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 unive￿Ity 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 fu￿1¢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
OVERv￿w
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 Al￿n￿l 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 edU￿tiOn and the stud¢Dt exp¢rience at Queell's. This fimding will be received by
the FOUnd￿lOts in due course as these Commit￿eThts 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¢$sman ond
QUB a]urnnus. the otherbein8 tbe BTiat) Conlan GAA Scholarship below.
Furthermedical research has Ixen SuppOrt￿throUgh a pledge of £250kfroJn a long.standing supporter of Queen's. The gift will
support the WOTk of PIofrssoI Noell)i Lois and ber tea]n over the next five years. Theirwork sp¢cialis¢s in Diabeti¢ Retinopatby
and Ag¢-R¢l*¢¢d Ma¢ulor D¢g¢n¢ratioo at tbe Wellcome-wolfson Institute for Experimentsl Medi¢in¢.
In addition to theiT generous gift of equipmen( Agilent Techllologtes provided a gift of £146k through theiF Thought Leaders.
Award PrOgrarn￿ to Professor auis Elliot4 whose research progr8mme at the [￿Sti￿te of Global Food Swity focuses on
helping to solve complex food authenticity challenges. The partnership between the Insti￿te and Agilent provides cutting edge
scienlific tools to h¢lp combat th¢ growing menace of food fraud globally.
Th¢ creation of th¢ n¢w building for Queen's Management School at the Ridd¢l Hall site w&$ 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 s￿dellts 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 S￿dents
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 S￿d¢llts to pursu¢ their passion for the spKJrt regard1¢￿ of their b￿kground 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 schOla￿bips, 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 Grad￿at¢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 Alun￿l 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 memb￿5 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 plaCeD￿t opporhmities.
Being able to conllect with alumni- whether face-to-face at Almi Assoeiation outings, durillg Volunteer WeeK or through
vir￿al ventures such &s our Best of Be￿ pod￿t-l￿S 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 fi￿rn 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 str￿ent 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 engagemen1pro￿eS for8lun)tii who played
Untversity sport. OUT aim is to have an active and well engag￿1 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 fi￿dIng 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 prO￿e 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 sTadU￿ts to engage in al￿￿￿1 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 t￿land.
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 re￿llat0ry 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 r￿Ch. 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$burs¢dto individual projects selected
by the Board from applicatiolls across the University. to a scholarship endowment fund 2nd to 4 priority campaign project as
dcfiued by tbe Board Tbe Fund Poiicy is reviev/ed aDnually. The c1￿1¢able company has a S￿l$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 into￿t 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 fi￿ds, the risk that a gift may
be a￿epted 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¢j￿IlOD1UtiIlsatiOn 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
FO￿datioft, 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' fl￿dS and assets for which they att responsible. The
$ystem of inttmal control is.designed to manag¢ rdther than ¢liminate risk, aTLd to tbat extent it ¢an therefore only provide
reasonable and not absolute assurallce of effectiveness. Tb¢ systeAn of internal control is based on In ongoing process designed
to identify thepritJcip41 risks to the acbievement of policies. aims and objectives, to evaIuate the nath aDd extent of those risks
and to manage them effi¢iently. effectively and economically. The aceounting services for the Foundation aTe provided by
Queen's University Belfast ond a review of the effectiveness of internal control ts undertaken by the University's Internal
Auditots as part of their rollitig audit plam. This pnvolves the provision of an independent opinion on the adequacy and
¢ffectiveness of th¢ system of int¢rnal control, with recommendatioDs for improvem¢llt. The Board is satisfied that there is an
ongoing process for identifying. evaluating and managing the Foundation's signifieant Tisks.
Key performance Indltators
A review of key perfonnance indicators is Dot coll8idere(1 necessary givell the natutr of the Charitable company's activiti¢s.
Fllture oudook
Objectives forthe coming year areto generate fijnds forprioTity PT0jectgthatprogre￿theUn1verSlty'gV7S10n outlined in Strategy
2030. A partieular focus continues to be on Widening Partic?pation, The Seamus Heaney Centre for Creative Writing. and 00
incr¢asiDg the breadth and deptb of relationships with pbilanthropic parthers to de]iver tranSfo￿tional opportunities. The
Foundation will a]so &ssess the potential fw p￿lanthrOple ftwding for fijbjre planued projects. A$ 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¢ B0￿d
Nathaiie Trott
H•norary Secretary
8 D¢¢¢mber 2022