CompAny rtrntion number. 05711851 Cknity registrtioD nnmber: 1117431 The University of Chicago Foundation Limited Annpal report and flllandl sttsments ror tbe year ended 30 June 2025
Tbe University of Chicago Foundation Limittd Contents Officers and professional advisers Directors. pOrt Ind¢p¢ndent audi¢W'S rew Stat¢m¢nt of FinAn¢iil Activilies Baln¢t Sheet 12 Smiemertt ot'CLth Flows 13 Nok$ Ihe financial statements 14
The Unlver81ty ofchkqo Follndatiom Limited Offlters and professional advistY8 For the year eDded 30 June 2023 Dlr•etors Mr K Af58hi Mr R Ho¢hman Mr T SanLStein The DhredLYS ar¢ the TrustCC5 of the Charity for Chwities Act C•mpAay Jtcr¢fNry Sisec Limittsl 21 Holborn ViJ ECIA2DY R•8lstered offl¢¢ 21 Holb Viatht London ECIA 2DY Blttker HSBC plc Wi(Jria Str¢e¢tmd EC2N 4TR Audltor Motye KITh15 &nith LLP 6th Floor 9 Appold Stre Lond ECZA 2AP Charity w¥mb•r: Comp*uy uumb•r: 1117431 05711851 PaKe I
Tbe Universlty of Chicago Foundatio Limited Dlrfftors, report for ¢ht year euded 30 2025 The DirtCiOTS. who arc s0 the Trustee5 for the purwses of Ch8Tirabl¢ law. prcs¢ni thcir annv8] rewrt for the y ended 30 June 2025 undcr the C(xmpanie5 Ad 20¢kn wgethcrwith the audi¢¢daccounts for the yew, artd confinn th&t thc latter compli¢$ with the rcquircm¢nts of the ACL the Chllrities (A)lts and Rwrts) RcgulHtions 2011 and the Chariiics SORP {FRS 102}. Rtfertnee #nd •dminbtrtive INformtiD The Charity Icompany Regisira¢ion.' 05711851. Charity Commission R¢gistr&tion.' 11174311 is a subsidiary of the Univewsity of Chicago. incoTpora¢td in the Unii¢d Slates of Americ4 which was fwnd¢d in 1898. Tht re8iStcrcd office of the Charity is lisird pa8c I wgeth¢r with thc Partic[&r5 of the Charity's profe55ionaJ advisers. Tht Chariiy Is 4 thwitsble compw limiicd by shar¢& Dlrtetors And CIL•rlty trust Th¢ Director5 are th¢ Charity Tru¢¢$ of the University of ChiE•80 Foundlltion Limiicd I'yhe CharityTh Thry have all served in offlce thTouBhout the year. cx¢¢pf notrd: Ms K Taylor Ir¢sign 2 Au8USt 20241 Nlr T S8mstcin Mr K Afs&hi Ms E Shanin {appoini¢d 2 Augu# 2024. rtSi8ned l AU 20251 Mr R Ho¢hmon l&ppointcd l Au8uA 20251 Th¢ affairs of thc Chtrtty are 8ovcrncd by the BoATd of Tn¢ The T1¢t$ meet once p¢r year and oversee th¢ management ofihe Chariry. Governlvg Docummf Th¢ Charity is govcrn¢d by its Mcmornndym Articles of Asso¢i&uon dalcd 16 February 2CrfJ6. Ae¢rnI1wM1dAé olDlredo The UrtivefsiLy of Chicago is empoW¢d io make appoinrrneni ofTrusoes for the Universiry of Chic0 Foundatiott l.imil¢d. For the PEFiod from l Juty 2024 through 30 June 2025, tht followin8 5¢ryed Trusltts.. Ms K Taylor, Ms M M¢¢ourL Mr T sams7n 8nd Mr. Kcy•nnin Afsehi. For a portion ofthe period M5 K Taylor held th¢ p>silion of Vi¢¢ President llnd General Counsel ai the Universiry of chic0. Ms K Taylor's pts5ition as he of all Icgal llffairs for th¢ Uniw¢rsity provided the rcqui$i qualification for Direclor of thc Chariry. By virtue ofher winmcni to this p)siiioth At the Univtysity. shc appoinied a rru51ce ror thc Ch8riry. Ms. K Tayltsr rtSi8ncd Im 02 Augull 2024. On July 1. 2023. Mr K Afsohi was apptrinted. He ljolds the W5iliort of Vicc Tre•deThi of Alumni Rcla¢ion3 and Dcvelopmeni ai Ihe University of Chic40. Hi$ ¢•pacity in this tIOn FKovides the rtgUiSLtr qualifiOn5 to b¢ a Direcior of the Chgrity. On Octobtr I, 2023. Mr I Smst¢in appoinled. Hc holts the position ofchicf Financtal Offi¢¢r •1 ihc Univ¢rsity of Chica80. Hi5 £apaciLy in thi5 posiliw provid¢5 the requi51t¢ qllalification8 ¢0 be a Dire¢wr of thc ChArity. On Au8U5I 12025. Mr. R Ilochm8n was appoin*d. He hold5 the pwlion of Vice Pruid¢ni and Gcnctal Couns¢l 81 th¢ Urtiversity of Chi¢ago. Hi5 posiiiofj Is head of all 1¢8al affairs fly the Univcrsity ryovid¢s th¢ qUISITe qvalifi¢aiion for a Director of the Charity. Should any of th¢st DireCT$ rcsi8n their p05ilion the Univ¢rsity of Ch¢w. the gjcressor to ihal woiiion would tske thcir placc & trullee ofihe Charily pending fin81 approval fTom the remainin8 b(wd m¢mbers. Trtining needs of new Trusttts art assess¢d and ffl¢i •$ nettssary. 1p11nTrL each trustee rcccive5 a ropy of thc UK Charity Commission's bIltIOn'The cssenlial vus(tt.' whatyou rteed w know. Wh you necd io do" and"Charity RePIng and AccourttinÈ.' The En[la1$- and aBr¢rs to follow thern. 0Th8oing training is provided as relevdni cl8¢5 4r¢ m¢ to th¢ citherchariiy Commission 8u¢dar¢ Jnd requtrcrntnts OT alIcable leBi51&ion. Page 2
The Universlty of Chitggo Foundation Llmlted Dlrectors, report for the year eDded 30 June 21)25 (coDtinyed) The Charity 1$ martaEcd by the University of Cthira80's dq)gnmutof Alumni R¢lations8nd Dcvclopm¢ntl-ARD-). The employeesengaged in this rnanagemeni arc Cfnploy¢es of the Univctsity of Chicago. ofthc Charity. ARD ernploytts are responsible for day-lLaY cxpcnse managemclli the TTus1¢¢5 ate rtspon5ible for thc stratgic oversight of th¢ ChaTity. ARD ¢rnployees swioned itt Chicago ue resportsible f thc day-L(daY affaits of ihc Ctwity; Lncludirt8 thc pYo¢uremeni of 8(KMls and services for the Charity aNd the negoiiauon ond execuuon of ¢ontracL All financial activity IS approvt4J by ARD finatL¢ial operations 5tsff. All ststTcnga8td in the oversighi and approval of aciivity uliimately Tep)rt to MrK Afsahi, Charity Director and Vi¢¢ Pr¢sidtni for Alumni Rclationsand Developmcni theuniversiry of Chicago. Duc lo ih¢ small size and narvt¢ of the ChaTiiy the is curtnt]y intrrnal audii [ctiOn. This is cnniinually under rcview aNd will be llp]ed arrordin8ly a5 the CTrwiLy gro Whil¢ t)0 specilic intemal wdii exists, there 15 %grt881ion of diiii¢s tu help reduc¢ finncial risk to the fowJd&ioth. Currendy, tyll accouniift8 for the Found10 is hondled by the Univ¢rstty's ARD orri¢¢ ii'hile signing authority paym¢nts 15 the responsibility of th¢ Universiiy'$ ¢enwtyl Financial Services deparuncni. The individua15 who approvc pBymcnts and hllvc b4nk &ccouni authori2aiion privile8es are not th¢ satne individuals who rcqu¢s( the payTncn¢S moniu>r morbthly activity and man4e the bwjk aceouni& Additiothally. the Charity ¢n%8ges a consultant irt the UK to Att a Chariry admrnistrator. Thi$ •dministraior 15 a rknini of on thc ground in London and an advisor in mllttcrs reJ4ted io Bift aid Transnaiional Giving Europe artd other likc matiers. The Direthors have rcview¢d the major risks to which thc Charity is CXFK)se4L in ConJ10n with the overAII annual revi¢w of the risks and un¢¢rtairtiies of the University of Chiwo. recls ar¢ ¢onni with the procedurcs tht have becrt ¢sthlishtd to mitigat¢ those risks. The followin8 risks ¥¢ man•8ed by the Chgrity.. F.