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2020-09-30-accounts

Company registration number: 00796266 Charity registration number: 234298

Pasold Research Fund Limited

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 30 September 2020

Pasold Research Fund Limited

Contents

Reference and Administrative Details 1
Governors' Report 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7 to 8
Notes to the Financial Statements 9 to 18

Pasold Research Fund Limited

Reference and Administrative Details

Governors Mr D R Anderson, Retired Professor C J Breward, Museum Director Dr M M Brooks, Conservator and University Lecturer Ms C W Browne, V & A Honorary Senior Research Fellow Professor T Roy, University Professor Dr A Irigoin, University Professor Dr L E Miller, Museum Curator Professor J A Styles, University Professor Emeritus Secretary Dr C Boydell Principal Office Ivyleigh Woodwell Lane Silverdale Carnforth Lancashire LA5 0TZ Registered Office Ivyleigh Woodwell Lane Silverdale Carnforth Lancashire LA5 0TZ The charity is incorporated in England and Wales. Company Registration Number 00796266 Charity Registration Number 234298 Independent Examiner Paul Steele FCA 18 Newport Street Tiverton Devon EX16 6NL

Page 1

Pasold Research Fund Limited

Governors' Report

The governors, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 September 2020.

Governors

Mr D R Anderson, Retired

Professor C J Breward, Museum Director

Dr M M Brooks, Conservator and University Lecturer

Ms C W Browne, V & A Honorary Senior Research Fellow

Professor P Hudson, Emeritus University Professor (resigned 28 May 2020)

Professor G Riello, University Professor (resigned 19 November 2020)

Professor T Roy, University Professor Dr A Irigoin, University Professor Dr L E Miller, Museum Curator Professor J A Styles, University Professor Emeritus (appointed 28 May 2020)

Objectives and activities

The purpose of the Pasold Research Fund is entirely charitable. Its charitable objective is to encourage and support research on the history of textiles, broadly defined. This includes the economic and business history of textiles worldwide, the trade in textiles, textile technology, the history of dress and fashion, the social and ethnographic history of textiles, the conservation of historic textiles, and museum practice with respect to textiles and clothing.

The Fund’s activities are focused on maximising public benefit. A wide range of public bodies in the UK and abroad, including museums and academic institutions, are in consequence beneficiaries of the work of the Fund. The Fund’s publications, resulting from research that the Fund has financed, add both to wider public knowledge, appreciation and enjoyment of historic textiles, and to better understanding of the history of an important sector of the global economy, and of its influence on economic competitiveness, past and present. The Governors prioritise grant support for new and original research and promote the dissemination of research through conferences and publication activities by means of a series of funding schemes administered by the Fund’s Director (for more information: http://www.pasold.co.uk/index). The Fund also publishes the internationally recognised and peer-reviewed journal Textile History, in both hard copy and digital forms, and supports and organises a monograph series published in co-operation with major publishers. In addition, the Fund underwrites a regular series of national and international Pasold Research Fund conferences. These are normally organised jointly with partner institutions, giving added leverage to the Fund’s own finances and creating opportunities for networking between national and international scholars, from academia, museums and elsewhere.

Public benefit

The charity was given an endowment when it was formed. This endowment was invested by the charity to provide an income to support its core activities. The governors consider that the level of investment is adequate to provide the necessary funding of its activities for the foreseeable future.

The governors confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 2

Pasold Research Fund Limited

Governors' Report

Grant making policies

The Fund supports research through small grants (the ‘Research Activity’ scheme, up to £750) for which a large number of high quality applications are submitted to the Fund every year. A smaller number of larger research project grants (up to £2,500) are also awarded twice a year. All grant categories are open to applicants from the UK and overseas, whether independent or affiliated to educational institutions. Decisions are based on a rigorous system of peer review and the scrutiny of the Board of Governors and the Fund’s Director. The Fund awarded 21 research grants during the financial year to 30 September 2020, having received 30 applications. The Fund also supports conferences, and had anticipated doing so for an international conference at the University of Victoria, BC, Canada, in May 2020: Gendered Threads of Globalisation: 20th Century Textile Crossings in Asia. However, as a result of the pandemic, the conference had to be postponed; it was rescheduled for November 2020.

