The Balmoral boot is basically an Oxford in the form of a boot. They come plain, or with some half brogueing along the cap and vamp seam.
Traditionally, they were made out of boxcalf, kid skin or patent leather, but today, you will mostly see boxcalf leather boots. Lately cordovan has become more popular as a boot and shoe leather, but historically, it was never the choice of debonair gentlemen.
The top part of the balmorals may come in suede or cloth such as linen. For morning wear, it is important that the cloth is plain and the contrasting color is somewhere in the range of grey, pale yellow, beige and off white, otherwise it would be too informal.
Go back to footwear for morning dress.