Former Debenhams chairman Lovering will continue working with the Retail Trust as head of its ambassador group. He said: "I leave Retail Trust in good health. We have focused our work, increased our relevance to the trade, improved fundraising, built a new board and governance structure and appointed an outstanding executive team I am really proud of today's Retail Trust and I know Terry, Richard and the energetic new board will build on these foundations and take us forward strongly." Funds raised by the Retail Trust jumped 18% this year, and was up 69% at a net distributable level. It has used the funds to invest in the development of its educational programmes and has awarded more than £130,000 in scholarships and bursaries through its relationships with Oxford Summer School, the Fashion Retail Academy and other higher education institutions. Retail Trust chief executive Richard Boland said: "I am privileged to work with such outstanding individuals as John and Terry.