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2021-03-31-accounts

Charity Registration No. 1136790

Company Registration No. 07243034 (England and Wales)

EUROPEAN MUSEUM FORUM

COMPANY LIMITED BY GUARANTEE

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms Jette Sandahl (Chair)
Mr Jonas Bengt Dahl (Treasurer)
Ms Jouetta Van Der Ploeg
Ms Vesna Marjanovic
Ms Sharon Heal (Appointed 29 April 2020)
Ms Joan Roca Albert (Appointed 12 January 2021)
Mr Kimmo Antila (Appointed 12 January 2021)
Dr Richard Benjamin (Appointed 12 January 2021)
Ex-officio members Ms Marlen Mouliou (Appointed December 2020)
Secretary Ms Sharon Heal
Charity number 1136790
Company number 07243034
Registered office Museums Association
42 Clerkenwell Close
London
EC1R 0AZ
Independent examiner Mr Peter Taaffe FCA CTA DChA
BWM
Suite 5.1
12 Tithebarn Street
Liverpool
L2 2DT
Bankers HSBC Bank PLC
99-101 Lord Street
Liverpool
L2 6PG
Solicitors DWF LLP
5 St Paul's Square
Old Hall Street
Liverpool
L3 9AE

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE CONTENTS

Page
Trustees' report 1 - 5
Statement of Trustees' responsibilities 6
Independent Examiner's report 7
Statement of financial activities 8
Balance sheet 9
Notes to the Financial Statements 10 - 17

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their report and financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association , the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016) .

Objectives and activities

The European Museum Forum (EMF) provides the legal and organisational framework for the annual European Museum of the Year Award scheme (EMYA).

The charity was set up to promote excellence in innovation and public quality in museum practice, encouraging the exchange of best practice and ideas within the sector. It works within an overarching commitment to citizenship, democracy and human rights, to sustainability and to bridging cultures and social and political borders. Each award within the EMYA scheme - of which the principal is the European Museum of the Year Award - reflects different aspects and dimensions of these values.

The funds of the charity are intended to be applied to maintain, improve and advance museum excellence, and in particular assist and support museum development for public benefit.

Members of the Board and Judging Panel work in dialogue and through consultation to identify professional quality, innovation and creativity of museums in Europe across the vast differences in scale, funding, obligations and contexts. The charity achieves this through a highly structured judging process, the regular appointment and renewal of members, as well as long term succession planning and careful governance.

The T rustees were empowered to meet the objectives by:

·Organising an annual competition to encourage museums to improve and develop their public displays and public engagement programmes;

·Promoting new approaches to public engagement; museum management; display and interpretation through the means of publishing; participating in international debates, building partnerships; and most notably by holding its annual assembly as part of the annual European Museum of the Year Award Ceremony.

The T rustees were empowered to invest any monies held at their discretion and administer the charity’s funds. The T rustees were also at liberty to apply any monies held for the general purposes of the charity. Some costs were met by the Council of Europe, European Country Ministries, international and national sponsoring bodies.

The T rustees confirm that they referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives.

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance

The overall strategic plan guided the work of Board and Judging Panel.

Three trustees came to the end of their six year term in May 2020. It has been a priority for the board to work towards a diverse composition of the board as well as of the jury, and to works towards a somewhat younger profile of the jury, while securing that the board continuously holds a number of trustees that are active museum directors and active voices in the international field of museums. EMF can happily report that three new trustees and three new judges have been appointed.

Winners of the EMYA2020 awards were to have been announced and celebrated in an annual conference and award ceremony in Cardiff in May 2020, which, unfortunately, had to be cancelled due to Covid-19. The EMYA2021 in Portimao was cancelled for that same reason.

During the period of April 2020 to March 2021, EMF's key activity was to prepare for the double assembly and ceremony of EMYA 2020 and EMYA 2021. Due to Covid-19 no physical assembly nor ceremony was able to take place in 2020 and 2021. For that reason the EMF board of Trustees decided to go completely digital for the double EMYA ceremony. In total there was 88 candidates in the EMYA 2020 and 2021 combined.

The EMYA2020 and EMYA2021 award ceremony took place as a live digital event, and was able to be realized only thanks to volunteer work by some amazing people in the EMF museum network in Europe. One partner that deserves much praise and extra recognition is the Boris Yeltsin Presidential Center, former winner of the Kenneth Hudson award, who has given EMF/EMYA a huge in-kind subsidy in this context, in a difficult period for them.

Despite the complication due to Covid-19 some early preparations has also taken place for the annual EMYA competition for EMYA2022, and the coordination and preparation for the EMYA 2022 conference and annual assembly, which are planned to take place in a traditional EMYA format in Tartu, Estonia from 4 to 7 May 2022; hosted by the Estonian National Museum, also a former winner of the Kenneth Hudson award.

