2024-06-30-accounts

Company registration number: 05711851 Charity registration number: 1117431

The University of Chicago Foundation Limited

Annual report and financial statements for the year ended 30 June 2024

The University of Chicago Foundation Limited

Contents

	Page
Officers and professional advisers	1
Directors’ report	2
Independent auditor’s report	7
Statement ofFinancial Activities	11
Balance Sheet	12
Statement ofCash Flows	13
Notestothefinancialstatements	14

The University of Chicago Foundation Limited

Officers and professional advisers

Directors	MsE Shanin
	Mr K Afsahi
	MrI Samstein
The Directors are the Trustees ofthe Charity for Charities Act purposes.
Company secretary	Sisec Limited
	21 Holborn Viaduct
	London
	EC1A 2DY
Registered office	21 Holborn Viaduct
	London
	ECIA 2DY
Banker	HSBC ple
	60 Queen Victoria Street London
	EC2N 4TR
Auditor	Moore Kingston Smith LLP
	6th Floor
	9 Appold Street
	London
	EC2A 2AP
Charity number:	1117431
Companynumber:	05711851

Page |

The University of Chicago Foundation Limited

Directors’ report

The Directors, who are also the Trustees for the purposes of Charitable law, present their annual report for the year ended 30 June 2024 under the Companies Act 2006 together with the audited accounts for the year, and confirm that the latter complies with the requirements of the Act, the Charities (Accounts and Reports) Regulations 2011 and the Charities SORP (FRS 102).

Reference and administrative information

The Charity (Company Registration: 05711851, Charity Commission Registration: 1117431) is a subsidiary of the University of Chicago, incorporated in the United States of America, which was founded in 1898. The registered office of the Charity is listed on page | together with the particulars of the Charity’s professional advisers.

The Charity is a charitable company limited by shares.

Directors and Charity trustees

The Directors are the Charity Trustees of the University ofChicago Foundation Limited (“the Charity”). They have all served in office throughout the year, except as noted: MsK Taylor (resigned 02 August 2024) Ms MFM Mccourt (resigned 1 October 2023) MrI Samstein (appointed 1 October 2023) Mr K Afsahi (appointed | July 2023) Ms E Shanin (appointed 02 August 2024)

The affairs of the Charity are governed by the Board of Trustees. The Trustees meet once per year and oversee the management of the Charity.

Structure, governance and management

Governing Document

The Charity is governed by its Memorandum and Articles of Association dated 16 February 2006.

Recruitment and Training of Directors

The University of Chicago is empowered to make appointment of Trustees for the University of Chicago Foundation Limited. For the period from 1 July 2023 through 30 June 2024, the following served as Trustees: Ms K Taylor, Ms M Mccourt, Mr I Samstein and Mr. Keyarmin Afsahi

Throughout the period Ms K Taylor held the position of Vice President and General Counsel at the University of Chicago. Ms K Taylor’s position as head of all legal affairs for the University provides the requisite qualification for a Director of the Charity. By virtue of her appointment to this position at the University, she was appointed as a trustee for the Charity. Ms. K Taylor resigned on 02 August 2024.

For part of the period Ms M F M McCourt held the position of Chief Financial Officer at the University of Chicago. Her capacity in this position provides the requisite qualifications to be a Director of the Charity. Ms McCourt resigned on October 1, 2023.

On July 1, 2023, Mr K Afsahi was appointed. He holds the position of Vice President of Alumni Relations and Development at the University of Chicago. His capacity in this position provides the requisite qualifications to bea Director of the Charity. On October 1, 2023, Mr I Samstein was appointed. He holds the position of Chief Financial Officer at the University of Chicago. His capacity in this position provides the requisite qualifications to be a Director of the Charity. On August 2, 2024, Ms. Elizabeth Shanin was appointed. She holds the position of Interim Vice President and General Counsel at the University of Chicago. Her interim position as head of all legal affairs for the University provides the requisite qualification for a Director of the Charity.

Should any of these Directors resign their position at the University of Chicago, the successor to that position would take their place as a trustee of the Charity pending final approval from the University of Chicago in its capacity as sole member. Training needs of new Trustees are assessed and met as necessary. Upon appointment, each trustee receives a copy of the UK Charity Commission’s publication “The essential trustee: what you need to know, what you need to do” and “Charity Reporting and Accounting: The Essentials” and agrees to follow them. Ongoing training is provided as relevant changes are made to the either Charity Commission guidance and requirements or applicable legislation.

