Registered number: 00073855 (England and Wales) Chartty number: 529952 THE BRONTÈ SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 The Bronte Society THE BRONTÈ SOCIETY (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity, Its Trustees and Advlsefs Chairfs Statement Truslees. Report Independent Audilors. Report on the Flnancial Statements Consolldated Statement of Financial Activitles 4-16 17-20 21 Consolidatad Balanc8 Shèèt 22 Charity Balance Sheet Consolldated Statement of Cash Flows 23 24 Notes to tho Financial Statements 25-52 THE BRONTÈ SOCIETY (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrf. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees L G Powrie, Chair of The 8oard of Trustees SKBari L J Beare C M Gallagher J R Gralion (resigned 5 October 20241 T Hendry (appointed 5 October 2024) P A Jenkins E Keel (appointed 5 October 2024) H C Meller A J Midgley V R Sanders (resigned 5 October 2024) J M Sladdin L Watson (appointed 5 October 2024) Company reglstered number 00073855 (England and Wales) Charity registered number 529952 Rogistered office Bronte Parsonage Museum Haworth KEIGHLEY West Yorkshi BD22 8DR Presldent Dame Judi Dench CH DBE FRSA Senior Leadership Team R J Yorke - Director A Dinsdale G Price M Tomlinson C Dewhirst (resigned January 2025) Independent audltors Clive Owen LLP Chartered Accountsnts & Statutory Auditors 140 Coniscliffe Road DARLINGTON County Durham DL3 7RT Page 1 THE BRONTÈ SOClErY (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Solicitors Wrigleys 3 Wellington Place LEEDS LS14AP Investment Advisers Charles Stanley & Co. Limited 7 Park Row LEEDS LS15HD Page 2 THE BRONTÈ SOCIE (A Company Limited by Guarant¢o) CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 The chair presents her slatement for the year. The report thal follows details all that The Bronte Society achieved in the financial year ending 31 March 2025. Our 2024-2025 financial year was defined by the completion of key capitsl infrastructure projects. In December 2024, we launched our new websrte. supported, too. by investment in our technological and operational infrastructure, including a new CRM system and improved WiFi coverage. Our fully accessible toilets and Changing Places facility, much needed for many years. opened in February 2025 and were made possible with funding from Bradford 2025's Cultural Capital Fund and Arts Council England's Capital Investment Programme. It's our hope that bolh projects will significanuy improve our visilor offer, increase accessibility, and ensure our relevance in a mTrJern, digital age, and indeed, this is already refiected positively in visitor feedback. As a National Portfolio Organisation, we continue to be grateful for the support of Arts Council England. Across all areas of the organisation, y￿ embed our vision of creating an inclusive Bronte Society that remains relevant to our audience. is ambitious in scope. and Commilled to environmental responsibility. Through the shaping of our strategic aims. we aspire to deliver a quality programme that demonstrates our value to the communities we serve. both locally. nationally and digitalty, vthile also fostenng talent and ambition in our creative partners. The extension of the current NPO cycle to 2027, and potentially 2028, is V￿lcoMe. and will allow us to plan and manage our budgets in a global climate of economic uncertainty. Building on our status as a Designated collection, awarded in 2023, significant and meaningful additions to the collection were made during the 2024-25 financial year. In partscular. the bequest we received during the last financial year of £325k has allowed us to designate further funds to collections acquisition, and as such. were successful in our bid at auction for Emily Bronte's painting 'The North Wind., and also bought from a private collection a pencil drawng of Anne Bronte's. Among other donations, loans. and acquisitions, r( remains a privilege to welcome back to the Museum items that belonged to. and were produced at the hands of, the Bronte family. In doing so, we cement not only their legacies. but ours as a Society. too. In a year in which we celebrated Ihe Brontes. childhood through our exhibition. 'The Brontes, Web of Childhood,, receiving the Sandford Award from the Heritage Education Trust in 2024 was testament to the strength of our learning programme. encouraging the next generation to engage with the Brontes. lives and works. Our overall programme has continued to have a multi-generational focus. from the Bronle Babies sensory sessions lo our 18-25-aimed 'Behind the Glass, podcasl, and in the spinl of the Brontes, we have emphasised the development of up-and-coming talent through the Bronte Women's Writing Festival and the contemporary arts programme. So, too. has our outreach programme connected wrth local communities unfamiliar vith the Museum. culminating in projects like the Bronte Stitching Group. All represent ongoing achievements, with the breadth of our offering over the past year an unwavering dedication lo making the Brontes accessible to all. We remain conscious of the cost of living crisis and tts possible effect on visilor numbers, as well as the impact on visitors, secondary spend. and are focused on ensuring resilience across the organisation. As well as careful monltoring, we assess accorcling to secior-wide trends and respond proactsvely to the need for budgetary adjustment. During 2024-25, we offered a six-day opening for a 5onger period of time than previously, and are working to diversfy our income streams wherever possible. As we embark upon the next financial year, we take particular note of the opportunits'es that arise from Bradford UK City of Culture 2025 in raising our profile and fostering relationships with the local community, as V￿11 as the national cultural sector. We also look to establish a vision for the next stage of capitsl development. applying ihe lessons V￿ have leamed over the past year to look ahead in shaping the Society's future. L G Powrie. Chair of the Board of Trustees Date.. July 2025 Page 3 THE BRONTÈ SOClErY (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are also directors of the charity for Ihe purposes of the Companies Act 2006, presenl Iheir report with the financial statements of the charity for the period ended 31 March 2025. The Trustees confirm that the annual report and