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 2025
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 |
| Notes to the Financial Statements | 8 to 17 |
Pasold Research Fund Limited
Reference and Administrative Details
Governors Dr S Tuckett, University Lecturer Mr D R Anderson OBE, Retired Professor C J Breward, Museum Director Dr M M Brooks, Conservator and University Lecturer Professor T Roy, University Professor Professor J A Styles, University Professor Emeritus Professor C Richardson, University Professor Mr C M Purvis, Retired Professor L Gardner Ms A Fotheringham, Museum Curator Secretary 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 ACA 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 of the charitable company for the year ended 30 September 2025.
Governors
Dr S Tuckett, University Lecturer (appointed 29 May 2025)
Mr D R Anderson OBE, Retired
Professor C J Breward, Museum Director
Dr M M Brooks, Conservator and University Lecturer
Professor T Roy, University Professor
Professor J A Styles, University Professor Emeritus Professor C Richardson, University Professor Mr C M Purvis, Retired Professor L Gardner Ms A Fotheringham, Museum Curator (appointed 30 May 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. 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. In addition, the Fund underwrites both 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. This year also saw the launch of the Neaverson Postdoctoral Fellowship, available thanks to a generous bequest by Catherine Janet Neaverson. This will be offered biennially between 2025 and 2029, offering a monthly stipend of £2000 for 3-10 months. 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.
From 1 Oct 2024 to 30 Sep 2025 we received 75 applications for funding, a significant increase on the previous year and further reflects the increasing pressures on university and cultural heritage budgets. This included 13 applications for the new Neaverson Postdoctoral Fellowship. A total of 31 individual awards have been made. The Pasold Research Fund also supported two conferences this year. The first ‘Material Scotland’, 15-16 May 2025 was in memory of Prof Stana Nenadic, previously director of the Pasold Research Fund, in collaboration with University of Glasgow, National Museums Scotland and the University of Edinburgh, and included early career and established scholars from a range of disciplines and from across the UK and student-supported places. The second was ‘Stitched Together: Needlework Research and Making’, 21-22 August 2025, organised by the Royal School of Needlework and hosted at Hampton Court Palace. This was an in-person and online event ensuring a substantial geographic reach of participants.
Financial review
The Fund relies on its investments for the major part of its income. These are currently divided between M&G Charibonds Charities Fixed Interest Fund (with investment transferred to the M&G Charity Multi Asset Fund on the closure of the Fixed Interest Fund in June 2025), and BlackRock Charities UK Equity Fund A Inc. Additional income is received from royalties from publications. This income is smaller.
Expenditure on Grants increased by 9.8% from 2023/4, which as noted above reflects the increase in quality applications and subsequent awards, and the re-establishment of conference funding following the hiatus during Covid.
The total value of our investments has risen in 2024/25 by 3.8% on that of 2023/24.
Policy on reserves
Reserves are maintained at a level to produce an income which is adequate to support the Fund’s charitable objectives.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Page 3
Pasold Research Fund Limited
Governors' Report
The annual report was approved by the governors of the charity on .................... and signed on its behalf by:
......................................... Dr L Gardner Company secretary
Page 4
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 2025.
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:
-
accounting records were not kept in respect of Pasold Research Fund Limited as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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
Date:.............................
Page 5
Pasold Research Fund Limited
Statement of Financial Activities for the Year Ended 30 September 2025 (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 £ 22,948 57,559 241 80,748 (8,079) (46,708) (54,787) 57,790 83,751 83,751 1,523,531 1,607,282 |
Total 2025 £ 22,948 57,559 241 80,748 (8,079) (46,708) (54,787) 57,790 83,751 83,751 1,523,531 1,607,282 |
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 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 16.
The notes on pages 8 to 17 form an integral part of these financial statements. Page 6
Pasold Research Fund Limited
(Registration number: 00796266) Balance Sheet as at 30 September 2025
| 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 |
2025 £ 1,740 10,755 1,463,818 132,739 1,607,312 (1,770) 1,605,542 1,607,282 1,607,282 1,607,282 |
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 |
For the financial year ending 30 September 2025 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 6 to 17 were approved by the governors, and authorised for issue on .................... and signed on their behalf by:
.........................................
