Northwestern University (USA) Foundation Limited Annual Report and Financial Statements Year ended 31 August 2025 Company Limited by Gu8r8nlee Regstration Number 11614191 IEngland and Wgltsl Charity Registratn Nurnber 1164246
Contents Reports Reference and adminislralive information Tfuslees, Report Independent examiner's report Accounts Slalemenl of financial aclSvilies Balance sheet Principal accounting policies 10 Notes lo the financial slalemenls 13 Northwe51em University (USA) Foundallon Limitod
Refvr8nc• and admln15trat5ve infomiatlon 31 August 2025 Tru8t•e8 J Allen M B Dallg (Resigngd 30 Jun9 2025) E A Goldner {Appoinled l Augusl 20251 D Lively D L Norton J D Pliner {Appoinled I September 20251 FHSelh Reglstered addrg5S 99 Durlslon Road London E5 8RP Company reglstratlon number 11514191 Charity regiBtration number 1184246 Indèp8nd&nt Examlnèr Buzzacoll Audit LLP 130 Wood Sireel London EC2V 6DL 8ankers J P Morgan Chase Bank 25 Bank Street London E14 5JP Northwestern University (USA} Foundation Limited 1
Trustees, report Year ended 31 August 2025 The Iruslees presenl Ihelr annual reporl together with the financial slatemenls of Norlhweslern Unfversity {USAI Foundation Limited frjr lh6 ya8T endèd 31 Augu812025. The financial stalemenls have been prepared in accordance with Ihe accounting policies sel out on pages 10 and 11 of the allached financial slalemenls and Comply with the charity's Memorandum and Arlicles ol Asso¢i8lion, #pplicable laws and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charilies preparing their accounts in a¢¢ordance wilh the Financial Reporting Slanil8rd applicable in th& United Kingdom and Republic of Ireland IFRS 1021. Governancg Conslilulion Northwestèrn University IUSAI Foundation Limited I'lhe Foundalion'l is a registered charily, Charily Registration Number 1184246, and also a company with shaTe capital, Company Registration Number 11514191. The £1 ordinary share capital is owned by Northwestern University, an organis81ion based in Evanston. Illinoi5, USA. The charitable company is governed by ils Memorandum and Articles of Assoc*811on. The names of the Iruslees who served during the year are sel oul as part of the reference and adminislralive information on page 101 these annual report and financ+al slalemenls. On agreeing to become 8 Iruslee of the charity, the Iruslees are thoroughly briefed by Iheir ¢o-Iruslees on the hislory of the Foundation, Ihe day-lo-day management, th8 responsibilities ol tho Iruslees, the currenl objeclivès and lulure pl8ns. Thè Iruslees are also encoufaged lo allend any courses which they feel are relevant lo the development of Iheif role. and lo keep up-lo-dal8 on any changes in legislation. Slruclure and management reportlng The Iruslees are ultimately responsible for the policies. aclivilies and assels of the charity. The Ifuslees review the developments vilh regard lo the charily, ils grant giving activities and n7ake any important decisions. en necessary. Ihe Iruslees seek advice and support Irom the Charity's professional advisers induding solicllors and accounlanl8. Keym8nagementpersonn81 The key management personnel of Ihe charity in charge of directing and controlling, running and operating the charity on a day-lo-day basis comprise the Iruslees ol ihe charily. The truslees afe not remunerated for Iheir role. Charitable objectiv8s The Foundation's charitable objective 18 lo advance educalion, in particular by supportiflg Northwestern Universily in Evanston, Illinois, USA. Northweslern University uses the funds I receives from the Foundalion for charitable purposes. For example, sludenls benefil from monies used lo create scholarships and those glven lo support specific areas of activity, such as the Kellogg School ofmanagemenl. The charity Taises funds in ord8r lo provlde grant support lo Northwestern Unlverslly. Durfng the year, the charily raised cash donation5 01 £388,220 including recoverable Gift Aid. and donated a lolal of £405.598 lo Northwestern Univorsily. Northwestern University IUSAI Foundation Limlled 2
