**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<br>�- 1�||
|**Statement of financial activities**|1�||
|**Balance sheet**|19||
|**Statement of cash flows**|20||
|**Notes to the financial statements**|21 -<br>�|�|





## **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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‡ › – ˆ £ £ Ÿ › š ˆ ¬ Ÿ Š — ˜ š “ ˆ ” › — › Š – £ ” Š £ ˆ ” › ¤ ‰ — “ Š › ” ˆ š š ˜ • ¤ — – › ¤ ˆ š š ˜ ” ¨ ˆ ¤ š Š ž › — “ — “ Š © › ¤ ˆ ¤ š › ˆ Ÿ Î Š £ ˜ ” — › ¤ ‰ ­ — ˆ ¤ ¨ ˆ ” ¨ ˆ £ £ Ÿ › š ˆ ¬ Ÿ Š › ¤ — “ Š Ñ Ò ˆ ¤ ¨ Î Š £ • ¬ Ÿ › š ˜ ™ Ó ” Š Ÿ ˆ ¤ ¨  © Î ­ ¯ Ô ‹ ¦  – Š š ˜ ¤ ¨ Š ¨ › — › ˜ ¤ Õ Ï š — ˜ ¬ Š ” ‹ Ô ¯ Ö ¦  Š ™ ™ Š š — › Í Š ¯ × ˆ ¤ • ˆ ” œ ‹ Ô ¯ Ö ¦ Ð ­ › ¤ š Š — “ Š ¡ ˜ ¢ £ ˆ ¤ œ Ë • ˆ Ÿ › ™ › Š – ˆ – Ì Ì – ¢ ˆ Ÿ Ÿ Ì Ì • ¤ ¨ Š ” – Š š — › ˜ ¤ ® Ø ® § — “ Š – — ” ˆ — Š ‰ › š ” Š £ ˜ ” — ” Š Ë • › ” Š ¨ ˜ ™ ¢ Š ¨ › • ¢ ˆ ¤ ¨ Ÿ ˆ ” ‰ Š š ˜ ¢ £ ˆ ¤ › Š – • ¤ ¨ Š ” ’ “ Š ¡ ˜ ¢ £ ˆ ¤ › Š – ¥ š — ‹ Ô Ô Ù  ­ — ” ˆ — Š ‰ › š Î Š £ ˜ ” — ˆ ¤ ¨ › ” Š š — ˜ ” Ì – Î Š £ ˜ ” — ¦ Î Š ‰ • Ÿ ˆ — › ˜ ¤ – ‹ Ô ¯ ® › – ¤ ˜ — ” Š Ë • › ” Š ¨ Ð k q Ú e p c j Û e t i l g i p c j Û j c j e t n w } ~ v ~ € Ü Ý w ‚ Þ € v  ~ ß € Ü z {  z v  ~ ß ~  ~ € Ü c d e f e o t o j t t j k l j t c k i g Û i l p e c d e Û j t j q j r j c  Ý h e n m c i c j k l Ý i l g j o n i p c k f o j p h k q j k r k s  q  d e r n j l s c k p k l l e p c n e k n r e i l g t d i h e à l k á r e g s e Ý á j c d k m c q k h g e h t k h q i h h j e h t â © ª « ­ ž ˆ – ™ ˜ • ¤ ¨ Š ¨ › ¤ ¯ Ö ã ä — ˜ Š ¤ š ˜ • ” ˆ ‰ Š – š › Š ¤ — › ™ › š š ˜ Ÿ Ÿ ˆ ¬ ˜ ” ˆ — › ˜ ¤ § ™ ˆ š › Ÿ › — ˆ — Š › ¤ — Š ” ¤ ˆ — › ˜ ¤ ˆ Ÿ š ˜ ¢ ¢ • ¤ › š ˆ — › ˜ ¤ ˆ ¤ ¨ – • £ £ ˜ ” — ¢ Š Š — › ¤ ‰ – § — ” ˆ › ¤ › ¤ ‰ § ˆ ¤ ¨ ” Š – Š ˆ ” š “  ³ ¾ ¿ Ê ¼ ½ å » µ ¾ Ç ± Å ¼ ³ Á ² µ ¾ ´ Á ¾ Ä ¾ Ê Á ¼ ½ ¼ ¸ æ Á ¿ ² ± ½ º ± ¿ È ¾ » µ  ² ½ Á ç Á ½ Á ± ¼ º Â ç ± Š è £ ˆ ¤ ¨ Š ¨ ¬ • — ˜ • ” š ˜ ” Š ¢ › – – › ˜ ¤ ” Š ¢ ˆ › ¤ – — “ Š – ˆ ¢ Š Ð Ï • ” – — ” ˆ — Š ‰ › š £ • ” £ ˜ – Š ˆ ¤ ¨ ˜ ¬ é Š š — › Í Š – ž Š ” Š ” Š Í › Š ž Š ¨ ˆ ¤ ¨ ” Š ™ ” Š – “ Š ¨ ¨ • ” › ¤ ‰ ‹ Ô ‹ Ô ˆ ¤ ¨ £ • ¬ Ÿ › – “ Š ¨ › ¤ ˜ • ” t   z  € ƒ ~ v n } z {  ‘  ‘ ê  ‘  ë ì p w { { € v  ~ { ƒ n € w y } € ê t í z  ~ { ƒ à { w î } €  ƒ € Ð ’ “ › – ¨ ˜ š • ¢ Š ¤ — ˜ • — Ÿ › ¤ Š – — “ Š ‰ ˜ ˆ Ÿ – ž Š ž ˆ ¤ — — ˜ ˆ š š ˜ ¢ £ Ÿ › – “ ¬ • — ˆ Ÿ – ˜ ¨ Š – š ” › ¬ Š – — “ Š Í 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” › ¤ ‰ Š è £ Š ” › Š ¤ š Š – § ñ ¤ ˜ ž Ÿ Š ¨ ‰ Š § ” Š – Š ˆ ” š “ ˜ • — š ˜ ¢ Š – ˆ ¤ ¨ ¬ Š – — £ ” ˆ š — › š Š � ‡ • ¬ Ÿ › – “ ˆ ¤ ¨ £ ” ˜ ¢ ˜ — Š “ › ‰ “ ï Ë • ˆ Ÿ › — œ – š › Š ¤ — › ™ › š ” Š – Š ˆ ” š “ — “ ˆ — › – ˆ š š Š – – › ¬ Ÿ Š ˆ ¤ ¨ ¢ ˜ ” Š Š ˆ – › Ÿ œ – “ ˆ ” Š ¨ ˆ š ” ˜ – – ¬ ˜ ” ¨ Š ” – ž › — “ ¤ ˜ ¬ ˆ ” ” › Š ” – — ˜ ñ ¤ ˜ ž Ÿ Š ¨ ‰ Š Š è š “ ˆ ¤ ‰ Š � ­ • £ £ ˜ ” — ” Š – Š ˆ ” š “ Š ” – Å ˆ ¬ › Ÿ › — œ — ˜ — ” ˆ Í Š Ÿ ˆ ¤ ¨ ž ˜ ” ñ ž › — “ ˜ • — “ › ¤ ¨ ” ˆ ¤ š Š § Š ¤ š ˜ • ” ˆ ‰ › ¤ ‰ ˆ ¤ ¨ Š ¤ ˆ ¬ Ÿ › ¤ ‰ š ˜ Ÿ Ÿ ˆ ¬ ˜ ” ˆ — › ˜ ¤ – — ˜ £ ” ˜ ¨ • š Š ‰ Ÿ ˜ ¬ ˆ Ÿ ” Š – £ ˜ ¤ – Š – — ˜ ‰ Ÿ ˜ ¬ ˆ Ÿ › – – • Š – � ‡ ” ˜ ¢ ˜ — Š ¢ Š ˆ ¤ › ¤ ‰ ™ • Ÿ ¨ › ˆ Ÿ ˜ ‰ • Š ¬ Š — ž Š Š ¤ – š › Š ¤ — › – — – ˆ ¤ ¨ £ ˜ Ÿ › š œ ¢ ˆ ñ Š ” – ˆ — ¤ ˆ — › ˜ ¤ ˆ Ÿ ˆ ¤ ¨ ª • ” ˜ £ Š ˆ ¤ Ÿ Š Í Š Ÿ Ð � ­ • £ £ ˜ ” — ™ ˜ ” ¢ › š ” ˜ ¬ › ˜ Ÿ ˜ ‰ › – — – — ˜ ¨ Š Í Š Ÿ ˜ £ — “ Š – ñ › Ÿ Ÿ – ˆ ¤ ¨ ñ ¤ ˜ ž Ÿ Š ¨ ‰ Š — ˜ ñ Š Š £ • £ — ˜ ¨ ˆ — Š ž › — “ ” Š š Š ¤ — ¨ Š Í Š Ÿ ˜ £ ¢ Š ¤ — – § › ¤ ˆ š “ ˆ ¤ ‰ › ¤ ‰ ž ˜ ” Ÿ ¨ ˆ ¤ ¨ š “ ˆ ¤ ‰ › ¤ ‰ ” Š – Š ˆ ” š “ £ ” › ˜ ” › — › Š – Ð � ª ¤ ‰ ˆ ‰ Š ¨ ˆ ¤ ¨ Š ¨ • š ˆ — Š ¨ £ ” ˜ ™ Š – – › ˜ ¤ ˆ Ÿ – § ˆ ¤ ¨ £ • ¬ Ÿ › š ˆ ž ˆ ” Š ¤ Š – – ˜ ™ — “ Š ” ˜ Ÿ Š ˜ ™ ¢ › š ” ˜ ˜ ” ‰ ˆ ¤ › – ¢ – › ¤ ¨ ˆ › Ÿ œ Ÿ › ™ Š ˆ ¤ ¨ — “ Š › ” ¬ Š ¤ Š ™ › — – § ¬ Š ˆ • — œ § ˆ ¤ ¨ ” › – ñ – 

