemeni *houni due after any ¢rade discount offera. Prepaymen15 are valued ai the amouni PT¢paid of any Irth di5wunts d￿. CrcditOT5 are recogniscd wh¢r¢ Ihe Chariiy has a pr¢s¢nt obli8aiion resuliing from a p8St eveni ihal ￿111 probèbly Te5uIi in th¢ ¢ransfer offunds io a third party thj the am(puni due ￿ sfflilc thc (lTrliwion Lgn k t￿￿$￿ra1 01 estimaicd ￿liablY. Cr&lilors Ere rewgnised ai thcir 5cttl•neni amouni afttr allowing for any tr*Je discount$ due. Crlflcal aeeouNtIAi J¥dgemeuts k¢y Of es11Th•￿# •Neert•inty Jn the application of the Chari(y 5 xcouniing w)li¢i4 which arc in noic l. the DtrectOTS arc requiyed 10 rnake judgemcnls, c5timatts and a55umptions 8ix*ui the carrving amwnts of &ssets and liabiliiies thai are not readily sppartni from other sources. The esiimaie5 aNd￿￿el￿ed as5UrnFlioTh$ Ore on hi%tori¢al exwierKc nd other fac￿r5 Ihat we ¢on5idtred to be rclcvanL A¢iual re5uILS may difFu froTll thesee51imaW. The csiim0te$ 8nd Lmderlying &$5umption$ are reviewed on an on8oin8 basis. Rcvision5 to sC￿￿ntIng estimaie5 arc recogni5ed in the peri(wJ in whith Ihc ¢5timate is revised if the revisKTrn atTecis onl> thai period, or in the rrtrxyj of ihe r¢visiw 8nd fuiwc periods if th¢ r¢vision affecL5 txbth ¢WTen¢ and fuiwe PeTiod5. Th¢ Direc￿r% do rrt)t C0Th5idtt there 8re any Criti￿ j￿¢nu8 or 50UTttS of ¢stiM￿lon unccrtainty w4uirin8 dis¢105urv beyond the accouniing wliei¥ listed a￿va P￿15 The Uttiversity of Chicago Foulldation Limited Notes to ¢he financigl statements for the year ethded 30 June 2023 (colltinued) Expeiditure 202J 2022 Bank fees &Jrp)rt ¢os 350 16,736 17,086 Charitable attivitl GTgnts awarded Bank tees Support cosls Curr¢n¢y io 10,870.384 483 3.313 199.604 23.550 854,286 9.736 19.2( 11.097,334 883,222 Governav¢ ¢o*ts l*J lTreluded Abtsvel Audil servitts A￿)￿n￿KY 16.8C4) 6,750 14.71KJ 4,5(M) 23.550 19,2 Total I I.IYI7J34 900,308 The audit fimi only received feu in Tttpect to a￿111 S¢ryIiZ5. Audit fees arr Prcsented tncluslve of VAT. No Director5 or pcrsorLS contW+>J wilh thern r¢t¢ived any remurntl0￿ other benefits or ￿1￿1￿jrs￿nCn￿ of nKs from the Chfirity. During the year th¢ Ch￿lty did rA)i employ 4ny SuP￿rt swff dire¢ity. All 8rnnts TTLWJC by the Charity were awarded to the Univ￿51￿ of Chica80 in th¢ United Sthles. The Charity doc5 rK)l undcrt8k¢ ac¢iviiits dirtily. arwj &% such its ¢XFthlitUTe on charitable a¢tivitics aFx)ve r¢lat¢s lo grdnl tunding and supwrt C05tsonly. sUp￿rt costs wer¢ ￿ldOn ihe Chartty'5 behalf by ihe University of Chicago and morr infom￿10￿ OTh thi$ is wDvided in I l. Page 16 The Univer51ty of Chlcago Foundation Limi¢ed Notes to ¢he fin*D¢ial statements for the year ended 30 Jnne 2023 (continued) An•tysi5 of Charit*bk foods l July 2022 Iw)m¢ Expcr¥Jiture 30 Julle 2023 Unrestrictd