Trustees. report Year ended 31 August 2025 Review of th• year Durin9 the fiscal year ended 31 Augusl 2025. Northweslein University (USA) Foundation Limited granted £405.598 lo Norlhweslern University. Below is a brief overview of the programs and schools supported w51hin the Unlversily.. Ar¢h Scholars Fund. Welnljerg College of Arts and S¢len¢es Arch Scholars programs are designed lo welcome. engage, and bolster students who allend high schools wllh lillle or no APIIB preparalion. who have financial need. or who ale among Ihe first in their families lo allend college. Kelty Kuhn Famlly Undgrgrnduale Morlt Scholarshlp Fund, Bienen School of Music The Kelly Kuhn Family Undergraduate Merit Scholarship Fund provides support lo under9raduale students of musical merit al the Bienen School. Kellogg Dean s Dl$¢rellonary Fund Gifts to this fund allow the Dean of Kellogg lo fund the School's areas of greatest need including thought leadership and enhanced programming for students. Kellogg School of Management Annual Fund Gifts lo th& Kellogg School of Management Annual Fund allow Ihe school lo support Kellogg's areas of greatest need, including scholarshlps, lacully research, and curriculaf innovations. as well as geneialing impact on business worldwide well into the future. Portobello Arch Scholars Fund. Weinberg College of Arts and Sclen¢e$ The Portobello Arch Scholars fund supports Ihe Arch Scholars programming in the Weinberg College of Arts and Sciences. Arch Scholars programs are designed lo welcome, engage, and bolster students who allend high schools wilh lillle or no APIIB preparalion, who have financial need, or who are among the first in their families lo allend college. Trobman Famlly Innovation In Law Professorshlp The Trobman family professorship fund provides support lo an interdisciplinary facully member in Ihe Northwestern University Pritsker School of Law whose work biidges the law- STEM Interface or helps lo advance needed innovation in the law. Publlc benefit The Icuslees have had regard lo the Charily Commlsslon's guidance whlch sets out Ihe requirements for charities to demonslrale that Iheif aims and activities are for the public benefit. Rl$k managoment The Iruslees have assessed the major risks to which thè charity and Foundalion are exposed, particularly those related lo cash holdings, finances, and Ihe operation of the charitable company. While Ihe risks are limiltsd given the nature of the Foundation's aclivities, the Iruslees recognlze the Smportance of moniloring reserve levels. ensuring controls over key financial systems, and examining operational and business risks. The Iruslees also èmphasize the need lo manage grant expendiluie and foreign exchange risks. To miligale these rSsks effectively. the trustees grant lunds lo a reslficled numbei of reclpienls and ensuce that giants are not committed until Ihg corresponding income has been ieceived. Northweslem University IUSAI Foundation Limited 3
Tru8tee$' report Year ended 31 August 2025 Flnancial review During the year ended 31 Augus12025. the charity received donations (including recoverable Gift Aid and donaled services) lolalling £398,806. Expenditure for the year lolalled E411.599. £405,598 of Ihis lolal related lo granls made lo Northwestern University. The lunds al Ihe year-end lolalled £4,778 of which £875 were reslricled and £3,903 were unreslricled, Reserves pollcy The Irustees have revlewed Ihe requirement of the charity for reserves and have determined that the level ol reslricled funds allows Ihe charity to undertake ils future charilable activities as a grant giving enlily. The Irusl¢¢s' policy is lo distribute the majorily of income received in the period and lo hold a minimal level of reserves. Fundraising policy The charity aims lo achieve be81 praclice in the way In which il communicates with donors and other supporters.11 lake5 care wilh both the lone of ils CommunicatnS and the accuracy ol ils ¢Jala lo minimise the pressures on supporters. 