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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** 


**----- Start of picture text -----**<br>
¦ § ¨ © ª « ¬ ­ ª ® ¯ ° « ­ ª ± ª ­ ª ² ³<br>� = F ? F ? . + 0 6 . . ´ 0 + µ ¶ · ¸ · ¹ º » ¼ ½ ¾ ¿ À ¹ º » ¼ Á ¹ Â ¾ Ã : 6 9 ]<br>6 6 : : 0 ) 0 7 + 6 ] 0 + + ) 2 6 Ä<br>Å µ ¶ · ¸ · ¹ º » ¼ ½ ¾ ¿ : ] ] 0 7 + ] 0 0 5 9 Æ 5 .<br>6 : 0 Æ Ç 0 6 : . + + 9 5 È 0 ] + ) , - 6 Æ 2 + + ]<br>, - 7 5 + 7 + 5 . ] 6 µ ¶ · ¸ · ¹ º » ¼ ½ ¾ ¿ 0 + + ] A ? É + Æ<br>Å À ¹ º » ¼ Á ¹ Â ¾ + + 7 . 6 6 0 2 : ) ] 4 7 + 9 ) ] 0 0 7 + 6 9<br>6 6 9 6 Ê 0 + ) Æ<br>Ë § Ì Ì ® Í ­ Î ® Í « ® Ï Ï § ¯ ª ­ Ð Ñ § Í ª ¯ Ò Ó ® Í ® ¯ ¬ ± ª Í § ³ Ì ¬ ¯ Ñ ² Ï ª « Ô<br>� Õ K � � P O ` Ö × I P O � � Ø 6 Ä Ù Ù : Æ 0 Æ : Ù ] : ´ 0 + Ù 9 Ù . 7 Ú = 6<br>, ; = D ^ 0 7 < 5 9 ] : 9 6 Ç 4 ´ 0 + .<br>0 9 . 7 7 9 ] 0 6 : 7 + 9 ) : : 0 ) Æ / 6<br>. 7 . + + 5 . 6 + 9 0 : 7 ] 6 6 6 + 7 ] ]<br>9 ] ] 6 ´ 0 + Æ<br>� / 6 Ç 4 ´ 0 + X 6 5 7 + * 9 + X 5 + , 2 2 . 6 6 + + . 0 ] :<br>0 7 7 9 0 0 6 0 5 + 7 6 0 7 5 . 6<br>6 ) : 0 Æ<br>� 2 + 9 , 0 7 ] F ? F D . ] > ] + 9 0<br>0 7 + 7 0 9 ] 6 ] : : 0 ) Æ<br>� 9 6 0 7 : + ] : 6 + 6 5 7 ´ 0 + + . : ] + È 7 + ) ] 0 6<br>5 . . < 6 : 0 Æ<br>Û ª Ò Ü © ª Ò Ü ­ ³<br>� 5 A Æ E : + + . + ] Ç 4 ´ 0 + Ý 9 ] D A Þ :<br>F ? D ^<br>� B @ D + 0 7 + 6 E ´ 0 + F ? F ?<br>� / . . ] 0 + + ) Ø 2 Ú ´ 0 + Ç 4 : 7 : ] + 0 6 9 5 0 6<br>9 ] 0 7 + 6 9<br>ß à á â ã ä<br>Ç 4 9 > . 5 0 6 0 9 6 0 9 ]<br>+ + 7 Æ 2 : 5 0 6 ] 0 : : 6 + 5 5 6 +<br>9 . + + 7 5 : : 0 ) ] : 7 + 9 . 6 6 È < . + 9<br>6 0 : 7 Æ Ç 4 < ] : : 0 ) ] ] ) 5<br>6 0 0 + 6 + + : 7 + 9 + + Æ W 5 + 0 7 6 ] +<br>0 0 9 . < 9 : : 0 : 9 : 7 + 9 Æ W +<br>5 9 > . 6 7 ) 0 4 : 7 9 0 4 : 7 6 : ]<br>6 5 6 ) 9 > 5 ] + 7 0 : 5 0 Æ<br>. 5 F ? F ? . 6 + : + + 5 + + 6 0 : 6 7 6 5 5 0 + 5 :<br>Ç 4 + 6 + 6 ] , ] 4 7 + 9 ) + 9 1 0 + ) F ? F ? Æ / 6 5 . 9 ><br>+ + 7 . 6 ] 0 4 : 7 6 7 ) ] 4 7 + 9 ) . 6 6 : ] 9<br>6 ] + ] : 7 + 9 ) ] 9 ] 0 Æ 6 : ] , ; = D ^ 7 : + 6<br>: 9 . + . : : ) ] 6 + 5 0 :<br>7 + Æ<br>° « ­ ª ± ª ­ ª ² ³<br>å æ N ç _ K P L � P M K P N I M � K × I K ` K H è<br>� / 6 5 . 5 0 + + 5 9 6 ] 0 + + ] 9 : : Æ <<br>6 6 5 . : È ] + 5 + < Æ / 6<br>. + 0 7 + 5 . 6 + 5 é 8 2 Æ<br>**----- End of picture text -----**<br>