Achievements and performance

During the reporting period to 30 September 2020, the Fund published the journal Textile History in conjunction with Taylor & Francis under a six–year contract that started at the end of 2016. This contract has enabled the Journal to achieve wider circulation, particular-ly digitally; in the year to 30 September 2020, some 35,300 articles were downloaded, an increase of 6% over the previous year, and a tenfold increase over the same period in 2016-17. The Fund also encourages Open Access publishing, offering free of charge ac-cess to the prize-winning best article published in Textile History in the previous year and gold access through the payment of modest fees by authors. The Pasold Monograph series has continued to sell widely, the latest being the first volume of Threads of Global Desire: Silk in the Pre-modern World published by Boydell & Brewer in May 2018, which is now being translated into Chinese. Work is proceeding with Cambridge University Press on a two volume project, The Cambridge Global History of Fashion, currently scheduled for publication by the end of 2023.

Financial review

The Fund relies on its investments for the major part of its income. These are in fixed in-terest M&G Charibonds and equity based BlackRock Charishares. Significant additional income is received from royalties. Investment income was effectively stable during the year, despite the volatility in asset values caused by the pandemic. The value of the Fund’s investments fell sharply at the onset of the pandemic, but by September had recovered to a level some 93% of that in September 2019. Funds carried forward therefore declined. In contrast, royalty income increased by 36%, and accounted for some 40% of total income. Inevitably though, the pandemic curtailed the Fund’s activities considerably. As a result, expenditure on both its charitable activities and the costs incurred in providing them fell substantially.

Policy on reserves

Reserves are maintained at a level to produce an income which is adequate to support its charitable objectives.

Investment policy and objectives

The Fund invests in fixed interest M&G Charibonds and equity based BlackRock Charishares.

Plans for future periods

Aims and key objectives for future periods

Pasold Research Fund will strive to continue its objectives and activities for the forseeable future.

Page 3

Pasold Research Fund Limited

Governors' Report

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

The annual report was approved by the governors of the charity on 3 June 2021 and signed on its behalf by:

......................................... Dr C Boydell Company Secretary

Page 4

Pasold Research Fund Limited

Independent Examiner's Report to the trustees of Pasold Research Fund Limited

I report to the charity governors on my examination of the accounts of the charity for the year ended 30 September 2020 which are set out on pages 6 to 18.

Respective responsibilities of governors and examiner

As the charity’s governors of Pasold Research Fund Limited (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of Pasold Research Fund Limited are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of Pasold Research Fund Limited as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

...................................... Paul Steele FCA

18 Newport Street Tiverton Devon EX16 6NL

3 June 2021

Page 5

Pasold Research Fund Limited

Statement of Financial Activities for the Year Ended 30 September 2020 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Activities for generating funds
3
Investment income
4
Other income
5
Total Income
Expenditure on:
Costs of generating funds
6
Charitable activities
7
Total Expenditure
Gains/losses on investment assets
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16		 Unrestricted
£
20,927
33,708
820
55,455
(8,197)
(28,373)
(36,570)
(112,786)
(93,901)
(93,901)
1,345,228
1,251,327		 Total
2020
£
20,927
33,708
820
55,455
(8,197)
(28,373)
(36,570)
(112,786)
(93,901)
(93,901)
1,345,228
1,251,327		 Total
2019
£
15,336
34,118
345
49,799
(11,448)
(40,137)
(51,585)
26,452
24,666
24,666
1,320,562
1,345,228

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2019 is shown in note 16.

The notes on pages 9 to 18 form an integral part of these financial statements. Page 6

Pasold Research Fund Limited

(Registration number: 00796266) Balance Sheet as at 30 September 2020

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Investments
13
Cash at bank and in hand
14
Creditors: Amounts falling due within one year
15
Net current assets
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted
Total funds
16		 2020
£
1,740
7,869
1,175,806
67,310
1,250,985
(1,398)
1,249,587
1,251,327
1,251,327
1,251,327		 2019
£
1,740
3,541
1,288,592
52,687
1,344,820
(1,332)
1,343,488
1,345,228
1,345,228
1,345,228

For the financial year ending 30 September 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The notes on pages 9 to 18 form an integral part of these financial statements. Page 7

Pasold Research Fund Limited

(Registration number: 00796266) Balance Sheet as at 30 September 2020

The financial statements on pages 6 to 18 were approved by the governors, and authorised for issue on 3 June 2021 and signed on their behalf by:

