It was nonsense to suggest the company had a "hidden agenda" or was to blame for problems with the loss-making festival, she said yesterday.
"With all the fuss that's happened, it's impinging negatively on Innerwink Management, and on [Innerwink managing director] Annetta Latham now, which is quite sad," Mrs Stewart said.
"Their name has been blackened unfairly and I do not see any evidence that something was intrinsically wrong.
"The fault lies with the committee - of which, yes, I was a member.
"It's natural to try and place the blame when things go dreadfully wrong, but in this case, no one person is to blame."
Mrs Stewart resigned from the committee at the annual meeting last month.
Her resignation was as a result of her involvement in a new business, she said yesterday.
The 2010 festival committee discovered last week that some trusts and sponsors listed in the 2009 budget had never been approached for funding by the event manager.
"Those trusts weren't approached because the festival did not meet the trusts' criteria for grants.
"There's no shock and drama about it and [2009] committee members were well aware of it, so I'm not quite sure why there's all this brouhaha now."
There was no "paper trail" to find because either the matters were discussed in committee, or the minutes did not record the full discussion.
However, members were aware of the discussion, she said.
Festival chairwoman Clair Higginson, who is also the chairwoman of the Vincent Community Board, said Mrs Latham had offered to meet the board to discuss the festival.
"I've let the board know that and they've yet to decide if they'll take up the offer.
"From my own personal point of view though, I'd quite like to meet her and talk to her.
"It might help with the processes and planning and going forward."
After three successive years of losses, financial problems have cast a cloud over the future of the event.
The 2009 chairman, treasurer and secretary all resigned from the committee, followed last week by Tim Cadogan's stepping down as acting chairman.
The committee met on Monday and discussed its 2010 budget and its governance procedures, which "lacked clarity", Ms Higginson said.
Mrs Latham said she would not be making any further statements to the media.
She declined to elaborate on her statement, issued on Friday, in which she denied having misled the festival committee in any way.