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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)** 


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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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## **THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES** 

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" 6 ) - & $ ! + # $ . - / - & ! 1 ! 5 ! 1 " / 4 $ ! " ! $ 5 ! " & ! 1 . # $ ! i � - / . ) " - $ ) 3 2 - ! # " 0 2 % & / 4 - & ! $ ! " / 2 $ % ! " # " 7 / " " ) 3 1 ! ) * 4 2 $ - & ! $ ) * + - & ! % & # $ ) - # 3 1 ! # ) 0 " / 4 - & ! f ! . ! $ # - ) / * G + ) 5 ! * - & ! % # 5 ! # - " # 3 / 5 ! $ ! + # $ . ) * + % 2 $ $ ! * - o - $ # * " ) ! * - p 2 * % ! $ - # ) * - ) ! " 6 ) - & $ ! " 7 ! % - - / $ ! 5 ! * 2 ! " # * . - & ! À A Ä » Ä ¾ Á ¾ º Î À Ä Ì ¾ À Ä Ì ¾ É ½ º Ê Ë À Ì Ä Í À ¾ Ä º Ì Â ¹ ½ B ) " - ) * + # % - ) 5 ) - ) ! " C � - / ! * " 2 $ ! - & # - - & ! " ! % 2 $ ! ) * 5 ! " - 0 ! * - / 4 - & ! % / 0 7 # * A 9 " $ ! " ! $ 5 ! " $ ! " 2 1 - " ) * 3 ! " - 7 / " " ) 3 1 ! 1 / * + C - ! $ 0 4 ) * # * % ) # 1 + # ) * C � - / ! * " 2 $ ! - & # - G ) * - & ! 2 * 1 ) ` ! 1 A ! 5 ! * - / 4 # % # - # " - $ / 7 & ) % 4 # ) 1 2 $ ! / 4 - & ! f ! . ! $ # - ) / * G - & ! % / 0 7 # * A % / 2 1 . 3 ! % 1 / " ! . . / 6 * ) * " 2 % & # 6 # A # " - / 0 ! ! - # 1 1 / 2 - " - # * . ) * + . ! 3 - " # * . . ! 0 # * . " / * - & ! $ ! " / 2 $ % ! " ) * # * / $ . ! $ 1 A 0 # * * ! $ ; 

