REGISTERED CHARITY NUMBER: 1197009 TRUSTEES. REPORT AND FINANCIAL STATEPJIENT5 FOR THE YEAR ENDED 28 FEBRUARY 2025 FOR THE BRITISH FOOTWEAR DEVELOPMENT TRUST
THE BRITISH FOOTWEAR DEVELOPMENT TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Paga Referenee and Administratlve Deialls Trustees, Rèport ststement of Financial Acllvities Statement of Financial Posltion Notes to the Flnancial Stat8ments 6 10 10 Detalled Statement of Financial Actlvities
THE BRITISH FOOTWEAR DEVELOPMENT TRUST REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 28 FEBRUARY 2025 TRUSTEES WJ ChuTch BSC, MBA, MRICS L J P Reece-Raybould Iresigned 2314r241 H Errington C M Denton A M Haywood M Mason K Bann {resigned 23141241 V A Pcxlmore lappoinled 23141241 R ShellrfFe lappoinled 7161241 PRINCIPAL ADDRESS Satra House, Wyndham Way Kettering North8mptonshire NN16 8SD REGISTERED CHARITY NUiVIBER 1197009 BANKERS HSBC Bank plc 52 Oxford Street London W1A1EG INVESTMENT ADVISORS Ralhbone Investment Management Limited Port of Liverpool Building Pier Head Liverpool L31NW Page 1
THE BRITISH FOOTWEAR DEVELOPMENT TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025 The Trustees who are also directo¥s of the charity for purposes of the Companies A¢1 2006, present their report with the financial slalemenls of the charity for the year ended 28 February 2025. The Iruslees have adopted the provisions of Accounting and Reporting by Charities.. Statement ol Re¢ommended Practice applicable lo charities preparing their aG¢ounls in accordance with the Financial Reporting Stsndard applicable in the UK and R8P¢tblic of Ireland (FRS 1021 (effective 1 January 2019). Trustees The Trustees seNing during the year and slnce the year 8nd were as follows'.- WJChur¢h L Reece-Raybould (resigned 23 April 20241 H Erringlon C M Denton A M Haywoo M Mason K Bann (resigned 23 April 20241 V A Podrmoie lappoinled 23 April 2024} R Shelliffe lappoinled 7 June 20241 OBJECTIVES AND ACTIVITIES Objèctives and activities The objective of the Charity is'.- To advance the theoretical and practical education of peisons engaged in or to be engaged in the footwear industry in the United Kingdcxm. The strategies employed lo achieve the Charity's o¥'ective are to'.- 111 borrow molley and lo charge the whole or any part of its property as security for the repayment of the money borrDwed. Thie CIO must comply as appropriate with sedions 124 and 125 of the Charities Act 2022, if il wishes to mortgage land.. {2} buy, lake on lèase or in exchange. hire or otherwise 8¢ouire any property and to maintain and equip il for use., (31 sell, lease or othnlse dispose of all or any part of the property belonging to the CIO. In exeTcising this power, the CIO musl compty as appropiiale with sections 117 and 119-123 of 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 trustee only lo the extent that il is pemitted lo do so by claus6 6 (Benefits and payments to charity Iruslees and conneded persons) and providad il cLpIleS wilh the Conditions of that Clause.. 151 dewsil or illvest funds, employ a professional fund-manager, and arrange for the investments or other property of the CIO to be held in the name of a nominee, in the saTne manner and subject lo the same conditions as Ihe Iruslees of a trust are permilled lo do by the Trustee Act 2000. 161 lo provide, cause lo be provided or assist in the provision of facilities and schémes for the edu¢alion and training of those engaged or to be engaged in the United Kingdom footwear industry and lo maintain the progress of such facilities and $chem85' 17) to make grants or donations lo or for the benefit of persons, lims or bodies involved or to be involved in the provision of facilities and schemes for such trducalion and training., and 181 lo c(Foperate with the local and cenlral authorities or other bodies in th8 development ol education and training in relation to the United Kingdom footwear industry and lo provide funds or make grants or donalK)ns io such authorities or dIeS lor that purpose. Page 2
THE BRITISH FOOTWEAR DEVELOPMENT TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025 OBJECTIVES AND ACTIVITIES Public benefit The Trustees have had regard lo the Charily Commission's guidance on publi¢ bellefil. ACHIEVEMENT AND PERFORMANCE Charitable activlties The Trustees are s81isfied wlh the performan of the Charity during the year. FINANCIAL REVIEIN Financlal posltlon The charity has seen a surplus this year. ReseTves policy A strategic review will lake pla if the reserves linveslmentsl fall below £20,QQIO. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The 8rilish Foolwear Development Trust is a Charitable Incorporated Organ1881ion ICIOI registered with the Charity Commi8sion.118 rules and conslilulion were adopted on 8 December 2021. Appointment of trustees Trustees are appointed in a¢¢ordance with th8 rlls of the Trust. There is no maximum number of charity Iruslees, bul there rnust be at least five charity lyustees. Apart from thé first charity Iruslees, every charily Iruslee must be appointed by a iesolution passed al a properly convened me81ing of the charity trustees. Every charity Iruslee musl be a registered member or registeied members represenlalive or Direcloi in respect of the British Footwear Associaln. At least two charity Irusleès musl be dlreclors of the British Footwear Association (CRN". 000597371. Thé Trust is administered by the ExeGUtive Committee which consists of the trust5 appointed from lime to lime in accordance with the Iiusl deed. Oryanisation The Executive Committee administers the Chaiily and m*1 regularly lo consider the Dn-going performan of the activities. Related partios The Charity has a elose relationship with the Biilish Footwear Association Limited, a company which shares the Trust's P8ssion for promoting the fooiwear industry and educating those involved in that industry. Rksk management The Tmslees have a risk rllanagemenl strategy which comprises'.- An annual review of the risks the Charity may face., - The eslablishmenl of systems and procedures lo mitigate those risks id8nlified in the review., The implementation of procedures designed lo minimise any potential impact on the Charity should thase risks malerialise, This work has identifièd only a faw minor risks bul has Tesulled in improved procedures and contingen¢y plans and has given the impetus for better planning. A key èlement in the management of financial risk is the selling of a reserves policy and ils regular review by the Trustees. Appioved by order of the board of Irusle8s on 6 June 2025 and signed on its behalf by.. J Church Bsc, MBA, MRICS - Trustee Page 3
THE BRITISH FOOTWEAR DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FE8RUARY 2025 2025 Unreslricled funds 2024 Total funds No18S INCOME AND ENDOWMENTS FROM Investment income 4,004 3,560 EXPENDSTURE ON Charitable activities Charitable activity Gran15 to individuals 5.040 7,709 4,877 9.130 Total 12,749 14,007 Nel gains on investments 14,495 8,897 NET INCOMEIIEXPENDITURE} 5.750 11,5501 RECONCILIATION OF FUNDS Total funds brought forward 183.802 185,352 TOTAL FUNDS CARRIED FORWARD 189,552 183,802 The notes fomi part ol these financial stalèmenls Page 4
THE BRITISH FOOTWEAR DEVELOPNIENT TRUST STATEMENT OF FINANCIAL POSITION 28 FEBRUARY 2025 2025 UnrBslricted funds 2024 Total funds Notes FIXED ASSETS Snveslmenls 191,574 175,274 CURRENT ASSETS DeblDIS Cash at bank 104 7.163 103 17,716 7,267 17,819 CREDITORS Amounts falling due within one year 19,289} 19,2911 NET CURRENT ASSETS 12,0221 8,528 TOTAL ASSETS LESS CURRENT LIABILITIES 189,552 183.802 NET ASSETS 189,552 183.802 FUNDS Unreslri¢led fullds 189.552 183.802 TOTAL FUNDS 189.552 183,802 The fin8ncBI statemen18 were approved by the Board of Trslee5 and aulhorised for Issue on 6 June 2025 and were signed on ils behalf by.. W J Church BSC, MBA, MRICS- TTU51ee Th8 notes fomi part of the88 financial slatemanls Page 5
THE BRITISH FOOTWEAR DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 ACCOUNTING POLICIES Basis of preparing the financial statements The financial slalemenls of the ¢harily, which is a public benefit entily under FRS 102. have been prepared in accordancts with the Charities SORP IFRS 1021 'Accounlirng and Reporting by Charities.. Slalemenl of Recommended Pra¢lice appli¢able lo charities preparing their accounts in 8ccordan¢e with Ihe Financl81 Reporting Standard applicable in the UK and Republic of Irèland IFRS 1021 leffe¢live 1 January 20191., Financial Reporting Standard 102 'The Financial Reportlng Standard 8pplicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial slalem8nts have been prepared under the historical cost convention, with the exception of investments which are included at market valuè, as modrfied by the revaluation of certain as5els. The principal accounting policies fDr thé charity have remained vnchanged from the pvIOuS year and the accoijnts hsve been prepared on an accruals basis. Golng concern At tho time of approwng the aGcounls, the Tiustees have a reasonable expectation that the ch8rVcy has adequate resources lo continue in opeTalional existence for the foreseeable future. Thus the Trustees continue lo adopt the going concern basès of accounting in preparing the accounts. Income All income is re¢(nised in the Statement of Financial Aclivitses once the ¢harily has enlillemenl lo the funds. it is probable that the income will be re1Vd and the amount can be measured reliably. Expenditure Liabilitiès are recognised as expenditure as soon as there is a legal or constructive obligation commilling the charity to that expenditure, il is probable that a transfer of economic benefits will be requirecl in settlement and the amount ol the obligation can be measured reliably. Expenditure is 8c¢ounled lor on an accruals basis and has been