Northwestern University (USA) Foundation Limited Annual Report and Financlal statements Yoar ended 31 August 2024 CornpBny Litniled by Gtrdran Reyistratron Number 11514191 (Engiqnd a￿1 W8lesl Chanty Regi51rabw Number 1184246 Contents Reports Reference and adminislralive information Tiuslees. report Independent examiner's report Flnanclal statoments Slalemenl of financlal activities Balance Sheet Principal accounling poli¢¢es 12 Notes lo the financial slalemenis 15 Northwestern University IUSAI Foundation Limiled Reference and admlnl8tratlve Informatlon Trustee8 J Allen (Appointed 26 March 2024) M B Dalle D Lively R E McQuinn (Resigned 12 August 20241 D L Norton FHSelh Regl8tsred offlce 99 Durlslon Road London E5 8RP Company registration number 11514191 Charlty regl8tratlon number 1184246 Indepgnd•nt examlner Buzzacoll LLP 130 Wood Slreel London EC2V 6DL Banker8 J P Morgan Chase Bank 25 Bank Street London E14 5JP Northwestern University IUSAI Foundation Limited Trustee8' report Year ended 31 August 2024 The Iruslees present their annual report logelher with the financial slalemenls of Northwestem UnSversily (USA} Foundalion Llmiled for the year ended 31 Augu812024. ThB financial 51alemenls have b6en prepared in accordancg wilh the accounting poli￿8S sel out on pages 12 10 14 01 the allached financial s181emenls and coMp5y with tho charity's Memorandum and Ariides of Association, applicable laws and Aecounllng and Reporting by Chaiilies.. Statement of R6¢ommended Practice applicable lo charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in Ihe United Kingdom and Republi¢ of Ireland IFRS 1021. Governance Constilullon Northwestern Unlve¥sily IUSAI Foundallf)n Llmiled {'Ihe Foundalion'l Is a registered charity. Charity Registration Number 1184246, and also a company wllh shale capilal, Company Regislralion Number 11514191. The £1 ordinary share capital 15 owned by Norlhweslern University, an organisalion based In Evanston. Illinois. USA. The Chafilable ompany is governed by 118 Memorandum and Artlcles ol Association. The names of the Iruslees who served during the year are s61 out as part of the reference and 8dminislralive inlormalion on page 1 of these annu81 report and financial slalemenls. On agreeing lo become a Iruslee of the chaiily, the Iruslees are Ihor(>ughly brieled by their co-Irusle85 on Ihe history of the Foundation. Ihe day-lo-day management, th8 respon5ibililies ol the Iruslees, the current objecllves and lulure plans. The trustees are also encouraged lo allend any courses which Ihey feel are relevant to the development ol Iheir role, and lo keep up-lo-dale on any changes in legislation. Stmcture and managemènt reporting The Iiuslees are ullirnalely responsible lor th8 policies, activities and assets of the charity. The Iruslees ieview the developmen15 with regard to the charity, ils grant giving activities and make any important decisions. When necessary, Ihe Iruslees seek advice and support from th& oh81ily's professional advisers including solicitors and accountants. Northwestern University (USA) Foundation Limited Twstee8' report Year ended 31 Augu812024 Governancè {conlSnued) Key managementpersonnel The key management personnel of Ihe charily in charge of directing and ￿nI￿o]lIng. running and operating the charity on a day-lo-day basis compfise Ihe Iruslees ol Ihe charily. The Iruslees are nol remuneraled lor Iheif role. Charltabltr obj&ctlv&8 The Foundation's chafilable objective is lo advance education. in particular by supporting Northwestern Universily in Evanston, Illinois. USA. Northwestern University uses Ihe funds il recèivas from Ihe Foundation for charitable puTposes. For example, students benefit from monies used lo creale scholarships anLI those given lo support specific areas ol adivily. such as the Kellogg School ofmanagemenl. The charily iaises funds in order lo provide grant support lo Northwestern University. Durinu the year, the charity ralsed eash donations of £289.750 induding recoverable Gift Aid. and donated a lolal of £293,205 to Northwestern Universily. Revlew of the year During Ihe fiscal year end8d 31 August 2024. Norlhwestern University (USA) Foundation Limiled granted £293.205 lo Northwestern Univeislly. Below is a biSel overview of Ihe programs and schools supported wilhln the Universily.. ARCH Scholars Fund, Wolnb&rg College of Arts andScience5 Arch Scholars al Ihe Weinberg College of Arts and Sciences Is a suite ol free-standing bul overlapplng summer and early academic career bridge prograrns designed lo wel￿me, engage. and more fully support and empower students from low-income households or who are Ihe 17rsl In their famili8$ 10 allend college. Weinberg College slrives lo eliminate nancial barriers for students and offers these programs free of Charge. covgring Ihe costs of room and board and, often, Iransportalion and a stipend. Kelly Kuhn Famlly Undergraduale Merit Scholarshlp Fund. 8lenen School of Muslc The Kelly Kuhn Famlly