Company Numbor:N1050033 Charlty Number.. XR62733 CCNI Raglstratlon numbèr: NIC100927 VELA MICROBOARDS NI LIMITED IA company IlmStèd by guarant•a, not havlng a •harn capltall Dlrectors, Report and Flnanclal Statements for the year ended 31 March 2024 VELA MICROBOARDS NI LIMITED IA company limlt¢d by guarante8. not having a sharo capllall CONTENTS Page Reference and administrative information Directors, Annual Report Independent Auditors Report 8-11 Statement of Financial ActLVlties 12 Balance Sheet 13 Statement of cash flows 14 Notes forming part of the Financial Statements 15-19 VELA MICROBOARDS NI LIMITED {A eompany Ilmltgd by guarantèe, not havlng a share capltall REFERENCE AND ADMINISTRATIVE DETAIL Directors Ms Marion Corrigan Mr Feargal Mccormack Ms Alison Rooney Ms Suzanne Mcstravick Ms Caroline Preston Ms Rebecca Coyle Ms Elizabeth Dixon Mr John McAndrew Company Number N1050033 Charlty Number XR62733 CCNI R•glstratlon Number NIC 100927 Reglstered Offlc• Dromalane Mill The Quays Newry 8T35 8QS Audltor5 Malone Accounting Limited Chartered Accountants and Statutory Auditors 12 New Street Newry Co. Down BT35 6JD Northern Ireland Banker$ Bank of Ireland Trevor Hill Newry Co Down BT34 IDT VELA MICROBOARDS NI LIMITED IA company Ilmlted by guarant•8, not havlng a share capital) DIRECTORS. ANNUAL REPORT for Ihe year ended 31 March 2024 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 2024. 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 LS 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 approaches, 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 is a company Itmited by guarantee and is made up by a Board of Directors listed below.. Ms Marion Corrigan Mrs Rebecca Coyle Ms. Elizabeth Dixon Mr John McAndrew Mr Feargal Mccormack Ms Suzanne Mcstravick Mrs Caroline Preston Ns Alison Rooney The Trustees continue to review the major rtsks that the charitable company is exposed to and review and evaluate appropriate systems in management of such risks. The core values of Vela Microboards Nl Ltd are: Equality of Citizenship Person - Centredness Support for the concept and establishment of Microboards Integrity Financlal Review The results for the year show a net surplus of £179 (2023.. surplus of £21). Directors The Directors who served the company during the year are listed above. The role of the Board of Directorstrrustees is to ensure Vela Microboards Nl Ltd is effectively governed, that Lt complies with all relevant legislation, its Articles of Association and the requirements of good practice and. that it operates to agreed Strategic and Operat40nal 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. VELA MICROBOARDS NI LIMITED IA company Ilmlted by guarantee, not havlng a share capltall DIRECTORS, ANNUAL REPORT for the year ended 31 March 2024 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 briefs them on all the key aspects of the charity and the regulatory framework within which the charity operates. They are also briefed on their individual and collective legal responsibilities as Directors and charity Trustees. The Directors meet regularly to agree the broad strategy of the charity and to monitor its actiVLties. During 202312024 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 levels, 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 provision of presentations to various community and Social Service groups, We have established links with relevant voluntary organisations to assist with the promotion of Vela Microboards. We have updated our website, www.velamicroboardsni.cuiyi. Promotional material has been developed and distributed. METHOD OF APPOINTMENT OF ELECTION 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, either 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. VELA MICROBOARDS NI LIMITED IA company Ilmll•d by guarantee, not havlng o shar• eapltall DIRECTORS, ANNUAL REPORT for the year ended 31 March 2024 All other decisions shall be made by ordinary resolution requiring a simple majority of members present and voting. 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 risks. RESERVES POLICY AND GOING CONCERN The Directors annually review the reserves of the charity and have concluded that a general reseNe equivalent to three months of operating costs should be held. This should allow the charity to be managed efficiently and provide a buffer for untnterrupted Se￿iCeS. The directors believe that the charity has adequate reserves to continue as a going concern. It is the policy of the trustees to maintain reserves at a sufficient level for the Charity to continue its actLVities Total restricted funds of the charity at 31 March 2024 were £14,528 TRUSTEES. RESPONSIBILITIES STATEMENT The trustees (who are also the directors of Vela Microboards Nl 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 view 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 required to: select SULtable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and accounting estimates that are reasonable and prudent,. and prepare the accounts on the going concern 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 5uffLCLent to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are a150 responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. VELA MICROBOARDS NI LIMITED IA company Ilm5tod by guarantee. not havlng a sharo capltall DIRECTORS. ANNUAL REPORT for the y8ar ended 31 March 2024 AUDITOR Malone Accounting Limited, Chartered