CompAny r*trntion number. 05711851 Cknity registr*tioD nnmber: 1117431 The University of Chicago Foundation Limited Annpal report and fllland*l st*tsments 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 Bal￿n¢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 Vi*J 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 •dminbtr*tive INform*tiD 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 T￿￿1¢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¢rnI1w￿M1dAé olDlredo The UrtivefsiLy of Chicago is empoW￿¢d io make appoinrrneni ofTrusoes for the Universiry of Chic￿0 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 sams￿7n 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 chic￿0. Ms K Taylor's pts5ition as he￿ of all Icgal llffairs for th¢ Uniw¢rsity provided the rcqui$i* qualification for Direclor of thc Chariry. By virtue ofher winmcni to this p)siiioth At the Univtysity. shc appoinied ￿ a rru51ce ror thc Ch8riry. Ms. K Tayltsr rtSi8ncd Im 02 Augull 2024. On July 1. 2023. Mr K Afsohi was apptrinted. He ljolds the W5iliort of Vicc Tr*e•deThi of Alumni Rcla¢ion3 and Dcvelopmeni ai Ihe University of Chic40. Hi$ ¢•pacity in this ￿￿tIOn FKovides the rtgUiSLtr qualifi￿￿On5 to b¢ a Direcior of the Chgrity. On Octobtr I, 2023. Mr I Smst¢in appoinled. Hc hol*ts 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 DireC￿T$ 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. 1p￿11n￿￿TrL each trustee rcccive5 a ropy of thc UK Charity Commission's ￿bIl￿tIOn'The cssenlial vus(tt.' whatyou rteed w know. Wh￿ you necd io do" and"Charity ReP￿Ing and AccourttinÈ.' The E￿n[la1$- and aBr¢rs to follow thern. 0Th8oing training is provided as relevdni cl￿8¢5 4r¢ m￿¢ to th¢ citherchariiy Commission 8u¢dar￿¢ Jnd requtrcrntnts OT a￿lIcable leBi51&ion. Page 2 The Universlty of Chitggo Foundation Llmlted Dlrectors, report for the year eDded 30 June 21)25 (coDtinyed) The Charity 1$ 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-lL￿aY 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¢ fin*ncial risk to the fowJd&ioth. Currendy, tyll accouniift8 for the Found￿10￿ 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 ConJ￿￿10n with the overAII annual revi¢w of the risks and un¢¢rtairtiies of the University of Chiwo. ￿rec￿ls ar¢ ¢on*ni with the procedurcs th*t have becrt ¢sthlishtd to mitigat¢ those risks. The followin8 risks ¥¢ man•8ed by the Chgrity.. F.¢onomtc healih of prost*d pjol Univcf5ity of Chic*80 Found&irm ¢orttinucs w bc viewed &$ a worthwhile home for philanihropic 5UPPOrt PTO8ram5 and iniliaiiv¢s Sup￿rtCd 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 s￿￿on¢d by the FourNJauoo r¢tnain eniicing io donoT%. Th¢ relationship be¢wccn the Univer5iry and Ihe Foundaiion iSfTiLi￿l 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 educ￿10￿￿7 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£ ¢du￿tiO1￿ 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 ¢it12￿5 an aven￿ for zivin8 with ill¢re￿d 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£ thr￿gh the Chariry: benefits 5llth as Gift Aid and ￿x-e￿i¢ltnt giving from oiheT ports of Europe. Stsy crnrLecwl with Universiiy alumni and friend5 to eftsure UniveTSiry ithiii*ives 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 m￿Y divisions and schools of the UnivcTSily of Chicago were rep￿SEnted. 