financial statements of the company comply with the current statutory requirements, the requirements of the compan5¥s governing document and the provisions of the Slatement of Recommended Practice {SORP). applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and Alms The Bronte Society is an outward-looking. multi-faceted organisation literature at its heart. It was founded in 1893 to establish and maintain a museum and to promote interest in the life and wnrkq of the Bronte family. Haworth Parsonage, now the worfd-famous and accredited Bronle Parsonage Museum, opened to the public in 1928 and has since welcomed over a million visitors. We're a global organisatj'on rooted in Yorkshire identity and landscape. Our collection of Bronte manuscripts and personal possessions. displayed in the rooms where the Brontes lived and wrote some of the greatest novels in the English language, is Designated as Outstanding and the largest in the world. The charitable obJe¢tlve5 of the Soclety are: To promote interest in the lrfe and works of the Bronte famity in parttcular. but not exclusively, by establishing and maintaining pernanent museums. galleries and libraries for the public benefit: To acquire by donation. purchase. or otherwise, and to renovate and preserve artefacts, books. pamphlets. manuscripis. engravings. painlings, drawngs, Phoiographs. clothing. furniture and other objects of or relating to the Bronle family, and rf thought fit. of other aulhors, for the public benefit: To provide for the examination of the literary remains for further scholarship and better understsnding of the lives and works of the Brontes and their v4riting. and rf thoughl fil, of other authors. and publication of the memoirs of the Bronte family and other authors for the public benefit" To promote the advancement of literature and the arts and to inttiate projects that deepen literary engagement locally. nationally and throughout the worfd and Ythich are rendered interesting by their association v￿th the Bronte famity for the public benefit- To do all such things as are incidental or corKlucive lo the attainment of the above objectives. The Bronte Society's vision is: 'To bring the Brontes to the world and the y￿rtd to Yothshire,. We do this, not only by being an intemationally-renowned visitor attraction, but through our creative programmes, expanding digital offer and working in partnership with other museums and literary houses. Page 4 THE BRONTÈ SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 OBJECTIVES AND ACTIVITIES (continued) Our ml$$lon statement Is: To celebrate the lives and works of the Brontes, bwdening access to their legacy and sharing their contemporary significance with a global audience. We conserve. interpret, display and build creative engagement through our world-class collection and the landscape that inspired the Brontes. We LhilTnPit)n ngw wiitiiig today. particularly by women. and promote better underslanding of the Brontes lives and v￿rks. The Bronte Society has a commitment to equalty, dtversty and inclusion and to promoting a positive cullure which celebrates difference. ensures faimess and challenges prejudice. In accordance with this commitment. and our of Excellence, Inspiration and Creativty. the Bronte Society will foster a positive working environment and wider membership communty where twslees, staff, volunteers and members treal each other with dignity and respect at all times, and where bullying, harassment and disGrimination are known to be unacceptsble. We will invest in our trustees. staff and volunteers. provmying training, support, opportunity and encouragement, and restructuring appropriately. We will commit to governance and staff reviews to ensure we have the right people with the right skills in the appropriate posits'ons, to help us achieve our objectives. Th• stratggic aim$ of tho Socioty during 2024-2S wero: To create high-qualty Opportunities for artists. audiences and partiupants. To provide visitors and customers with an excellent physul and online experience. To place diversty, inclusNty and relevance at the centre of all we do. To manage and share our Museum and collections in line with our accredited status. To increase resilience through dynamism, data and dKJitsl. To become a more sustainable and environmentally responsible organisation. Main activities undertaken to further the Charitable Group's purposes for the public benefrt The Charitys activities and achievements are set out wthin Ihis report and have been undertaken lo furlher the Charitys charitable purposes for the public benefit. The trustees have complied with their duty under Section 4 of the Charities Act 2006 to pay due regard to the public benefit guidance published by the Charity Commission. The Charity considers that il satisfies the public benefit requirement as the Bronte Parsonage Museum is open to all members of the Untted Kingdom and woddbwde. and makes its collections accessible for scholars and general visitors via its public pro3rammes arml the use of digitsl. Page 5 THE BRONTÉ SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Charitable objectives Our museum is a home for the imagination, a place of solace and stimulation. Our displays promote creative engagement and our artistic programme interrogates and makes connections with our collections in innovative ways. Literature is at the heart of our work, but taking our cue from the Brontes. own multidisciplinary talents. we explore Bronte links with olher artfomis, finding new ways to see and engage wtth our collection and test new ways of reaching and inspiring future generations. Our leaming and outreach programmes educate, inspire and demonstrate the relevance of the Brontes, lives and work to contemporary society. Bronte Genius. a wholly-owned trading company. runs the Bronte Parsonage Museum shop. commissioning and selling items that reflecl the lives and stories of Ihe Brontès and the museum collection, to help further the Society's charitable objectives and support its activilies. These are consistent with the objectives set out in the Articles of Association. Page 6 THE BRONTÈ SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Icontinued) ACHIEVEMENTS AND PERFORMANCE Icontlnued) Strategic objectives During ihe period 1 April 2024 - 31 March 2025, the folk)wing achlevements were recordeo agalnst our strateglc objectives.. l. To create high-quality opportunities for artists. audiences and participants Throughout 2024, the Parsonage held a new exhibiti￿, 'The Brontès. Web of Chikjhood., which explored how the childhood of Charlotte, Emily and Anne Bronte shaped them as writers. Also on display was Charlotte Bronte's christening bonnet. on loan from a private collection for the period. A new audio installation by writer and storyteller Sophia Haffield. 