11 applies best practice lo prole¢t supporters, data and nevtrr 8ell3 data, il never swaps data and ensures that comrnunicalion preferences can be changed al any lime. The charily does not employ the services of prolessitsnal fundraisers. The charity undertakes to reacl lo and invesligate any complaints regarding ils fundraising adivilies. During the ytrar lo 31 August 2025, the charity received no complainls about ils fundraising aclivilies. statemont of tru$tee8' responslbllilies The charitable company's Iruslees (who are also directors of Ihg charily for the purposes of company lawl are Tesponsible lor preparing Ihtr annual report and financial 81alemenls In accordance with 8pplicable law and United Kingdorn Generally Accepled Accounting Practice. Company law requires the Iruslees to prepare financial statements for each financial period which give a true and lair view of the slate of affairs of Northwestern University IUSAI Foundalion Limited and ol ils income and expenditure for the financial period then ended. In preparing these financial slalemenls, thè Iruslees are required lo: select stjllable accounting policie5 and then apply Ihem rA)nsislenlly'. obseNe Ihe methods and principles in Accounting and Reportin9 by Charities.. Stalemenl ol Recommended Pracli¢e 8ppli¢ab1e lo charities preparing Ihelr ac¢ounls1n a¢¢ordancg wilh the Finan¢i81 Reporting SlandaTd applicable in Ihe United Kingdom and Republic ol Ireland {FRS 1021., make judgements and eslimales that a reasonable and Pfudenl.. slate whether applicable UK accounting standards have been followed, subjecl lo any malerial departures dlsclosed and explained in the financial slalemenls., prepare the fln8nclal slalemenls on the going concern basis unless il is inappropriate lo presume that Ihe charity will continue in operation. Northweslem Universily (USA) Foundation Limited 4
Tru$tegs' report Year ended 31 August 2025 Statement of trustees, respon5ibllitle5 Iconlinued) The Iruslees are responslble for maintaining propel 8ccounllng recofds whlch dlsclose wllh reasonable accuracy al any lime the financial posilion ol the charitable company and which enable them lo ensure that thè financial slatements comply with Ihe Companies Acl 2006. The Iruslees ale also responsible for safeguarding the asse18 of the charitable comp8ny and hence for taking feasonable steps lor the prevention and detection ol fraud and other Iffegularilies. This confirmation is given and should be Inlerpreled in accordance with the provisions of $418 oflhe Companies Acl 2006. Signed on behalf of the board ees: David Lively th of Ifuslees Northwestern University (USA) Foundation Limited 5
Independent 8xamlnèrf8 report Year lo 31 August 2025 Ind8pondont gXomln&rf$ report to the trustees of Northwe5tem Univèrslty IUSAI Foundation Limited I report lo the chafily Iruslees on my examination ol Ihg financial slalemenls of Northwestern University IUSAI Foundation Limited for the year ended 31 August 2025, which are sel out on Pages 7 10 14. Re5ponslbllltl8s and ba$1$ of r8port As the Iruslees ol the charilable company {and also ils directors for Ihe purposes of company lawl you ar8 responsible lor the piepaialion of the financial slalemenls in accordance with the requiremenls of the Companies Act 20061.lhe 2006 Act'l. Having satisfied myself that the financial slalemenls of the charitable company are not required lo be audited under Part 18 ol the 2006 Act and are eligible for independenl examination. I reporl in respect of my examlnalion of your charily's financlal slalemenls as carried out undgr se¢lion 145 of the Charities Act 2011 {'Ihe 2011 Acl'l. In carrying out my 8xaminallon I have followed the Oifeclions given by the Charily Commi55ion under seclion 14515llbl of the 2011 Act. Indopgndont &xamlner'8 ststement I have completed my examinalion. I confirm Ihal no rnallers have come lo my allenlion in connection with my examination ging me cause lo believe.. accounting records were not kept in respect of the chariiable company a5 required by section 386 of the 2006 Act., or the financS8l slalemenls do not acrd with those fecords-, or the financial slatements do nol comply with the accounting requirements of section 396 of Ihe 