ANNUAL REPORT 2021-22 MOVING FOR WARD In auditing the Financial £tatempnts, we have concluded that Senate's use ol the going concern basis of accounting in the preparation of ihe Finaiicial 5￿teMents is ppropriate. these laws and regulations as part of our procedLJre% on ihg related financial sialement Ilems, including 655es5ing the financi31 staLeffleni di5closure5 agreeing thetn to supporting documentdtion when necessary. INDEPENDENT AUDITOR'S REPORT TO THE SENATE OF QUEEN'S UNIVERSITY BELFAST Based Dn the Wofk we have porforrnpd, we have not identified any material uncertainties relating Lo evenl5 Of condition5 that, individLJally or colleclively, mdy Cast significant doubt on thp Group oi. the University's ability to continup as a going concern for 3 period of at least twelve montlis Frorn the date when the kinancial Stalements dl& autliorised for issue. The Group and University are not subject to other laws and regulations where the consequences of non-complianc@ could have a material effect on amourits or disclosLJres in the Financial Sthtements. Auditing standard5 limit the required audit procedures to identify non-compliance with tlièsè iion-direci laws arid regulat10ns Lo inquiry of the management and in5PeCtiDn of regulatory and legal correspoTrdenee, if any. These limited procpduFes did not identify actual or 5USPgCted non- compliance. REPORTONTHEAUDIT OF THE FINANCIAL STATEMENTS OUF responsibilities and the responsibilities of Senate with resppr.t to going roncerD aFe described in the relevant sections of this report. OPINION We hfjve audited the Financi615tatements of We conducted our dudil In accordance with Queen'y Uiiiver51ty Belt35t C'the UTriversity'l International Standards on Auditin9 (UK) (ISAS and ils sub5idi6rie5 (collectively'the Group'l (UKII and applicable law. OUF Fo5ponsibilities for the year ended 31 July 2022 sel out on under those st.aTrdards aFe further described page5 82 to113, which comprise the in the Auditor's responsibilities for the audit of Consolidated and 1jnr￿er5ltY Statemenis of the Financial Statefflents section of our Comprehensive Income, the Consolidated report. Wè dr& indèpeiidenl of the Group in and University Balance Sheets, the accordance witli eLI)ical re4uireinents tlidt are Consolidated and Universily Statements of rplevant to our audit of Financial StatemÉirits Changes in Re5ervo5, the Consoliclaled Cash in the UK, including the Financial Roporting Flow SrAterneTrt and the related oote5, Council (kRC)'s Eth5cal St6ndèrd, ènd we have including the summary r)f signifirant fLJlfilled our other ethical re5POn5ibilities In accounting policies set out on pa9es 72 to 79. accc)rdance willi tlie%e requiren)eiiLs. BASIS FOR OPINION However, a5 we cannot pred￿cl all future events or conditlOnS ¢3nd as subsequent @vents may result in outcomes that are incon5i5tent with judgements that were rèasonable at the lime they were made, the absence of reference to a moterial uncertainty in this auditor's report is not a guarantee ihat the C)roiJp or the University will continue In operation. We a55e55ed ev¢nts or conditions that could indicatè an incentive or pressure to commit fraud or provide èn oppoitunity to comFnit fraud. As required by auditing standards, we performed procedures to atsdre55 the Fisk of management overiide of controls. We did not Identify any additional Fraud risks. In response to risk of Fraud, wp also performed procedures Inr.IiJding.' Identifying journal entries to test based on risk criteri and comparing the identified entfie5 to supporting documentstion., eviludting the business PLJrpose of significant unusual tfansartions,. a55e55ing si9nificant accounting estimales for bi65,' and a%se£sing the disclosures in the Trinancial Stalements. DETECTING IRRÉGULARITIES INCLUDING FRAUD Tho financial reporling frarnewoik ihat h85 We bplieve that the aLJdit evidence we have been applied in their preparation is UK Law obtéined 15 5uffieient ano appropriate to nd fft510? The Finfjnciol Reporting Standord provicle a basis for our opinion. opplic(Jhle in the UK ond Republic ofireland. Wè identified the areas of law5 and r£gulations that coiild reasorK8hly bo p.xpp_cled to have a mat?rial effert on the Financièl Statements and risks of Fnaterial mi55tatetnent due to fraud, our understanding of the entity's industry, regulatory environmenl and oLhei external factors and inquirywith managefnenL In riddition, our risk assessment procedures included. inquiring wit.h the fnanagemeTrt a5 to the Group's University's policie5 and pioLedL1r￿ regarding cornpliance with law5 and regulation5 dnd prL'venLioi) and detecti¢)n of I raud,. ifiquiFing wl)ethef the management have knowledge of any actual orsuspoc.led non-compliance with laws or ￿QU￿tionS or alleged fraud., inspecting lh& Group'5 3nd Univeryilys regulatory and legBI correswndeiice. and reading cornn)ittee minute& CONCLUSIONS RELATING TO GOING CONCERN In our opinion the accompanying Financial Statements.. Senate has prepared the Financial SLaiement5 on the going concern basis