## **The Dunfield Charity**
Report and Financial Statements Year ended 31[st] December 2020 Charity No: 1075384
|Contents|Page|
|---|---|
|Legal and Administrative Information|1|
|Report of the Executive Committee|2 - 5|
|Report of the Independent Examiner|6|
|Statement of Financial Activities|
7|
|Balance Sheet|8|
|Notes forming part of the Financial Statements|9 - 1|
## **The Dunfield Charity**
## **Legal and Administrative Information**
## **Executive Committee and Charity Trustees**
The following persons were elected, appointed or co-opted as members of the Executive Committee (“the Committee”) in accordance with the provisions of the constitution of the Charity.
David Waring, Chairperson Derek Judd, Treasurer Richard Barrington Richard Chapman Simon Fellows (Co-opted 14[th] October 2020; Resigned 6[th] May 2021) Andrew Fox Martin Fox (Co-opted 7[th] August 2020) Lucy Herbert Mark Johnson
The members of the Committee at the date of signing this report were: Richard Barrington, Richard Chapman, Andrew Fox, Martin Fox, Lucy Herbert, Mark Johnson, Derek Judd and David Waring.
## **Principal Office**
Dunfield House, Dunfield, Kington, HR5 3NN
## **Independent Examiner**
Philip Ince, ACMA, CGMA, 8 Hutton Close, Culcheth, Warrington, WA3 4DW
## **Bankers**
Barclays Bank plc, Hereford Branch, 1-3 Broad Street, Hereford, HR4 9BH
## **Solicitors**
Morgan LaRoche, Bay House, Phoenix Way, Swansea, SA7 9YT
1
## **The Dunfield Charity**
## **Report of the Executive Committee for the year ended 31[st] December 2020**
The Executive Committee (“the Committee”) presents its Annual Report together with the Financial Statements of The Dunfield Charity (“the Charity) for the year ended 31[st] December 2020. The Financial Statements have been prepared in accordance with the accounting policies set out on page 9 and comply with the Charity’s trust deed and applicable law.
## **Constitution and Objects**
The Charity is constituted under a trust deed dated 24[th] September 1965 as amended by a deed of variation and new constitution dated 21[st] February 1999, as amended. The Charity previously operated as a subsidiary charity of the Community of Christ (“the Church”). It was registered as a separate main charity number 1075384 on 6[th] May 1999.
The Charity’s objects are the advancement of the Christian religion for the benefit of the public in accordance with the doctrine and statements of belief of the Church. In fulfilling its objects, the Charity shall make Dunfield House available to the Church for the purposes of accommodating conferences, reunions, camps, retreats and other similar activities for all age groups in an environment conducive to study, worship and fellowship, and shall do such other things as may be appropriate for the advancement of the Christian religion.
## **Organisation**
The members of the Committee who served during the year and those who are members of the Committee on the date of signing this report are set out on page 1. The eight members of the Committee at the date of signing this report comprise one person who serves as the Presiding Officer and Financial Officer of the Church in the British Isles as an ex officio member together with six persons elected at the annual conference of the Church on staggered three year terms and one person who was co-opted to the Committee. The Committee meets a minimum of twice yearly and has power to co-opt up to two additional members of the Committee.
The Charity has a wholly owned subsidiary trading company, Dunfield House Limited, (“the Company”) which was incorporated on 4[th] February 1999. The Company was established to carry on the provision of accommodation, catering and other services for bookings by organisations not having their base in the Church, or by individuals. (“non charitable bookings”). Under the terms of an agreement between the Charity and the Company, the Company conducts the day to day operations of Dunfield House, acting as principal in respect of non charitable bookings and as agent for the Charity in respect of Church bookings. The Charity retains ownership of the fixed assets, appoints the directors of the Company and pays a fee to the Company for its services in respect of Church bookings.
