REGISTERED CHARITY NUMBER- 1197009 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 FOR THE BRITISH FOOTWEAR DEVELOPMENT TRUST THE BRITISH FOOTWEAR DEVELOPMENT TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 Page Reference and Admlnistrative Details Trustoes. Rèport Accountants, Report Statement of Financial Activities statement of Financial P051tion Notes to the Financial Statements 8 10 12 Detailed Statement of Financial Activitles 13 THE BRITISH FOOTWEAR DEVELOPMENT TRUST REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 28 FEBRUARY 2023 TRUSTEES WJ Church L J P Ree¢e-Raybould H Erringlon lappoinled 1131221 C M Denton lappoinled 1131221 A M Haywood lappoinled 1131221 M Mason lappoinled 1131221 K Bann lappoinled 1131221 PRINCIPALADDRESS PO Box 1655 Northampton NN2 1JD REGISTERED CHARITY NUMBER 1197009 ACCOUNTANTS DNG Dove Naish LLP Charteied AG¢ounlanls Eagle House 28 Billing Road Northampton NN15AJ BANKERS HS8C Bank plc 52 Oxford Street London W1A1EG INVESTMENT ADVISORS Ralhbone Investment Management Limited Port ol Liverpool Building Pier Head Liverpool L3 1NW Page 1 THE BRITISH FOOTWEAR DEVELOPMENT TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 28 FEBRUARY 2023 The trustees who are also directors of the charity for the purposes ol the Companies Acl 2006, present their report with the financial statements of the charity for the year ended 28 february 2023. The Iruslees have adopted the provisions of AccouDlillg and Reptsrling by Gharilies. Slalemenl ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffeclive 1 January 20191. Trustees The Trustees serving during the year and since the year end were as follows".- K Bann W Church C Denton H Erringlon A Haywood M Mason L Reece-Raybould OBJECTIVES AND ACTIVITIES Objectives and activities The objective of the Charily is'_ To advance the theoretical and practical education ol persons engaged in or lo be engaged in the Icx)Iwear indusliy in the United Kingdom. The strateg￿$ èmplDyed lo achieve the Charity's objective are lo'.- 111 botrow money and to charge the whole or any part of ils property as security for the repayment ol the monèy borrowed. The CIO musl comply as appropriatè with seGtions 124 and 125 of the Charities Act 2022, il wishe5 to mortg2ge18nd; 121 buy, take on lease or in exchange, hire or otherwise acquire any property and to maintsin and equip it for use; 131 sell, lease or otherwise dispose of all or any part ol the propety belonging lo the CIO. In exercising this power, the CIO musl comply as appropriale with sections 117 and 119-123 01 the Charities Act 2022,. 141 employ and remunerate such staff as are necessary for carrying out the work of the CIO. The CIO may employe or remunerate a charity Iruslee only lo the èxlenl that It is permilled lo do so by clause 6 IBenefils and payments lo charity Iruslees and connected persons) and provideL% il ¢ornplies with the conditions of that clause., {51 deposit or invest funds, ernploy a professional fund-manager, and arrange lor the investments or other property ol the CIO lo be heSd in the name of a nominee, in the samè mannei and subject lo the same conditions as the trustees of a trust are permitted lo do by the Trustee Act 2000. 161 lo prOV￿e, cause lo be provided or asslst in the provision of facilities and schemes for the education and training of those engaged or to be engaged in the United Kingdom footwear industry and lo maintain the progress of such facilities and schemes., 171 lo make grants or donations lo or for the benefit of persons, firms or bodiès involved or lo be involved in the provision of facilities and schemes for such education and training., and 181 lo to-opeiate with Ihe local and central authorities or other bodies in the development of education and training in relation lo the United Kingdom footwear industry and to provide funds or make grants or donations to such aulhorilies or bodies for that purpose. Page 2 THE BRITISH FOOTWEAR DEVELOPNIENT TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUARY 2023 OBJECTIVES AND ACTIVITIES Public