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2020-12-31-accounts

Registered number: 03565643 Charity number: 1072117

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee)

CONTENTS

Page Page
Reference and administrative details of the company, its Trustees and advisers 1
Trustees' report 2 - 1 �
Independent auditors' report on the financial statements 1
�- 1�
Statement of financial activities 1�
Balance sheet 19
Statement of cash flows 20
Notes to the financial statements 21 -
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THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

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Page 1

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THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

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THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

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Page 4

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

----- Start of picture text -----
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Page 5

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

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TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
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----- End of picture text -----*

Page 6

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

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THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

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Page 8

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 | ‰ | „ Ž „ | „ ‰ „ S P O W P Z X W ! S " S Y X ( & ! / $ + # * ) H # - ) / *  " 4 2 1 1 $ ! " 2 1 - " 4 / $ - & ! A ! # $ - / Ñ D L ! % ! 0 3 ! $ g 9 g 9 # $ ! " ! - / 2 - ) * . ! - # ) 1 ) * - & ! " - # - ! 0 ! * - / 4 4 ) * # * % ) # 1 # % - ) 5 ) - ) ! " ; f b _ F a / 2 $ * # 1 ) * % / 0 ! ) * g 9 g 9 Ä Ì Ã Ê ½ À ¹ ½ ¿ ¾ º # g G $ D Ñ G D 8 % & ' ( ) * # ' + , ( * + ) , ( - G . 2 ! - / # * ) * % $ ! # " ! ) * $ ! # . ! $ " & ) 7 # * . 0 # * 2 " % $ ) 7 - " 2 3 0 ) " " ) / * " G A ! - . ! " 7 ) - ! # . $ / 7 ) * ! c % & # * + ! $ # - ! " ; . É ½ ¾ º ¾ À » ¼ À » / ½ º 0 0 / Ì ¿ ¹ É ½ » ¿ À ¾ ¾ É ½ ½ Ì ¿ º 0 ¾ É ½ Á ½ À Ê 1 ½ Ê ½ # ) 2 + 9 % D G % Ñ Ñ & ' ( ) * # ) 3 + 4 ' 2 + * , 5 - 6 7 " 0 # 1 1 7 $ / 7 / $ - ) / * / 4 - & ! " ! 4 2 * . " ) " & ! 1 . # " # $ ! " - $ ) % - ! . 4 2 * . ; 8 ? ? @ - / - # 1 / 4 # D D 9 G h E Ñ ) " " ! % 2 $ ! . # " # $ ! " - $ ) % - ! . 4 2 * . G ( & ! Å ! * " ! * @ 6 # $ . ; ( & ! 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Page 9

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

D  †  † ‡ ~  ‘   € †  Œ f b _ F . / ! " * / - # % - ) 5 ! 1 A 4 2 * . $ # ) " ! / $ " ! ! . / * # - ) / * " 4 $ / 0 - & ! 7 2 3 1 ) % ; ( & ! % & # $ ) - # 3 1 ! # % - ) 5 ) - ) ! " / 4 f b _ F # $ ! 4 2 * . ! . 3 A i D ; / A # 1 - ) ! " 4 $ / 0 7 2 3 1 ) " & ) * + " ! 5 ! * " % ) ! * - ) 4 ) % a / 2 $ * # 1 " ; ( & ! $ / A # 1 - ) ! " 0 # ! 2 7 % E : º 0 ¾ É ½ à º Î : À Ì Á  ¹ Ä Ì Ã º Î ½ 6 & ) % & G ) * - 2 $ * G ) " 2 " ! . # " 0 2 % & # " 7 / " " ) 3 1 ! ) * - & ! 7 2 $ " 2 ) - / 4 ) - " % & # $ ) - # 3 1 ! # % - ) 5 ) - ) ! " o E F G H I J K L M p ; g ; N À : Ä ¾ À » Ë À Ä Ì ¹ 0 Ê º Î ¾ É ½ à º Î : À Ì Á  ¹ ) * 5 ! " - 0 ! * - 7 / $ - 4 / 1 ) / ; ( & ) " ) * % / 0 ! . ! 7 ! * . " / * - & ! / 5 ! $ # 1 1 7 ! $ 4 / $ 0 # * % ! / 4 - & ! 7 / $ - 4 / 1 ) / ; ( / . # - ! ) - & # " 3 ! ! * ) * 1 ) * ! 6 ) - & 0 # a / $ ) * . ) % ! " ; Ñ ; _ ! 0 3 ! $ " & ) 7 4 ! ! " 7 # ) . 3 A ) - " 0 ! 0 3 ! $ " / % ) ! - ) ! " ; ( & ! # * * 2 # 1 4 ! ! ) " ! 7 - # - # 5 ! $ A 0 / . ! 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" # - ! $ 0 / 4 Ñ A ! # $ " G 2 7 - / # 0 # c ) 0 2 0 / 4 - 6 / - ! $ 0 " ; y ? ? ? g ( & ! f ! . ! $ # - ) / * 9 " _ ! 0 3 ! $ " # $ ! " % & / 1 # $ 1 A " / % ) ! - ) ! " # * . / - & ! $ # " " / % ) # - ) / * " 6 ) - & # 7 $ ! . / 0 ) * # * - ) * - ! $ ! " - ) * 0 ) % $ / 3 ) / 1 / + A G 3 # " ! . # % $ / " " b 2 $ / 7 ! # * . 3 ! A / * . ; b # % & " 2 % & _ ! 0 3 ! $ F / % ) ! - A & # " - & ! $ ) + & - - / * / 0 ) * # - ! / * ! L ! 1 ! + # - ! - / - & ! B / 2 * % ) 1 / 4 - & ! f ! . ! $ # - ) / * ; ( & ! B / 2 * % ) 1 G 0 ! ! - ) * + # * * 2 # 1 1 A G # * . ! 1 ! % - " 0 ! 0 3 ! $ " / 4 # e / # $ . / 4 ( $ 2 " - ! ! " [ L ) $ ! % - / $ " 6 & / 1 ! # . - & ! / $ + # * ) H # - ) / * # 1 " - $ # - ! + A # * . + / 5 ! $ * # * % ! / 4 - & ! B / 0 7 # * A ; ( & ! ( $ 2 " - ! ! " [ L ) $ ! % - / $ " ) * - 2 $ * # 7 7 / ) * - - & ! _ # * # + ) * + L ) $ ! % - / $ # * . . ! 1 ! + # - ! ) - " . # A C - / C . # A 0 # * # + ! 0 ! * - # % % / $ . ) * + - / - & ! " - # - 2 - ! " / 4 - & ! B / 0 7 # * A ; ( & ! _ # * # + ) * + L ) $ ! % - / $ G _ # - - & ! 6 h # $ 5 ! A G 6 # " # 7 7 / ) * - ! . / * D _ # A g 9 D E # * . $ ! 7 / $ - " . ) $ ! % - 1 A - / - & ! e / # $ . / 4 ( $ 2 " - ! ! " [ L ) $ ! % - / $ " ;

