Registered number: Nllb34280 Charity Commission Nl nllmber: NIC 102044 The Queen's University of Belfast Foundation (a charitable company limited by guarantee) Annual report and financial statements for the year ended 31 July 2022
The Queen's University of Belfast Foundation {* charitable company limlted by guarantse) Annual report and financial statements for tbe year ended 31 July 2022 Pages R¢ferenc¢ and administrative details of the charitabl¢ company Strategic Report Directors, Report 8-10 Ststement of Directors, responsibilities in respect of the Directors, Repor¢ the Strategic Report and the financial statements li Independent audÈtor's r¢port to tb¢ men]bers of The Queen's univeIty of Belfast Foundation 12-15 Statement of financial activities (including income and expenditure account) 16 Balance sh¢¢t 17 Cash flow statement 18 Notes to the fu1¢1a1 statements 19-26
The Queen's University of Belfast Foundation (a charitable eomp2Dy lijnited by guarantee) Reference and administrative detsils of the charitable company Member8 Dr John FitrpatrieK Ch8irnan Mrs Tessa Breslin Mr John O'Donoghue DiTe¢tors Dr Edward verno Deputy Chaitma Professor 18n Greer Mr Stephen PT¢nter Sir Bru¢¢ Robinson Mrs Joanne Clague (to 31 July 2022) Mrs Wendy Gaibrnith (10 31 July 2022) Mrs Georgina Copty (appointed l August 2022) Mrs Ajine McLaughlitt (appoini¢d 13 October 2022) Honorary Secretary Mrs Nathalie Trott Registered offieelprkne5pal offic¢ Queen's University Belf&st DeveloTrment and Alun)lli Relatio]Js Office LaThyon Building University Road Belf&st BT7 IN Solicitors Carson MeDowell LLP Murray House 4 Murray Street Belfast BTI 6DN Bankers Ulster Bank 91-93 University Road Belfast BT7 ING Independent allditor KPMG The Soloist Building l Lanyon Place Belf&st BTI 3LP Charfity ComnJis$lon Nl Aumber NIC 102044
The Queen's University of Belfast Foundation (a charitabk company Ilmited by gu4rantee) Strategic Report The Directhts present tbeir Strdtegi¢ Report foT th¢ yeaT ended 31 July 2022. Objectives and activities The Queen's UlliveTgity of Belfast Foundation ('the ¢lwitable comp8n) was establisbed to advaD¢¢ ibe strategic goals and objxtiyes of Queen's University BelfasL The Foundation Board's primary fjmction is to generate fillAncial support for the University's agreed priorities which expressea in the Univ¢rsiry's Strategy 2030. Strategy 2030 sets out the UniveEsity'S alllbition to ShapeA Better Iyorld through life-ehanging education ond research. Its four strategie priorities build on the Universiigs rich heritsge of eeonon)ic and social tnnovation, and bring focus to global challenges facing the world today. These PTiorities are aligned to the United Nations Sustainable DeveIopmeTJt Goal& These priorities, whi¢h th¢ Foundation Board share4 are: Education and Skills ReseaTrb and tnnovation Global Reputation and Partnersbips Social and Civic Responsibility. and Economic Prosperity The underlying premise of the cbaritable company is to &8SiSt the University iti tsn$uring it has the resources it neol8 to deliver on Strategy 2030. Restricted in¢ome fiwlg ar¢ disbursed to the University in accordance with the specified wisbes of the donor. UDrestricted income fimds are disbursed following the Board's approvol of applications from across the University. The main obje¢tive$ this year were io rnise fi]nds forprioTity projexts and to identify tllre projects for philanthropie funding. The purpose of the charitable cotnpany, as set out tn its Articles of Associatioffj 18 th¢ advau¢ement of education for the public b¢nefiL Achievements and performance OVERvw Philanthropic support enables the enhan¢emcnt of worldwclass research, thdent expertence and facilities that would Dot be possible without the generosity of indivithial& cbaritable organisatioDS, trnsts. funds and businesses who give to ourprojects. ID 2021-22, £3.5m of income was received by the Foundation. In the same period .Orn w&8 transferred to the University, including £587k for scholarships and prizes, £323k for widening participation and £797k formedicine and bealth projects. The Foundation also transferred agift of equipment worth £765k received from Agilent Technologies to the University. The FouD(tstion is supported by the work of the Dev¢l¢)pment and Alnl Relations Office at Queen'& IIyJO/o of gifts received by the Foundation are transferred dire¢tly to the project wl)i¢h th¢y weTe intended to suppor¢ with all administrative costs for philanthropy beitig met by Queen's University BelfasL Tr)e Development andAlvmni Relations Office has reported that in 2021-22, more tiwL £5.2m of fimding was cojnmitted in D¢W gifts and pledges to support res¢arcty edUtiOn and the stud¢Dt exp¢rience at Queell's. This fimding will be received by the FOUndlOts in due course as these CommiteThts are fulfjlled by donors. Some of the year's key bigbligbts were &$ follow$:
