Draft Financial Statements at 10 December 2024 at 10:40:56
Charity registration number 1136790
Company registration number 07243034 (England and Wales)
EUROPEAN MUSEUM FORUM
COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Draft Financial Statements at 10 December 2024 at 10:40:56 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Ms Sharon Heal | |
|---|---|---|
| Mr Joan Roca Albert (Chair) | ||
| Dr Richard Benjamin | ||
| Ms Léontine Meijer-Van Mensch | (Appointed 15 February 2024) | |
| Mr Hans Looijen (Treasurer) | (Appointed 1 June 2023) | |
| Dr Michał Wiśniewski | (Appointed 1 June 2023) | |
| Ex-officio members | Ms Amina Krvavac | |
| Ms Medea S. Ekner | ||
| Secretary | Ms Sharon Heal | |
| Charity number | 1136790 | |
| Company number | 07243034 | |
| Registered office | Museums Association | |
| 42 Clerkenwell Close | ||
| London | ||
| EC1R 0AZ | ||
| Independent examiner | Anita C Mason BA(Hons) BFP FCA | |
| Mitchell Charlesworth | ||
| Tempest | ||
| Suite 5.1 | ||
| 12 Tithebarn Street | ||
| Liverpool | ||
| L2 2DT | ||
| Bankers | HSBC Bank PLC | |
| 99-101 Lord Street | ||
| Liverpool | ||
| Merseyside | ||
| L2 6PG | ||
| Solicitors | DWF LLP | |
| 5 St Paul's Square | ||
| Old Hall Street | ||
| Liverpool | ||
| L3 9AE |
Draft Financial Statements at 10 December 2024 at 10:40:56 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Statement of Trustees' responsibilities | 5 |
| Independent Examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the Financial Statements | 9 - 16 |
Draft Financial Statements at 10 December 2024 at 10:40:56 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their report and financial statements for the year ended 31 March 2024.
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)" (effective 1 January 2019).
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 Trustees 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 Trustees were empowered to invest any monies held at their discretion and administer the charity’s funds. The Trustees 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 Trustees 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.
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Draft Financial Statements at 10 December 2024 at 10:40:56 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance
A new business plan for 2023 – 2025 was drafted in November 2022 to complement the three year business plan (2020 - 2022) which communicates the strategies and priorities that has framed and guided the work of Board and the Jury in 2022 - 2023. The Board of Trustees is very happy that ICOM has decided to again appoint its Director-General as Trustee ex-oficio to the Board. The Board has taken the initiative to update this business plan and to write a strategic plan 2024/2025. This includes reviewing and where necessary updating the host contract, the partnership contracts as well as relation management. Next to this a check on the current liabilities and insurances has been carried out. One very important action involved the updating of the articles of association as a charity under British law are underway.
As there has been a change in the Board, three Trustees have stepped down as they reached the end of their second term, new Trustees were appointed at the yearly Board Meeting, taking place in May 2024 in Portimāo. As a result a list of competences and skills has been sent out to each trustee to be filled in and to establish the current state of the Board as whole in governance. As there are several responsibilities -especially in secretarial support for the Board- the question is whether this role should not be with fulfilled by the Board itself instead of having someone under contract for these tasks. It remains very important to operate costs effective, given the revenues and total partnerships have not been expended. The decision was taken to raise the fee for future hosts and to give full attention towards partnerships and relation management for future fundraising opportunities.
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.
The effects of Covid-19 are finally coming to an end. The number of candidates remains high, but the income from participating conference visitors has not grown and seems at a standstill. This is a topic to look into. The judging processes were completed in line with standard EMYA practice. A high degree of flexibility and adaptability, courage and extraordinary commitment has been demanded of the jury, and a high degree of trust and goodwill of the candidate museums.
In May 2023, EMYA 2023 was held in a full traditional format, at the MUHBA, the Historic Museum of Barcelona, as a three day conference plus award ceremony, with onsite presentations by the candidates, a number of keynote speakers as well as a series of workshops by previous winners. It is worth noting that the EMYA awards ceremony was as festive as ever before Covid-19. The winners represent innovative, museological concepts that are exemplary for all, promoting human rights, equality, decolonisation, sustainability and strengthening communities. Once again it was proven that scale and budget do not put in the heaviest weight, integrity, perseverance, vision and sharing was again leading in the judges reports leading to this inspiring winners of this edition.
Over the years the EMYA scheme has developed into a series of different awards, each with their own specific profile. Responding to long term societal changes as well as current issues, and reflecting the challenges, obligations and opportunities which museums face in the 21st century, the descriptions for the various EMYA awards have all been updated, for clarity and transparency.