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 / . ! " - 1 ! 5 ! 1 G ! * # 3 1 ) * + # 1 1 $ ! 1 ! 5 # * - 0 ) % $ / 3 ) / 1 / + A " / % ) ! - ) ! " - / 3 ! % / 0 ! 0 ! 0 3 ! $ " / 4 f b _ F / $ - / 0 # ) * - # ) * - & ! ) $ 0 ! 0 3 ! $ " & ) 7 $ ! + # $ . 1 ! " " / 4 5 # $ ) # - ) / * " ) * - & ! ! c % & # * + ! $ # - ! / 4 * # - ) / * # 1 % 2 $ $ ! * % ) ! " - / - & ! b 2 $ / ; > k ? k @ $ - ) % 1 ! g 8 ; 8 ) * - & ! f ! . ! $ # - ) / * 9 " @ $ - ) % 1 ! " / 4 @ " " / % ) # - ) / * " - # - ! " - & # - ¾ É ½ N º Î : À Ì Á  ¹ : º 1 ½ Ê ¹ º 0 Ä Ì ¼ ½ ¹ ¾ Î ½ Ì ¾ + 0 º Ê ¾ É ½ 7 2 $ 7 / " ! / 4 # % & ) ! 5 ) * + ) - " % & # $ ) - # 3 1 ! / 3 a ! % - ) 5 ! " G " & # 1 1 * / - 3 ! 1 ) 0 ) - ! . 3 A - & ! ( $ 2 " - ! ! K * 5 ! " - 0 ! * - " @ % - D E t D ; ( & ) " " - # - 2 - ! & # " 3 ! ! * # 7 7 $ / 5 ! . 3 A - & ! B & # $ ) - A B / 0 0 ) " " ) / * ! $ " ; j ? ? @ - - & ! ! * . / 4 g 9 g 9 - & ! ) * 5 ! " - 0 ! * - 7 / $ - 4 / 1 ) / 5 # 1 2 ! " - / / . # - “ O P Q R S T Q P U R ’ V W O T “ O R Q X X Y Q T R U ” Z f b _ F 9 " ) * 5 ! " - 0 ! * - 7 / $ - 4 / 1 ) / ) " & ! 1 . ) * • / * . / * 2 " ) * + - & ! " ! $ 5 ) % ! " / 4 # * K * 5 ! " - 0 ! * - _ # * # + ! $ 6 . É ½ : º Ê ¾ 0 º » Ä º  ¹ K * 5 ! " - 0 ! * - I 3 a ! % - ) 5 ! " # $ ! - / + ! * ! $ # - ! # * K * % / 0 ! # * . , $ / 6 - & $ ! - 2 $ * 6 ) - & # L ) 5 ! $ " ) 4 ) ! . ) " ` ; ( & ! 7 / $ - 4 / 1 ) / ) " # % / * " ! $ 5 # - ) 5 ! / * ! % / * " ) " - ) * + / 4 # 0 ) c - 2 $ ! / 4 È s # * . / 5 ! $ " ! # " ! @ 2 ) - ) ! " G È s + / 5 ! $ * 0 ! * - " - / % ` " G 2 * ) - - $ 2 " - " G 7 $ / 7 ! $ - A G % / 0 0 / . ) - ) ! " # * . % # " & G % # $ ! 4 2 1 1 A 3 1 ! * . ! . - / + ! * ! $ # - ! ) * % / 0 ! # * . 1 / * + C - ! $ 0 % # 7 ) - # 1 + $ / 6 - & ; ( & ! 7 / $ - 4 / 1 ) / ) " 0 # * # + ! . / * # . ) " % $ ! - ) / * # $ A 3 # " ) " 6 ) - & ) - " % / * - ! * - # * . 7 ! $ 4 / $ 0 # * % ! 0 / * ) - / $ ! . 3 A - & ! ( $ ! # " 2 $ ! $ ; ( & ! ) * 5 ! " - 0 ! * - " # $ ! & ! 1 . ) * F - ! $ 1 ) * + o , e r p # * . - & ! $ ! 4 / $ ! - & ! 5 # 1 2 # - ) / * ) " . ! 7 ! * . ! * - / * - & ! % 2 $ $ ! * - , e r [ b È ! c % & # * + ! $ # - ! ; \ „ ] ‰ ] „ ^ _ Ž „ | ‰ | | | _ \ ˆ ~ ˆ  ˆ ƒ ` ( & ! B / 0 7 # * A ) " $ ! + ) " - ! $ ! . # " # % & # $ ) - # 3 1 ! % / 0 7 # * A 1 ) 0 ) - ! . 3 A + 2 # $ # * - ! ! # * . ) " + / 5 ! $ * ! . 3 A ) - " @ $ - ) % 1 ! " / 4 @ " " / % ) # - ) / * o $ ! 5 ) " ! . # * . # % % ! 7 - ! . 3 A B / 2 * % ) 1 ) * g 9 D $ p a & - - 7 " i [ [ 4 ! 0 " C 0 ) % $ / 3 ) / 1 / + A ; / $ + [ 6 7 C % / * - ! * - [ 2 7 1 / # . " [ g 9 g 9 [ 9 g [ @ ( K B • b F C I f C @ F F I B K @ ( K I – C g 9 D $ 9 8 9 D ; 7 . 4 b ; K * # % % / $ . # * % ! 6 ) - & - & ! f ! . ! $ # - ) / * 9 " @ $ - ) % 1 ! " / 4 @ " " / % ) # - ) / * o @ $ - ) % 1 ! Ñ h p G ! # % & / 4 ) - " _ ! 0 3 ! $ F / % ) ! - ) ! " & # " 2 * . ! $ - # ` ! * - / % / * - $ ) 3 2 - ! - / ) - # " 2 0 * / - ! c % ! ! . ) * + c D ) * - & ! ! 5 ! * - / 4 ) - " 3 ! ) * + 6 / 2 * . 2 7 6 & ) 1 ! - & ! A # $ ! 0 ! 0 3 ! $ " G / $ 6 ) - & ) * / * ! A ! # $ # 4 - ! $ - & ! A % ! # " ! - / 3 ! 0 ! 0 3 ! $ " ; > l k d ? ? e f ? ( & ! + / 5 ! $ * # * % ! / 4 - & ! B / 0 7 # * A ) " - & ! $ ! " 7 / * " ) 3 ) 1 ) - A / 4 - & ! e / # $ . / 4 ( $ 2 " - ! ! " [ L ) $ ! % - / $ " 6 & / " ! 0 ! 0 3 ! $ " # $ ! ! 1 ! % - ! . 2 * . ! $ - & ! - ! $ 0 " / 4 - & ! @ $ - ) % 1 ! " / 4 @ " " / % ) # - ) / * ; J # % # * % ) ! " / * - & ! e / # $ . / 4 ( $ 2 " - ! ! " # $ ! # . 5 ! $ - ) " ! . 6 ) . ! 1 A G 6 ) - & # % 1 ! # $ $ / 1 ! . ! " % $ ) 7 - ) / * # * . 7 $ ! 5 ) / 2 " ! c 7 ! $ ) ! * % ! / 4 % & # $ ) - A + / 5 ! $ * # * % ! / $ 6 ) - & f b _ F ) " * / - $ ! @ 2 ) $ ! . ; b # % & ( $ 2 " - ! ! " ! $ 5 ! " # - ! $ 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 HaThvc*yJ
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: 

- ! give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; 

- ! have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- ! have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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: 

- ! the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements. 

- ! the Trustees' report has been prepared in accordance with applicable legal requirements. 

## **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: 

- ! adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- ! the financial statements are not in agreement with the accounting records and returns; or 

- ! certain disclosures of Trustees' remuneration specified by law are not made; or 

- ! we have not received all the information and explanations we require for our audit; or 

- ! the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report. 

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: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge and experience of the sector; 

- we obtained an understanding of the legal and regulatory framework applicable to the entity and how the 

- entity is complying with that framework; 

- we obtained an understanding of the entity’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance; 

- we identified which laws and regulations were significant in the context of the entity; and 

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

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:� 

- •� making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and� 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

- To address the risk of fraud through management bias and override of controls, we; 

- performed analytical procedures to identify any unusual or unexpected relationships; and 

- performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. 

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

- agreeing financial statement disclosures to underlying supporting documentation; 

- review minutes of meetings of those charged with governance;  and 

- reviewing correspondence with relevant regulators and the charity’s legal advisors. 

