International Wine & Food Society Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00770403 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

FOR

INTERNATIONAL WINE & FOOD SOCIETY

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Catherwood (Treasurer)(USA)

M W Donohoe (USA)

A J Jones (Chairman) (Cayman Islands)

J S Nicholas (United Kingdom)

I A Nicol (United Kingdom)

Y M Wallis (Australia)

S D Hipple (USA)

M Tamburri (Chairman) (Australia)

SECRETARY:

M Messent (United Kingdom)

REGISTERED OFFICE:

The Naval & Military Club

4 St James's Square

London

SW1Y 4JU

REGISTERED NUMBER:

00770403 (England and Wales)

ACCOUNTANTS:

Richardson Jones

Chartered Accountants

Mercury House

19-21 Chapel Street

Marlow

Buckinghamshire

SL7 3HN

CURRENT ASSETS

Debtors

4

20,845

36,842

Cash at bank

5

758,985

97,261

779,830

134,103

CREDITORS

Amounts falling due within one year

6

650,512

10,860

NET CURRENT ASSETS

129,318

123,243

TOTAL ASSETS LESS CURRENT LIABILITIES

129,318

123,243

RESERVES

Income and expenditure account

7

129,318

123,243

129,318

123,243

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th September 2021 and were signed on its behalf by:

M Tamburri (Chairman) (Australia) - Director

D Catherwood (Treasurer)(USA) - Director

1.	STATUTORY INFORMATION

International Wine & Food Society Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

Expenses include VAT where applicable as the company cannot reclaim it.

Changes in accounting policies

The Directors have reviewed the accounting policy relating to tangible fixed assets, to clarify the policy in accordance with the most recent accounting standards. There is no impact on the financial statements either in the Income Statement or to Reserves shown in the Balance Sheet.

Tangible fixed assets

All items included in tangible fixed assets have been fully depreciated over their expected useful lives and are therefore not included in the financial statements. Though some of the items are still in use, no adjustments have been made to their useful lives because the overall realisable value is negligible.

An item acquired with a useful life of more than one year and material to the overall financial position of the company is included in tangible fixed assets at cost and depreciated over its expected useful life. Adjustments are made to the expected useful life as appropriate, provided that the item has a realisable value.

Operating income

Operating income represents the expense allocation contributions, royalties and the total invoice value of goods sold and services rendered during the year, less the cost of goods sold.

Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to the income and expenditure account.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the income statement on a straight line basis over the term of the relevant lease.

Expense allocation contributions

The Area Companies have agreed under the terms of the R&LA to fund the basic administrative expenses incurred by the company. The Area Companies have also agreed to fund any other expenses (referred to as "extraordinary expense") incurred by the company with their consent. The total amount of the basic administrative and extraordinary expense (less income from royalties and merchandise) is divided amongst the Area Companies pro rata to their membership numbers as at the prior financial year end and each Area Company is severally liable to reimburse its share of such expenses to the company.

Stocks

Due to the small quantities of merchandise held at any time the value of stock held at the year end is not included in these financial statements.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with orginal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Members liability

In the event of the Society being wound up each and every member has guaranteed to contribute to its assets an amount not exceeding 50 pence (£0.50).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Service charges due

166

67

Amounts owed by IWFS Americas

Inc

12,075

25,156

Prepayments

8,604

11,619

20,845

36,842

5.	CASH AT BANK

31.12.20

31.12.19

£

£

Company's own funds

130,683

97,261

Funds held on behalf of IWFS Americas Inc

628,302

-

758,985

97,261

During the year, IWFS Americas Inc postponed a festival in France. Pursuant to an agreement between the company and IWFS Americas Inc, funds recovered from the festival organisers were transferred to the company's euro bank account and are held on behalf of IWFS Americas Inc.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

14,257

4,614

Corporation tax payable

194

121

Amounts owed to IWFS Americas

Inc

628,302

-

Deferred income

3,893

-

Accrued expenses

3,866

6,125

650,512

10,860

7.

RESERVES

31.12.20

31.12.19

£

£

Balance at 1 January

123,243

141,416

Surplus/(Deficit) for the year

6,075

(18,173

)

Balance at 31 December

129,318

123,243

8.	OPERATING LEASE COMMITMENTS

Operating lease payments represent office rent of £6,300 per annum payable by the company. The current commitment is due for renewal on 30 April 2022.

9.	RELATED PARTY TRANSACTIONS

The directors receive no remuneration and all personal expenses incurred by the directors in the exercise of their responsibilities are paid by them.

Included in Other creditors is an amount of £628,302 that represents funds held on behalf of IWFS Americas that is payable on demand.