¢onomtc healih of prostd pjol Univcf5ity of Chic80 Found&irm ¢orttinucs w bc viewed &$ a worthwhile home for philanihropic 5UPPOrt PTO8ram5 and iniliaiiv¢s SuprtCd ty the Foundaiion remwn cniicin8 io donors Th¢ Found41ion. through the Univetsity ofchi¢40. is continuttfty identifying nrw pr05pL¥ts for soliciiaiion. This is donc in pon through ¢xtensive r¢5carch Addiiion•lly. more xud¢nts matri¢ulalt to And gradutti¢ from the University ofchic48o. new prospects, in th¢ way of Audcnts and Paren id¢thiified. Th¢ pool is a group of pro¥Jeciive donor5 thai is cOn%ntlY changing 8$ ncw pr05Ptets ar¢ idcniifitd movL¥J inio the 01 and ¢uneni PT05PCtts are recvalualLd for their obiliry and willinRncss 10 give And kepi in th¢ wol w movcd out ori( xcordingly. A closc rclllTionship with lh¢ Universiiy also ensures ihai Ihc objt¢iiv¢s of lh¢ Foundation will Eontinuc to be view¢d Ls a wtsrthwhilc [ne for phil8nthTOPlC SUPIKlrt and that progrnms iniiiaiives son¢d by the FourNJauoo r¢tnain eniicing io donoT%. Th¢ relationship be¢wccn the Univer5iry and Ihe Foundaiion iSfTiLil for rh¢ Foundation io maD8g¢ the TLsks identified abo¥¢. As long Founddiion and University obi¢¢tives remain aligD¢d. the risks ideniified th)v¢ will be rninimis¢d and thc philanthropic inieruts of lh¢ prospeci tthl will 8li8n with th¢ goals ofthc Charily. AimJ* obJ¢dfvts xAd irtiviti Churtr4&1¢ ¢¥rtYlves The University ofchi¢40 provides progrwns and acliviiies to offer & rich and diyerse educ107 cnv5ronmtni for Its sludents to pionccr rescar¢h ih4t Pushcs th¢ boundarlcs of ¢urr¢t)I knowled8r. A critical elemtni of thi5 llclivity LS the ncccssary fundin£. The prirnary objttiivc of th¢ Charity is w 4dvanc£ ¢dutiO1 I pthicular by providing grwits LU thc University of Chica80 and io othcr edu¢aibonal in5titvlLons io 1$1 in the advan¢¢meni of the ducauon ot Students attending thc in$tiLuiion. This incrtLYd supp¢Nt will advanct Univusity iniiia¢ivcs throu8h provision of SOuT[g$ for unTeMriclcd op¢r4Ling expenscs, sp¢rial projects li.¢. ¢apiial nced51 atxj endowm¢nts (oward5 sF¢¢ifi¢ purp05f5 li.e. financial aid %holNr5hips profcssoT5hips and Te5wchl. This purpos¢ direcdy contribults to the bcn¢fit of 8Lving ¢duca150n io Ihc public. ObJealvt&lorlheyedr The main objccuve5 of th¢ (knty for the year endttl 30 June 2025 W¢Te: To th¢ publi¢ bencflt lnits¢Ve5 of thc University ofchiu80 To raise funds for the University of Chic880 to fwther van(C th¢ educ&ion PTDgrams and 4diwiti¢s availabl¢ to thc public in the UK To offff UK ¢it125 an aven for zivin8 with ill¢red peThonaJ btncfi To kcw UK b&8ed Alumni cMn¢aed to th¢ University of Chiago in a mcanirt8fiLI way P8g¢ 3
The UniveJ3ity of Chicago Foundatloth Limiied Dlrtt¢ors' report for the year ended 30 June 2025 (contlnued) sir& theyeAr $ obJ¢th F.nsurt ihai donors arc awdre of thc benefi of givin£ thrgh the Chariry: benefits 5llth as Gift Aid and x-ei¢ltnt giving from oiheT ports of Europe. Stsy crnrLecwl with Universiiy alumni and friend5 to eftsure UniveTSiry ithiiiives and mission are clearly convcyed to these grou Idmuty-irf, alumni frietL¢ts 10 help Incre nemorkof rKTricntial supporters of the Charity and the University. Primcipfflloclivrrfes LTrltheye The Univ¢r5iry of Chicago sponsDred a nwnber of alumni relations Rnd don(Ywltivaiion cvrnts in th¢ Uniicd Kingdom. Alumni frorn mY divisions and schools of the UnivcTSily of Chicago were repSEnted. These cv¢nts gave Ihe Charity an opportUDity to tortnttt with prts5pccts while c(xnmunicating obJ'ethivc5 to FWO¥aiVe don Rtvitw of Achitv¢mtttts athd perfoTm•4C¢ for the year Oper&lionolperfwJJwMct ofthe Chwity The Foundation ¢arE¢ts a]WTLnt and fricnds of the Univcr5ity of chi¢88 including p&renLk spovse$ ofalumni. fomer (UllY and prior rtort-alumni donors. Thc fundAiSin8 team managcd events and soliciwion$ throughoui the ytar to advance Ihc obje¢tiv¢s of the Charity. events and aciiviue& along wtth on¢ w one meetings wtth donoT5 build tonntctions within the Untversity of Chi¢a80 community whil¢ fO$Ine an enVOnment which en¢oura8¢5 philanthroplc affiliation with th¢ Chariry. FIn411¥Itw omd reswhsfoYihtyt•r FundraisinK pro8rcss for th¢ year successfully ¢xcc¢ded iht ¢05t of doing knines& Forthe fiscal year £6.106,23312024.. £5,401,272) wos raised by thc Chthriiy from Dlumni and friertds F.xpet)ses ioialed £56.17612024.. £3I.0891 which iTLcludes 8o¥emanc¢ C( cos¢s and bRnk ftts. The cost pcr pound raised raiio is 1¢s5 than Ipl£l raised. This rn85 the ¢on%culive yeor wh¢r¢ this raiio was less than s£1 raised. Th¢ Charity hopes and ¢xpecLS 10 susthin this Ift the foTC5eeabl¢ fuwrt. Durin8 ihe f¢#1 year thc CThariry was ablc to make th1nble donlOn5 the University of Chi¢40 for objectives18bd oul In the Foundation's wriitcn 501riOns. Dona(1$ made by the Cbarity durin8 this ftscal period 1¢ £6.242.(M)3 12024.. £5,329.3801. Charitable i¢¢ivity in a given yew is directly rel¢d to th¢ fundraisin8 progress in ihai givcn year. As a rcsuli. fluciuaLiOt) in the Icvcl of charitable activity un bc expectcd a5 fundraising flucw(¢s. Charitablc activitL¢$ in FY25 wcre split amot)8 ihc following wriu¢n resoluiions as de¢•iled IKiow.' ndowd Srholarships-Coll¢ge'. £738.594 12024.. £9)9,550) Endowcd S¢holxrship5-Othcr'. £Nil12024.. £164,115) PrOgrwnMi¢ Suppjrt". £3.938.63712024.. Ll.7rL.I 111 Annul Fund Support.. £57.26612024.. £88,3251 Fmdowcd Prof¢wrships £1.507,50612024= £395.279 Rtstrvts pollcy Thc Charity'5 primuy tjc¢iive 15 lo colle¢1 firtd distribu yaThts th¢ University of Chicw and oth¢r education&1 instituiions. In considerin8 th¢ iar8et rucrv¢5 to bt held by thc Ch8Tity, thc TnJsic¢5 Tr¢tsKnise thai administr81ive and oprrationol costs arc Domin41 Ind larKely non con¢ratULa] and that Ihc Chariiy docs LU relain fund5 for 8rowth or fulure projects. Th¢y hav¢ detemiined that res¢rves shId be mbnimNI ai any pcriod enl only Teneciing a shorttr liming differencc bctw¢¢n r¢7P1 of irtome and payrnL of a grant and to Main1 lldcqua funds io COV¢T nominal Ennual <X5eS AL 30 Junc 2023 the Chariry reports a iotal £1.218 12024.. £233,9991 rd balance. The total w01 of funds held by the Chariry on 30 June 2025 held as $triCtEd furjds was £10.73812024.. £194,425) and unr¢stri¢d £9,520 d¢ficit12024.. £39.574 surplus). When donaii¢Jns received ¢&th traosf¢rs. Thom)ally paid over to the Universiry of Chic40 ¥ soon pti¢b]e. The res¢TV¢S b418nce rtfle¢ts both a nyrnber of donatiorts whieh w¢r¢ made during ihc year. and a number of pledg¢5 which havc been lde the Charity which have b¢cn 08nised in incomc 8nd immdiatcty exptnded the University of Chicago. ip the US. Going cowttT The fTUStce5 h8ve con5idcred the going CLmcem basi5 of prrp4TJtion of the finan¢ial saremcnts, SpLf¢allY &sscsSirt8 the 12.month peri(Ml from the dale of apFYoval of these tsnanrial staiefflents. In rnaking this a&scrntnL the tru51e¢s acknowledge that th¢ unrestricied funds ¢lo5rd the year with a small deficii. This deticil arose ITM a duci10n in unrestricted donation inc(Krte togethtr with yn in¢ie&se in foreign ¢xchan8t lo5. The Uthi*ttsity prpvid¢s ongoing fmaneial and operaibonal 5yppo¢ and the tnLYees consider thi5 F5]11 to rnanagc8ble at)d consisteni with the ChaTity'S opcrating model, giving them confldencc that the CTharity will ¢oniinuc 10 meci its obli8aiion5 95 they fall due. Page 4