Accountants and Statutory Auditors, are deemed to be re- appointed under section 487{2) of the Companies Act 2006. STATEMENT AS TO DISCLOSURE TO OUR AUDITORS Each of the persons who is a trustee at the date of approval of this report confirms that.. So far as each trustee is aware, there is no relevant audit information of which the charity's auditor is unaware,. and Each trustee has taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that informatLOn. Signed on behalf of the trustees Feargal Mccormack Dlrector Registered office.. Dromalane Mill The Quays Newry BT35 8QS Date: 12th December 2024 INDEPENDENT AUDITOR'S REPORT to the Members of VELA MICROBOARDS NI LIMITED (A cornpany Ilmlted by guarantso. not havlng a share capltal) 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 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of cash flows, the Accounting Policies and the reLated notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountin9 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 2024 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 optnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (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 ethtcal responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffLCLent and appropriate to provide a basis for our opinion. Concluslons 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 significant doubt on the charity's ability to continue as a g04ng concern for a period of at least ￿e1ve months from when the financial statements are authorised 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 Members of VELA MICROBOARDS NI LIMITED IA company Ilmltèd by guarantee. not havlng a share capltal) Other Information The other information comprises the information included in the annual report, other than the accounts and our auditor's report thereon. They are responsible for the other information contained within the annual report. Our opinion on the financial 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 information is materially inconsistent Wlth the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we Identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement 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 whlch we are requlred to report by exceptlon 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. Re$pon$lbllltles 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 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 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 guarantee, not havlng a share capltall Auditor's responsibilities for the audit of the financial 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 regulations 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) w4ll always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the a9gregate, 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 detailed 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 princtpal 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 d￿CloSureS within the financial statements which may be susceptible to management bias. 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.. Identify(ng and assessing the design of key controls tmplemented 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 f raud 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 responsibilit4es 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. INDEPENDENT AUDITOR'S REPORT to the Members ofVELA MICROBOARDS NI LIMITED IA company Ilmlt¢d by guaranto9, not havlng a shar8 capltall BmicyAg- Brendan Malone (Senlor Audltor) For and on behalf of MALONE ACCOUNTING LIMITED Chartered Accountants and Statutory Auditors 12 New Street Newry Co. Down BT35 6JD Northern Ireland Dat•: 12th December 2024 VELA MICROBOARDS NI LIMITED IA company Ilmlted by guarantee. not havlng a share capltal) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2024 Restricted Total Funds Funds 2024 Total Funds 2023 Notes Income: Investment income 179 179 21 I ncome from charitable activities Total Income 2.095 2.095 5,253 enditure: Charitable ActLVities Total Expenditure 1.916 1.916 5.232 Net income 179 179 21 Reconclllation Total funds brought forward Total funds carried forward 349 The Statement of Financial ActlVLties includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above relate to continuing activities. VELA MICROBOARDS NI LIMITED IA company Ilmlted by guarantee. not havlng a share capltall Company Number.. NIO50033 BALANCE SHEET as at 31 March 2024 2024 2023 Notes Current As$et$ Cash at bank and in hand 20,230 15.717 Net Current Assets 20,230 15.717 Total Assets less Current LlabllltL•s 20.230 15.717 Deferred Income io (5.702) (1,368) Net Assets 14.528 14.349 Fund$ Restricted income funds Unrestricted income funds 11 14.528 14.349 Total Funds 14.528 14.349 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023, although an audit has been carried out under section 65 of the Charities Act (Northern Ireland) 2008. No member of the company has deposited notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006. The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime, The financial statements were approved by the Trustees on 12th December 2024. Mr. Feargal Mc Cormack Director Company Number.. N1050033 VELA MICROBOARDS NI LIMITED IA cornpany Ilmlted by guarantee. not havlng a share capltall CASH FLOW STATEMENT for the year ended 31 March 2024 2024 2023 Notes Cash flows from operatlng actlvltles Cash (absorbed