Fbi¥la1 5ernek[thPylal Ended 31 Ivly 2022 Opinion Vle hove ovdiled the financial slolemenls ol U15tei Unlversity I'ihe Univetsity'l ond its subsidiaries Ithe'gioup'l lor the year ended 31 Ivly 2022 which comprise the Group ond Univetsity Stolemenl ol CompreFtnsive Income, the Gioup and University Siolemenl ol Chonge5 in Reserves, the Group ond University Bolunce Sheels, ond Ihe Group C05h Fk)w Siolemenl and the rèloled noles 110 28, including o summory ol %gnificonl accounting policies. The Pinonciol ieporling fromework Ihol has been applied in their preparalion is applicoble low and United Kingdom Accounkn'ng Siondords including FRS 102 'The Finonciol Reporling Siandord opplicable in the UK ond Republic ol Ireland" {Unid Kingdorn Generol Accepted Accounting Pio¢licel. In our opinion, the financial sloternenls.- give o true ond lair view ol IFe Grovp'5 and ol the University's slale ol alloirs 05 al 31 July 2022, und ol rt)e Group's ond University's incom8 cjnd expenditure, goins and1055e5 and change5 in r8setve5 ond ol Ihe Grovps cash flow51oi the yeoi trn ended,. have been properly prepared in occordonce with FR5102 'The Finonciol Reporting Siondord applicable in IFE UK ond Republic ol Iielond, Iuniled Kin9dom GeneKally Accepled Accounting Proclicel,. hav8 been properly prepored in occordonce with the Sialemenl ol Recornmended Pioc*"ce.. Accounting lot Fuiiki ond Hi9her Educolion, Ihe Finoncial MemoroTrdum |Puil 21 befween I Deporlmenl lor Efflploymenl ond Learning Inow Ihe Deportment loi the Economy) ond the University ol U151eT ond IhÈ Accounts Direction lo Highei Educohon Instilvlion requirement& Basis for opinion We tonducled our ovdil in occoidonce with Inlernolional Siandords on Auditing IUKI IISAS IUKII ond applicoble low. Our responsibilities under those slondords are further described in Ihe Audilor's responsib,'lilies lor Ihe ovdil 011he finonciol 5tatemenls sec1ion ol our report below. We ole independenl ol Ihe 9roup and parenl inslilulion in accoTdonce wilh the eihicol requiiemen15 Ihol Ofe relevonl lo our audit ol Ihe financial statements in Ihe UK, including the FRC s Ethical Siandaid, ond we hove lulPilled our oiher eihicol résponsibilities in uccordoncè wilh these requirements. We beSieve Ihal Ihe oudil evidèncè wo have Oblain is sufficisnl and oppropriale lo proyide o bosis lor our opinion. 20
Conclusions relating to going concern In audiling Ihe finoncial stotement5, we hove concluded Ihot the University Council s USÈ ol 90ing concern ba515 ol accounling in lh8 preporotion ol financial slalernen15 is oppropriale. Based on the work we hove performed, we have not identified any mcjleriol uncertoinlies Telolin9 to events or conditions Ihol, indi%4dvolly 01 collectively, moy cosl Sl9nificcJnl doubt on Ihe group and parent in51ilution s obilily lo continue os a going concern lor o peiiod 10 31 Opinion on other matters prescribed by the Financial Memorandum (Parl l } between the Deportment for Employment and Learning (now Department of the Economy) and the JJ University of Ulster ( Financial Memorandum In opinion, bosed on Ihe work vnderloken in the course ol the oudrt, in all moleriol respects.. funds liom wholever sovice odminislered by Ulsler University hove been Proper applied lo ih05e pvrposes ond monoged in occoidance with relevonl legislotion., lund5 provided by th8 Deportment IOT the Economy hove been opplied in occordance with Ike Finonciol Memoiandum ond ony other term5 ond condilions attached lo Ihem.. and the requirements ol the Depurtmeni lor the Economy5 Accovnls Direclion lo Ihe Noiihein IieloDd Higher Education Inslilulions lor the relevonl yeor's financiol slolemenls hove been mel. 2024. Our iespon5ibililie5 and Ihe responsibilities ol the University Council with respect lo goin9 concern ole described in the relevant sections ol Ihis report. However, becou5e not all fulure events or conditions con be piedicled, Ihis 51alemenl is not o guorontee os lo the 9roup's ability to coTrtinue Ds a 9Oln9 concern. Other information The othei inlormolion comprises