REGISTERED CHARITY NUMBER: 1197009 TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 FOR THE BRITISH FOOTWEAR DEVELOPMENT TRUST THE BRITISH FOOTWEAR DEVELOPMENT TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Page Reference and Administrative Details Trustees, Report Accountants, Report Statement of Financial Activities statement of Financial Posltlon Notes to the Financial Statements 7 10 11 Detailed Statement of Flnanclal Activities 12 THE BRITISH FOOTWEAR DEVELOPMENT TRUST REFERENCE AND ADNJINISTRATIVE DETAILS FOR THE YEAR ENDED 29 FEBRUARY 2024 TRUSTEES WJ Church BSC, MBA, MRICS L J P Reèce-Raybould (resigned 23141241 H Erringlon C M Denton A M Haywood M Mason K Bann (resigned 23141241 V A Podmore lapwinled 23141241 PRINCIPAL ADDRESS PO Box 1655 Northampton NN2 IJD REGISTERED CHARITY NUMBER 1197009 ACCOUNTANTS DNG Dove Naish LLP Eagle House 28 Billillg Road Northampton NN1 5AJ BANKERS HSBC 88nk plc 52 Oxford Street London W1A1EG INVESTMENT ADVISORS Rathbone Investment Management Limited Port of Liverpool Building Pier Head Liverpool L3 1NW Page 1 THE BRITISH FOOTWEAR DEVELOPMENT TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024 The Trustees who are also directors ol the charity for purposes ol the Companies Act 2006, present their report with the linan¢ial slatemenls ol the fjharily lor the year ended 29 February 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢live 1 January 20191. Trustees The Trustees serving during the year and since the year end were as lollows'.- WJ Church L Reece-Raybould (resigned 23 April 20241 H Erringlon C M Denton A M Haywood M Mason K Bann (resigned 23 April 20241 V A Podmore lappoinled 23 April 20241 OBJECTIVES AND ACTIVITIES Objectives and activities The objective of the Charty is'.- To advance the theoretical and practical eolucation of persons engaged in or to be engaged in the footwear industry in the United Kingdom. The strategies employed lo achieve the Charily's objective are lo'.~ 111 boirow money and lo charge the whole or any part of 115 pioperty as security lor the repayment ol Ihg money boirowed, The CIO musl comply as appropriate with sections 124 and 125 of the Charities Act 2Q22, if il wishes lo mortgage land., 121 buy, lake on lease or in exchange, hire or otherwise acquire any property and lo maintain and equip il lor use., 131 sell, lease or olhetwise dispose ol all or any part ol the property belonging lo the CIO. In exèr¢ising this power. the CIO musl eomply as appiopiiale with sections 117 and 119-123 of thé Charities AGI 2022.. 141 employ and remunerate such staff as are necessary for carrying out Ihe work of the CIO. The CIO may employe or rernunerale a charity Iruslee only to the extent that il is permillèd lo do so by clause 6 (Benefits and payments lo chari+y trusteès and connected persons) and provided il complics w11h the conditions of that clause., 151 deposit or invest funds, employ a professional fund-manager. and arr8nge for the investments or other property of the CIO lo be held in the name of a nominee, in the same manner and subject lo the same conditions as the Iruslees of a Irusl are permilled lo do by the Trusteè Act 2000. Isi to providè, cause lo be provided or assist in the provision of facilitiès and sChe￿e5 for the education and training ol those engaged or lo be ongaged in the United Kingdom footwear Industry and lo maintain the progress of such facilrties and schernes,, 171 lo mgkè grants OT donations lo or lor the benefit of persons, firms or bodies involved or lo be invohjèd in the provision of facilities and schemes for such edu¢alion and training", and 181 lo co-operate with the local and central authorities or other bodies in the development of education and training in relation lo the United Kingdom loolwear induslry and lo provide funds or make grants or donations lo such authorities or bodies for that purpose. Page 2 THE BRITISH FOOTWEAR DEVELOPMENT TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024 OBJECTIVES AND ACTIVITIES Public benefit The Tyuslees have had règard to the Charity Cornmission's guidance on public benefi't. ACHIEVEMENT AND PERFORMANCE Charitable activities The Trustees are satisfied with the performance of the Charity during the year. FINANCIAL REVIEW Flnancial position The charity has seen a deficit this yèar. Reserves policy A strategic review will lake place if the reserves linv@slmenlsl fall below £20,000. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The British Footwear Developmenl Trust is a Charitable Incorporated Organisalion ICIOI registered with the Charity Commission. Ils rules and conslilulion were adopted on 8 December 2021. Appointment of trustees Trustèes are appointed in accordance with Ihe rules of the Trust. There is no maximum number of charity Iruslees, but there musl be al least live charity Iruslees. Apart from the first Gharily trustees, every chaiily trustee musl be appointed by a resolulioll passed al a properly convened meeting of the charity Iruslees. Every charity Irustee musl be a registered member or registered members represenlalive or Director in respect of the British Footwèar Association. Al least two ¢h8rily Iruslees musl be direclois of the British Footwear Association ICRN.. 000597371. The Trust is administered by the Executive Ctsmmitlee whiGh consists of the Iruslees appointed from lime lo lime in accordance with the trust deed. Organisation The Executive Committee administers the Charity and meet regularly lo consider the on-going performance of the aclivilies. Related parties The Chaiily has a close r&13tionship with the British Footwear Association Limited, a company which shares the Trust's passion for promoting the footwear industry and educating those involved in that industry. Risk management The Trustees have a risk man8gemenl strategy which comprises'.