fund5 18.534 327287 302,803 43,018 Restricted fu•d¥: Amy 8nd Lton Otyssey S¢holarship B￿bara S¢rwtw Fuftd for College Rcgdinc55 amd A¢¢ Bluie Family SclK)larship Fund 4 Chicago B￿Th Annuaj Fw)d Guy gDd Maur• Swdenkng Odyssey Fur¥J Marc sndAnM Boheim Scknlor5hip Fur¥J Marvin Zonis Int¢ma¢iM81 Scholarship Ody55ey Scholarship PTO F.xpendable Tr Hadd&l Family Iniem#ion Odyssey F￿nd 10 Van J Siults scho1￿h1P Watson Open tknrs Scl¥)larship Fund 12 Zuccaro- rh Via 8¢holmhip 13 Booth Global Vi$ibiliLy Fund Chtea80 B￿th Exccutivc Pro￿ in F.] Gourn4 E8ypI 15 In5pcr Partncr5hip Fund 16 MBA ExperierKe Fund 17 Onsi Sawiris Endowmeni Fund 50 16.558 16.558 33.032 33,032 5.905 5.wj 33.816 16.184 70.CiIO 120.587 124.319) 33,805 62.463 1.354 870 32.701 374.178 406.879 171.685 873.086 1,044,771 154.9)5 7,n2 105.566 57.151 52,803 21.984 30,819 15.623 15,623 2,491 2.491 14 1.247.224 1,247,224 219,eéO 219.600 3J26.040 1.663.020 831.510 3,326,040 1,663.020 18 Paris Center 19 PresidcnL- Di5crciionary Fund 20 RobErt J. limmer Odys holarship Ftmd Thc Haddwj Fund for Ecornmic5 Resegrch 22 The Dixit-Fo8ed Felknv5hip 23 College- Dean's Fund 831.510 831.310 831,510 21 873,086 873.086 41.576 41,576 2,987 10,794.531 1987 610.404 10,J35.044 150.917 Totsi fwKts 628.938 10,662331 11,097,334 193,935 Poge 17 The University ofchicago Foundation Limited Notes to the fingn¢ial yt%tements for the year ended 30 JuDe 21123 (continued) Aoxtyxls of Ch•Titablt f#Nds {¢o#ti•wedl Cotnparativc 2022 l July 2021 Exper¥JitUTe 30 J*Jne 2022 Urtrestrithd fimds 1,421 276259 259.146 18.534 Ruirlrt¢d funds: Arny and Leon Odyssey Scholarship 24 Anith Chong Lab B8rb8ra Sirassbcrg FuThl for Coll¢8¢ Readiness artdAcces5 Blutc Family scknl￿hjP FuThl 4 Chiw BoothAnrbual F￿d 25 Chi¢480 Booth Hon8 Kon8 Mi. Davis 26 ESA Chirta Progrnmm]r￿ aT Iniiiative$ 27 Clw of1999 Odyssey S¢￿)181$hIp 28 De#rt's Fund for Siudeni Life 76 76 4.718 4,718 16.558 1fi558 48.071 4&071 5,297 38,OC 11202 3&LXXI 388 388 360 9.968 22 The Dixii-Fo8cd F'ellowjhip 29 Fencin8 Club Guy and Maura Saidentrfg (htyssey Fund 30 Ilenry Ri1¢￿tte In*mfttional si￿￿￿e5 M4rc and Anna Boheim k'JK)18T5hip Fund Mar¥in Zonis In*rnwio￿I Scholarship Metcaif R￿tr¢h Iniemthips- Departrncnl of Psjcholo Ody5%y Scholarship ProRrpm F.XF¢ndablt 32 Orien&l InstitU¢¢-Chi¢880 House 33 RUnSw￿Y C¢nl¢T The Iladdwj Family In￿rn￿l0[￿l Ody35ey Fund 10 V8n J Siults Scknlar5hip Watson O￿A tknrs SdKkl•xship Fund 12 Zu¢wo- Da Via Scholarship 34 Zwi¢k Rese•xh for Euror*an st￿lies 45261 45261 4.512 4.512 134.816 81,0(M) 53,816 16.802 16.802 120.587 27.853 27,853 120,587 1,354 174 174 .354 11.926 11.926 12,463 37.154 16,916 32,701 51 11260 11260 171.685 171,685 234.995 80,(K)O 154,995 81.050 28.247 52,803 22.781 22.781 187.5(M) 454,685 187.51N) 