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 2024 ## **Pasold Research Fund Limited** ## **Contents** |Reference and Administrative Details|1| |---|---| |Governors' Report|2 to 3| |Independent Examiner's Report|4| |Statement of Financial Activities|5| |Balance Sheet|6| |Notes to the Financial Statements|7 to 16| ## **Pasold Research Fund Limited** ## **Reference and Administrative Details** **Chairman** Professor L E Miller, University professor **Governors** Mr D R Anderson OBE, Retired Dr C J Breward, Museum Director Dr M M Brooks, Conservator and University Lecturer Professor T Roy, University Professor Professor L E Miller, University professor Professor J A Styles, University Professor Emeritus Professor C Richardson, University Professor Mr C M Purvis, Retired Professor Leigh Gardner Dr Sally Jeanne Susan Tuckett Professor Stana Nenadic **Secretary** Dr C Boydell Dr L Gardner **Charity Registration Number** 234298 **Company Registration Number** 00796266 The charity is incorporated in England and Wales. **Registered Office** Department Of History Of Art University of York York YO10 5DD **Independent Examiner** Mr P Lewis-Bending FCA 6 Oaklands Court Tiverton Devon EX16 6TG 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 and auditors' report of the charitable company for the year ended 30 September 2024. ## **Governors** Mr D R Anderson OBE, Retired Dr C J Breward, Museum Director Dr M M Brooks, Conservator and University Lecturer Professor T Roy, University Professor Professor L E Miller, University professor Professor J A Styles, University Professor Emeritus Professor C Richardson, University Professor Mr C M Purvis, Retired Professor Leigh Gardner (appointed 29 August 2024) Dr Sally Jeanne Susan Tuckett (appointed 29 May 2024) Professor Stana Nenadic (appointed 13 December 2023 and resigned 28 October 2025) ## **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 there is usually a large number of high-quality applications submitted to the Fund each year. A smaller number of larger research project grants (up to £2,500) are also awarded twice a year. Most grant categories are open to applicants from the UK and overseas, whether independent or affiliated to educational institutions or museums. Decisions are based on a rigorous system of peer review, the scrutiny of the Board of Governors and the Fund’s Director. The number of applications increased this year, reflecting both a post-pandemic return of in-person conferences and budget cuts for research and conference attendance across universities and museums. Having received 47 applications during the financial year to 30 September 2024, the Fund awarded 31 research grants. The Fund also supports conferences, its first in-person conference since the pandemic being held in collaboration with the Museum of London and London College of Fashion on 30-31 May 2024. ‘Beyond the Blockbuster: Exhibiting Fashion Now’ hosted a range of speakers from different disciplines and institutions, including history, curation and conservation, archives, museums, and universities. Twenty-five students were in receipt of free in-person places, while the availability of on-line attendance more than doubled the number of participants. ## **Financial review** The Fund relies on its investments for the major part of its income. These are divided between M&G Charibonds Charities Fixed Interest Fund, and BlackRock Charities UK Equity Fund A Inc. Additional income is received from royalties. This income is smaller. As the Fund continues to recover from previous financial instability, expenditure on Grants declined from 2022/23. However, the Fund was able to restart conference funding for the first time since the pandemic. Total value of investments increased in 2023/24 to 8% above that of 2022/23. ## _**Policy on reserves**_ Reserves are maintained at a level to produce an income which is adequate to support the Fund’s charitable