Tb¢ Ulliverslty of Chicago Found37tion Llmited Dirttlors, report for the year ended 30 Jnne 2025 (¢ontlnued) Th£ Charily is supported in d-tsy L>ligaiions thIgh ils parcni company. the University of Chicago. The University has tommilied to providin8 SUPP)rt the a>aiity io enable it to short thrni cornrnitmcnts as th¢y rall due. Fuiurt pl•n Fuiure plans irtelJdcconiinuin8 w pro¥idcan av¢n¥¢ forgiving the UK ¥nd acruss Euro 10 support the Program$ and aciiviiics of the Univu5iiy of Chi¢a80. To do thi& ihe Chwity. in cooperion with th¢ Univer5iiy ol'chicago %vill hosi alumni apd #udeni events io ¢ncourn8e ¢ng#$emeni '¥th Universiiy. Thc5C ¢V¢nLS will includc annual recepiion5 for n¢w 5tuden fxulty l¢¢¢ur¢s and priv¢ dinners with key prosF¢tts. Public beietit WL hav¢ ref¢ff¢d to ihe guidan¢¢ contsined ID the Thariiv CommbSSiOlI'$ g¢nual gUid¢t on publi¢ ner11 and guidAnce rcluiing 5p¢cifÉ¢ally io ¢du¢aiional and f¢¢.thar8in8 ch&rili¢s wh¢n r¢viewing our Jims ind obji¢livLS and in plannin8 our fuiuT¢ obje¢iiw¢s. In pHrticuknr. the tonsider how Pln¢d aaivili¢S will witribuLC to th¢ aims and obj¢¢iives they have stL St8ttment of Dirtttorj, r¢sponJibilities in re4pect of th¢ Trustets, aDnuI report and the fin•neial $tg4temeDtJ The iTUSlC¢S Iwho are also dire¢¢ws of The Univ¢rsiLy of Chi¢40 Fourmtsuon for the purrx)ses of company la41 r¢sponsiblt for pr¢parin8 lh¢ Trus¢s' Re lifi¢orymiing th¢ dircciors. reponl and Ihe finan£i#l staicmcnts In •ccordanc¢ wilh opplicable law and ljniitd Kingdom Accouniing Standards. in¢luding Finathcial Reponing Stsndard 102.. The Fihontwl Reporliity OIrdappIKtsb1t 14 the UK Republi¢ ojlreland Iuniitd Kin8dom Gcn¢rall> Accepd A¢¢ountin8 Pr8¢1irel. Company liw r4uircs the trusiees to prepDr¢ fin•nciai stht¢m¢nts for cxh finAncial ycaT which give ll Inje and fair vi¢w of the sMi¢ of arrairs of thc charitsble company and vf ihc InMe and up¢ndiiure, orth¢ chariuble rompdny for th period. In wcpari#8 these financial Stanen the trwe5 arc Twiired w.. sclc¢i witable accounting policies gnd th¢n apply them ¢onsist¢nilyt observe ¢he methods and principles in the Chariues SORP., rnakc jud8menis and aCWUniin8 esiimalcs that ut rcasonable and wudeni $ta whethcr llpplic4bie UK Accoun¢inR S(andards have been fiAlowed subjc¢i to Y enl d¢pArtures di5¢105ed and explained in the fTrtwKial sthi¢TncnL% And prepar¢ the fInLIa1 Stsl¢m¢thts on the goiTh8 ¢iMwn bD5is it hs imw0Pr7dtc ¢0 presum¢ that the charitsble eompany will continue in busintss_ The tru5tces 8rt respon5ibl¢ for maintsinih8 a¢bAllg recLYds which disclos¢ wi¢h reoable accwacy aL any time thc financial posiiion of Ihe ¢harithblc compwiy and erbabl¢ them io ensure Ihai th¢ financial comply with Ihe Compantes Aci 2(M)6. Thcy are also rcwsibl¢ for salc8uardLII8 the L>s¢ts of thc chwtable company and hence for ¢akinR rc250nknl¢ st¢ps for the prcvention d¢ie¢tion of frnud gnd othcr irreglarL[lc5. In so for •s the tnLStc¢s are aware.. thcrc 15 no rekvanL audit infom)8Lion of whiEh thc charitsbk ¢wpany's audir$ are unawwe: and the tyustees have takcn all strps that w8ht to havt tskcn w mAk¢ themselves are of Y relevant audit infom8tivn and to ea&bli8h the auditors are awarr of infomiation. TtEC ifusE¢es Are r¢sw>Trsible fry thc mginl¢nance Ind inicgrity of th¢ corporatc and finan¢ial infi)rm#tii)n includcd on thc charilabl¢ ¢ompany'5 we1¢. L¢gislaiiort in thc Uniied Kingdom 8OVtrnin8 th¢ preparaiiort and diss¢minA¢ion of rinancial stotemcnts may diff¢r from legi51aiiort in other juri5dicl1(5. Moore King510n Srnith l.LP werc appoind a5 auditor to the Cl4rity in ¢dance with se¢tion 485 of th¢ CompDnic5 Art 2(W & re501utKon prrwsing thot they be rc-8with will be Gencral Me£iin& Page 5
The UnlverJity of Chiugo Foundailon lamited Dittctord. report for the year end¢d 30 Jnme 2025 (eondDued) The fmanciai have Fyeparoj in &tdWith thc pmvi5ions 4T¥licablt th the small compartiegrtgime. Approved by the Board of membcts ofthcCh•rity Onifj4yJ...,.2J¢d signed by order of th¢ Ilfwd Keyannirt Director University of Chicago FoundatioftLimitrd 21 Holbc(n Viadu¢1 London ECIA2DY DAtt: 15 Awl ID P4¢6
The Unlver51ty of Chicago Foundation Llnbited Independent xudltor's rert to the mtmbtT5 ofThe UniveIty of Chlcago Foundalion Iimlted OplDIfjD W¢ have alld1 lh¢ financial staicmcnts of The Univcrsity of Chicago Foundthon Limitrd I'the charitable company'l for the ycar ended 30 June 2025 which Cornpri the Sthtcmcni of FinaNciil Aoivitit& the Balanc¢ ShttL the StaLcment of Cash Flows and lh¢ ntsi¢s 10 the finwJ¢ial SttLimen inclydinB significani atcouniing policies. Th¢ financial reporting rrarn¢work thai kcn appli¢d in th¢ir prep3rdiiOn is wlitablt la and UrtitL'd Kingdom Accouniing Siandard5. includittg FRS 102 -The Financial RenIng Swidayd Applicabk in the UK and Republic of Ir¢lw)d' IUnit¢d Kin8dorn Gerterally Acc¢pt¢d Atctrjrtting PrdCtic¢l. In ow opinion the fIntIo1 stsmcnts.' give a thle and fair view orth¢ of ihe £h8ritsbie COTnKnv's affairs as ai 30 June 2025 and ofits incoming rtswr¢es and applicalion of rcsourcc& in¢ludin8 its incomc and expendiiut< for the ycar th¢n ended. have b¢cn prtsp¢rty prcpard itl ordanC¢ with Urtited Kingdom Generally A¢¢tOtd Accounti)g Pra1cc.. and have been prcpard fft accorth(¢ with the requiremerhts ofthe Companies Aci 2006. Blili for •pinio Wc conducted our Audit in a¢¢ordanv with Intemaiionai Swidards on Audi(Lll8 IUKI IISAS IUKII appliubl¢ law. Our resp)nsibililies under thos¢ swthds Lrc furth¢r described in the Audiwr's Responsibiliiies for th¢ audii of Lhe rinancial th¢¢menis seciiofi of our report. Wc AT¢ sndeperldeni of the eharitsblc company in accordaftce with lh¢ ethical rcquirernen¢s thAL ore relevani to our audii of th¢ firhwKAI aaicmcnts in the UK. in¢luding the FRC'S Ethical SwJd8r and wc have fuifill¢d our other cthiul rtspon5ibiliii¢s irt OrdanCe with these requiremen. W¢ beli¢ve ihai the audit ¢¥idencc wr have obthin¢d is 5ufficieni 8nd approwLi ts) tKovide a fw our opinion. Con¢lyilonJ rel•tlni to tonterii In aAiting the linanci sthttfflen we have C4)ncludcd the directors. usc of the 8QiD8 ¢I)n¢ busis ora¢Cnting in the prepva(ion of the finlttial