2024-12-31-accounts

REGISTERED CHARITY NUMBER: 300064

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SHEFFORD TOWN MEMORIAL ASSOCIATION

TC Group 31 High View Close Hamilton Office Park Leicester Leicestershire LE4 9LJ

SHEFFORD TOWN MEMORIAL ASSOCIATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 to 14
Detailed Statement of Financial Activities 15 to 16
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SHEFFORD TOWN MEMORIAL ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Significant activities and achievements

During the year the Association has maintained its place in the local community for the benefit of the public by encouraging such regular activities as bowls, cricket, junior football, children's play (in a play area), snooker, tea dances, keep fit, carpet bowls and children's discos (8-13 year-olds).

The main hall and function room are hired out for wedding receptions, parties, dances, quizzes, meetings, yoga, keep fit, karate, self-help activities etc.

Membership for 2024 was 296 (previous year 487).

Public benefit reporting

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives that have been set.

ACHIEVEMENT AND PERFORMANCE

The trustees have continued to obtain support grants where possible to limit any ongoing impact resulting from COVID-19. The trustees have also reviewed and controlled costs in order to ensure reserves are well maintained.

The current year results show a surplus of £5,815 (2023: £9,161 loss).

FINANCIAL REVIEW

Principal funding sources

The Association's income includes rental income received from investment properties, comprising of offices, residential and a cottage. These are included in the financial statements at open market value.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level to ensure that in the event of a significant drop in funding they will be able to continue the charity's current activities for a twelve month period.

Going concern

The trustees believe the going concern assumption to still be appropriate.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The Association was formed in 1948. The Association's objects are for the provision of recreation and education, in the honour of the men and women of Shefford and Chicksands who died or suffered in the Second World War.

Organisational structure

The general management and control of the premises and the arrangements for their use is vested in a committee of not more than thirty members, representing organisations from the parishes of Shefford and Chicksands. Every organisation entitled to appoint a trustee to take the place of a trustee who is retiring must do so within the month preceding the meeting.

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SHEFFORD TOWN MEMORIAL ASSOCIATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 300064

Principal address

Memorial Hall 10 Hitchin Road Shefford Bedfordshire SG17 5JA

Trustees

J Smith (Treasurer) A Hammond (Secretary) A Purves (resigned 31.10.24) D Hennessey (Chairman) P Carne (resigned 31.10.24) S Church Shefford Town Counci G Walker (appointed 1.4.24) OC Fensome (appointed 1.4.24)

Independent Examiner

TC Group 31 High View Close Hamilton Office Park Leicester Leicestershire LE4 9LJ

Bankers

Barclays Bank plc

Approved by order of the board of trustees on 6 May 2025 and signed on its behalf by:

J Smith (Treasurer) - Trustee

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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHEFFORD TOWN MEMORIAL ASSOCIATION

Independent examiner's report to the trustees of Shefford Town Memorial Association

I report to the charity trustees on my examination of the accounts of Shefford Town Memorial Association (the Trust) for the year ended 31 December 2024.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

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

1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or

2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

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

J Dennis

TC Group 31 High View Close Hamilton Office Park Leicester Leicestershire LE4 9LJ

6 May 2025

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SHEFFORD TOWN MEMORIAL ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Other trading activities 3 Investment income 4 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Charitable activities Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted funds £ 14,747 183,331 20,247 218,325 151,346 62,086 213,432 1,283 6,176 1,449,370 1,455,546	Restricted fund £ - - - - - 361 361 - (361) 2,885 2,524	2024 Total funds £ 14,747 183,331 20,247 218,325 151,346 62,447 213,793 1,283 5,815 1,452,255 1,458,070	2023 Total funds £ 23,738 137,836 19,160 180,734 107,221 81,712 188,933 (962) (9,161) 1,461,416 1,452,255

The notes form part of these financial statements

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SHEFFORD TOWN MEMORIAL ASSOCIATION

BALANCE SHEET 31 DECEMBER 2024

Notes FIXED ASSETS Tangible assets 11 Investment property 12 CURRENT ASSETS Stocks 13 Debtors 14 Investments 15 Cash at bank and in hand CREDITORS Amounts falling due within one year 16 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 17 Unrestricted funds: General fund Revaluation Restricted funds TOTAL FUNDS	Unrestricted funds £ 894,594 486,583 1,381,177 1,958 12,998 26,507 60,934 102,397 (28,028) 74,369 1,455,546 1,455,546	Restricted fund £ 2,524 - 2,524 - - - - - - - 2,524 2,524	2024 Total funds £ 897,118 486,583 1,383,701 1,958 12,998 26,507 60,934 102,397 (28,028) 74,369 1,458,070 1,458,070 182,039 1,273,507 1,455,546 2,524 1,458,070	2023 Total funds £ 901,003 486,583 1,387,586 1,958 7,992 25,224 40,387 75,561 (10,892) 64,669 1,452,255 1,452,255 175,863 1,273,507 1,449,370 2,885 1,452,255

The financial statements were approved by the Board of Trustees and authorised for issue on 6 May 2025 and were signed on its behalf by:

J Smith (Treasurer) - Trustee

D Hennessey (Chairman) - Trustee

The notes form part of these financial statements

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SHEFFORD TOWN MEMORIAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categories of income:

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.

Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.

Income from investments is included in the year in which it is receivable.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off each asset over its estimated useful life, as follows:

Freehold property - Buildings straight line 50 years Fixtures, fittings and equipment - 12.5% reducing balance

Investments

Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in the market value is transferred to a revaluation reserve.

Current asset investments are revalued at market value as at the balance sheet date, and the gain or loss in the period is taken to the statement of financial activities.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

continued...

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SHEFFORD TOWN MEMORIAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Fund accounting

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

2. DONATIONS AND LEGACIES

Donations Subscriptions Room and field hire 3. OTHER TRADING ACTIVITIES Fundraising events Bar, fruit machine and pool 4. INVESTMENT INCOME Income from investment properties Deposit account interest 5. RAISING FUNDS Investment management costs Support costs	2024 £ 1,351 3,072 10,324 14,747 2024 £ 5,307 178,024 183,331 2024 £ 20,000 247 20,247 2024 £ 3,828	2023 £ 88 1,296 22,354 23,738 2023 £ 4,278 133,558 137,836 2023 £ 18,900 260 19,160 2023 £ 1,285

continued...

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SHEFFORD TOWN MEMORIAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

6. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Charitable activities	Support costs (see note 7) £ 62,447
SUPPORT COSTS Other trading activities Investment management costs Charitable activities	Management £ 147,518 3,828 62,447
	213,793

7. SUPPORT COSTS

Support costs, included in the above, are as follows:

Management

Wages Rates and water Insurance Light and heat Telephone Postage and stationery Advertising Purchases and event costs Cleaning and sundries Repairs and maintenance Professional fees & licences Bank charges Accountancy Investment property management costs Bad debts Depreciation of tangible and heritage assets	Other Investment trading management Charitable activities costs activities £ £ £ 29,768 - - - - 1,275 - - 7,077 - - 20,142 - - 5,583 - - 986 - - 168 114,025 - - 3,725 - - - - 15,217 - - 1,108 - - 1,131 - - 1,625 - 3,828 - - - - - - 8,135 147,518 3,828 62,447	2024 Total activities £ 29,768 1,275 7,077 20,142 5,583 986 168 114,025 3,725 15,217 1,108 1,131 1,625 3,828 - 8,135 213,793	2023 Total activities £ 18,280 4,218 6,552 24,313 2,816 784 60 89,311 3,343 30,110 280 1,122 2,750 1,285 (4,772) 8,481 188,933

continued...

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SHEFFORD TOWN MEMORIAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

9. STAFF COSTS

Wages and salaries The average monthly number of employees during the year was as follows: Bar staff and cleaners No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 23,738 Other trading activities 137,836 Investment income 19,160 Total 180,734 EXPENDITURE ON Raising funds 107,221 Charitable activities Charitable activities 81,300 Total 188,521 Net gains/(losses) on investments (962) NET INCOME/(EXPENDITURE) (8,749) RECONCILIATION OF FUNDS Total funds brought forward 1,458,119		2024 £ 29,768 29,768 2024 8 Restricted fund £ - - - - - 412 412 - (412) 3,297	2023 £ 18,280 18,280 2023 4 Total funds £ 23,738 137,836 19,160 180,734 107,221 81,712 188,933 (962) (9,161) 1,461,416

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

continued...

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SHEFFORD TOWN MEMORIAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES TOTAL FUNDS CARRIED FORWARD 11. TANGIBLE FIXED ASSETS COST At 1 January 2024 Additions At 31 December 2024 DEPRECIATION At 1 January 2024 Charge for year At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023	-	continued Unrestricted funds £ 1,449,370 Freehold property £ 904,562 - 904,562 28,850 4,873 33,723 870,839 875,712		Restricted fund £ 2,885 Fixtures and fittings £ 132,989 4,250 137,239 107,698 3,262 110,960 26,279 25,291	Total funds £ 1,452,255 Totals £ 1,037,551 4,250 1,041,801 136,548 8,135 144,683 897,118 901,003

The trustees have revalued the freehold property on an open market basis. At the year end, the trustees are of the opinion the open market value of the freehold property is not materially different to the valuation in the accounts.