- An annual review of the risks Ihe Charity may face., The establishment ol systems and procedures lo miligale those risks identified in the review.. The implemenlalion ol prO￿dureS desi9ned to minimise any polentl81 impact on the Charity should these risks materi81ise. This work has identified only a few minor rlsks bul has resulted in impioved procedures and contingency plans and has given the impetus for beller planning. A key element in the management of financial risk is the selling ol a reserves policy and ils regular review by the Trustees. Approved by order ol the board of trustees on and signed on ils behalf by.. W J Church - Trustee Page 3 **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 29 February 2024 which comprise the Statement of Financial Activities, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. This report is made solely to the Board of Trustees of The British Footwear Development Trust, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The British Footwear Development Trust and state those matters that we have agreed to state to the Board of Trustees of The British Footwear Development Trust, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and its Board of Trustees, as a body, for our work or for this report. It is your duty to ensure that The British Footwear Development Trust has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus or deficit of The British Footwear Development Trust. You consider that The British Footwear Development Trust is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of The British Footwear Development Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. We align ourselves to, but due to our growth funding structure we are not controlled by ACCA members and are therefore not a fully recognised member of, the Association of Chartered Certified Accountants. However, we are subject to its ethical and other professional requirements which are detailed at https:// www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html. Shaw Gibbs Limited Eagle House 28 Billing Road Northampton NN1 5AJ Date: 13 September 2024 Page 4 THE BRITISH FOOTWEAR DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 FEBRUARY 2024 2024 Unrestricted funds 2023 Total funols Notes INCOME AND ENDOWMENTS FROM Investment in¢ome 2.554 EXPENDITURE ON Charitable activities Charitable activity Grants lo individuals 4,877 5,67D Total 14,007 5,670 Nel gainslllossesl on investments 8,897 13,985 NET INCOMEIIEXPENDITUREI 11,5501 117,1011 RECONCILIATION OF FUNDS Total funds brDughl fO￿ard 185,352 202,453 TOTAL FUNDS CARRIED FORWARD 183.802 185,352 The noles form part of these financial $18lemenls Page 5 THE BRITISH FOOTWEAR DEVELOPMENT TRUST STATEMENT OF FINANCIAL POSITION 29 FEBRUARY 2024 2024 Unreslricled funds 2023 Total funds Notes FIXED ASSETS Investmen15 175,274 175,728 CURRENT ASSETS Debtors Cash al bank 103 17,716 113 11,427 17,819 11,540 CREDITORS Amoun15 falling due within one year {9,2911 11,9161 NET CURRENT ASSETS 8,528 9,624 TOTAL ASSETS LESS CURRENT LIABILITIES 183,802 185,352 NET ASSETS 183,802 185,352 FUNDS Unreslricled funds 183,802 185,352 TOTAL FUNDS 183 802 185,352 The financial slaletnents were approved by th8 Board of Trustees 3nd authorised for issue on and were signed on its behalf by.. W J Church - Trus16e The notes forrn part of these financial slalements Page 6 THE BRITISH FOOTWEAR DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 ACCOUNTING POLICIES Basis of preparing the fillancial statements The finan¢i81 statements ol the charity, which is a public benefit enlily under FRS 102, have been prepared in ac¢ordallce with the Charities SORP IFRS 1021 'A¢¢ounting and Reporting by Charilies.. stalemènl ol Recommended Practice applicable lo Charities preparing their accounts in accordan¢e with the Financial Reporting Standard spplicable in th6 UK and Republic of Ireland IFRS 102) leffeclive 1 January 2019}', Financial Reporting Standard 102 'The Financial Reportirig Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial slalemenls have been prepared under tho historical cost convention, with the exception of inveslmènls which are ncluded al market value, as modified by th& revaluation of certain assels. The principal accounling policies for th8 ¢h8rity have remained unchanged from the previous year and the accounts have been prepared on an accruals basis. Golng con¢ern Al thè lime of approving the accounts, the Trustees have a reasonable expectation that the charity ha5 adequate resources to continue in opemlional existence for the foreseeable future. Thus the Trustees continue lo adopt the going ¢oncern bases of acGounling in preparing the accounts. Incom8 All inGome is recognised in the Slalemenl of Financial Activities onGe the charity ha5 enlillemenl to the funds, il is probable that the income will be re¢8ived and Ihe amount can be measured