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REGISTERED NUMBER: 00770403 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

THE INTERNATIONAL WINE & FOOD SOCIETY
LIMITED

THE INTERNATIONAL WINE & FOOD SOCIETY
LIMITED (REGISTERED NUMBER: 00770403)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE INTERNATIONAL WINE & FOOD SOCIETY
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: M W Donohoe (Chairman) (USA)
D Catherwood (Treasurer) (USA)
S D Hipple (USA)
A J Jones (Cayman Islands)
P N Lee (Singapore)
J S Nicholas (United Kingdom)
I A Nicol (United Kingdom)
M Tamburri (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

THE INTERNATIONAL WINE & FOOD SOCIETY
LIMITED (REGISTERED NUMBER: 00770403)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £ £
CURRENT ASSETS
Debtors 4 37,175 63,628
Cash at bank 5 186,125 176,115
223,300 239,743
CREDITORS
Amounts falling due within one year 6 115,545 116,977
NET CURRENT ASSETS 107,755 122,766
TOTAL ASSETS LESS CURRENT
LIABILITIES

107,755

122,766

RESERVES
Income and expenditure account 7 107,755 122,766
107,755 122,766

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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 30th July 2024 and were signed on its behalf by:




M W Donohoe (Chairman) (USA) - Director



D Catherwood (Treasurer) (USA) - Director


THE INTERNATIONAL WINE & FOOD SOCIETY
LIMITED (REGISTERED NUMBER: 00770403)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

The 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.

Tangible fixed assets
Items acquired with a useful life of more than one year and material to the overall financial position of the company are 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).

THE INTERNATIONAL WINE & FOOD SOCIETY
LIMITED (REGISTERED NUMBER: 00770403)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Service charges due 1,436 2,708
Amts owed by IWFS Americas Inc 19,818 42,474
Prepayments 15,921 18,446
37,175 63,628

5. CASH AT BANK

31.12.23 31.12.22
£ £

Company's own funds 90,303 79,901
Funds held on behalf of IWFS Americas Inc 95,823 96,215
186,126 176,116
During 2022, IWFS Americas Inc held a festival in France. Pursuant to an agreement between the company and IWFS Americas Inc, surplus funds from the festival were transferred to the company's euro bank account and are being held on behalf of IWFS Americas Inc for use on future European events.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade creditors 13,129 16,131
Corporation tax payable 71 10
Amts owed to IWFS Americas Inc 95,823 96,215
Accrued expenses 6,522 4,621
115,545 116,977

7. RESERVES

31.12.2331.12.22
£ £

Balance at 1 January122,766126,290
Deficit for the year(15,011)(3,524)
Balance at 31 December107,755122,766


8. OPERATING LEASE COMMITMENTS

Operating lease payments represent office rent of £6,930 per annum payable by the company. The current commitment is due for renewal on 1 May 2025.

THE INTERNATIONAL WINE & FOOD SOCIETY
LIMITED (REGISTERED NUMBER: 00770403)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

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 £95,823 that represents funds held on behalf of IWFS Americas Inc that is payable on demand.