bènefit The trustees have had regard lo the Charity Commissions guidance on public benefit. ACHIEVEMENT AND PERFORMANCE Charitable activities The Tiuslees are $81isfied with the performance of the Charity during the year. FINANCIAL REVIEW Financial position The charily has made a sma11 trading deliclt this year. There h38 also begn a further dèficit on inveslmenls. caused by the ongoing impact of Covid 19 pandemi¢ and the ongoing issues in Ukraine. The charity is newly established in ils current legal form, and the new Iruslees have been working together lo create a new strategy. We expeGI lo implement this in the coming year. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The British Footwear Development Trust is a Charitable Incorporated Organisalion ICIOI registered with the Charity CommissK)n. Its rules and constitution were adopted on 8 December 2021. On 1 March 2022, assets from the old charity 326051 have been transferred lo the new Chari18ble Incorporated Organi5alion ICIOI - 1197009 of the same name. In accordance wtth Charities SORP IFRS 1021 section 27 merger accounting rules have begn applied as there has been a change in legal foTm bul ils purpose and beneficiary class remain unchanged. TheTelore the comparative represent those of Ihe old ¢harily. All amounts in the current year iepresenl the newly merged charity. Thère were no transactions in the CIO in the piior year. Appointment of trustees Trustees ale appointed in accordance with the rules of the Trust. There is no maximum number of charity Iruslees, bul there musl be al least live charity Iruslees. Apart from the first charity Iruslees, every charity Irusleo musl be appointed by a resolution passed al a properly convened meeting ol the charity Iruslees. Every charity Iruslee musl be a registered msmber or registered members represenlalive Dr Director in respect of the British Footwear Association. At least two charity trustees musl be directors of the British Footwear Association ICRN". 000597371. The Trust is administered by the Executive Commillee which consists of thè trustee5 appointed from lime lo lime in accordance with the trust deed. Organisatlon The Executive Commilleo administers the Charity and meet regularly lo consider the on-going performance of the activities. Relatèd parties The Charity has a close relationship with the British Footwear Association Limited, 8 company which shares the Trust's passK)n lor promoting the footwear industry and educating those involved in that industry. RSsk management The Trustees h8vÈ a risk managamenl strategy which comprises'.- An annual review of the risks the Charily may face.. The eslablishmenl DI systems and procedures lo miligale those risks idelllified in the review., The implemenlalion of procedures designed lo minimise any potential impact on the Chsrily should these iisks materialise This work has identified only a few minor risks bul has resulted in Improved procèdures and contingency plans and has given Ikie impetus for beller planning. A key element in the management of f1nancial risk is the selling of a reserves policy and its regular review by the Trustees. Page 4 THE BRITISH FOOTWEAR DEVELOPMENT TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUARY 2023 Approved by order of the board of Iruslees on and signed on ils behalf by.. W J Church - Trustee Page 4 **CHARTERED ACCOUNTANTS’ REPORT TO THE TRUSTEES OF THE BRITISH FOOTWEAR DEVELOPMENT TRUST** In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of The British Footwear Development Trust for the year ended 28 February 2022, which comprise the Statement of Financial Activities, Statement of Financial Position, and the related notes from the Charity’s accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16AAF. DNG Dove Naish LLP Chartered Accountants Eagle House 28 Billing Road Northampton NN1 5AJ Date: 4 September 2023 Page 5 THE BRITISH FOOTWEAR DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2023 2023 2022 Unreslriclèd Unreslricled funds funds Notes INCOME AND ENDOWMENTS FROM Investment income 2,554 