## **Public Benefit**
The Committee has considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. We have sought to fulfil our responsibility to advance religion for the public benefit by providing a Christian group accommodation centre where Church activities can be conducted within a Christian home environment which is conducive to study, worship and fellowship. By doing this we have assisted and supported the Church in:
- proclaiming Jesus Christ and promoting communities of joy, hope, love, and peace and pursuing Christ’s Mission as our Mission;
- supporting the Church in the British Isles in its key functions of providing worship, pastoral care and spiritual, moral and intellectual development, both for its members and for anyone who wishes to benefit from the ministry and fellowship of the Church;
- providing opportunities for individuals and congregations to gather for activities which encourage mutual support, foster Church identity, support the pursuit of common causes, and provide opportunities for fellowship, leadership development and celebration.
2
## **The Dunfield Charity**
## **Report of the Executive Committee for the year ended 31[st] December 2020 (continued)**
We have satisfied ourselves that the Church conducts its affairs for the public benefit and have established that all of the Church activities which take place at Dunfield House are advertised on the Church website and in other ways as being available for all members of the public, in the appropriate age category, to attend.
## **Achievements and Performance**
Both the Charity and the Company had established a good level of bookings for 2020 and we were looking forward to a successful year when the Covid-19 pandemic struck and we were required to close in accordance with the government lockdown requirements in March 2020 and have not yet been allowed to fully reopen.
The trustees met by Zoom conference on 25[th] March to consider a proposal for an increase in the loan facility from the British Isles Mission Centre of the Church (“the Mission Centre”) to £125,000. The trustees acknowledged the important role that Dunfield House plays in the programme and ministry of the Church in the British Isles. It was therefore vital that the continued existence of Dunfield as a resource and ministry of the Church be preserved if at all possible provided that it did not in any way endanger the wider ministries of the Church.
It was noted that the Company fulfilled a different role to that of most charities’ trading subsidiaries. In most cases the subsidiary trading company is formed as a vehicle for generating funds and carries out a totally different activity to the parent charity. In this case the Company is an integral part of the Dunfield operation and was formed to avoid a tax charge on profits from non charitable bookings.
The trustees were aware that further loans to the Company would require the Charity to obtain additional loans from the Mission Centre and that such loans would not be able to be repaid until after the World Church loan had been repaid. However, the Renewable Heating Incentive grants of more than £20,000 per year will be available to the Charity until 2034. These grants are currently being used to help fund the repayment of the World Church loan and when it is repaid will be available for repayment of the Mission Centre loan.
When considering the proposed increase in loans from the Mission Centre, the trustees recognised that the Charity has significant net assets. The balance sheet at 31[st] December 2018 showed net assets of £324,553 which is based on the historical cost of the Dunfield property. As disclosed in note 4 to the accounts, a market appraisal of the Dunfield property indicated a guide price for the sale of the property in 2006 of £1,000,000 which is more than £700,000 above the historical cost.
Having regard to the above, it was agreed to ask the Mission Centre for the loan with the understanding that the situation will be monitored, forecasts updated and decisions regarding future action regularly reviewed.
The Mission Centre approved the loan request and subsequently, an application was made to World Church for an increase in its existing loan of £127,016 to a new amount of £250,000 by instalments during 2021 with a new 10 year loan taking effect from the end of 2021.
In addition to the loan finance we mounted a Church Fundraising Campaign with a goal of £75,000. By the end of the year this campaign had generated donations including gift aid and future commitments of more than £54,000.
We worked successfully with Church leaders and the Company to ensure that the priority that the Church has on dates for its bookings, dovetailed effectively with non charitable bookings to achieve maximum utilisation of Dunfield House.
During 2020 we planned to host all of the ten weekend and seven full/part week bookings requested by the Church. These bookings were to be used by the Church to organise children and youth camps,
3
## **The Dunfield Charity**
## **Report of the Executive Committee for the year ended 31[st] December 2020 (continued)**
retreats, a family camp for all ages and four weekend activities for congregations. Each of these events would have included times of worship, classes and fellowship. In addition, two of these bookings were to be used by the Church to organise part week events for children in need and their families to have a holiday. As a result of the coronavirus restrictions only one weekend youth camp was able to take place.
