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← The Federation Of European Microbiological Societies

2024-12-31-accounts

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

TRUSTEE' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

Trustees (at time of signing)

Dr A Ventosa, President

Trustees (in office during 2024)

Registered office

Executive Director

Elise Kuurstra

Independent auditors

Bankers

Investment Managers

Central Office

Annual Trustees’ Report for the Year Ended 31 December 2024

OBJECTIVES AND ACTIVITIES

Policies, objectives, and activities

The FEMS mission is to advance the visibility, reputation, and impact of microbiology by helping to connect people and share knowledge, without borders or barriers.

~~a.~~ 2020-2024: Connecting People - Sharing Knowledge THIS dOCUMENt

Strategic Plan

ACTIVITIES AND PERFORMANCE

Review of activities – delivering strategy

Publications

Events

Grants and Awards

Education and Outreach

Communication

Industry & Policy

Business Administration and support services

Publications

FEMS Microbiology Ecology , FEMS Microbiology Reviews

FEMS Yeast Research and Pathogens and Disease sister journals microLife and FEMS Microbes

FEMS Microbiology Letters

Journal Subject area (World
of Science (WoS))		 Impact
Factor		 Ranking in
‘Microbiology’
(WoS /161)		 Total articles
published		 Full-text
downloads
(HTML and
pdf)
FEMS Microbiology
Ecology
FEMS Microbiology
Letters
Pathogens and
Disease
FEMS Microbiology
Reviews
~~Pp~~
FEMS Yeast Research
~~PpMicrobiology~~
~~Po~~		 ~~Microbiology~~
~~Microbiology~~
~~		 ~~ ~~ ~~
~~		 ~~
FEMS Microbes
~~Pp~~
~~Po~~
~~		 Microbiology~~ ~~Microbiology~~
~~		 ~~
~~Microbiology~~
~~		 ~~ -
~~
microLife
~~Po~~
~~		 Microbiology~~ ~~Microbiology~~
~~		 ~~
~~Microbiology~~
~~		 ~~ -
~~

Events

Grants and Awards

Grant name Number of applications
(combined across
application rounds)		 Number of grants
awarded		 Value of awarded
grants (EUR)
~~(RTG)~~ ~~asc~~ ~~asc~~ ~~asc~~
Research andTrainingGrants
~~(RTG)~~		 ~~asc~~ 38
~~asc~~		 122,500
~~asc~~
(MAG)
~~(RTG)~~
i
tt
t
~~IndustryPlacementGrants(IPG)		 ~~ ~~asc~~
~~		 2~~
~~
~~IndustryPlacementGrants(IPG) ~~ ~~ 2~~
~~
Award name Recipient Criteria/Recognizing Value of award
(EUR)
FEMS-ESCMID Awardee Admella
Dr.Joanna		 Out of the European Society of
Clinical Microbiology, and
Infectious Diseases (ESCMID)’s
Research and Training Grantees,
FEMS annually at least selects one
grantee, the ESCMID-FEMS
Awardee.		 EUR 1000 and
registration to
attend FEMS
Congress
ESCMID-FEMSAwardees Dr Johanna
Strobl		 Out of the FEMS Research and
Training Grantees, ESCMID
annually selects at least one
grantee, the FEMS-ESCMID
Awardee.		 Registration to
attend FEMS
Congress (not used)
and EUR 1000, paid
for by ESCMID)
LwoffAward Dr.Carmen
Buchrieser		 Rewarding those that create high
quality knowledge that helps to
solve today’s societal problems
around microbiology.		 silver medal,
A prize-lecture at
the FEMS Congress,
acommemorative
an honorarium of
EUR 1000
Award
Early Career Microbiologist
(awarded 2023)		 Recognizing Early Career Scientist that has an excellent body of (published)
research.
Award
Science Communication
(awarded 2023)		 Stimulating Europe-based microbiologists at any stage of their career that
apply science communications and public relations to contribute significantly
to thepublic discourse about science and evidence.
Award
FEMS-ASM Makela-Cassell
(awarded 2023)
~~(awarded2022)~~		 Benefit early career scientists from both organizations by giving them the
opportunity to present their work overseas and experience the best of
microbiology in the partner country.
~~ee~~
Jensen Award
~~(awarded2022)~~		 Recognizing academic achievement and superior research accomplishments
showing significantpotential to develop an outstanding research career.
~~ee~~

Education and Outreach

Communication

Canada

China

Japan

Industry & Policy

FEMS Microbiology Ecology

The editorial,

Business Administration and Support Services

th

th

PLANS FOR THE FUTURE

FINANCIAL REVIEW FOR THE YEAR TO 31 DECEMBER 2024

Results for the year

Restricted funds

A total of €137,439 is secured as a restricted fund - The Jensen Award.