12. INVESTMENT PROPERTY

FAIR VALUE At 1 January 2024 and 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023	£ 486,583 486,583 486,583

All fixed asset investments are held within the United Kingdom.

Trustees have revalued the investment property on an open market basis. At the year end, the trustees are of the opinion the open market value of the investment property is not materially different to the valuation in the accounts.

The historical cost of the investment properties as at 31 December 2024 is £58,377 (2023 - £58,377).

continued...

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SHEFFORD TOWN MEMORIAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

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13. STOCKS
2024 2023
£ £
Finished goods 1,958 1,958
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 4,316 1,413
VAT 2,967 1,179
Prepayments and accrued income 5,715 5,400
12,998 7,992
15. CURRENT ASSET INVESTMENTS
2024 2023
£ £
Unlisted investments 26,507 25,224
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 22,820 6,224
Social security and other taxes 2,150 399
Net wages 1,358 519
Accruals and deferred income 1,700 3,750
28,028 10,892
17. MOVEMENT IN FUNDS
Net
movement At
At 1.1.24 in funds 31.12.24
£ £ £
Unrestricted funds
General fund 175,863 6,176 182,039
Revaluation 1,273,507 - 1,273,507
1,449,370 6,176 1,455,546
Restricted funds
Restricted fund 2,885 (361) 2,524
TOTAL FUNDS 1,452,255 5,815 1,458,070
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continued...

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SHEFFORD TOWN MEMORIAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Revaluation Restricted funds Restricted fund TOTAL FUNDS	Incoming resources £ 218,325 - 218,325	Resources expended £ (213,432) (361) (213,793) At 1.1.23 £ 184,612 1,273,507 1,458,119 3,297 1,461,416	Gains and losses £ 1,283 - 1,283 Net movement in funds £ (8,749) - (8,749) (412) (9,161)	Movement in funds £ 6,176 (361) 5,815 At 31.12.23 £ 175,863 1,273,507 1,449,370 2,885 1,452,255

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS	Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 180,734 (188,521) (962) (8,749) - (412) - (412) 180,734 (188,933) (962) (9,161)

continued...

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SHEFFORD TOWN MEMORIAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund Revaluation Restricted funds Restricted fund TOTAL FUNDS	At 1.1.23 £ 184,612 1,273,507 1,458,119 3,297 1,461,416	Net movement in funds £ (2,573) - (2,573) (773) (3,346)	At 31.12.24 £ 182,039 1,273,507 1,455,546 2,524 1,458,070

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS	Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 399,059 (401,953) 321 (2,573) - (773) - (773) 399,059 (402,726) 321 (3,346)

The general fund is for the furtherance of the charity's general activities.

The revaluation fund reflects the unrealised gain on revaluation of the freehold land and buildings used by the charity to undertake it's general activities, along with the revaluation of investment properties.

The restricted fund relates to grants obtained from the local council for the purpose of upgrading all equipment in a local play area. The grants were used fully in the cost of the play area, which has been capitalised and is being written off over its useful life.

continued...

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SHEFFORD TOWN MEMORIAL ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

18. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2024.

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SHEFFORD TOWN MEMORIAL ASSOCIATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

INCOME AND ENDOWMENTS Donations and legacies Donations Subscriptions Room and field hire Other trading activities Fundraising events Bar, fruit machine and pool Investment income Income from investment properties Deposit account interest Total incoming resources EXPENDITURE Support costs Management Wages Rates and water Insurance Light and heat Telephone Postage and stationery Advertising Purchases and event costs Cleaning and sundries Repairs and maintenance Professional fees & licences Bank charges Accountancy Investment property management costs Bad debts Freehold property Fixtures and fittings Total resources expended Net income/(expenditure) before gains and losses	2024 £ 1,351 3,072 10,324 14,747 5,307 178,024 183,331 20,000 247 20,247 218,325 29,768 1,275 7,077 20,142 5,583 986 168 114,025 3,725 15,217 1,108 1,131 1,625 3,828 - 4,873 3,262 213,793 213,793 4,532	2023 £ 88 1,296 22,354 23,738 4,278 133,558 137,836 18,900 260 19,160 180,734 18,280 4,218 6,552 24,313 2,816 784 60 89,311 3,343 30,110 280 1,122 2,750 1,285 (4,772) 4,873 3,608 188,933 188,933 (8,199)

This page does not form part of the statutory financial statements

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SHEFFORD TOWN MEMORIAL ASSOCIATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income/(expenditure)	2024 £ 1,283 5,815	2023 £ (962) (9,161)

This page does not form part of the statutory financial statements

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