The EMYA2021 competition was the 44th year of EMYA and 27 museums from 15 countries applied. The jury was supplemented for this season by two former judges to manage the workload. Nonetheless the amount of work involved was considerable. The judging process was completed, and all winners were selected , or, in the case of the CoE prize and the Kenneth Hudson prize, were recommended at a meeting of all judges held online (due to COVID related restrictions) in December 2020. As in previous years, representatives from the Council of Europe participated in part of the meeting, and the chair of the EMF board met with both the CoE and with the jury, but this time online.

Last year the publication Revisiting Museums of Influence. Four Decades of Museums of Innovation and Public Quality in European Museums was released by the EMF. The book presents 50 portraits of a range of European museums that have made striking innovations in public quality over the past 40 years. The publication was edited and written by former and current EMYA judges dating back to 1977.

Financial review

Total income for the year amounted to £57,638 (2020: £67,086). Total expenditure amounted to £38,888 (2020: £73,971) which included foreign exchange losses of £3,966 (2020 gains of £1,802). The lower income can be explained by not being able to arrange any conference and ceremony, which then denied the organisation any conference fee and some of the normal sponsor contributions. On the other hand, the European Museum Forum saved on costs for travels and meeting during the period, which explains the significant lower expenditures. The Trustees are also looking at ways to minimise the charity's exposure to foreign exchange fluctuations.

There was a surplus of £18,750 (2020 deficit of £6,885) in the year. This brought total unrestricted reserves to £85,403 at 31 March 2021.

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

Whilst the Trustees consider future plans, the charity is holding £85,403 in unrestricted reserves which is the equivalent to about 2 years expenditure based on 2020/21 levels. Although, it is important to make clear that there is a direct relationship between income and expenditure. If the charity were to receive no income from candidates there would also be no expenditure on judges' travel, conferences etc. The running costs of the charity are low without these costs, and the reserves would therefore last for years rather than months.

Plans for the future

The strategic plan for the years 2020-2022 will govern EMF/EMYA’s work for the coming period.

There continues to be an emphasis on the role that EMF and EMYA play in showcasing the content and knowledge of many years of systematic assessment of European museums. The core responsibilities and activities for EMF/EMYA remain the annual competition and annual conference and award ceremony.

Unfortunately, Covid-19, travel bans and museums closing prevented the EMYA 2020 and 2021 conferences and award ceremonies to be held in it’s traditional format, so a main objective – after hopefully once again completing a successful judging season - for the coming period is to make the strongest possible come back with the EMYA2022 in Tartu, Estonia.

A focused investment in personal and monetary resources will be made to promote and communicate the competition and the upcoming EMYA conference.

The international pandemic has had an impact on the organisations activities and also during the current period . M useum clo sures, severe shifting travel bans on crossing international or regional borders affected how we normally operate which is normally by in-person encounters in both the judging process and the conferences. However, we are planning for physical or hybrid EMYA conference in May 2022. And we have seen that the judging process can continue in many cases after some creative planning, despite the situation the last two years.

While several immediate adjustments and adaptions were made in terms of execution of both conference and competition of the EMYA2021, it remains to be seen how profound these changes will have to be and whether the pandemic will indeed have longterm consequences for the organization and the competition in the longer perspective. During the 2020-2021 budget year, the board has been working with different budget scenarios, to address different possible course of activities in 2021-22.

EMYA has proven its resilience over many decades, and in the coming period will have to remain strongly focused on and committed to core mission, while also flexible and ready to adapt to potentially changing conditions.

Even though there hasn’t been any physical conferences the last two years, there are many potential candidates that show real interest in hosting the EMYA event in the upcoming years. Most likely it is to be held in Barcelona in 2023, and most likely in Portimao in 2024. A continuous evaluation of the current model and exploring and considering alternative models for identifying and contracting with conference hosts, is one important aspect of the board’s tasks.

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management

European Museum Forum (EMF) is a company limited by guarantee, registered number 07243034, and a registered charity number 1136790 governed by its Memorandum & Articles of Association incorporated 4 May 2010.

The Trustees, who are also the Directors for the purpose of company law, and who served during the year were:

Ms Maria Cristina Vannini (Resigned 29 April 2020) Ms Benedetta Tiana (Resigned 29 April 2020) Mr David Anderson (Treasurer) (Resigned 29 April 2020) Ms Jette Sandahl (Chair) Mr Jonas Bengt Dahl (Treasurer) Ms Jouetta Van Der Ploeg Ms Vesna Marjanovic Ms Sharon Heal (Appointed 29 April 2020) Ms Joan Roca Albert (Appointed 12 January 2021) Mr Kimmo Antila (Appointed 12 January 2021) Dr Richard Benjamin (Appointed 12 January 2021)

There is one current ex-officio members of the Board (who is not a trustee):

Ms Marlen Mouliou, representing the EMYA jury (appointed December 2020) Mr William Mark O'Neill, representing the EMYA jury (resigned December 2020) Mr Peter Keller, representing ICOM (resigned March 2021)

Trustees are appointed by members of the Board of Trustees. There may be no more than nine and no fewer than five Trustees at any one time.

