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← The Sid Vale Association CIO

2024-12-31-accounts

Charity registration number: 1154749

Sid Vale Association CIO

Annual Report and Financial Statements for the Year Ended 31 December 2024

Sid Vale Association CIO

Contents (continued)

Reference and Administrative Details 1
Trustees' Report 2 to 8
Independent Auditors' Report 9 to 12
Statement of Financial Activities 13
Balance Sheet 14
Notes to the Financial Statements 15 to 30

Sid Vale Association CIO

Reference and Administrative Details

Chairman A Tanner, (chairman)
Trustees: E Warren, (secretary)
A Clarke
A Tanner, (chairman)
P Wragg
H Hodge (resigned 24 February 2025)
V Huntington
P Rose
G Cross
N Hyman
G Turner, (treasurer)
Secretary E Warren, (secretary)
Charity Registration Number 1154749
Principal Office 12 Church Street
Sidmouth
Devon
EX10 8LY
Auditor Westcott (SW) LLP
Chartered accountants & statutory audit
Timberley
South Street
Axminster
Devon
EX13 5AD
Bankers HSBC
Exeter
250-250 High Street
Exeter
Devon
EX4 3PZ
CAF Bank
25 Kings Hill Avenue
Kings Hill
Kent
ME19 4JQ

Page 1

Sid Vale Association CIO

Trustees' Report

The trustees present the annual report together with the financial statements and auditors' report of the charity for the year ended 31 December 2024.

Objectives and activities

Objects and aims

The objects of the Association in accordance with its Constitution dated 26th November 2013 and last amended 19th June 2024, are:

In the Valley of the River Sid in East Devon and its environs:

• To promote for the benefit of the public the conservation protection and improvement of the physical and natural environment.

• To advance the education of the public by the establishment and maintenance of a museum and a local history group.

• To provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.

The Association is administered and managed, in accordance with the Constitution, by a body of charity trustees elected or re-elected at an Annual General Meeting and called the Management Committee which comprises the formal offices of Chairman, Vice-Chairman, Secretary and Treasurer, and up to 16 ordinary members.

The Management Committee appoints committees to undertake the activities of the Association. A committee must contain at least one Trustee, and report regularly to the Management Committee.

Page 2

Sid Vale Association CIO

Trustees' Report (continued)

Objectives, strategies and activities

The Association's Activities are implemented through several Committees covering:

• Conservation and Planning: The major tasks of this Committee are to monitor and make representations on planning applications to both Sidmouth Town and East Devon District Councils and to comment on any proposed developments in the Sid Valley.

• Keith Owen Fund: This grants committee considers applications for awards and makes recommendations to the Management Committee for awards exceeding £5,000. Applications are invited from organisations for any activities which are consistent with the objects of the Association.

• Investment Committee: The investment committee oversees the management of the investment fund by an appointed Discretionary Fund Manager. Most of the investment fund derives from the Keith Owen endowment.

• Museum: The museum is an accredited museum. The Museum Committee is responsible for the collection and display of exhibits, and the day to day running of the Museum which is open from the beginning of April to the end of October. The collection includes items of local and geological interest, exhibitions relate to the Sidmouth's Jurassic coast and the history and heritage of the Sid Valley. The displays and events are designed to involve and interest the Museum's young visitors.

• Woodlands and Estates: Manages land owned by the Association for the benefit of nature and enjoyment of the public.