Actinomycetes, Azotobacter, mycobacteria and coryneform

bacteria

Reserves policy

Principal funding

Royalties from publishing seven scientific journals. These royalties make up 83% of the company’s income

vide supra

Performance of investments

STRUCTURE, GOVERNANCE AND MANAGEMENT

Statutes

Method of appointment or election of Trustees

Organisation structure and decision making

Pay Policy for senior staff and Trustees

Principal risks and uncertainties

new strategy; and the heavy reliance on volunteer time in a context of decreasing availability of volunteer time.

Trustees' responsibilities statement

Disclosure of information to auditors

Dr C M Thomas Trustee/Director Finance

Page 10

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 2024 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 authorized 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 11

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 other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 12

(A company limited by guarantee)

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

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, is as follows:

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

Page 13

(A company limited by guarantee)

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

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

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

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.

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

Date : 22 May 2025

Page 14

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 2024

Note
INCOME FROM:
Donations
3
Charitable activities
4
Investments
5
TOTAL INCOME
EXPENDITURE ON:
Raising funds: Investment management
fees
6
Charitable activities
7
TOTAL EXPENDITURE
NET INCOME BEFORE NET
GAINS/(LOSSES) ON
INVESTMENTS
Net gains/(losses) on investments
15
NET INCOME/(EXPENDITURE)
Transfers between funds
20
NET MOVEMENT IN FUNDS BEFORE
OTHER RECOGNISED
GAINS/(LOSSES)
OTHER RECOGNISED
GAINS/(LOSSES):
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 €
Restricted
funds 2024
€
Total
funds
2024
€
Total
funds
2023
€
48,194
-
48,194
40,222
1,735,309
-
1,735,309
3,633,664
570,746
-
570,746
512,730
2,354,249
-
2,354,249
4,186,616
79,616
-
79,616
71,344
2,033,731
-
2,033,731
3,063,398
2,113,347
-
2,113,347
3,134,742
240,902
-
240,902
1,051,874
2,500,134
15,687
2,515,821
1,409,601
2,741,036
15,687
2,756,723
2,461,475
-
-
-
2,741,036
15,687
2,756,723
2,461,475
20,274
-
20,274
43,889
2,761,310
15,687
2,776,997
2,505,364
21,361,324
121,877
21,483,201
18,977,837
2,761,310
15,687
2,776,997
2,505,364
24,122,634
137,564
24,260,198
21,483,201

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

The notes on pages 18 to 36 form part of these financial statements.

Page 15

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES (A company limited by guarantee) REGISTERED NUMBER: 03565643

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
FIXED ASSETS
Tangible assets
14
Investments
15
CURRENT ASSETS
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due after
more than one year
18
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
21
Unrestricted funds
21
TOTAL FUNDS		 830,272
2,156,271		 2024
€
5,137
22,676,429		 573,979
2,517,491		 2023
€
2,194
19,703,557
22,681,556
1,578,642		 19,705,751
1,940,848
2,986,543
(1,407,901)		 3,091,470
(1,150,622)
- (163,398)
24,260,198 21,483,201
137,439
24,122,759		 121,877
21,361,324
24,260,198 21,483,201

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorized for issue by the Trustees and signed on their behalf by:

Professor C M Thomas Director of Finance Date : 16 May 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 16

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
22
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash transferred to investment portfolio
NET CASH PROVIDED BY INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Gains on invested cash due to exchange rates
NET CASH PROVIDED BY/(USED IN) 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
23		 2024
€
2023
€
(469,826)(1,519,553)
570,746
512,730
5,089
-
(487,503)
(445,147)
88,332
67,583
20,274
43,888
20,274
43,888
(361,220) (1,408,082)
2,517,491
3,925,573
2,156,271
2,517,491

The notes on pages 18 to 36 form part of these financial statements

Page 17

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 recognized 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.

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. Investment income, gains and losses are allocated to the appropriate fund.

1.4 GOING CONCERN

The Trustees have considered budgets and forecasts to 31 December 2025 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 18

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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. Congress Attendance Grants are accounted for as free places and shown as a discount. Previously, congress income resulted 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.

Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.

Page 19

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.6 EXPENDITURE (continued)

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.

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 20

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 retained earnings.

2. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are investment valuations.