The primary sources of income for EMF/EMYA are the fee due by the hosts, the candidates’ application fees for the award scheme and the fees for the annual conference. Supplementing these incomes is support from a number of public and private organisations and entities. EMF/EMYA thus receives continuous institutional support from the Council of Europe, from ministries and international and national museums associations as well as from a number of private sponsors.
Our partners have all stayed with us during the difficult period of the pandemic and again expressed the meaningful function of EMF and EMYA, continuing their support.
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Draft Financial Statements at 10 December 2024 at 10:40:56 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024
Financial review
Total income for the year amounted to £95,236 (2023: £92,100). Total expenditure amounted to £95,117 (2023: £66,292) which included foreign exchange losses of £3,698 (2023: gains of £4,007).
There was a surplus of £119 (2023: £25,808) in the year. This brought total unrestricted reserves to £102,952 at 31 March 2024 (2023: £102 833).
Reserve policy
Whilst the Trustees consider future plans, the charity is holding £99,436 in free unrestricted reserves (total unrestricted reserves less any fixed assets) which is the equivalent to about 1 years expenditure based on 2023/ 24 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 renewed exploration of the museological content and intellectual legacy of EMYA as the core and centre for the activities of the whole organisation has worked out well in the previous plan periods and will be continued in 2023 - 2025.
The coming plan period is entered with what seems an extremely strong, fresh and experienced jury, the average age having been lowered. Recruitment of new or additional judges in the coming period will have to take into account the radically changed map of Europe and an awareness of the outer perimeters of Europe as well as paying attention to parameters of ethnic and cultural diversity, processes of migration, de-colonization or even indigenisation.
At the end of the financial year 2023– 2024, EMF was approaching its annual conference in May 2024 Portimão, planned fully in the traditional, in person format. The next conference will be hosted by Bialystok in 2025. There has been some expression of interest re EMYA 2026 and for EMYA 2027, but no binding agreements are within sight. 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.
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 Jette Sandahl Mr Jonas Bengt Dahl Ms Jouetta Van Der Ploeg Ms Vesna Marjanovic Ms Sharon Heal Mr Joan Roca Albert (Chair) Dr Richard Benjamin Mr Kimmo Antila Ms Léontine Meijer-Van Mensch Mr Hans Looijen (Treasurer) Dr Michał Wiśniewski
(Resigned 14 November 2024) (Resigned 14 November 2024) (Resigned 17 November 2024) (Resigned 14 November 2024)
(Deceased 14 November 2023) (Appointed 15 February 2024) (Appointed 1 June 2023) (Appointed 1 June 2023)
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Draft Financial Statements at 10 December 2024 at 10:40:56 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024
Ex-officio members of the Board (who are not a trustee):
Ms Amina Krvavac, Chair of EMYA judging panel Ms Medea S. Ekner, in representation of ICOM
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. The Board of Trustees appoint among its members a Chair, a Treasurer and a Trust Secretary.
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. Amongst these communications and marketing (including publications); fundraising and special projects.
All members of the Board will also take on particular duties as and when required. The Board will meet in person once a year during the EMF conference to discuss core principles and strategic directions, and meet online during the year as needed.
The EMF Board appoints the EMYA jury, 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 jury members are brought to the attention of the EMF Board.
The EMF Board identifies and appoints National Correspondents, who are responsible for raising awareness of EMF and EMYA, identify and support potential award candidates in their countries.
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' report was approved by the Board of Trustees.
.................................
Mr Joan Roca Albert (Chair) Trustee Dated: .........................
.................................
Mr Hans Looijen (Treasurer)
Trustee Dated: .........................
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Draft Financial Statements at 10 December 2024 at 10:40:56 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2024
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
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Draft Financial Statements at 10 December 2024 at 10:38:59 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 2024.
This report is made solely to the charity's Trustees, 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 Trustees 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 Trustees 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 directions 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:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Anita C Mason BA(Hons) BFP FCA
Mitchell Charlesworth Accountants Tempest Suite 5.1 12 Tithebarn Street Liverpool L2 2DT
Dated: .........................
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Draft Financial Statements at 10 December 2024 at 10:40:56 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 70,902 | 51,771 |
| Charitable activities | 4 | 24,334 | 40,329 |
| Total income | 95,236 | 92,100 | |
| Expenditure on: | |||
| Charitable activities | 5 | 95,117 | 66,292 |
| Net movement in funds | 119 | 25,808 | |
| Fund balances at 1 April 2023 | 102,833 | 77,025 | |
| Fund balances at 31 March 2024 | 102,952 | 102,833 |
The statement of financial activities includes all gains and losses recognised in the year.
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.
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Draft Financial Statements at 10 December 2024 at 10:38:59 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Fixed assets Intangible assets 9 Heritage assets 10 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Funds of the charity General unrestricted funds |
2024 £ 107,644 (8,208) |
£ 1,516 2,000 3,516 99,436 102,952 102,952 102,952 |
2023 £ 119,096 (20,031) |
£ 1,768 2,000 |
|---|---|---|---|---|
| 3,768 99,065 |
||||
| 102,833 | ||||
| 102,833 | ||||
| 102,833 |
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 2024.
