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KPMG
Atsdil
The Sd(xsi Buildino
l L3n¥on P￿ce
88ts8St BTI 3LP
Monhern I[e￿rI1
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 CoMpan￿S
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 con￿rn 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 AUD￿OR'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 resp￿1 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 ne￿sSary.
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 l￿egUlarl11eS 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
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