Financial Statements 2020 | 23
Treasury & Funding
Overview
Treasury activities are controlled by the Executive Director of Resources with the assistance of external consultants as required , and are carried out in accordance with policies approved by the Board . The purpose of the treasury management function within Accord is to ensure that adequate cost-effective funding is available at all times and that exposure to financial risk is minimised . The key risks managed by the treasury function are interest rate risk and liquidity risk .
Treasury management activity is subject to regular review by internal auditors and treasury specialists . Treasury activity is closely monitored on a regular basis and compliance with covenant conditions continues to be met with no breaches in the year . Quarterly monitoring information and management accounts are submitted in accordance with funder and regulatory requirements . Short , medium and longer term liquidity requirements are monitored through ongoing forecasting and the business planning process . It is the association ’ s policy to balance the cash held by repaying debt as far as possible , whilst ensuring sufficient access to funding facilities to cover investment and business development plans .