Footwear IndustryTrust 188tII ANNIIAL REPORT, ACCOUINTS LIST of4 CONTRIBUTORS for YEAR INDING 318t JANUARY 2024 N()I-IC'E IS I-IERf.13Y (ilVEN tliat IliL' I h'7111 ANNIJAI. Cif.'Nl.'IIAL MFF-I-INCJ ()t" boohieAI' lii(liJstrv Trust (I'L)L)Iki'L'¢ir BLIILvuILiiI .So6iLly) vvill IIL IIL'ld at J QLILLJI .%(IUiire, Loiicli)ii II'L. I N JA11. oii IIIL 6 ' .1 LIIIL ?0?4 al l ?..111111. iii. t"oi' tlIL l()Iloiviiio i)Iirp05L%: IIIX... -l-c) L()Iiliiiii.' L lie PI-i%lLILiiI ful- IIIL l ill<lllLliil s.'Vcll' Liidiiig J ]- .IclllLlill')' 20? 11 l)l-LsLnl'. ApoloL)IL.S NoliLL UI. MLLtino iiiiIIL% ol- tlic 187 Aiiiiiicil (JLiieral ML'LIiiio l o Ill)i)r(IVL= TIIL. Aiiiiiiiil KLporl ol. IIIL L. ILLiilive CoiiiiiiillLL' Tlic /lLL()Iiiil8 foi- ilie yL<l1' Liidiiig 31. .laiiii£ir)' 21)24 -1 () LILCt.' (£1) Q liclTfiiiilll lor ilie Liisiiiiiij -[ i-L1c SLlI-er (c I I'rii.%lLL% ()r ilie L. NLLiIIivL L'niiiiiiiltLL (d) L.xaiiiiiiiii8 ALcoiinl(Iiil }'Lcir Aiii, i)117LI' bLISIIILS% l () [.1): 2024 135, ui'dLr u1- IIIL. I.-: YLLiilii'L Q"uiiiiiiillLe MIIS. G. O'SULI.IVAN ,S'L'ci'cJl{ii'i,'
THE FOOTWEAR BENEVOLENT SOCIETY- FOOTWEAR FRIENDS CONTENTS PAGE Report of the Executive Committee Independent examiner's report Ststement of Financial Athiviiies tncome and Expendityre A¢Ullt Bglatk¢e Shee¢ Notes to th¢Finan¢ial Ststem¢nts 10-18
Footwear IndustryTrust DONATION Qyts c.11.'I' .111) I)F.C'I,.-IRil"rioN' FII,'GI:1,.4R GII'ING JII. Ii.INlir.Iis c)IIDr,R c: I i."I' .,i11) I)I-, C'.1,.4 RA TIC)NI Ilildr¢% Pli,; Ink.Sun C()d¢ Jq 41)pri4)riaiL 1>oslcoJi-
Footwear IndustryTrust I,'OR .4 IIL(ilDI!Illll' BEQIII,:.¢i'l" -,OR A $1)14 ('II,"IC.' BÉQIII=, S'I. C'.()I)IC.'ILS IN IILL oili¥r rLwLcLs 1 ioiifimi mi. SLiid IVIll.
THE FOOTWEAR BENEVOLENT SOCIETY- FOOTWEAR INDUSTRY TRUST REPORT OF THE EXECiITIV£ Com[[TTEE FOR TItE YEAR ENDED 31 JANUARY 2024 Legg1 aud admlTrtstratlve deta115 ReKlster¢d Name The FOoLw¢arB¢n¢volt Socicty Worklng N&Me Footwear l*dusty TTUSC Ch2rlty Registr8Uon Number 222117 RW6tered Offi¢e arAd Prlnclp21 HAte ofoperatlo Foolwcar Benevol¢hi Society PO Box 77403 London SW9 IFfj lthdepeRdent ExamlTrer4 MHA Moorgate Hous¢ 201 SÉlbury BDulcvud Milton K¢yJes MK9 ALZ BABkers NBtWest Bank p Addi5cDmbe 209 LowerAddis¢omb¢ Rd Croydon Surr¢y CRO 6RB Ezetvth Cothmli¢¢e Members of the Exe¢utivc Comthi¢tcr gre as detstls kIow'. PrestdeBt D.E. Locky¢r Chalrmfi D.B. Lo¢kyer Honorsry Tre2surer M. Collius Ordlhary Membtrs T.C Coop D. Gyv&s H. Jacob8oll M. Jeffcry p.J. t4mblc IR¢p¢nclv¢ Worshipfvl Company of Cordwainc¥s1 J.G.F. Morg SO'H L. Ree¢c-R•ybouid S. Rea50n M. Watson4mith
THE FOOTWEAR BENEVOLENT SoCIY- FOOTWEAR ll¥DUSTRY TRUST REPORT OF THE EXECUTIVE COMMITTEE FOR THE YEAR ENDED 31 JANUARY 2024 (CONfJNV£D) Tb¢ EXec1ve Committse has the pleasurr of preseniillB IL¥ annuol r¢port 8nd fman¢iil siai¢meots for the yw ¢nded 31 2024. Structur& governlng mattagtmeryl The Chlty is 8ovemed by the CoostiluuoJJ, as #dopted OD 14 FebNgry 22, and its afftirs sr¢ wider the control or Ex¢¢utivc CottJ2tiil(¢e. The consti¢Ution amended and app¥oval at the AGM held OD 22 October 2020 ¢0 allow for Virti1 rn¢etings in fyture. A Special rtsoIution was PAssed b¢fore the m¢¢tiDg to allow Tnle<s to P8rticipatt io the mcctillg whi¢h sppmved the 2mendmell¢ VIA Zoom. The F4¢¢utive Committee should co$1$1 of11 than seven ol more thao twelit made up &$ follovJ5." •) the Pwid¢ni- b) the Chairman: cl the Honorary Thoser. d) not le55 thaa Cour and Not more than nÈne membets ¢l¢c4ed at thr Annual GenerBI MccliDg who shall bold offl¢e from th¢ conclusion of that me¢tii The Executive CDrnmilt¢e may in addition 4)point llot rnorc three Covoptrd membBrs. Eacb appDinTincnt of a COpOPted membershAII b¢ made aL4 rneeiins of the Execulive Committee. The Exe¢uuve CDJnmiueenFAy le18 the rnentheJ5hip aF8 manbcr a¢ any ordiw Members of thr Executive Committ¢¢ are Trustrcs of the charity. The Chairmkn and pSIdt respor1b]C for th¢ appointmcnt of ]J¢w TSt¢t% Thc aim is to en$w¢ a broad miK of skill4 experith¢e aRd ba¢kgrowids