Page 3

Sid Vale Association CIO

Trustees' Report (continued)

Public benefit

The Charity undertakes, in normal circumstances, the following activities to further public benefit:

Monitoring planning applications; seeking to protect the historic built environment and conservation areas for the benefit of residents and visitors; and safeguarding the East Devon National Landscape for the enjoyment and leisure of residents and visitors;

Maintaining the SVA's owned open spaces and woodland for free access to the public as far as possible; maintaining the SVA's own stretch of bank on the River Sid and reporting to the relevant authorities the condition of the River Sid generally;

Maintaining a Museum which includes exhibits of local historical and geological interest, changing annually. There is a dedicated area for exhibits and events aimed at young people, to involve and interest children in local artistic, historical, and geological matters. Admission is free to members, with a low charge for non-members;

Administering the Keith Owen Fund, a Permanent Endowment left to the SVA by a local resident. The Fund is intended to provide grants to local sporting, educational, environmental and leisure groups to facilitate appropriate projects where other funding may not be available. The KOF Committee has a wide remit and each application, which can come from all quarters, is considered by a dedicated subcommittee of Trustees and lay members from the community;

Organising walks throughout the year, in town and countryside, to places of historical or environmental interest;

Arranging talks on subjects of local interest to audiences of up to 150 (or 100 online); and,

Publishing books and pamphlets on matters of local interest.

The Trustees 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 4

Sid Vale Association CIO

Trustees' Report (continued)

Achievements and performance

• Focus in 2024 was on the sale of 36a Fore Street. There was a potential buyer throughout most of the year and this sale eventually completed in February 2025, for the price of £302.5k. This was to private individuals and the building is likely to revert to residential use.

• The Museum recorded an operational surplus of £4k, thereby contributing the SVA's core reserves yet again.

• The SVA Keith Owen Fund Grant Committee met on its regular 2-monthly cycle throughout 2024. A total of nine award applications were received during the year. From these seven awards were made with a total value of £28,535. This is broadly comparable with 2023, when fourteen award applications were received, from which eight awards were made. This suggests that level of applications for grant funding from organisation across the Sid Valley is largely consistent.

• We were pleased to help the Sidmouth and Ottery Hockey Club with junior face masks, and the Pentanque Club with a new top layer for their playing area. We made an award towards the Community and Educational Events Programme at the Jazz and Blues Festival, with these free to enter events being very well attended. We have supported two of our heritage buildings in Sidmouth, with awards to the Parish Church for refurbishment of the bell frame and to Kennaway House for lift refurbishment. From a community perspective, an award was made to the U3A in support of the Million Flowers Community Art Project.

• In 2024 we welcomed 83 new members compared to 162 in 2023. This was quite a significant drop the reasons for which are unclear. During the same time period we lost 109 members. This was due to many reasons such as moving away, resigning and RIP. The total number of members we had after the year end was 1905.

Financial review

The major source of income in 2024 was legacies amounting to £212k, including that from Miss Angela Milne Astley of £200k with more to come.

The regular principal source of real income is dividends and interest from investments; this produced income of £93k (2023: £90k). Our target had been £70k.

Total reported operating income for 2024 was £340k (2023: £380k). The investment fund, despite the world's ongoing economic travails, recovered to close at £3.4m. After charitable expenditure of £236k, our net funds increased by £242k. Total funds as at the end of 2024 were £4,389k (2023: £4,147k).

Page 5

Sid Vale Association CIO

Trustees' Report (continued)

Policy on reserves

Funds of £4,389k were comprised of a permanent endowment of £3,232k, restricted funds of £229k and generally available reserves of £928k. The SVA does not set lower and upper limits for its reserves.

This is because:

• it does not have the commitments to employees which some charities might have and,

• its objective of acquiring and protecting land in the Sid Vale entails occasional capital commitments of unpredictable value.

The Trustees consider the level of reserves to be adequate to meet commitments to its members, and to provide a fund for any future opportunities to acquire land for the benefit of the community. A Designated Reserve is set aside to provide for future works to the SVA's buildings 12 Church St and the Museum, the latter being held on a tenant's repairing lease (Reserve balance £150k in 2024 and 2023).

Investment policy and objectives

Investments comprise the Keith Owen endowment and other surplus funds. With effect from January 2020, in accordance the Trustees' resolution of 25th November 2019, the investments have been held in a Balanced Fund, managed by a Discretionary Fund Manager.

Structure, governance and management

Nature of governing document

The Charity is governed by its Constitution dated 26th November 2013 and last amended on 19 June 2024.