Dr S Tuckett, University Lecturer Trustee
The notes on pages 8 to 17 form an integral part of these financial statements. Page 7
Pasold Research Fund Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
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
Authorised for issue date
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 8
Pasold Research Fund Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
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 9
Pasold Research Fund Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
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 10
Pasold Research Fund Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
3 Activities for generating funds
| Operating activity; Publishing royalties Trading income; Publishing royalties Total for 2025 Total for 2024 Publishing royalties comprise: Informa £12,046 Taylor and Francis £5,291 Cambridge University Press £5,274 Oxford University Press £54 Boydell and Brewer £284 |
Unrestricted funds General £ 22,948 |
Total 2025 £ 22,948 Unrestricted funds General £ 22,948 22,948 16,993 |
Total 2024 £ 16,993 |
|---|---|---|---|
| Total funds £ 22,948 |
|||
| 22,948 | |||
| 16,993 | |||
4 Investment income
| Income from dividends; Investment income Total for 2025 Total for 2024 |
Unrestricted funds General £ 57,559 57,559 50,787 |
Total funds £ 57,559 |
|---|---|---|
| 57,559 | ||
| 50,787 |
Page 11
Pasold Research Fund Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
5 Other income
| Other income Total for 2025 Total for 2024 |
Unrestricted funds General £ 241 241 576 |
Total funds £ 241 |
|---|---|---|
| 241 | ||
| 576 |
6 Expenditure on raising funds
a) Costs of trading activities
| Note Publishing Costs Total for 2025 Total for 2024 |
Unrestricted funds General £ 8,079 8,079 7,780 |
Total funds £ 8,079 |
|---|---|---|
| 8,079 | ||
| 7,780 |
Page 12
Pasold Research Fund Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
7 Expenditure on charitable activities
| Administration Travel and conference costs Grants Bank charges Sundry |
Unrestricted funds General £ 15,881 4,568 24,300 62 97 44,908 |
Total 2025 £ 15,881 4,568 24,300 62 97 |
|---|---|---|
| 44,908 |
| Administration Travel and conference costs Grants Bank charges Sundry Total for 2025 Total for 2024 |
Activity undertaken directly £ - - - 62 - 62 61 |
Grant funding of activity £ - - 24,300 - - 24,300 22,133 |
Activity support costs £ 15,881 4,568 - - 97 20,546 16,768 |
Total expenditure £ 15,881 4,568 24,300 62 97 |
|---|---|---|---|---|
| 44,908 | ||||
| 38,962 |
Page 13
Pasold Research Fund Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
In addition to the expenditure analysed above, there are also governance costs of £1,800 (2024 - £1,752) 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 | |
| Basis of | General | funds |
| allocation | £ | £ |
| Administration | 15,881 | 15,881 |
| Sundry | 97 | 97 |
| Total for 2025 | 15,978 | 15,978 |
| Total for 2024 | 13,916 | 13,916 |
| Governance costs | ||
| Unrestricted | ||
| funds | Total | |
| General | funds | |
| £ | £ | |
| Independent examiner fees | ||
| Examination of the financial statements | 1,800 | 1,800 |
| Total for 2025 | 1,800 | 1,800 |
| Total for 2024 | 1,752 | 1,752 |
| 9 Grant-making |
||
| Analysis of grants | ||
| Grants to | individuals | |
| 2025 | 2024 | |
| £ | £ | |
| Analysis | ||
| Grant expenditure | 24,300 | 22,133 |
| The support costs associated with grant-making are £Nil (30 | September 2024 - £Nil). |
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Page 14
Pasold Research Fund Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
11 Tangible fixed assets
| 11 Tangible fixed assets | ||||
|---|---|---|---|---|
| Cost At 1 October 2024 At 30 September 2025 Depreciation At 30 September 2025 Net book value At 30 September 2025 At 30 September 2024 12 Debtors Accrued income Other debtors |
Library £ 1,740 |
Total £ 1,740 1,740 - 1,740 1,740 2024 £ 12,231 - |
||
| 1,740 - |
||||
| 1,740 | ||||
| 1,740 | ||||
| 2025 £ 10,735 20 10,755 |
||||
| 12,231 |
Page 15
Pasold Research Fund Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
13 Current asset investments
| Listed other shares | 2025 £ 1,463,818 |
2024 £ 1,406,028 |
|---|---|---|
Listed investments
Investments having a net book value of £783,663 (30 September 2024: £748,663) are listed on a recognised stock exchange and had a market value of £1,463,818 at the end of the year (30 September 2024 - £1,406,018).