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The University of Chicago Foundation Limited

Directors’ report (continued)

Organisational management

The Charity is managed by the University of Chicago’s department of Alumni Relations and Development (“ARD”). The employees engaged in this management are employees of the University of Chicago, not of the Charity. ARD employees are responsible for day-to-day expense management and the Trustees are responsible for the strategic oversight of the Charity. ARD employees stationed in Chicago are responsible for the day-to-day affairs of the Charity; including the procurement of goods and services for the Charity and the negotiation and execution of contracts. All financial activity is approved by ARD financial operations staff. All staff engaged in the oversight and approval of activity ultimately report to Mr K Afsahi, Charity Director and Vice President for Alumni Relations and Development at the University of Chicago. Due to the small size and nature of the Charity there is currently no internal audit function. This is continually under review and will be updated accordingly as the Charity grows. While no specific internal audit exists, there is segregation of duties to help reduce financial risk to the Foundation. Currently, all accounting for the Foundation is handled by the University’s ARD office while signing authority for payments is the responsibility of the University’s central Financial Services department. The individuals who approve payments and have bank account authorization privileges are not the same individuals who request the payments, monitor monthly activity and manage the bank accounts. Additionally, the Charity engages a consultant in the UK to act as a Charity administrator. This administrator is a point of contact on the ground in London and an advisor in matters related to gift aid, Transnational Giving Europe and other like matters.

Risk management

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

• L. Economic health of prospect pool

2

University of Chicago Foundation continues to be viewed as a worthwhile home for philanthropic support

1. Programs and initiatives supported by the Foundation remain enticing to donors

The Foundation, through the University of Chicago, is continually identifying new prospects for solicitation. This is done in part through extensive research efforts. Additionally, as more students matriculate to and graduate from the University of Chicago, new prospects, in the way of students and parents, are identified. The pool is a group of prospective donors that is constantly changing as new prospects are identified and moved into the pool and current prospects are reevaluated for their ability and willingness to give and kept in the pool or moved out of it accordingly. A close relationship with the University also ensures that the objectives of the Foundation will continue to be viewed as a worthwhile home for philanthropic support and that programs and initiatives supported by the Foundation remain enticing to donors. The relationship between the University and the Foundation is critical for the Foundation to manage the risks identified above. As long as Foundation and University objectives remain aligned, the risks identified above will be minimised and the philanthropic interests of the prospect pool will align with the goals of the Charity.

Aims, objectives and activities

Charitable objectives

The University of Chicago provides programs and activities to offer a rich and diverse educational environment for its students to pioneer research that pushes the boundaries of current knowledge. A critical element of this activity is the necessary funding. The primary objective of the Charity is to advance education, in particular by providing grants to the University of Chicago and to other educational institutions to assist in the advancement of the education of students attending the institution. This increased support will advance University initiatives through provision of resources for unrestricted operating expenses, special projects (i.e. capital needs) and endowments towards specific purposes (i.e. financial aid, scholarships, professorships and research). This purpose directly contributes to the benefit of giving an education to the public.

Objectives for the year

The main objectives of the Charity for the year ended 30 June 2024 were:

• 1 To support the public benefit initiatives of the University of Chicago

• 2 To raise funds for the University of Chicago to further advance the education programs and activities available to the public in the UK

• To offer UK citizens an avenue for giving with increased personal benefits

• To keep UK based Alumni connected to the University of Chicago in a meaningful way

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The University of Chicago Foundation Limited Directors’ report (continued)

Strategies to achieve the year’s objectives

Ensure that donors are aware of the benefits of giving through the Charity; benefits such as Gift Aid and tax-efficient giving from other parts of Europe. Stay connected with University alumni and friends to ensure University initiatives and mission are clearly conveyed to these groups. Identify “lost” alumni and friends to help increase network of potential supporters of the Charity and the University.