Und8rgradual& Merit Seholarship Fund provides support lo undergraduate sludenls of musical merit al the Bienen School. Bluhm Leg&1 Clinic. Northwestern Unlversl(y Prllzker School of Law Th8 Bluhm Legal Clinic al Northwestern Univeisily Prilzker School of Law dely recognized as one of Ihg mosl comprehensive and effeclive clinical progiams In Ihe counlry- allows sludenls lo gain direct expeiience represenling clients and fine-lune their Skills as advocales. Conlribulions allow the clinic lo give students slrong liligalion. negolialion. and Iransaclional skills,. provide sludenls with opportunities to work on live client cases., offer hSgh-qualily logal services lo underserved and disadvan18ged clients., empower students lo evaluate and propose reforms for laws and legal inslilulions., and invest in lh8 ngxl generation of skilled. elhical. and reform-minded lawyers. Northwestern Universily {USAI Foundation Limited Trustees, roport Year ended 31 August 2024 Revl8w of th& year Iconlinuedl Kellogg School of ManagomentAnnual Fund Gifts to Ihe Kellogg School ol Management Annual Fund allow Ihe school lo support Kellogg's areas ol grealo$1 need. including scholarshSps, lacully research. and curricular innovations, as well as generating impacl on business wortdwid& w911 into th& future. Kellogg Dean's Dlseréllonary Fund Gifts lo this fund allow the Dean of Kellogg lo fund the school's areas ol graalesl need in¢ludlng Ihought leadership and enhanced programming lor students. Trobman Famlly Scholarshlpj Northwestem Unlverslty Prllzker School olLaw The Trobman Family Scholarship provides scholarship support lo Northwestern University Pfilzker School of Law students who demonslrale financial need. Welnbery College of Arts and Sclen¢es Annual Fund Thè WeitTrberg College ol Arts and Science5 Annual Fund enables the dean, faculty. and staff lo support the college's mission and expand opportunilies foreveryone in the Northwestern community. Conlribullons help Weinberg addrèss the imtnediale needs of the communily. fulfill 115 cornmilmenl to diversity 8nd Inclusion, and realize Dean Randolph's slralegic vision lor Ihe school. CIERA Telescope Support Fun The Universily ha$18unched an ambitious inilialive lojoin the Giant Magellan Telesctspe IGMD consortium. Gifts to this fund will enable Northwestern lo become a GMT partner. which in turn will solid5fy Northweslern's leadership In astronomy, engineering, data science, and rnore. This opportunily will alliacl lop talenl to departments across the Unlversily and will posilion our sludenls at Ihe lorelfonl ol research. Publlc benèfit Thè Iruslees have had regard lo the Charity Commisslon's guidance which sets oul the requiremenls for ¢harilie8 lo dernonstrale that their aims and aclivilies are for Ihe public benefil. Risk manag8m8nt The Iruslees have assessed the major risks lo which the chaiily and Foundation arg exposed, particularly those related lo cash holdlngs, finances, and the operalion ol Ihe charitable comp8ny. While the risks are limited given Ihe nalure of Ihts Foundation's aclivilles, the Iruslees recognize the importance of monlloring ¥e8erve levels, ensuring conlfols over kay financial systems, and examining operational and business risks. The Iruslees also emphasize the need lo manage grant expendilltrre and foreign exchange risks. To miligale these risks effectively, the trustees grant funds lo a reslricted number of reripienls and ensure that grants are nol ¢ommilled until the correspondlng income has been received. Northwestern University (USA) Foundation Limited Trustees, rgport Year ended 31 August 2024 Flnanclal ravlow During the year ended 31 Augusl 2024, Ihe charity received donations {including rècoverable Gift Aid and donated Servicesl lolalllng £301.624. Expendilure for the year lolalled £313.073. £293.205 of this lolal related lo grants mado10 Northwe8lern University. The funds al the year end lotalled £17.571 01 whl¢h £9,730 wero reslricled and £7,841 wgie unreslrictgd. Reserves policy The Ifuslees havè reviewed Ihe requiremenl of the charity for reserves and havg delemlned th81 the level of ￿$tricted funds allows Ihe charity lo undertake ils future charitable aclivilies as a grant giving enlily. The Iruslees, policy is lo distribute the majorily ol income received in the period and lo hold a minimal level ol reserves. Fundraising pollcy The charity aims lo achieve best praciice in the way in which il cornmunicales with dtsnors and olher SLSPPOrters. 11 lakes ¢are with bolh Ihe long of ils communicalions and the 8ccuracy of ils data to minimise the pressures on supporters. 