Page 10

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 ¦ ¬ Ð ¦ ® © ª « Ð Î ® Í ³ ² ¯ ª ® Í ³ ­ ¬ Î Î ¬ ¯ Ñ i Í § ³ ­ ² ² j k ª Í ² « ­ ® Í ³ / 6 / 0 < . 6 + 9 9 5 9 5 9 6 5 ] 6 6 ) Æ 2 + + / 0 9 5 l m n o p q r n q s p m r p p t u v w x w l y r z { n p p r p | p q } p x r p s z w p r v n q l w q w n o p u p v r ~  p n v q t { l m y r z { n p p { € p  ‚ p w { p { v w + ) + 6 0 Æ / 6 : 9 : ] 6 6 ) < . 6 : 9 9 Ç 4 ) ) 7 Æ / 6 ) ] 6 ] ] 5 . 0 + + ) : + + ) . 6 5 9 9 7 + ) . 6 6 0 6 6 9 6 0 + + 5 + 7 0 9 : Ø , 2 Ú Æ W 6 0 : 6 5 ] ] 0 + : < : ) + 7 . 6 9 ) : È : 0 : 6 + . 6 7 6 : < + ] : 7 + + Æ ¦ Í ª ¯ « ª Ì ¬ © Í ª ³ ƒ ³ ¬ ¯ Ñ § ¯ « ² Í ­ ¬ ª ¯ ­ ª ² ³ / 6 / 0 6 5 6 : ´ < . 6 6 6 : ) È 6 + 6 ] ] 6 : ) ] 6 ) : 0 + : 9 È 0 6 : ´ < Æ / 6 / 0 6 : ´ < 6 Ç : ] + + 6 5 + 0 ] 5 : 0 7 + + 6 : ] : 0 7 + 5 ) Æ - 9 9 ] + + 6 5 + 0 ] 5 : 6 0 + 5 + ] 5 7 0 ] ] 7 7 + : 5 0 + 6 6 5 + 0 ] 5 : 5 . : : 7 + 6 Æ - 9 9 + 6 : ] : 0 7 + 5 ) 6 9 6 0 7 + 6 9 + 0 2 0 7 + 6 9 . 0 + 6 5 0 : 6 Ç ] + Æ / 6 + 6 Ç 4 . . 6 X ] 6 È ) 9 F ? F ? Æ / 6 . + 6 5 Ç 4 . 6 6 : 0 ) 0 6 ] 0 0 ] 7 + 6 ´ 0 + + + . Ç 4 7 + 6 . + : + 2 ´ 0 + 7 6 + 0 6 F ? F ? Æ i Í § ³ ­ ² ² ³ Í ² ³ Ì ® ¯ ³ ª ¨ ª © ª ­ ª ² ³ ³ ­ ¬ ­ ² Ï ² ¯ ­ / 6 / 0 Ø . 6 + 6 ] / 6 Ç ] 0 4 7 + 9 + ] 6 ‚ z r ‚ l { p { l m | l s ‚ v w u t v „ v r p r p { ‚ l w { q † t p m l r ‚ r p ‚ v r q w ‡ n o p y r z { n p p { € ˆ p ‚ l r n v w x n o p m q w v w | q v t { n v n p s p w n { q w . 6 + 7 + + . X Y 9 : 2 0 9 Ø X Y 9 : * + + ) 2 2 0 9 Ú Æ , : ) + . Ê 0 6 / 0 Ù ] + : ] 6 ] + ) Æ X : ) + . 6 : 0 5 6 ] + : 0 + 6 ) ] 6 6 ) : 0 ] 5 . ] 6 ] ] ] ] 6 6 7 + : ) ] 6 È 9 0 + ] 0 + 0 9 6 : È 0 ] 6 Æ = 9 6 ] + : 6 Ê 0 Ä � + 0 7 + 0 9 + 6 + ) 6 : + ) ‰ � 7 5 6 : 6 + 6 , 6 ) Š l s s q { { q l w € { - ‰ � : < ´ 0 9 : 0 9 : 6 7 + 0 ‰ � 6 ] + : 6 9 9 7 0 + 0 : 6 6 6 7 + : ) . + + 0 Æ / 6 / 0 Ù 7 + ] < 9 Ê 0 6 0 ] ] 6 . 6 6 7 + : ) ‹ . 6 6 + ) : . 6 7 + 0 ) 6 ] + ] 6 6 7 + : ) Æ / 6 ] + 6 0 + + 7 + 6 / 0 Ù 0 6 6 ] + : : + ) . 6 6 , : 2 F ? ? B Æ / 6 / 0 Ù + 7 + ] ] 9 0 9 6 ] 6 6 7 + : ) 6 ] < 9 7 + ] 6 5 ] ] 0 6 9 0 + Æ