Principal activities of the year

The University of Chicago sponsored a number of alumni relations and donor cultivation events in the United Kingdom. Alumni from many divisions and schools of the University of Chicago were represented. These events gave the Charity an opportunity to connect with prospects while communicating Charity objectives to prospective donors.

Review of achievements and performance for the year

Operational performance of the Charity

The Foundation targets alumni and friends of the University of Chicago, including parents, spouses of alumni, former faculty and prior non-alumni donors. The fundraising team managed events and organized solicitations throughout the year to advance the objectives of the Charity. These events and activities, along with one to one meetings with donors build connections within the University of Chicago community while fostering an environment which encourages philanthropic affiliation with the Charity.

Financial review and resultsfor the year

Fundraising progress for the year successfully exceeded the cost of doing business. For the fiscal year £5,403,272 (2023: £10,662,249) was raised by the Charity from alumni and friends.

Expenses totalled £31,089 (2023: £27,346) which includes governance costs, support costs and bank fees.

The cost per pound raised ratio is less than 1p/£1 raised. This marks the tenth consecutive year where this ratio was less than 5p/£1 raised. The Charity hopes and expects to sustain this ratio into the foreseeable future. During the fiscal year the Charity was able to make charitable donations to the University of Chicago for objectives laid out in the Foundation’s written resolutions. Donations made by the Charity during this fiscal period totalled £5,329,380 (2023: £10,870,384). Charitable activity in a given year is directly related to the fundraising progress in that given year. As a result, fluctuation in the level of charitable activity can be expected as fundraising fluctuates. Charitable activities in FY24 were split among the following written resolutions as detailed below:

ie Endowed Scholarships — College: £909,550 (2023: £1,096,150) 2. Endowed Scholarships — Other: £164,115 (2023: £169,345) 3. Programmatic Support: £3,772,111 (2023: £9,604,889) 4, Annual Fund Support: £88,325 (2023: ENil) 5: Endowed Professorships £395,279 (2023: £Nil)

Reserve policy

The Charity’s primary objective is to collect and distribute grants to the University of Chicago and to other educational institutions. In considering the target reserves to be held by the Charity, the Trustees recognise that administrative and operational costs are nominal and largely non contractual and that the Charity does not seek to retain funds for growth or future projects. They have determined that reserves should be minimal at any period end, only reflecting a short term timing difference between receipt of income and payment of a grant and to maintain adequate funds to cover nominal annual expenses. At 30 June 2024 the Charity reports a total £233,999 (2023: £193,935) fund balance. The total amount of funds held by the Charity on 30 June 2024 held as restricted funds was £194,425 (2023: £150,917) and unrestricted £39,574 (2023: £43,018). When donations are received as cash transfers, they are normally paid over to the University of Chicago as soon as practicable. The reserves balance reflects both a number of donations which were made during the year, and a number of pledges which have been made to the Charity which have been recognised in income and immediately expended to the University of Chicago, in the US. The Charity is supported in its day-to-day obligations through its parent company, the University of Chicago. The University has committed to providing support to the Charity to enable it to meet its short term commitments as they fall due.

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The University of Chicago Foundation Limited

Directors’ report (continued)

Future plans

Future plans include continuing to provide an avenue for giving from the UK and across Europe to support the programs and activities of the University of Chicago. To do this, the Charity, in cooperation with the University of Chicago will host alumni and student events to encourage engagement with the University. These events will include annual receptions for new students, faculty lectures and private dinners with key prospects.

Public benefit

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

Statement of Directors’ responsibilities in respect of the Trustees’ annual report and the financial

statements

The trustees (who are also directors of The University of Chicago Foundation for the purposes of company law) are responsible for preparing the Trustees' Report (incorporating the directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

• e — select suitable accounting policies and then apply them consistently;

• e observe the methods and principles in the Charities SORP;

• e make judgments and accounting estimates that are reasonable and prudent;

• e state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and

• e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

In so far as the trustees are aware:

• e there is no relevant audit information of which the charitable company's auditors are unaware; and

• e the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Moore Kingston Smith LLP were appointed as auditor to the Charity in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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The University of Chicago Foundation Limited

Directors’ report (continued)

The financial statements have been prepared in accordance with the provisions applicable to the small companies regime. Approved by the Board of members of the Charity onher.it.30, 2*Sand signed by order of the Board

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KojumighhiDirector University of Chicago Foundation Limited 21 Holborn Viaduct London ECIA 2DY

Date: Ke a | 30, oats

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The University of Chicago Foundation Limited

Independent auditor’s report to the members ofThe 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 2024 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:

• e give a true and fair view of the state of the charitable company’s affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and e 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 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.