by) l used in operations 4.334 1782) Investlng actlvltles Interest Recèived 179 21 Not ¢ash goneratod from Investlng actlvltl•s 179 21 Net cash used In flnanclng actlvlllos Net incr&asel (decrease) in cash and cash èquivalents 4,513 (7611 Reconclllatlon of net cash flow to movgmènt In net funds Movemont Sn cash In tho year Nat funds at 1 Aprll 2023 4,513 15,717 17611 16,478 Net funds at 31 March 2024 20,230 15,717 VELA MICROBOARDS NI LIMITED IA company Ilmlt•d by guarantee. not havlng a sharo capltsll NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 March 2024 I. BASIS OF PREPARATION The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019) (Charities SORP IFRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Vela Microboards Nl Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s), Company StatUS The charity is a company limited by Guarantee. The members of the company are the trustees named on page 3. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes, General funds may be transferred to designated funds where Trustees wish to use these funds for a specific purpose. Such funds may be transferred back to general funds once the criteria for the designation have been met or are no longer applicable. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of restricted funds is set out in the notes to the financial statements, Restricted funds may only be transferred to general or designated funds once the criteria for restriction have been discharged or no longer apply. Income All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and it is probable the income will be received. Grants, service agreement, fee income and grants for equipment are recognised in the SOFA in the period in which they are receivable. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor/funder has specified that the income is to be expended in a future period. Expenditure Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Charitable expenditure comprises those costs incu rred by the chartty in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an tndirect nature necessary to support them. na- VELA MICROBOARDS NI LIMITED IA company lifflited by guarantee, not having a sharn ¢apl¢all NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 March 2024 All costs are allocated between the expenditure categories of the Statement of Financial ActLVlties on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis. Tangible fixed assets and depreclatlon Tangible fixed assets are stated at cost or at valuation. less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows: F￿tures, fittings and equipment 25% straight line The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments WLth a short maturity of three months or less from the date of acquisition or opening the deposit or simtlar account. Flnancial instruments The charity only has financial liabilities of a kind that qualify as basic financial tnstruments. Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statement. 2.Critical accountlng estimates and Judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying arnounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. VELA MICROBOARDS NI LIMITED IA company Ilmlted by guarantee, not havlng a shaye capltal) NOTES TO THE FINANCIAL STATEMENTS continued for thè yèar ended 31 March 2024 3. INVESTMENT INCOME Restricted Funds Total Funds 2024 Total Funds 2023 Bank Interest Receivable The 2023 figure of £21 was as treated as restricted INCOME FROM CHARITABLE ACTIVITIES Restricted Funds Total Funds 2024 Total Funds 2023 Health and Social Care Board The 2023 total of £5,232 was all treated as restricted 1.916 1.916 5,232 COST OF CHARITABLE ACTIVITIES BY FUND TYPE Restricted Funds Total Funds 2024 Total Funds 2023 Microboards activity The 2023 total of £5,232 was all treated as restricted 1,916 1,916 5,232 NET INCOMING RESOURCES FOR THE YEAR ThLS LS Stated after charging Total Funds 2024 Total Funds 2023 Auditors Remuneration.. Audit of the financial statement5 STAFF COSTS AND EMOLUMENTS There were no staff costs incurred by the charity during the year. No employee received remuneration of more than £60,000 during the year {2023'. Nil) 8. TRUSTEES REMUNERATION None of the trustees has been paid any remuneration or received any other benefits from an employment with the charity or a related party. re rel.1..￿. VELA MICROBOARDS NI LIMITED IA Company limlted by guarantge. not having a share capltal) NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 March 2024 TANGIBLE FIXED ASSETS Fixtures. fittings and equipment Total Cost At 31 March 2024 821 821 Depreciation At 31 March 2024 821 821 Net book value At 31 March 2024 10. DEFERRED INCOME 2024 2023 Deferred Income 2,150 2,150 Movement in Deferred Income At l April 2023 Movement in year 1,368 4,334 2,150 (7821 At 31 March 2024 5,702 1,368 11. Restricted income funds Balance at l Apr 2023 Incoming Resources Outgoing Resources Balance at 31 Mar 2024 Restricted Funds 14,349 1.916 1,737 14.528 VELA MICROBOARDS NI LIMITED {A company Ilmlted by guarantee. not havlng a share capltall NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 March 2024 12, ANALYSIS OF NET ASSETS BETWEEN FUNDS Net Current Assets Deferred Income Total Restricted Income Funds Restricted funds Unrestricted funds 20,230 {5,702) 14.528 Total Funds 20,230 5,702 14.528 13. Related Partlei At the year end, there were no balances owed to or from the related parties of the charity.