796.880 641.161 610.404 To¢al funds 798.301 730.944 9(M).307 628.938 Pw18 The Univenity of Cbicago FoundatiOD Limited Notes to the fillallcial statements for the year ended 30 June 2023 (continu¢d) Afj*fy5is tsf Ch4rlthbl¢ fvnds {tollti•Med) ' Amy amd L*on Odyssey Schollrship This fLLnd rrfovidcs sck)laT5hip 511PFVrt for yntsyaduate St￿ in th¢ College. ' Barbira Str85sbery Fund for Colie8e Readiness aDd A<¢ To provide annu￿ sUP￿rt thB Ofticc of Civi¢ Enewcni's College and Access w8fBmmin8 Bl•le Family Srhol¥rship F¥bd The purtK)s¢ thf this fund is Io Fwvide s¢holarnhip 5uprThi to fi￿l-tIme MBA 5ttthts ￿ the Br￿ SclMX)l of Busill￿. 'Chk*80 Booth Aoa*al F**d This fund providcs UllTCStTiCted sup￿ ￿ the B￿th Sclwl of B￿1[￿$ Guy M*#r* S•5dtnbery Ody#¢y F•Jtyd Thc PUTpose of this fio¥J is to provi& sd￿1￿rIhlP for urthrgradu* si￿1￿￿ in the College. Mirt #nd An•a Boheim Schol•rJhlp F¥Dd Thiy fvnd provi(k5 S¢￿1￿$hiP sUp￿rt for sDthTS in the fu114ime MBA Progr8m at the Booth Scly)ol of Busi[L￿. 'MxtYin 1nternltlo￿II seballr￿7P This fund provides seholarship suprATrrt for fu114ime MBA suthnts at thc Blwh SchrM)l of BusirK5S. 'Odyssey StholAr5hlp Pwrnm ExptNdAblt This fund rrtovides eX￿d&b]e s¢lKblarship $uptx)rt ￿ th¢ Odysscy Scknlskrship Program, which provides supplem¢n¢¥l Coll¢g¢ aid y¥tis 10 uryJer8rwJuatC Siudrnts who would otheTwise have io 5tud¢nt 50gns in ordcr to attcnd Ihc Univtrsity of Chicago. °Th¢ H4dd•d Farnily Internitio#*l Odysw F#od EX[￿able income from the luThl 15 used w pyovide scholarthip5 known AS "H&ldad Family Intcmaiional Odyy5cy Scholarships" to jDi¢m&ioThal s(Lth15 in the Collegr who qualify for finftnri81 Old under thc Collegc's rinanctal aid wlicy. 'VAn J Stmlts Scbol*rship Fund The pwrx)3¢ of this fund 15 to provide S¢￿)1¢r$b1P SUPFQrt to fvll-tim¢ MBA at the Booth S¢hwl of BU51rt￿$. ' Watsott Open Doon Schoknrship Fun41 The purF¥>5¢ of this fund is LO Pn)vide ￿1￿1]arShIP supwjn th full-time MBA $Luts)ts al the BLW)th S¢lwxpl of BusÈne5S. Z*rfirn- D4 Via S¢kol*rship Ihe purw)se of thi5 furKI is to provide sclM>lar5hip supw ￿ fiLII-time MBA studw * the B(¥Mh SchoDI or B￿%]￿¢55 'Booih Gl•b*l Vlsiblllty F¥•d To suprM)n program5 that maint￿￿ 4JKJ the B￿th &hwl of Busincss's irrtCrnation￿ visibility "Chitago Booth EAeewtiv* Progmm IN El Co•rn& Efypt To $￿p￿)rt the executive eduation wgrnm in El Gory E￿p1 Page 19 The University of Chicago Foundation Limited Notes to the financial statements for the year ended 30 June 2023 (colltinued) 'ID$p¢r P*rtser5hip Fimd To supp)rt Insper Learning In51il)]tion Ilw*r) SttMJents' F*rticir￿ioTh in the Sumrnw Institute in SociAt Res¢wEh Meth(NJs, a l(kweek offcrr4J by Ihc Divisitith of the knial Sciences ￿ the UnivtT5ity of ChicaEO MBA Exptrieote The MBA Experience Fund will