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The University of Chicago Foundation Limited

Independent auditor's report to the members of The University of Chicago Foundation Limited (continued)

Opinions on other matters prescribed by the Companies Act 2006

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

• e 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

• e 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:

• e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• e the financial statements are not in agreement with the accounting records and returns; or

• e certain disclosures of directors’ remuneration specified by law are not made; or

• e we have not received all the information and explanations we require for our audit; or

• e 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.

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

• e 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;

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The University of Chicago Foundation Limited

Independent auditor's report to the members of The University of Chicago Foundation Limited (continued)

• ¢ 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;

• e 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;

• e 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.

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;

• e we obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance;

• e 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;

• e 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 noncompliance 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.

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30 April 2025

The University of Chicago Foundation Limited

Statement of Financial Activities for the year ended 30 June 2024 (Including Income and Expenditure Account)

		Unrestricted funds	Restricted funds	Total 2024	Unrestricted funds	Restricted funds	Total 2023
	Note	£	£	£	£	£	£
Income and endowments
from:
Donations Investments		255,127 673	5,148,145 -	5,403,272 673	327,205 82	10,335,044 -	10,662,249 82
Total income		255,800	5,148,145	5,403,945	327,287	10,335,044	10,662,331
Expenditure on: Charitable activities	3	(259,244)	(5,104,637)	(5,363,881)	(302,803)	(10,794,531)	(11,097,334)
Total expenditure		(259,244)	(5,104,637)	(5,363,881)	(302,803)	(10,794,531)	(11,097,334)
Net income/(expenditure) and netmovement in funds		(3,444)	43,508	40,064	24,484	(459,487)	(435,003)
Reconciliation offunds
Total funds brought forward		43,018	150,917	193,935	18,534	610,404	628,938
Totalfundscarriedforward		39,574	194,425	233,999	43,018	150,917	193,935

All income and expenditure derive from continuing activities.

The notes on pages 14 to 23 form part of these financial statements.

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The University of Chicago Foundation Limited (Company registration number: 05711851) (Charity registration number: 1117431)

Balance Sheet as at 30 June 2024

		2024	2023
	Note	£	£
Current assets
Debtors due within one year	3	1,163,058	637,654
Debtors due aftermore thanoneyear	6	845,916	1,387,347
Cash at bank and in hand		618,985	1,620,700
Total assets		2,627,959	3,645,701
Creditors: amounts fallingdue within oneyear	if	(1,508,417)	(3,451,666)
Net current assets		1,119,542	194,035
Creditors: amount falling due afterone year	8	(885,443)	-
Net assets		234,099	194,035
The funds of the Charity
Unrestricted funds	4	39,574	43,018
Restricted funds	4	194,425	150,917
Share capital	10	100	100
Totalfunds		234,099	194,035

The notes on pages 14 to 23 form part of these financial statements.

The financial statements of The University of Chicago Foundation Limited (registered number: 05711851) were approved by the Board of Directors, and authorised for issue ON .............0000+

Signed on behalfof Board ofDirectors by:

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The University of Chicago Foundation Limited

Statement of Cash Flows for the year ended 30 June 2024

					2024	2023
				Note	£	£
Net cash (used in)/provided by operating activities				11	(1,002,683)	1,384,355
Cash flows from	investing activities
Interest received					673	82
Net cash flows from investing activities					673	82
(Decrease)/increase in cash and cash equivalents					(1,002,010)	1,384,437
Cash and cash equivalents at the beginning oftheyear					1,620,700	246,777
Effect offoreign	exchange rate changes				295	(10,514)
Total cash and cash equivalents at the end ofthe		year			618,985	1,620,700
				Exchange rate
	At start ofyear	Cash	flows		movements	Atend ofyear
	£		zi		£	£
Cash	1,620,700	(1,002,010)			295	618,985

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The University of Chicago Foundation Limited

Notes to the financial statements for the year ended 30 June 2024

• 1 Accounting policies

The University of Chicago Foundation Limited (“the Charity”) is a charitable company, limited by shares, incorporated in England and Wales. The registered office is 21 Holborn Viaduct, London ECIA 2DY. The Charity’s principal activities are disclosed in the Directors’ Report.