'How to Build a Storyieller,. was presented in the Servants. Room, and visitors were also treated with Iwe performances of 'This House is Full of Stories. on a number of occasions during the year. Our annual Bronte Festival of Women's Wriling was held in September 2024. Programmed on the theme of writing for children and young adults. the event was headlined by Dame Jacqueline Wilson. who attracted an audience of almost 200 people. In line with our commitrnent to widening access. the festival was delivered in hybrid fomiat, with events taking place in Haworth also available online. either via live-stream or by sharing recorded sessions. 2. To pmvide visitors and customers with an excellent physical and online experience Reviews collecled via Google and TripAdvisor and comments in our visitor books indicate that the visitor experience at the Bronte Parsonage Museum is ovethelmingly positive. Investment in staff training and development has been a major factor in generating repeat visits and complimentary feedback. as has our expanded programme of free talks and holiday activities. We continue to share our collections digitally wa the Bloomberg Connects app, and thanks to significant investment in our IT infrastructure, including a new websile lind Ihe implementalion of Spektrix CRM and tickeling software. the online user experience has been much improved. Page 7 THE BRONTÈ SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT (contlnued} ACHIEVEMENTS AND PERFORMANCE (contlnued) 3. To place dlverslty, In¢luslvity and relevance at the centre ofall we do During the year. welcomed 9roups from the v￿der Bradford area and continugd to work ck>sely with Holycroft Primary School in Keighley, facilitating visits for families v4ho would not ordinarily visit the Museum. This initiative. supported by funding from Bradford Council has been incredibly successful: between 1 April 2024 and 31 March 2025, we w￿lCoMed fifty-two Holycroft families to the Parsonage, offering an introductory talk and walk as part of their free visit. Our organisational-viide EDIB (Equty, DFversity, Inclusion and Belonging) group met throughout the year and increasing access is considered in all areas of our work. A significant barrier to access has been the lack of visilor toilet facilitses at the Bronte Parsonage Museum. During 2024. thanks to Bradford Council's Cultural Capital Fund. administered by Bradford2025. and Arts Council England's Capital Investment Programme, construction of accessible and inclusive faciltties took place, and opened to the public in February 2025. 4. To manage and share our Museum and collections in line with our accredited status The Bronte Parsonage Museum houses the world's largest collection of Bronle material which is shared wilh our visitors. live and online audiences. and researchers. Arts Council England have awarded 'Designated as Outslanding. stalus to the Bronte Parsonage Museum cdlection. The Designalion Scheme identifies and celebrates outstanding collections, which 'deepen our understsnding of the world and what it means to be human.. The Museum's displays are refreshed each year and presenled alongside a sp￿la1 exhibition. 'The Brontes, Web of Childhood, ran throughout 2024. Acqulsltlons Every year the collect￿n grows through purchases and donations. The following items came as donations lo the Museum collection between 1 April 2024 and 31 March 2025.. An oil portrait of an unknown young woman. unsigned but believed to be by Branwell Bronte. An art work, 'Thomfield Hall,. by Franklin. The V￿rk featured in the Imaginary Worlds exhibition, displayed in the Museum foyer from 1 February- 30 June 2025. A small green knitted purse W￿th gold beads, believed to be the one menlioned in Charlotte's letter to Ellen Nussey, dated 22 August 1844". "Thank you for the very pretty little purse you have sent me.- The donation also included a carte de visite of a portrait believed to be of Ellen Nussey as a young Y￿rnan. John Walker's A Critical Pronouncin9 DictK)nary (1832), inscribed by William Woi)d. The Society purchased a small pencil drav¥ing of a caslie by Anne Bronte, dated 16 June 1836, from a private collector and Emily Bronle's watercolour painting, known as 'The North Wind. [1842], from the Forum Auctions sale held on Thursday 27 March 2025. Loans We were loaned a violin in a case. said to have belonged to Branwell Bronte; Anne Bronte's pencil drawing, 'Geneva', dated 15 June 1837, and Charlotte Bronte's christening bonnet. Page 8 THE BRONTÈ SOCIErY (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT (continued) ACHIEVEMENTS AND PERFORMANCE {continued) Conservation The movements for the two longcase clocks at the Parsonage underwent cleaning and conservation treatment during the January conservation period. 5. To increase resilience thmugh dynamism. data and digital Finance The museum opened to visitors for six days each week for a longer period during 2024-2025 and this contributed to an increase in the admissions income for the year. We were in receipt of NPO funding throughout the year and in addition. we receNed both regular funding from Bradford Council and funding for specrfic projects. The Bronte Society is very grateful to these organisations for their ongoing support. Digital Our developing online programme of talks and 'Bronte Lounge. events continued to attract audiences from all over the world and receive positive feedback. Notsble successes include an online event hosted in partnership with Elizabeth Gaskell's House, Jane Austen's House and ChavAon to celebrate International Women's Day. During the autumn of 2024, we ran a six-week online course, 'The Brontes and the Gothic,, led by Dr Sam Hirst, which was attended by Bronte enthusiasts from America to Japan. A major addition to our digital programme has been 'Behind the Glass.. A Parsonage Podcast., A second series of episodes with special guesls was recorded during 2024 and broadcast commenced