Recruitment and appointment of trustees

The number of Trustees must be within 3 and 20 inclusive. The board of Trustees may appoint additional Trustees between AGMs and such appointees must be elected by the members at the next AGM. The Trustees retire on rotation and may make themselves available for re-election. When particular skills are required, we may advertise to recruit new Trustees; this will normally be done locally but it is not necessary for Trustees to reside in the Sid Vale.

Induction and training of trustees

All newly appointed Trustees are provided with a copy of the charity's constitution, the latest Trustees' Report and Annual Accounts, the SVA Health and Safety Policy and the SVA Safeguarding Policy. Appropriate background checks and self-declarations are always obtained.

Page 6

Sid Vale Association CIO

Trustees' Report (continued)

Major risks and management of those risks

Risk management is an important part of the successful and effective management of SVA charity and safeguarding of our funds and assets.

By managing risk effectively, SVA Trustees can help ensure that:

• Reporting risk management in the annual report helps to demonstrate accountability to members, stakeholders, donors and the general public

The SVA's trustees have ultimate responsibility for risk and regularly review and assess the risks faced by SVA in all areas of its work and plan for the management of those risks. The Trustees recognise the legal requirement for a risk management statement in their annual report.

While the responsibility for risk management is led by trustees, everyone involved in the charity's activities has a part to play in risk management. To ensure this is co-ordinated effectively and that we follow an agreed risk management framework, the process is overseen by a named trustee who does not manage all the risks but ensures that the policy and process is followed across the organisation.

Each area of the SVA activity is led by a trustee, who will be responsible for carrying out a risk assessment as and when required. The process includes identifying, assessing, recording, managing, reviewing and reporting on risks in their area of work. A designated Trustee compiles a consolidated risk register to facilitate the Trustees’ organisational risk management.

The policy and process will be reviewed each year to ensure that it is up to date. The policy is available on the website and from the 12 Church Street office. All trustees receive guidance and training on use of the risk management process.

Page 7

Sid Vale Association CIO

Trustees' Report (continued)

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee 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 trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:

......................................... A Tanner Chairman and trustee

Page 8

Sid Vale Association CIO

Independent Auditor's Report to the Members of Sid Vale Association CIO

Opinion

We have audited the financial statements of Sid Vale Association CIO (the 'charity') for the year ended 31 December 2024, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 9

Sid Vale Association CIO

Independent Auditor's Report to the Members of Sid Vale Association CIO (continued)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 8), the trustees are responsible for the preparation 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 that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor 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, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to 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, including fraud is detailed below:

Page 10

Sid Vale Association CIO

Independent Auditor's Report to the Members of Sid Vale Association CIO (continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the trustees and management. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit.

The charity is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other charity legislation. The charity is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements, including but not limited to, employment, anti-bribery and anti-money laundering.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Page 11

Sid Vale Association CIO

Independent Auditor's Report to the Members of Sid Vale Association CIO (continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

......................................

Stuart Carrington (FCA) (Senior Statutory Auditor) For and on behalf of Westcott (SW) LLP, Statutory Auditor

Timberley South Street Axminster Devon EX13 5AD

Date:.............................

Page 12

Sid Vale Association CIO

Statement of Financial Activities for the Year Ended 31 December 2024

Note
Unrestricted
funds
£
Restricted
funds
£
Endowment
funds
£
Income and Endowments from:
Donations and legacies
2
16,709
210,066
-
Other trading activities
3
19,317
-
-
Investment income
4
93,655
-
-
Total income
129,681
210,066
-
Expenditure on:
Charitable activities
5
(231,396)
(4,898)
-
Total expenditure
(231,396)
(4,898)
-
Gains/(losses) on
investment assets
5,020
-
133,361
Net (expenditure)/income
(96,695)
205,168
133,361
Net movement in funds
(96,695)
205,168
133,361
Reconciliation of funds
Total funds brought
forward
21
1,024,372
24,201
3,098,133
Total funds carried forward
21
927,677
229,369
3,231,494		 Total
2024
£
226,775
19,317
93,655
339,747
(236,294)
(236,294)
138,381
241,834
241,834
4,146,706
4,388,540		 Total
2023
£
267,471
22,768
90,233
380,472
(154,619)
(154,619)
89,543
315,396
315,396
3,831,310
4,146,706

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 21.