Page 11

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIEnES {A company Ilmlt•d by guar4ntse} TRUSTEES. REPORT {CONTIIIUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Dlselosure of InfornFatlon to audito Each of the TrusteeslDirectots, at Ihe time when this Tn￿. Rewi was apwovgd. has o)nfirmed that.. so lar as the they are aware. there is NJ ro￿Vant information of wthith the th8ritable ¢y)mpany'5 auditors are unavrdre. and they have taken all the steps necessary as a Board of Trustees to ensure that any inf0M￿tK)n rdevant to the aJ(trt has been Identi￿ aThJ Ihat (l)itable companYs audit￿$ afè aware of that inf(wmation. Thi5 report was approve(I by the TruStees￿1raCtc￿S on 14 May 2021 and s￿ned on their behalf ty". Dr R HaThvcyJ Treasvrer Page 12

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

Opinion

We have audited the financial statements of The Federation of European Microbiological Societies (the 'charitable company') for the year ended 31 December 2020 which comprise the Statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 1 �

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (CONTINUED)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 financial statements 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 1[Œ]

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (CONTINUED)

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes 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 Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable 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 the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' 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) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations,  Ž as follows:

Page 1[]

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (CONTINUED)

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:�

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Page 1[]

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Hewett (senior statutory auditor) for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House

Station Road Cambridge CB1 2LA 15 June 2021

Page 1[‘]

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020

Note
INCOME FROM:
Donations and legacies
2
Charitable activities
3
Investments
4
TOTAL INCOME
EXPENDITURE ON:
Raising funds: Investment management
fees
Charitable activities
5
’
TOTAL EXPENDITURE
NET INCOME BEFORE NET GAINS
ON INVESTMENTS
Net gains on investments
15
NET INCOME
Transfers between funds
19
NET MOVEMENT IN FUNDS BEFORE
OTHER RECOGNISED GAINS
OTHER RECOGNISED GAINS:
Gains on investment cash
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2020
€
39,563
2,728,458
249,575
3,017,596
43,390
1,540,409
1,583,799
1,433,797
320,548
1,754,345
(10,227)
1,744,118
507
1,744,625
14,226,712
1,744,625
15,971,337		 Restricted
funds
2020
€
-
-
-
-
-
-
-
-
-
-
10,227
10,227
-
10,227
100,266
10,227
110,493		 Total
funds
2020
€
39,563
2,728,458
249,575
3,017,596
43,390
1,540,409
1,583,799
1,433,797
320,548
1,754,345
-
1,754,345
507
1,754,852
14,326,978
1,754,852
16,081,830		 Total
funds
2019
€
40,112
2,711,432
267,709
3,019,253
89,018
1,492,394
1,581,412
1,437,841
1,800,293
3,238,134
-
3,238,134
14,317
3,252,451
11,074,527
3,252,451
14,326,978

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 21 to “ ” form part of these financial statements.