in spring 2025. Marketlng During the period, the majority of marketing activity was digrtal. The development and launch of a new website, created by Supercool Ltd. was a focus for much of 2024. The design of a new museum logo and photography were commissioned as part of the website project. Our social media platforms continued to grow. and engagement with our online community flourished throughout the period, with our roach on Facebook. Twitter and particularly Instagrarn increasing significanily on March 2024 numbers. PR and media The Bronlé Society and Bronte Parsonage Museum attracted high-profile media coverage throughout the year, especially in relation to the correction of the Bronte memonal at Westminster Abbey and the acquisrtion of Emily Bronte's painting 'The North Wind., We continued to alk)cate budget to working wilh a PR agency, Anita Morris Associates. to support our media activity and this relationship offers a substantial retum on investment. During 2024-25, we also hosted several production crews including Wise Owl Films vtho made a Bronte do¢umentary presented by Anits Rani for Sky Arts. Page 9 THE BRONTÈ SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT (contlnued) ACHIEVEMENTS AND PERFORMANCE Icontlnued) 6. To becom• a more sustalnable and envimnmentally rnsponslble organlsation Th@ landsr2pe and nalural wodd arÈ fundamental to the Brontès, w￿rk and an important part of what visitors to the Bronle Parsonage Museum. situated on the edge of Yorkshire moodand. experience. The Bronte Society has strong commitment lo environmental responsibility and this continued to be a consideration in every aspect of our work during the financial period. Our organisation-wide Green Group continued to meet quarterly to discuss ecological initialives and different ways to further reduce our cart)on footprint. and our programme of Carbon Literacy training is ongoing. Page 10 THE BRONTÈ SOCIErY (A Company Limited by Guarantee} TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT (contlnued) ACHIEVEMENTS AND PERFORMANCE (contlnued) OTHER ACTIVITIES Learning and engagement Young people and children are a key focus. Our formal leaming programme is praised by teachers and we experienced an increase in school groups during the period. While many of our school workshops are curriculum-linked, creativity is embedded throughout. We offer free workshops for local schools, forging stronger links and a sense of ownership of the Museum. The Museum was proud to receive the Sandford Award for Heritage Learning in December 2024. Publlcations The Bronte Societys joumal, 'Bronte Studies, edited by Dr Claire O'callaghan. was published three ts'mes during the period. During 2024 2025. the number of downloads was in the region of 50k. The journal has a global reach. wth the UK. North America and China seeing the highest number of full text downloads. Building partnerships During 2024-2025, we collaborated with a number of other cultural organisations. including Elizabeth Gaskell's House, Bradford Museums and Galleries, and Ilkley Literature Festival (now Word Up North.} In addition. our position as a Bradford2025 cultural partner has enabled us to strengthen our relats'onships with the Local Authority and arts and heriiage organisations across the wider district. We are represented on the Bradford Place Marketing Board and our Director is a member of the West Yorkshire Local Visitor Economy Partnership (LVEP) Board. Growing and widenlng the membership of the Bronte Society The digital membership packages are now our most popular membership categories. with more than 50'h of members {who are not Life Members) opting for this type of membership. This has led to a reduction in costs associated with printing and postage and also contributes to a reduction in our carbon footprint. The Young Bronle Friend 116 - 25) category continues to prove popular with over 250 members in this category by 31 March 2025. Page11 THE BRONTÈ SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT (contlnued) ACHIEVEMENTS AND PERFORMANCE (contlnued) OTHER ACTIVITIES (cont5nued) Developing a positive cutture that supports staff and volunt•ors The organisation continues to foster a leaming culture. embedding evaluation and review at the heart of ils activities. All staff are encouraged to seek out. and take advantage of. opportunities for Continued Professional Development, including free membership of the Museums Association. All staff are paid at leasl the Real Living Wage and in August 2024 the Bronte Society achieved Mindful Employer status. Ideas from all parts of the organisation are shared via our regular staff forum. and employees and volunteers are kept up to date vdth news and developments via a fortni9htly e-bulleliii arid a rTiore detailed 'Bronte Business,. vthich is produ¢ed monthly. The mental health of our workforce is considered as important as its physical health and all staff are entitled to a monthly 'Wellb2ing Hour. to pursue leisure or wellbeing activities. FINANCIAL REVIEW Income and expenditure Total income for the year ended 31 March 2025 was £1.773.122 compared to £1,646,356 in the 12 months to 31 March 2024. Income in 2024-25 included 12 months. worth of National Portfolio Organisation grant from Arts Council England and other grants, including grants of £315k and £100k from Bradford Council's Cullural Capital Fund and Arts Council England respectively to help fund the construction of our new visitor facilities. a grant of £5k from Bradford Council lo suppon our outreach programme and an additional £5k to support the free street element of our Bronté Women's Writing Festival. Income from museum admissions for the year to 31 March 2025 totslled £608,204 compared to £585.854 for the period to 31 March 2024. Retail sales in the museum shop for the year ended 31 March 2025 totalled £296.212 compared with £314.674 for the 12 month period to 31 March 2024. Tolal expenditure for the year ended 31 March 2025 was £1,355,324 compared £1.243.372 for the year ended 31 March 2024. Overall. the net movement in funds for the year £414.867 compared wtth £410.791 for the 12 months to 31 March 2024. Going ¢on¢em After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequale resources to continue in operational existence for Ihe foreseeable future. For this reason. they conts'nue to adopt the going concem basis in preparing