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**<br>**INCOME FROM:**<br>Donations and legacies<br>2<br>Charitable activities<br>3<br>Investments<br>4<br>**TOTAL INCOME**<br>**EXPENDITURE ON:**<br>Raising funds: Investment management<br>fees<br>Charitable activities<br>5<br>’<br>**TOTAL EXPENDITURE**<br>**NET INCOME BEFORE NET GAINS**<br>**ON INVESTMENTS**<br>Net gains on investments<br>15<br>**NET INCOME**<br>Transfers between funds<br>19<br>**NET MOVEMENT IN FUNDS BEFORE**<br>**OTHER RECOGNISED GAINS**<br>**OTHER RECOGNISED GAINS:**<br>Gains on investment cash<br>**NET MOVEMENT IN FUNDS**<br>**RECONCILIATION OF FUNDS:**<br>Total funds brought forward<br>Net movement in funds<br>**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**<br>**funds**<br>**2020**<br>**€**<br>**39,563**<br>**2,728,458**<br>**249,575**<br>**3,017,596**<br>**43,390**<br>**1,540,409**<br>**1,583,799**<br>**1,433,797**<br>**320,548**<br>**1,754,345**<br>**(10,227)**<br>**1,744,118**<br>**507**<br>**1,744,625**<br>**14,226,712**<br>**1,744,625**<br>**15,971,337**|**Restricted**<br>**funds**<br>**2020**<br>**€**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**10,227**<br>**10,227**<br>**-**<br>**10,227**<br>**100,266**<br>**10,227**<br>**110,493**|**Total**<br>**funds**<br>**2020**<br>**€**<br>**39,563**<br>**2,728,458**<br>**249,575**<br>**3,017,596**<br>**43,390**<br>**1,540,409**<br>**1,583,799**<br>**1,433,797**<br>**320,548**<br>**1,754,345**<br>**-**<br>**1,754,345**<br>**507**<br>**1,754,852**<br>**14,326,978**<br>**1,754,852**<br>**16,081,830**|Total<br>funds<br>2019<br>€<br>40,112<br>2,711,432<br>267,709|
|---|---|---|---|---|
|||||3,019,253|
|||||89,018<br>1,492,394|
|||||1,581,412|
|||||1,437,841<br>1,800,293|
|||||3,238,134<br>-|
|||||3,238,134<br>14,317|
|||||3,252,451|
|||||11,074,527<br>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**<br>Net cash used in operating activities<br>**CASH FLOWS FROM INVESTING ACTIVITIES**<br>Dividends, interests and rents from investments<br>Purchase of tangible fixed assets<br>Net cash transferred to investment portfolio<br>**NET CASH USED IN INVESTING ACTIVITIES**<br>**CASH FLOWS FROM FINANCING ACTIVITIES**<br>Gains on invested cash due to exchange rates<br>**NET CASH PROVIDED BY FINANCING ACTIVITIES**<br>**CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR**<br>Cash and cash equivalents at the beginning of the year<br>**CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR**<br>The notes on pages 21 to“<br>” form part of these financial statements<br>–<br>—|**2020**<br>**€**<br>**1,264,253**<br>**249,575**<br>**(1,389)**<br>**(1,292,063)**<br>**(1,043,877)**<br>**506**<br>**506**<br>**220,882**<br>**3,384,982**<br>**3,605,864**|2019<br>€<br>2,148,444<br>267,709<br>(5,247)<br>(2,451,684)<br>**(2,189,222)**<br>14,319<br>**14,319**<br>**(26,459)**<br>3,411,441<br>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**<br>**funds**<br>**2020**<br>**€**<br>Membership subscriptions<br>39,563<br>TOTAL 2019<br>40,112|**Total**<br>**funds**<br>**2020**<br>**€**<br>**39,563**<br>40,112|Total<br>funds<br>2019<br>€<br>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**<br>**funds**<br>**2020**<br>**€**<br>2,713,158<br>Income from journals<br>Con˜<br>™<br>š<br>™<br>›<br>œ<br>™ income<br>15,300<br>2,728,458<br>TOTAL 2019<br>2,711,432<br>**4.**<br>**INVESTMENT INCOME**<br>**Unrestricted**<br>**funds**<br>**2020**<br>**€**<br>Income from equities<br>247,546<br>Bank interest receivable<br>2,029<br>249,575<br>TOTAL 2019<br>267,709<br>**5.**<br>**INVESTMENT MANAGEMENT COSTS**<br>**Unrestricted**<br>**funds**<br>**2020**<br>**€**<br>Investment management fees<br>43,390<br>TOTAL 2019<br>89,018|**Total**<br>**funds**<br>**2020**<br>**€**<br>**2,713,158**<br>**15,300**<br>**2,728,458**<br>2,711,432<br>**Total**<br>**funds**<br>**2020**<br>**€**<br>**247,546**<br>**2,029**<br>**249,575**<br>267,709<br>**Total**<br>**funds**<br>**2020**<br>**€**<br>**43,390**<br>89,018|Total<br>funds<br>2019<br>€<br>2,709,170<br>2,262|
|---|---|---|
|||2,711,432|
|||Total<br>funds<br>2019<br>€<br>261,907<br>5,802|
|||267,709|
|||Total<br>funds<br>2019<br>€<br>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`**<br>**ANALYSIS OF CHARITABLE EXPENDITURE BY ACTIVITIES**||**`Direct costs`**<br>**`Grant costs`**<br><br>ž<br>Ÿ<br> <br>Ÿ|**`(note 8)`**<br>**`(note 7)`**<br>**`(note 9)`**||**`€`**<br>**`€`**<br>**`€`**|||||Publications<br>252,276<br>-<br>118,513|||Events<br>102,301<br>-<br>59,632|||Grants and Awards<br>42,237<br>472,476<br>59,810|||Projects<br>27,137<br>-<br>64,753|||Business Development and Support Services<br>78,788<br>-<br>98,946|||Communications<br>103,909<br>-<br>59,631||||Total<br>**606,648**<br>**472,476**<br>**461,285**||||Total 2019<br>**657,451**<br>**448,030**<br>**386,913**||||||||
|||||**6.**|||||||||||||||||||||||||||||||||||||||||