We erected the outdoor worship and classroom structure funded by a donation from the Birmingham congregation. This will now be known as _The Meeting Place._
We have been blessed by the ministry of Sue and Paul Norton as managers of Dunfield over the past 15 years. In view of their planned retirement at the beginning of 2021, the Company engaged in a rigorous recruitment process and appointed Alison Hawthorne, Operations Manager, and Daniel Hawthorne, Business Manager, effective 4[th] January 2021.
## **Financial Results**
The Charity had a surplus of net incoming resources for the year of £55,580 before the Company support payment of £131,916, compared with a surplus of £35,495 in the previous year before the Company support payment of £28,064. This year’s surplus included donations of £49,357 which consisted primarily of contributions to the Church fundraising campaign and a donation of £4,000 from the Enfield congregation towards the cost of new wardrobes and bedside cabinets for the Stables.
We recognise that it is important to continue to endeavour to increase our surplus to provide the necessary finance to meet loan repayments, finance major maintenance and development expenditure and provide any necessary support to the Company. In the opinion of the Committee, the Charity had adequate reserves in relation to its day to day activities and was able to make the payment of interest due on 1[st] June 2020 in respect of the World Church loan
## **Serious Incidents**
No serious incidents have been brought by the Committee to the attention of the Charity Commission over the previous financial year. The Committee has considered the list of serious incidents that should be reported to the Charity Commission and declare that there are no serious incidents or other matters relating to the Charity over the previous financial year that it should have brought to the Commission’s attention but has not.
## **Key risks**
The Covid-19 pandemic resulted in the forced closure of Dunfield House in March 2020 and has not fully reopened since then. Although we expected to be able to open in July 2021 that may be delayed still further. We also do not know whether there will be any conditions we will be required to meet regarding social distancing and other measures to contain the virus. We also anticipate that it will take time for bookings to return to pre-pandemic levels in terms of both number of bookings and numbers of guests in each booking. The effects on the operating results for 2021 and future years may threaten the continued existence of the Charity.
As noted previously, additional loans have been secured from World Church and the Mission Centre. The trustees recognise that the additional loans will place a significant burden on the Charity. However, the Charity will continue to benefit from Renewable Heating Incentive Grants of more than £20,000 each year until 2034. These grants are currently being used to help fund the repayment of the World Church loan and when it is repaid will be available to assist in the repayment of the Mission Centre loan. If the Charity is able to return to previous levels of surpluses in the future, there is every prospect of it being able to meet its loan commitments. In the event that the operation of the Charity becomes unviable it has substantial property assets which will enable all loans to be repaid.
4
## **The Dunfield Charity**
## **Report of the Executive Committee for the year ended 31[st] December 2020 (continued)**
## **Future Activities and Development**
All capital developments and major projects have been put on hold while we deal with the consequences of the Covid-19 pandemic referred to earlier in this report.
We have established the Dunfield Endowment Fund as an expendable endowment which will facilitate the accumulation of major donations and legacies for the future operation and development of Dunfield. No contributions have yet been received for this fund.
We are very much aware of the sacred place that Dunfield occupies in the life of the Church in the British Isles. We see evidence of the unique ministry received there which strengthens Church members and friends to enable them to return to their congregations renewed, refreshed and inspired to serve. Members, friends and congregations of the Church have responded to the current closure of Dunfield by giving generously to the Church fundraising campaign.
We are encouraged that most of the groups whose visits have been cancelled during the lockdown have carried forward their bookings to 2021 or 2022. We will continue to work on the marketing of the House and Stables to encourage continuity of bookings and explore new opportunities to achieve maximum use of the facility within the guidelines established by the government. We will continue to work with the directors of the Company and the house managers to ensure that Dunfield House operates as effectively and efficiently as possible and seek to establish an adequate level of profitability to secure the long term viability of Dunfield House.
## **Reserves Policy**
The effects of the Covid-19 pandemic will significantly reduce reserves. The immediate concern of the Charity will be to survive this difficult period and to rebuild the capacity to generate surpluses so that the Charity will have sufficient funds to repay outstanding loans and carry out major repairs to the property and infrastructure of the Dunfield House complex. When this is achieved, it will be possible to plan the accumulation of reserves for future development of the property to enhance the facilities available to achieve the Charity’s objects.
