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 Registrat￿n 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$' report Year ended 31 August 2025
Flnancial review
During the year ended 31 Augus12025. the charity received donations (including recoverable
Gift Aid and donaled services) lolalling £398,806.
Expenditure for the year lolalled E411.599. £405,598 of Ihis lolal related lo granls made lo
Northwestern University.
The lunds al Ihe year-end lolalled £4,778 of which £875 were reslricled and £3,903 were
unreslricled,
Reserves pollcy
The Irustees have revlewed Ihe requirement of the charity for reserves and have determined
that the level ol reslricled funds allows Ihe charity to undertake ils future charilable activities
as a grant giving enlily. The Irusl¢¢s' policy is lo distribute the majorily of income received in
the period and lo hold a minimal level of reserves.
Fundraising policy
The charity aims lo achieve be81 praclice in the way In which il communicates with donors
and other supporters.11 lake5 care wilh both the lone of ils Communicat￿nS and the accuracy
ol ils ¢Jala lo minimise the pressures on supporters. 11 applies best practice lo prole¢t
supporters, data and nevtrr 8ell3 data, il never swaps data and ensures that comrnunicalion
preferences can be changed al any lime. The charily does not employ the services of
prolessitsnal fundraisers. The charity undertakes to reacl lo and invesligate any complaints
regarding ils fundraising adivilies. During the ytrar lo 31 August 2025, the charity received no
complainls about ils fundraising aclivilies.
statemont of tru$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 gi￿ng 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 ac￿rd 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 ex￿ndIt￿r0
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 1￿Cluding 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￿/net￿0¥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 a￿untIng 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