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$￿Ine an enV￿Onment which en¢oura8¢5 philanthroplc affiliation with th¢ Chariry. FIn4￿1￿1￿*¥Itw omd reswhsfoYihtyt•r FundraisinK pro8rcss for th¢ year successfully ¢xcc¢ded iht ¢05t of doing knines& Forthe fiscal year £6.106,23312024.. £5,401,272) wos raised by thc Chthriiy from Dlumni and friertds F.xpet)ses ioialed £56.17612024.. £3I.0891 which iTLcludes 8o¥emanc¢ C(￿ cos¢s and bRnk ftts. The cost pcr pound raised raiio is 1¢s5 than Ipl£l raised. This rn8￿5 the ¢on%culive yeor wh¢r¢ this raiio was less than s￿£1 raised. Th¢ Charity hopes and ¢xpecLS 10 susthin this Ift￿ the foTC5eeabl¢ fuwrt. Durin8 ihe f￿¢#1 year thc CThariry was ablc to make th1n￿ble don￿lOn5 ￿ the University of Chi¢40 for objectives18bd oul In the Foundation's wriitcn ￿501￿riOns. Dona(1￿$ 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) PrOgrwnM￿i¢ Suppjrt". £3.938.63712024.. Ll.7rL.I 111 Annu*l Fund Support.. £57.26612024.. £88,3251 Fmdowcd Prof¢wrships £1.507,50612024= £395.279 Rtstrvts pollcy Thc Charity'5 primuy t**jc¢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 sh￿Id be mbnimNI ai any pcriod enl only Teneciing a shorttr liming differencc bctw¢¢n r¢￿7P1 of irtome and payrn￿L of a grant and to Main￿1￿ lldcqua￿ funds io COV¢T nominal Ennual ligaiions thI￿gh 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 cooper*ion 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 Pl￿n¢d aaivili¢S will witribuLC to th¢ aims and obj¢¢iives they have stL St8ttment of Dirtttorj, r¢sponJibilities in re4pect of th¢ Trustets, aDnu*I 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 ￿OI￿rdappIKtsb1t 14 the UK Republi¢ ojlreland Iuniitd Kin8dom Gcn¢rall> Accep￿d 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 In￿Me and up¢ndiiure, orth¢ chariuble rompdny for th period. In wcpari#8 these financial Sta￿nen￿ the trw*e5 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 $ta* whethcr llpplic4bie UK Accoun¢inR S(andards have been fiAlowed subjc¢i to ￿Y ￿￿en￿l d¢pArtures di5¢105ed and explained in the fTrtwKial sthi¢TncnL% And prepar¢ the fIn￿LIa1 Stsl¢m¢thts on the goiTh8 ¢iMwn bD5is it hs imw￿0Pr7dtc ¢0 presum¢ that the charitsble eompany will continue in busintss_ The tru5tces 8rt respon5ibl¢ for maintsinih8 a¢￿bAll￿g recLYds which disclos¢ wi¢h re￿o￿able accwacy aL any time thc financial posiiion of Ihe ¢harithblc compwiy and erbabl¢ them io ensure Ihai th¢ financial comply with Ihe Compantes Aci 2(M)6. Thcy are also rcwsibl¢ for salc8uardLII8 the L>s¢ts of thc chwtable company and hence for ¢akinR rc250nknl¢ st¢ps for the prcvention d¢ie¢tion of frnud gnd othcr irreg￿larL[lc5. In so for •s the tnLStc¢s are aware.. thcrc 15 no rekvanL audit infom)8Lion of whiEh thc charitsbk ¢wpany's audi￿r$ 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 we￿1¢. 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 appoin*d 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 &t￿d￿￿With 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 re￿rt to the mtmbtT5 ofThe Unive￿Ity 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 Re￿nIng 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 fIn￿tIo1 sts*mcnts.' give a thle and fair view orth¢ ￿ of ihe £h8ritsbie COTnK*nv'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 Pra￿1cc.. 