## **Volunteers**
In past years volunteers of all ages have contributed to the enhancement of Dunfield House, with grounds maintenance and development as a focus in the summer months and painting and decorating in the winter months. We are especially grateful for the ministry of young people and those recently retired in providing ministry that increases our capacity to offer value added resources and the updating of the facilities on a little or no cost basis. We look forward to this volunteer work being re-established in the future when circumstances make this possible. We are especially grateful for the volunteer service of the directors of the Company.
Approved by the Executive Committee on 19[th] June 2021 and signed on its behalf by:
David Waring (Chair)
5
**The Dunfield Charity**
## **Independent Examiner’s Report to the members of The Dunfield Charity**
I report on the accounts of The Dunfield Charity for the year ended 31[st] December 2020, which are set out on pages 7-13.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act 2011
- follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
- state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Philip Ince, ACMA, CGMA 8 Hutton Close Culcheth Warrington WA3 4DW
13[th] September 2021
6
## **The Dunfield Charity**
## **Statement of Financial Activities for the year ended 31st December 2020**
|**Notes**
**Incoming Resources**
Income from Guests
3
Property and Equipment Charge
5
Renewable Heating Initiative Grants
Other Income
Donations
Legacies
Mission Centre Support
Trading Company Profit
5
**Total Incoming Resources**
**Resources Expended**
Charges for Church Bookings
5
Agency Fee
5
Fundraising Consultancy
Other Costs
Repairs and Maintenance
Depreciation
Loan Interest
Trading Company Support
5
**Net Incoming Resources**
**Total Funds at 1st January 2020**
**Total Funds at 31st December 2020**|**2020**
**£**
2,454
11,000
16,134
544
49,357
0
10,000
0
89,489
3,280
30
300
1,320
5,110
18,436
5,433
131,916
165,825
(76,336)
331,984
255,648|**2019**
**£**
44,649
22,000
23,856
419
16,898
0
10,000
0|
|---|---|---|
|||117,822|
|||52,671
458
750
22
3,553
17,036
7,837
28,064|
|||110,391|
|||7,431
324,553|
|||331,984|
The notes on pages 9 to 13 form part of this Financial Statement
7
## **The Dunfield Charity**
## **Balance Sheet at 31st December 2020**
|**Notes**
**Fixed Assets**
Tangible Assets
4
Investment in Subsidiary
5
**Current Assets**
Debtors and Prepayments
11
Cash at Bank and in Hand
Creditors: Amounts Falling Due
Within One Year
12
**Net Current Assets**
**Total Assets Less Current Liabilities**
Creditors: Amounts Falling Due After
More Than One Year
13
**Total Net Assets**
**Funds**|**2020**
**£**
435,793
1,000
436,793
40,970
8,731
49,701
(103,830)
(54,129)
382,664
(127,016)
255,648
255,648|**2019**
**£**
432,195
1,000|
|---|---|---|
|||433,195|
|||51,228
20,523|
|||71,751
(45,946)|
|||25,805|
|||459,000
(127,016)|
|||331,984|
|||331,984|
The notes on pages 9 to 13 form part of this Financial Statement
## **Approved by the Executive Committee on 19th June 2021 and signed on its behalf by:**
## **Derek Judd Treasurer**
8
## **The Dunfield Charity**
## **Notes forming part of the Financial Statements for the year ended 31st December 2020**
## **1 Statement of Compliance**
The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Rcommended Practice applicable to charities preparing their accounts in accordance with the Financial and Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP (FRS102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)
## **2. Principal accounting policies**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated.
## **a. Basis of preparation**
The financial statements are prepared on a going concern basis under the historical cost convention as modified by the recognition of certain financial assets and liabilities at fair value.
## **b. Public benefit**
The Charity meets the definition of a public benefit entity under FRS102
## **c. Revenue recognition**
(i) Voluntary income received by way of offerings and donations is included in full in the statement of financial activities when receivable. Income from guests is recorded in full in the period in which the visit takes place. The value of services provided by volunteers has not been included.