objectives. ## **Disclosure of information to auditor** Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The governors confirm that there is no relevant information that they know of and of which they know the auditor is unaware. ## **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 29 May 2025 and signed on its behalf by: ......................................... Dr L Gardner Company secretary Page 3 ## **Pasold Research Fund Limited** ## **Independent Examiner's Report to the trustees of Pasold Research Fund Limited ('the Company')** I report to the charity governors on my examination of the accounts of the Company for the year ended 30 September 2024. ## **Responsibilities and basis of report** As the charity’s governors of the Company (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 the Company 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. Mr P Lewis-Bending ACA 6 Oaklands Court Tiverton Devon EX16 6TG 29 May 2025 Page 4 ## **Pasold Research Fund Limited** ## **Statement of Financial Activities for the Year Ended 30 September 2024 (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 income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
16|**Unrestricted**
**£**
16,993
50,787
576
68,356
(7,780)
(40,714)
(48,494)
72,484
92,346
92,346
1,431,185
1,523,531|**Total**
**2024**
**£**
16,993
50,787
576
68,356
(7,780)
(40,714)
(48,494)
72,484
92,346
92,346
1,431,185
1,523,531|**Total**
**2023**
**£**
17,143
43,720
232| |---|---|---|---| ||||61,095| ||||(8,525)
(38,585)| ||||(47,110)
124,381| ||||138,366| ||||138,366
1,292,820| ||||1,431,186| All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 16. The notes on pages 7 to 16 form an integral part of these financial statements. Page 5 ## **Pasold Research Fund Limited** ## **(Registration number: 00796266) Balance Sheet as at 30 September 2024** |**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|**2024**
**£**
1,740
12,231
1,406,028
105,314
1,523,573
(1,782)
1,521,791
1,523,531
1,523,531
1,523,531|**2023**
**£**
1,740| |---|---|---| |||10,518
1,298,544
122,066| |||1,431,128
(1,683)| |||1,429,445| |||1,431,185| |||1,431,185| |||1,431,185| For the financial year ending 30 September 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities: - The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements on pages 5 to 16 were approved by the governors, and authorised for issue on 29 May 2025 and signed on their behalf by: ......................................... Professor L E Miller Chairman and trustee The notes on pages 7 to 16 form an integral part of these financial statements. Page 6 ## **Pasold Research Fund Limited** ## **Notes to the Financial Statements for the Year Ended 30 September 2024** ## **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: Department Of History Of Art University of York York YO10 5DD These financial statements were authorised for issue by the governors on 29 May 2025. ## **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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. ## **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. ## **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. Page 7 ## **Pasold Research Fund Limited** ## **Notes to the Financial Statements for the Year Ended 30 September 2024** ## **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. ## **Governance costs** These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and governors meetings and reimbursed expenses. ## **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** **Asset class Depreciation method and rate** 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 discretion in furtherance of the objectives of the charity. Page 8 ## **Pasold Research Fund Limited** ## **Notes to the Financial Statements for the Year Ended 30 September 2024** ## **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 9 ## **Pasold Research Fund Limited** ## **Notes to the Financial Statements for the Year Ended 30 September 2024** ## **3 Activities for generating funds** |Operating activity;
