DocuSign Envelope ID: E0E64AE5-83DF-4ED4-A54E-35E4C3B7C693DocuSign Envelope ID: 8ACCE192-5F54-4C43-9F89-EAA7562735D0
ACADEMIE DU VIN FOUNDATION
(FORMERLY INTERNATIONAL WINE & SPIRIT COMPETITION (IWSC) FOUNDATION)
ACCOUNTS
31 MARCH 2023
Registered Charity Number 1180436
DocuSign Envelope ID: E0E64AE5-83DF-4ED4-A54E-35E4C3B7C693DocuSign Envelope ID: 8ACCE192-5F54-4C43-9F89-EAA7562735D0
ACADEMIE DU VIN FOUNDATION
ACCOUNTS
YEAR ENDED 31 MARCH 2023
| CONTENTS | PAGE |
|---|---|
| Trustees Annual Report | 1 |
| Receipts and Payments | 4 |
| Statements of assets and liabilities | 5 |
| Independent examiner’s report | 6 |
DocuSign Envelope ID: E0E64AE5-83DF-4ED4-A54E-35E4C3B7C693DocuSign Envelope ID: 8ACCE192-5F54-4C43-9F89-EAA7562735D0
ACADEMIE DU VIN FOUNDATION
TRUSTEES ANNUAL REPORT
YEAR ENDED 31 MARCH 2023
The trustees have pleasure in presenting their report and accounts of the charity for the year ended 31 March 2023. The accounts have been prepared on the receipts and payments basis.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name
Academie Du Vin Foundation
Charity registration number 1180436 Principal office IWSC Foundation 208 Canalot Studios 222 Kensal Road London. W10 5BN
The charity changed its name from International Wine & Spirit Competition (IWSC) Foundation to Academie Du Vin Foundation on 13 October 2023.
THE TRUSTEES
The trustees who served the company during the year were as follows:
Ajit Puri Richard Ivan Stoppard Tina Williams Nicolas De Santis (appointed 1 February 2023)
Independent examiners Shipleys LLP Chartered Accountants 10 Orange Street Haymarket London. WC2H 7DQ Bankers Barclays Bank Plc 1 Churchill Place Leicester Leicestershire. LE87 2BB
- 1 -
DocuSign Envelope ID: E0E64AE5-83DF-4ED4-A54E-35E4C3B7C693DocuSign Envelope ID: 8ACCE192-5F54-4C43-9F89-EAA7562735D0
ACADEMIE DU VIN FOUNDATION
TRUSTEES ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2023
OBJECTIVES AND ACTIVITIES
The objectives of the charity as set out in its governing document are:
-
(1) The advancement of education of persons over the age of 16, including by providing access to training, education or work experience for those who would not otherwise have access to such opportunities, in particular in the study of wine and spirits, viniculture, horticulture and sustainable agriculture in relation to the production of wines and spirits.
-
(2) The relief of poverty and sickness, in particular amongst those who have worked in the alcoholic beverage industry and in particular arising from alcoholism and alcohol related diseases.
The charity furthers its charitable purposes for the public benefit through providing grants to charities that seek to meet the objectives outlined above.
The trustees have given due regard to the Charity Commission guidance on public benefit when reviewing the charity’s aims and objectives and in planning its activities and grant making policy for the year.
ACHIEVEMENTS AND PERFORMANCE
The charity has provided grants of £166,070 during the year (2022: £195,500) as follows:
| United Kingdom Sommeliers Institute of Masters of Wine The Old Vine Conference The Drinks Trust WSET Best Performer Wine and Spirit Education Trust The Sommelier Academy IWSC’s emerging talent awards Green Wine Future Bike to Care in support of upcoming sommeliers South African Sommelier Association Institute of Cape Wine Masters |
2023 2022 50,000 - 42,000 85,500 20,000 - 15,000 25,000 11,565 - 10,000 20,000 - 50,000 - 15,000 7,500 - 5,005 - 2,500 - 2,500 - |
|---|---|
| 166,070 195,500 |
The objectives and projects of these recipients were considered by the trustees to be in line with the charity’s objectives.