The Queen's University of Belfast Foundation (a ebaritsble compaDy limited by gttaralltee) Strategic Report (continued) Achievements and performance (continued) MAJOR GIFTS Almost£8tX)k wastransferred to the University formedicine and health pr(>jectg, iticluding the first instabnent of a generous gift from the Brian Conlan Foundation which will fund tknree posts (a P] Studentship, a Clinical Fellow and a Biobank Tecl]ntcian) dedicated to support vitsl early detectioll r&qeareh of Barrett's oesophagus and oesopbageal c8n¢¢r r¢sear¢h at Th¢ P8tri¢k G. Jobllston CeDts¢ for Canc¢r Re8earclL It is one of two fitting tributes to the life ond lego¢y of th¢ ¢st¢¢m¢d b)Jsiti¢$sman ond QUB a]urnnus. the otherbein8 tbe BTiat) Conlan GAA Scholarship below. Furthermedical research has Ixen SuppOrtthroUgh a pledge of £250kfroJn a long.standing supporter of Queen's. The gift will support the WOTk of PIofrssoI Noell)i Lois and ber tea]n over the next five years. Theirwork sp¢cialis¢s in Diabeti¢ Retinopatby and Ag¢-R¢l*¢¢d Ma¢ulor D¢g¢n¢ratioo at tbe Wellcome-wolfson Institute for Experimentsl Medi¢in¢. In addition to theiT generous gift of equipmen( Agilent Techllologtes provided a gift of £146k through theiF Thought Leaders. Award PrOgrarn to Professor auis Elliot4 whose research progr8mme at the [Stite of Global Food Swity focuses on helping to solve complex food authenticity challenges. The partnership between the Instite and Agilent provides cutting edge scienlific tools to h¢lp combat th¢ growing menace of food fraud globally. Th¢ creation of th¢ n¢w building for Queen's Management School at the Ridd¢l Hall site w&$ boosted by a £l.Otn pledge to fund a 5tste-of-the-art leetttre theatre. The llew 6(K)O square nwtre building will become the base for a vibrattt co]]]munity of nationa] aTLd international students and faculty, providingallenhaneed social and educatitstMI experience. With fimds due to be transferred in 2022-23, the Mark PigottL¢cttwe Th¢atre 1$ a 251heat tiered educational space that will bethecentral learning hub atQuc¢n's Management School. Focusing on the student experience, a gift from SantaDderUK providedthe oppornmiry for61 sdellts to attend Utrecb Summer School, enbancing opportunities for Internation Student mobility and culturnl exchange. It also supported six young people facitig additional barriers to employability through a eareers programme wbicb pmvided training 8nd internships for Sdents with autism. WIDENING PARTICIPATtON A rattge of initiatives to support young people from backwunds who are most able but least likety to attend bigher educalion were supported tbrough philauthropy. The Pathway OpwTrrtunity Progranyne continues to gtr)w. reachingmore school students from undEr-repre5ented aTeas than ever before. PToviding them with support to encourage progression to university. The Foundation aims to raise £5.Om for the Prow]me by 2030. tn January 2021, 255 Year 13 and 14 SLud¢nL8 entered the Progt2mme. With the generous pledge of £25Ok from Kihvaught¢r Minerals, building on theirprevious of £500L we will be able to conlinue giving a £1,000 bursary ea¢b studen¢ oll tllty Queen's througb to 2024r25. ' In SeplemE¢r 2021, 135 exceptional Pathway students achieved the results tb¢y n¢¢d¢d and took up theirplace at Queen's. To further expand the Pathway OppottLLnity PrograD]m< th¢ Brigbt FutuTr Colle¢tive was launched with the aim of rnising philanthropic funds to supportthe progrdmme. Made up of locaibwsiness¢¥ the initiative secured fivenew membets in 2021122, raisiDg att additional £160k in pledges. A gift from the Northern Ireland Offi¢¢ to the NIIOO Centenary supported social rnobility through the provision of a on off scholarship and YeaT One bursaries awarded to young peL)ple frorn a widening participation backgroutsd who started at Queen's ID Septemb¢r 2021.