The charity has the following investments:
BlackRock Charities UK Equity Fund A Inc; Number of units - 132,086.835 Market Value @ 30/09/2025 at £8.02 per share - £1,059,336
M&G Charity Multi Asset Fund; Number of units - 408,361.483 Market Value @ 30/09/2025 at £0.9905 per share - £404,482
14 Cash and cash equivalents
| 14 Cash and cash equivalents | ||
|---|---|---|
| Cash at bank 15 Creditors: amounts falling due within one year Accruals |
2025 £ 132,739 2025 £ 1,770 |
2024 £ 105,314 |
| 2024 £ 1,782 |
Page 16
Pasold Research Fund Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
16 Funds
| 16 Funds | ||||
|---|---|---|---|---|
| Balance at 1 October 2024 £ Unrestricted funds General 1,523,531 Balance at 1 October 2023 £ Unrestricted funds General 1,431,185 17 Related party transactions 18 Analysis of net assets between funds Tangible fixed assets Current assets Current liabilities Total net assets |
Incoming resources £ 80,748 Incoming resources £ 68,356 |
Resources expended £ Other recognised gains/(losses) £ Balance at 30 September 2025 £ (54,787) 57,790 1,607,282 Resources expended £ Other recognised gains/(losses) £ Balance at 30 September 2024 £ (48,494) 72,484 1,523,531 Unrestricted funds Total funds at 30 September General £ 2025 £ 1,740 1,740 1,607,312 1,607,312 (1,770) (1,770) 1,607,282 1,607,282 |
Balance at 30 September 2025 £ 1,607,282 |
|
| Balance at 30 September 2024 £ 1,523,531 |
||||
| 1,607,282 |
Page 17
Pasold Research Fund Limited
Statement of Financial Activities by fund for the Year Ended 30 September 2025
Unrestricted Funds
| Unrestricted | Funds | |
|---|---|---|
| Total | Total | |
| Unrestricted | Unrestricted | |
| Funds | Funds | |
| 2025 | 2024 | |
| £ | £ | |
| Income and Endowments from: | ||
| Activities for generating funds | 22,948 | 16,993 |
| Investment income | 57,559 | 50,787 |
| Other income | 241 | 576 |
| Total income | 80,748 | 68,356 |
| Expenditure on: | ||
| Costs of generating funds | (8,079) | (7,780) |
| Charitable activities | (46,708) | (40,714) |
| Total expenditure | (54,787) | (48,494) |
| Gains/losses on investment assets | 57,790 | 72,484 |
| Net income | 83,751 | 92,346 |
| Net movement in funds | 83,751 | 92,346 |
| Reconciliation of funds | ||
| Total funds brought forward | 1,523,531 | 1,431,185 |
| Total funds carried forward | 1,607,282 | 1,523,531 |
This page does not form part of the statutory financial statements. Page 18
Pasold Research Fund Limited
Detailed Statement of Financial Activities for the Year Ended 30 September 2025
| 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 |
Total 2025 £ 22,948 22,948 57,559 57,559 - 241 241 (8,079) (8,079) (24,300) (4,567) (63) - (97) (15,881) (1,800) (46,708) 57,790 |
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 |
This page does not form part of the statutory financial statements. Page 19