General information and basis of accounting

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

Basis of preparation

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

The functional currency of The University of Chicago Foundation Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Charity operates. Monetary amounts in these financial statements are rounded to the nearest £1.

Going concern

Management has reviewed the future plans through the fiscal year 2024 (fiscal year ending June 30 2025) which indicate that The University of Chicago Foundation Limited (the Charity) will have sufficient funds to continue as a going concern. The Charity is managed by employees of The University of Chicago (the parent company) and has negligible fixed costs. The parent company is committed to supporting the Charity in meeting these costs and providing the support services required to run the Charity.

Fund accounting

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

Restricted funds are funds where the donor has designated the purpose of the funding.

Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

Donations received for the general purposes of the Charity are credited to funds on receipt, or if earlier, when the Charity is legally entitled to the income and the amount can be measured reliably. Gifts are credited either to Unrestricted Funds or a particular Restricted Fund depending on the terms of the gift as agreed between the Charity and the donor.

Gifts in Kind

Gifts in kind are recognised when donated goods or services are received. They are recognised at the fair value of the gifted item when the Charity has entitlement to the gift, any performance conditions attached to the gift have been met and it is probable that the gift will be received. Gifts in kind are credited to restricted or unrestricted income according to the terms set by the donor.

Expenditure

Expenditure is accounted for on an accruals basis. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance costs comprise the costs of running the Charity, external audit, and all the costs of complying with constitutional and statutory requirements, such as preparing statutory accounts.

Charitable activity is in compliance with the Foundation’s grant making policy. Gifts from donors must be in accordance with the Foundation’s resolutions. As gifts are received, they may be granted to the University of Chicago with specific instructions for use according to the donor’s intent. The Foundation relies on the University’s internal controls to verify donor’s intent is realised.

Grants payable are included in the Statement of Financial Activities once a firm commitment has been made and agreed with the beneficiary.

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The University of Chicago Foundation Limited

Notes to the financial statements for the year ended 30 June 2024 (continued)

1 Accounting policies (continued)

Taxation

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

Foreign currencies

Transactions in foreign currencies are recorded at the rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the period end exchange rates. All differences are taken to the Statement of Financial Activities.

Cash and cash equivalents

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

Financial instruments

The charity has elected to apply the provisions of Section 11 “Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial Instruments are recognised in the Charity’s Balance sheet when the Charity becomes party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs).

Trade debtors and creditors

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

2 Critical accounting judgements and key sources of estimation uncertainty

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

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

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

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The University of Chicago Foundation Limited

Notes to the financial statements for the year ended 30 June 2024 (continued)

3 Expenditure

	2024	2023
	£	£
Charitable activities
Grants awarded	5,329,380	10,870,384
Bank fees	419	483
Support costs	-	33315
Currency loss	3,412	199,604
Governance costs	30,670	23,550
	5,363,881	11,097,334
Governance costs (as included above)
Audit services	14,700	16,800
Accountancy	15,970	6,750
	30,670	23,550
Total	5,363,881	11,097,334

Of the total expenditure for the year to 30 June 2024, £5,104,637 (2023: £10,794,531) was attributable to restricted funds and £259,244 (2023: £302,803) to unrestricted funds.

The audit firm only received fees in respect to audit services. Audit fees are presented inclusive of VAT. No Directors or persons connected with them received any remuneration, other benefits or reimbursement of expenses from the Charity.

During the year the Charity did not employ any support staff directly. All grants made by the Charity were awarded to the University of Chicago in the United States.

The Charity does not undertake any activities directly, and as such its expenditure on charitable activities above relates to grant funding and support costs only. Support costs were paid on the Charity’s behalf by the University of Chicago and more information on this is provided in note 12.