the financial statements. Further detsils regarding the adoption of the going concem basis can be found in the accounting policies. Page 12 THE BRONTÈ SOCIETY (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Icontlnued) FINANCIAL REVIEW {conllnued) Flnan¢lal Sustainability The Bronte Society welcomed 60,482 visitors in the 12 months from 1 April 2024 and 31 March 2025, compared with 64,069 for the 12 months from 1 April 2023 to 31 March 2024. During 2024 - 2025, the Bronte Society and Bronte Parsonage Museum continued to benefit financially as one of Arts Council England's National Portfolio Organisations, with grant funding received for the year of £236,778. The Society is very grateful to Arts Council England for this ongoing support. which is now expected to continue until April 2028. Being an Arts Council National Portfolio Organisation yields benefits other than the immediately financial. It enables us to access nelworking opportunities, training and professional development, and encourages confidence in other potential funders. Investment policy and objectives The objectives of the investment policy are as folbws: To provide for on-going cash needs to support the operation of the Bronte Society and the Bronte Parsonage Museum on a daY-t￿daY basis; To ensure the continued protection of the fabric of the Parsonage building- To provide for. or Contribute towards. the purchase of new acquisitions for the Museum and its collections; To provide a basis for future financial planning that V￿11 cary forward the Charitys objects'ves. Investment revlew During the reporting period. the Finance & Audit Committee met with Charles Stanley. the Bronte Society's Investment Managers. to review the management of the charity's investments and its goals. As the Society does not currently take regular income from the portfolio. the decision was tsken to move from a balanced to a growth approach from January 2022 onwards. The existing overall risk level wll be maintained for the foreseeable future. During the year, net realised and unrealised losses on investments lotslled £3.776 and the ¢osl of managing the investments was £279. RoseNes pollcy At 31 March 2025 the group held unrestricled reserves of £8,112,557. of which £6.950.582 were Heritage Assets, £411.629 were other tangible assets, £39,387 were intangible assets. and £160,829 were investments. Restricted reserves at the period￿nd amounted to £189.046. The trustees have agreed, in line with many olher National Portfolio Organisations. that the organisation should aim to hold three months. V￿rth of operating Gosts in reserve. Three monlhs, worth of operating costs. being lotal unrestricted expenditure less depreciation and irre¢overable VAT. at the year*nd amounted to £330.294. Afler allowing for this. at 31 March 2025, total readily available unrestricted reserves amounted to £556,964. These are funds in cash and investments that the Board of Trustees is able to designate for specific purposes. Page 13 THE BRONTÈ SOCIETY (A Company Limited by Guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT (contlnued) PLANS FOR FUTURE PERIODS Continued and increased analysis of data to set targets, monitor prc*3ress and support a culture of data driven decision making. Increased diversity in the Y￿rkfOrCe and our audiences. A review of our IT infrastructure and support to futureproof the organisation and ensure our data is stored securely and efficiently. Continued development of digital to a) widen access to our collection and our work and b} to diversify our income. Development of our retail and commercial offer. Producing a masterplan for future capital development, including the scoping of funding possibilities. Recent achievements have provided the foundations for realising our ambitions for 2025 - 2028: growing our visitor offer, expanding our office space and increasing our collection storage as befits a museum marking its ntenary in 2028. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Society is controlled by its govemirNJ document. a deed of trust. and constitutes a limited company. limited by guarantee, as defined by the Companies Act 2006. The Bronte Society was established in 1893 and opened its first museum in 1895. It is a company limiled by guarantee (number 000738551, having been incorporated in 1902, and is registered as a charity (number 529952). The business of the Bronte Society is govemed by its Artides of Association. The liability of the Members in the event of the Society being wound up is limited to a sum not exceeding £1 each. The number of Members at 31 March 2025 was 1607 of whom 492 were Life Members. Appointment, induction of training of new Trustees At Ihe first meeting of the Board followng the Annual General Meeling the trustees elect one of their number to serve as Chair of the Board of Trustees. All trustees are supported with relevant induction infomiation on appointment and undertake appropriate training during their period of office. Organisatlonal struclure The Bronte Society is govemed by a board of up to twelve trustees vh)0 are appointed at the AGM. We are proactive in developing the Board through succession planning. supported by appropriate training and induction. We want our Board to be representative of society and take care to set out the commitrnent. responsibilities and expertise involved to ensure we attract candidates with the appropriate skills and experience. The Board currently has hvo sub (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for Ihe audit of the financial statements section of our report. We are independenl of the Group in accordance with the ethical requirements that are relevanl to our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard, and V￿ have fulfilled our other ethical responsibilities in accordance with Ihese requirements. We believe that the audit evidence we have obtained is sufficienl and appropriale to provide a basis for our opinion. Concluslons relatlng to golng concern In audlllng ihe financial statements, we have concluded that the Trusiees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the vffjrk we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectsvely. may casl significant doubt on the Group's or the parent charitable companls ability to continue as a g￿ng concern for a perKKI of at beast twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Twstees