EXPENDITURE ON Charitable activitiès Charitable activity 5,670 7,406 Nel gains/llos5esl on investments 13,985} 1,069 NET INCOMEIIEXPENDITUREI 117,1011 (4,1051 RECONCILIATION OF FUNDS Total funds brought fo¥ward 202,453 206,558 TOTAL FUNDS CARRIED FORWARD 185,352 202,453 The notes form p8rt ol these linan¢ial slalemenls Page 6 THE BRITISH FOOTWEAR DEVELOPMENT TRUST STATEMENT OF FINANCIAL POSITION 28 FEBRUARY 2023 2023 2022 Unreslricled Unreslricled funds funds Notes FIXED ASSETS Investments 175,728 181,222 CURRENT ASSETS Debtor5 Cash al bank 113 11,427 78 22,377 11,540 22,455 CREDITORS Amounts fallillg due within one year 11,9161 (1,2241 NET CURRENT ASSETS 21.231 TOTAL ASSETS LESS CURRENT LIABILITIES 185.352 202,453 NET ASSETS 185,352 202,453 FUNDS Unreslricled funds 185,352 202,453 TOTAL FUNDS 185,352 202.453 The financial stalemenls were approved by the Board of Trustees and aulhorised for issue on and were signed on ils behalf by. W J Church - Trustee Thè note5 form part of Ihese financi81 statements Page 7 THE BRITISH FOOTWEAR DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements ol the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charilies SORP IFRS 1021 'AcGounting and Reporting by Charities.. S4alemenl of Recommended Practice applicable lo ¢harilies preparing their accounts in accordance with the Fin8nci81 Repoiling Standard appliable in the UK and Republic ol Ireland IFRS 1021 (effective 1 January 20191., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Rèpublic ol Ireland, and the Charities Act 2011. The financial statements have been prepared undei the historical cost convention, with the exception of inveslmenls which are included al market value, as modified by the revaluation ol certain assets. On 1 March 2022, assets from thè old charity 326051 have been Ir8nslerred lo the new Charitable Incorporated Organisalion ICIO} - 1197009 of the same name. In ac¢ord8nce with Chaiilies SORP IFRS 1021 section 27 merger accounting rules have been applied as Iheie has been 3 change in legal form bul ils purpose and beneficiary class remain unchanged. Therefore the ¢omp2ralive represent those of the old charity. All amounts in the current year represent the newly meiged charity There were no Iran$8clions in the CIO in Ihe prior year. The principal aceounling policies lor the CIO have remained unchanged from the prgvious year for the old charity and the accounts have been prepared on an accruals basis. Going concern Al the lime of approving the accounts, the Trustees have a reaonsable expectation that the chaiily has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trustees continue lo adopt the going concern basÈs ol accounting in preparing the accounts. Income All incomè is recognised in the Slalemenl of Financial Activities once the charity has enlillemenl lo the funds, il is probable that the income will be received and the amount can be measured reliably. Expenditure Liabililies are recognised as expenditure as soon as there is a legal or Constructive obligation commilling the charity lo that èxpènditure. il is probable that a transfer ol economic benefits will be required in selllemenl and the amount of the obligation can be measuréd reliably. Expenditure is accounted for ori an ac¢rua5s basls and has been classified under headings that aggregate all Cost ielaled to the category. Vvhere costs cannot be directly allribuled lo particular headings they have bèen allO￿ted lo activities on a basis consislenl wilh the use of resources. Taxation The CIO is exempl from lax on ils charitable a¢livilies. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives al the discretion of the trustees. Resliicled funds can only be used for particular restricted purposes within Ihe objects of the charity. Reslriclions arise when spe¢ili6d by the donor or when funds are raised for particuSar reslricled purpose5. Further explanation ol the nature and purpose of each fund is included in the nol8s lo the financial slalemenls. Investments lllveslmenls are included in the balance sheet al year end market value per th6 requirements ol the SORP. All changes in value in the year whether or not re81ised are ieported in the Statement of Financial Aclivilies. Page 8 continued.. THE BRITISH FOOTWEAR DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued FOR THE YEAR ENDED 28 FEBRUARY 2023 INVESTMENT INCOME 2023 2022 Income from listed investments Deposit a¢￿Unt interest 2,654 2,231 2,554 2,232 TRUSTEES, REMUNERATION AND BENEFITS There were no Iruslees, rèmuneration or other benefits for the year ended 28 February 2023 nor for the year endèd 28 February 2022. Tru5tees' expenses There were no Iruslees, expenses paid for the year ended 28 February 2023 nor for the year ended 28 Februaiy 2022. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted furids INCOME AND ENDOWMENTS FROM Investment income 2,232 EXPENDITURE ON Charitable activities Charitable activity 7.406 Nel gains on inv&slm6nls 1,069 NET INCOMEIIEXPENDITUREI 14,1051 RECONCILIATION OF FUNDS Total funds broughl IopNard 206,558 TOTAL FUNDS CARRIED FORWARD 202,453 Page 9 continued... THE BRITISH FOOTWEAR DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 28 FEBRUARY 2023 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE Al 1 March 2022 Additions Disposals RevaluatlDn 181,222 11,635 19271 16,2021 Al 28 February 2023 175 728 NET BOOK VALUE Al 28 February 2023 175,728 Al 28 February 2022 181,222 There were no investment assets outside the UK. The following investments al 28 February 2023 represènt mor6 than S'/0 of lolal inveslmenls.. Markelvalue Lionlrusl Fund Partners Mailland Insliliilional Services JP MoTgan Asset Managers Polar Capital Fund Baille Gifford First Senlier Investors IUKI Polar Caprtal Technology Trust 14,747 11,966 12.478 16,776 12,337 8,865 19,420 Cost or valuation al 28 February 2023 is repres&nled by.. Listed inveslmenls Valuation in 2023 Cost 43,251 132,477 175,728 Page10 onlinutrd... THE BRITISH FOOTWEAR DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 28 FEBRUARY 2023 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 PTepaymenls and ao¢rued income 113 78 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Accruals and deferred income 1.916 1,224 MOVEMENT IN FUNDS Net movement in funds Al 2812123 Al 113122 Unrestricted funds General fond 202.453 117,1011 185.352 TOTAL FUNDS 202,453 17,101) 185,352 Nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and bs5es Movement in funds Unrestricted funds General fund 2,554 15.6701 113,9851 117,101) TOTAL FUNDS 5,6701 13,9851 17,1011 Comparalives for movement Sn funds Nel movement in funds Al 2812122 At113121 Unrèstricted funds General fund 208,558 14,1051 202,453 TOTAL FUNDS 206,558 4.1051 202,453 Page 11 continued... THE BRITISH FOOTWEAR DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS- Gontinued FOR THE YEAR ENDED 28 FEBRUARY 2023 OVEMENT IN FUNDS - contlnued Comparative nel movement in funds, included in Ihe above are as follows.. Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds General fund 2,232 17,4061 1,069 14,1051 TOTAL FUNDS 2,232 7,4061 1,069 4,1051 RELATED PARTY DISCLOSURES There were no rel8led party transactions for the year ended 28 February 202312022.. none). Page 12 THE BRITISH FOOTWEAR DEVELOPMENT TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2023 2023 2022 INCOME AND ENDOWMENTS Investment income Income from listed inveslm6nls Deposit account intere51 2,554 2,231 2,554 2,232 Total incoming resources 2,554 2,232 EXPENDITURE Charitable activities Postage and stalioneiy Accountancy and professional fees Finance charges Consultancy costs Insurance 1,200 1,479 2.600 327 1,200 1,719 237 5,813 3.156 Support costs Financè Bank Gharges 57 10 Governance ¢osts Legal and professional fees 4,240 Total resources expended 5,670 7,406 Net expenditure before gains and losses 13,1161 15,174} Rèalised recognised gains and losses Realised gainslllosses} on fixed asset investments Unrealised gainslllossesl on inveslrnenl assets 2,222 1,376 116,2071 3071 Net expenditure 1fj7.1011 This page does not form part ol the slalulory financial sl8lemenls Page 13