......................................... Mr D R Anderson Trustee

......................................... Dr C Boydell Company Secretary

The notes on pages 9 to 18 form an integral part of these financial statements. Page 8

Pasold Research Fund Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the governors is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Ivyleigh Woodwell Lane Silverdale Carnforth Lancashire LA5 0TZ The principal place of business is: Ivyleigh Woodwell Lane Silverdale Carnforth Lancashire LA5 0TZ

These financial statements were authorised for issue by the governors on 3 June 2021.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Pasold Research Fund Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The governors consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Page 9

Pasold Research Fund Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

Income and endowments

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Depreciation and amortisation

Depreciation method and rate

Asset class Library None provided

Current asset investments

Current asset investments are included at the lower of cost and net realisable value / market value.

Fund structure

Unrestricted income funds are general funds that are available for use at the governors's discretion in furtherance of the objectives of the charity.

Page 10

Pasold Research Fund Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Page 11

Pasold Research Fund Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

3 Activities for generating funds

Operating activity;
Publishing royalties
Trading income;
Publishing royalties
Total for 2020
Total for 2019
Publishing royalties comprise:
Taylor & Francis £15,961
Boydell & Brewer £1,370
Oxford University Press £3,374
Cambridge University Press £222
4
Investment income
Income from dividends;
Investment income
Total for 2020
Total for 2019
5
Other income
Other income
Total for 2020
Total for 2019		 Unrestricted
funds
General
£
20,927		 Total
2020
£
20,927
Unrestricted
funds
General
£
20,927
20,927
15,336
Unrestricted
funds
General
£
33,708
33,708
34,118
Unrestricted
funds
General
£
820
820
345		 Total
2019
£
15,336
Total
funds
£
20,927
20,927
15,336
Total
funds
£
33,708
33,708
34,118
Total
funds
£
820
820
345

Page 12

Pasold Research Fund Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

6 Expenditure on raising funds

a) Costs of trading activities

Note
Costs of goods sold
Other direct costs of activities for generating funds
Total for 2020
Total for 2019		 Unrestricted
funds
General
£
7,866
331
8,197
11,448		 Total
funds
£
7,866
331
8,197
11,448

7 Expenditure on charitable activities

Administration
Travel and conference costs
Grants
Bank charges
Accountancy
Subscriptions
Sundry
Total for 2020
Total for 2019		 Unrestricted
funds
General
£
7,386
1,826
16,446
87
1,398
45
1,185
28,373
40,137		 Total
funds
£
7,386
1,826
16,446
87
1,398
45
1,185
28,373
40,137

Page 13

Pasold Research Fund Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

Administration
Travel and conference costs
Grants
Bank charges
Accountancy
Subscriptions
Sundry
Total for 2020
Total for 2019		 Activity
undertaken
directly
£
-
1,826
-
87
-
-
-
1,913
6,223		 Grant funding
of activity
£
-
-
16,446
-
-
-
-
16,446
20,925		 Activity
support costs
£
7,386
-
-
-
1,398
45
1,185
10,014
12,989		 Total
expenditure
£
7,386
1,826
16,446
87
1,398
45
1,185
28,373
40,137

Page 14

Pasold Research Fund Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

8 Analysis of support costs

Charitable activities expenditure

Charitable activities expenditure
Unrestricted
funds Total
General funds
Basis of allocation £ £
Administration 7,386 7,386
Accountancy 1,398 1,398
Subscriptions 45 45
Sundry 1,185 1,185
Total for 2020 10,014 10,014
Total for 2019 12,990 12,990
9
Grant-making
Analysis of grants
Grants to individuals
2020 2019
£ £
Analysis
Grant expenditure 16,446 20,925
The support costs associated with grant-making are £Nil (30 September 2019 - £Nil).

10 Taxation

The charity is a registered charity and is therefore exempt from taxation.

11 Tangible fixed assets

Cost
At 1 October 2019
At 30 September 2020
Depreciation
At 30 September 2020
Net book value
At 30 September 2020
At 30 September 2019		 Library
£
1,740
1,740
-
1,740
1,740		 Total
£
1,740
1,740
-
1,740
1,740

Page 15

Pasold Research Fund Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

12 Debtors
Accrued income		 2020
£
7,869		 2019
£
3,541

Page 16

Pasold Research Fund Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

13 Current asset investments

Listed other shares 2020
£
1,175,806		 2019
£
1,288,592

Listed investments

Investments having a net book value of £1,175,806 (30 September 2019: £1,288,592) are listed on a recognised stock exchange and had a market value of £1,175,806 at the end of the year (30 September 2019 - £1,288,592).