The notes on pages 15 to 30 form an integral part of these financial statements. Page 13

Sid Vale Association CIO

(Registration number: 1154749) Balance Sheet as at 31 December 2024

Note
Fixed assets
Tangible assets
13
Heritage assets
14
Investments
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
18
Creditors: Amounts falling due within one year
19
Net current assets
Net assets
Funds of the charity:
Endowment funds
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
21		 2024
£
584,756
401
3,364,050
3,949,207
9,500
394
441,351
451,245
(11,912)
439,333
4,388,540
3,231,494
229,369
927,677
4,388,540		 2023
£
584,756
401
3,248,891
3,834,048
8,000
10,813
303,180
321,993
(9,335)
312,658
4,146,706
3,098,133
24,201
1,024,372
4,146,706

The financial statements on pages 13 to 30 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:

......................................... A Tanner Chairman and trustee

......................................... G Turner Trustee

The notes on pages 15 to 30 form an integral part of these financial statements. Page 14

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

Sid Vale Association CIO meets the definition of a public benefit entity under FRS 102 and is registered with the Charity Commission of England & Wales as a Charitable Incorporated Organisation.

The address of the principal office is 12 Church Street, Sidmouth, Devon, EX10 8LY.

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The Charity has taken advantage of the exemption in FRS102 from the requirement to produce a cashflow statement because it is a small charity.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no judgements or key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Income and endowments

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Page 15

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Donated assets

Donated assets are recognised when the asset becomes available for use by the Charity. Given the nature of the donated assets, many of which are museum exhibits, these can often not be reliably measured. A full list of museum exhibits can be provided on request.

Subscriptions

Subscription income for life membership is included in the Statements of Financial Activities in the year it is received.

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.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Page 16

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

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.

Tangible fixed assets

Individual fixed assets costing £0.001 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Heritage assets

The Charity has previously prepared accounts on the Receipts and Payments basis due to it being within the thresholds and has therefore shown asset additions through the Statement of Financial Activities.

The charity will recognise purchase heritage asset additions over £100 at cost in accordance with the SORP and Charities Act.

Heritage assets are defined as tangible property with historical, artistic, scientific, technological, geophysical or environmental qualities that are held and maintained principally for their contribution to knowledge and culture.

The Charity considers its museum exhibits fall within this definition.

The majority of the Charity's heritage assets have been donated over many years.

The exhibits in the Museum range in scale, age and nature, a full inventory list can be viewed on request. The exhibits are valued for insurance purposes at £140,856.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Plant and machinery

Land and buildings

Depreciation method and rate

20% reducing balance There is no charge for depreciation in respect of land and buildings as the residual value is expected to be at least equal to cost.

Page 17

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Investments comprise the Keith Owen legacy and other surplus funds. In accordance with delegated authority of the Trustees investments are held within a discretionary fund.

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund structure

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

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Permanent endowment funds are those donated for use in a particular area or for specific purposes, where there is no power to convert the capital into income.

Page 18

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

Financial instruments

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Page 19

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Income from donations and legacies

