The BTHA’s latest accounts show the trade body has been hit hard by upheaval on the world’s stock markets, losing more than £1m in 2008.

The previous year showed a surplus of £513,996, which became a deficit of £559,893 this year as the value of stocks plummeted on the world market.

“The financial year 2008, was very poor for the BTHA,” said chairman, Roger Dyson.

“We made significant losses in our portfolio. The BTHA requires a strong financial base and the stock market is a risk to that strategy.”

Speaking at the trade body’s AGM and Industry Day, Dyson said the prospects for next year’s Toy Fair at Olympia were looking very positive.

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“Toy Fair 2010 is almost sold out and the forecast for Toy Fair is excellent,” added Dyson.

“2008 couldn’t have been a more difficult year for the toy industry. And the Woolies repercussions have not yet subsided. The changing landscape of the UK market is a challenge and the industry must change and adapt to an ever-changing economic environment.

“Children will always want toys and providing the industry meets its own exacting criteria the long term future of the industry is assured.”