th8 inlormalion incled in the onnuol report, other thon the financial slalemenls ond our ovdilof's iepoil Iheieon. The University Council is responsible loi the other Inlormalion. Our opinion on the finonciol slolemenls does not cover Ihe other inlormolion and, 8xcepl lo the exlenl oiherwise explicily stoted in this reporl, we do ncl express ony lorm 01055urance conclusion Ihereon. Matters on which we are required to report by exception Under the Funding Council s Finonciol Memorondum, Ihe Universily is required lo include o Siotemènl ol Inlttrnol Control wiihin Ihe annval finonciol slolemenls. We ore not iequired lo oudil this slatemenl. or lo form on opinion on Ihe elleeliveness ol risk monagemÈnl ond conlrol procedures bul hcrye o duty lo reporl by exceplion wheihei this slolemenl is incon5islenl wilh our knowledge ol the University. Our responsibility is lo read th8 oiher inlorrnalion ond, in doing so, consider wtheiher the other inloimation is rnoteriolly inconsislenl with IFe financial 51oternenls or ovi knowledge obioined in Ihe course ol the audil 01 0th81Wi5e appears lo be rnolenolhrf missloled.11 we idenliFy such molerial inconsi51encie5 or appaienl Tnalerial mi551olemenls, we ore iequired lo deleimine wheihei Ih8r8 is a moleriol misslolernenl In the finonciol 51alements Iheryiselve5.11, bosed on rhe work we have performed, we conclude Ihal there is o maleriol misslolemenl ol IFE oiher infrormohon, we ore reqvired lo reporl Ihal focl. We hove nothing lo reporl in this regard. 27
n*xicKII Ihyeai Erded 31 2022 Responsibilities of the Council A5 explained rnore lully in Ihe Siolemenl ol the University Council 5 Responsibilities Isel out on page 221, the Universily Council is responsible lor Ihe preparolion ol Ihe Pinoncial 51alemenls ond lor being sat15fied Ihal they give a true and loir view, ond lor such inlernol conliol as The Council deleimine is nece$50ry to enable Ihe preptsr(Jlion of finonciol slolements Ihal ale Free Irom rnaleriol mi551alemenl. whether due lo Iravd or error. In preporin9 the finonciol slolemenls, the Univer511y Council is responsible101 05sessSng the groups ond the Universily s obilily lo conlinue os o goin9 concern, disc105ing, a5 applicoble, motleis reloled lo goin9 cofjcein ond using the going concern bosis ol occounlin9 unles5 the Unriefsily Council either inlend5 lo liquidole the gioup or Ihe University 01 lo cease opercjlions, or has no reali51ic olieinoliv& bul to do 50. are capoble ol delecling irregularities, including froud is detailed below. However, th8 primoiy re5ponsibilily loi the prevention ond deleclion ol Iiaud iesls with boih Ih05e chor9ed wilh governance ol the Instilution and managemenl. Ovr opprooch wa5 os lolk)ws'. We obioined on underslondin9 01 the legal ond regulalory Irarnewoik5 Ihol ore opplicable lo Ihe University and determined Ihol most significonl ore FRS 102, the Sialemenl ol Recommended Ptoct+ce for Furikr and Higher Educalion und Ihe Finonciol Mernoiandut befvleen the Deparlmenl lor Employm8nl and Lèorning (now the Depailtnenl loi the Economyl and ihe University ol Ulsler and the Accounts Direclion lo Higher Educolion Inslilulion requiretnents. We understood how U15tei University is complying with Ihose Iromewoiks by making enqvir1es ol monogemenl ond Ih05e responsible lor legol ond complicjnce procedures. W8 corroboioled our enquires Ihrou9h ieoding the University Counci1 rninules ond papèrs provided lo Ihe Audil and Risk Committee. Bosed on Ihis underslanding wg designed our audil procedvies lo idenify noncomplionce with such laws ond iegulolions. Our piocedure5 involved.. inquiring ol monogemenl, inlernol ovdil and those chorged wilh governunce. including obioining und reviewing supporling documenlalion reloling lo the Unweisity's policies ond procedures reloting lo.. Identifying, evoluoling and complying wih laws ond iegulohons ond wlr they w8re (Jwore ol ony inslonces ol non-compliance," Delecling ond responding lo Ike risks ol Iravd ond wheiFEr Iky hove knowledge ol (Jny oclual, 5U5pected or olleged Iroud,. ond