cn thc committee. Wh¢n Var¢Y arises s discussion is held with the current Trn$t5 th id¢ntify individuals in the tradc known to have ap intcreat i thr charity wbo are then approach¢d to confirm thcir ivillingnc&s to bccomt iDvolv¢d. They are invired ¢0 attd thc next AQM to gaiD a btttCrUnderstdiB of how the charity opcrntes befor¢ a final de¢i$ion 15 made. The Pr¢sidcAt of th¢ So¢ieLy 18 dEcd every yeBf5 by resolution 21 tht Armual General Meeting of the Society. All the el¢ctcd membcrs of th¢ Exccuttv¢ Committee shall rrfirc from offiGc togcthcr at th¢ ¢od of th¢ next Annu fjujml Meetitigafter the d4k on whi¢h they came to offJ¢¢ but th¢y may bc r¢-el¢Gtd. Thc proceedittgs of the Ex¢¢wiv2 Committee sholl be iJMlidod by 4uy va¢ancy their nber or by ony foilure appOt orany dcfect in th¢ appoiniTn¢nLor qu$lification of8 member. Rlsk maMa8eDieiit The Executiv¢ Commiiie¢ have assessed th¢ mBjor risks to which the charity ig ¢xpos&L in particutar those reiatrd th opeT81ions attd fjnallces of tb¢ Society. And ore sktisficd tht the SySms are in plftce to ¢nitigJle our expowre to th¢Jse risks. The maim risk tr) th¢ SoGiw 15 eDnsidcred be the polenlial loss in th¢ valu¢ of i#vcs(ments. An Inves(mrn¢ Colittl h&8 been s¢t up to conlrol this risk. ObJ¢thes aTrd atdvltl The Sori¢¢y 15 a r¢gis*rcd chariiy whos¢ Dbjeci is Its r¢li¢v¢ in ¢#5 ofn¢cd. hardship ordistr¢84 pw3otys tho arc or have be¢n enged in the footwear tr8d4 their widow5. widowm and othcr dcpendants. Grants are only paid io su¢h persons swh Cininistsnces. The So¢i¢ty sceks w improv¢ the quality of life of bts b¢n¢ficiari¢s by the proMsioD of financial a5sistsn¢¢ in th¢ ofwants. Jn rcviewing the aims and obicclives orth¢ Society and in p12nning fumrc a¢tiviti¢5 thc Executive Committ¢c have rcfcrrcd to thc 8uithcc issued by the Charity CommT55iOn on public bcn¢fiL Thc Soci¢ty is wnstanuy lookin8 ¢0 in¢r¢as¢ the nber of b¢nefi¢iaric5 it suppons.
THE FOOTWEAR BENEVOLENT socirrY- FOOTWEAR fNDUSTRY TRUST REPORT OF THE EXECUTIVE cOMMIEE FOR THE YEAR ENDED 31 JANiIARY 2024 (COlNuED) Aehlev¢Me4tS And p¢rforniAn¢c In April we laUh¢d th¢ new opEraling name for our charity, Foohvear Industy Tru8l repl3ciJiB Footwesr Frields which we have bccn usiog for th¢ lost 20 ycart Along with A new n8m¢ we h8v¢ a new wcb51t¢. www.fooiweaThndustrytrustor& slld Bn enhalleed so¢iai medt& presettce OTh fostsgraDK Facebook LitikedIll and TwittertX]. Tr llim of ournew name is to tnh#Trce and extend the knowledge of the charity withiD the footwear ittdu8ty th ¢nsure that we cttn tap into the everrfhart8108 Channels or distribulion rather than jusi tlic trathiÉonai sector5 Ot'the Indty thai have tiisiorir&llyprovided the support and fvnthng foroltr activitie& Over our 18&year history we b&ve ts5ed several Dperaiing nan5 but th¢ ov¢Thath"ng principles bchind oyr 2cr1vieS have 8lwty5 rernained the same: we ¢tMieavour w provide aSSi$tsll¢¢ Individ1$ who have worked within the fotstwear trade. often for a lifetime who, for wlio(ever rwon. hove lallcn on h¥d times. Its 2023124 we have belped 164 individuals with & ¢ombinauoJTr of one•oIT BranL8 and atwutty pkymeDts and ar¢ incrwitigly Seeing 8ppl¢raiion5 from the secior of the &% 9Ur&¢tylng hss deelrtied. The tscw web5i JMS l¢d io tty¢r¢Hse ID th¢ munber of eoqvitiC5 for a55islance but unfortutaEcly matsy of thesc ¢nqlliii¢s do not fit thc charity's Mnit. I reporf¢d last year that the Inlernaiional GDlf Cbampitrnship ofthe Shoc. Leath¢r, •Trd AIILEd Trades hwd decided to closc after th¢ 7Y TournwncnL the resuli of declilliug inleresi and sponsorship bul we con(inued lo benefii from this 4diviiy as the op¢rdUttB cOnittee dEcided io don41¢ all the fimds raised from the clos ofthe charity, £12.331. to th¢ Footwcar Industy Tnt. A gencrolls aud mucb appr¢¢iatcd contribution ivhi¢h he5pcd our fiJDdinK entsmiously and b¢lpcd Vdisc our total apptsl Bdittg lo nearly £72.0(10. Othersignificats¢ conmlmrtors to this figu wcrc thc Dr Fowjdatioll v/hosc £20,000 enabled US lo continue the Christhias bonu5 