Page 21

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. INCOME FROM DONATIONS


Membership subscriptions
Total 2023		 Unrestricted
funds
2024
€
48,194
40,222		 Total
funds
2024
€
48,194
40,222		 Total
funds
2023
€
40,222

4. INCOME FROM CHARITABLE ACTIVITIES

Income from journals
Congress income - registration fees
Congress income - Congress Award Grants
Congress income - ticket sales
Congress income - exhibition fees
Webinar promotion
Total 2024
Total 2023		 Unrestricted
funds 2024 €
Total
funds
2024
€
Total
funds
2023
€
1,734,309
1,734,309
2,680,248
-
-
949,470
-
-
(196,905)
-
-
170,101
-
-
30,750
1,000
1,000
-
1,735,309
1,735,309
3,633,664

3,633,664
3,633,664

Page 22

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. INVESTMENT INCOME

Income from equities
Bank interest receivable
Total 2024
Total 2023		 Unrestricted
funds 2024 €
Total
funds
2024 €
Total
funds
2023 €
543,876
543,876
485,042
26,870
26,870
27,688
570,746
570,746
512,730

512,730
512,730

6. INVESTMENT MANAGEMENT COSTS

Investment management fees
Total 2023		 Unrestricted
funds
Total
funds
Total
funds
2024
2024
2023
€
€
€
79,616
79,616
71,344

71,344
71,344

Page 23

(A company limited by guarantee)

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. ANALYSIS OF CHARITABLE EXPENDITURE BY ACTIVITIES

Publications
Events
Grants and Awards
Projects
Business Development and
Support Services
Communications
Total 2024
Total 2023		 Grant &
Awards
Direct costs
costs
(note 8)
(note 9)
Support
costs
(note 10)
2024
2023
€
€
€
€
€
218,927
-
26,213
245,140
332,081
316,531
67,049383,580
1,649,754
66,039
369,180
18,551453,770
472,505
45,422
-
3,17348,595
150,326
665,676
120,262785,938
266,783
97,759
-
18,949116,708
191,949
1,410,354
369,180
254,197
2,033,731
3,063,396
2,125,941
321,015
616,442
3,063,396
3,063,396

8. DIRECT COSTS

Publications
Events
Grants and Awards
Projects
Business Development and Support Services
Communications
Total 2024		 Other
direct
Staff costs
costs
2024
2023
€
€
€
€
89,383
129,544
218,927
192,081
228,628
87,903
316,531
1,546,443
63,254
2,785
66,039
60,641
10,819
34,603
45,422
57,064
410,063
255,613
665,676
172,386
64,614
33,145
97,759
97,326
866,761
543,593
1,410,354
2,125,941

Page 24

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. ANALYSIS OF GRANTS AND AWARDS

9. ANALYSIS OF GRANTS AND AWARDS
Grants
Awards
Total
Total 2023		 Grants to
Grants to
Institutions Individuals
Total
Total
2024
€
2024
€
2024
€
2023
€
215,015
153,165
368,180
306,608
-
1,000
1,000
14,407
215,015
154,165
369,180
321,015

44,542
276,473
321,015

During 2024, 31 Meeting Organizer Grants were dispersed ranging from €3,000 to €14,000. 56 Meeting Attendance Grants were dispersed ranging from €300 to €750. 38 Research and Training Grants were dispersed ranging from €1,500 to €5,000. 1 FEMS/ESCMID Award was dispersed, for the amount of €1,000.

During 2023, 30 Meeting Organizer Grants were dispersed ranging from €3,000 to €15,000 and 43 Meeting Attendance Grants were dispersed from €170 to €750. 57 Research and Training Grants were dispersed to individuals ranging from €1,500 to €5,000 (excluding write backs). 6 Ukraine Support Grants were dispersed ranging from €3,000 to €7,500. 5 Industrial Placement Grants were dispersed ranging from €2,000 to €5,000. 37 Article Awards were also dispersed in the year ranging between €83 to €333. 1 ESCMID award was dispersed for €1,000 as well as 1 Lwoff Award of €1,000.

*Grants were awarded in December 2023 totalling €176,000 however were not formally communicated to recipients until January 2024. A designated fund has been set up to reflect this commitment.