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 .........................
................................. ................................. Mr Joan Roca Albert (Chair) Mr Hans Looijen (Treasurer) Trustee Trustee
Company Registration No. 07243034
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Draft Financial Statements at 10 December 2024 at 10:38:59 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). 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 amounts 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 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.
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Draft Financial Statements at 10 December 2024 at 10:38:59 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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Draft Financial Statements at 10 December 2024 at 10:38:59 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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 payments 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 Taxation
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.
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Draft Financial Statements at 10 December 2024 at 10:38:59 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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.
There were considered to be no critical accounting estimates or judgements applied in the preparation of these financial statements.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 57,907 | 38,913 |
| Donated goods and services | 12,995 | 12,858 |
| 70,902 | 51,771 |
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 £12,995 (2023: £12,858) 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 | |
| 2024 | 2023 | |
| £ | £ | |
| Other charitable income | 24,334 | 40,329 |
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Draft Financial Statements at 10 December 2024 at 10:38:59 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5 Charitable activities
Annual competition and assembly
| Annual competition and assembly | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Project and other costs | 71,073 | 47,176 |
| Share of support costs (see note 6) | 13,247 | 13,110 |
| Share of governance costs (see note 6) | 10,797 | 6,006 |
| 95,117 | 66,292 |
6 Support costs
| Support costs Governance costs £ £ Staff costs 12,995 - Amortisation 252 - Independent examination fees - 2,226 Accountancy - 1,822 Meeting costs - 1,955 Foreign exchange (gains)/losses - 3,698 Other costs - 1,096 13,247 10,797 Analysed between Charitable activities 13,247 10,797 |
2024Support costs Governance costs £ £ £ 12,995 12,858 - 252 252 - 2,226 - 2,120 1,822 - 1,860 1,955 - 4,822 3,698 - (4,007) 1,096 - 1,211 24,044 13,110 6,006 24,044 13,110 6,006 |
2023 £ 12,858 252 2,120 1,860 4,822 (4,007) 1,211 19,116 19,116 |
|---|---|---|
All Costs have been recharged to Annual Competition and Assembly.
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year (2023: £nil).
During the year 6 Trustees and 1 ex officio members were reimbursed expenses of £4,864 relating to EMF projects (2023: 7 Trustees and 1 ex officio Trustees were reimbursed £8,243) .
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Draft Financial Statements at 10 December 2024 at 10:38:59 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8 Employees
Employee costs include donated staff costs from EMF-Municipality of Portimão protocol for the amount of £12,995 (2023: £12,858) 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:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Administration | - | - |
| - | - | |
| 2024 | 2023 | |
| £ | £ | |
| Administration fees | 12,995 | 12,858 |
There were no employees whose annual remuneration was £60,000 or more (2023: none).
9 Intangible fixed assets
| Intangible fixed assets | |
|---|---|
| Trademarks | |
| £ | |
| Cost | |
| At 1 April 2023 and 31 March 2024 | 2,525 |
| Amortisation and impairment | |
| At 1 April 2023 | 757 |
| Amortisation charged for the year | 252 |
| At 31 March 2024 | 1,009 |
| Carrying amount | |
| At 31 March 2024 | 1,516 |
| At 31 March 2023 | 1,768 |
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Draft Financial Statements at 10 December 2024 at 10:38:59 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10 Heritage assets
| Sculpture | ||||||||
|---|---|---|---|---|---|---|---|---|
| £ | ||||||||
| At | 1 | April | 2023 | and at | 31 | March | 2024 | 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.
| 11 Financial instruments Carrying amount of financial assets Debt instruments measured at amortised cost Carrying amount of financial liabilities Measured at amortised cost 12 Creditors: amounts falling due within one year Notes Deferred income 13 Accruals |
2024 £ 107,644 3,876 2024 £ 4,332 3,876 8,208 |
2023 £ 119,096 |
|---|---|---|
| 3,696 | ||
| 2023 £ 16,335 3,696 |
||
| 20,031 |
13 Deferred income
| Other deferred income Total deferred income at 1 April 2023 Amounts received in the year Amounts credited to statement of financial activities Total deferred income at 31 March 2024 |
2024 £ 4,332 16,335 4,332 (16,335) 4,332 |
2023 £ 16,335 |
|---|---|---|
| 20,598 16,335 (20,598 |
||
| 16,335 |
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Draft Financial Statements at 10 December 2024 at 10:38:59 EUROPEAN MUSEUM FORUM COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14 Related party transactions
Other than disclosed in note 7, there have been no other related party transactions.
15 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.
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