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 a￿Aiting the linanci￿ sthttfflen￿ we have C4)ncludcd the directors. usc of the 8QiD8 ¢I)n¢￿ busis ora¢C￿nting 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 financ￿1 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 c￿laIned within the annual re￿TL 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 concl￿NIn thercon. Our re5pon5ibility is to read the other info￿allOn 8nd. in doin8 50, ¢onsider whethcr th¢ other intL￿altOn 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 mis*JI¢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 FouDd*tion 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 b￿d 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 consi￿c￿l with th¢ fLn8ncial sratrrncnts" and the di￿￿01s, 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¢ ￿lde￿andIn￿ of th¢ Ch￿￿ble ￿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 n￿hIng 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$: or eerf•in dis¢li)Mrt5 of direc￿r$. 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 St￿￿en￿ 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 direc￿5, respw&biliiies sia¢Ml¢ftt $¢1 out On PQ8c 5. the directors (who tre dso ihe tNSlC¢5 of th¢ charitable company for Ihc purposes of ¢harity l&w) Irc re5pon5iblt for thc prcpw3tion ot. the tiThunciol stsiemcnts thd forbeing 5aiisfied thai they gi¥L a wueand fairvicw. aThd for such bnicrn8J control R5 Lhe dir¢¢ioTsddemine is ncc¢ss¥ry to enablt the prcp4Ta¢ion of financi&l aa*ments frce fTom m4ierial mis5talemeni. whcihcr du¢ to fraud or cThor. In preparing the financial staterncn￿ th¢ d￿eCtorS responsible &wssing th¢ rharithble comparty's ability ¢0 ¢ontinue a gOiDg ¢oncem. disclosin& as appli¢abl< mai*rs relalcd 40 going ¢onccm and usin8 the 8OLfL8 conccrn basis of aLcoun(ing un1¢55 the dir¢aors either int¢nd 10 liquida* the chaTitabl¢ company or ¢0 ¢e4se operBtson4 or hav¢ no 81istic alternJ4i¥¢ but ￿ do 50. Audltor's RtJponslbllttl# for the audlt of ibe IIAancthl i¢•tmeNts Ourobj¢cLives arc iothtairt re&wnable a55Urtn¢¢ atrAiuiwhether the financi￿ ststemenL% 15 a whole are frce from maieriai mis51a¢¢m¢nL whether due to fraud or eThoT. attd th issue an audi¢or's rcF4)rt includcs our opinion. Reasonable assuranre is a hi8h level of aSgJTance. but is not & guar8ntre that am audii conduc*d in accordance wilh ISAS IUKI will alway5 dc¢¢¢t a maitrial mi55(aiemML when it ¢xists. Missthiemcnts Cath froTn fraud or error and arc considered material if, individually or in a88re8aLe, Ihey could wg)nably bc rxpecled tsy innu¢nee the economic dtcisions of ￿￿erS taken on th¢ basis ofthe5c financi81 WL¢ments. A$ 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 re￿rt to the member5 of The Unlversity of Chi¢*go Foundatlon limited (eon¢inued) obtsin an uThirr5tanding of in*rn81 ¢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 b￿15 of ￿COuntI￿g 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 di*losures 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¢ reg*dLII8. 