Grants Payable
Grants to institutions
Meeting Organizer Grants
Less refunds relating to Meeting Organizer Grants
Total Grants to institutions
Grants to individuals*
Meeting Attendance Grants
Research and Training Grants
Conference Grants
IPG Grants
Ukraine Support Grants
Impact in Science Communication Award
FEMS/ESCMID Award
Article Awards
Lwoff Award
Outstanding Early Career Microbiologist Award
Makela Cassela Award
Miscellaneous grant costs
Less refunds relating to Research & Training Grants
Total Grants to individuals
Total		 2024
€
2023
€
237,200
44,542
-
-
237,200
44,542
30,665
27,866
122,500
188,500
-
-
-
15,700
-
30,000
153,165
262,066
-
1,103
1,000
1,000
-
5,983
-
1,000
-
1,318
-
3,082
-
921
-
1,000
14,407
154,165
276,473
391,365
321,015

Page 25

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 SUPPORT COSTS Business Development Grants and
and Support		 Publications
Events
Awards
Projects
Services Communications
2024
2023		 €
€
€
€
€
€
€
€		 Office
7,459
19,080
5,279
903
34,222
5,392
72,335
44,130		 Governance
3,858
9,868
2,730
467
17,701
2,789
37,413
222,745		 Finance
4,037
10,326
2,857
489
18,522
2,918
39,149
139,419		 Personnel
7,997
20,454
5,659
968
36,685
5,781
77,544
143,464		 Systems
2,862
7,321
2,026
346
13,132
2,069
27,756
66,684		 Total 2024
26,213
67,049
18,551
3,173
120,262
18,949
254,197
616,442		 Included in governance costs is €14,113 (2023 - €12,226) relating to auditors' remuneration. 2023 support costs were: Publications €134,017, Events €103,311 Grants and Awards €96,832, Projects €93,262, Business Development and Support Services €94,397 and Communications €94,623.
10.

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. AUDITORS' REMUNERATION

2024 2023
€ €
Fees payable to the company's auditor for the audit of the
company's annual accounts 14,113 12,266
Fees payable to the company's auditor in respect of other services
All taxation advisory services not included above 1,397 3,424

12. STAFF COSTS

Dutch staff remuneration
Dutch staff social security costs
Dutch staff pension costs		 2024
2023
€
€
705,951
597,929
103,961
83,725
59,815
42,139
869,727
723,793

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

2024 2023
No. No.
Publications and administration 11 11

The number of employees whose employee benefits (excluding employer pension costs) exceeded €70,000 was:

2024
No.
In the band €70,001 - €80,000
1
In the band €80,001 - €90,000
-
In the band €150,001 - €160,000
1
2023

No.
-
-

1

The key management personnel of the charity comprise the Trustees and Executive 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 €190,908 (2023 - €186,077). This represents salaries, employer's pension contribution and employer's social security costs.

Page 27

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2023 - €NIL).

During the year ended 31 December 2024, expenses totalling €17,291.26 were reimbursed or paid directly to 7 Trustees (2023 - €14,751 to 7 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 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Office
equipment
€
7,100
5,089
12,189
4,906
2,156
-
7,062
5,127
2,194

Page 28

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. FIXED ASSET INVESTMENTS

Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluations
Movement in cash
AT 31 DECEMBER 2024		 Listed
investments
€
Cash
investments
€
Total
€
19,309,010
394,547
19,703,557
1,719,245
-
1,719,245
(1,404,083)
-
(1,404,083)
2,567,165
-
2,567,165
-
90,545
90,545
22,191,337
485,092
22,676,429

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 29

(A company limited by guarantee)

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. DEBTORS

2024 2023
€ €
Trade debtors 41,500 23
Accrued Income 569,274 498,250
Prepayments 197,375 75,706
Other Debtors 22,123 -
830,272 573,979

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024 2023
€ €
Trade creditors 126,251 22,254
Other taxation and social security 126,143 119,719
Accruals 101,829 108,365
Deferred income 812,078 670,934
Grants payable 241,600 229,350
Other Creditors - -
1,407,901 1,150,622
2024 2023
€ €
Reconciliation of grants payable:
Grants payable brought forward 229,350 445,381
Commitments made (net of write backs) (note 9) 419,400 321,015
Grants paid (378,226) (537,046)
Grants not utilized by recipients (28,924) -
Grants payable carried forward 241,600 229,350

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024 2023 € - 163,398

Deferred income

Page 30

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. DEFERRED INCOME

Monies were received in advance for the journal production contract which commenced with Oxford University Press from 1 January 2024. This income has been deferred and is being released over the period to which the services relate. This is split between amounts falling due within one year and more than one year.