The Queen's University of Belfast Foundation (a charitable eomp3ny limited by gu*rantee) Strategic report (continued) Aehlevements and performance (continued) SCHOLARSIIIPS Donors continue tr) provide generous s¢ho]atships and PTizes, with fimds tr2nsfeTred during 2021122 amountyng to £587k. The D¢nis Lwi Scholarsl)ip for Sustsitmble Food tnnovation is a g¢u¢rous bursary of £20,000 towards tuition fees and living eKp¢ns¢s for a sludent on the Advanced Food Safety Master's de¢, within th¢ School of Biological Sciences and IDStttute for Global Food Se¢uJity. The award will also include an irtternship at FitiDebrogue Artisan in Co Down. one at the international non-PTofit organisation Foundatioll Earth. and a third placement at an internationally renoBTred food producer. The Denig Lynn Scholarsbip been made possible thanks to a gift th)]n Finnebmgue Arti8aT4 in memory of Deni5 Lynn who founded . Finnebrogue and later. Foundation E4rth. Th¢ Yondr Women in Engineering Scholarship will award ODeundergraduate scholarship lo afemale strjdent sNdying Electrical and El#tronic Engineering or Computer Engineering in The Sehool of Ele¢troni¢s. Electrical EDgineering and Computer Science. with paym¢nts made for a total of three Yea of the student's degree. TheBriall ConknGAAscholarship will supptsrttsne studentperyearwithagiftof£2,000 thanksto the Briau Conlan Foundation. This will be available for fLve yeaLX enabiillg Sd¢llts to pursu¢ their passion for the spKJrt regard1¢ of their bkground alld financial means. The Queen's Annual Fwid has supported hundreds of projects and given thollgands of $bJdents a transforrllative sbJd¢nt expeTieDce Since btring established in 1999. In 2021-22, £108kwa$ distributed to a range of studentprojects and schOlabips, including49 ¢lubs and societie&. Philantbropic gifL% from graduates alld ftiends of the University made a huge difference itL key areas such as supporting stLLdent mental health and wellbeing, developingthe nextgeneralion of heaIthcaTeprofessionals, helping stttdents lead ahealthy lifestyle through sporL and investing in arts at)d cultsll diversity. Tbrougb six strong telepbone fi]ndraisitig campaigtss. more than £159k w&s rdised as new fijnds secwed from 290 donors. with proceeds going to Tugby, hockey. rowitig and GAA clubs-Lg well to the Annual Fund. Many donors to Queen's are adUate9 or Honorary Gradat¢S of the University, with otheTg having a strong local connection to the University. Some donoTS are intemationa]ly based and engage with Queen's on the b&sig of its internaiional reputation of excellen¢e and its PTtsminence as an illstitstion within Northern Ireland. ENGAGEMENT Life-long relationships are maintained with more than 160,(K)O alunmi across tbe world thmugh the Alunl Relaiions team. 2021-22 saw a i¢tum to in person events on campus and in the USK althougb many activities are ¢ontinuing with 4 Ilybrid approach 8Dd offering an online attendallce option. AlutDni are also memb5 of Convocation which, through volunteer alumni leadeTthip, creates opportilljities for ¢ODnectivity and engagement between alumni and the QUB community. Convocation aiso facilitstes representation to alld dialogue with the Univergity on behalf of alumDi. Key touch points in the Alumni Relations calemdarprovide the foundation for engagement. This h&$ iDclud¢d activities to support nÈw graduates at adUatio de]ivery of the Amllual Alumni Awards Pro8ramme- this year supported by Allstate NI- #nd the ¢ODtinued development of the Convocation Annual Meeting from its online forn]at in 2021 to a hybrid evetrt ill 2022. QUB allltrnii continlle to give back to the university alld its students. Volunteering OPFN)rtt]ni¢ies improve the stht experience for rnany, especially in belping students navigate future ernploymeDt decisions througb mentoring and plaCeDt opporhmities. Being able to conllect with alumni- whether face-to-face at Almi Assoeiation outings, durillg Volunteer WeeK or through viral ventures such &s our Best of Be podt-lS given students the confidence to tske theirplace in the world &$ part of the wider Queen's comD)unity.