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 EsplAll*tlon to wth*t exteul th¢ audlt IV•s ¢onsldered c*p•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•ll￿e5, includin8 fraud is dethiltd below. Th¢ objeclivej of tyjr •udit in respe¢tof art; ￿ identifyand assessth¢ risks of mai¢rial mi$5wemeni ofthe fin￿¢111 statements due to fraud: to obthin syfficieni apFwopri￿c Audir evidcrK¢ rewding the akses*d Tisks of mai¢rial mi&41airmint duc frNud. th¥ou8h desi8rtin8 and irnpl¢meniing 4)propri4ie rwse5 TO those Is￿Ssed risks: and io TC5pond appropria￿lY to in$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¢ Comp￿Y. Our apprO￿h as follows.. w¢ Ob￿1Th¢d In undersMThding ofihe legal Ind rtSu￿[0r> requ1￿ments 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 S￿ndardS &$ 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¥L￿10ftS with mana8cm¢ni and ihosc ¢hw8ed wilh gov¢mance.' we inquired of fflAn4emcDi ¢hose ch￿l¢d with govunance as knO￿Tr inmncc5 of Non-compli￿Ce or suspectcd nOn￿oMplIanrC with laws and regulaiion5: bab¢d on this undLrsianding. we dcsi8ned S￿lfIe approprijte •udii pl￿ed￿r¢S tsy id¢niify inmnces of nM- ompliante wilh la￿.5 and reBulaiion& This included making ￿quirIeS of m8thagemcnt those charged with g0vwn￿Ce and obthining addiiional corYobmiv¢ wde1￿c 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￿[11￿8 from error. as rnay involvc dclibcratr toncealmcni by. for ex•mple. forg¢ry or intrntional Tlllsrepreseni￿Ion% or Ihrou8h collugon. Pa8c 9 The Universlty ofcbicago Fowidatlon lirnited Indepeodent audltor's re￿rI ￿ the members ofThe Universlty of CldtAgo FoDndAdon Umlt (colltinlled) Uie of report ThisT¢Wt is madc 501tty to the chtrilable com1￿5 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 Fitt*n¢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 Tot*1 In¢ome 57.789 6,05(L439 &IOB.228 255.8(x) J.l48.145 5.403.945 EspendltUT¢ ohl: charl￿ble 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 f￿1￿¢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 fu*di of ihe ClJ*rlty 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 sty*ment& The fmancial Sta￿M¢ntsOfThcun1velSity of Chic•80 FoLMd￿lOn Limi*d 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 Dir￿101$ 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 M*d ¢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 b￿15 of accountioi The followin8 accouniinB P)licies have btLn applied coDsixeDtly ITh de4iin8 with itrms which ￿ consid¢red mai¢rial in rcl•lioD ￿ Ihe fin￿till sial¢m￿L Basis of prepArAtioa The financial ststemcnt5 hawe tttn wepared undu ¢k hislori¢ ¢09 basis of •ccounlill& in ￿0rd￿nce wilh A¢¢ouniing and Rworting b) Chariue5'. s￿L¢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 c￿pAni¢S Aci2(K)6. The fut)¢lion￿ and presen1￿￿ortAl 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 revi￿ed th¢ Chariry's future plans￿d cash flow¢xpc¢thiiorts forihc 12-mopth perlod fTom thc da¢¢ of Dpprovd of thrtc fi*anciaJ $thiemen￿ In carrving out thts asstssmeni. mana8emcni noied Ihai ¢he unrtstric(ed funds elosed th¢ ye8r with a sm811 d¢firiL ¥isin8 from & reduciiort in unT¢siricicd don&iion sncom¢ 108eih¢r with an in(r￿C in for¢i8n exchan8¢ Iosscs. The Ch4riiy is stsppor*d in its d&Y.￿￿18V op¢raiithis by li$ parfni company. the University of ChicB80, which Provid￿ ongoing fina￿1*1 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& m*h•8em¢ni considers th￿ the Chariiy has ad¢quaic r¢wurccs ¢0 ¢oNiinuc irt opcraiionAI existcncc th< forex¢ablc fuwr¢ therefore the financiryl $4iernents arc pr¢pared on a loin8.