reliably. Expenditure Liabililies arè recognised as expenditure as 500n as there is a legal or conslruclive oblig8liDn commilling the charity lo that expendilure, it is probable that a transfer ol economic bénefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is acGounled for on an acGruals basis and has been classified under headings that aggregate all CDSI re18tèd lo the calegDry. Where costs cannot be directly allribuled lo particular headings they have been allocated lo activities on a basis consislenl with the use of resources. Grants offered subject to conditions which hav8 not been mel al th6 year end dale are noted as a commilmep.I bul not accrued as expenditure. Taxation The CIO is exempl from tax on ils charitable a¢livilies. Fund accounting Unreslricled funds Can be used in accordance with the charitable objectives at the discretion ol thè Iruslees. ReslriGled funds can only be used for particular reslrided purposes within the objects of the charity. Restrictions arise when specified by the donor or when furids are raised for particular reslii¢led PUTposes. Further explanation of the nature and purpose of each fund is included in the notes lo the lin8ncial slalèments. Investments Investments are included in the balance sheet at year end market Value per the requirements of the SORP. All changes in value in tho yèar whether or not realised are feported in the Statement of Financk81 Activilies. Page 7 continued... THE BRITISH FOOTWEAR DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS - continuod FOR THE YEAR ENDED 29 FEBRUARY 2024 INVESTMENT INCOME 2024 2023 Income from listed inveslménls 3,559 2,554 GRANTS PAYABLE 2024 2023 Grants lo individuals 9,130 TRUSTEES, REMUNERATION AND BENEFITS There were no Iruslees, remuneration or other baneli15 for the year ended 29 February 2024 nor for the year ended 28 Februaiy 2023. Trustees. expensès There were no trustees, expellses p8id for the year ended 29 February 2024 nor for the year ended 28 February 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled funds INCOME AND ENDOWMENTS FRO Investment income 2,554 EXPENDITURE ON Charitable activitles Charitable aclivily Nèt gainslllossesl on investments 13,9851 NET INCOMEIIEXPENDITUREI 117,1011 RECONCILIATION OF FUNDS Total lundg brought fotward 202,453 TOTAL FUNDS CARRIED FORWARD 185,352 Page 8 continued... THE BRITISH FOOTWEAR DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 29 FEBRUARY 2024 FIXED ASSET INVESTMENTS Listed investments NIARKET VALUE Al 1 March 2023 Additions Disposals Revaluations 175,728 5,926 110,5921 4,212 Al 29 February 2024 175,274 NET BOOK VALUE At 29 February 2024 175,274 Al 28 February 2023 175,728 There were no investment assets outside the UK. The following investments al 29 February 2024 represent more than 5Q/o of total inveslmenls.. Market Value Polar Caprtal Technology Trust Polar Capital Fund Mailland INSTL Services Lionlrusl Fund Partners JP Morgan Asset mgrs 8allie Gifford 21,675 20,046 10,971 12,456 12,526 12,532 Cost or valuation al 29 February 2024 is repiesenled by.. Listed investments Valuation in 2024 Cost 48,154 127,120 175,274 Page 9 Continued... THE BRITISH FOOTWEAR LIEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 29 FEBRUARY 2024 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Prepaymenls and accrued income 103 113 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 AccTuals 8nd deferreij income 9.291 1,916 MOVEMENT IN FUNDS Nel mgvemenl in funds Al 2912124 Al 113123 UnrestriGted funds General fund 185,352 {1,5501 183,802 TOTAL FUNDS 185,352 183,802 Net movement in funds, included in the above are as follows.. Incoming resotjrces Resourctts expended Gains and losses Movement in funds Unrestricted funds GeneTal fund 3,559 114,0071 8,897 (1.5501 TOTAL FUNDS 3,559 114.0071 8,897 1,5501 Comparatives for movement irb fund5 Nel movement in funds At 2812123 Al 113r22 Unrestricted funds General fund 2Q2,453 117,1011 185,352 TOTAL FUNDS 202,453 17,1011 185,352 Page10 continued. THE BRITISH FOOTWEAR DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENOED 29 FEBRUARY 2024 MOVEMENT IN FUNDS- continued CompaTalive net movement in funds, in¢luded in the above are as follows.- Incoming resources Resources expendèd Gains ancl Movem&nl losses in funds Unr8strict8d funds General fund 2,554 15,6701 113,9851 {17,1011 TOTAL FUNDS 2,554 5,6701 13,9851 17,1011 10. RELATED PARTY DISCLOSURES There were no related party Iransa¢lions for the year ellded 29 Fèbruary 2024. Page11 THE BRITISH FOOTWEAR DEVELOPMENT TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 FEBRUARY 2024 2024 2023 INCOME AND ENDOWIVJENTS Investment income Income from Iisled investments 3,559 2,554 Total incoming resourcès 3,559 2,554 EXPENDITURE Charitable activities Postage and slalionery Accountancy 8nd professional fees Finance charges Consultancy costs InsuranGe Grants lo illdividuals 1,385 1,470 1,587 375 9,130 1,200 1,479 2,600 327 13,947 5,613 Support costs Financè Bank charges 60 57 Total ￿SoUrceS expended 14,007 5,670 Net 8xpenditure before galns and losses 110,4471 13,1161 Reallsed recognis8d gains and losse5 Realised gainslllossesl on fixed asset investments Unrealised gainslllossesl on investment assets 4,685 2,222 4,212 {16,2071 Nèt incomellexpenditure} 1,5501 1fj7,1011 This page does not form part ol the sialulory financial slalemenls Page 12