payment lo benefi¢iaries. Micro Pal £7,500. The Rubttj ChAritablc Follnd2lftDll £fj 000. the Drnpers Awards and Chrisunas Greetin8 iujtiatsve £6,700, Tbc C & J Clotk Ltd Employ¢¢s 1922 Tru5L £4,000, Thc Liiakc Brothers Limited BencvolcntFund £ 3,520, Ttmp50n's £lJOD and the f14s11¢ cffort Of0 of oyr TnE5rees, Mark Jtffery who compl¢t¢d the Great North Run and rniscd ovcr £3.000 for the eharity. We vme al gratefvl fDr coJ)tributions from the Livery Comp8nics a$50¢iatcd closdy wtth the footwcar tradq Th¢ Wor5hipfiJI CompaThy of httenmaker4 and Tbc Wor5hbpfvI Company of Cordwain¢L¥ and for the many hour5 sp1 by our secretsry. Gabi O'sullivatt ¢rothciing Gnomes as Chris(mas gifts. With the deMi5e rf the Golf Chompionshi we 8re a¢iivety lookiog AL other ways of r9ising fvrtds as to con11m the current Icvel of SUPPOEt for our bcnefictarics means th&L mofe money needs to be raised. IDcomc from invc51TnenL£ w&s cnwurngin8. ¢x¢¢¢diDg £64.000, although receot volytility in th¢ Stock alld Prop¢rtynJarkets Iw led 4 Emall decline in Ik asseLvilue of t1¢ iRvuiments. There have b¢¢n no ehBnBes lo th¢ me]nbership of the Executive CommittE¢ during the year and I would likc thank all th¢ Trustees for thetr vAluable contribution to OLLr discussions. Fwlly. we woutd 811 like lo thauk Gabi for her enthusi8stTr, 5uppori for ow bcncficiaries atld for deIng with the iDcreasisJg nurnbcrof applicalioTrs we 41¢ r¢¢¢iving for 51S{anCe attd ill Addition th3nk onc of our TnLStee4 Justin Mor8 for bis ski]J tsmdio¢ss in baDdtiti8 th¢ nwneroths applications we r¢¢eive. FJnÈDtlo1 revlew Th¢ resultÈ for the year. th¢ financial position of th¢ charity 8nd th¢ ty4DsfertOTesttv¢s are shown in the ann¢xeil accounts. RSCr¥c5 polley It is th¢ view orth¢ Ex¢clltiv¢ Committe¢ that calls on th¢ Socicty's )Iwds will conunu¢ to incrc45e over the y¢aLS ab¢ad in particulir due to Att ogeiTh8 popul&tiim. Frtt T¢5eryes (unr¢stricted filtsds) represent the workiDg capi[ of the Chlty, av8ilable lo thjpport short and medium ttmi plans lo meei thc objtclivcs of the Society. The Execulive Csimmiuee crmsidEf5 the fixed asscts to be lottg tcnn capi¥l. ¢0 safeguud against un¢xpwtd decreoscs in incomc orinErcasB5 in expendiwT¢. Jtt the opinion of ¢he tru8iee4 all restrv&s are w¢Striderf fimds whith $taDds8t £J.263,82012023.. £1.334,882J
THE FOOTWEAR BENEVOLENT SOCIETY-FOOTWEAR INDUSTRY TRUST REPORT OF THE EXECUTIVE COlkfMIITEE FOR THE YEAR ENDED 31 JANUARY 21124 {CONTINUED) IwcstmtDt Powers The Executive Commtttee sh1 havc unrcstrictcd pow¢r to inv¢ th¢ monic5 of the Society at th¢ir thsefttiom in 4Dy inv¢51mcthts of whatsoever nAtsJrc and whercver they may d¢termine Including the purchase of prop¢ty wh¢ther rnovtable or immovable. Th¢ Cornmitt¢¢ sh411 have th¢ wirtrIcted pow¢r of Changing invE5knents from (Em¢ to tim¢ afid shall havc. ID respcct of a immovable property. utUC8trictcd poweFS of dispositioty, motsagem¢n4 repair building d¢v¢lopmeni. ¢quipmEiIL fiullishiDg and impTovemeTht and tnay, it tbal bchftlf make any outlay out of the motsic5 of th¢ So¢i¢ty. Any or all of those powers may E¢ d&e88t io Ett Inv¢$thTrt Committ Thc policy for ittvcstments 1$ to maintairy thc vniuc of thc iDVC5kn¢nt portfolio and to rc4lis¢ 4 modest ineomc wtlh millimum risk. All irtVrts ar¢ hdd in uni¢s specifi¢ally dr5Fwd forch4Titablc invesimeTh4 whith m¢¢tthc ofihe policy. Speclfl¢ restrlEttons All monies rcceived by the Soci¢iy (unless specific811y direeL¢d ts be applied in any panicular way) atyi the interest OD iovc%lmcDts, and wbere necessdry any part of the upitl tlttrcof. sboll br Bpplied in ¢BrryEn8 on the obj¢¢ts of the Society itt accordance with the Consti¢lliion. JttsuraD¢e The ¢barity has indcmnity insulaT¢ in plate lo cover the Itability of the Execytiv¢ Committcc member5 forw liabklirythat may attach to th¢m in rcspect of tsegll8ct. dcfwlt orbrcacFL of tru51 or breach of duty ofwhich they may bcguilty in relation to thc Association. The costof the insuranc¢ is iticluded iti gov¢rnan¢e ¢osts. £76 (2023- £458}.