(ii) Legacies and grants are accounted for when the Charity is legally entitled to them and they are applied for the general use of the charity unless directed otherwise.
(iii) Gift aid tax recoverable is accounted for in the period that it is claimable.
## **d. Expenditure**
Expenditure is accounted for on an accruals basis.
## **e. Tangible assets**
Tangible assets are stated at cost less depreciation or at fair value. The Charity assesses at each reporting date whether there is any indication that an asset might be impaired. Any impairment is recognised in the statement of financial activities.
(i) Equipment, furniture and furnishings
Depreciation is charged over their useful economic life of between five and twenty years on a straight line basis.
## **f. Trading Company profits**
Trading Company profits are gifted to the Charity by a deed of covenant and are included in incoming resources in the period to which the attributable profits relate.
## **g. Unrestricted, designated, restricted and endowment funds**
Unrestricted general funds can be used in accordance with the charitable objects at the discretion of the trustees. At the balance sheet date there were no designated or restricted funds. The Dunfield Endowment Fund, an expendable endowment, has been formed but there have not yet been any transactions.
## **3. Income from Guests**
Income from guests represent bookings of Dunfield House made by the Community of Christ ("the Church"). All non-charitable bookings received from other organisations for the purpose of generating funds are included in the financial statements of the wholly owned subsidiary trading company, Dunfield House Ltd ("the Company").
9
## **The Dunfield Charity**
## **Notes forming part of the Financial Statements for the year ended 31st December 2020**
## **4. Tangible Fixed Assets**
|**Tangible Fixed Assets**||
|---|---|
|**Cost**
As at 1st January 2020
Additions
Disposals
As at 31st December 2020
**Depreciation**
As at 1st January 2020
Disposals
Charge for the year
As at 31st December 2020
**Net Book Value**
As at 31st December 2020
As at 31st December 2019
**(a) Analysis of Land and Buildings**
Dunfield House - freehold
Improvements to property
House managers' cottage|**Land and**
**Equipment**
**Furniture &**
**Swimming**
**Buildings**
**Furnishings Pool**
**Total**
**£**
**£**
**£**
**£**
**£**
214,529
344,724
121,700
72,507
753,460
0
0
22,034
22,034
0
0
0
0
0|
||214,529
344,724
143,734
72,507
775,494|
||0
204,940
108,796
7,529
321,265
0
0
0
0
0
0
13,342
4,009
1,085
18,436|
||0
218,282
112,805
8,614
339,701|
|||
||214,529
126,442
30,929
63,893
435,793|
||214,529
139,784
12,904
64,978
432,195|
||17,415
193,961
3,153
214,529|
(b) During 2006 The Dunfield Charity obtained a marketing appraisal from the large country house division of Russell, Baldwin & Bright which indicated that Dunfield House could be offered for sale at a guide price of £1,000,000. This price reflects all land and buildings including the swimming pool. Therefore, the trustees are of the opinion that the value of land and buildings, including the swimming pool, is in excess of the book value of £278,422 by a substantial amount.
## **5. Investment in Subsidiary**
The Charity owns the whole of the ordinary share capital, consisting of 1,000 ordinary shares of £1 each, in Dunfield House Limited, which operates the Dunfield House Residential Centre under an agreement with the Charity which provides that the Company acts as agent of the Charity in respect of Church bookings and as principal in respect of bookings by other organisations. In accordance with the agreement, the Company charges the Charity for the cost of providing facilities and services to guests attending as a result of Church bookings and an agency fee for other services provided under the terms of the agreement. The Charity charges the Company a property and equipment charge in respect of the use of assets for the bookings the Company receives from other organisations. The Company donates its taxable profits to the Charity each year by deed of covenant.
The Company is an integral part of the Charity's operation and the Charity would be unable to function without the Company. Consequently, the trustees have agreed that, with effect from the year ended 31st December 2019, the Charity will make a support payment to the Company each year equivalent to any losses incurred by the Company in that year.