The charity has the following investments:

BlackRock Charities UK Equity Fund A Inc; Number of Shares - 132,065.017 Market Value @ 30/09/2020 at £5.80 per share - £765,977.10

M&G Charibond Charities Fixed Interest Fund (Income Units); Number of Shares - 327,862.955 Market Value @ 30/09/2020 at £1.25 per share - £409,828.69

14 Cash and cash equivalents

Cash at bank
15 Creditors: amounts falling due within one year
Accruals		 2020
£
67,310
2020
£
1,398		 2019
£
52,687
2019
£
1,332

Page 17

Pasold Research Fund Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

16 Funds

Unrestricted funds
General
Unrestricted funds
General		 Balance at 1
October
2019
£
1,345,228
Balance at 1
October
2018
£
1,320,562		 Incoming
resources
£
55,455
Incoming
resources
£
49,799		 Resources
expended
£
(36,570)
Resources
expended
£
(51,585)		 Other
recognised
gains/(losses)
£
(112,786)
Other
recognised
gains/(losses)
£
26,452		 Balance at
30
September
2020
£
1,251,327
Balance at
30
September
2019
£
1,345,228

17 Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
1,740
1,344,820
(1,332)
1,345,228		 Total funds at
30 September
2019
£
1,740
1,344,820
(1,332)
1,345,228

18 Knitted Masterpiece

During the year the governors decided to donate the knitted masterpiece to National Museums Scotland. The governors had valued the masterpiece at £12,000 but it had not appeared on the balance sheet pending a professional valuation. For this reason the donation does not appear in the financial statements.

Page 18

Pasold Research Fund Limited

Statement of Financial Activities by fund for the Year Ended 30 September 2020

Unrestricted Funds

Income and Endowments from:
Activities for generating funds
Investment income
Other income
Total income
Expenditure on:
Costs of generating funds
Charitable activities
Total expenditure
Gains/losses on investment assets
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
Unrestricted
Funds
2020
£
20,927
33,708
820
55,455
(8,197)
(28,373)
(36,570)
(112,786)
(93,901)
(93,901)
1,345,228
1,251,327		 Total
Unrestricted
Funds
2019
£
15,336
34,118
345
49,799
(11,448)
(40,137)
(51,585)
26,452
24,666
24,666
1,320,562
1,345,228

This page does not form part of the statutory financial statements. Page 19

Pasold Research Fund Limited

Detailed Statement of Financial Activities for the Year Ended 30 September 2020

Income and Endowments from:
Activities for generating funds (analysed below)
Investment income (analysed below)
Other income (analysed below)
Total income
Expenditure on:
Costs of generating funds (analysed below)
Charitable activities (analysed below)
Total expenditure
Gains/losses on investment assets (analysed below)
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2020
£
20,927
33,708
820
55,455
(8,197)
(28,373)
(36,570)
(112,786)
(93,901)
(93,901)
1,345,228
1,251,327		 Total
2019
£
15,336
34,118
345
49,799
(11,448)
(40,137)
(51,585)
26,452
24,666
24,666
1,320,562
1,345,228

This page does not form part of the statutory financial statements. Page 20

Pasold Research Fund Limited

Detailed Statement of Financial Activities for the Year Ended 30 September 2020

Activities for generating funds
Publishing royalties
Investment income
Investment income
Other income
Other income
Other income
Costs of generating funds
Publishing costs
Royalties payable
Charitable activities
Grants payable - individuals
Travel & conference expenses
Bank charges
Subscriptions
Sundry expenses
Administration
Accountancy fees
Gains/losses on investment assets
Gains/losses on investment assets		 Total
2020
£
20,927
20,927
33,708
33,708
-
820
820
(7,866)
(331)
(8,197)
(16,446)
(1,826)
(87)
(45)
(1,185)
(7,386)
(1,398)
(28,373)
(112,786)		 Total
2019
£
15,336
15,336
34,118
34,118
345
-
345
(11,448)
-
(11,448)
(20,925)
(6,103)
(120)
(45)
(340)
(11,272)
(1,332)
(40,137)
26,452

This page does not form part of the statutory financial statements. Page 21