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The University of Chicago Foundation Limited

Notes to the financial statements for the year ended 30 June 2024 (continued)

4 Analysis of Charitable funds

		1 July 2023	Income	Expenditure	30 June2024
		£	£	£	£
	Unrestricted funds	43,018	255,800	259,244	39,574
	Restricted funds:
1	Amy and Leon Kass Odyssey Scholarship	-	2,862	2,862	.
2	BarbaraStrassberg Fund forCollege Readiness and Access	.	63,386	63,386	.
3.	Blute Family Scholarship Fund	-	83,435	83,435	-
4	Booth Dean's Discretionary Fund	-	125,783	99,076	26,707
5	Booth Student Experience Fund (previously MBA Experience Fund)	.	327	327	.
6	Chicago BoothAnnual Fund	-	88,384	88,384	-
7	College— Dean’s Fund	-	12	I2	-
8	Coriston Saidenberg Odyssey Scholarship
	(previously The Guy and Maura	-	118,945	118,945	-
	Saidenberg Odyssey Fund)
9	Dawson Professorship	-	495,279	395,279	100,000
10	Dean's Fund for Student Life	-	41,079	38,079	-
11	Gifts to Center for Leadership& Involvement (Chicago Fencing Club)	°	28	ian	°
12	Jerome and Sarah Stern Professorship Fund	.	25,000	.	25,000
13.	Marc andAnna Boheim Scholarship Fund	62,463	(52,423)	10,040	-
14	Marvin Zonis International Scholarship	484	413	250	647
15	Odyssey Scholarship Program Expendable	.	25,358	4,965	20,393
16	Onsi Sawiris Endowment Fund	-	3,140,013	3,140,013	-
17	Robert J. ZimmerOdyssey Scholarship Fund	.	785,003	785,003	.
18	SummerAssistant in Psychology	-	14,206	14,206	-
19	The Dixit-Foged Fellowship	-	77,836	77,836	-
20	Van J Stults Scholarship	57,151	21,580	70,285	8,446
21	Watson Open Doors Scholarship Fund	30,819	18,485	44,203	5,101
22	Zuccaro— Da Via Scholarship	-	65,256	60,125	5,131
		150,917	5,148,145	5,104,637	194,425
	Totalfunds	193,935	5,403,945	5,363,881	233,999

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The University of Chicago Foundation Limited

Notes to the financial statements for the year ended 30 June 2024 (continued)

Analysis of Charitable funds (continued)

	Comparative 2023	1 July 2022	Income	Expenditure	30 June2023
		£	£	£	£
	Unrestricted funds	18,534	327,287	302,803	43,018
	Restricted funds:
1	Amy and Leon Kass Odyssey Scholarship	.	50	50	-
3.	Blute Family Scholarship Fund	-	33,032	33,032	-
6	Chicago Booth Annual Fund	5,905	-	5,905	-
8	Guy and Maura Saidenberg Odyssey Fund	53,816	16,184	70,000	-
13.	Marc andAnna Boheim Scholarship Fund	120,587	(24,319)	33,805	62,463
14.	Marvin Zonis International Scholarship	1,354	-	870	484
15	Odyssey Scholarship Program Expendable	32,701	374,178	406,879	-
23	pe addedFamily InternationalOdyssey	171,685	873,086	1,044,771	.
20	Van J Stults Scholarship	154,995	73722	105,566	57,151
21	Watson Open Doors Scholarship Fund	52,803	-	21,984	30,819
22	Zuccaro—Da Via Scholarship	-	15,623	15,623	-
24	Booth Global Visibility Fund	-	2,491	2,491	-
25	oeccExecutive Program inE]	.	1,247,224	1,247,224	.
26	Insper Partnership Fund	-	219,660	219,660	-
5	MBA Experience Fund	-	384	384	-
16	Onsi Sawiris Endowment Fund	-	3,326,040	3,326,040	-
27	Paris Center	-	1,663,020	1,663,020	.
28	President’ Discretionary Fund	-	831,510	831,510	-
17	RobertJ.ZimmerOdysseyScholarship	.	831,510	831,510	.
29	The Haddad Fund for Economics Research	-	873,086	873,086	-
19	The Dixit-Foged Fellowship	-	41,576	41,576	-
7	College —- Dean’s Fund	-	2,987	2,987	-
		610,404	10,335,044	10,794,531	150,917
	Totalfunds	628,938	10,662,331	11,097,334	193,935

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The University of Chicago Foundation Limited

Notes to the financial statements for the year ended 30 June 2024 (continued)

4 Analysis of Charitable funds (continued)

‘Amy and Leon Kass Odyssey Scholarship

This fund provides scholarship support for undergraduate students in the College.