b¢ LL8ed It the Deputy tkn of MBA Pro8ram'5 discreti(m to supp)rt the MBA eKperienc¢ outside of rhe claw(x)m 0*51 S•wlri¥ E•dowmeAt To be used by the Univcrsily lo supwrt ac*kn)i¢ initi*1V￿ for Egyptianst￿OTS¢udCntsof EgyNianorigin$ at ihe Univrr5ity. Paris Ce•*er To supwn th¢ pws and orrniiorts ofthe Unrvewsity ofckniw Caltcr in Pwis Pttsldtwt's DS¥r¢¢lo••ry Fuod Gifts to this fund are ustsl ai Ihe dis¢rdion of the Pr¢sid¢n¢ of the Univcr5ity of Chi "Robert J. Zlmm*r Odysw Srhohvsklp FyNd To provide Schola￿hIp 5UPP)rt 10 und¢rgr•Juaie siudm in th¢ ¢ollc8e The HAdd•d F•nd for Eronomits lio$4ar¢h To supy)rt ihe H*M&d Resc￿Ch Professionals Pro8M in Ihe B￿ker Friedman I[￿ltU¢¢ at the Univvsi¢y or Chil￿0 Tbe Dixit-Foged Fell￿shIP To provid¢ support to fellows in the &x￿1 S¢iawes. This 1$ aW￿￿￿j ￿nu￿lY 85 a di5xnation o)mpleiiott fellowship. College- De*A's To k used at Iht discretM of th¢ De•n of thc Collc%c "Aolts Ch•n8 Ulb To support Dr. Anith ChDn8'$ rcsearth in sur8wy at the rned1￿ c¢nter Chl¢40 Booth Ho•g Kong Mo•nt D*vis Th15 fund provides supw*rt foT the d¢v¢lothTreni of the rrtmwKnt Chica80 BcAxh camw5 in Hong K0Th8 FSA Cbin* ProEramml•i and l•iti•¢iYes Gitl¥ ￿ this fund sypp)rt thc Enroljrneni and AdvanLxment division'$ Initi￿1¥¢5 and progr8mming in greaier China ' Ctsss of 1999 Odywy S¢hol*r5hip This r￿d prDviths xknlar5hip SUFP)rt for wwkrgraduatcAthts tn tl* College Dean's Fund f•r Stsdtllt tAfe To urthwdU￿e sithi witi8tiV¢S &5 directcd by the ofthc Colle8e Feneiog Club The purpoK of this is to t￿0VIde supwrt for the fencingclub Universtty. Ir￿ludingbuI￿t limited io tomittition expensLs 8nd ¢￿hIng HeAry Rlttho¢t¢ Iwtern*tioDal Stsdits F•md Thi$ fund provides 5ur(K)rt for new r¢s¢¥rh in lntCnB￿)nal #￿17¢$ in the ￿181 science& wtth a particular Pdge 20 Tbe UlliversSty oTChi¢8go Foundatiott Limited Notes ¢0 the finallci21 Jtstemellts for ihe year ended 30 June 2023 (Continued) emphasis on collalxjraiive mixed meth(xts rtsewch "Mett*lf Int¢rn$hips. Dep*rtmffltof Psyeholtygy This fimd provid&s SUP￿ for studmt intcrn5hips "Oritntsl Iwsthte Chlueo House To supp)rt ih¢ epiRraphic survq FYoje¢toftht Orients] I￿11 Rllst*ndy Celltsr The p￿￿5¢ ol.this fund is ￿ pro¥)& suFp)rt of th¢ Socid EnruFYi* Iniii&ive at¥J thc BLN)th Scknl of B￿$inesS Zvlck R¢MArth for EMroptgA Stsdl¢s To provide annuaj awards kn outstsnding third yrar in theColle8eat the University to cond￿1 Tesearch in Europe followin8 the third ycar Debtors: Amouthlg fmlllni d•t wltkln Ope ye*r 2OLI 2022 Amounts payable from rel￿VAl pmi¢3 Aecrued incomc 30,SOI 389,460 637,654 637.654 419.961 Debthrs: f*lll*i due •fter th•* ye•r 2023 2022 A¢¢ru¢d inwme lJ87 J47 Credit•rJ: amo¥•ts f•lll•t d•t wlthin y¢*r 2023 2022 Accruèls Grants payable 37,7(XJ 3,451,666 3.451,666 37,7 P8ge 21 The Uniyerslty of chi￿80 Foundatiott Limited Note5 to the financlal Statements for the year ended 30 June 2023 (colltiDu¢d) Autysi5 of qmets *nd Il*blll¢i¢s Unr¢stricted Rtstrltted funds upit•l Totsl ai bank 43,018 1.5TI,582 1.620.700 Dcbkn 2.025.