with ￿spect to going concem are described in the relevant sections of this report. Page 17 THE BRONTÈ SOCIETY (A Company Limited by Guarantee INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BRONTÉ SOCIETY (CONTINUEDI Other inforniation The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extenl otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether Ihe other informalion is materially inconsislent with the financial slalements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine vthether this gives rise to a material misstalement in the financial statements themselves. If. based on the work we have performed. we condude that there is a material misstalemenl of this other information, we are required to report thal fact. We have nothing to report in this regard. Opinlon on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomiation given in the Trustees. Report including the Strategic Report for the financial year for which the financial ststements are prepared is consistent with the financial stalements. the Trustees, Report and the Strategic Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of Ihe charitsble company and its environment obtsined in the course of the audit. vle have not identffied material misstatements in the Trustees. Report including the Strategic Report. We have nothing to report in respect of the following matters in relation to vthich Companies Act 2006 requires us to rgport to you rf, in our opinion: the parent charitable company has not kept adequate and suffiaent accounting records. or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees. remuneration specified by law are not made; or we have not received all the infonnation and explanations we require for our audit. Responslbilitles of Trustees As explained more fulty in the Trustees, Responsibilits'es Ststement. the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparalion of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements Ihat are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Group's and the parent charitable COMpan￿S ability to continue as a going concem. disclosing, as applicable. matters related to going oncern and using the going ¢on¢em basis of accounting unless the Truslees either intend to liquidate the Group or the parent charitable company or to cease operations. or have no realistic altemative but to do so. Page 18 THE BRONTÈ SOCIETY (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BRONTÈ SOCIETY (CONTINUED) Auditors. responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. vthether due to fraud or error. and lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducled in accordance with ISAS {UK) will always detect a material misslatemenl vthen it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregale, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, induding fraud is detailed below.. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. to detect material misstalemcnts in respect of irrc9ulariti¢s, including fraud. Our audit must be alert to the risk of manipulation of the financial slatements and seek to understand the incentives and opportunities for management to achieve this. We undertake the following procedures to identify and respond to these risks of non-compliance: Understanding the key legal and regulatory frameworks that are applicable lo the Group. We communicated identified laws and regulations throughout the audtt team and remained alert lo any indicalions of noncompliance throughout Ihe aurjil. We determined the mosl significant of Ihese lo be around eMplO￿￿ent law, ¢harity law. company law. heafth and safety law. taxation law and GDPR Enquiry of directors and management as to policies and pr￿edureS to ensure compliance and any knovm instances of non-compliance Review of Board Minutes and correspondence wilh regulators Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed Challenging management on key estimates. assumptions and judgements made in the preparation of the financial stalements. These key areas of uncertainty are disclosed in the accounting policies. Identity'ng and testing unusual joumal entries, with a particular focus on manual joumal entries. Through Ihese procedures, we did not become aware of aclual or suspected non-compliance. We planned and performed our audit in accordance with auditing standards but owng to the inherent limitations of procedures required in these areas. there is an unavoidable fisk that we may not have delecled a material misstatement in the accounts. The further removed non-compliance with lav4s and regulations is from the events and transactions reflected in the financial statements. the less likely we would become aware of it. The risk of not detecting a material misststement due to fraud is higher than the risk of not detecting one results'ng from error. as fraud may involve concealment, collusion, forgery, misrepresentations. or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance wlh all laws and regulations. A further description of our responsibilities for the audit of the financial ststements is located on the Financial Reporting Council's website at.. www.frc.or .ukJauditorsres nsibilities. This description forms part of our Auditors. Report. Use of our report This report is made solely lo the charitable companvs members, as a body. in accordance with Chapter 3 of Part 16 of Ihe Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companys members those matters we are required to stale to them in an Auditors. Report and for no other purpose. To the fullest extent permitted by law. we do not accepl or assume responsibility lo anyone other Ihan the charitable company and tts members. as a body. for our audit y￿rk. for this reporl, or for the opinions we have formed. Page 19 THE BRONTÉ SOClErY (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BRONTÈ SOCIETY (CONTINUED) Chrlstopher Beaumont BA (Hons) BFP FCA DChA (Senior Statutory Audltor) for and on behalf of Clive Owen LLP Chartered Ac¢ountsnts & Statutory Auditors 140 Coniscliffe Road DARLINGTON County Durham DL3 7RT Date.. Page 20 THE BRONTÉ SOCIETY (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDrruRE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Restricted Fixed assets funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income and endowments from: Donations and legacies Charitable acts'vities