> Barbara Strassberg Fund for College Readiness and Access

To provide annual support for the Office of Civic Engagement’s College Readiness and Access programming.

*Blute Family Scholarship Fund

The purpose of this fund is to provide scholarship support to full-time MBA students at the Booth School of Business.

* Booth Dean's Discretionary Fund

This fund will be used at the discretion of the Dean of the Chicago Booth School of Business at the University of Chicago.

* Booth Student Experience Fund (previously MBA Experience Fund)

This fund will be used at the Deputy Dean of MBA Program’s discretion to support the MBA experience outside of the classroom.

° Chicago Booth Annual Fund

This fund provides unrestricted support to the Booth School of Business.

"College — Dean’s Fund

To be used at the discretion of the Dean of the College.

*Coriston Saidenberg Odyssey Scholarship (previously The Guy and Maura Saidenberg Odyssey Fund)

The purpose of this fund is to provide scholarship support for undergraduate students in the College.

Dawson Professorship

To establish and maintain a professorship at the Chicago Booth School of Business at the University of Chicago.

'Dean’s Fund for Student Life

To support undergraduate student initiatives as directed by the Dean ofthe College.

"Gifts to Center for Leadership & Involvement (Chicago Fencing Club) The purpose of this fund is to provide support for the fencing club at the University, including but not limited to competition expenses and coaching.

"Jerome and Sarah Stern Professorship Fund

To establish and maintain a professorship at the Chicago Booth School of Business at the University of Chicago.

Marc and Anna Boheim Scholarship Fund

This fund provides scholarship support for students in the full-time MBA Program at the Booth School of Business.

Marvin Zonis International Scholarship

This fund provides scholarship support for full-time MBA students at the Booth School of Business.

'SOdyssey Scholarship Program Expendable

This fund provides expendable scholarship support to the Odyssey Scholarship Program, which provides supplemental College aid grants to undergraduate students who would otherwise have to accept student loans in order to attend the University of Chicago.

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The University of Chicago Foundation Limited

Notes to the financial statements for the year ended 30 June 2024 (continued)

Onsi Sawiris Endowment Fund

To be used by the University to support academic initiative for Egyptian students or students of Egyptian origins at the University.

"Robert J. Zimmer Odyssey Scholarship Fund

To provide scholarship support to undergraduate student in the College.

'SSummer Assistant in Psychology

To provide support for undergraduate students who will work as summer part-time research assistants studying childhood autism in the Department of Psychology.

"The Dixit-Foged Fellowship

To provide support to fellows in the Social Sciences. This is awarded annually as a dissertation completion fellowship.

Van J Stults Scholarship Fund

The purpose of this fund is to provide scholarship support to full-time MBA students at the Booth School of Business.

*! Watson Open Doors Scholarship Fund

The purpose of this fund is to provide scholarship support to full-time MBA students at the Booth School of Business.

» Zuccaro — Da Via Scholarship

The purpose of this fund is to provide scholarship support to full-time MBA students at the Booth School of Business.

The Haddad Family International Odyssey Fund

Expendable income from the fund is used to provide scholarships known as "Haddad Family International Odyssey Scholarships" to international students in the College who qualify for financial aid under the College's financial aid policy.

*Booth Global Visibility Fund

To support programs that maintain and support the Booth School of Business’s international visibility.

*SChicago Booth Executive Program in El Gourna, Egypt

To support the executive education program in E] Gourna, Egypt.

**Insper Partnership Fund

To support Insper Learning Institution (Insper) students’ participation in the Summer Institute in Social Research Methods, a 10-week program offered by the Division of the Social Sciences at the University of Chicago

” Paris Center

To support the programs and operations ofthe University of Chicago Center in Paris.

** President’s Discretionary Fund

Gifts to this fund are used at the discretion of[the][President][of][the][University][of][ Chicago.]

»” The Haddad Fund for Economics Research

To support the Haddad Research Professionals Program in the Becker Friedman Institute at the University of Chicago.