THE FOOTIVEAR BEfqEVOLENT SOCIETY-FOOTWEAR II¥DUSTRY TRUST
REPORT OF THE EXECUTIVE COMMTfTEE FOR THE YEAR ENDED 31 JANUARY 2024
(CONfll¥UED)
ReBpo•slblMlles of (he Exewtlwe Commlétee
The Tnjstees ar¢ r¢spoL%ibl¢ for pieparing the Trust¢¢s' Annual Rcport and the fittguciHi sitttcments in &KOAn¢t with
applicttbl¢18walld United Kingdoro AecouniiThE Srandwrds(United Kingdom Generally A¢pIed Accouuting Pr4¢1i¢e).
The low applicable to cFtariii¢s in Eugland alld Walc5 rcquire5 the Tntstecs w prcp#r¢ fthao¢ial stthents tor ¢oth fjnancial
Y which 8ivc a (rne ottd feir VAew of the stA* of affairs of the Chlty 8Nd of their incoming resouw ond applicBtion of
rc50urces of ttje clwity for that p10&
Ill prepar18 thes¢ finattcial Sth¢ements, ¢he TnJst¢es &reTeqwred to:
5clcct suitable 2cllting po17¢i¢$ thm apply them consis¢ently-
ob8crv¢ th¢ mcthod$ 8nd prin¢iplcs in the Clwtties SORP2019 (FRS 102%.
mak¢ judgcments end e5timat¢s that sre r¢Hgonabl¢ and prudenL
$rai¢ wheth¢r Bpplic&ble accounLÉng st8ttd2rds bHve he¢n follorf subject t(J any tryHi¢ri81 deparbjres dixlose
THE FOOTWEAR BENEVOLENT SOCIETY- FOOTWEAR INDUSTRY TRUST LNDEPENDE]YT EXAMINERS. REPORT TO THE EXECtrrryE COMMIThEE OF THE FOOTWEAR BENEVOLENT SOCIETY llldcp¢ndcttt 815n¢r,s rep•rtto thtTN$icts of The FootwtHT BeDtvoltht Soclety-Foo¢we4r Frknds l zeport ro th¢ Cbatity truste on my examiDation of the of the ¢haTity for the yeor 31 Jthuary 2024 whieh Ire on pages 7 to 18. ReJp)nilblllties and ofreport As th¢ ¢barity's tywsttes of thc Tryst you are rcspoJsknl¢ for thE preparation ot th¢ in accord4nG¢ with thc TequtreEncnts of th¢ ChaTitieskn 2011 {'thc A¢t'). J rcport itt Tweet of my Min[Dry of the Tnjst's a¢¢ow earyied und¢r scclion 145 of th¢ 201 l Acr and in c8rying out my examTrtiHtion I b4v¢ followed all the applicable DireaiotL8 givm by the Cbariry CommisstDn s¢¢lion 145(5)(b) of ACL Indcpendent eJamltstT sfjts¢ernt I bavE compl¢trd my examination. l ¢onfirni th&t nD material mattets have ¢ome ¢0 my 311cntion in cow)ection with the Examioalion givtng me Se kn beli¢ve thal in any mdtrrial respe¢L' 8e¢(KwtÈng records were Doikept in r¢spcct of theTtustas requircd by ¢t10 130 of thcAc4' or the ae¢owJts do llol aord with those r¢cord4 or the ar¢oullts do not comply with thc appli¢3ble requtrenwnts concerning the fonn and ccotcnt of acwunts set out ID th¢ Charities {AcrouTtts and Rcports) R¢gulatsoDs 2008 othct thaD *]y rquiremcnt that the 3ccUutt Bivc 8 'ure and fair vi¢w' whi¢h is not a matt¢r coDsid¢td &5 partof an indemdellieKemination. I have Do conccrns and have come ?¢rosS Tto oth¢r m8tt¢ts ill cotm¢ction with thc ¢xamillaliun to which attettlion should i drawn in Ibis report in order to enable a proper understaDdia8 ofthe accounts to be readj EII¥Abtth Newdl BA IHotss) FCA MHA CbÈrteredA¢countsnts Milton Keynes Dale: .1¢. 'É a)2. W .
THE FOOTWEAR BENEVOLENT socIrrY-FOOTWEAR INDUSTRY TRUST STATEMENf OF FINANCIAL ACTIVITILS FOR THE YEAR EIWED 31 JANUARY 2024 tr Totsl 2024 Tothl ZOZ3 In¢¢pm(ug Rtsoortej Jtsations gndlrEUCi¢S Aclivitie5 fDrgcn¢raiis rd& TnVrsben¢1¢QrnC Trh¢rop¢ra(ing ineojn 50.194 2A539 75.425 42273 14,443 61.6S6 118.372 pthdllDr¢ Costs olt8lJth% fund¥ FuDth¥isin&¢osts ExpEoditw th2titllble a¢tivi fjovemBn¢erosts 16.884 103h31 19.587 9551 97249 13.348 Tot41 ewendlturt Ntl Sutom1#{0llgtrR) rnourc¢s b¢foTeyllliandJo¥se4 OR 11256 (1,776) on Iw¢strrteot6 Urw¢alis¢d Oo&%ygDiD on inv¢sttn¢n¢8sscIs {71,062) 176.é97) To141 fiutd5 bro81 fonv8 i F¢bru8ry2023 1.411.$79 TotRI funds<rrkd forwATd•t31 JAllll8ry 2024 1.263.820 l J34J82 The onpages 10 10 18 fo wi of th¢sr r5hGI8i Ststsm¢Jts.