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

|**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 31 DECEMBER 2020**<br>**Grants to**<br>**Grants to**<br>**Institutions**<br>**Individuals**<br>**2020**<br>**2020**<br>**€**<br>**€**<br>Grants<br>**241,456**<br>**220,918**<br>Awards<br>-**10,102 **<br>Total<br>**241,456**<br> <br>**231,020**<br> <br>Total 2019<br>174,000<br>274,030<br>£ **.**<br>**ANALYSIS OF**<br>¤<br>¥<br>¦<br>§<br>¨<br>©<br>¦<br>§<br>ª<br>¦<br>«<br>¦<br>¥<br>ª<br>©|**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 31 DECEMBER 2020**<br>**Grants to**<br>**Grants to**<br>**Institutions**<br>**Individuals**<br>**2020**<br>**2020**<br>**€**<br>**€**<br>Grants<br>**241,456**<br>**220,918**<br>Awards<br>-**10,102 **<br>Total<br>**241,456**<br> <br>**231,020**<br> <br>Total 2019<br>174,000<br>274,030<br>£ **.**<br>**ANALYSIS OF**<br>¤<br>¥<br>¦<br>§<br>¨<br>©<br>¦<br>§<br>ª<br>¦<br>«<br>¦<br>¥<br>ª<br>©|**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 31 DECEMBER 2020**<br>**Grants to**<br>**Grants to**<br>**Institutions**<br>**Individuals**<br>**2020**<br>**2020**<br>**€**<br>**€**<br>Grants<br>**241,456**<br>**220,918**<br>Awards<br>-**10,102 **<br>Total<br>**241,456**<br> <br>**231,020**<br> <br>Total 2019<br>174,000<br>274,030<br>£ **.**<br>**ANALYSIS OF**<br>¤<br>¥<br>¦<br>§<br>¨<br>©<br>¦<br>§<br>ª<br>¦<br>«<br>¦<br>¥<br>ª<br>©|||
|---|---|---|---|---|
||**Grants to**<br>**Institutions**<br>**2020**<br>**€**<br>**241,456**<br>-<br>**241,456**<br> <br>174,000|**Grants to**<br>**Individuals**<br>**2020**<br>**€**<br>**220,918**<br> **10,102 **<br>**231,020**<br> <br>274,030|**Total**<br>**2020**<br>**€**<br>**462,374**<br>**10,102 **<br>**472,476**<br> <br>448,030|Total<br>2019<br>€<br>425,146<br>22,884<br>**448,030**<br>|



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



Page 2[¢] 



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

||**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 31 DECEMBER 2020**<br>**DIRECT COSTS**<br>®<br>¯<br>°<br>±<br>±<br>²<br>³<br>´<br>¯<br>´ <br>µ<br>¯<br>¶<br>·<br>¸<br>¹<br>º<br>¸<br>·<br>²<br>¯<br>²<br>³<br>´<br>¯<br>´ <br>»<br>¼<br>»<br>¼ <br>2019<br>€<br>€<br>€<br>€<br>Publications<br>62,821<br>189,455<br>252,276<br>222,800<br>Events<br>66,985<br>35,316<br>102,301<br>124,170<br>Grants and Awards<br>42,237<br>-<br>42,237<br>47,245<br>Projects<br>5,123<br>22,014<br>27,137<br>58,806<br>Business Development and Support Services<br>5,870<br>72,918<br>78,788<br>126,723<br>Communications<br>70,158<br>33,751<br>103,909<br>77,707<br>Total<br>½<br>¾<br>¿<br>À<br>¿<br>Á<br>½<br>Â<br>Ã<br>Â<br>Ä<br>Å<br>Â<br>Å<br>Æ<br>Ç<br>Æ<br>È<br>Æ<br>É<br>Ê<br>Ë<br>Ì<br>Í<br>Î<br>Ï<br>Ì<br>Ð|**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 31 DECEMBER 2020**<br>**DIRECT COSTS**<br>®<br>¯<br>°<br>±<br>±<br>²<br>³<br>´<br>¯<br>´ <br>µ<br>¯<br>¶<br>·<br>¸<br>¹<br>º<br>¸<br>·<br>²<br>¯<br>²<br>³<br>´<br>¯<br>´ <br>»<br>¼<br>»<br>¼ <br>2019<br>€<br>€<br>€<br>€<br>Publications<br>62,821<br>189,455<br>252,276<br>222,800<br>Events<br>66,985<br>35,316<br>102,301<br>124,170<br>Grants and Awards<br>42,237<br>-<br>42,237<br>47,245<br>Projects<br>5,123<br>22,014<br>27,137<br>58,806<br>Business Development and Support Services<br>5,870<br>72,918<br>78,788<br>126,723<br>Communications<br>70,158<br>33,751<br>103,909<br>77,707<br>Total<br>½<br>¾<br>¿<br>À<br>¿<br>Á<br>½<br>Â<br>Ã<br>Â<br>Ä<br>Å<br>Â<br>Å<br>Æ<br>Ç<br>Æ<br>È<br>Æ<br>É<br>Ê<br>Ë<br>Ì<br>Í<br>Î<br>Ï<br>Ì<br>Ð|**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 31 DECEMBER 2020**<br>**DIRECT COSTS**<br>®<br>¯<br>°<br>±<br>±<br>²<br>³<br>´<br>¯<br>´ <br>µ<br>¯<br>¶<br>·<br>¸<br>¹<br>º<br>¸<br>·<br>²<br>¯<br>²<br>³<br>´<br>¯<br>´ <br>»<br>¼<br>»<br>¼ <br>2019<br>€<br>€<br>€<br>€<br>Publications<br>62,821<br>189,455<br>252,276<br>222,800<br>Events<br>66,985<br>35,316<br>102,301<br>124,170<br>Grants and Awards<br>42,237<br>-<br>42,237<br>47,245<br>Projects<br>5,123<br>22,014<br>27,137<br>58,806<br>Business Development and Support Services<br>5,870<br>72,918<br>78,788<br>126,723<br>Communications<br>70,158<br>33,751<br>103,909<br>77,707<br>Total<br>½<br>¾<br>¿<br>À<br>¿<br>Á<br>½<br>Â<br>Ã<br>Â<br>Ä<br>Å<br>Â<br>Å<br>Æ<br>Ç<br>Æ<br>È<br>Æ<br>É<br>Ê<br>Ë<br>Ì<br>Í<br>Î<br>Ï<br>Ì<br>Ð|**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 31 DECEMBER 2020**<br>**DIRECT COSTS**<br>®<br>¯<br>°<br>±<br>±<br>²<br>³<br>´<br>¯<br>´ <br>µ<br>¯<br>¶<br>·<br>¸<br>¹<br>º<br>¸<br>·<br>²<br>¯<br>²<br>³<br>´<br>¯<br>´ <br>»<br>¼<br>»<br>¼ <br>2019<br>€<br>€<br>€<br>€<br>Publications<br>62,821<br>189,455<br>252,276<br>222,800<br>Events<br>66,985<br>35,316<br>102,301<br>124,170<br>Grants and Awards<br>42,237<br>-<br>42,237<br>47,245<br>Projects<br>5,123<br>22,014<br>27,137<br>58,806<br>Business Development and Support Services<br>5,870<br>72,918<br>78,788<br>126,723<br>Communications<br>70,158<br>33,751<br>103,909<br>77,707<br>Total<br>½<br>¾<br>¿<br>À<br>¿<br>Á<br>½<br>Â<br>Ã<br>Â<br>Ä<br>Å<br>Â<br>Å<br>Æ<br>Ç<br>Æ<br>È<br>Æ<br>É<br>Ê<br>Ë<br>Ì<br>Í<br>Î<br>Ï<br>Ì<br>Ð|**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 31 DECEMBER 2020**<br>**DIRECT COSTS**<br>®<br>¯<br>°<br>±<br>±<br>²<br>³<br>´<br>¯<br>´ <br>µ<br>¯<br>¶<br>·<br>¸<br>¹<br>º<br>¸<br>·<br>²<br>¯<br>²<br>³<br>´<br>¯<br>´ <br>»<br>¼<br>»<br>¼ <br>2019<br>€<br>€<br>€<br>€<br>Publications<br>62,821<br>189,455<br>252,276<br>222,800<br>Events<br>66,985<br>35,316<br>102,301<br>124,170<br>Grants and Awards<br>42,237<br>-<br>42,237<br>47,245<br>Projects<br>5,123<br>22,014<br>27,137<br>58,806<br>Business Development and Support Services<br>5,870<br>72,918<br>78,788<br>126,723<br>Communications<br>70,158<br>33,751<br>103,909<br>77,707<br>Total<br>½<br>¾<br>¿<br>À<br>¿<br>Á<br>½<br>Â<br>Ã<br>Â<br>Ä<br>Å<br>Â<br>Å<br>Æ<br>Ç<br>Æ<br>È<br>Æ<br>É<br>Ê<br>Ë<br>Ì<br>Í<br>Î<br>Ï<br>Ì<br>Ð|**NOTES TO THE FINANCIAL STATEMENTS**<br>**FOR THE YEAR ENDED 31 DECEMBER 2020**<br>**DIRECT COSTS**<br>®<br>¯<br>°<br>±<br>±<br>²<br>³<br>´<br>¯<br>´ <br>µ<br>¯<br>¶<br>·<br>¸<br>¹<br>º<br>¸<br>·<br>²<br>¯<br>²<br>³<br>´<br>¯<br>´ <br>»<br>¼<br>»<br>¼ <br>2019<br>€<br>€<br>€<br>€<br>Publications<br>62,821<br>189,455<br>252,276<br>222,800<br>Events<br>66,985<br>35,316<br>102,301<br>124,170<br>Grants and Awards<br>42,237<br>-<br>42,237<br>47,245<br>Projects<br>5,123<br>22,014<br>27,137<br>58,806<br>Business Development and Support Services<br>5,870<br>72,918<br>78,788<br>126,723<br>Communications<br>70,158<br>33,751<br>103,909<br>77,707<br>Total<br>½<br>¾<br>¿<br>À<br>¿<br>Á<br>½<br>Â<br>Ã<br>Â<br>Ä<br>Å<br>Â<br>Å<br>Æ<br>Ç<br>Æ<br>È<br>Æ<br>É<br>Ê<br>Ë<br>Ì<br>Í<br>Î<br>Ï<br>Ì<br>Ð|
|---|---|---|---|---|---|---|
|**8.**|**DIRECT COSTS**||®<br>¯<br>°<br>±<br>±<br>²<br>³<br>´<br>¯<br>´||||
||||€|€|€||
||||||||
||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<br>¾<br>¿<br>À<br>¿<br>Á<br>½|Â<br>Ã<br>Â<br>Ä<br>Å<br>Â<br>Å|Æ<br>Ç<br>Æ<br>È<br>Æ<br>É<br>Ê||
||||||||
|||||||Page¬<br>­|