siatemenls is 8pryr¢iriaie. Ba5cd on lh¢ work we h4vc perf(ThoJ. wc h•ve noi identiftcd w mawial unctstsiniic5 relating io ¢vents or ¢oftdiiions Ihai. individually or colleciivefy, may ¢a5t 518nifLc&ni doubl on the ¢hari1gblc cornpatty'5 ability io Continue as a 8oing conicrn for a pericd ofai It&st twelwc months frorn Wh ihe financ1 sthiements art allthoriscd for issuc. Our rc5ponsibilili¢$ and the respty)sibiliiies of the dire¢tors with respe¢i to 8o¢ng ¢Meem are dcs¢rlbed in thc relevani setiions of thi5 rerth. Other Informatlo The oiher information cornpris¢s the iDfomi&tion included in the annual rrwrl oihcr than th¢ fin8ncl statements and our auditor's rerA)rt thcTeon. The dirccthrs are rLw%blc for the thher informalioTr claIned within the annual reTL Our opinion on ihc financial docsnotcoverthe h¢r irtformaiion w¥1 exeepi LO thc exLeniothenvis¢ explicitly ststcd in our r¢porL wc do notexpress any forn 0[Tance conclNIn thercon. Our re5pon5ibility is to read the other infoallOn 8nd. in doin8 50, ¢onsider whethcr th¢ other intLaltOn is rnateri811y inLollsi5M( with th¢ financial stht¢m¢nts orour knowledge (knined in the tolltst of the gudii OT othcrbvise appcars io br m4¢¢ri8lly fflisstated. If ideniify such Materi itKon51Stert¢ies or apparut matrrial misJI¢men w¢ art required 10 d¢mine whfflher thcrr is a maierial mi55tstemeni in the finanEi41 stttrmcnts themsclvc5. Tf, b8s¢d on the work we have pcrfornied. we concludc that theyt isa Malcri misswemeniof this other inf0mwi0 we required io rcport that facL We hav¢ nothin8 10 report in this regar Pwge 7
Tbe Univeraity ofchi¢40 FouDdtion Limited Indepettdent auditor's report lo the memben of The Unfversity of Chlwo Foundation Limited (contlnned) Opinion$ om other prtxtrlbed by the Cothp•iex Aet 2(#%5 In our opintotL bd on th¢ work dertaken in th¢ course of the audiL.' (hc infomi81ion given in thc dit¢ctors' annual rcwt for th¢ finaD¢i81 ycar for which the finthcial miements aye prepared is consicl with th¢ fLn8ncial sratrrncnts" and the di01s, finThual rcport have been Prepwrcd in CordanCe with applicabk It8al rcquircmcnts. M•tteM on whltb we T¢ T¢4••rtd to report by txttptio In thc lighi ofthe knowlcdg¢ ldeandIn of th¢ Chble Mp•AY afKI its environfflcni obtsined in the course of the audiL we have rKJi ideniifKd mai¢rial mi5Aa¢cmertts in thc th"TecLNs' annu Tcp We have nhIng to r¢port in rcspcri of the follwwing where thc Companie5 Ad 2(A16 requwcs us to rewrt to you If. in our opinion- adequatc K¢ourtlit)g rccord5 have noi been kryL or rrturns adequate for ow audii have not been r¢¢eiv¢d from branchcs Mt visiltd by us-. or the fJnanci81 stlliern¢ni$ •r¢ noi in ll8reem¢thi with the acc(xmtin8 reccrfd% return$: or eerf•in dis¢li)Mrt5 of direcr$. remuncrniiort specifted by law ort m¥Jc'. or we hive noi received th¢ irtforniation and ¢xp14naiLof15 we r¢qiiire for our &udii- or thc dircctots w¢re not cniiilcd io wepart the finan¢i•J Sten in x¢ordan¢c with ihesm•ll wmpinics rcgime and k¢ adv&t)a¢ of thc srnall ¢ompanics excmption in pw•rith8 the directors. Annual report and from preparing a s(r•8ic report. ReJpon$lbllltles of dlrrt¢• A5 cxplained rnore fully in the direc5, respw&biliiies sia¢Ml¢ftt $¢1 out On PQ8c 5. the directors (who tre dso ihe tNSlC¢5 of th¢ charitable company for Ihc purposes of ¢harity l&w) Irc re5pon5iblt for thc prcpw3tion ot. the tiThunciol stsiemcnts thd forbeing 5aiisfied thai they gi¥L a wueand fairvicw. aThd for such bnicrn8J control R5 Lhe dir¢¢ioTsddemine is ncc¢ss¥ry to enablt the prcp4Ta¢ion of financi&l aaments frce fTom m4ierial mis5talemeni. whcihcr du¢ to fraud or cThor. In preparing the financial staterncn th¢ deCtorS responsible &wssing th¢ rharithble comparty's ability ¢0 ¢ontinue a gOiDg ¢oncem. disclosin& as appli¢abl< mairs relalcd 40 going ¢onccm and usin8 the 8OLfL8 conccrn basis of aLcoun(ing un1¢55 the dir¢aors either int¢nd 10 liquida the chaTitabl¢ company or ¢0 ¢e4se operBtson4 or hav¢ no 81istic alternJ4i¥¢ but do 50. Audltor's RtJponslbllttl# for the audlt of ibe IIAancthl i¢•tmeNts Ourobj¢cLives arc iothtairt re&wnable a55Urtn¢¢ atrAiuiwhether the financi ststemenL% 15 a whole are frce from maieriai mis51a¢¢m¢nL whether due to fraud or eThoT. attd th issue an audi¢or's rcF4)rt includcs our opinion. Reasonable assuranre is a hi8h level of aSgJTance. but is not & guar8ntre that am audii conducd in accordance wilh ISAS IUKI will alway5 dc¢¢¢t a maitrial mi55(aiemML when it ¢xists. Missthiemcnts Cath froTn fraud or error and arc considered material if, individually or in a88re8aLe, Ihey could wg)nably bc rxpecled tsy innu¢nee the economic dtcisions of erS taken on th¢ basis ofthe5c financi81 WL¢ments. A$ part of an audit actordancc with ISAS (UK) wc exercise professional jud8m¢nt and main profes5ion&l sttpti¢ism throughout the iudiL Wc a150: Identify and as%ss the risks of Materi misaatcrneni ofthe financial staknnents. whethEr due lo fraud or error. design and wfomi ludit prncedur¢5 YtspMsiv¢ to those risks. and obtsin wdii evidertct thai i5 suffi¢i¢nL and appropriate to 0VIde a b&sis for our opinion. The risk afnoi deteaiJJg a maLersal missiatemeni TC5ulting from fraud is hiBher th for e resuliing from error. fraud may inwolv¢ (ollwsion. forgery. 1nthrttlon omissions. misrepresenta(ion& ¢)r the ovcrride of int¢rnal tontrol. Page 8
The University of Chlcago Foundglion Limited Independent udltor's rert to the member5 of The Unlversity of Chi¢go Foundatlon limited (eon¢inued) obtsin an uThirr5tanding of inrn81 ¢onwol T¢l¢vani w the audit ID Ordcr design 8udit procedures ihar are appropriate in the circwnsthncc& but not fLf th¢ pyrposcs of Pressing an opinion on the effcctiv¢ness of the ritsble comF4lly'5 intrrnal control.. ¢vduat¢ ihe approprialcness of a(cOUnts pjlicies 4nd the rt&wobl¢ne&s of ac¢ouniing cAima(es and relatrd dis¢losures made by the directw ¢Mclude on thc appropr1atrn¢ of the dircE¢ors' of the going con¢em b15 of COuntIg and, b&%ed OTh the audii cvidcnct obwined, whaher a m•Lerial un¢¢rtainty ¢xiw relaicd io ¢V¢llLS or ¢onditÈons Ihat may cast si8nifi¢anL doubl on th¢ ch8Tiiabl¢ mp8ny'$ 3biliLy &% a BOItI8 conccrn. Ir ive conclude Ihai i matcrial uncertainty ex1 We rtqlllTtd io drnw •ueniion in our audi1 s report 10 th¢ relaied di5closure5 111 Ihc finantial siaierncnis OT. if such dilosures ar¢ inadequaK to m(wJify our opinion. Our ¢onclu5ion5 3re ba5¢d on the audit evidence oirtained up io the daic of our audLiof'5 fcFrf)rt. However. furn events or tondiliorns m cause the chariiable company to cease 10 conllftuc a5 & 8oin8 con¢eftK evalua(c Ihc OWCTail prcseniation. stnjcthrcand tontrrLI of tht financial st&temcn¢& in¢luding the disclosllTe& aTrJ wheihcr the finaThciAI sthtcm¢nts rew¢ tht undcrty ty8ttsacuon$ and cvcnts in a marwu thaL achiev¢$ fair presenmicffl. We communicuie wlth those ¢har8¢d wilh gov¢m8nc¢ regdLII8. among other the planned scopc and timing 01. the audii and si8rtifi¢ani &udi¢ findin8s in¢ludin8 s8nifi¢ani defl¢lCn¢Les in ini¢rnal that we idcniify durllig EsplAlltlon to wtht exteul th¢ audlt IV•s ¢onsldered cp•ble of drtetthir irrry¥lAritles. i¢l#dlii fraud Irr¢gy18ritle5. in¢ludin8 fraud are instanccs ofMn-¢omplIlln with law5 and regulwions. Wc d¢si8n proc¢durts in line with our re%pon5ibiliiies. ouilincd th)ve. 10 m¢r1•1 rnis5wemen in respeci of irT¢8ulariiics. including fTwd. The exl¢nL which OUT procedures are ¢apable of drf¢clin8 I¢Ul•lle5, includin8 fraud is dethiltd below. Th¢ objeclivej of tyjr •udit in respe¢tof art; identifyand assessth¢ risks of mai¢rial mi$5wemeni ofthe fin¢111 statements due to fraud: to obthin syfficieni apFwopric Audir evidcrK¢ rewding the aksesd Tisks of mai¢rial mi&41airmint duc frNud. th¥ou8h desi8rtin8 and irnpl¢meniing 4)propri4ie rwse5 TO those IsSsed risks: and io TC5pond approprialY to in$wices of fTwd Of gJ5p¢¢id fraud id¢rtiifted dvrin8 the audil. Ilm4'Lver. Iht prim Tesponsibility for the prcv¢niion and dcteaion of fraud Tests with both manageme¢)t and thox thaT8ed with AovernAn¢¢ of the charitabl¢ CompY. Our apprOh as follows.. w¢ Ob1Th¢d In undersMThding ofihe legal Ind rtSu[0r> requ1ments wlicabl¥ io thc ch8ritsble company and considc¥ed th¥1 the MO 5ignificani ar¢ the Compani¢s Ath 2(, the Chariry SORP, and UK finanri?I rcponing SndardS &$ L5su¢d by thc Finantial Rcponing Council- we obthincd an yn(krstanding of how the chBritsble company cthrnpli with thcse fequiremcnts by dijcussions with man4tmeni those chwgrd with 8ovunance; we a55¢wd thc risk of Materi misstaiemeni of th¢ financial *4Lemcnts, in¢luding the risk ofmaieriol misslai¢m¢ni due 10 fraud and how il mighirKcur. by holdin8 dI¥L10ftS with mana8cm¢ni and ihosc ¢hw8ed wilh gov¢mance.' we inquired of fflAn4emcDi ¢hose chl¢d with govunance as knOTr inmncc5 of Non-compliCe or suspectcd nOnoMplIanrC with laws and regulaiion5: bab¢d on this undLrsianding. we dcsi8ned SlfIe approprijte •udii pledr¢S tsy id¢niify inmnces of nM- ompliante wilh la.5 and reBulaiion& This included making quirIeS of m8thagemcnt those charged with g0vwnCe and obthining addiiional corYobmiv¢ wde1c as rquircd. There are Inhe( limitation5 ip th¢ audii proc¢dures dcxribtd thove. W¢ Ics5 likely Lo become iware ofinstance5 ofnon-complianc< with law5 and re8ulxiion5 Ihat 8re noL closely r¢latrd w ¢vtmts and ¢ransactions reficctcd in th¢ rinancial stsicmenr& Al%0. thc risk of ntsi d¢iccLing a maicrial misststrmeni duc frdud is hi8hcr than Ihc risk of no( detecting one re[118 from error. as rnay involvc dclibcratr toncealmcni by. for ex•mple. forg¢ry or intrntional TlllsrepreseniIon% or Ihrou8h collugon. Pa8c 9
The Universlty ofcbicago Fowidatlon lirnited Indepeodent audltor's rerI the members ofThe Universlty of CldtAgo FoDndAdon Umlt (colltinlled) Uie of report ThisT¢Wt is madc 501tty to the chtrilable com15 Mcmi a& a body. in Ch8pi¢r3 ofP&rt 16 ofth CompaniuA¢t 2(th. (Xjr auditwork hgs br¢n undertakety sothatwe mightststrto thc¢ompany's m¢mbcrsthosematters wc arc T¢quired 10 5tste ¢0 them in gn audithr'5 TeFMXt for rfh¢rpuTPOS¢. To thc fullest extentpemiittcd by law. wc do nol accey or asswne respJn5ibility to any erth the charithble company and charitable compatry's mcmb#s &5 H bcdy. for our awlit wrt. ror or th¢ Opinions hav¢ fomK Jamcs Saundvs {Senior Ststuiory Audiwr) For and on bdthlf of Moor¢ Kirtgswn Smith LLP. Slatutory auditor S May 2026 9 App)Id Sty¢et L4ndon EC2A 2AP P4ts 10
The Unfversity of Chicago FouDda¢ioM Limited St&tsment of Fittn¢i21 Aetivitles for the ytar e•ded 30 June 2025 (In¢lnding llleoD)e Ind Expemditsre AccouDt) U•r¢stritled fumds R¢sirkth T•tsl Uhrtstritted R¢Jtritted 2025 f•nds Total 2024 Nfj¢t lfteome endowments tk)nation$ It)vestmcnts 55.794 1.995 6.050.439 6.iiK233 255.127 673 3.148,145 5.403,272 673 Tot1 In¢ome 57.789 6,05(L439 &IOB.228 255.8(x) J.l48.145 5.403.945 EspendltUT¢ ohl: charlble aciivili¢S 1106,8831 16.234.126) 16J41.fKfJ) 1259.2441 15.104,6371 15.363.881} TotAI exp•ndltur¢ I1(.883) 1&234.126) {6.341.)9) 1259244) 15.104.637) 15,363,88II Net Ixeomtl(expendlt¥r¢) net MOVtmeTht ID fund$ 149.1ft4) 1183.687) {232.781) 13.M41 43.508 Rrton¢lllatlon of faDds Tot•1 funds brouqlt fornrd 39.574 194.425 233.9V4 43.018 1 50.917 193.933 Total funds ¢•rrl¢d fornrd 19.3201 10.738 1.218 39.574 194.425 233.999 All income and expendiuLr¢ dcrive frm continuing ¥¢tivities. Th¢ notes on pages 14 10 23 forn part ofthese f1¢111 wiefflen P48eii
The Unfversity of Chic40 Foundalion Limitrd (Company regi5tralion number- 05711851) (Charity registrdtion nurnber: 1117431) Balance Sheet s ai 30 Junt 2025 202S 2024 Nott Current ugets Debtors Wilh onc y D¥biors dut aftLY more than onc y¢ Cttsh ai bank and in hand 677.384 643,665 370.362 1,163,058 845.916 618.985 Total .691,411 2.627.959 Credito. Drnolltlts fAilin8 duc within ODC ye 1889.2611 11.508.417) NÈt turmt uets 802.150 1.1 19,542 Lllbllltlei Creditors.. amouni falling due 8fteron¢year 18c,832) {885,4431 Total •et amtts 234.099 The fudi of ihe ClJrlty Unrestric¢ed ftsttds Restricted fvthds Share ¢apitAI 19.5201 10.73 39,574 194.425 100 io Tot•1 fuAdi 234.099 The notes on pa8cs 14 to 23 forni pon ofthvx fman¢i81 styment& The fmancial StaM¢ntsOfThcun1velSity of Chic•80 FoLMdlOn Limid IrryiMered numbEr'. 05711851 Iw¢r¢ pY0ved by th¢ Board OfDlr¢¢r& afid wthorisd for issue on.JS.API.I Signed on behalf of Bogrd of Dir101$ by.. K¢ya inA Dlrtttor Page 12
The UDiverslty of Cbic40 F(]lation Iimited Statement of Cash Flows for the year ended 30 June 2025 2025 2024 Nole N¢t ¢uh thyprovldod by oper•th8 d5vIti¢• 1250.717> 11.(M)2.6831 Cssh nows from IDvodn8 1Cti¥lti¢J Intcrest rtccivcd 1.995 673 Net eAoh fl•wx Crow xclivllles 1.995 673 IDe¢T¢•MVinrrew i• cash i•4 equlvaleuts 1248,722) {i.woioi Cash and ¢uh equfv•lrnts It the brylnmthg •ftht y¢•r Effect of forei exchang¢ chang¢$ 618.985 1.620,7(KJ 293 Toi•l cAsb Md ¢wb eqMfv•l¢nts At th¢ ond of th¢ ytAr 370.362 618.985 ExehAn8e rat¢ movem¢llts Ai it*rt olyur Cuh fl•w• Af end of ye 618,985 {24(722) 99 370,362 P&g¢ 13