THE FOOTWEAR BENEVOLENT SOCIETY- FOOTWEAR INDUSTRY TRUST INCOME AiYD EXPEIYDITURE ACCOUNT FOR TBE YEAR EIYDED 31 JANUARY 2024 1023 NrtfiJndr8issttB¢veDts DonA¢ions End Employe¢Collecttons Gift Aid and Deeth of eovenlnt (neil cotDe from Ittv¢stmMts tnt¢rtst-B3Lk D4p05it5 o(heryrntin8 income 2(539 49.846 14.443 42.072 73,695 1.730 loo 61.113 533 41 152,158 118J72 rJi5burs¢ments wbcnBfia4ri¢5 Admitiistrarion expenses CosL8Arisingfrom mthetin& and nrwwcb5it¢ 183.735) 130.6961 125.471) 18305) 127.181) {9362) {139.902) 1120.148) L4ss oll disp)5d of illv¢skn¢nts SuryJludeffi£1t (ran5ftrred to gEueral actymulat¢d fnDd 256 1.776 G¢D¢r¥l 8ccumuloted fund Byknceat l FebN4ry 2023 TrLsfer from & expellililureac¢o (D¢(srY1nty¢ ill mBrke¢ vu[ of listcd invcslments at31 Jamury 2024 1.334 12256 18J.3)8) 1.411 J79 (1.7761 174,921) £1 This Exp¢lldip¢ Accoulltdoes not form pRrt of thc slftDJtory a¢¢ounis bui is a of iDfornwtion d¢rived from the statmI of Financial Activili¢s op pag¢ 7 of these accouot& This Tncorne atkd ExpenditytseAcCoL1 sbow5 incorne nct of cosf8 for firaiSIng evetsw vknith is dorumented in note 3 of thc5e Accounts. The notes on p48¢5 10 18 fom part of these fintttcial stakmerts.
THE FOOTWEAR BENEVOLENT SOCIETY- Fo(yfWE INDUSTRY TRUST BALANCE SHEET-31 JAIYUARY 2024 2024 FSx¢d knets T8ngiW¢ assEts lttvtstmett 12 13 2,058 2.497 1252 856 ,255,353 1.171 J96 Assets Debknts Cush •Lbank - depl11 CoWIts - ¢UfT¢nt arc4)unts 14 21,Slf .939 12.187 70,430 92 8S.709 97.944 CredttoJ¥: f¥ifiag due wlthlD one year Cr¢dirors 15 NEI currtnt 79 29 14¢¢ assets £1263 82[ Fllnds 22 UMestslc*d £1263 820 £1 Approvd by &Thl signed on bthalf of the Kx¢c1vc Collunitt¢¢ on knrlx M.Collitts {HoAornry TreBsurerl {Chaim8n) ThcnotCB on pag¢s 10 lo 18 forni PBrt of thcs¢ fin4nrral stsiemerbt&
THE FOOTWEAR BENEVOLENT SOCIETY- FOOTWEAR INDUSTRY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 l. A¢coryntlng Pollde6 la) BHsls of prtp8rallon The flhan¢ial st&tem¢nts havc been Ppalcd undw thc hisiorical cost eonvention. wilh the excepiion of invcsuncnts. which are included at mark¢i value. The financial statem¢nis huvc b¢¢Tr prepar1 in ac¢ottiatt¢¢ wilh ihe requir¢m¢nrs of Acc¢Jynting and R¢porting by Cliarilies: Statcmenl of R0mendEd Practice appliGabl¢ to ¢hariii¢s pr¢paring th¢ir aEGouThlS in accoTdanc¢ with thc Financial Rgporting Slandard applicable in thc UK and RcpubliG of ITcland {FRS 102) (ChaTiire$ SORP FRS 102). with th¢ Charities Act 2011 and applic•bl¢ rwla¢iOttS. The fi1¢14[ Slatcments ar¢ pttsgntcd tn £swling. the fvM¢tional CUTf¢ncyi TDdEd th¢ ncares( £1. Ib) re¢ognltton All irtconic rc50UTCtt inGlvdiDg donaiions that Provide tOTe funding OT aTe ¢Jf a grr4E naiiirc ar¢ r¢Gowbi$ed wh¢Tf there is etLtitlem¢a4 probability of r¢¢p¢O0 the 8moun¢ bc mell5u with Sufficient rcliability. Incoming resources from kn reclaims are iD¢lud¢d tn the Sthtemcnt of FtD#n¢ial A¢tsvi¢ies at the same tim¢ as the gift to wtLt¢h they r¢ld. Jncoming resour¢cs from fvndraisiDg aclivitiC5 arc included in the Statement of Financial ActivitiE5. Wbere Such cotll¢ hlls rclatrd cxpelldimyc. th¢ incoming re50urccs 8nd relaied ¢xdin¢ are reponcd gross ill the Ststcmcnt of Aciivitics. Su¢b i#¢omo is only derced where iD¢ome is Ye¢eived prior to th¢ year in wbich an ¢v¢nt tak¢s place. InvostsneTrt incNne 1$ re¢ogni8cd in ihe finan¢ial $talemCn on an a¢¢ru&ls bASiS. any r¢alised and ynr¢aliKd 8ains or losse$ on the tnveslments arc llldud in ¢bc Slatcm¢nt of Financial ActiYitie5. (c) Expenditllry reMgDItIo All expendiLur¢ is arrounted for on an a¢¢nJals bosis wh¢rt theft is A legal or ¢[¢tiVe obligAtion ¢ommitriog th¢ ¢h8tiiy for thai expenditure and has been classificd under headin8s thaE 288re8Ste all costs relAling lo the eOry. wtert Costs C8JULOt be directjy attributed to particular ljeadinw they Itave beett glloca*d lo activities ott a btsis ot161$1¢n¢ with tbe use ofthe resources. Cost of r4isinB fullds illcludes funthaising costs and inv¢stsnenimznagemenl c05t& Charitsble acuviiies ÈDdude expcrsditwe which is in¢urted in furtheraDce of the charity's objcclivek This irt¢lud¢5 