This is not to discredit the work done by

1. Does "This is not to discredit the work done by Beck’s Futures" mean "This does not decrease any of the values of Beck’s Futures"?

2. Does "which" refer to "Beck’s Futures"?

Context:

Since 2000, however, Beck’s have turned their attention to supporting emerging talent in the art world through the annual Beck’s Futures competition, held in partnership with the ICA. This move has established a clear position for Beck’s in the contemporary art world, carving out a space for the company’s patronage alongside that of the Turner Prize and of Charles Saatchi. Since its foundation in 1946, the ICA has maintained a reputation as a stylish and savvy venue for contemporary arts and has remained a leading showcase for artists from all over the world. In aligning themselves with the ICA, Beck’s ensured a credible presence in the contemporary art world as well as an advertising presence at the ICA’s busy central London bar and café, which is frequented by the sort of consumers that would be considered market leaders. This is not to discredit the work done by Beck’s Futures, which is judged by a panel of professionals from the art world and has filled a gap in the sponsorship and patronage of new talent that ‘ensures that the medium it sponsors continues to grow and prosper’. What it does point to, however, is the difficulties facing new artists in gaining a foothold in the art world.