Tbe Univetslty of Chi£aEO FouDd2tiOD Limlted Notss to the fmancial statements for the yegr ended 30 Julle 2025 Ac¢o¥Dtlni polld¢s The Univcr51ty of Chic&go Foundaiion Limited l-thr Charityl is a ¢haTitsblc companv. limiicd by share incorpotAied in EllEland and Wak& The re8iStered office 1$ 21 Holborn Viaducl LoThdo]t ECIA 2DY. Thc Charity's principal actlvilies disclosed in th¢ Direciors. Re[L GtntrAI inform•tlon and b15 of accountioi The followin8 accouniinB P)licies have btLn applied coDsixeDtly ITh de4iin8 with itrms which consid¢red mai¢rial in rcl•lioD Ihe fintill sial¢mL Basis of prepArAtioa The financial ststemcnt5 hawe tttn wepared undu ¢k hislori¢ ¢09 basis of •ccounlill& in 0rdnce wilh A¢¢ouniing and Rworting b) Chariue5'. sL¢m¢1 of Recommendcd Practicr applicable chsrities preparing th¢ir fin&rKial stat¢mtnts in atcordanr¢ withth¢ Financial R¢porting Sthndard applicablc in the UK and R¢publi¢ of Ireland (FRS 1021- Ichariiics SORP IFRS 10211. th¢ Fino#¢ial Reporting Swtdard applicablr in thc UK and Rcpublie of Ireland IFRS 1021 and rht cpAni¢S Aci2(K)6. The fut)¢lion and presen1ortAl CUTr¢ftcy of Thc University ofchicwi Found4Lion Limitcd is wnsidered br pounds SlCTlin8 b¢¢ause that is the currency of the primary cconthnic ¢nvironmeni in which tht Chtirity operalcs. Monetary amounts in these financial Ma(emeTh¢S •re roundd the £1. Golne foncerD Manas¢mcni has revied th¢ Chariry's future plansd cash flow¢xpc¢thiiorts forihc 12-mopth perlod fTom thc da¢¢ of Dpprovd of thrtc fianciaJ $thiemen In carrving out thts asstssmeni. mana8emcni noied Ihai ¢he unrtstric(ed funds elosed th¢ ye8r with a sm811 d¢firiL ¥isin8 from & reduciiort in unT¢siricicd don&iion sncom¢ 108eih¢r with an in(rC in for¢i8n exchan8¢ Iosscs. The Ch4riiy is stsppord in its d&Y.18V op¢raiithis by li$ parfni company. the University of ChicB80, which Provid ongoing fina11 and OPCrnLiothal NSS%Slance. The IlTh¥v¢rsiLy has commitied to ntinUIng w supprxt th¢ Chariiy io ¢nthble li m¢ei lis short-lcrm obligaiions a Ihcy fall duc. On this b&%1& mh•8em¢ni considers th the Chariiy has ad¢quaic r¢wurccs ¢0 ¢oNiinuc irt opcraiionAI existcncc th< forex¢ablc fuwr¢ therefore the financiryl $4iernents arc pr¢pared on a loin8.Ptrn bas. Fund attountlhi unr¢sICtl'd funds art genernj fuThds are available r(ff Us¢ •¢ the DiTeciors' dis¢ydion in fuTtheran¢E of thc objecuvcs ofih¢ CThariiy. Rcstricl¢d fvnds are fid5 whcre the d¢si8nad the purp)sc of the fuftdiTh8. Irbtome Income is re¢ognis¢d when Ihe Charily has ¢ntiilcm¢nito the fund& perf¢t condition5 8ua¢h¢d to the iThcomc hive been m¢L IL is wobable ihai th¢ income will be re¢eived th¢ Jmwni can bc mc45uTcd Y¢liably. Donaiion5 re¢¢ived for thc gencrd pytyoKs of th¢ Chlty art trcdid LO fund5 QD fcccipL or if tarlicr. when Ihe Chariry is legally enliLld 10 the in¢ome Ihc aM0E can be meawed rcliably Gilb arc ¢rediicd either to Unrtstri£icd Funds or a P1]ar Rc5tri¢d Fund d¢tThAing on the Icnns of the gift Ls ae£d be(wecn th¢ Charity and ihc donor. Gifts In Kind Gifts in kind we recognis¢d when dOed 8oods or ser¥icc5 W¢ Teceivcd. Thiy &rc tecognisa ai thc fair value of the gift¢d iitm whcn Ihc Charily has cnlitlemeni io thc gifL Xrty p¢rfomiAnce Londiiion$ aitached Lo the gift have k¢n m¢1 and it is probabl¢ that th¢ 8itl will bt rctttva. Gifis in kind are cr¢ditrd w l¢Mricd or unrc4riCttd income according io the (crm$ sd by thc donor. Exptnditure FpendIDre i$ 8¢¢ounicd for on an xEruaLs basis. Thr irrtcovcrxbte clcmeni of VAT is included the item of ex1¢ lo which IL relate& Govcrnpmte ¢osts comwise thc costs of running thc Charity. extern wdii all the costs of complyirtg with con#iiutional and stalut requiTemCrt such as prtparing s¢aiuiY ¢011nts. CharlbI¢ activity is in ¢ompltance Mith the Founda1b,5 Ernnl makin8 policy. Gifts frnrn donors mu# b¢ in accordance with the Fowidation's Tth)lution$. As 8ifts are received. th¢y may bc granied to the University or Chicago with specific instruclions for us¢ according to the dThr.$ inicnL The F(wJndauon r¢li¢s on ihe Universiiy's iniemal cTh)trols w Verify donor's int4*1 15 rtsiised. Page 14
Th¢ Univtrslty of Chic40 FoundatiOD Limited Notes ¢0 the fan¢1a1 statements foT the year ended 30 June 2025 (contlmued) Aetountlng policitx Itoxtibutd) ExpeNdltsr¢ {eontinued) Grints payablc arc in¢lLthd in the 5thtrmeoiof Fi[Wl Aciiyiucs oncea firm rommibnenthas be made aThd 8grt¢d with the b¢ncfiriary. T•xgtion Th¢ University ofchitago Foundation is consid¢r¢d to pass the Icsts sei out in Pangraph I S¢hedvle 6 of the Finanee Aci 2010 and thertfore li mccts thtdefiniuon of a Ch8rithblc comnY for UK cotpornion Ixx purposes. ArEordirt8ly. thecharity ispoierjfially excmm from 10ll in respeciof incomcor capithl yinsrc¢eived within cllicgories covered by Chipxcr 3 Part l l of tht coryrailw T&y Aci 2010 or Stturm 256 of the Tuarion of Char8cable Gains Aci 1991 to the cxlcnt such in¢Lme or 8ahns ayt 4wli¢d ¢x¢lu$ively lo chsritsble purp05CS. For¢lgn turrtnclei Tran%actions itt foreign ¢urrerti¢S Are recordtAJ 4¢ th¢ PTevailin8 at the datr of the Lrinsa¢¢Lon. Monetary asscts and lidbiliues denominaied in foreign c11rn£1ts ar¢ wanslatrd inth Sterlithg ai the pcriod end exch&ng¢ raies. All differcrtces aft tskcm w the SwtmenL of Finartcial Aciivilies. Csh Ind cAJh equlvllents Cash &i bank Hnd ¢sh in hand includcs cth artd shon Iwm highly liquid inve5tsn¢nts with a short Mllrity of thrte months or k&8 from the date of 8¢quisi¢irm oropErtin8ofthe dwit or Simil J¢¢wnl. FlnAncial Instruw¢its The thariiy has ¢l¢c¢¢d ¢0 arvty thc provisiiNLq of Seaion I I 'Basic FinaThciaJ Instruments. of FRS 102 10 all or its fin4ntial iftstrumrnts. Financi&l lrtstrnmcnts uc rrfognised in ihe Charity's an¢t sh¢eL wh¢n iht ChariLy becomes paTly to ihe coniTacru41 prowisions of th¢ insiNmcni. All financial ar liabilitie5 ar¢ iniiiajly me&sur¢d ai traD5aciion Price (including transaciion costs). Tr•dt debtors and tr¢dlto Trade and othcr debthrs art rccogni5¢d at thc s¢¢¢ltsneni amount due tr arty disrouni otyercd. Prrpyyments arc valu¢d a¢ ihe arnouni Prtp8id nci of any tradc di%ounts due. CredirS aTC Tecognised whcr¢ the Chariiy pr¢5eni obli8&(ion rc5uIiLn8 from a pa& ¢vet)i thai will wobabty result in the wan5fcr of fund5 10 a ihiTd party and the amount duc to 5¢tt1c the obli8llLiOn ¢an be rnc25ur¢d OT ¢5timad r¢liably. credir$ ore cognised at their 5eulcmertt #mount aftcr loW11b& for any ¢rad¢ disc¢Jwi¢s du¢. Crltlcil e¢oufitkni lud8em¢Mts and key ¥ovrees of ulSm•tl•* llAttTl•inty In the applicaiiort of Ihc Charity's a¢¢ouniing [x)lici which are destritrd in rtore l. Ihc DiTrciors Bre required io makc judgcments. cAirnatrs and wumpLi0ThS about the canying amounts of 1$5cts and liabilities thai are n r¢adily appareni from oiher SOUTce5. Th¢¢aimAtes assoc1cd as5wnwionsar¢ bas¢don hiswrical exptricnc¢ And other facloT5 Ih4t aTE consdcrcd w bt relev8nL Actu results rnay ditTw Irom 1hrstlmRtcs. Th¢ ¢MIM¢S and undutyin8 Ip[lon5 we reviv¥¢d •m on8oin8 bJ5i$. Revisions toni1 ¢51imates are Tecognised in the period in which the lIale Is reviscd if tht revision affec only thai period or in ihe pcriod olthc revision aTrJ future p¢riods ifthe revision both currcni and fulure periods. The DiTcciof5 do not £onsidcT the pre any critiral jud8¢[1 or sources of es¢im&ion unr¢rtainty rcquirirt8 disclosure beyond the accounung p)liti¢s listtd abov Pagc IJ