8rants lo benefJci2rie$ which are a¢counl¢d for wben they 4r¢ payable. Th¢ Moufi¢ation th die recipieni provides rc4sonabl¢ cxpectation that they will receive a granL For all 'oDe orr granrs Dot payablc by th¢ y¢ar-¢n4L ¢onsid¢r4titMJ 15 givcn the provisions of FRS102 and wh¢ther the grants will be paid in th¢ fgture. Provisions and disclosures a then adC a5 Dcecssary. Ggv¢rnall¢¢ ¢osts include th¢ ¢osts of prcparnuon of statutory KCOUtLt4 thc GDSts of Tn¢¢¢ n7¢Etin8s and ¢05ts in cottllrctiim with the administr4ti0n of the charily and all other con5tibJtional matsers. Support G05ts in¢lud¢ E¢ntral function5 ond hBve bccD allocated to activity co$t ¢orIES on i basys ¢on5i5tcntwtth th¢ use ofv¢s0C% io
THE FOOTWEAR BENEVOLENT socirrY_FOOTWEAR INDUSTRY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 (coiYrINUED) l. A¢¢oukthig Pollde5 (¢otitinued) (d) Irrecoveralth VAT As the cliariry is noi itgisiered for value added t&Y IVAT). all iThput VAT iucufftd ott eKpeoses is irrecoiEr£ble. Amoullts ID thc stst¢rnt of Financial Activitics ar¢ thcr¢for¢$howM gross of VAT. (O OptrArfng legSÈ5 Rea15 applicable ts) opaling leS are char8ed the StRmeni of FiDanctal A¢iiviUc5 tstt 8 sirwht4ine bB5i5 over the pcriod in which the cost is incurred. ) Tanglble ffted 855ets and depreclatlon Tattgibl¢ fixed ets ¢osttng mor¢ than £IOD rapiraJt5ed ad arc statcd a¢ cosi Icss dwlatiO. Dcprccrdtion is provided at raw calculated w wri(e off the cost of each assrf ovcr its expcctcd usefol lifo. S follows.. Fixwre4 filtiogs aDd equipment IS% per8miLYn of n¢L book value Th¢ ¢aTrying values rf tangible fixtd asxls arc rrvicwcd for impatrnient whrn m¢nL% or cbaDBfS in ¢WallDsiarices iudicate thc eanyxtEg valuc may not bc recovcr8blc. Impalmnt 105SC5 are rcport£d in the Statcmcnt of Fioancial ]vii as ¢xc¢5s dcpreciation chary¢$. } Env¢5¢mety(I tnvestsJ]¢nts initially rccognised at the ¢rnnsa¢tioh ¢05L Thcy are subsequcDtly stst¢a its th¢ fin3tL¢ial 5tht¢JneDts al their rnarkel v8lye on the balatice sheet date using the closing quoted markel price. All changes in value the year. whetherrealis¢d ormwealis¢d. gft reported in the Stlliem¢ntofFitJaDcial Ac(ivitie The chakity do¢s not acquire ¢ornplex fala1 lastrMe0 11) Fl49ne1 The Chuity onty h&s financiAI assets and fancIal liabilities of x kiDd thai walify a5 basic financi41 Enstnllllts. Basic fin2rtti instrnm&JLS aff iniiially re¢ogtsis¢d at bynsa¢iion vBlue Attd subsequwlly measured a their seiticmrujt vakne with the exception of bank loans whh¢b are 67Jbscquently nie8wr¢d ai omoriis¢d cost using th¢ ef(ective intere5l rnethod. U) Deb¢or8 Trade and otbcr debknrs 8r¢ rccognised ai the setdemeni 8mouni after any trade discouni offered Prepaym¢nrs Are V8luedai the amoun¢ prepAid nei of trndcdiscowiL% due. (k) Llabllllles and provlsloths Ltabilitics are reco8nis¢d when the is an obligAliOll at the Balance Sheet 8 r¢suiiof o past evenL it is probAb thal a transf of ccoTromic bcncfit Mrill be Tequircd in settlemEn4 and the amoun¢ orth¢ SrttlCnI can be ¢rtimated reliably. Liabiliiies ar¢ rccogniscd thc Rmourkt thHt thc Charity anticipatrs il wll pay to s¢ttl¢ th¢ d¢bi OT the amount 1¢ hats Teccivcd as advanced pJym¢nts for thc Boods OT SCTVi¢¢S li musi PTDMdE. PTOViSiOnS arc mca5UTed the best ¢Slimutc of the Lmounts ¥cqUid scttFc Ihc oblig&iion. Wlw¢ ¢h¢ cffcct ofthc time value of Money is maiemal. thc provision is bascd OD the prcs¢nT valuc of thosc amounts, dIOUtcd at the prc-tu disco11 ratc that reflects the iisks sp¢rific to the liabiliiy. Tlic unwinding of the disco1 Is reco8nis¢d wthin Ént¢TCSI payable and SiTnilar GhaTgc&
