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

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The Institute of Masters of Wine is a private company limited by guarantee incorporated in England and Wales. The registered office is 6 Riverlight Quay, London, United Kingdom, SW11 8EA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the Institute can continue in operational existence for the foreseeable future, being a minimum period of 12 months from the date of approval of the financial statements.

The directors have prepared forecasts and projections, taking into account trading performance, expected future developments and the current economic environment. In assessing the appropriateness of the going concern basis, careful consideration has been given to both revenue generation and cost pressures over the forecast period.

During the previous 12 months, student and membership fees were increased above the prevailing rate of inflation in order to support the financial sustainability of the organisation. It has subsequently been agreed that any further fee increases will be maintained below inflation for the next 12–24 months, reflecting a balanced approach to affordability while maintaining income stability. This pricing strategy has been incorporated into the approved budget for the financial year ending 2026/27 and forms a key assumption within the forecasts.

In parallel, the organisation has implemented operational changes, including a revised approach to the delivery of seminars globally. These changes are expected to generate significant cost savings, which will partially mitigate anticipated increases in overheads. The directors have specifically considered known cost pressures, including increases in Employers’ National Insurance contributions, business rates, rent, and other operating expenses.

Based on these measures, together with the organisation’s current financial position and available resources, the directors are satisfied that the entity has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in the preparation of the financial statements.

lncome is recognised at the fair value of the consideration received or receivable for services provided, and is shown net of VAT and other sales related taxes.

lncome from membership subscriptions is recognised over the period of the subscription. Education and exams income is recognised on a percentage completion basis over the period of the course. Events and trips income is recognised when the event or trip has occurred.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

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

Depreciation 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:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The company only capitalises items which have a cost of £1,000 or above.

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 original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company 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 company's statement of financial position when the company 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, 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.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 business 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.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors 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.

The average monthly number of persons (including directors) employed by the company during the year was:

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its surplus for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

An unlimited multilateral guarantee dated 18 May 2016 was given by Masters of Wine Endowment Company and The Institute of Masters of Wine in respect of the mortgage taken out by the Masters of Wine Endowment Company with HSBC Plc. The amount outstanding at the balance sheet date, subject to this guarantee, was £702,176 (2025: £806,137).

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

During the year, expenses incurred by Masters of Wine Endowment Company were paid on its behalf by The Institute of Masters of Wine. Rental income of £103,824 (2025: £100,800) was charged to the Institute of Masters of Wine by the Masters of Wine Endowment Company under the formal lease for the property at 6 Riverlight Quay, London, SW11 8EA.

At the balance sheet date, the amount due to Masters of Wine Endowment Company was £nil (2025 £23,732).

All directors were members in the year and paid the agreed subscription rate. All Directors have the option to attend events during the year on the same basis as other members of The Institute. Transactions with Directors include Expenses and Honoraria entered into under normal market conditions. Expenses include amounts paid directly by the Institute as well as amounts borne by the relevant Director and reclaimed.

No Directors received complimentary tickets to events held by the Institute during the year.