Donations and legacies;
Donations
Legacies
Grants, including capital grants;
Grants receivable
Regular giving and capital donations
Donations and legacies;
Donations from individuals
Legacies
Grants, including capital grants;
Grants receivable
Regular giving and capital donations		 Unrestricted
funds
General
£
4,802
2,273
1,508
8,126
16,709
Unrestricted
funds
General
£
3,666
5,200
5,000
242,830
256,696		 Restricted
funds
£
-
210,066
-
-
210,066
Restricted
funds
£
-
10,775
-
-
10,775		 Total
2024
£
4,802
212,339
1,508
8,126
226,775
Total
2023
£
3,666
15,975
5,000
242,830
267,471
3
Other trading activities
Trading income:
Income from sales of goods and services
Income from other trading activities
Trading income;
Income from sales of goods and services
Income from other trading activities		 Unrestricted
funds
General
£
17,942
1,375
19,317
Unrestricted
funds
General
£
21,651
1,117
22,768		 Total
2024
£
17,942
1,375
19,317
Total
2023
£
21,651
1,117
22,768

Page 20

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4 Investment income

Income from listed investments
Income from listed investments
5
Expenditure on charitable activities
By fund type
Note
Awards
Other charitable activities
Governance costs
6
Note
Awards
Other charitable activities
Governance costs
6		 Unrestricted
funds
General
£
60,529
153,466
17,401
231,396
Unrestricted
funds
General
£
26,893
113,141
14,393
154,427		 Unrestricted
funds
General
£
93,655
93,655
Unrestricted
funds
General
£
90,233
90,233
Restricted
funds
£
-
4,898
-
4,898
Restricted
funds
£
-
192
-
192		 Total
2024
£
93,655
93,655
Total
2023
£
90,233
90,233
Total
2024
£
60,529
158,364
17,401
236,294
Total
2023
£
26,893
113,333
14,393
154,619

Awards are granted in accordance with the charity's objectives and the Keith Owen Memorandum of Intention. Details of grants paid in the year can be provided by contacting the Charity Treasurer.

Details of Institutional grants can be found on the Charity's website:

http: www.sidvaleassociation.org.uk/keith-owen-funds/grant-awards

Page 21

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

6 Analysis of governance and support costs

Governance costs

Audit fees
Audit of the financial statements
Accountancy
Insurance
Other governance costs
Audit fees
Audit of the financial statements
Independent examiner fees
Examination of the financial statements
Accountancy
Insurance
Other governance costs
7
Net incoming/outgoing resources
Net outgoing resources for the year include:
Audit fees		 Unrestricted
funds
General
£
3,846
882
7,078
5,595
17,401
Unrestricted
funds
General
£
2,760
126
840
5,183
5,484
14,393
2024
£
3,846		 Total
2024
£
3,846
882
7,078
5,595
17,401
Total
2023
£
2,760
126
840
5,183
5,484
14,393
2023
£
2,760

8 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

£12,371 (2023: £8,118) of expenses were reimbursed to the Trustees during the year.

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any other benefits from the charity during the year.

Page 22

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

9 Staff costs

The Charity has no employees, therefore no employee received emoluments/benefits of more than £60,000 during the year

10 Independent examiner's remuneration
Examination of the financial statements
11 Auditors' remuneration
2024
£
Audit of the financial statements
3,846		 2023
£
126
2023
£
2,760

12 Taxation

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

Page 23

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

13 Tangible fixed assets

13 Tangible fixed assets
Cost
At 1 January 2024
At 31 December 2024
Depreciation
At 1 January 2024
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Land and
buildings
£
584,756
584,756
-
-
584,756
584,756		 Plant and
machinery
£
22,663
22,663
22,663
22,663
-
-		 Total
£
607,419
607,419
22,663
22,663
584,756
584,756

Included within the net book value of land and buildings above is £584,756 (2023 - £584,756) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of leaseholds.

Included within the net book value of land and buildings above is £225,000 which was treated as a donated asset in 2023. The market value of the property was determined by an independent RICS registered valuer who has the knowledge, skills and understanding to undertake a competent valuation.

In addition to the assets shown in the balance sheet the Association owned the following, land which has been gifted or acquired over the years and comprises:

Freehold Land and Property:

Leasehold Land and Property:

There are no known costs of any land owned by the charity. The land is used for charitable purposes and there is no intention to dispose of the land or develop any areas. It is not practical to quantify the market value for the land due to its charitable purpose and use.