The inleinal controls e5toblished lo mi119ale iisks reloled lo frtsud or non-complioncÈ wilh laws and regulations. * We 0¢s$Ed IFt SU5cepliE¥"Iity ol Ihe Universily s Pinonciol slolemenls lo moleTioI tnisslolemenl, including how Iioud might occur by con51derin9 the risk ol tnana9emÈnl override and idenlified the recognition ol luilion lee, resecjrch gionls tsnd oihei income os fraud ri5k& Auditor'5 responsibilities for the audit of the financial statements Our oEiechve$ ore lo obioin reosonoble 055uionce oboul wlhel Ihe finonciol slalem8nls os a whole are free liom MulerJ1 rnisslolemenl, whether duè to Iroud or error, ond Io i55ue on oudilor's report Ihal includes oui opinion. Reosonoble assuronce is o hi9h level ol ossuronce, bul is nol o gvoronlee Ihol on audil conducled in occoidonce with ISAS IUKI will olwoys delecl a maleTial l$StOlement when il exisls. misslolemen15 can arise Irorn Irovd or error ond cjre considered maleriol il, dividvolly or in Ihe 099regole, lh covld ieosonably be eKpecled lo influence the economic decisions ol users token on th8 basis ol Ih858 financial slolements. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregulaiih-ès, including froud. are instances DI non- compliance with lows and regulolions. We d851gn pioceduies In line wilh our iesponsibilih'es, outlined oboye, lo detecl irre9ulorilie5, including Iroud. The risk ol nol deleclin9 0 m(JleTial mi55lalemenl due lo lioud is hi9her thon the risk ol nol deleciing one resultin9 Irorn error, os Irovd moy involve delibeiale conceolmenl by, lor exomple, IoT9ery 01 inlenlionol misrepresenlalions, or through collusion. The exlenl lo which our pFocedDres 28
Our lesling included ogregin9 ts somplè ol Ih6se Income slreoms lo suppoilin9 09reernen15 01 leller5, remillonTrs ond Ihe receipt ol poyrnenl in bank slolemenls, ond the sliro ol cerloin revenve journals lo asse55 iecognilion in Ihe currenl year. In addilion, loi a sample ol deleried income items, we fwiewed the relthed suppoiting documenloton lo assess perlormance iebied ¢ondilK)n5. whether the required conditions had been mel ond ikni income hod Iherefore been iecogni5ed in the coiiecl Pinonciol yecjr We also lesled a 50tnple ol income ilems before and olier Ihe yeor 8nd b confirm that Ihey hod been recorded in the correct financial yeai. In oddilion lo Ihe above, our procedu185 lo respond lo Ihe idenlified ris included the lollowing.. Reviewin9 the financial skjlemenl disclosures and lesling lo svppoiling documentation lo osse compliance with relevoni lows ond ie9ulotions discussed above., Reoding minvles ol meelings ol those chorged 90veinance ond the Covncil., In oddr855ing the risk ol monogemenl override ol conlro15 we le51ed specific jouinol enlries idèntified by applying risk ciileiia lo the enlire populalion ol journals. For eoch journol 5È1ecled, we lested specific transochons bock lo source docufflentotion lo conpiim Ihal Ihe journuls were outhorised ond accounid lor appropriately. We reviewed significonl occounling e5h"moles loi monogemenl bias ond noted Ihal we did nc>l identify any si9niPiconl unusual tran50clions in the rinonciol slolements Use of our report This report is made solew lo Ihe Council ol rhe Ulsler Universily. 05 a body, in occordance with the Chorte ond Siolules ol the Universily. Our oudil work has been Undertaken 50 Ihut we mi9hi slote to th8 Council those mallers we are required lo slale lo Ihern in on ouditol s iepoit and lor no oiher purpose. To the lulles e)tlenl peTmilled bylaw, we do nol accepl 01 a55vme respon5ibilily lo onyone 011 Ihon Ihe U15181 Univefsily ond Ihe Council 05 a body, lor ovr ovdil work, tor this report, or lor the opinions we have formed. M•clK•l Chrislio Iswior Sialulory Avditorl lor ond on b8kn11 ol Einsl & Young ILP, Siolulory Auditor Bellosl A hJriFEr description ol oui responsibililies lor the audil 01 I financial slalements 15 locolÈd on Ihe Financial Repoiling Council s website ol.. hiips'.//www.fvc.or9.uk/oudilorsresponsibilites. This de5CTiplion lorms poll ol our auditors report. 29