Page 1[•]

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES IA ￿MpanY limited by guarantse) REGISTERED NUMBER: 03565643 BALANCE SHEET S AT 310ECEM8ER 2020 2020 2019 Note FIXED ASSETS TaNJible awts Investments 14 15 SA80 15.389,543 8.569 13,776,931 15.395.023 13,785,500 CURRENT ASSETS Debtors Cash at bank and in ttand 16 827.002 3,6QS.864 717.186 3,384,982 4A32.866 4.102,168 Crèditors.. amounts fallirMJ due within one year 17 (3.119,0991 12.731,5861 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIA81LITIES 1 J13.767 1.370.582 16.708.790 15,156,082 Creditors". amounts falling due after more than one year 18 1626,W) 1829.1041 TOTAL NET ASSETS 16.081.830 14,326,978 CHARITY FUNDS Restricted funds Unreslricted funds 19 19 110.493 15.971.337 100,266 14.226.712 TOTAL FUMDS 16.081.830 14,326,978 The financial statements have been prepared in a￿y￿ar￿e with tho provisions applicable to entiti&s SLtbject lo the small cornpanies regime. The ffinancial stalements were apwov8d and aUth￿ISed for i55ue by the Trustees aThJ ￿gned on their behalf by.. Dr C R Harwood Treasurer Date.. 14 May 2021 The notes on pages 21 to 39 fomi part of these financa81 statements. Page 19

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash transferred to investment portfolio
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Gains on invested cash due to exchange rates
NET CASH PROVIDED BY FINANCING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
The notes on pages 21 to“
” form part of these financial statements
–
—		 2020
€
1,264,253
249,575
(1,389)
(1,292,063)
(1,043,877)
506
506
220,882
3,384,982
3,605,864		 2019
€
2,148,444
267,709
(5,247)
(2,451,684)
(2,189,222)
14,319
14,319
(26,459)
3,411,441
3,384,982

Page 20

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (October 2019 edition - effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Federation of European Microbiological Societies 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.

1.2 COMPANY STATUS

The company is a company limited by guarantee. The members of the company are the Members Societies. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

1.3 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company 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. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.4 GOING CONCERN

The Trustees have considered budgets and forecasts to 31 December 2022 and beyond and as a result have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.

Page 21

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (CONTINUED)

1.5 INCOME

Donations are recognised where the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Investment income is recognised on a receivable basis, when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. This is normally upon notification by our investment managers or our bankers.

Income from journals comprises royalties from the Federation's publisher receivable in the year under review. Subscription income from members is accounted for on a receipts basis in the year in which the income is received.

Income from the Congress is accounted for in the year in which the income is receivable. Income results from any surplus made on the event, managed and provided by an external company.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

1.6 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Page 22

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (CONTINUED)

1.7 TANGIBLE FIXED ASSETS AND DEPRECIATION

The charity has a policy of not capitalising portable computer equipment or items where the original cost is less than €1,500 and they are fully written off in the year of purchase.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives on the following basis:

Office equipment

25% straight line

1.8 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

1.9 OPERATING LEASES

Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the lease term.

1.10 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 23

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES (CONTINUED)

1.12 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

1.13 FINANCIAL INSTRUMENTS

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.14 PENSIONS

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

1.15 FOREIGN CURRENCIES

The functional and presentational currency is Euros. Transactions in overseas currencies during the year under review and balances denominated in such currencies at the balance sheet date have been translated into euros. Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

2. INCOME FROM DONATIONS

Unrestricted
funds
2020
€
Membership subscriptions
39,563
TOTAL 2019
40,112		 Total
funds
2020
€
39,563
40,112		 Total
funds
2019
€
40,112

Page 24

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2020
€
2,713,158
Income from journals
Con˜
™
š
™
›
œ
™ income
15,300
2,728,458
TOTAL 2019
2,711,432
4.
INVESTMENT INCOME
Unrestricted
funds
2020
€
Income from equities
247,546
Bank interest receivable
2,029
249,575
TOTAL 2019
267,709
5.
INVESTMENT MANAGEMENT COSTS
Unrestricted
funds
2020
€
Investment management fees
43,390
TOTAL 2019
89,018		 Total
funds
2020
€
2,713,158
15,300
2,728,458
2,711,432
Total
funds
2020
€
247,546
2,029
249,575
267,709
Total
funds
2020
€
43,390
89,018		 Total
funds
2019
€
2,709,170
2,262
2,711,432
Total
funds
2019
€
261,907
5,802
267,709
Total
funds
2019
€
89,018

Page 25

2019 € € 335,251 335,251 172,708 172,708 540,754 540,754 110,566 110,566 212,789 212,789 120,326 120,326 120,326 1,492,394 ¡ Page 2
2020 € 370,789 161,933 574,523 91,890 177,734 163,540 1,540,409 1,492,394
THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Support
ANALYSIS OF CHARITABLE EXPENDITURE BY ACTIVITIES		 Direct costs
Grant costs

ž
Ÿ

Ÿ		 (note 8)
(note 7)
(note 9)		 €
€
€		 Publications
252,276
-
118,513		 Events
102,301
-
59,632		 Grants and Awards
42,237
472,476
59,810		 Projects
27,137
-
64,753		 Business Development and Support Services
78,788
-
98,946		 Communications
103,909
-
59,631		 Total
606,648
472,476
461,285		 Total 2019
657,451
448,030
386,913
6.