Publishing royalties
Trading income;
Publishing royalties
**Total for 2024**
**Total for 2023**
Publishing royalties comprise:
Informa £15,885
Cambridge University Press £698
Oxford University Press £72
Boydell and Brewer £338|**Unrestricted**
**funds**
**General**
**£**
16,993|**Total**
**2024**
**£**
16,993
**Unrestricted**
**funds**
**General**
**£**
16,993
16,993
17,143|**Total**
**2023**
**£**
17,143| |---|---|---|---| ||||**Total**
**funds**
**£**
16,993| ||||16,993| ||||17,143| ||||| ## **4 Investment income** |Income from dividends;
Investment income
**Total for 2024**
**Total for 2023**|**Unrestricted**
**funds**
**General**
**£**
50,787
50,787
43,720|**Total**
**funds**
**£**
50,787| |---|---|---| |||50,787| |||43,720| Page 10 ## **Pasold Research Fund Limited** ## **Notes to the Financial Statements for the Year Ended 30 September 2024** ## **5 Other income** |Other income
**Total for 2024**
**Total for 2023**|**Unrestricted**
**funds**
**General**
**£**
576
576
232|**Total**
**funds**
**£**
576| |---|---|---| |||576| |||232| ## **6 Expenditure on raising funds** ## **a) Costs of trading activities** |**Note**
Costs of goods sold
**Total for 2024**
**Total for 2023**|**Unrestricted**
**funds**
**General**
**£**
7,780
7,780
8,525|**Total**
**funds**
**£**
7,780| |---|---|---| |||7,780| |||8,525| Page 11 ## **Pasold Research Fund Limited** ## **Notes to the Financial Statements for the Year Ended 30 September 2024** ## **7 Expenditure on charitable activities** |Administration
Travel and conference costs
Grants
Bank charges
Subscriptions
Sundry
**Total for 2024**
**Total for 2023**|**Unrestricted**
**funds**
**General**
**£**
12,513
2,852
22,133
61
45
1,358
38,962
36,874|**Total**
**funds**
**£**
12,513
2,852
22,133
61
45
1,358| |---|---|---| |||38,962| |||36,874| |Administration
Travel and conference costs
Grants
Bank charges
Subscriptions
Sundry
**Total for 2024**
**Total for 2023**|**Activity**
**undertaken**
**directly**
**£**
-
-
-
61
-
-
61
63|**Grant funding**
**of activity**
**£**
-
-
22,133
-
-
-
22,133
26,301|**Activity**
**support costs**
**£**
12,513
2,852
-
-
45
1,358
16,768
10,510|**Total**
**expenditure**
**£**
12,513
2,852
22,133
61
45
1,358| |---|---|---|---|---| |||||38,962| |||||36,874| Page 12 ## **Pasold Research Fund Limited** ## **Notes to the Financial Statements for the Year Ended 30 September 2024** In addition to the expenditure analysed above, there are also governance costs of £1,752 (2023 - £1,711) which relate directly to charitable activities. See note 8 for further details. ## **8 Analysis of governance and support costs** ## **Charitable activities expenditure** |**Charitable activities expenditure**||| |---|---|---| ||**Unrestricted**|| ||**funds**|**Total**| ||**General**|**funds**| |**Basis of allocation**|**£**|**£**| |Administration|12,513|12,513| |Subscriptions|45|45| |Sundry|1,358|1,358| |**Total for 2024**|13,916|13,916| |**Total for 2023**|11,396|11,396| |**Governance costs**||| ||**Unrestricted**|| ||**funds**|**Total**| ||**General**|**funds**| ||**£**|**£**| |Independent examiner fees||| |Examination of the financial statements|1,752|1,752| |**Total for 2024**|1,752|1,752| |**Total for 2023**|1,711|1,711| |**9**
**Grant-making**||| |**Analysis of grants**||| ||**Grants to**|**individuals**| ||**2024**|**2023**| ||**£**|**£**| |**Analysis**||| |Grant expenditure|22,133|26,301| |The support costs associated with grant-making are £Nil (30 September 2023 - £Nil).||| ## **10 Taxation** The charity is a registered charity and is therefore exempt from taxation. Page 13 ## **Pasold Research Fund Limited** ## **Notes to the Financial Statements for the Year Ended 30 September 2024** |**11 Tangible fixed assets**
**Cost**
At 1 October 2023
At 30 September 2024
**Depreciation**
At 30 September 2024
**Net book value**
At 30 September 2024
At 30 September 2023
