lJ1,P12 KPMG Atsdil The Sd(xsi Buildino l L3n¥on Pce 88ts8St BTI 3LP Monhern I[erI1 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE QUEEN'S UNIVERsrrY OF BELFAST FOUNDATION Report on the audlt of the flnancial ststements Opinion We have audtled the financial statements of The Queen's Unnietsty of Belfast Foundation {'the charitable company'l for the year ended 31 Juty 2022, which comprise the statement of financial activities {including income and expenditure accovnti, the balance sheet, the cash flow statement and lated notes, including the summary of significant accounting policies set out in note 1. The financial reporting framework that has been applied In their preparation is UK Law and FRS 102 The Financial Reporting St8ndard applicable in the UK and Republic oflreland. In our opinion: the financial staternents give a true and fair view of the state of the charitable company's affairs as at 31 Juty 2022 and of its incoming resources and application of resources including its income and expenditure for the year then ended.. the financial statemènts have been properly prepared in accordance wth FRS 102 The Fin8nci81 Reporting standa applicable in the UK 8nd Republic of Ireland", and the financial statements have been prepared in accordance with the requirements of the Companies A 2006. Basis fttrr oplnlon We conducted our audit in accordance with International Standards on Auditing IUK) IISAS {UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance wrth ethical requiTements that are relevant to our audit of financial ststements in the UK, including the Financial Reporting Council IFRC}'s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis fr)r our opinion. Conclusions relating to going concem The Directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the ch8ritsble company or to ase its operations, and as they have concluded that the eharilable CoMpanS financial posits'on means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going conrn for al least a year from the date of approval of the financial ststementsllhe going concem period"). In our evaluation of the Directors, conclusions, we considered the inherent risks to the charitable company's business model and analysed how those risks might affect the charitable company's financial resources or ability to continue operations over the going concern period. In auditing the finanGial statements, we have concluded that the Diredors, use of the going concern basis of accounting in the preparaton of the financial statements is appropriate. 12
INDEPENDENT AUDOR's REPORT TO THE MEMBERS OF THE QUEEN'S UNIVERSITY OF BELFAST FOUNDATION (continued) Report on the audlt of the financial statements {continuedl Conclusions relating to goiTng concerns (continued) Based on the work we have performed, we have not identified any material uncertainties relating to events or Conditions that, individually or collectively. may cast significant doubl on the charitable Company's abiSty to continue as 8 going concem for a period of at least twelve months from the date when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with resp1 to going concern are described in the relevant sections of this report. However. as we cannot predict all future events or conditions and as subsequent events may result in outcomes that 2re inconsistent with judgements that were reasonable al the time they were made, the absence of reference to a material uncertainty in this auditorfs report is not a guarantee that charitsbl8 company will continue in operation. Detecting irregularities including fraud We identified the areas of laws and regulations that could reasonably be expected lo have a material èffect on the financial statements and risks of material misstatement dLJe to fraud, using our understanding of the entity's industy, regulatory environment and other external factors and inquiry with the directors. In addition, our risk assessrnent procedures included.. inquiring with the directors as to the charitable company's policies and procedures regarding compliance with18ws and regulations and prevention and detection of fraud,. inquiring whether the directors h2ve knowledge of any actual or suspected non-compli3nce with laws or regulatictrns or alleged fraud- inspecting the charstable company's regulatory and legal COTrespondence- and reading Board minutes. We discussed identified laws and regulations, fraud risk factors and the need to remain alert among the udit team. The charitable company is subject to laws and regulations that directly affect the financial s18lements including companies, charities and financial repoth'ng legislation. We assessed the extent of compliance with these laws aThJ regulations as part of our procedures on the related financial statement items, including assessing the financial statement disclosures and agreeing them to supportTng documentation when nesSary. The charitsble company is not subject to other laws and regulations where the conseqLtences of non-compliance could have a material effect on amounts or disclosures In the finanoal statements. Auditing standards limit the required audit procedures to identify non-compliance with these non-direct laws ar)d regulations to inquiry of the directors and other management and inspection of regulatory and legal Correspondence, if any. These limited procedures did not identify actual or suspected non-compliance. We assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. As required by auditing standards, we performed procedures lo address the risk of management override of controls. On this audit we do not believe there is a fraud risk related to revenue recognition. We did not identify any additional fraud risks. In response to the risk of fraud. we also perfom18d procedures including.. identifying joumal entries lo test based on risk criteria and comparing the identified entries to supporting documentation,. and assessing the disclosures in the financial ststements. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected gome material misstatements in the financial statements, even though we have properly planned 2nd performed our audlt in aceordance with auditing standards_ For example, the hjrther removed non-compliance with laws and regulations lirregulariliesl is from the events and transactions reflected in the financial stalemenls, the less likety the inherently limited procedures required by auditing standards would identify it. 13 KpK{Gn¢k
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE QUEEN'S UNIVERsrrY OF BELFAST FOUNDATION (continued) Report on Ihe audit of the financial ststements {¢ontinuod) Detecting ffrregularities including fraud (continued) In addition, as with any audit, there remains a higher risk of non-detection of irregularltles. as these may involve collusion, forgery, intentional omissions. misrepresentations, or the override of intemal controls. We are not responsible for preventsng non-cornpliance and cannot be expected lo detect non4ompliance with all laws and regulations. Other inforn?ation The Directorg are responsible for the other infomiation presented in the Annual Report together with the financial statements. The other information comprises the infomialion included in the Strategic Report and the Directors, Report. The financial stslements and our audilorfs report Ihereon do not Comprise part of the other information. Our opinion on the financial statements does not cover the other information and, according, we do not express an audit opinion or, except a5 explicitly stated below, any fom) of assurance conclusion thereon. Our responsibility is to read the other infonmation and, in doing so, consider whelher, based on our financial statement audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work we have not idenkn'fied m8teri81 misstatements in the other information. Opinions on other matters prescribed by the Companies Act 2006 Based solely on our work on the other infom)ats'on undertaken during the course of the audit.. we have not identified material misstatements in the Directors, Report or the Strategic Reportr. in our opinion, the infomation given in the Directors, Report and the Strategic Report is consistent with the financial statements,. and in our opinion, the Directors. Report and the Strategic Report have been prepared in accordance wth the Companies Act 2006. Matters on which we are required to report by exception Under the Ctsmpanies Act 2006 we are required to report to you if. in our opinion.. adequate accounting records have not been kept, or relums adequate for our audit have not been received from branches not visited by us", or the financial ststements are not in agreement with the accounting records and tUm$,. or certain disclosures of Directors, remuneration spectfied bylaw a not made.. or we have not received all the information and explanations we require for our audit. We have nothing lo report in these respects. 14
INDEPENDETr AUDITOR'S REPORT TO THE MEMBERS OF THE QUEEN'S UNIVERSITY OF BELFAST FOUNDATION (continued) Respective responsibilities and restrictions on use Responsibilities of Directors for the financial statements As explained more fully in the Directors, responsibilities statement set out on page 11, the Directors are responsible for.. the prepaTation of the financial statements including being satisfied that they give a true and fair view.. such internal control as they detemiine is necessary to enable the preparation of financial statements that are free from material misststemenl, whether due to fraud or error-, assessing the eharitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern., and using the going Concern basis of accounting unless they either intend to liquidate the charitable company or lo cease operations. or have no realistic altematsve but to do so. Auditor's rÈsponslbllfties for the audit of the financial statements Our objectives aTe to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud, other irregularities, or error, and to issue an opinion in an auditorfs report. Reasonable assLjr2n is a high level of assurance but is not a guarantee that arb audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Mis5taternents can arise from fraud, other legUlarl11eS or error and are considered material if. individually OT in the aggregate, they could reasonably be expected lo infiuence the eGonomic decisions of users taken on the basis of these financial statements. A fuller description of our responsibilities is provided on the FRC'S website at www.frc.or .uklauditorsres onsibililies. The purpose of our audit work and to whom we owe ourresponslbllltles Our report is made solely to the charitsble company's members, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitsble companls members those matters we a required to slate lo them in an auditor's report and for no other purpose. To the fullest exlent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work. for this report, or for the opinions we have fomied. -cfk4¢ Sean O'Keefe (Senior Statutory Auditor) for and on behalf of KPMG. Statutory Auditor The Soloist Building 1 Lanyon Pla Belfast BT1 3LP 13 December 2022 Is ftt)T* KP&IG Ir411