¢X)I 2,025,(ty)I Creditors 13.451.(JfO) 13,451,666) As BI 30 June 2023 43.018 I50.917 194.035 As ai 30 June 2022 18534 610,404 629,038 2022: ADatysls of inAlyJis of assets *•d Il*bllities betVttD fuAds Unrtstri¢ted Ruirirted fMDdJ fapltal Totsl Cash al bank Debtors Crediiors 25,733 30,501 {37.7(￿> 220.9M 389.4 246.777 419,961 137,7001 As ￿ 30 June 2022 18.534 610.404 629.038 AS It 30 June 2021 1,421 796,880 798,401 Sb4r¢ ¢Apltal Allottod. ull¢&up *•d fulty p*•d shAY 2023 2022 No. OTdirwy shw of£1 ¢a¢h 100 IIJWoof the share c4)1¢￿ i$ownu] by the University ofchiw. The Charitabl¢ 5th1u50f the Charity prthibits the Universiiy from b¢¢ng entitlcd to any divid¢rth. The Unlversity of Chicggo Foundation Limited Notes to the financial statements for Ihe year eDded 30 Jutte 2023 (Continued) io Rt¢D#tili*tioD of Aet i￿oNe to Aettashllow fr•m op¢r*tiAg atliviti 2023 2022 Net income per stattmerti of fLnancial attivitie5 Dduct intcre5t incomc {InCre￿VdcCrc&5C in d¢￿thr5 {In¢r¢￿y￿Tea5c in LfLxli￿rS {435,Tr)31 1821 {1.605,0401 3.413.966 220,097 9.428 5,292 1.373.841 234,816 Rd*ted party tnDs•rtloNs Ihc University of Chi¢880 1$ fully commit￿dt0 fumling the$uppmwhJ8ovcmanctw*softhe Charity. in¢ludin8 a￿All and accOun￿*Y fe¢s aJ)d ¢onwltww coms as requirc¢ During Ihe ycar lh¢ Uniw¢rsiiy of Chicago in the US in¢vfftsl o)sts on bchalf of the Charity wbi¢h amounted to £3,31412022.. £16,736). thjring Ihc yearthe Universiry of Chi¢w iTh the US hasgifted £33.26912022.. £16,736} to Ihc Charity. The￿ wcrc ￿ Won¢es owed eithcr kn or from th¢ University & Ihe ye4r cnd as & resllli of th¢ balancc of Ihi5 ￿COUnt {2022.. net £7,IWI ￿vIng been gifte4J w the CTh8rity incI￿Jed in thc don8tions in kind amouni providcd aE*)v¢. Grants mth in thc iothled £10,870.38412022: £854.2861 arxl this Incl￿ £7.418,718 which was paid the Uniwcrsiiy of ChiLaBO in Ihc US during the year. The remaining £3.451.666 wa% owed w the Univttsity of Chiwo u 91 the year cnd{2022.. £nill The nwnberof8rants paid ITh the yr8r w&8 25. 12 Evenii *fttr the eAd of the ttpOrtI￿ per¥•d No ev1￿ occurred after Ihe crKI of the rwtiDg pericAi 13 Ullim•¢¢ tompAmy The Directors considcr The Univcrsily of Chi¢880. a compony regiskrd in The United Smicy of America to be the ultimate p8rtnt eompwly. Univcrsity of Chicago is smdlesi Dfmj ltrgesi group in which thc re5uIt5 of the Charity ar¢ consolidated. Copies of the University'$ fjnancial stsicmcnts arc aYailabl¢ UFDn requesi in wri(in8 to 5801 &>uth Ellis Avenud Chica80. Illinois &1637. USA.