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Grants to
Grants to
Institutions
Individuals
2020
2020
€
€
Grants
241,456
220,918
Awards
-10,102
Total
241,456

231,020

Total 2019
174,000
274,030
£ .
ANALYSIS OF
¤
¥
¦
§
¨
©
¦
§
ª
¦
«
¦
¥
ª
©		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Grants to
Grants to
Institutions
Individuals
2020
2020
€
€
Grants
241,456
220,918
Awards
-10,102
Total
241,456

231,020

Total 2019
174,000
274,030
£ .
ANALYSIS OF
¤
¥
¦
§
¨
©
¦
§
ª
¦
«
¦
¥
ª
©		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Grants to
Grants to
Institutions
Individuals
2020
2020
€
€
Grants
241,456
220,918
Awards
-10,102
Total
241,456

231,020

Total 2019
174,000
274,030
£ .
ANALYSIS OF
¤
¥
¦
§
¨
©
¦
§
ª
¦
«
¦
¥
ª
©
Grants to
Institutions
2020
€
241,456
-
241,456

174,000		 Grants to
Individuals
2020
€
220,918
10,102
231,020

274,030		 Total
2020
€
462,374
10,102
472,476

448,030		 Total
2019
€
425,146
22,884
448,030

During 2020, 48 meeting organizer grants were dispersed ranging from €1,000 to €10,000 and no meeting attendance grants were dispersed. 44 research and training grants were dispersed to institutions ranging from €1,500 to €4,000, 1 joint fellowship was dispersed for €1,000 in total. 5 Article Awards were also dispersed in the year for €1,000 each.

During 2019, 34 meeting organizer grants were dispersed ranging from €500 to €10,000 and 31 meeting attendance grants were dispersed ranging from €250 to €600. 50 research and training grants were dispersed to institutions ranging from €1,600 to €4,000, 1 joint fellowship was dispersed for €1,000 in total.

Grants Payable
Grants to institutions
Meeting organizer grants
Total grants to institutions
Grants to individuals
Meeting Attendance Grants
Research and Training Grants
Congress grants
Conference grants
FEMS/ASM (Makela Cassel) Award
FEMS/ESCMID Award
Article awards
Jensen award
Lwoff Award
Grant Committee travel and development
Other grants and awards
Less refunds relating to Research & Training Grants
Less refunds relating to Meeting Attendance Grants
Total grants to individuals
Total		 2020
€
241,456
241,456
(680)
201,743
-
19,855
220,918
-
1,000
5,005
-
-
1,320
2,777
-
-
231,020
472,476		 2019
€
174,000
174,000
11,100
143,250
96,796
-
251,146
4,083
1,000
5,000
10,000
5,000
1,738
588
(4,525)
274,030
448,030

Page 2[¢]

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
DIRECT COSTS
®
¯
°
±
±
²
³
´
¯
´
µ
¯

·
¸
¹
º
¸
·
²
¯
²
³
´
¯
´
»
¼
»
¼
2019
€
€
€
€
Publications
62,821
189,455
252,276
222,800
Events
66,985
35,316
102,301
124,170
Grants and Awards
42,237
-
42,237
47,245
Projects
5,123
22,014
27,137
58,806
Business Development and Support Services
5,870
72,918
78,788
126,723
Communications
70,158
33,751
103,909
77,707
Total
½
¾
¿
À
¿
Á
½
Â
Ã
Â
Ä
Å
Â
Å
Æ
Ç
Æ
È
Æ
É
Ê
Ë
Ì
Í
Î
Ï
Ì
Ð		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
DIRECT COSTS
®
¯
°
±
±
²
³
´
¯
´
µ
¯

·
¸
¹
º
¸
·
²
¯
²
³
´
¯
´
»
¼
»
¼
2019
€
€
€
€
Publications
62,821
189,455
252,276
222,800
Events
66,985
35,316
102,301
124,170
Grants and Awards
42,237
-
42,237
47,245
Projects
5,123
22,014
27,137
58,806
Business Development and Support Services
5,870
72,918
78,788
126,723
Communications
70,158
33,751
103,909
77,707
Total
½
¾
¿
À
¿
Á
½
Â
Ã
Â
Ä
Å
Â
Å
Æ
Ç
Æ
È
Æ
É
Ê
Ë
Ì
Í
Î
Ï
Ì
Ð		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
DIRECT COSTS
®
¯
°
±
±
²
³
´
¯
´
µ
¯