classified under headings that aggregate a11 cost related lo Ihe calegory. Where costs cannot be directly allributed lo particular headings they have been allocated to actwilies on a basis consistent wilh the use of iesources. Grants offered subject lo conditions which have not been mat at the year end date are noted as a commitment bul not accrued as expenditure. Taxation The CIO Is exempt from lax on ts charitable actwilies. Fund ac¢ounting Unrestricted funds can be used in accordan with the charitable objectNes al the discretion of the tru81ees. Reslricled funds can onty be used for particular Te51ricted purposes within the objects of the charity. Restri¢lions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of Ihe nature and pvrpose ol each fund is included in the notes lo the financial statements. Investments Invèslmenls are included in the balance shea al year end market value per the requirements of the SORP. All Ghanges in value in the year whether 01 not realised are reported in the Slalemenl of Financial AclNilies. Page 6 conlinued..-
THE BRITISH FOOTWEAR DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS - ¢ontlnued FOR THE YEAR ENDED 28 FEBRUARY 2025 INVESTNIENT INCOME 2025 2024 Income from listed investments Deposit a¢¢ounl interest 4,004 3,559 4,004 3,560 GRANTS PAYABLE 2025 2024 Grants lo individuals 7,709 9,130 TRUSTEES. REMUNERATION AND BENEFITS There were no Iru51ees' remurneraln or other benefits for the year ended 28 February 2025 nor for the year ended 29 February 2024. Trustee$. expenses There were no Iruslee8' expenses paid for the year ended 28 February 2025 nor for the year ended 29 February 2024. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricle funds INCOME AND ENDOWMENTS FROM Investment income 3,560 EXPENDITURE ON Charitable activities Charitable activity Grants to individuals 4,877 9,130 Total 14,007 Nel gains on investments 8,897 NET INCONIEIIEXPENDITUREI 11,5501 RECONCILIATION OF FUNDS Total fullds brought forward 185,352 TOTAL FUNDS CARRIED FORWARD 183,802 Page 7 continued...
THE BRITISH FOOTWEAR DEVELOPMEwf TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2025 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE Al 1 March 2024 Additions DIspo881s Revaluations 175,275 188,530 {186,7251 14,494 At 28 February 2025 191.574 NET BOOK VALUE At 28 February 2025 191,574 Al 29 Febru8ry 2024 175,275 Thefe were no investment assets outside the UK. The following investments al 28 February 2025 represent more than 50/0 of total investments.. Markelvalue Ralhbones Asset Management Core Investments for Charities UK 191.574 Cost or valuation al 28 February 2025 is repr&senled by", Listed investments Valuation in 2025 Cost 5.234 186,340 191,574 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Prepayments and accwed incom8 103 Page 8 continued...
THE BRITISH FOOTWEAR DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2025 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 AcGruals and deferred income 9,289 9,291 MOVEMENT IN FUNDS Nel movement in funds Al 2812r25 Al 113124 Unrestrlcted funds General fund 183,802 5.750 189,552 TOTAL FUNDS 183,802 5,750 189,552 Nel movement in funds. included in the above are as follows.. Incoming resources Resource8 expended Galn8 and losses Movement in funds Unrestricted funds General fund 4,004 112,7491 14,495 5.750 TOTAL FUNDS 4,004 112,7491 14,495 5,750 Comparatives for rnovemènt in fund5 Ne movement in funds At 29rI4 Al 113123 Unrestricted funds General fund 185,352 (1.5501 183.802 TOTAL FUNDS 185,352 11,550) 183,802 Comparative nel movement in funds, included in Ihe above are as fo51ows.' InGoming Resources resour expénded Gains and losses Movement in funds Unrestrictsd funds General fund 3,560 114,0071 8,897 11,5501 TOTAL FUNDS 3,660 114,0071 8,897 (1.5501 Paoe g continued...
THE BRITISH FOOTWEAR DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 28 FEBRUARY 2025 10. RELATED PARTY DISCLOSURES There were no reL2ted party Iransadioris for the year ended 28 February 2025. Page 10
THE BRITISH FOOTWEAR DEVELOPMENT TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2025 2025 2024 INCOME AND ENDOWMENTS Investment 5ncome Income from listed investments Deposit account interest 4,004 3,559 4,004 3,560 Total incoming resources 4,004 3.560 EXPENDITURE Charltable activllies Accountancy and professional fees Finance charges Consultancy costs Insurance IT Expenses Grants lo Indivua1S 1,320 1,258 1.975 368 59 7,709 1,385 1,470 1,587 375 9,130 12,689 13,947 Support ¢osts Finance Bank charges 60 Total resources expended 12.749 14,OL)7 Net èxpenditure before gains and Ioss8S 18.7451 110,447) Realised recognlsed galns and Iossgs Realised gainslllossesl ot) fixed asset investments Unrealised gainslllossesl on investment assets 9,261 4,685 5.234 4,212 Net incomellexpendlturel 5,750 (1,5501 This page does nol form part of the statutory financial slalemen15 Page 11