The Unfversity ofcbk4go Follndation Limited Notes to the fiDaneial statements for the year eDded 30 June 2025 (¢oDdnued) Expenditure 2025 2024 Cklrltsble artivitl Grd awarded Bank ftts Currency 6,242.003 482 42,830 55,694 5.329,380 419 3.412 30.670 6.341.(K)9 5.363.881 Covernn¢¢ las iucluded btsvt Audii services AccounLancy 17,835 37.859 14.71)O 15,970 55,694 30.670 Total 6.341.iNJ9 J.363,881 orthc ¢ot&l ndIture for the yeario 30Junt2025, £&234.12612024.. £5.104.6371 allributhl¢ torestricd funds and £106.88312024.. £259.244110 unr¢stri¢Led furls. The audii fm only rrLeived ftts in ts) •udii rvic Audii fee5 arc prexhd inclu5iv¢ of VAT. No Directors or persoths connc¢t¢d with them rtcciv¢d any remunerntityh. rrther benefiu or reimbursem¢ni of expenscs from th¢ Charity. Durins the y¢ th¢ Charity did nol Lnploy any gjppm yaff diredly. All Rrants rn¢ by the Charfty were aw8rdcd io thc University of Chicago in the Uniied Sw Th¢ Charity dc<s nol undertth Any activiiies diredy, and ts su¢h its cxpenditytt on Chanble artiViiiC5 abov¢ rel¢$ to granL fiLndin8 support co#sonly. supp ¢ox5 wue yid on the Charity'5 behf by Ihe University of Chi¢¥go and mor¢ infonn¥iion on this is provided in 12. P4e 16
The UDfversity ofchicago Foyndatloll Limited No¢es to the flnAncial sta¢ements for the year ended 30 Juttt 2025 (crf)ntlDued) Analyiis •fChAritble July 2024 ID¢ome Expenditiirc 30 June 2025 Unrestricod 39.574 57.789 1th5.883 19.520} Restricted f#wdi: Booth D¢8n's DIsClinIry Fund 2A707 2S.299 1.408 B(th sdent FperIenC¢ Fund C¢¢1 Advan¢mvLt Gift Fur 2l.l37 21.137 Chieago B(th Anrtual Fund 37.582 37.582 Dawson Family Professorship Fynd 1,161.( 1,160.701 299 Dawson Prof¢&wrthip i(M). 1958 101958 Dean's Fund for Swdeni Life 109.457 112.457 De.$ Fund for ih¢ Social S¢i¢nces 11.000 In4ytt Partncr5hip Fund Juomc and Sarth Srn Profes&wthip Fund 291.142 291.142 25.(1 140 25.740 I l Law School Ann] Fund 12 MSA-Founders Pledgc 3.41J),( 3.4,Cl0 13 Mar¥in Zonij Internaiional Schoitrship 647 167 485 14 Odysscy S¢holvthip l¥ogrnm Expend&blc 211393 40.41M 60,887 IS Robcrt E. L Jr. Fw Robert J. Zhrnmer Odysw Scbolar5hip Fufid 17 The Dixit-Fo8ed Fellowship 18 VRn J Stylts SclJolaTship 19 W&Lwn Open Door5 Sthc*larship Fund 20 Zu¢¢8ro- DA Via Scholarship I91809 19181 16 738.482 738.482 36.601 36,601 8.446 5.101 595 S.596 5.131 5.435 10.566 194.425 233.919 6.050.439 10&228 6.234.126 341.1x19 10.738 1.218 TO1 fut Page 17
The Ulllversity of Chl¢ago Foundation Limited Notes ¢0 the finaL¢ial statemtnts for tbt year ended 30 June 2025 (eODtinued) ATh•tys of Charit•bk hnds le•Ntinu¢d) Comparalivc 2024 l July 2023 Incom¢ EXndin1r¢ 30 June 2024 Unrestricted fu] 43.018 255.8(Kl 259.244 39.574 Rutrlrted funds: 23 Amy and Leon Kd5S Odyssey Scholarship Barbara Strn5sber8 Fund for ColleBe Readin¢ and Accc55 23 Blu¢e Family Scholarship Fund Booth Dean's Dire[lolry Fund Booth Student Experientt Fund Ipr¢viou51y MBA Expcriert¢¢ Fund) 1 4 Chi£ftBo 800th Annual Fund 24 Colle8e- 0¢.$ Fund Corision Saidenberg Otys¥ Scholrship 25 Iprcviously The Guy and Maura Saidcniyry Odyssey Fund) 6 Dawson Pmf¢ssorship Dean's Fund Student Lift Gitts Centrr for L¢ader5hip & Involvemenl (Chic40 Fen¢iDg Clubl 10 Jerom¢ and Sarah Siem Fof¢ssw5hip Fund 27 Mar¢ andAnna Boh¢im Scholatship Fund 13 Morvin Zonis lrtlemau0n Scho[hIP 14 Odyssey Schalwship Prow Expendlble 28 OThsi Sawiris Endowm¢nt Fund Robert J. Zimmef Odyssey Sthol•rship Fund 29 SummerAssistsnt itt Psychololy 17 The tlixiL-Foged Fcllowship 18 Van J Siults Scholarship 19 Watson on Doors scho1h1P Fund 20 Zuc¢aro- Da Vla Scholarship 2.862 2.862 24 63.386 63.386 83.435 83.435 99.076 125.783 26.707 327 327 88.384 12 88.384 12 II8,4M5 118.94J 495,279 41.079 395.279 i¢)0.0 38.079 26 7.926 7.926 25.) 25.INN) 61463 (52,4231 413 10,040 250 647 25.358 4.%5 3.140,013 20.393 3.140.013 16 785.Ci13 785.tK13 14206 77.836 21.580 14.206 77,836 70.285 44.203 57.151 30.1119 8.446 18.485 5.101 65,256 5.148.145 5,403,945 60.125 150.917 5.104,637 5.363.881 194.425 233.999 Total funds 193.935 Pagc 18
The Univ¢rsity of Chlwo Foundation Limlted Notes to tbe finanei21 statewnts for the ye¥r etsdtd 30 June 2025 (eoDtlnued) Analysii of CILrttble fundJ Itontinued) ' Booth Dean's DistretioDary F•Nd This fund will bc used et th¢ discretion of the Dtan of the Chic980 Booth School of Bwsiness at th¢ Ulliver5ity of Chicggo. Bootl Student Ezp¢rientt This fund will be used at thc Deputy Dean of MBA Prorn's di%TEtion th¢ MBA exp¢ri¢n¢¢ outside ofthe clatsroom. C•retr Advaneemewt Glft Fund To Support Speci Ind emerwng Carter Advanc¢m¢ni in1111¥¢$ w the disuetion of th¢ CarecT AdvwJ¢¢meni leadership in thc Coll¢8 Chi¢a80 Booih Annuil Fund Thk8 futtd providcs unrtstrictrd support w the Booth Scknl of BusiThc4 Dw5•n Flmlly Professorship Fund To be used by Ihe UniveNty 10 esthblish Main1 • profe59xship In Chicago Booth. with a prefeTcn¢e f prof¢sg)r who ha5 alIrt¢d diyinciion in the field of finAnc& DwioA Profe¥wrship To es¢ablish and maintALfft 4 pYofessohlP the Chi¢40 Bocth Sthool of Business At the Uniwersity of Chiwo. DtAn's Fund lor StudeTht LI To suppon under8rEdua stLthnt initiMi¥¢S a5 d1rrfJ by the De of the Colle. DeAll'l Flld for th• Sochl S¢kntts To be usd at the dire110 ofthc Ikan of the Socinl S¢ien¢es Division. In$per Part•ershlp To support Insp¢r l.eaminB I1liutiOn Ilnsw) swdents, 1cl10n in the SummcT lrtstityte in Social Research Method& a IL>week pro8ram offered by the Divisiw of the SciCn5 at the University of Chi¢o80. Jerome 4hd Sirb St¢rD Pr•feM•r¥hlp Futtd To estsbli5h and m•intsin • protessorship the Chw BO Sch[ of Business th¢ Univetsity ol"Chic480. 14w Sthool An•u¥l Ftynd Annulll UThr¢str1rd supwrt the tAW khool. MSA-Foundtrs Pledit To work on market-shaping res¢8r¢h and poii¢y will 4¢t Innov10nS with wciai vNJue. MArvln Zonls ID¢¢rntlonil Scbol¥rtknlp This tund provid¢s scholar%hip supwrt for lull-time MBA allden at th¢ Booth School of Busine55. "OdyJJty Stholxrship Progr•m E¥prNd*blt This fund provides expendablc hOlarShip supprt ts) th¢ Odysw kholarship Pro8ram. which provides supplernental ColleEC aid 8fdnts UndergrUt swdcnts who would Oth¢[wi have to o¢¢q)tstsJd¢nt loans in order atiend the University of Chita80. Robèrt L Lutu Jr. To establish and tnaintsin a profewrship in the Social S¢i¢rt¢es DivisiOTh. Page 19
