Fbi¥￿la1 5￿￿erne￿￿k[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" {Uni￿d 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 tr￿n 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 incl￿ed
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 w￿l￿r 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
w￿lhel Ihe finonciol slalem8nls os a whole are free liom
Muler￿J1 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 01￿1 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