11 applies be51 practice lo protect supporters, data and never sells dats. il never Swaps data and ensures that communiealion preferences can be changed al any lime. The charily does not employ Ihe service5 of professional fundraisers. The charity undertakes lo ieacl to and invesligale any complaints regarding ils lundraising aclivilies. During the yeaf lo 31 Avgusl 2024, the charity ￿CeIVed no complalnls about ils fvndraising a¢livilies. Statement of trustses, r8sponslbllltles The charitable company's Iruslees {who are also dlredors of the charily lor the purposes ol company lawl are responslble for preparing rhe annual report and financial slalemenls In a¢¢ordance with applicable law and Uniled Kingdom Generally Accepted Accounting Piaclice. Company law requires the Ifuslees lo prepare financial slalemenls for each financial period whlch give a Irug and fair view of the slate of affairs of Northwe51ern University IUSAI Foundation Limited and ol ils Income and expenditure lor Ihg financial period Ihen ended. In proparing these financial slalemenls. the Iruslees are requlred lo.. select suitable accounllng pollcies and Ihen apply Ihem consistently- • observe Ihe melhods and principles in Accounting and Reporting by Charities.. Slalemenl of Recomrnanded Praclice applicable to charities preparing their accounts in accordance with the Finaricial Reporting Standard applicable in the Uniled Kingdom and Republic of Ireland {FRS 1021.. make judgements and esllmales that are reasonable and prudent- Northwestern University {USAI Foundation Limited Trustee8' report Year ended 31 August 2023 Statement of trustees, respon$lbllltle$ {conlinuedl slate whether applicable UK 8¢¢ounling standards have been follow8d, subject lo any material departures dls¢losed and explained in Ihe fin8ndal slalemenls.. prepar8 the flnancial slalernenls on tho going concern basis unless il is inappropriate lo presume Ihal the charily will conllnue in operation. The Iruslees are responslble foT maintaining propel ac¢ounllng records which disclose with reasonabl& accuiacy al any lime the financial posillon of the charitable company and whieh enable them lo ensure Ihal the fin8n¢ial slalemenls comply with the Companies Act 2006. The trustees are alsr) itssponsible for safeguarding the assels of the charitable company and hence lor laking reasonable steps for th8 prfjvenllon and detection ol fraud and olhei irregularities. This confirmation is given and should be inlerpreled in accordancg wilh the provisions of s418 of ihe Companles Acl 2QO6. Signed on behaSf of the board es.. Da￿d Lively Appioved by the board ol Iwslees on.. 4 December 2024 Northwestern University IUSA) Foundation Limited Independent examlner'8 report 31 August 2024 Independent examinerf8 report to the trustees of Northw6stem Unlverslty {USAI Foundatlon Llmlted I report lo Ihe chafily Iruslees on my examination ol Ihe financial slalemenls of Northweslern University (USA) Foundation Limiled lor Ihg year ended 31 August 2024. which arg sgt oul on pages 9 to 16. Responsibilltles and bas18 of rtsport As the Iruslees of th8 charitable company {and also ils direclors for the purposes of company lawl you are iesponsible for Ihe preparation of the fln8n¢ial slalemenis in accordance with the requirements of Ihe Companies Act 20061'lhe 2006 Act,). Having s81isfied myself that Ihe financial statements of the charitable company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent oxaminalion. I report in respect of my examination of your charity's finandal slalemenls as carried out under section 145 01 the Charities Act 2011 {'Ihe 2011 Acl'l. In carrying out my examination I have followed tho Directions given by Ihe Charity Commission under section 1451Sllbl of the 2011 Act. Independent examlntrrf$ statsment I have completed my examination. I confiim that no mallers have comg lo my allenlion in conne¢lion with my examination giving mè cause lo believe= • accounling records were nol kepl in respect of the charilable company as required by section 386 oflhe 2006 A¢l,' or the financial slalemenls do not accord with Iho8e records., or + the fin8n¢lal s18lemonls do not comply with Ihe accounting requirements of section 396 of the 2006 Act other than any requirement Ihat the financial sialements give a 'lrue and fair view, which is not a maller consldereil as part of an independent examinalion,. or + the financial slalemenls havè nol been prepared in accordance with the methods and principles of the foi 'Accounllng and Reporting by Charilies.. ihe Slalemenl of Recommended Praclice applicable lo charities preparing Ihelr accounts in a¢cordance with Ihe Financial Reptsrting Standard applicable in the UK and Republic of Ireland IFRS 102)." Northwestern University (USA) Foundation Limited Independent examlner's report 31 August 2024 I have no concerns and have come across no other maller5 in conneclion with the examination to which allenlion should be drawn in Ihis report in order lo enable a proper understanding of the accounts lo be leached. Kalharine Patel ACA Buzzacoll LLP Chartered Accounlanls 130 Wood Slreel London EC2V 6DL 08 January 2025 Northwestern University IUSAI Foundation Limited statement of flnanclal activities Years ended 31 August 2024 and 2023 {incSuding income and expenditure account} Unreslricled R8strile