10
## **The Dunfield Charity**
## **Notes forming part of the Financial Statements for the year ended 31st December 2020**
## **5. Investment in Subsidiary (cont.)**
The trading results of the subsidiary, as extracted from the financial statements, are summarised as follows:-
|**Income**
Income from guests
Other income
Charge to Charity
Government Grants
Total Income
**Expenditure**
Staff costs
Food and Cosumables
Property and Equipment Charge
Repairs and maintenance
Other costs
Total Expenditure
**Net Profit / (Loss)**
Dunfield Charity Support
**Retained Profit / (Loss)**
The assets and liabilities of the subsidiary are:-
Intangible fixed assets
Current assets
Creditors: Amounts falling due within
one year.
Total assets less current liabilities
**Net assets / (Liabilities)**
**Equity capital and reserves**
Called up share capital
Profit and loss account
**Equity shareholders funds**|**2020**
**£**
36,784
5,656
3,310
71,593
117,343
154,811
13,728
11,000
20,039
49,681
249,259
(131,916)
(131,916)
0
2
40,059
40,061
(62,841)
(22,780)
(22,780)
1,000
(23,780)
(22,780)|**2019**
**£**
232,399
11,796
53,129
0|
|---|---|---|
|||297,324|
|||159,215
54,552
22,000
27,547
62,074|
|||325,388|
|||(28,064)
(28,064)|
|||0|
|||2
53,770|
|||53,772
(76,552)|
|||(22,780)|
|||(22,780)|
|||1,000
(23,780)|
|||(22,780)|
## **6. Fees for examining the Financial Statements**
Fees paid to Independent Examiner £0 £0
11
## **The Dunfield Charity**
## **Notes forming part of the Financial Statements for the year ended 31st December 2020**
|**7. Grants made**
Grants made during the year
**8. Employees**
Employees during the year
**9. Trustee expenses**
Number of trustees
Individual expenses
Trustee Indemnity Insurance
**10. Related party transactions**
Transactions during the year
**11. Debtors**
Amounts due from subsidiary
Trade debtors/(creditors)
Temporary Loan
Trade debtors
Other debtors
Payments in advance
Accrued income
**12. Creditors: Amounts falling due**
**within one year**
Long Term Loan
Mission Centre Temporary Loan
Accruals
Other Creditors
Deferred income
**13. Creditors: Amounts falling due**
**after more than one year**
Long Term Loans|**2020**
£0
0
9
£0
£0
0
**£**
(133,332)
161,000
4,524
8,528
0
250
40,970
0
90,000
3,165
3,850
6,815
103,830
127,016|**2019**
£0
0
7
£0
£0
0
**£**
(17,045)
47,000
7,946
11,152
1,925
250|
|---|---|---|
|||51,228|
|||0
35,000
4,225
806
5,915|
|||45,946|
|||127,016|
12
## **The Dunfield Charity**
## **Notes forming part of the Financial Statements for the year ended 31st December 2020**
## **14. Long term loans**
|**Long term loans**|||
|---|---|---|
|World Church Loan
Repayments falling due within one year
Repayments falling due after more
than one year|**2020**
**£**
0
127,016
127,016|**2019**
**£**
0
127,016|
|||127,016|
During 2013 World Church approved a loan of £120,000 from the World Church Houses of Worship Revolving Fund to be used towards the cost of a biomass boiler and district heating system. This has been consolidated with the balance of the previous loan to create a new loan amounting to £245,550 repayable over a period of 10 years.
The terms of the loan agreement dated 5th May 2015 provide for an initial rate of interest of 3.85%. Interest is to be recalculated on an annual variable interest rate that shall be determined by the World Church. At no time shall interest rates be greater than the following fixed rates of interest: first 5 years at 6% and second five years at 7%. Annual payments of £33,156 are to be made throughout the term of the loan beginning 1st June 2015. The entire unpaid balance due plus accrued interest is due and payable no later than 1st June 2024. The interest rate for 2020 was 4.25% (2019 5.70%)
As a result of the Covid-19 pandemic World Church agreed to accept interest only payments on 1st June 2020 and 1st June 2021. It has also been agreed that World Church will increase the loan to £250,000 by instalments during 2021 with a new 10 year loan taking effect from the end of 2021.
13