THE FOOTWEAR BENEVOLENT SOCIETY- FOOTWEAR INDUSTRY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EfADED 31 JANUARY 2024 (coNriNUED) Ol) Fullds structure Thc Gcn¢ro1 Fwtd 15 att uor¢8tyiacd fund. whÉch may be used by the Executi sn any way dc$1¢ mcei Ihe ¢harity's obitttiv¢s. The E%ttive Committee may mak¢ such trnjsfets from unrestrietcd fimds to any fvnd typ¢ a5 tlw Consider e¢cssory to aidwith the nwiin8 and thc fjjture prospects of thc chuity. (I) TAX The chatity is an cxempt tharity wilbin thc meaning of S¢hcthJlc J of tht Charities Art 2011 •]d ts cDnsidcred to P95S the tests sel oui in Parn8rnph I Schedul¢ 6 Fin¢¢ Act 2010 and meets the defmstÈon of a chariwbl¢ compony for UK corporatioo ¢#x putposes. (m) Pell0 costs The charity opcrntes a defitted coouibutiotE pension sch¢tnc for ats employee& ExpcDseE are reColS¢d in ¢he Staleme¢ of Fillancial Activttie$ 05 the coDtril)utions fAII dur. (n) GoY¢rnmMt gT4nts The fjrwjts arc accounied tsnder th¢ accTuals modcl petItted by FPS 101 Grants rdating to exp¢ndiwr¢ on tanble fixed ar¢ crcdited to th¢ Sratement of Finan¢ial ActivitiC5 at the Same ra* 83 thc d¢pr¢xiation on the ¢ts whtcFA the grani rela. Th¢ ddeEted elernent of b$ includcd in cteditors 85 deferred incrffim Gwts of a reve# nature are rccogDised ill the Statemettt of Fill8n¢ial ActivtiÉe5 ID the same Pfxiod a% th¢ r¢l4t¢d expendi(ure. J2
THE FOOTWEAR BENEVOLENT SOCIETY~ FOOTWEAR INDUSTRY TRUST NOTES TO THE FINANCIAL sTATE1lENTs FOR THE YEAR ENDED 31 JAIYUARY 2024 (CONfiNUED) L Voluntary kncome 2117A 2023 Doxations Other COV¥tsnd Eiftaid 49.846 loo 42.072 41 160 73 42 A¢ihltle5 for generaOBE fvnds Futtdi NEt Tn¢oTTh fund5 FO0crFricnd5 eveThi GolfDays Othcr fidls18 evtnts 12JJl 12331 14 08 45J9 <61) 26J39 Stsff costs Inott 111 ltroptycxpen5es Supponcos Fw>tha1nBCOSts (6.0611 18.7231 (&723) 2023 Nel GerIf¢d fumd8 FooNegs Frie*ds evEnl Golf Day8 OtheT funthHisinB evts 4,000 4.000 10.443 Staff eosLs (Trotc 111 Propmy ¢xpcnse SllpportCOSL FundrnisFngc(Trsts 15,705) (J.705) 13.8461 (3.846) 4.892 lDveJtment Sntome 2024 Dividcttd income 84Trk inttre51 73.695 61,123 533 75.425 S. Other operAthig Ineomc 2024 JObrEicThon sthrnc lloverwngn¢8rnni CovidsUPP)rtgrllni 13
THE FOOTWEAR BENEVOL SOCIETY- FOOTWEAR INDUSTRY TRUST IYOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 (coNriNUED) & Ckorltsbk a¢tlvitl 2024 Rellefof neEd, bardthlp dlstress: Orants iobeneficiawies (not¢ Staff eosLS {oote ill 83.73$ 8,081 Support¢ 7. Grant5 to bene(Idarl 2024 Hlljf Yvr]yAi[owar DEcembtrBoJws GThnts CordwauLerE CTrDts M[-y GranTs clst&8 Grants Oneoff GrdDts Holithy GrBnL8 21,420 &640 2.orAI 19.Q85 18590 i&ooo 17.780 6.640 2.IKIO 20.810 20.190 605 The totsl number ofb¢n¢ficiaric8 as$islcd in the ycarvd5 16512023- 166). All grants wcre pgid to individuals to relieve cases ofnee4 hardship and distress. & Governon¢e ¢osts 2024 2013 Staffcusts{noie I l) Property exgcD5es Jod¢p¢odtrEx4minotion Fre AccouDranty SpPOrt rosts Depre¢iaiion orrice4nd trud¢<s' indemnity i•sur¥N¢¢ 61 5,705 3,790 520 1400 3.846 459 458 439 76 19 g. Trnsiee$ er•I10 The monbersof the Executive CummiTr8ive frtety oftheirllnand fApertise. DuriD8 th¢yt4r. the m¢DJbus ofthc ExecBttVEcornLt[¢eDr1tberyiY£d Lorwaivtd kny¢llJoluth¢Jts120J.£lldl DurnK th¢ ye4r. th¢ mtrnbws ofthc Exe¢utiv¢ Commile recBivcd r¢imbwSEtythts of £nil for GXPTh)Sts UL rKrfornkiDg th¢ir duiic412023. £wl). 14
THE FOOTWEAR BENEVOLENT SOCIETY-FOOTWEAR DuSTRy TRUST NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 JANUARY 2024 {CONllNUED) 11. Staifttssts The avet3ge nunjbcr of P¢tsODS ¢oTrloyrd by th¢ ¢h•rity duriDg the year was I 12023- 11 The cmploy¢c wk5 part tity¢ hows and provide$5upkxin setVL¢CS to th¢¢htsTitabic ¥tiviti¢sof thr Assoaaticqt and to Th¢ PAYTOII co4sof person5wcrEas f[ow$. 2024 2025 Wag¢5 and sal1¢5 soci security P10 19.958 19533 425 391 The clwitycon5i¢JHs kry mall&1¢nIpVrt0nM¢l tOCDmPliS¢ thBtsU5t asmcmbus of th¢Ex1 conlÉ¢¢¢. 7bctsu#¢es rettiv¢dnoYUllq¥0tionOI exp$$ in thc ye4r. AllOtiOn of Slllff lime t5basedon th¢lime5pt ob wh adivity.£OSEsof r4isng funds £&06112023-LS.7051.¢h•i¢ableacriviries £8118112023_£8.5151 d0vqu¢e ¢vsts £6.&fj1 12023. £5.7051. IL Ta¥lblellx¢dA#ets Fl¥thr¢4 FJtllll85 EqulpmElIt C051 Al l February2023 Adthttons Aijl Janv8ry 2024 DEpreCIaOn At I fcbwory 2023 Char8t fortheyeHr 4.826 439 Al 31 J4nuwy 2024 Netmook VduE A131 J•nuary 21n4 Al 3114Mw 2023 15
