VELA MICROBOARDS NI LIMITED {A company Ilmlted by guarantse. not having a share cao4th1) DIRECTORS. ANNUAL REPORT for the year ended 31 March 2023 The trustees. who are also directors of the charity for the purpose of the Companies Act, submit their annual report and the audited financial statements for the year ended 31 March 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in 2015 in preparing the annual report and financial statements of the charity. The charity is a charitable company limited by guarantee and was incorporated on 25 March 2004. It is governed by a memorandum and articles of association. Its objects are to effect the change at policy, organisational and practice levels and. using person centred approache5. to enhance the lives of individuals by encouraging the promotion and creation of microboards throughout Northern Ireland. STRUCTURE. GOVERNANCE AND MANAGEMENT Vela Microboards Nl Ltd 15 a company limited by guarantee and is made up by a Board of Directors listed below.. Ms Marion Corrigan M rs Rebecca Coyle Ms. Elizabeth Dixon {appo(nted 26.09.2022) Mr John McAndrew {appointed 26.09.2022} Mr Feargal Mccormack Ms Suzanne Mcstravick (appointed 26.09.2022) Mrs Caroline Preston Ms Alison Rooney The Trustees continue to review the major risks that the charitable company is exposed to and review and evaluate appropriate systems in management of such risks. The core values of Vela Microl)oards Nl Ltd are: Equality of Citizenship Person - Centredness Support for the concept and establishment of Microboards Integrity Directors The Directors who served the company during the year are listed above. The role of the Board of Director5trrustee5 is to ensure Vela Microboards Nl Ltd is effectively governed, that it complies with all relevant legislation, its Articles of Association and the requirements of good practice and, that it operates to agreed Strategic and Operational Plans and budgets. The Directors operate in accordance with the rules set down in the Articles of Association. The Board of Directors is required to meet at least 4 times per year. When new Directors are appointed. they are provided with an in-depth introduction to the work of Vela Microboards Nl Ltd. A robust induction process brief5 them on aLL the key aspects of the charity and the
VELA MICROBOARDS NI LIMITED IA company Ilmlted by guarantee. not having a share capltall DIRECTORS. ANNUAL REPORT for the year ended 31 March 2023 regulatory framework within which the charity operates. They are also briefed on their individual and collective legal responsibilities as Directors and charity Twstees. The Directors meet regularly to agree the broad strategy of the charity and to monitor its activities. During 2022/2023 the Council met on 4 occasions. The Directors of the charity receive no private benefit for their involvement in the charity. OBJECTIVES AND ACTIVITIES Vela Microboards Nl Ltd, will strive to effect change at policy. organisational and practice levets, and using person centred approaches, to enhance the lives of individuals by encouraging the promotion and creation of Microboards throughout Northern Ireland. ACHIEVEMENTS AND PERFORMANCE We have continued to support existing Microboards and have responded to all requests for information and support. We have promoted Vela Microboards by the prOVlOn of presentations to various community and Social SeNice groups. We have established links with relevant voluntary organisations to assist with the promotion of Veta Microboards. We have updated our website, vMw.velamicroboardsni.com. Promotional material has been developed and distributed. METHOD OFAPPOINTMENTOF ELEcfioN OF DIRECTORS The Directors are appointed annually by the members of the Company at an Annual General Meeting. Any Director so appointed shall hold office until the next following Annual General Meeting and shall then be eligible for re-election. The Directors have the power at any time and from time to time to appoint any person to be a Director. e4ther to fill a casual vacancy or as an addition to the existing Directors. Unless otherwise determined by the Company in the General Meeting, the number of Directors shalL not be more than sixteen nor less than five. ORGANISATIONAL STRUCTURE AND DECISION MAKING None of the Directors have any beneficial interest in the company. All the directors are members of the company and guarantee to contribute £1 in the event of a winding up. Decisions at General Meetings shall be made by passing resolutions. Decisions involving an alteration of the Memorandum and Articles of Association of the Company and other decisions so required by statute shall be made by special resolution. A special resolution is one passed by a majority of not less than three-fourths of members present and voting at a General Meeting. AU other decisions shall be made by ordinary resolution requiring a simple majority of members present and voting.
VELA MICROBOARDS NI LIMITED {A company limited by guarantse. not having a sharg capital) DIRECTORS, ANNUAL REPORT for the year ended 31 March 2023 RISK MANAGEMENT The Directors have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company and are satisfied that systems and procedures are in place to mitigate our exposure to the major rtsks. RESERVES POLICY AND GOING CONCERN The Directors annually review the reseNes of the charity and have concluded that a general reserve equivalent to three months of operating costs should be held. This should allow the charity to be managed efficiently and provide a buffer for uninterrupted services. The directors believe that the charity has adequate reseNes to continue as a going concern. TRUSTEES. RESPONSIBILITIES STATEMENT The trustees (who are also the directors of VELA MICROBOARDS NI LTD for the purposes of company law) are responsible for preparing the Trustees. Annual Report and the accounts in accordance with applicable law and regulations. Company law requires the trustees to prepare accounts for each financial year. Under that law the trustees have elected to prepare the accounts in accordance with United Kingdom GeneralLy Accepted Accounting Practice (United Kingdom Accounting Standards and applicable Law). Under company law the trustees must not approve the accounts unless they are satisfied that they give a true and fair vW of the state of affairs of the charity and the income and expenditure of the charity for that period. In preparing these accounts, the trustees are requtred to: select SULtable accounting policies and then apply them consistently. observe the methods and piinciples in the Charities SORP: make judgements and accounting estimates that are reasonable and prudent and prepare the accounts on the going concem basis unless it is inappropriate to presume that the charity will continue in operatLOn. The trustees are responsible for keeping adequate accounting records that are suffLcient to show and explain the charity's transactions and disclose with reasonabLe accuracy at any time the flnancial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detertion of fraud and other irregularities.
VELA MICROBOARDS NI LIMITED IA Company Ilmited ty guarantee, not having a share ca1) DIRECTORS. ANNUAL REPORT for the year ended 31 Marth 2023 AUDITOR Malone Accounting Limited, Chartered Accountants and Statutory Auditors, are deemed to be re-appointed under section 487(2) of the Companies Act 2(K)6. STATEMENT AS TO DISCLOSURE TO OUR AUDITORS Each of the persons who is a trustee at the date of approval of this report confimis that: So far as each trustee is aware. there is no relerfant audit information of which the charity's auditor is unaware; and Each trustee has taken ali steps that they ought to have taken as a trustee to make themselves aware of any relevant audit inf ation and to establish that the charity's auditor is aware of that information. Signed on half of the trustees Feargal Mccormack Director Registered offLCe: Dromalane MLLI The Quays Newry BT35 8QS