**12 Debtors**
Accrued income||**Library**
**£**
1,740||**Total**
**£**
1,740
1,740
-
1,740
1,740
**2023**
**£**
10,518| |---|---|---|---|---| |||1,740
-||| |||1,740||| |||1,740||| |||**2024**
**£**
12,231||| Page 14 ## **Pasold Research Fund Limited** ## **Notes to the Financial Statements for the Year Ended 30 September 2024** ## **13 Current asset investments** |Listed other shares|**2024**
**£**
1,406,028|**2023**
**£**
1,298,544| |---|---|---| ## **Listed investments** Investments having a net book value of £783,663 (30 September 2023: £748,663) are listed on a recognised stock exchange and had a market value of £1,406,018 at the end of the year (30 September 2023 - £1,298,544). The charity has the following investments: BlackRock Charities UK Equity Fund A Inc; Number of Shares - 132086.835 Market Value @ 30/09/2024 at £7.65 per share - £1,010,464 M&G Charibond Charities Fixed Interest Fund; Number of Shares - 359,594.596 Market Value @ 30/09/2024 at £1.10 per share - £395,554 ## **14 Cash and cash equivalents** |Cash at bank
**15 Creditors: amounts falling due within one year**
Accruals|**2024**
**£**
105,314
**2024**
**£**
1,782|**2023**
**£**
122,066| |---|---|---| |||**2023**
**£**
1,683| Page 15 ## **Pasold Research Fund Limited** ## **Notes to the Financial Statements for the Year Ended 30 September 2024** ## **16 Funds** |**16 Funds**|||||| |---|---|---|---|---|---| |**Unrestricted funds**
General
**Unrestricted funds**
General|**Balance at 1**
**October**
**2023**
**£**
1,431,185
**Balance at 1**
**October**
**2022**
**£**
1,292,820|**Incoming**
**resources**
**£**
68,356
**Incoming**
**resources**
**£**
61,095|**Resources**
**expended**
**£**
(48,494)
**Resources**
**expended**
**£**
(47,111)|**Other**
**recognised**
**gains/(losses)**
**£**
72,484
**Other**
**recognised**
**gains/(losses)**
**£**
124,381|**Balance at**
**30**
**September**
**2024**
**£**
1,523,531| ||||||**Balance at**
**30**
**September**
**2023**
**£**
1,431,185| ## **17 Related party transactions** ## **18 Analysis of net assets between funds** |Tangible fixed assets
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
1,740
1,431,128
(1,683)
1,431,185|**Total funds at**
**30 September**
**2023**
**£**
1,740
1,431,128
(1,683)| |---|---|---| |||1,431,185| Page 16 ## **Pasold Research Fund Limited** ## **Statement of Financial Activities by fund for the Year Ended 30 September 2024** ## **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 income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**Unrestricted**
**Funds**
**2024**
**£**
16,993
50,787
576
68,356
(7,780)
(40,714)
(48,494)
72,484
92,346
92,346
1,431,185
1,523,531|**Total**
**Unrestricted**
**Funds**
**2023**
**£**
17,143
43,720
232| |---|---|---| |||61,095| |||(8,525)
(38,585)| |||(47,110)
124,381| |||138,366| |||138,366
1,292,820| |||1,431,186| This page does not form part of the statutory financial statements. Page 17 ## **Pasold Research Fund Limited** ## **Detailed Statement of Financial Activities for the Year Ended 30 September 2024** |**_Activities for generating funds_**
Publishing royalties
**_Investment income_**
Investment income
**_Other income_**
Other income
Deposit account interest
**_Costs of generating funds_**
Publishing costs
**_Charitable activities_**
Grants payable - individuals
Travel & conference expenses
Bank charges
Subscriptions
Sundry expenses
Administration
Independent Examination Fees
_Gains/losses on investment assets_
Gains/losses on investment assets
Gains/losses on investment assets|**Total**
**2024**
**£**
16,993
16,993
50,787
50,787
358
218
576
(7,780)
(7,780)
(22,133)
(2,852)
(61)
(45)
(1,358)
(12,513)
(1,752)
(40,714)
72,484
-|**Total**
**2023**
**£**
17,143| |---|---|---| |||17,143| |||43,720| |||43,720| |||-
232| |||232| |||(8,525)| |||(8,525)| |||(26,301)
886
(63)
(45)
(564)
(10,787)
(1,711)| |||(38,585)| |||-| |||124,381| This page does not form part of the statutory financial statements. Page 18