|**9.**<br>**SUPPORT COSTS**|**Business**|**Development**|**and**|**Grants and**<br>Ó<br>Ô<br>Õ<br>Õ<br>Ö<br>×<br>Ø|**Publications**<br>**Events**<br>**Awards**<br>**Projects**<br>**Services**<br>**Communications**<br>**2020**||**€**<br>**€**<br>**€**<br>**€**<br>**€**<br>**€**<br>**€**||Office<br>13,694<br>13,694<br>13,694<br>13,693<br>13,693<br>13,693<br>82,161|Governance<br>10,700<br>10,700<br>10,700<br>10,700<br>10,700<br>10,700<br>64,200|Finance<br>11,061<br>11,061<br>11,061<br>11,060<br>11,060<br>11,060<br>66,363|Personnel<br>69,188<br>10,307<br>10,485<br>15,430<br>49,623<br>10,307<br>165,340|Systems<br>13,870<br>13,870<br>13,870<br>13,870<br>13,870<br>13,871<br>83,221||Marketing<br>9,196<br>9,196<br>-<br>25,753<br>25,753<br>25,753<br>34,949||Total<br>**118,513**<br>**59,632**<br>**59,810**<br>**64,753**<br>**98,946**<br>**59,631**<br>**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<br>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<br>Dutch staff social security costs<br>Dutch staff pension costs|**2020**<br>**€**<br>**411,946**<br>**55,342**<br>**33,559**<br>**500,847**|2019<br>€<br>402,662<br>62,527<br>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**<br>At 1 January 2020<br>Additions<br>At 31 December 2020<br>**DEPRECIATION**<br>At 1 January 2020<br>Charge for the year<br>At 31 December 2020<br>**NET BOOK VALUE**<br>At 31 December 2020<br>At 31 December 2019|**Office**<br>**equipment**<br>**€**<br>**37,343**<br>**1,389**|
|---|---|
||**38,732**|
||**28,774**<br>**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**<br>At 1 January 2020<br>Additions<br>Disposals<br>Û<br>Ü<br>Ý<br>Þ<br>ß<br>à<br>à<br>á<br>â<br>ã<br>Ú<br>ä<br>å<br>æ<br>ç<br>å<br>ç<br>è<br>Revaluations<br>é<br>ê<br>ë<br>ì<br>í<br>ì<br>î<br>ï<br>ð<br>î<br>ñ<br>ò<br>ó<br>ô<br>**AT 31 DECEMBER 2020**<br>**NET BOOK VALUE**<br>**AT 31 DECEMBER 2020**<br>AT 31 DECEMBER 2019|**Listed**<br>**investments**<br>**€**<br>**13,618,665**<br>**3,776,720**<br>**(2,748,192)**<br>**280,043**<br>**-**<br>**14,927,236**<br>**14,927,236**<br>13,618,665|**Cash**<br>**investments**<br>**€**<br>**158,266**<br>**-**<br>**-**<br>**-**<br>**304,041**<br>**462,307**<br>**462,307**<br>158,266|**Total**<br>**€**<br>**13,776,931**<br>**3,776,720**<br>**(2,748,192)**<br>**280,043**<br>**304,041**<br>**15,389,543**<br>**15,389,543**<br>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<br>Other debtors|**2020**<br>**€**<br>**708,627**<br>**118,375**<br>**827,002**|2019<br>€<br>675,778<br>41,408|
|---|---|---|
||||
|||717,186|