Other trading activits'es Investments 41,270 1,277,464 316.889 18.635 5,714 100,OOQ 13,150 60,134 1.377.464 316,889 18,635 366.692 931,564 333,057 15,043 Total income and endowments 1.654.258 105,714 13,150 1,773,122 1.646.356 Expenditure on: Raising funds Charitable aCtiV￿8S 249.928 1,098,267 249.928 1,105,396 244, 140 999.232 10 7,129 Total expenditure 1,348,195 7,129 1.355,324 1.243.372 Net Income before not Ilossesllgains on investments Unrealised (lossesygains on investments 306.063 98,58S 13.150 417,798 402,984 (2.931) (2,931) 7,807 Net income Transfers betsyeen funds 303.132 98.585 13.150 414.867 410.791 22 {79,660) 79,660 Net movement in funds 223,472 98,585 92.810 414.867 410,791 Reconclllatlon of funds: Total funds brought forward 938,503 223.472 90.461 98.585 6,857.772 92,810 7,886.736 414,867 7,475,945 410.791 Net movemenl in funds Total funds carried forward 1,161.975 189.046 6.950.582 8,301,603 7.886, 736 Page 21 THE BRONTÈ SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 00073855 IEngland and Wales) CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Intangibla assets Tangible assets Heritage assets Investments 15 39.387 511,629 6,950,582 160.829 16 17 38, 144 6,857, 772 162, 822 18 7,662,427 7,058, 738 Current assets Stocks Debtors Cash at bank and in hand 19 20 44.666 244,557 502,212 51.364 71,256 802, 187 791.435 924, 807 Creditors.. amount5 falling due within one year 21 (152,2591 (96, 809) Net currenl assets 639,176 827, 998 Total assets less current Ilablllties 8,301,603 7,886, 736 Net assets 8,301,603 7,886, 736 Total net assets 8,301.603 7,886, 736 Charlty funds Heritage fixed assets funds Restricted funds 22 6,950,582 189.046 1,161,975 6,857, 772 90,461 938,503 Unrestricted funds 22 Total funds 8,301,603 7.886, 736 The Trustees acknovAedge their responsibilities for complying with the requirements of the Act wÉth respect to accounting records and preparation of financial statements. The financial ststements were approved and authorised for issue by the Trustees on . and signed on their behaff by. A J Midgley (Trusteel Page 22 THE BRONTÈ SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 00073855 (England and Wales) CHARrrY BALANCE SHEEr AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Intangible assets Tangible assets Heritage assets Investments 15 39.387 511,629 6,950,582 185,929 16 17 38, 144 6,857,772 187,922 18 7.687.527 7.083.838 Current assets Stocks Debtors Cash at bank and in hand 19 20 2,180 289.497 458,461 2,179 134,305 719.322 750.138 855. 806 Creditors.. amounts falling due within one year 21 (149,879) (90.330) Net ¢urrenl assets 600,259 765,476 Total assets less current Ilablllties 8,287,786 7.849.314 Net assets 8,287,786 7,849,314 Total net assets 8.287.786 7,849,314 Charlty funds Herilage fixed assets funds Restricted funds Unrestricted funds 22 22 22 6,950,582 189.046 1.148.158 6.857.772 90,461 907,081 Total funds 8.287.786 7,849.314 The Charttys net movemenl in funds for the year was £438.472 (2024 - £384.273). The Trustees acknowledge their responsibilities for complying with the requirements of the Acl ￿1th respect to a¢¢ounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees on and si d on their behalf by. AJMid Tru ley The notes on pages 25 to 52 fom part of these financial statements. Page 23 THE BRONTÉ SOCIETY (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activities Net cash used in operating activities 204,288 365.574 Cash flows from investlng activities Dividends, interests and rents from investments Purchase of intsngible assets Purchase of tangible fixed assets Proceeds from Sale of investments Purchase of investments 18,635 {39,387) {478.704) 76,195 (81,002) 15,043 (1, 761) 73,205 (72, 706) Net cash (used in)Iprovided by investing activities 1504,263) 13,781 Cash flows from financing activities Net cash provlded by financlng activities Change In cash and cash equivalents In the year Cash and cash equivalents at the beginning of the year (299,975) 802,187 379,355 422,832 Cash and cash equivalents at the end of the year 502,212 802, 187 The notes on pages 25 to 52 form part of these financial statements Page 24 THE BRONTÈ SOCIErY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Infomiation The Bronte Society is a prrvate company limited by guarantee wthout share capital. registered in England and Wales. The companls registered detsils can be found on page 1. In the event of the Bronte Society being wound up. the liabilty in respect of the guarantee is limited to £1 per member of the Bronte Society. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance the Charities SORP {FRS 1021- Accounting and Reporting by Chartti'es.. Statement of Recommended Practs'ce applicable to charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} (effective 1 January 2015), the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The Bronte Society meets the definition of a public interest entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othewse stated in the relevant accounting policy. The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consdidale the financ￿[ statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolKlated on a line by line basis. The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not Pre￿nted tts ¢)wn Staternent of Financial Activities in these financial statement$. 2.2 Golng ¢oncem The financial statements are prepared on the going concem basis which assumes that the company will continue to Irade for a period of al least 12 months from the date of approval of these financial statements. The Trustees have prepared forecasts that demonstrate that the company will be able to continue lo irdde wilhin exisling bank facilits'e5 for a period of at leasl 12 monlhs from the date of approval of the financial statements. 