2006 Act olhef Ihan any requirement that the financial slalements give a 'lrue and fair view, which is not a maller considered as part of an independent examination.. or th8 financial stalemenl8 have not been prep8red In 8¢¢ordan¢e wllh Ihe methods 8nd principles of 'Ac¢ounling and Reporting by Charilitss.. the Slalemenl of Recommended Practi¢? applicable lo charilies preparing their accounts in accordance with lh& Flnandal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021." I have no concerns and have corne across no olher mallers in connection wilh Ihe examination lo which allenlion should be drawn in this report in order lo enable a proper understanding ol tha 3e¢ounls lo be reached. Kalharine Patel ACA 8uzzacoll Avdll LLP Chartered Accounlanls 130 Wood Street London EC2V 6DL Dale.. 23 December 2025 Northwestern Universily IUSAI Foundation Lirniled 6
Statem•nt of flnanclal actlvltl08 Ye8fS ended 31 Augusl 2025 and 2024 {including income and expenditure account) réstrlcted lund8 RoY5tr1¢tod funds Total 2025 2024 Note5 Incomofrom.. Donallons linduding GIftAEd reco¥ef8bkl Total InGom• 10,6B6 10.586 388,220 386,220 398,106 398.806 301.624 301,624 Expendlluro on: Charilable acliwlles Toial exndItr0 14,624 14,524 397.07$ 397,075 411,599 411.599 313.073 313,073 Netloxp•ndltUfo1l InGomèlrt•t mov¢monl In lu•d$ 13.9381 18.8551 112.7931 111.4491 R•con¢lllatlon of fundi: Fund balan(E broughl forward 411 September 2024 Fund balanGO carrted foTward at 31 August 2026 7,841 9,730 17,571 29,020 3,903 875 4.778 17.571 All of Ihe charity's operations related to continuing activilies during the above fv40 financial periodg. Th8 charily has no other iecognised gains and losses. Northweslern Universily (USA) Foundation Limited 7
Statsment of financial actlvltle5 YeaTS ended 31 August 2024 and 2023 Ilncluding income and expenditu aecounll Un- re8bicled lund& R&slThcted fvnds Tolal 2024 2023 Notes lft¢ome Irom.. Donslions 1Cluding GiftAid re¢over8blel TotaliAKome 11,874 11.874 289,750 289.750 301,624 301,624 292,241 292.241 Exfftnditure on.. Ch8ri18ble 8clivibes Tot81 expendilurn 15,671 15,671 297.402 297,402 313,073 313,073 280.630 280.630 N81 (eXpenditureVineon/net0¥YrnPnl in lunds (3.797) 17.6521 (17.449) 11.611 Recomh811on ollund& Fund b818nce brought fonvard at I Sgplen7ber2023 Fund balance carned foThv8r£l ¥t31 Augu5f 2024 11,638 17,382 29,020 17,409 7,841 9.730 17,571 29.020 All of the charity's operallons related lo continuing activities during the above two ffinanclal peri¢)dg. The charity has no other recognised gains and losses. Northwestern Universily (USA) Foundation Llmiled 8
Balancè 8heets 31 August 2025 and 2024 2025 2024 Notes CurMnt ass8t8 Debtors Cgsh at bank and in hand 8,701 4,778 13,479 13,g32 7.840 21,772 Credltors.. amounts falllng due wllhln one year 18,7001 {4,2001 Ngt curronl $916 4,779 17.572 Total n8t a88ets 4.779 17,572 R8pre8ented by.. Called up share Capital Funds Restricted f¢JNJs Unrestricted 9gneral funds Totol lund8 875 3,903 4.779 9.730 7,841 17,572 For Ihe yeai ended 31 Augu812025 the charitable company was entitled lo exemption from audit under 8ectlon 477 of the Companies Act I'lhe Acl") relaling lo small Companies. The members have not required the company lo obtain an audit of ils financial slalemenls for the financial year in question in ac¢ordan¢owilh se¢lion 476 01 Ihe Acl. The Iruslees acknowledge their responsibilities for complying wilh the requirements of the Companies Acl 2Q06 wilh fespecl lo auntIng records and the preparallon of financial slalem8nls. These financial $latemenls have been prepared in accordance with the pfovisions appllcable lo companies subject lo the small companies. regime. Company registration number.. 11514191 (England & Wales) Approvgd by the board of Iruslees on and signed on its behalf by.. David Lively Northwestern Unlvgisity IUSAI Foundallon Limited 9