The Queen's University of Belfast Foundation (a eharitsble ¢on)p•Dy limited by gllarantse) Strategic report (continued) Achievements and perforniance (continued) ENGAGEMENT (continued) Ov¢rth¢y¢ar. wehave keptin tr)ucb with Uat¢S on social Media, aTLdby email throuth amonthlynewsletterwith a Circulation of 60.000. We bave continued weekly Friday Briefings, of which we bave now sent over 100 editions to key alywnni and supportets. Keading figures for both have c(Intinued to w thanks to a focwed effort to publish engagiti& relevant content WO also began to deliver th¢ new-look aluttitii magazin< positioning tt a preitigious and infornied publication wbicb showcases the impact of Queen's and its alumni knth locally and globally. The magazine is mailed to over 155.000 graduates io 131 countriG¥. Lanyon, the new magazine, will start to arrive in the homes of aluThi firn October 2022. Out Alvmnx Award recipients in 2021r22 include Andy Wells, the Allstste Nt QueeD'S Alunjni Volwiteer of tbe Year. in recognition of hi5 contributiollto Queen's Boat C]ub5" vetctan TV journalist Bill Neely as the2021 Allstate NI QueeD'g Graduate of the Year. and Nat&5ba Oviedo as Allstste NI Que,8 strent of the Year 2022 for ber support of Tefugees. asylum 8eek¢rs and rnigrdnts arriwi8 in Northern Ireland. The Development and Alumni Relations Office ]J&4 begutt to develop dedicated engagemen1proeS for8lun)tii who played Untversity sport. OUT aim is to have an active and well engag1 community of Qu¢¢n's sporting a]unJtii wbo are proud of our heritag4 committed to the success of the historic clubs and Sport at Queen's. and who provide a stable and wwing source of philanthropic fidIng and volunteerirtg support. The benefits of tbis wcre demonstra(ed with significant progress in fundraisirLg for Sports Academies. Simil#rty, a #mall team is focussed on developing engagement in North Americ& Although new in posi early indications are that a focused and appropriately resourced engagernellt prOe will yield Significani long-term benefiL JK)t only for philènthropie gtving, but also for gifts of tirne aDd tslent from alumni to SUPPOrtth¢ University. As a result of work undertak a Studellt & Graduate Enlewisc (InryovatioL) role willbe recruited early iti 2022123. The aim is to PULposefully engage with our alumni in support of 8 Dewly developing ecosystem of Sthdent & Graduaie Enteipri Sch)I-led and duate-1ed networks also offer opporttmity for sTadUts to engage in al1 relatioDS activities specific to them, and our plethora of asgociatitsDS amd alumDi chapteTS bave enjoyedADnual Dinn¢r4 m¢et-ups and oulings sill¢e ill-person events resumed rosS the UK and tland. CONCLUSION The Foundation Boardprovides a plarforni for all tbese activities and a gateway for philalltbtopic giving in a confident, secuTe id robust strllcty complying with all Charitable and rellat0ry requirernents. The Foundation is focussed on the Strdtegic . needs of Queen's University and is pleased with perfon)Mice in the last financial year. Et is determined to phi]anthropic giving in the coming years in support of rCh. education alld th¢ student experiet)ce at Queen's. Financial revlew ANALYSIS OF INCOME AND EXPENDITURE The Foundation's business CODtinued to develop during 2021-22 income and disbursements remaining at a gatisfactory level. Voluntary in¢om¢ was Teeeived from the following sourees: 21122 2021 Foundations & Tn Compani¢& Individuals Lega¢i¢s 623,044 957,733 1572,494 378 713 3531984 .651,390 1,497,318 1,650,441 87,638 3 886 787 Fwther detsils of tb¢ OaDJre of restricted income funds are included in Dote 16 to the finallcial ststements.
The Queen's University of Belfast Foundation (a cbaritable company IiTnlted by guarantee) Strategic report (continued) Finanei21 revfiew (eontinued) ANALYSIS OF INCOME AND EXPENDITURE (conhnued) Grants disbursed to the University went to ¢be following arw: 2022 2021 Res¢ar¢h-McClay FO}datiOn Siniulation Centre Fellowsbxps Othcr Sptsnsor5hips Health Seamus Heaney Fund Fwd UrIty Scholarships, ¢nteTpri5e and employability Widening Participation Student Experience S¢hool of Law Capitsl Computer Science Other Legaeies Alumni Marketing Other ATf4 Culture & HUt]tieS Other DesigJAted Funds 145,585 94.502 262,500 64,139 650,991 66,5(X) 922.260 586,51 I 322,750 82.028 140,682 258,714 300,000 12,700 918.033 31.500 237J50 611,254 244,958 399,499 40,IK)O 250 148207 210.202 40,000 123.345 3.716,694 61413 151,953 213,994 3,621126 Unrestrieted Simulatioo C¢ntr¢ Atmual Fund (various projects) Covid-19 Scbolarsbips Students.Union digitsl champion 258,130 135,567 85,CH)O 15,126 5250 499,073 101.338 IOlJ38 Totsl 3,727,464 4215,767 RESERVES-RESERVES POLICY AND YBAREND POSITION Unrestricted income fimds come Enostly from the Queen's Annual Fund. This income is di$burs¢dto individual projects selected by the Board from applicatiolls across the University. to a scholarship endowment fund 2nd to 4 priority campaign project as dcfiued by tbe Board Tbe Fund Poiicy is reviev/ed aDnually. The c11¢able company has a Sl$factOry y¢ar end position with Unrestricted reserves of £499,312 (2021.. £407.168} as at 31 July 2022, which will be disbursed annually following applications to the Board. The main reason for holding reserves 15 ¢0 ensure tbat the charitable cojnpany has sufficient resources to ¢ontinue to fimd progrojnmts at historic levels should income rthce. Restricted intot fimds are 4Tnounts which are expendable only in aecordanee with the specified wisFLes of the donor. The restricted income fiujds consist of donations aDd gitb to &ssist with academic research and capital expenditutt of the University. The ckwitabl¢ ¢ornpany has restricted funds of £3 J26.841 (2021.. £3,613,074) at 31 July 2021 which will be di$burs¢d at su¢h times the Foundation and the University are satisfied that the spectfic withes of the donots are met.