- 2 -
DocuSign Envelope ID: E0E64AE5-83DF-4ED4-A54E-35E4C3B7C693DocuSign Envelope ID: 8ACCE192-5F54-4C43-9F89-EAA7562735D0
ACADEMIE DU VIN FOUNDATION
TRUSTEES ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2023
FINANCIAL REVIEW
The charity received donations of £72,305 (2022: £88,449) during the year. Expenditure during the year was £368,289 (2022: £239,221).
The charity was also in receipt of an expendable endowment of £816,652 (2022: £741,345) during the year.
The charity also purchased programme related investments of £253,307 during the year (2022: £512,147). The opportunity of investing in and taking a controlling interest of Acadamie du Vin library (AdVL) was identified by the Trustees as directly aligned with the objectives and purpose of the Foundation. Indelibly linked with Steven Spurrier, one of the leading exponents of wine education and a leading force in the wine industry, AdVL produces a series of wine and spirit educational books and other literature and the Foundations investment will see it expand into classes and events that further education and democratise the world of wine and spirits further. To this end the Foundation saw an opportunity to expand its reach and to further its aims by a direct investment that may in the future deliver some small financial return but will directly deliver of the objectives identified when the Foundation was first created.
The charity also purchased an investment of £1,109,217 (2022:£nil) in a subsidiary. The subsidiary’s sole asset is a property which is expected to increase in value and has the potential to generate investment income. The property could also be transitioned into an educational centre for the charity in the longer term.
The charity has unrestricted reserves of £nil (2022: £nil) and an endowment fund of £638,098 (2022: £1,481,736) at 31 March 2023.
The charity will maintain a reserves pot of not less than £20,000 in order to provide a level of working capital that protects the continuity of the foundations work, in addition a reserves pot of not less than £10,000 in order to cover unexpected and/or unanticipated costs. These fund levels will be reviewed on an annual basis.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is a Charitable Incorporated Organisation and is governed by its Constitution dated 25 October 2018.
Trustees are appointed by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
31 January 2024
Approved by the trustees on …………………… and signed on their behalf:
Richard Stoppard Trustee
- 3 -
DocuSign Envelope ID: E0E64AE5-83DF-4ED4-A54E-35E4C3B7C693DocuSign Envelope ID: 8ACCE192-5F54-4C43-9F89-EAA7562735D0
ACADEMIE DU VIN FOUNDATION
RECEIPTS AND PAYMENTS
YEAR ENDED 31 MARCH 2023
| Unrestricted | Restricted | Endowment | Total Funds | Total Funds | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | 2023 | 2022 | |
| £ | £ | £ | £ | £ | |
| Receipts | |||||
| Grants and donations | 72,305 | - | - | 72,305 | 88,449 |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | |
| 72,305 | - | - | 72,305 | 88,449 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | |
| Receipt of endowment | - | - | 816,652 | 816,652 | 741,345 |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | |
| Total receipts | 72,305 | - | 816,652 | 888,957 | 829,794 |
| ============================================= | ============================================= | ============================================= | ============================================= | ============================================= | |
| Payments | |||||
| Grants and donations | (166,070) | - | - | (166,070) | (195,500) |
| paid | |||||
| Educational events | (3,946) | - | - | (3,946) | (4,204) |
| Research & publications | - | - | - | - | (1,250) |
| Auction fees | - | - | - | - | (1,236) |
| Independent examiner | (2,820) | - | - | (2,820) | (2,820) |
| Website costs | (8,995) | - | - | (8,995) | (4,019) |
| Branding | (3,600) | - | - | (3,600) | - |
| Bank charges | (141) | - | - | (141) | (51) |
| Legal costs | (11,965) | - | - | (11,965) | (3,900) |
| Consultancy fees | (80,471) | - | - | (80,471) | (15,856) |
| Office costs | (4,340) | - | - | (4,340) | (650) |
| IT services and costs | (4,410) | - | - | (4,410) | (1,275) |
| Finance and admin | (81,531) | - | - | (81,531) | (8,460) |
| costs | |||||
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | |
| Total payments | (368,289) | - | - | (368,289) | (239,221) |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | |
| Assets & investment | |||||
| purchases | |||||
| Purchase of fixed assets | (1,782) | - | - | (1,782) | - |
| Purchase of | - | - | (1,362,524) | (1,362,524) | (512,147) |
| investments | |||||
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | |
| Total assets & | (1,782) | - | (1,362,524) | (1,364,306) | (512,147) |
| investment purchases | |||||
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | |
| Net of | (297,766) | - | (545,872) | (843,638) | 78,426 |
| (payments)/receipts | |||||
| Transfers between | 297,766 | - | (297,766) | - | - |
| funds | |||||
| Cash funds at 1 April | - | - | 1,481,736 | 1,481,736 | 1,403,310 |
| 2022 | |||||
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | |
| Cash funds at 31 | - | - | 638,098 | 638,098 | 1,481,736 |
| March 2023 | |||||
| ============================================= | ============================================= | ============================================= | ============================================= | ============================================= |
- 4 -
DocuSign Envelope ID: E0E64AE5-83DF-4ED4-A54E-35E4C3B7C693DocuSign Envelope ID: 8ACCE192-5F54-4C43-9F89-EAA7562735D0
ACADEMIE DU VIN FOUNDATION
STATEMENT OF ASSETS AND LIABILITIES
YEAR ENDED 31 MARCH 2023
| Unrestricted | Unrestricted | Restricted | Endowment | |
|---|---|---|---|---|
| Funds | Funds | Funds | ||
| £ | £ | £ | ||
| Cash funds | ||||
| Cash at bank | - | - | 638,098 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Total Cash Funds | - | - | 638,098 | |
| ============================================= | ============================================= | ============================================= | ||
| Unrestricted | Restricted | Endowment | ||
| Funds | Funds | Funds | ||
| £ | £ | £ | ||
| Other monetary assets | - | - | - | |
| ============================================= | ============================================= | ============================================= | ||
| Fund to which | Cost | Current | ||
| asset belongs | value | |||
| Investment Assets | ||||
| Programme related investments | Endowment | 765,454 | N/A | |
| Investment in subsidiary | Endowment | 1,109,217 | N/A | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| 1,874,671 | ||||
| ============================================= | ============================================= | ============================================= | ||
| Fund to which | Cost | Current | ||
| asset belongs | value | |||
| Assets retained for the charity's own use | ||||
| Computers and other equipment | Unrestricted | 1,782 | N/A | |
| ============================================= | ============================================= | ============================================= | ||
| Fund to which | Amount due | When due | ||
| liability | ||||
| belongs | ||||
| Liabilities | - | - | - | |
| ============================================= | ============================================= | ============================================= | ||
31 January 2024 |
Approved by the trustees on …………………… and signed on their behalf:
Richard Stoppard Trustee
- 5 -
DocuSign Envelope ID: E0E64AE5-83DF-4ED4-A54E-35E4C3B7C693DocuSign Envelope ID: 8ACCE192-5F54-4C43-9F89-EAA7562735D0
ACADEMIE DU VIN FOUNDATION
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
YEAR ENDED 31 MARCH 2023
Independent examiner’s report to the Trustees of the Academie Du Vin Foundation
I report to the trustees on my examination of the accounts of Academie Du Vin Foundation (the charity) for the year ended 31 March 2023, which are set out on pages 4 to 5.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(‘the Act’).
I report in respect of my examination of the Trustee’s accounts carried out under section 145 of the 2011 Act and 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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
(1) accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
(2) the accounts do not accord with those records.
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 accounts to be reached.
Stephen Foster FCCA Shipleys LLP 10 Orange Street Haymarket London WC2H 7DQ 31 January 2024
……………………
- 6 -