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The University of Chicago Foundation Limited

Notes to the financial statements for the year ended 30 June 2024 (continued)

5	Debtors: amounts falling due within one year
		2024	2023
		£	£
	Accrued income	1,163,058	637,654
		1,163,058	637,654
6	Debtors: amounts falling due aftermore than oneyear
		2024	2023
		£	£
	Accrued income	845,916	1,387,347
		845,916	1,387,347
7	Creditors: amounts falling due within one year
		2024	2023
		£	z
	Grants payable	1,508,417	3,451,666
		1,508,417	3,451,666
8	Creditors: amounts falling due after one year
		2024	2023
		£	£
	Grants payable	885,443	-
		885,443	-
	Reconciliation ofgrants payable:	Total 2024	Total 2023
		3	£
	Opening grant creditors Grants awarded inyear (note 3) Less: Grants paid duringtheyear (netofforex movements)	3,451,666 5,329,380 (6,387,186)	37,700 10,870,384 (7,456,418)
	Totalgrantspayable	2,393,860	3,451,666

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The University of Chicago Foundation Limited

Notes to the financial statements for the year ended 30 June 2024 (continued)

9 Analysis of assets and liabilities between funds

==> picture [419 x 262] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted| |funds|funds|Share|capital|Total| |£|-|£|£| |Cash|at|bank|39,574|579,311|100|618,985| |Debtors|-|2,008,974|-|2,008,974| |Creditors|-|(2,393,860)|-|(2,393,860)| |As|at|30|June|2024|39,574|194,425|100|234,099| |2023:|Analysis|of analysis|of assets|and|Unrestricted|Restricted| |liabilities|between|funds|funds|funds|Share|capital|Total| |£|£|=|£| |Cash|at|bank|43,018|1,577,582|100|1,620,700| |Debtors|-|2,025,001|-|2,025,001| |Creditors|-|(3,451,666)|-|(3,451,666)| |As|at|30|June|2023|43,018|150,917|100|194,035|

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

10 Share capital

Allotted, called-up and fully paid shares

==> picture [404 x 54] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2024|2023| |No.|£|No.|3| |Ordinary|shares of £1|each|100|100|100|100|

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

100% of the share capital is owned by the University of Chicago.

The Charitable status of the Charity prohibits the University from being entitled to any dividends.

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The University of Chicago Foundation Limited

Notes to the financial statements for the year ended 30 June 2024 (continued)

11 Reconciliation of net income to net cashflow from operating activities

	2024	2023
	£	£
Net income/(expenditure) per statementoffinancial activities	40,064	(435,003)
Deduct interest income	(673)	(82)
Unrealised foreign currency gains and losses	(295)	10,514
Decrease/(increase) in debtors	16,027	(1,605,040)
(Decrease)/increase in creditors	(1,057,806)	3,413,966
	(1,002,683)	1,384,355

12 Related party transactions

The University of Chicago is fully committed to funding the support and governance costs of the Charity, including audit and accountancy fees and consultancy costs as required.

During the year the University of Chicago in the US incurred costs on behalf of the Charity which amounted to £Nil (2023: £3,314). During the year the University of Chicago in the US has gifted £Nil (2023: £33,269) to the Charity. There were no balances owed either to or from the University at the year end, as a result of the balance of this account (2023: £Nil) having been gifted to the Charity and included in the donations in kind amount provided above.

During the year the University of Chicago Booth School of Business incurred costs on behalf of the Charity which amounted to £30,670 (2023: £Nil). There were no balances owed at the year end, as this amount has been gifted to the Charity and included in the donations in kind amount provided above.

Grants made in the year totaled £5,329,380 (2023: £10,870,384) and this included £6,487,186 (2023: £7,418,718) which was paid to the University of Chicago in the US during the year. The remaining £2,293,860 was owed to the University of Chicago as at the year end (2023: £3,451,666). The total number of grants paid in the year was 23.

During the year, funds totaling £100,000 were received by the Foundation on behalf of the University of Chicago Booth School of Business and were held within grants payable at the balance sheet date.

13 Events after the end of the reporting period

No events occurred after the end of the reporting period.

14 Ultimate parent company

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

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