·
¸
¹
º
¸
·
²
¯
²
³
´
¯
´
»
¼
»
¼
2019
€
€
€
€
Publications
62,821
189,455
252,276
222,800
Events
66,985
35,316
102,301
124,170
Grants and Awards
42,237
-
42,237
47,245
Projects
5,123
22,014
27,137
58,806
Business Development and Support Services
5,870
72,918
78,788
126,723
Communications
70,158
33,751
103,909
77,707
Total
½
¾
¿
À
¿
Á
½
Â
Ã
Â
Ä
Å
Â
Å
Æ
Ç
Æ
È
Æ
É
Ê
Ë
Ì
Í
Î
Ï
Ì
Ð		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
DIRECT COSTS
®
¯
°
±
±
²
³
´
¯
´
µ
¯

·
¸
¹
º
¸
·
²
¯
²
³
´
¯
´
»
¼
»
¼
2019
€
€
€
€
Publications
62,821
189,455
252,276
222,800
Events
66,985
35,316
102,301
124,170
Grants and Awards
42,237
-
42,237
47,245
Projects
5,123
22,014
27,137
58,806
Business Development and Support Services
5,870
72,918
78,788
126,723
Communications
70,158
33,751
103,909
77,707
Total
½
¾
¿
À
¿
Á
½
Â
Ã
Â
Ä
Å
Â
Å
Æ
Ç
Æ
È
Æ
É
Ê
Ë
Ì
Í
Î
Ï
Ì
Ð		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
DIRECT COSTS
®
¯
°
±
±
²
³
´
¯
´
µ
¯

·
¸
¹
º
¸
·
²
¯
²
³
´
¯
´
»
¼
»
¼
2019
€
€
€
€
Publications
62,821
189,455
252,276
222,800
Events
66,985
35,316
102,301
124,170
Grants and Awards
42,237
-
42,237
47,245
Projects
5,123
22,014
27,137
58,806
Business Development and Support Services
5,870
72,918
78,788
126,723
Communications
70,158
33,751
103,909
77,707
Total
½
¾
¿
À
¿
Á
½
Â
Ã
Â
Ä
Å
Â
Å
Æ
Ç
Æ
È
Æ
É
Ê
Ë
Ì
Í
Î
Ï
Ì
Ð		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
DIRECT COSTS
®
¯
°
±
±
²
³
´
¯
´
µ
¯

·
¸
¹
º
¸
·
²
¯
²
³
´
¯
´
»
¼
»
¼
2019
€
€
€
€
Publications
62,821
189,455
252,276
222,800
Events
66,985
35,316
102,301
124,170
Grants and Awards
42,237
-
42,237
47,245
Projects
5,123
22,014
27,137
58,806
Business Development and Support Services
5,870
72,918
78,788
126,723
Communications
70,158
33,751
103,909
77,707
Total
½
¾
¿
À
¿
Á
½
Â
Ã
Â
Ä
Å
Â
Å
Æ
Ç
Æ
È
Æ
É
Ê
Ë
Ì
Í
Î
Ï
Ì
Ð
8. DIRECT COSTS ®
¯
°
±
±
²
³
´
¯
´
€ € €
Publications 62,821 189,455 252,276
Events 66,985 35,316 102,301
Grants and Awards 42,237 - 42,237
Projects 5,123 22,014 27,137
Business Development and Support Services 5,870 72,918 78,788
Communications 70,158 33,751 103,909
Total ½
¾
¿
À
¿
Á
½		 Â
Ã
Â
Ä
Å
Â
Å		 Æ
Ç
Æ
È
Æ
É
Ê
Page¬
­
9.
SUPPORT COSTS		 Business Development and Grants and
Ó
Ô
Õ
Õ
Ö
×
Ø		 Publications
Events
Awards
Projects
Services
Communications
2020		 €
€
€
€
€
€
€		 Office
13,694
13,694
13,694
13,693
13,693
13,693
82,161		 Governance
10,700
10,700
10,700
10,700
10,700
10,700
64,200		 Finance
11,061
11,061
11,061
11,060
11,060
11,060
66,363		 Personnel
69,188
10,307
10,485
15,430
49,623
10,307
165,340		 Systems
13,870
13,870
13,870
13,870
13,870
13,871
83,221		 Marketing
9,196
9,196
-
25,753
25,753
25,753
34,949		 Total
118,513
59,632
59,810
64,753
98,946
59,631
461,285		 Included in governance costs is €10,234 (2018 - €9,774) relating to auditors' remuneration. 2019 support costs were: Publications €112,451, Events €48,538, Grants and Awards €45,479, Projects €51,760, Business Development and Support Services €86,066 and Communications €42,619. Ñ
Ò		 Page

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

11. AUDITORS' REMUNERATION

2020 2019
€ €
Fees payable to the company's auditor for the audit of the company's
annual accounts 8,800 8,440
Fees payable to the company's auditor in respect of other services
All taxation advisory services not included above 2,200 2,110

12. STAFF COSTS

Dutch staff remuneration
Dutch staff social security costs
Dutch staff pension costs		 2020
€
411,946
55,342
33,559
500,847		 2019
€
402,662
62,527
33,542
498,731

The average number of persons employed by the company during the year was as follows:

2020 2019
No. No.
Publications and administration 8 9

The number of employees whose employee benefits (excluding employer pension costs) exceeded €60,000 was:

2020 2019
No. No.
In the band €80,001 - €90,000 1 -

The key management personnel of the charity comprise the Trustees and the Managing Director. No Trustees are entitled to any emoluments in respect of their services and they did not receive any remuneration or benefits in kind in this or the prior year. The total employee benefits of the key management personnel of the charity were €102,615 (2019 - €83,703). This represents salaries, employer's pension contribution and employer's social security costs.

13. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2019 - €NIL).

Page 3[Ù]

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. TRUSTEES' REMUNERATION AND EXPENSES (CONTINUED)

During the year ended 31 December 2020, expenses totalling €2,155 were reimbursed or paid directly to 5 Trustees (2019 - €24,280 to 8 Trustees). The reimbursed expenses primarily represent travel and subsistence expenses incurred in connection with attendance at FEMS meetings and postage and stationery costs.

14. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 January 2020
Additions
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for the year
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Office
equipment
€
37,343
1,389
38,732
28,774
4,478
33,252
5,480
8,569

Page 3 Ú

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. FIXED ASSET INVESTMENTS

COST OR VALUATION
At 1 January 2020
Additions
Disposals
Û
Ü
Ý
Þ
ß
à
à
á
â
ã
Ú
ä
å
æ
ç
å
ç
è
Revaluations
é
ê
ë
ì
í
ì
î
ï
ð
î
ñ
ò
ó
ô
AT 31 DECEMBER 2020
NET BOOK VALUE
AT 31 DECEMBER 2020
AT 31 DECEMBER 2019		 Listed
investments
€
13,618,665
3,776,720
(2,748,192)
280,043
-
14,927,236
14,927,236
13,618,665		 Cash
investments
€
158,266
-
-
-
304,041
462,307
462,307
158,266		 Total
€
13,776,931
3,776,720
(2,748,192)
280,043
304,041
15,389,543
15,389,543
13,776,931

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy and performance sections of the Trustees' Report.

The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so the ability to buy and sell quoted equities and stock is anticipated to continue. The Company‘s investments are mainly traded in markets with good liquidity and high trading volumes.

The charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular 5 year period will normally be corrected.

Page 3[ä]

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

16. DEBTORS

Trade debtors
Other debtors		 2020
€
708,627
118,375
827,002		 2019
€
675,778
41,408
717,186

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other taxation and social security
Grants payable
Deferred income
Other creditors
Accruals		 2020
€
35,006
367,127
438,372
2,047,117
-
231,477
3,119,099		 2019
€
16,937
380,964
118,150
2,120,472
1,372
93,691
2,731,586

Monies were received in advance for the journal production contract which commenced with Oxford University Press from 1 January 2020. This income has been deferred and is being released over the period to which the services relate.

Deferred income at 1 January 2020
Resources deferred during the year
Amounts released from previous periods		 2020
€
2,909,576
2,644,077
(2,909,576)
2,644,077		 2019
€
1,990,553
2,909,576
(1,990,553)
2,909,576

18.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020 2019
€ €
Deferred income 626,960 829,104

Page 3[õ]

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

19. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICT
ö D
FUNDS
General Funds
RESTRICTED
FUNDS
Restricted fund -
Jensen award
TOTAL OF
FUNDS		 Balance at 1
January
2020
€
14,226,712

100,266
14,326,978		 Income
€
3,017,596
-
3,017,596		 Expenditure
€
(1,583,799)
-
(1,583,799)		 Transfers
in/out
€
(10,227)
10,227
-		 Gains/
(Losses)
€
321,055
-
321,055		 Balance at
31
December
2020
€
15,971,337
110,493
16,081,830

Page 3[å]

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

19. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Emergency
congress
support fund
Congress
attendance
support fund
EAM reserve
IT upgrade
Publications
strategic
development
Strategic
development
GENERAL
FUNDS
General Funds
TOTAL
UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
Restricted fund -
Jensen award
TOTAL OF
FUNDS		 Balance at
1 January
2019
€
70,000
61,710
41,900
50,000
24,184

151,894
399,688
10,587,652
10,987,340
87,187

11,074,527		 Income
€
-
-
-
-
-
-
-
3,019,253
3,019,253
-
3,019,253		 Expenditure
€
-
-
-
-
-
-
-
(1,581,412)
(1,581,412)
-
(1,581,412)		 Transfers
in/out
€
(70,000)
(61,710)
(41,900)
(50,000)
(24,184)
(151,894)
(399,688)
386,609
(13,079)
13,079
-		 Gains/
(Losses)
€
-
-
-
-
-
-
-
1,814,610
1,814,610
-
1,814,610		 Balance at
31
December
2019
€
-
-
-
-
-
-
-
14,226,712
14,226,712
100,266
14,326,978

Page 3[÷]

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

19. STATEMENT OF FUNDS (CONTINUED)

Designated Funds

In 2019, the transfer from designated to unrestricted funds represents expenditure during the year which meets the purpose of the designated fund, but has been allocated to general funds.