￿P￿trn bas￿. Fund attountlhi unr¢s￿ICtl'd funds art genernj fuThds are available r(ff Us¢ •¢ the DiTeciors' dis¢ydion in fuTtheran¢E of thc objecuvcs ofih¢ CThariiy. Rcstricl¢d fvnds are fi￿d5 whcre the d¢si8na*d the purp)sc of the fuftdiTh8. Irbtome Income is re¢ognis¢d when Ihe Charily has ¢ntiilcm¢nito the fund& perf￿￿¢t condition5 8ua¢h¢d to the iThcomc hive been m¢L IL is wobable ihai th¢ income will be re¢eived th¢ Jmwni can bc mc45uTcd Y¢liably. Donaiion5 re¢¢ived for thc gencrd pytyoKs of th¢ Ch￿lty art trcdi*d LO fund5 QD fcccipL or if tarlicr. when Ihe Chariry is legally enliLld 10 the in¢ome Ihc aM0￿E can be meawed rcliably Gilb arc ¢rediicd either to Unrtstri£icd Funds or a P￿1￿]ar Rc5tri¢*d Fund d¢t*ThAing on the Icnns of the gift Ls a￿e£d be(wecn th¢ Charity and ihc donor. Gifts In Kind Gifts in kind we recognis¢d when dO￿ed 8oods or ser¥icc5 W¢ Teceivcd. Thiy &rc tecognisa ai thc fair value of the gift¢d iitm whcn Ihc Charily has cnlitlemeni io thc gifL Xrty p¢rfomiAnce Londiiion$ 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¢Mric￿d or unrc4riCttd income according io the (crm$ sd by thc donor. Exptnditure F￿pendID￿re i$ 8¢¢ounicd for on an xEruaLs basis. Thr irrtcovcrxbte clcmeni of VAT is included the item of ex￿1￿¢ 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¢aiui￿Y ￿¢011nts. Charl￿bI¢ activity is in ¢ompltance Mith the Founda1b￿,5 Ernnl makin8 policy. Gifts frnrn donors mu# b¢ in accordance with the Fowidation's Tth)lution$. As 8ifts are received. th¢y may bc granied to the University or Chicago with specific instruclions for us¢ according to the dTh￿r.$ 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 f￿an¢1a1 statements foT the year ended 30 June 2025 (contlmued) Aetountlng policitx Itoxtibutd) ExpeNdltsr¢ {eontinued) Grints payablc arc in¢lLthd in the 5thtrmeoiof Fi[W￿l￿ 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 com￿nY 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 cory￿railw 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$ively lo chsritsble purp05CS. For¢lgn turrtnclei Tran%actions itt foreign ¢urrerti¢S Are recordtAJ 4¢ th¢ PTevailin8 at the datr of the Lrinsa¢¢Lon. Monetary asscts and lidbiliues denominaied in foreign c11r￿n£1ts ar¢ wanslatrd inth Sterlithg ai the pcriod end exch&ng¢ raies. All differcrtces aft tskcm w the SwtmenL of Finartcial Aciivilies. C*sh Ind cAJh equlvllents Cash &i bank Hnd ¢*sh in hand includcs cth artd shon Iwm highly liquid inve5tsn¢nts with a short M￿llrity of thrte months or k&8 from the date of 8¢quisi¢irm oropErtin8ofthe dwit or Simil￿ J¢¢wnl. FlnAncial Instruw¢its The thariiy has ¢l¢c¢¢d ¢0 arvty thc provisiiNLq of Seaion I I 'Basic FinaThciaJ Instruments. of FRS 102 10 all or its fin4ntial iftstrumrnts. Financi&l lrtstrnmcnts uc rrfognised in ihe Charity's ￿an¢t sh¢eL wh¢n iht ChariLy becomes paTly to ihe coniTacru41 prowisions of th¢ insiNmcni. All financial ar￿ liabilitie5 ar¢ iniiiajly me&sur¢d ai traD5aciion Price (including transaciion costs). Tr•dt debtors and tr¢dlto Trade and othcr debthrs art rccogni5¢d at thc s¢¢¢ltsneni amount due ￿tr arty disrouni otyercd. Prrpyyments arc valu¢d a¢ ihe arnouni Prtp8id nci of any tradc di%ounts due. Credi￿rS aTC Tecognised whcr¢ the Chariiy pr¢5eni obli8&(ion rc5uIiLn8 from a pa& ¢vet)i thai will wobabty result in the wan5fcr of fund5 10 a ihiTd party and the amount duc to 5¢tt1c the obli8llLiOn ¢an be rnc25ur¢d OT ¢5tima*d r¢liably. credi￿r$ 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$5cts and liabilities thai are n r¢adily appareni from oiher SOUTce5. Th¢¢aimAtes assoc1￿cd