Prlnclpal accountlng policieB Year lo 31 August 2025 The principal accounting policies adopted. judgemen18 and key sources of eslimalion uncertainly in Ihe pleparalion of Ihe accounts are laid out below. 8asls of preparatlon These financial slalemenls have been prepared for the year ended 31 Augu812025 with comparative informalion provided for the year ended 31 Augusl 2024. The financial slalemenls have been prepared under the hlslori¢81 cost Convention with 51gms recognised al cost oi transaction value unles5 otherwise slated in Ihe relevant accounting pollcies below or the notes lo the financial slatemenls. The financial statements have been prepared accordance with Accounling and Reporting by Charities.. Slalement of Recommended Pra¢li¢e applicable lo charilies preparing their financial statements in a¢¢ord8n¢e with the Financial Reporting Standard applicable In the Uniled Kingdom and Republic of Ireland IFRS 102} (Charities SORP FRS 1021, the Financial Reporling Standard applicabl8 in tha UK and Republic of Irgland {FRS 102} and applicable laws. The charily ¢onslilules a public benefit entity as defined by FRS 102. Thè finan¢S8l statements are presented in sterling and ale rounded lo the nearesl pound. Critical accounting esllmates and aro88 of ludg•m&nt There are no significant 8¢counling eslimales and areas ol judgment that affect Items In the financial stalemenls. As8eBBment ofgolng concern The Icuslees have as8trSsed whelherlhe use of the going concern assumption is appropriate in preparing these f1nancial slalemenls. The Iiustees have made this assessment with respect lo a perlod of one yeai from the dale of approval of these financial slalemenls. The Iruslees of the charity have concluded that there are no material uncertainlies related lo events or conditions that may cast signifi¢anl doubl on the ability ol thè ¢harily lo conlinue as a going concern. The Iru51ees are ol the opinion that the chaiily will have svfficienl resourcès lo meet its liabilities as they fall due. Income Income is recognised in Ihe perlod In whleh the charity Is enlilled lo recelpl, thè amounl can be measured with reasonable ¢ertainly and il is probable that Ihe funds will be ieceived. Northweslem Universily IUSAI Ftsundallon Llmlled 10
Prlnclpol a¢countlng pollci05 Year lo 31 Augu512025 Incomè Iconlinued) Donations and the GIN Aid Ihereon is recognised when the charity has confirmalion of both Ihe amount and selllemenl dale. In the event ol donations pledged bul not received, the amount is accrued for where the receipl 1$ Considered probable. In the event that a donation is subject lo conditions that require a level of performance before Ihe charity is enlllled lo Ihfy lunds, the Income is (Jeferred and not recognised until either those conditions are lully mel, or the fuifilmenl of those conditions iswholly within the conlfol of the charity and il is probable that Ihtsse condillons wlll be fullllled In the r8portSng perl¢)d. Expenditur• Expenditure is included in the slalemenl oi financial activities when incurred and includes allribulablg Value Added Tax (VAT) which cannot be recoveied. Expendilufe18 on ¢h8rilablg activilieswhich comprise grants payable in promoting charitable work. the cosl of adminisleiing the gfanl programme and governance costs. Grants payable are included in the statement of financ+al aclivilie5 when approved and when the inlended recipienl has either received th8 funds or been informed of the decision lo make the donation and has satisfied all relaled condilions. Grants approved bul not paid al the end of the financial year are accrued for. Giants where the beneflclary has not been informed or has lo meet certain condilions before Ihe grant is released are not accfued for bul are noted as finan¢ial ¢ommilm8nls in the notes lo the financial slatemenls. Governance costs include costs which are directly allfibulabl& lo the organisalional procedures and the necessary legal procedures for compliance wilh slalulory requirements. They are included as a consliluenl part of charitable activities. Debtorn Debtors are Tecognised al Iheir selllement amount. less any provision for non- recoverabilily. Prepayments are valued al the amount prepaid. Cash at bank and In hand Cash al bank and in harHJ represen18 such 8ccounls and inslrumenls that are available on demand or have a malurily of less than three months from Ihe dale of acquisition. Creditorn and provlslon$ Credilors and provisions are fecognised when there is an obligalton al the balan sheet dale as a result of a past event. il is probable Ihal a Ifansfer of economic benefit will be required in selllernenl, and Ihe amount of the selllemenl can be eslimaled reliably. Creditors and provislons ara recognised al the amount Ihe charily anliclpales il wlll pay lo settle the debl. Northwestern Univgrsily {USAI Foundalion Limited 11