Trustees are appointed by recommendation. Presently, all Trustees have had experience of serving on boards of international cultural organisations. If a less experienced trustee would be recruited in future, the EMF intends to give such a person the appropriate training.

The key decisions pertaining to EMF policy and governance are taken by the board as a whole. The Board of Trustees consists of the C hair, and T rustees who each agree to oversee a particular area of responsibility of the key activities and duties of the European Museum Forum. One T rustee holds the position of Treasurer. Areas of responsibility for the B oard members cover coordination of the network of National Correspondents ( whose engagement is on a voluntary basis ), partnerships and networking; strategic planning; EU partnerships ; communications and marketing (including publications); fundraising and special projects.

The EMF Board identifies and appoints National Correspondents, who are responsible for raising awareness of EMF and EMYA and helping to fundraise in their countries. National Correspondents also encourage museums that meet the criteria for candidates for awards to apply as candidates.

All members of the Board will also take on other duties as and when required. The B oard meets once a year and an additional meeting is held during the EMF annual assembly. In the period between meetings, the Trustees communicate via email and telephone. Any urgent matters are decided upon by the Chair and the Trustee s with the relevant area of expertise assigned to them.

The EMF B oard appoints the EMYA judging panel, which then takes decisions pertaining to the awards independently, provided there are no irregularities in the judging process. Any potential conflicts of interest of the judging panel members are brought to the attention of the EMF B oard.

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

Small company provisions

This report has been prepared in accordance with the special provisions relating to small companies with part 15 of the Companies Act 2006.

The Trustees' r eport was approved by the Board of Trustees.

.................................

Ms Jette Sandahl (Chair) Trustee Dated: 16 December 2021

.................................

Mr Jonas Bengt Dahl (Treasurer) Trustee

Dated: 16 December 2021

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees, who are also the Directors of European Museum Forum for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF EUROPEAN MUSEUM FORUM

I report to the Trustees on my examination of the financial statements of European Museum Forum (the charity) for the year ended 31 March 2021.

This report is made solely to the charity's T rustee s , as a body, in accordance with Section 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity's T rustee s those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's T rustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the Trustees of the charity (and also its Directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable d irections given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mr Peter Taaffe FCA CTA DChA

BWM Chartered Accountants Suite 5.1 12 Tithebarn Street Liverpool L2 2DT

Dated: 16 December 2021

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Unrestricted
funds funds
2021 2020
Notes £ £
Income and endowments from:
Donations and legacies 3 34,919 40,074
Charitable activities 4 21,974 27,012
Other income 5 745 -
Total income 57,638 67,086
Expenditure on:
Charitable activities 6 38,888 73,971
Net movement in funds 18,750 (6,885)
Fund balances at 1 April 2020 66,653 73,538
Fund balances at 31 March 2021 85,403 66,653

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed assets
Intangible assets
10
Heritage assets
11
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Funds of the charity
General unrestricted funds		 2021
£
89,064
(7,934)		 2020
£
£
2,273
2,000
4,273
77,398
(12,745)
81,130
85,403
85,403
85,403		 £
-
2,000
2,000
64,653
66,653
66,653
66,653

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021.

The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on 16 December 2021

Ms Jette Sandahl (Chair) Mr Jonas Bengt Dahl (Treasurer) Trustee Trustee Company Registration No. 07243034

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

European Museum Forum is a private company limited by guarantee incorporated in England and Wales. The registered office is Museums Association, 42 Clerkenwell Close, London, EC1R 0AZ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

The Charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

1.2 Going concern

At the time of approving the accounts and as detailed in the Trustees’ report the Trustees have considered the impact of Covid-19 on the charity and the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the ‘going concern’ basis of accounting in preparing the accounts .

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

1.4 Income

Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty.

Award Entry Fees are accounted for when received, except for those amounts relating to future awards which are carried forward to the relevant year as deferred income.

Grants are recognised in full in the statement of financial activities in the year in which they are receivable. Income is deferred only when the charity must fulfil conditions before being entitled to it or where the donor has specified that the income is to be expended in a future period.

Foreign donations and grants are shown net of bank charges incurred bringing them into the charity's sterling bank account.

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is accounted for in the period in which it is incurred. The irrecoverable element of VAT is included within the item of expense to which it relates.

Where an item of expenditure falls directly within one cost category it is attributed to that category only. Where expenditure involves more than one category it is apportioned on a reasonable and justifiable basis.