Emergency Congress Support Fund

FEMS Congresses of European Microbiologists are an extension of its activities in support of microbiology in Europe. They are financially self-sufficient. The Emergency Congress Support Fund was set up to ensure that unexpected costs can be met.

Congress Attendance Support Fund

FEMS is committed to supporting young scientists to the extent that financial resources permit. The Congress Attendance Support Fund was set up to provide grants to young scientists in order to enable them to attend the biennial "FEMS Congress of European Scientists".

EAM Reserve Fund

One of the goals of FEMS has been to amplify the impact of microbiology and microbiologists in Europe. For this purpose, it was important to establish a group of leading European microbiologists that is able to work in close association with FEMS. The European Academy of Microbiology was established to promote excellence in microbiology in Europe through targeted programmes and activities. The EAM fund supported this group.

IT Upgrade Fund

This fund was established to fund upgrades and development to the FEMS IT infrastructure.

Publications Strategic Development Fund

This fund was set up in support of FEMS' future publishing activities.

Strategic Development Fund

This fund was set up to support the development and expansion of FEMS future activities and initiatives, as defined in its statutes.

Restricted Funds

Jensen Fund

FEMS-Jensen Fund, established through the generosity of J R Norris in honour of Dr Hans Laurits Jensen (1898-1977), to enable the Federation to support an outstanding early career researcher to spend at least 6 months in a research laboratory of the awardees choosing. The fund balance is invested as part of FEMS' investment portfolio and a transfer to the fund is made annually representing a proportionate share of the total return on the investment portfolio from 2012 to 2020.

The transfer to restricted fund is the allocation of the investment gains in the year to this fund.

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THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

20. SUMMARY OF FUNDS ����������SUMMARY OF FUNDS - CURRENT YEAR

Balance at
Balance at 1 31
January Transfers Gains/ December
2020 Income Expenditure in/out (Losses) 2020
€ € € € € €
General funds 14,226,712 3,017,596 (1,583,799) (10,227) 321,055 15,971,337
Restricted funds 100,266 - - 10,227 - 110,493
14,326,978 3,017,596 (1,583,799) - 321,055 16,081,830
SUMMARY OF FUNDS - PRIOR YEAR
Balance at
Balance at 31
1 January Transfers Gains/ December
2019 Income Expenditure in/out (Losses) 2019
€ € € € € €
Designated
funds 399,688 - - (399,688) - -
General funds 10,587,652 3,019,253 (1,581,412) 386,609 1,814,610 14,226,712
Restricted funds 87,187 - - 13,079 - 100,266
11,074,527 3,019,253 (1,581,412) - 1,814,610 14,326,978

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Unrestricted
funds
2020
€
Tangible fixed assets
5,480
Fixed asset investments
15,279,050
Current assets
4,432,866
Creditors due within one year
(3,119,099)
Creditors due in more than one year
(626,960)
TOTAL
15,971,337		 Restricted
funds
2020
€
-
110,493
-
-
-
110,493		 Total
funds
2020
€
5,480
15,389,543
4,432,866
(3,119,099)
(626,960)
16,081,830

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THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD

Unrestricted
funds
2019
€
Tangible fixed assets
8,569
Fixed asset investments
13,676,665
Current assets
4,102,168
Creditors due within one year
(2,731,586)
Creditors due in more than one year
(829,104)
TOTAL
14,226,712
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net income for the period (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Net (gains)/losses on investments
Dividends, interests and rents from investments
Increase in debtors
Increase in creditors
NET CASH PROVIDED BY OPERATING ACTIVITIES		 Restricted
funds
2019
Total
funds
2019
€
€
-
8,569
100,266
13,776,931
-
4,102,168
-
(2,731,586)
-
(829,104)
100,266
14,326,978
FROM OPERATING
2020
2019
€
€
1,754,345
3,238,134
4,478
4,131
(320,548)
(1,800,293)
(249,575)
(267,709)
(109,816)
(9,359)
185,369
983,540
1,264,253
2,148,444

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 22. ACTIVITIES

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THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

23. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
TOTAL CASH AND CASH EQUIVALENTS		 2020
€
3,605,864
3,605,864		 2019
€
3,384,982
3,384,982

24. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand At 1
January
2020
€
3,384,982
3,384,982		 Cash flows
€
220,882
220,882		 At 31
December
2020
€
3,605,864
3,605,864

25. OTHER FINANCIAL COMMITMENTS

The charity has given guarantees in the normal course of business amounting to €32,478 (2019 - €32,478).

26. RELATED PARTY TRANSACTIONS

There were no transactions with related parties during the year (2019: none).

27. CONTROLLING PARTY

The charitable company is under the control of the Trustees. No one trustee has individual control.

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