Bungonia War Memorial holds a special place in village life but the ravages of time are taking a toll on the structure.

Now, thanks to a $20,000 Goulburn Soldiers Club donation, a $10,000 federal Saluting Their Service grant and community donations, the structure will be restored. The total cost is about $33,500.

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Anne Wiggan, secretary of the Bungonia Park Land Manager Crown Reserve, said the Club's generous donation enabled the work to proceed. She and the Trust managers have been applying for grants for more than two years.

"We are enormously grateful especially to the Goulburn Soldiers Club who were approached by Greg Sullivan ( Bungonia) on our behalf," she said.

"A grant of this generosity is a game-changer for our small village and for the continued preservation, use and appreciation of this iconic memorial, which is so significant to the Goulburn Mulwaree district."

It was the first memorial erected in the Goulburn district after World War Two.

Bungonia heritage stonemason, John Mottley, will undertake the work. Mrs Wiggan said he had years of experience and was chosen after a call for quotes.

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The project will include cleaning, including delicate removal of lichen and other soiling around lettering, repairs, repointing, re-rendering a concrete plinth, replacing worn lead lettering and restoration of the surrounding metalwork fence.

The three-metre high memorial, built of marble and sitting on a concrete base, contains the names of 33 World War One and 28 World War Two servicemen and women. Trooper WM Ayre who served in the 1899-1902 Boer War is also commemorated.

It was dedicated on March 27, 1949, a 2021 report by heritage consultant, David Hobbes stated. The community had decided in 1948 to build the memorial for World War Two veterans. Public donations flowed for the project which was completed by volunteers.

Representatives of the Goulburn City and Mulwaree Shire Councils and Anglican and Catholic churches attended the opening. Member of the Legislative Assembly, LJ Tully was said to have delivered an "impressive speech." The Goulburn RSL and Australian Lighthorse Brigade bands struck up and bugler Roy Holgate played The Last Post.

Bungonia Historical Society president Moira McGinity paid tribute to George Ryan, who was Progress Association president at the time.

"He lived at Brisbane Meadow and was responsible for establishing the War Memorial. His brother, James, had been killed in Greece during World War Two," she said.

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In 2000, thanks to another grant, two tiers containing the names of World War One and Boer War servicemen and women were added.

A descendant of several veterans listed on the memorial, Gretel Ayre, has written a book about Bungonia servicemen and women, which was recently updated.

The structure is also important to longtime residents Phil and Diane Broadhead, who donated money for the restoration work. Mr Broadhead's ancestors, who served at Gallipoli, are named on the memorial.

"It's very important to us because it represents the life we have today," he said.

Mr Sullivan also donated to the restoration project and wrote to the Soldiers Club for the grant.

"In my letter I said that these war memorials around the place are falling into a dilapidated state," he said.

"Unless we act, the motto 'Lest We Forget' will be forgotten by our younger generation," he said.

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Goulburn Soldiers Club administration manager Karinne Stephenson said the club was pleased to support the work.

"It is very much in our remit to support community causes and to keep the memory alive (of these servicemen and women)," she said.

Mrs Wiggan hoped the project could be completed in time for the 2023 Anzac Day commemoration.

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