THE FOOTWEAR BENEVOLENT SOCtETY-FOOTWKAR INDUSTRY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 (coiYriNUED) 13. Flxed asa¢tlttvNtineLts 2011 M&tkntvct l F¢bDJary2023 Additio Disposojs UJwe4ltssed 8dnlVos6) 1.251856 l J27,777 83 IB Mark¢tv4lu¢ ai 31 Jts#uury 2024 1 169538 HisEoricd c¢ at31 2024 08 960 lthvesthients aualysed 8s.' 38 LleiAllJ of tEd Invuun¢nts 2024 Vlue 2011 E4uiti£s Fd for Chiue8 Icjwifiwdl Clwiti¢s Propw FllDd 552.9¥7 616551 38 588236 l iDvthmeTrL5 or¢tarried ai theirMat( vthL¢ and¢tral¢) quotrd pubJi¢ IDve$tm¢nts onheld itl th¢ YDrtstricd fjjnd. Yearend mBrkei vU¢S areprovid¢d by thc invcsffiw kntdcr. 14. DebtQTS 2013 Prepxymcnts AccnLEd incom¢ OUJerd¢bh)rs 39 21.361 122 Il5 160 l& Cr¢dl¢w8-artttsutrts fkWn¥ dlleivlthh yeat 2Q24 AtenJ& Oth¢r¢rtdi¢ors 3,220 2.500 4QO 3.780 16
THE FOOTWEAR BENEVOLENT socirrY- FOOTWEAR INDUSTRY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 (COiYTtNUED) A& cr111-0llts lalkng du¢thkn om¢ year IconilnDed> Drfened ltstoMÈ D¢fetr¢d incomc or l Fthvvy 2Q23 R¢sowt¢sdcfcrTcdduLID8 th¢ytar AmottDts T¢l¢Hs¢d frothpTCViMS ycHrs {1.280) Dcfcncd in¢ome r31 2024 Inotne which bca r¢c¢ived dutinE th¢ fllMttciBJ year wbich ¢81 kn •Trr th¢ ycor ¢nd dat¢ of 31 Jwjuary 2024 b&$ be Te¢ognis¢d on the sbc¢tgsa¢f¢rred incomr. l& Cost Thr fNStaccl0ed (• th¢ followm8 ¢051spJit for property ¢xptsscs and chari¥bl¢supt•rt¢O8ts. 2024 20ZI Pxoptttytosrs Suppart¢os 29 AIItru¢¢on of prop¢ty ¢osts is basEd on lh¢ tim¢ sp¢nt using Ib¢ propczry tr ¢Bth activity. co$is ot r8isin8 fjjnd £nil 12023.. £tiill chRtiiable aciivities£ttil12023= £utl) And8oVnllnCosUErtIll2oz3= £4JiI). Allpcaiiou ofsupport ¢OSts 15 bLSEd on the lime spcthi Using the supwt for eh activity, ofr&sin8 fynd £8.7I112Q3: £3,846k cnble a¢tiviiies £1 Iffjls (2011:£5.12914nd 8ovemDThcecLK%ts £8.711 (2023:£J.846). J7. Prov151oll¥ At 31 Jllnwy 2023 the Ebarity had a8r¢¢d ID PAY fVtallin8 £1.500 (2022- £50J) d¢pendcni on Iltrther critcria bring rDEL It wa5 th¢opinion orth¢ E%cculivccomm& th4r thopos5ibility 0fthesEants beiogpwd isprobthk. 18. Anstysls of net assets betWEen T8nObl¢frA¢d ¥ssets F4et current •SiEts bveth¢Nts Totsj Urw¢stric*d Ikmds It68 1.169J38 91214 IJ630 1.169J38 19. ContMllthgp#rty The drity i>jOULIJy COUedbY the Executive Committ¢¢. 17
THE FOOTWEAR BENEVOLENf SOCIETY- FOOTWEAR INDUSTRY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JAfquARY 2024 {coNuED) 2 Relat¢d pgrty trtsns8£tltsn$ VarioLs rnernbeKS of the Executive Conllniltee, and the orgattisations that they repTesen( made donations ro the chaTity duriti8 th¢ ycar, or parttcipaicd in fiutdraisillg cvcttls 5pccifically forth¢ b¢n¢fii orth¢ charity. Zl. OperAdAgLvdse Commltn*nts At31 January 2024 thG charity had no lknture minimllrn leaE¢ payments llndcr nOnancelIable Icascs payable follows.. 2024 20LI Within oneyc4r Withtty 2 y[$ 22. hnds All furth carried fonvatd arc unT¢stri¢te 18
LIST OF CONTRIBUTORS 202312024 We thank all those listed below and in addition all th(fft organisations and individuals who have given under £ 250. We also appreciate that in addition to the donations that are listed below many eompanies and individuals will have contributed to other fundraising events held during the year. Our thanks go to all these contributors. DONATIONS BY COMPANIES AND ORGANISATIONS OF £ 250 AND ABOVE AiNair International Ltd.* 300.00 Rubin Foundation Ch8rit8ble Tnlst £ S,0Th).00 C & J ClaTk 1922 Employee Trnst £ 4,250.00 SATRA 350.00 Dr Martens Foundation £ 20.000.00 Seib¢l Ltd Jos¢f 500.00 E1 Fitzwilliam Trnst £ I.000.00 Skechers USA Ltd £ 1.500.00 JSA Chwity £ I.000.00 Start-Rite Shoes Ltd 500.00 Jacobson Group, The 300.00 re1Ved after year-¢nd Jeffery-west Ltd. 300.00 T & A Footw¢ar Ltd. Lilley Benevolent Trns( The £ I.000. TimpsonLt Loake Brothers Limited Benevolent Fund £ 3,520.90 Wm L8mb Oroup Marsh Footwear Ltd 250.00 Worship1 Company of Micro-Pak Ltd £ 7,500.00 Cordwainer4 The Pentland Brands Plc. 250.00 WorshIpfi Cotnpany of Pattenmaker4 The 250.00 £ I.5.00 500.00 £ 1000.00 £ 1.500.00 r¢G¢iv¢d aft¢r year.end FUNDRAISING EVENTS Composite ChrAsttDas Card Drapers Foolw¢8r Awards GT¢at North Run £ 4,500.00 Leicester Ra Day £ 2.779.96 London Shoe & L¢ath¢r Tr8des £ 3,693.45 Golfmg SocTety £ 368.43 £ 250.00 In Memory of Michael Heron. MBE £ 500.00