Deferred income brought forward
Resources deferred during the year
Amounts released from previous periods
Deferred income carried forward		 2024
2023
€
€
834,333
2,494,575
641,161
549,788
(663,416)
(2,210,030)
812,078
834,333

Page 31

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at
31
Balance at 1 January Transfers Gains/ December
2024 Income Expenditure in/out (Losses) 2024
€ € € € € €
Unrestricted
funds
Designated -
funds
Meeting
organiser
grants 176,000 - (176,000) - - -
General funds
General Funds 21,185,324 2,354,249 (1,917,347) - 2,520,408 24,122,634
Total
Unrestricted
funds 21,361,324 2,354,249 (2,113,347) - 2,520,408 24,122,634
Restricted
funds
Restricted fund -
Jensen award 121,877 - - - 15,687 137,564
Total of funds 21,483,201 2,354,249 (2,113,347) - 2,536,095 24,260,198

Page 32

(A company limited by guarantee)

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. STATEMENT OF FUNDS

STATEMENT OF FUNDS – PRIOR YEAR

Balance Balance
Balance at 1 January at 31
Transfers Gains/ December
2023 Income Expenditure in/out (Losses) 2023
€ € € € € €
Unrestricted
funds
Designated
Funds
Meeting
organizer
grants - - - 176,000 - 176,000
General Funds 18,865,714 4,186,616 (3,134,742) (185,754) 1,453,490 21,185,324
Restricted
funds
Restricted fund -
Jensen award 112,123 - - 9,754 - 121,877
Total of funds 18,977,837 4,186,616 (3,134,742) - 1,453,490 21,483,201

Restricted Fund - Jensen Fund

The Jensen Award was set up, through the generosity of J R Norris, to enable the Federation to support an outstanding researcher to work for at least 6 months in a laboratory of their choice. It is the intention that the award will be given at intervals which allow for the generation of sufficient capital to make the award worthwhile, while preserving initial capital. The most recent award (€10,000) was made in 2022 to Rosana Alves. The fund balance is invested as part of FEMS' investment portfolio and a transfer has been made to the fund representing its share of the total return on the investment portfolio. FEMS has a dedicated team at Central Office that oversees our Grants and Awards programmes, and the Jensen Award will continue to be managed by this team.

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

Designated fund - Meeting organizer grants

As outlined in note 10, grants were awarded in December 2023 in relation to meeting organizer grants however they were not formally communicated until January 2024. As the grants were approved out of the 2023 budget the amount has been designated in the year.

Page 33

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds 2024 €
Tangible fixed assets
5,127
Fixed asset investments
22,538,865
Current assets
2,986,543
Creditors due within one year
(1,407,901)
Total
24,122,759
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR		 Unrestricted
funds 2024 €
5,127
22,538,865
2,986,543
(1,407,901)		 Restricted
funds 2024
€
-
137,564
-
-		 Total
funds
2024
€
5,127
22,676,429
2,986,543
(1,407,901)
137,439 24,260,198
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Tl		 Unrestricted
funds 2023
€
Restricted
funds 2023
€
Total
funds
2023
€
2,194
-
2,194
19,581,680
121,877
19,703,557
3,091,470
-
3,091,470
(1,150,622)
-
(1,150,622)
(163,398)
(163,398)
21,361,324
121,877
21,483,201

Total

Page 34

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
(Losses)/gains on investments
Dividends, interests and rents from investments
Decrease in debtors
Decrease in creditors
Net cash provided by/(used in) operating activities
23.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Total cash and cash equivalents
24.
ANALYSIS OF CHANGES IN NET DEBT
At 1
January
2024 Cash flows
€
€
Cash at bank and in hand
2,517,491
(381,494)
2,517,491 (381,494)		 2024
€
2023
€
2,776,997
2,461,475
2,156
1,775
(2,515,821)
(1,409,601)
(570,746)
(512,730)
(256,293)
75,187
93,881
(2,135,659)
(469,826)(1,519,533)
2024
2023
€
€
2,156,271
2,517,491
2,156,271
2,517,491
Changes in
market value
and
exchange
rate
movements
At 31
December
2024
€
€
20,274
2,156,271
20,274 2,156,271

Page 35

THE FEDERATION OF EUROPEAN MICROBIOLOGICAL SOCIETIES

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

25. OPERATING LEASE COMMITMENTS

At 31 December 2024 the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2024
2023
€
€
7,125
28,500
-
7,125
7,125
35,625

26. OTHER FINANCIAL COMMITMENTS

The charity has given guarantees in the normal course of business amounting to €11,262 (2023 - €11,262).

27. RELATED PARTY TRANSACTIONS

Aside from those disclosed in note 13, there were no transactions with related parties during the year (2023 - none).

28. CONTROLLING PARTY

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

Page 36