The University of Chicago Foundation Llmited Notes to the financial statements for th¢ yur tllded 30 Junt 2025 (contlnued) 4 Anxlysls of Charithbk leonti•y¢dl 'Robtrt J. 7immtr Odysi¢y Stholsrshlp Fund To provide 5choladiip Sup[x undergraduate 5ts]dents in thc Colle8e. Tht Diyit-Fou¢d Ftllowship Te provid¢ support ro fclltsws tn the St1 Sciencc& This is annua]ly as a dissertation ¢(thpleiion fellowship. J Stults SrholArJhip The PUTF4J5¢ of th¢s fund to provide scholarship gjpfft k) fu114iwK MBA Audents ai the Booth S¢hth)l of BusintS5. Watson Optw Doori S¢holrshlp Fw#d The PUTW)se of this fund is to pro¥id¢ scholarship gJpffi w full-timt MBA 5LudeDts at thc BO School of Business. zr¢#r0- Via S¢holrship The purpose of this fund 15 to provide scholmhip 5UPPLY¢ th fvll-timc MBA #udcnrs at the Booth s¢10[ of Bs¥t$s. ' Amy and i•D K•M Odysgey khollrship This fund provides scholalship supp)rt for und¢r8radulltC Styjdents in the Coll¢ B•rbara StriJsbeT8 Fufyd for Coll¢¥t Readiness and Aete 'ro provid¢ annual support for the Ol¢t ofcivic Eng4cm¢nt's Colleg¢ R¢adinc56 and A¢¢ess progr8mmins. Blute Family Stholrihip Fund The purpose of thi% fund is ¢0 Provid¢ scholShip $uky)rt to full4irn¢ MBA Udents at ihe Booth School of Busincss. Colltyt- Dun's Fuu•J To bc uJEd ihe discreiion of Ihe Dean of the Colicge. CoTiSto Sgldenb¢ry Odymey Sth•larsbip Thc purpose of this fvnd 15 to providt schokntship f(undewulu in the Colle8e. Gifts to Ctnter for Ltdership & Involvmtnt iChk•to FtntlTr8 Clubl 'rhe purpose of this fund is lo provid¢ sllprK for the rtncirLg club * the Univusity. includin8 byi noi limit¢d to ¢ompeiiuon exn$t5 al coachin Attd Ain• B•hlM S<holgrship Fllmd This fund provides scholarship SUPWL for 5wdabts in the fu114ime MBA ProgT4m the Booth School or Busittes& -Onsl 171 EndowmeTrt To br used by the Univcr5ity io SllPlXIrt its Sxwiris khol•rs PmBram. Ajjistsnt ltt Prycholo8y To providc support for undergrnduate Audcnts F41w) will sumfflu p*t4ime rcscarth wisrants s¢udyin8 th¥ldhoDd autism in the Dcpartmcnt olPsychology. Pa8e 20
The Unlversity of Chicago FoundatiOD Llmited Notes to ¢h¢ financial st•temtttts for the year ended 30 June 2025 {continued) Debtors: amouAts falling due lthin OA¢ yr 2025 2024 Accrued iThcomc 677J84 .163.058 677.384 .163,058 Dtbtori.. mo¥nts flllpg dut aft¢r th•re th•N •fjt yer 2025 2024 Acend in¢ome 643.665 845.916 643.665 845.916 Crtdltors: •m•uAts fxlllni d¥¢ *lthlu yur 2025 21124 Grnnis plyoble 889.261 .50&417 889.261 1.508.417 Credliori: amouttts f•lll•8 dut 4fter one y¢•r 2Q25 2014 Gran15 payablt 800.832 885.443 8.832 885.443 Reconcili&¢ion of gr8nts pllythble: Tot•1 2025 2024 Ope¥>ing grant ¢reditOTS Grants awarded in year 31 Le55.' GranLS Paid during the yc8r (n¢1 of ffftx movements) 2.393.8fA) 6,242.{3 {6.945.7701 3,451,666 5.329,380 1&387,186) Total srarhts payabl¢ 1.690,093 2J93.860 P88c21
The University ofchicago Foundalion Limitsd Notes to the financlal ststtmeDts for the ytar ended 30 June 2025 (¢ontlllued) An•tyth of Asxts libllltl# betwee• f•wds Umrestri¢ted fyDd$ RtJtrict ruDdi Share eipital Total Cash ai bank [k0t5 CTedi¢o 19,5201 379.782 l J21.049 11,6WJ,(P)31 370.362 ,321,049 11.690,0931 A5 at 30 Jun¢ 2025 {9.520} 10.738 2024: Anltysis of•o•tysh of Ilbllltlex bdween funds Restrkttd Shre caplthl Totsl Cftsh lll blnk Debtors Creditors 39.574 579.311 2.(K>4974 (1393.8601 618.985 2.00&974 (l393,8f As ai 30 June 2024 39.574 194,425 234,099 io Sh•r¢ upltl Allotted. t•llt&¥p •od fiLIty ld Jh•r¢s 2Q25 2(124 OrdiNry shar¢5 of£1 each l(XJ% of the shore capitrl is owr*d by th¢ UniYer5iry of Chi¢880. 'Thc Chariiabl¢ sthtus of the Charity prohibits lh¢ Univtrsiiy from bting cniitled ¢0 Y dividerld Recontllhation of Net Income to net txshllov fr•M 4peratlni a¢ttvl¢ks li 202S 2024 Net lexpendiiurevincomc pw s¢ii¢mMI of financi a¢tiwiti¢s Dducl iDi¢rest income Unreali5cd forctgn eunency gains and losses Decre¢ in dcbior5 D¢cre&ge in creditors 12317811 11.9951 {99) 687,925 1703.767) 40.064 16731 12951 16.027 11.057.806) {250.7171 (1.002,6831 PoK¢ 22
The UDlverslty of Chicago Follndatiott limited Notes ¢0 the fiDaDclal slattmeDts for the yer e•ded 30 JuDe 2025 (eootlDued) 12 R¢l•itd prty tT8WACtlons The University of Chi¢a80 i5 fulty ¢ommiued ty funding the suppM and gov¢thance co#$ of tht Charity, irt¢luding audit and i¢¢ountsncy fe¢$ conwlwKy costs as r¢quired. During th¢ yw the Univcr5ity of Chicago in th¢ US incurrd ¢oL8 on behrOf the Charity which amound to £Nil12024.. £Nill. Dwing thcyurtheUniv¢Tsityof CTrica80 in the US ha5gificd £Nil (2024.. £Nillw the Charity. During th¢ yegr the Univerrity of Chicago Booth School of Busin¢5S ititurred costs on b¢half of the Ch&rity which amowied to £55,69412024.. £30.6701. There wcrc no baiaft£e5 owed w th¢ ye4r cn( as this gmouD( has becn to the Charity ar included in the doll5 in kind amouni rmvid¢d atrKve. Grants made irt theycar totaityl £6.242.¢Y)312024.. £5.329J801 awj this includrjj £4.610.23512024.. £6.487,1861 which was paid io th¢ UnivcT5ity of Chi0 in the US during the year. The rernairLin8 £l.495.998 was owed 10 the UniveTSiry of Chica80 as atth¢ year tnd12024: £2,293.81. The trjtal number of Er8nts paid in the year w8$ 22. During the yE&r, totaling U7,463 12024.. £IOD.IKM)I were rett1V by the Fout)daiion on b¢half of the University of Chicago Bth)th SchLM)l of Bwiness and were held within gAThtS PAyabl¢ #t the ban¢t sh¢¢i dak. 13 Airncy ¥rraN8emeNts Durin8 Ihe year, thc Charity actrd an •8eni in rwe¢¢of certain furth rettived for th¢ 501e bcnefit of the University of Chicago Booth School of Bsirs Thcs¢ amounts were through w the UThLv¢rsity and were under iht Charity's ¢ontso1 or discrctson. The agency fijnds adminisrcd durit18 the yc•r reiat¢d to three thmor-rcsthcted Booth School iniuauve5' the Konsian(in Sokolov Clinical Profc55trship Fund f which £1.958.219 was reccived traTh5fcTr¢d. the KonsLwiin Sokolov EMBA Expendable Fund. forwhi¢h £5.874.893 w43 reeeivcd iransterrcd: and the J¢rome 8nd Sarah.8iem Professorship Trund, for which £298.915 was rettived and W$ferred. Thc5c amoun WfTC rrrnilted in full io the University ofchiwo Booth khoDI of Business in •CCOrde with donor inructionS. Ai th¢ year erf the Chariry held no milled b•lantes relarinB w these a8eno arrwtnts. 14 EvtAts fter the end of th¢ rtp•r¢l•8 PErhd No cven15 CrtUTred after the of the repMin8 perifyl 15 Ultlm•tt parent romp•ny The T)ir¢cior5 Eonsider The Univernity of Chi¢•80. • company rt8iSL¢red in The Unitrd Sthtcs of Am¢rica to be Ihe uliimalc parcni Gompany. UniveTsiiy of ChicJ80 is the smalle5¢ ahd largesi group in which th¢ results of th¢ Chariry arc con501ida*d. Copics of th¢ University's financial 5wcmeThts are availthle upon requcst in wriiinglo 5801 South Ellis Avenue. Chicago. Illinois f3?, USA. PA8e 23