CONTENTS
SECTION 1: ANNUAL REVIEW
SECTION 2: THE BOARD’S REPORT
SECTION 3: FINANCIAL STATEMENTS
Risk and internal controls The Board is responsible for our system of internal control and for reviewing its effectiveness. Our system of internal control is designed to manage rather than eliminate the risk of failure to achieve our corporate ambitions. It provides reasonable, but not absolute, assurance over the safeguarding of assets, the maintenance of proper accounting records and the reliability of financial information. Our system of internal control includes: Governing documents
Policies
Risk registers
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• Our Treasury Management policy sets out our Golden Rules, ensuring we can provide financial resources necessary to achieve our business plan objectives and manage the risks inherent in our treasury activity
• Our Strategic Risk Register is owned by the Board and records risks which could impact on our strategic objectives. It’s reviewed by the Executive team quarterly, the Audit and Risk Committee (ARC) at every meeting as part of the Assurance Plan (detailed below) and by the Board twice a year. It drives our specialist audit assurance work.
Our Rules provide a governance framework
• Our Standing Orders and Financial Regulations provide clearly defined roles, responsibilities, management and reporting structures, including a system of delegation • Our Intra-group Agreements set out agreed terms, roles and responsibilities between VIVID and our subsidiaries.
Our Investment policy sets out clear parameters for us to invest our funds to either produce a financial return or further our charitable aims Our Prevention of Financial crime policy covers the prevention, detection, management and reporting of financial crimes and our Speak Up (whistleblowing) and Complaints policies encourage expressing concerns over wrongdoing • Our Risk Management policy sets out our risk management framework, providing a comprehensive process for assessing and managing strategic and operational risks.
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2021-22 ANNUAL REVIEW AND FINANCIAL STATEMENTS
• Our Operational Risk Register is owned by the Executive and records risks which impact our operational efficiency. It’s reviewed by Heads of Service (and other operational risk owners) quarterly and drives our operational controls internal audits.