2.3 Fund accountlng General fvnds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Restricted funds are funds ￿1¢h are to be used in accordance specrfi¢ restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged againsl the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 25 THE BRONTÉ SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounling policies (continued) 2.4 Income All income is recognised once the Group has entitlement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Consolidated Statem8nt of Financial Activrties on a receivable basis. The balance of income received for specrfic purposes but not expended during the period is shown in the re￿vant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Where the donated good is a fixed asset, it is measured at fair value. unless it is impractical to measure this reliably. in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic lrfe in accordance with the Charitys accounting policies. Donated facilities and services are recognised in the financial statcments whon roceivad rf the value can be reliabily measured. No amounts are included for the contribution of general volunleers. On receipt. donated professional serrfices and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalenl economic benefit on Ihe open market,. a CO￿espOndIng amount is then recognised in expenditure in the period of receipt. Income lax recoverable in relation to donations received under Gift or deeds of covenant is recognised at the time of the donation. Income lax recoverable in relation to investrnent income is recognised at the time the investment income is receivable. Income from sales of goods is ￿ognISed at point of sale, at ￿lch the risks and rewards of the goods are transferred to the customer. Page 26 THE BRONTÈ SOCIETY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.5 Expenditure Expenditure is recognised once Ihere is a legal or constructNe obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits V￿11 be required in settlement and Ihe amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dire¢1 costs and shared costs. including support costs involved in undertaking each activty. Direct cosls attributable to a single activity are allocated directly to that acts'vity. Shared costs which contribute to more than one activity and support costs which are nol attributable to a single actiwty are apportioned between those activities on a basis consistent wth the use of resources. Support costs direcuy attributed to an activity have been allocated to the activty. Where support costs cannot be directly attributed to any activity they have been alk)cated in proportion to direct expenditure. Costs of generating funds {dire¢l cosls) are costs incurred in attracting voluntary income. and Ihose incurred in trading a¢b'vities thal raise funds. Charitable activities and Govemance costs are costs incurred on the Charit￿s educational operations, including support costs and costs relating to the govemance of the charity apportioned to Charitable activities. Expendilure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on chantable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. 2.6 Govemment grants Govemment grants are credited to the Consolidated Statement of Financial Activities on receipt. 2.7 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group: this is normally upon notrfication of the inlerest paid or payable by the instilution bmth whom the funds are deposited. 2.8 Taxation The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meels the definition of a charitable company for UK corporation lax 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 incorn8 or gains arè applied exclusively to Charitable purposes. 2.9 Intanglble assets and amortisatlon Intangible assets costing £1.000 or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably. Intangible assets a￿ in￿alty recognised al cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment bsses. Page 27 THE BRONTÈ SOClErY {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontlnued) 2.9 Intangible assets and amortisation (continued) Amortisation is provided on intangible assets al rates calculated to write off the cost of each asset on a slraighl-line basis over its expected useful lrfe. No amortisation is charged on the asset in the year of purchase. Amortisation is promded on the following basis: Website development 20 on cost 2.10 Tangible fixed assets and dèpreciation Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of Ihe asset can be measured reliably. No depreciation is charged on the asset in the year of purchase. No depreciation is charged on freehold property as the Trustees ￿nSider its value to be not less than original cost. Tangible fixed assets are initially recognised at cost. After recognition. under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaimient losses. All cost5 incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the folloNMng bases-. Fixlures and fittings Computer equipment 100kn- 15/0 on cost 330/0 on cost 2.11 Heritage assets The Charitys collection comprises assets of historical importance recognised as heritage assets previously under FRS 30 {Heritage Assets} and now under Ihe provision of the current SORP and FRS102 which require such assets to be reported in the balance sheet where information is available regarding cost or value. Items purchased for the collection are capitalised as heritage assels and included at cost or value at acquisition in the balan¢e sheet. Items purchased prior to the implementation of Currenl SORP are not capitalised. Items donated to the collection are capitalised as heritsge assets at markel value at the point of donation where material. Depreciation has nol been provided on heritage assets on the basis that their residual value is such that any depreciation charge would be immaterial. A description of the collection. its management and developments during the year is given in the notes to the financial ststements. Page 28 THE BRONTE SOCIErY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.12 Investmenls Fixed asset investments are a fonn of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in vlhich case it is measured at Cost less impairment. Investment gains and losses, whelher realised or unrealised, are combined and presented as 'Gainsl(Lossesl on investments. in the Consolidated Statement of Financial Activities. Investments in subsKliaries are valued at cost les5 provision for impairnent. nvestments held as fixed assets are shown at fair value through the Statement of Financial Activities. 2.13 Operating leases Rentals paid under operating leases afe charged to Ihe Consolidated Statement of Financial Activities on a straight line basis over the lease terrn. Benefits received and receivable as an incentive lo sKJn an operating lease are recognised on a straight line basis over the lease temi. unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. 2.14 Stocks Slocks ale V