The Queen's University of Belfast Foundation (a charitsble compally limited by guarantee) Strategic report (continued) Prinefipal risks Ydnd uncertainties TheDirectotYh#ve overall responsibility forensuring thatthe Foundationhas inplace an appropriate systern of ¢ontroK f]D4ncial and otherwis4 to provide r¢asollable assuTance thaL' the ebaTitable cornpany is operating ¢fficiently and effectively. its &8sets are safeguarded agaI[t unauthoTiSeduse or disposition. proper record9 ar¢ maintsined alld fillaD¢ial infornthtiorl used within tbe charitable company or forpublieation is the charitable company complies with relevant laws and regulatiODS' attd the charitable company's systems of fm8neiAI Control are d¢signed to provide reasonable. but not absohrte. a&8urante against n[181 misstatement or loss. The primary risks &&sociated with the Foundation ate in respect of the inability to raise suffiei¢nt fids, the risk that a gift may be aepted whi¢h is inappropriate from an ethieaillegal perspective the risk that fimds raised ujay notbe wed in aceoidance with the wishes of the donor. The Foundation has well established and comprehensive controls in place to manage these risks including. a well-establi8hed team> procedures and systen]s to manage the Foundation's pwl of donors effeetivdy" and aD established protocol. in respect of the acceptancejr¢jIlOD1UtiIlsatiOn of & giftlendoMThenL The Board is responsible for the gtrategic direction of the Foundation, and d8y-t041ay operational control is delegated to the Director of Development and Alun]ni Relations. who is 8180 the Honorary Secretsry of the Board. As the governing body of the FOdatioft, the BoaTd has responsibility for maintsining a sound system of internal control thtt sllpports the achievetnellt of the Foulldation's policies. ain)s and obj¢¢tives, whilst safegiwditig doDors' fldS and assets for which they att responsible. The $ystem of inttmal control is.designed to manag¢ rdther than ¢liminate risk, aTLd to tbat extent it ¢an therefore only provide reasonable and not absolute assurallce of effectiveness. Tb¢ systeAn of internal control is based on In ongoing process designed to identify thepritJcip41 risks to the acbievement of policies. aims and objectives, to evaIuate the nath aDd extent of those risks and to manage them effi¢iently. effectively and economically. The aceounting services for the Foundation aTe provided by Queen's University Belfast ond a review of the effectiveness of internal control ts undertaken by the University's Internal Auditots as part of their rollitig audit plam. This pnvolves the provision of an independent opinion on the adequacy and ¢ffectiveness of th¢ system of int¢rnal control, with recommendatioDs for improvem¢llt. The Board is satisfied that there is an ongoing process for identifying. evaluating and managing the Foundation's signifieant Tisks. Key performance Indltators A review of key perfonnance indicators is Dot coll8idere(1 necessary givell the natutr of the Charitable company's activiti¢s. Fllture oudook Objectives forthe coming year areto generate fijnds forprioTity PT0jectgthatprogretheUn1verSlty'gV7S10n outlined in Strategy 2030. A partieular focus continues to be on Widening Partic?pation, The Seamus Heaney Centre for Creative Writing. and 00 incr¢asiDg the breadth and deptb of relationships with pbilanthropic parthers to de]iver tranSfotional opportunities. The Foundation will a]so &ssess the potential fw planthrOple ftwding for fijbjre planued projects. A$ Strategy 2030 embeds into the core fuDctioJL8 of the University, the Foundation strategieally support& this renew&J vision for Queen's througb its work. By order of th¢ B0d Nathaiie Trott H•norary Secretary 8 D¢¢¢mber 2022