NOTES TO THE FINANCIAL STATEMENTS
1 Accounting Policies
These Financial Statements have been prepared under the historical cost convention. Provision has been made in the Statements for liabilities which have not been paid by the Balance Sheet date.
2 Income
Income was reduced from that of previous years due to the curtailment of activities by Government restrictions in order to combat the global pandemic and the committee decision to waive subscription renewals for the year 2021.
3 Expenditure was also reduced due to our reduced activity .
4 No donation to the Town Hall was due during this year due to rooms for meetings being Unavailable.
5 The reduced activities resulted overall in an expected excess of expenditure over income for the year. The committee decision to waive renewal subscriptions was made possible due to retaining a healthy contingency fund in previous years.
6 The Association owns a number of items of equipment, which previously when acquired were written-off at 100% of cost in the year of purchase. As that was not a conventional procedure due to such assets having a residual value they were introduced into the 2020 Balance Sheet at their written-down value and depreciation applied.
7 Depreciation has been applied to computer and other IT assets at the rate of 40% per Annum and from this year all electrical items are also depreciated at 40%. Remaining assets at 25% per annum. The reducing balance convention was applied.
8 Cash at bank at the end of the year includes our contingency fund which we have managed to retain at €10000.
9 Along with Depreciation, Creditors Accruals and Prepayments which were not previously Provided for in the accounts of earlier years, have been provided for within these accounts in accordance with standard accounting conventions.
These notes form part of the Financial Statements of The U3A Moraira-Teulada for the year ended 31st December 2021
Notes to Travel Group accounts year ended 31 December 2021
10 Income in respect of trips was reduced as a result of Covid 19 restrictions.
11 Expenditure includes amounts refunded to members in respect of cancelled trips.
12 Balance Sheet Liabilities include a provision for Creditors in respect of amounts remaining due to Members for cancelled trips.
These notes form part of the Financial Statements of The U3A Moraira-Teulada for the year ended 31st December 2021