## **17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Trade creditors<br>Other taxation and social security<br>Grants payable<br>Deferred income<br>Other creditors<br>Accruals|**2020**<br>**€**<br>**35,006**<br>**367,127**<br>**438,372**<br>**2,047,117**<br>**-**<br>**231,477**<br>**3,119,099**|2019<br>€<br>16,937<br>380,964<br>118,150<br>2,120,472<br>1,372<br>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<br>Resources deferred during the year<br>Amounts released from previous periods|**2020**<br>**€**<br>**2,909,576**<br>**2,644,077**<br>**(2,909,576)**<br>**2,644,077**|2019<br>€<br>1,990,553<br>2,909,576<br>(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**<br>ö **D**<br>**FUNDS**<br>General Funds<br>**RESTRICTED**<br>**FUNDS**<br>Restricted fund -<br>Jensen award<br>**TOTAL OF**<br>**FUNDS**|**Balance at 1**<br>**January**<br>**2020**<br>**€**<br>**14,226,712**<br> <br>**100,266**<br>**14,326,978**|**Income**<br>**€**<br>**3,017,596**<br>**-**<br>**3,017,596**|**Expenditure**<br>**€**<br>**(1,583,799)**<br>**-**<br>**(1,583,799)**|**Transfers**<br>**in/out**<br>**€**<br>**(10,227)**<br>**10,227**<br>**-**|**Gains/**<br>**(Losses)**<br>**€**<br>**321,055**<br>**-**<br>**321,055**|**Balance at**<br>**31**<br>**December**<br>**2020**<br>**€**<br>**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**<br>**FUNDS**<br>**DESIGNATED**<br>**FUNDS**<br>Emergency<br>congress<br>support fund<br>Congress<br>attendance<br>support fund<br>EAM reserve<br>IT upgrade<br>Publications<br>strategic<br>development<br>Strategic<br>development<br>**GENERAL**<br>**FUNDS**<br>General Funds<br>**TOTAL**<br>**UNRESTRICTED**<br>**FUNDS**<br>**RESTRICTED**<br>**FUNDS**<br>Restricted fund -<br>Jensen award<br>**TOTAL OF**<br>**FUNDS**|Balance at<br>1 January<br>2019<br>€<br>70,000<br>61,710<br>41,900<br>50,000<br>24,184<br> <br>151,894<br>399,688<br>10,587,652<br>10,987,340<br>87,187<br> <br>11,074,527|Income<br>€<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>3,019,253<br>3,019,253<br>-<br>3,019,253|Expenditure<br>€<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(1,581,412)<br>(1,581,412)<br>-<br>(1,581,412)|Transfers<br>in/out<br>€<br>(70,000)<br>(61,710)<br>(41,900)<br>(50,000)<br>(24,184)<br>(151,894)<br>(399,688)<br>386,609<br>(13,079)<br>13,079<br>-|Gains/<br>(Losses)<br>€<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>1,814,610<br>1,814,610<br>-<br>1,814,610|Balance at<br>31<br>December<br>2019<br>€<br>-<br>-<br>-<br>-<br>-<br>-|
|---|---|---|---|---|---|---|
|||||||-|
|||||||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. 

Page[õ] ø 



## **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**<br>**funds**<br>**2020**<br>**€**<br>Tangible fixed assets<br>5,480<br>Fixed asset investments<br>15,279,050<br>Current assets<br>4,432,866<br>Creditors due within one year<br>(3,119,099)<br>Creditors due in more than one year<br>(626,960)<br>**TOTAL**<br>15,971,337|**Restricted**<br>**funds**<br>**2020**<br>**€**<br>-<br>110,493<br>-<br>-<br>-<br>110,493|**Total**<br>**funds**<br>**2020**<br>**€**<br>**5,480**<br>**15,389,543**<br>**4,432,866**<br>**(3,119,099)**<br>**(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<br>funds<br>2019<br>€<br>Tangible fixed assets<br>8,569<br>Fixed asset investments<br>13,676,665<br>Current assets<br>4,102,168<br>Creditors due within one year<br>(2,731,586)<br>Creditors due in more than one year<br>(829,104)<br>**TOTAL**<br>14,226,712<br>**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW**<br>**ACTIVITIES**<br>Net income for the period (as per Statement of Financial Activities)<br>**ADJUSTMENTS FOR:**<br>Depreciation charges<br>Net (gains)/losses on investments<br>Dividends, interests and rents from investments<br>Increase in debtors<br>Increase in creditors<br>**NET CASH PROVIDED BY OPERATING ACTIVITIES**|Restricted<br>funds<br>2019<br>Total<br>funds<br>2019<br>€<br>€<br>-<br>8,569<br>100,266<br>13,776,931<br>-<br>4,102,168<br>-<br>(2,731,586)<br>-<br>(829,104)<br>100,266<br>14,326,978<br>**FROM OPERATING**<br>**2020**<br>2019<br>**€**<br>€<br>**1,754,345**<br>3,238,134<br>**4,478**<br>4,131<br>**(320,548)**<br>(1,800,293)<br>**(249,575)**<br>(267,709)<br>**(109,816)**<br>(9,359)<br>**185,369**<br>983,540<br>**1,264,253**<br>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<br>**TOTAL CASH AND CASH EQUIVALENTS**|**2020**<br>**€**<br>**3,605,864**<br>**3,605,864**|2019<br>€<br>3,384,982|
|---|---|---|
||||
|||3,384,982|



## **24. ANALYSIS OF CHANGES IN NET DEBT** 

|Cash at bank and in hand|**At 1**<br>**January**<br>**2020**<br>**€**<br>**3,384,982**<br>**3,384,982**|**Cash flows**<br>**€**<br>**220,882**<br>**220,882**|**At 31**<br>**December**<br>**2020**<br>**€**<br>**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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