The costs of some activities associated with, but not managed by EMF have been met directly by the European Country Ministries, they are not under the control of EMF and national and local bodies. These costs have not been included within the financial statements as no reliable estimate of the amounts involved can reasonably be obtained.

Governance costs comprise the costs of the charitable administration and complying with constitutional and statutory requirement aspects of the charity.

1.6 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Trademarks

Over 10 years

1.7 Heritage assets

Heritage assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life.

It is the opinion of the Trustees that the residual value of the sculpture is equal to or in excess of the cost and therefore the annual depreciation charge in relation to the sculpture continues to be nil.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Foreign exchange

Transactions in foreign currencies are translated at the average rate during the year. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end. Exchange gains/losses are charged to the Statement of Financial Activities in the period in which they are incurred.

1.12 T axation

The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income and gains falling within these exemptions.

The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT.

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Donations and gifts 22,125 26,741
Donated goods and services 12,794 13,333
34,919 40,074

Donated goods and services

Donated services were provided to European Museum Forum by EMF-Municipality of Portimão protoco in the form of staff costs. Staff costs total £ 12,794 (20 20 : £ 13,333 ) and are stated at an estimated proportion of salary paid to each staff member in respect of the work undertaken on behalf of EMF.

4 Charitable activities

Annual competition and assembly

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Other charitable income 21,974 27,012

5 Other income

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Other income 745 -

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

6 Charitable activities

Annual competition and assembly

Annual competition and assembly
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Project and other costs 17,600 51,383
Share of support costs (see note 7) 13,046 13,333
Share of governance costs (see note 7) 8,242 9,255
38,888 73,971

7 Support costs

Support
costs
Governance
costs
£
£
Staff costs
12,794
-
Amortisation
252
-
Independent
examination fees
-
1,760
Accountancy
-
1,296
Meeting costs
-
397
Foreign exchange
(gains)/losses
-
3,966
Other costs
-
823
13,046
8,242
Analysed between
Charitable activities
13,046
8,242		 2021
Support
costs
Governance
costs
£
£
£
12,794
13,333
-
252
-
-
1,760
-
1,750
1,296
-
1,250
397
-
6,197
3,966
-
(1,802)
823
-
1,860
21,288
13,333
9,255
21,288
13,333
9,255		 2020
£
13,333
-
1,750
1,250
6,197
(1,802)
1,860
22,588
22,588

All Costs have been recharged to Annual Competition and Assembly.

Governance costs includes payments to the Independent Examiners for Independent Examiner's fees of £1,760 (2020: £1,750) and accountancy fees of £1,296 (2020: £1,250).

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year (2020: £nil).

During the year 1 Trustee and 1 ex officio member were reimbursed expenses of £397 relating to EMF projects (2020: 7 Trustees and 1 ex officio Trustees were reimbursed £4,002) .

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

9 Employees

Employee costs include donated staff costs from EMF-Municipality of Portimão protocol for the amount of £12,794 (2020: £13,333) for administrative support. Previous to this agreement staff costs where invoiced directly to the charity.

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2021 2020
Number Number
Administration - -
- -
2021 2020
£ £
Administration fees 12,794 13,333

There were no employees whose annual remuneration was £60,000 or more.

10 Intangible fixed assets

Intangible fixed assets
Trademarks
£
Cost
At 1 April 2020 -
Additions 2,525
At 31 March 2021 2,525
Amortisation and impairment
At 1 April 2020 -
Amortisation charged for the year 252
At 31 March 2021 252
Carrying amount
At 31 March 2021 2,273
At 31 March 2020 -

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

11 Heritage assets

Sculpture
£
At 1 April 2020 and at 31 March 2021 2,000

The Henry Moore sculpture is awarded to the winning museum and held for a year by them. The sculpture is insured by the winning museum for £40,000. It is the opinion of the trustees that the residual value of the asset is in excess of the cost and therefore the annual depreciation charge is £nil.

12
Financial instruments
Carrying amount of financial assets
Debt instruments measured at amortised cost
Carrying amount of financial liabilities
Measured at amortised cost
13
Creditors: amounts falling due within one year
Notes
Deferred income
14
Accruals
14
Deferred income
Other deferred income
Total deferred income at 1 April 2020
Amounts received in the year
Amounts credited to statement of financial activities
Total deferred income at 31 March 2021		 2021
£
89,064
3,000
2021
£
4,934
3,000
7,934
2021
£
4,934
9,805
4,934
(9,805)
4,934		 2020
£
77,398
2,940
2020
£
9,805
2,940
12,745
2020
£
9,805
-
9,805
-
9,805

EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

15 Related party transactions

Other than disclosed in note 8, there have been no other related party transactions.

16 Company limited by guarantee

European Museum Forum is incorporated under the Companies Act as a company limited by guarantee. The liability of the members is limited to £10.