INDEPENDENT AUDITOR'S REPORT to the Members of VELA MICROBOARDS NI LIMITED IA company limlted by guarnntee. not having a share capitsl) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF VELA MICROBOARDS NI LIMITED Opinion We have audited the financial statements of Vela Microboards Nl Limited for the year ended 31 March 2022 which comprise the Statement of Financial Activities. the Balance Sheet, the statement of cash flows. the Accounting Policies and the related notes. The fLnancial reporting framework that has been applied in their preparation is appLicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and Financial Reporting Standard 102. In our opinion the financial statements- give a true and fair view of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended,- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006 Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK} (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance Wlth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 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 5ignifLcant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authortsed for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
INDEPENDENT AUDITOR'S REPORT to the Member8 of VELA MICROBOARDS NI LIMITED IA company Ilmlted by guarantee, not having a share capital) Other Information The other information comprises the information included in the annual report other than the accounts and our auditorfs report thereon. They are responsible for the other information contained within the annual report. Our opinion on the flnancial statements does not cover the other information and we do not express any form of assurance concLusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identtfy such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material mLSStatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns,- or certain disclosures of directors. remuneration specified by law are not made" or we have not received all the information and explanations we require for our audit. Responslbilities of Trustees As explained more fully in the Statement of Responsibilities. the trustees, who are also the directors of the for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement whether due to fraud or error. In preparing the accounts. they are responsible for assessing the compansls 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 company or to cease operations, or have no realistic alternative but to do so.
INDEPENDENT AUDITOR'S REPORT to the Members of VELA MICROBOARDS NI LIMITED IA company Ilmlted by guarantoe, not havlng a share caimtal) Auditor's responsibilities for the audit ot the fmancial statements We have been appointed as auditor under Section 65 of the Charities Act (Northern Ireland) 2008 and report in accordance with the ACT and relevant regutations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a materol misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. The extent to which our procedures can detect irregularities. including fraud, is detatled below. We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management. industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company- Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks. and the accounts, balances and disclosures within the financial statements which may be susceptible to management btas. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management. Our procedures to respond to those risks identified included. but were not limited to: Identifying and assessing the design of key controls implemented by management to prevent and detect fraud.. Enquiry of management and those charged with governance; Performance of analytical procedures to identify unusual relationships which may indicate a risk of fraud or an irregularity,. Journal entry testing - including anaLysis of the general ledger to identify entries deemed to represent a higher risk of fraud or error. and Assessment of the reasonableness of judgements made by management in accounting estimates. The inherent limitations of an audit mean that there will always be a risk that irregularities will go undetected, including those which may ultimately lead to a material misstatement. This risk is considered greater where an irregularity results from fraud including misrepresentation, collusion, and forgery. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website at: http://www.frc.org.uVauditorsresponsibilities. This description forms part of our auditor's report. 10
INDEPENDENT AUDITOR'S REPORT to the Members of VELA MICROBOARDS NI LIMITED IA company Ilmltsd ty guaranteo. not havlng a share c•pNal) Brendan Malone (Senior Statutory Auditor) for and on behalf of MALONE ACCOUNTING LIMITED Chartered Accountants and Ststutory Auditors 12 New Street Newry Co. Down BT35 6JD Northern Ireland Date: 6 September 2023 11