Prlnclpal accountlng poll¢le8 Year lo 31 August 2025 Fund accounting The unreslricled general funds represenl funds available for the general charitable purposes of the charily al the discretion ol the Iruslees. Reslricled lunds comprise monies raised for, or their use ieslricled lo a Specif purpose or conlfibulion subjecl lo donor-imposed Conditions. Forelgn currency translatlon Transactions denominal&d in forelgn currencies are Ir8n8laled al lh8 exchange ral8 prevailing on the dale of the Ifansaclion. Assets denominated in foreign Currency held al the balance sheet dale are Ifanslaled at the exchange rale al Ihe year-end dale. Northwestern Univgisily IUSAI Foundation Limited 12
Notos to tho accounts Year lo 31 August 2025 1 Charltsblg èxpondlture 202S 2024 Grant expeniJSlures lsee below) Admini&lratnie support costs Bank charg8S Governance. Independent examlnatlon. tax and accounlancy 1888 Foreign 8xchango Ig8insl lossès Tolal eharllable •xpandltur• 406,698 6,086 3,4Q4 4,600 7,9691 411,599 293,205 6.074 4.049 5,800 3,945 313.073 During the year, the Foundation madg Ihg following grants.. 2026 2024 Re¢lplen¢ Northwestem Unfver81ty 406,698 293,205 2 Staff costs. trustse5' remuneratlon and thè remuneratlon of key managfrment personnel The charity employed no members of staff during Ihe years ended 31 August 2025 and 31 August 2024. The key management personnel of the charity in charge of direcling and conlrolling, runnlng and operaling the charity on a day-lo-day basis Comprises the Irusloes. No Iiuslee received any remuneralion OT expenses in respect of Ihelr services as Ifusl8es or ieimbursed expenses during the years eniled 31 August 2025 and 2024. 3 Taxatlon Northwestern Universily (USA) Foundation Llmiled is a registered ¢harily and therefore is nol liable lo income lax or corporation tax on income derived from ils charitable aclivilies, a$ il falls within the various exemptions available lo reglslered charities. 4 Debtor8 2025 2024 Other debtors Yolal d8btor8 8.701 8.701 13.932 13,932 5 CredltoY¥: amounts falllng due wlthin onè year 2025 2024 Acuuals Total Grèdltors 8.700 8,700 4,200 4,200 Northwestern Unlve¥sily IUSAI Foundation Limiled 13
Notes to the accounts Year lo 31 August 2025 6 Called up Share capital 2026 and 2024 1 Ordinary shares ol £1 - aulhorised and calkd up The £1 share capital is wholly owned by Northweslern University. an organisalion based in Evanston, Illinois, USA. 7 Restrlcted fund$ During th8 yè8r ended 31 August 2025, the Foundation received reslricled donations (including Gift Aid recoveiablel of £388,220 12024 £289.7501 lo be granted on lo Northwestern Universily for specific purposes. in¢ludlng scholarshlps. From these funds and the opening reslricted funds of the Foundation al 1 September 2024, grants of £405,598 {2024- £293,205) have been made lo the University. In addition, £8,523 has been credited lo reslricled funds as a result ol foreign exchange 9ains {2024- chafge of £4,197 01 foreign exchange losses) and a balance of £87512024 £9,730) remains within reslricled funds al 31 August 2025. 8 Related party transactlons Two trustees madé donation8 amounting lo £35,9101o Ihe charity during Ihe year ended 31 Augusl 202512024- two Iruslees donated £76,053). The Charity has subsequenlly claimed Gift Aid on these don31Ions. Donalions from Iruslee5 were received on normal terms and wrthoul conditions, therefore confirming no vndue influence. There ale no luriher related pariy Iransaclions lo report. Northwestern Universily IUSA) Foundalion Limited 14