Page 24

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

14 Heritage assets

14 Heritage assets
Cost
At 1 January 2024
At 31 December 2024
Depreciation
At 31 December 2024
Net book value
At 31 December 2024		 Heritage
asset
£
401
401
-
401		 Total
£
401
401
-
401

Page 25

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

15 Fixed asset investments

Other investments
Other investments
Cost or valuation
At 1 January 2024
Revaluation
Additions
Disposals
Net movement in cash
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Listed
investments
£
3,221,927
138,381
374,022
(388,432)
-
3,345,898
3,345,898
3,221,927		 2024
£
3,364,050
Cash or cash
equivalents
£
26,964
-
-
-
(8,812)
18,152
18,152
26,964		 2023
£
3,248,891
Total
£
3,248,891
138,381
374,022
(388,432)
(8,812)
3,364,050
3,364,050
3,248,891

All investments shown above are held at valuation. The historical cost of investments is £3,113,084 (2023: £3,118,800).

Page 26

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

16 Stock

Stocks
17 Debtors
Other debtors
18 Cash and cash equivalents
Cash at bank
19 Creditors: amounts falling due within one year
Other creditors		 2024
£
9,500
2024
£
394
2024
£
441,351
2024
£
11,912		 2023
£
8,000
2023
£
10,813
2023
£
303,180
2023
£
9,335

20 Contingent liabilities

Grants approved in or before 2024 but unclaimed as at 31st December 2024 £16,903 (2023: £49,891).

Page 27

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

21 Funds

Unrestricted funds
General
General funds
Designated
Premises
maintenance and
repairs fund
Total unrestricted
funds
Restricted funds
Landscape fund
Endowment funds
Permanent
Keith Owen fund
Total funds		 Balance at
1 January
2024
£
874,372
150,000
1,024,372
24,201
3,098,133
4,146,706		 Incoming
resources
£
129,681
-
129,681
210,066
-
339,747		 Resources
expended
£
(231,396)
-
(231,396)
(4,898)
-
(236,294)		 Other
recognised
gains/(losses)
£
5,020
-
5,020
-
133,361
138,381		 Balance at
31 December
2024
£
777,677
150,000
927,677
229,369
3,231,494
4,388,540

Page 28

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

Unrestricted funds
General
General funds
Designated
Premises
maintenance and
repairs fund
Total unrestricted
funds
Restricted funds
Landscape fund
Endowment funds
Permanent
Keith Owen fund
Total funds		 Balance
at 1
January
2023
£
Incoming
resources
£
Resources
expended
£
Transfers
£
Other
recognised
gains/(losses)
£
775,854
369,697
(154,427)
(120,000)
3,248
30,000
-
-
120,000
-
805,854
369,697
(154,427)
-
3,248
13,618
10,775
(192)
-
-
3,011,838
-
-
-
86,295
3,831,310
380,472
(154,619)
-
89,543		 Balance at
31
December
2023
£
874,372
150,000
1,024,372
24,201
3,098,133
4,146,706

Page 29

Sid Vale Association CIO

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

22 Analysis of net assets between funds

Tangible fixed assets
Heritage assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Heritage assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
584,756
401
132,556
221,876
(11,912)
927,677
Unrestricted
funds
General
£
584,756
401
150,758
297,792
(9,335)
1,024,372		 Restricted
funds
£
-
-
-
229,369
-
229,369
Restricted
funds
£
-
-
-
24,201
-
24,201		 Endowment
funds
Permanent
£
-
-
3,231,494
-
-
3,231,494
Endowment
funds
Permanent
£
-
-
3,098,133
-
-
3,098,133		 Total funds
at 31
December
2024
£
584,756
401
3,364,050
451,245
(11,912)
4,388,540
Total funds
at 31
December
2023
£
584,756
401
3,248,891
321,993
(9,335)
4,146,706

23 Related party transactions

There were no related party transactions in the year except for re-imbursement of expenses to Trustees as per note 8.

Page 30