as5wnwionsar¢ bas¢don hiswrical exptricnc¢ And other facloT5 Ih4t aTE consdcrcd w bt relev8nL Actu￿ results rnay ditTw Irom 1hrst￿lmRtcs. Th¢ ¢MIM￿¢S and undutyin8 I￿￿p[lon5 we reviv¥¢d￿ •m on8oin8 bJ5i$. Revisions ￿ ￿to￿ni1￿￿ ¢51imates are Tecognised in the period in which the ￿lI￿ale 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 Covern*n¢¢ 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¢ torestric*d funds and £106.88312024.. £259.244110 unr¢stri¢Led fur*ls. The audii fm only rrLeived ftts in ts) •udii *rvic￿ Audii fee5 arc prexh*d 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 L*nploy any gjppm yaff diredly. All Rrants rn￿¢ by the Charfty were aw8rdcd io thc University of Chicago in the Uniied Sw Th¢ Charity dcweek pro8ram offered by the Divisiw of the SciCn￿5 at the University of Chi¢o80. Jerome 4hd Sir*b 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¢str1r￿d supwrt ￿ the tAW khool. MSA-Foundtrs Pledit To work on market-shaping res¢8r¢h and poii¢y will ￿*4￿¢t Innov￿10nS with wciai vNJue. MArvln Zonls ID¢¢rn*tlonil 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 ￿ Undergr￿U￿t 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 St*1￿ 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¢hol*rshlp 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. z￿r¢#r0- ￿ Via S¢hol*rship The purpose of this fund 15 to provide scholmhip 5UPPLY¢ th fvll-timc MBA #udcnrs at the Booth s¢1￿0[ of B￿s¥￿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 O￿l¢t ofcivic Eng4cm¢nt's Colleg¢ R¢adinc56 and A¢¢ess progr8mmins. Blute Family Sthol*rihip Fund The purpose of thi% fund is ¢0 Provid¢ schol￿Ship $uky)rt to full4irn¢ MBA ￿Udents at ihe Booth School of Busincss. Colltyt- Dun's Fuu•J To bc uJEd ￿ ihe discreiion of Ihe Dean of the Colicge. CoTiSto* Sgldenb¢ry Odymey Sth•larsbip Thc purpose of this fvnd 15 to providt schokntship f(*undewulu* in the Colle8e. Gifts to Ctnter for Lt*dership & Involvmtnt iChk•to FtntlTr8 Clubl 'rhe purpose of this fund is lo provid¢ sllprK￿ for the rtncirLg club * the Univusity. includin8 byi noi limit¢d to ¢ompeiiuon ex￿n$t5 al￿ coachin Attd Ain• B•h*lM Sing 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 li*bllltl# betwee• f•wds Umrestri¢ted fyDd$ RtJtrict ruDdi Share eipital Total Cash ai bank [k￿0t5 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 Il*bllltlex bdween funds Restrkttd Sh*re 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¢ uplt*l 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 ye*r 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 beh￿rOf the Charity which amoun*d 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 doll￿￿5 in kind amouni rmvid¢d atrK*ve. 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 Chi￿0 in the US during the year. The rernairLin8 £l.495.998 was owed 10 the UniveTSiry of Chica80 as atth¢ year tnd12024: £2,293.8￿1. 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 b￿an¢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 B￿sir￿s￿ Thcs¢ amounts were through w the UThLv¢rsity and were under iht Charity's ¢ontso1 or discrctson. The agency fijnds adminisrc￿d 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 •CCOrd￿￿e with donor in￿ructionS. Ai th¢ year erf the Chariry held no ￿￿milled b•lantes relarinB w these a8eno arrw￿tnts. 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 f￿3?, USA. PA8e 23