as they do not int@nd to liquidate the Group or the University or to cease their operation5, and a5 they have concluded ihat the Group's and the University's financial p05ilion means that this give a true and foir view of the stato of the Group'5 6nd the Univer5iÈy'5 6ffairs as at 31 July 2022, dnd of the Group'5 ond the Ui)iversity's income and expenditure, g3ins and losses and chdriqes in reserve5, and OF the Group's casli flov¢s, for ilie yedr tl)ei) ended.. have been properly prepared in accordance They have also concluded that there are no fflaterial uncertèintieg that could have cast with UK accounting standards, including FRS 102 The Financial R&porting Standard sigriificant do)vbt over their ability to continue as a going concern for dt léasl a year from the appliiable in the UK and Republic of Ireland, date of approval of the Financial Statement5 and w1th the 2019 Statement of R?romnipnded PractKe - Accounting for Cthe going c.oncern period,). Further and Hi9her Ediication., and meet the requirements of the Depèrtmenl for lh& Economy IDfEI Accounts Direc.lion to Higher Edvcdtion Institutions for 2021- 22 Financial StaLEments. Owing io thè inherent limitations of an aijdit, tl)ere is an unavoidable risk that we may not have detected some material misstateiiieiits in the FinanciBI Statetnent5, even tliough we have properly planned and performed our audit in dccordance with auditing Standards. For exaiTiple, the further removed non-compliance with law5 and iegulations (irregularities) is from the Events ancl transactions reflected in the Financial Stateinents, the less likely the inherently limited procedures required by aLJditing standard5 would identify it. We di5CU5sed identified laws and regul6tiOn5, fraud risk factors and the need to remain alèrt among the audil team. Ir) our evaluation of Senalp'5 conclusions, we Onsidered the Inhe￿nt r15ks to the Groiip's nd Universit}I's business mociel and èndlysed how tliose risk5 might afFect the Group s and the University's fin6neial resources or ability to continue operations ovor the going oncorn period. We have nothing to report in Ihe5& respècts. In addition, a5 Wlth any audit. r.hpre remains a higher risk of non-detection or irregularities, al these may Involve collusion, forgery, intentional omi55ions, ffli5r&prèsentations, or the override of interniil controls. We are not responsible for preventin9 non-compliance and connot be eYpect?rJ to detpr.r. nnn- cofflpliance with all laws and regL,lations. The Group ond Univer51ty are subject to laws and regvlations that directly affect the Financial Statements includin9 companies and financial rÈporting legislation. We assessed the extent of compliance with 68 69 ANNUAL REPQRT 2021-22 MOVING FORWARD OTHER INFORMATION Staiempnts as a whole aic frpe from moterial mi55t6tement, whethpr due to fraud, oth?r irregularities or error, and Lo issue an opinion in an auditor's report. Reasonable assurance is high lovel of a55urance, but is not a guarantee that an audit. corducted in accordance wilh ISAS IIJKI will always det?ct a matorial misstatement when it pxists. Misstatetnents can arise from fraud, oLher Irregularities or error anci are consider.ed materidl if, indivdually or in tho aggregate, they could reasonably be expected to Influenc& tho economic decisions of user% taken on the basis of these FinorKial Statements. Senate is re5pon5ible for ihe other information p￿Sented in Ihe Annual Report together wilh the Financial StateM￿nts. The other information comprises the Inforryotion included in the mes￿9? from thevice-chancellor, Ivlessage from th& Chair of Sendle, Moments of the Year, Overview OF the University, Our Stskeholder5, fitiatojic Ovptview, Sustoinable DevolDpmgnt Goals, Public Benefit fjtatpment, Philant.hropyat Queen's, Financial Review and Corporate Governai)ce. The Financial Statemenls and our auditor'5 reporl therèon do not comi)rise part of the oth£( inforn￿tion. Afull&i' d￿￿I.1ptIOrn OF our IEgwnsibilibes is provided on the FRC'S website at www.frc.0rg.uklauditorsre5￿nslbrl1lIes Our OPIn￿n on the Financ￿1 Ststpment5 does not cover the oiher Information and, aCCfJFdingly, we do not expre35 an audit opiriion or, excepta5 explicilw 5lited below, any form of assurance conclusion tl)ereon. REPORT ON OTHER LEGALAND REGULATORY REQUIREMENTS We are required to report on the following matters under the furmer Department for F.mplovtnent ènd Learninq (now DfEI Audit Loi= g Fr=_-ic="SSLa. - tip F.. rt_ e:- Our r¢j5ponsibiljtV 15 fro reBd the other i iJ=- Fira-"-- -1?:. S."L-"fi-nts ir.=p-c".c-ert. .r c.J-ad4'"- xru"_. tpF.er.ts.:ri tne lie- Ir.: c=r.-4-_ .tier terr.- RESPECTIVE RESPONSIBILITIES AND RESTRICTIONS ON USE Re5pon5ibilities of Se￿1 ate for th= -inancial Statements THE PURPOSE OF OUR AUDITWORK AND TO IIIHOM WE O¥'4E OUR RESPONSIBILITIES -ci ot-_Pr L-"ISviidi. al S-: F..r.a. is aF.F.." rri iJr-.i-io i Id5=.￿..iqJI.j&-" -[r￿￿...E b. F- Sean O'Keefe AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OFTHE FINANCIAL STATEkAENTS j.-Itor iet. pr-FiP F:.rep-j3":