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c) All expenditure is adequately profiled in the forecasts to reflect

anticipated timing.

Management Comment


(c) Control Environment

Treasury Management

2.4 The Association has an acceptable Treasury Management policy in
place and it reflects the risks appropriatley in the risk register. The

Association report on DFC ratios as part of their Key Performance
Indicatiors. It is essential though that the Board is also updated on

performance against actual loan covenants on a regular basis.

It is recommended that the Association should revise its reporting of

bank covenants to the Board to ensure it is calculating these in line with
bank loan covenants.

Management Response

Accepted. Implemented February 2016

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