The Dunfield Charity
Report and Financial Statements
Year ended 31[st] December 2023
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”) during 2023, in accordance with the provisions of the constitution of the Charity.
David Waring, Chairperson Martin Fox, Treasurer Derek Judd Richard Barrington Andrew Fox Madison Miller Mark Johnson
With effect from the 1[st] of January 2024 Wayne Farmer replaced Richard Barrington as an elected member of the committee and Ed Rathbone became an additional co-opted member of the committee.
The members of the Committee at the date of signing this report were: David Waring, Wayne Farmer, Andrew Fox, Martin Fox, Mark Johnson, Derek Judd, Madison Miller, Ed Rathbone and. Paul Riley.
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 2023
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 2023. 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 nine 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 two persons who were 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 particularly 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.
We have satisfied ourselves that the Church conducts its affairs for the public benefit and have established that all 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.
2
The Dunfield Charity
Report of the Executive Committee for the year ended 31[st] December 2023 (continued)
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. Then the Covid-19 pandemic struck and we were required to close, in accordance with the government lockdown requirements, in March 2020. We were not allowed to fully reopen until July 2021. Since the re-opening of our facilities, bookings have been very slow to recover affected by ongoing uncertainty post July 2021 with respect to Covid. This was exacerbated by the costof-living crisis starting in the middle of 2022, mainly because of economic impacts from the pandemic and Russia’s invasion of Ukraine. As many of our major customers are schools and other groups booking up to a year in advance, the cost-of-living crisis continued to affect bookings in 2023 as parents, and other potential visitors, were still considering their priorities in 2022 and how long the inflationary environment was likely to last. This resulted in some visits being cancelled or the numbers of visitors for the group being reduced in 2023 compared to pre-Covid years.
In a similar way to schools, Church bookings for 2023 continued to be affected by the uncertainty on family finances because of the cost-of-living crisis. Events involving children were particularly affected and a few church events did not proceed as envisaged as there were not enough people to make the event viable. However, during 2023 we still managed to host fifteen church related events (compared to twelve in 2022). These included ten weekend and five full/part week bookings requested by the Church. The bookings organised by the Church included four camps for children and young adults, a family camp for all ages and three weekend activities for congregations. Each of these events included times of worship, classes and fellowship. In addition, one of these bookings was used by the Church to organise a part week event for children in need and their families to have a holiday at no cost for them. We continue to work successfully with Church leaders and the Company to ensure that the dates for Church bookings dovetail effectively with non-charitable bookings to achieve maximum utilisation of Dunfield House.
The trustees met regularly throughout 2023 to review the financial viability of the Company, and its funding requirements, whilst acknowledging the important role that Dunfield House plays in the programme and ministry of the Church in the British Isles. It was therefore considered 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 our 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 the requirement to fund the Company would require the Charity to sustain and potentially increase 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. Given the financial situation for 2022, and the likely impact of the cost-of-living crisis on bookings for 2023, a request was made to move to interest only payments on the World Church Loan for 2022, 2023 and 2024, which World Church agreed.
It should be noted that 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 ongoing loan requirement from the Mission Centre, the trustees recognised that the Charity has significant assets, in particular the substantial land and buildings owned by the Charity. The balance sheet, as at the 31[st] December 2023, showed net assets (after loan liabilities) of £68,938 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 in July 2023 indicated a guide price for the sale of the property at around £2.25m and £2.5m which is over £2m above the historical cost. Therefore the latest value of assets far exceeds the current value of outstanding loans.
3
The Dunfield Charity
Report of the Executive Committee for the year ended 31[st] December 2023 (continued)
Financial Results
The Charity had a surplus of net incoming resources for the year of £33,142 before the Company support payment of £87,323 (net deficit for 2023 of £54,181), compared with a surplus of £17,965 in the previous year before the Company support payment of £110,644 (net deficit for 2022 of £92,679). This year’s surplus included donations of £33,703 (£25,564 for 2022) which is a positive result from the increased giving engendered by the £75,000 fund raising target set in 2020 and achieved in 2022.
We recognise that it is important to continue to endeavour to create the conditions to generate a surplus that provides 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 has adequate reserves in relation to its day to day activities and was able to make the payment of interest due on 1[st] January 2024 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 it did not fully reopen until July 2021. Although we anticipated it would take time for bookings to return to pre-pandemic levels, in terms of both number of bookings and numbers of guests in each booking, it is taking much longer than expected. In addition, the cost-of-living crisis invoked by Russia’s invasion of the Ukraine in February 2022 has affected the Company’s costs. In particular heating costs had quadrupled by the end of 2022, although the price of wood pellets for our biomass boiler were beginning to reduce in 2023. However, the costs of food and drink supplies have been particularly affected by inflationary pressures as well as staff costs being impacted by the above inflation increase in the National Living Wage, set by the Government. We believe these inflationary pressures have peaked and the impact on costs will continue to decrease throughout 2024. However, this does not help with the higher operating cost base that has now been established by these cost pressures. The Company and Chairty has had to increase prices to their customers significantly to compensate. If the increased prices reduce bookings, then this may affect the Company’s ability to hit their target of breaking even in 2024. If the operating losses of the Company continue at the 2023 level, this may mean the operation is no longer viable. There is continued review on a quarterly basis by the Trustees of the Company’s financial performance, as well as the Charity’s, to ensure that a considered approach is taken to the viability of the combined organisation.
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.
Future Activities and Development
Given the current financial situation, we are minimising investment whilst ensuring the facilities remain in good repair and are attractive to existing and prospective visiting groups.
The Trustees are regularly reviewing the ongoing viability of Dunfield Ltd, the company that runs the Dunfield operation on their behalf. The Trustees receive information from the Company Board about actions being taken to improve the profitability of the operation on a regular basis.
4
The Dunfield Charity
Report of the Executive Committee for the year ended 31[st] December 2023 (continued)
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 disruption of the operations of Dunfield caused by the Covid-19 pandemic and cost-of-living crisis by giving generously to the Dunfield, even though our main fundraising campaign has concluded.
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. 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.
The new Company management team, appointed in April/May 2022, are working very effectively and are focussed on bringing in more bookings, running the operation effectively and reducing costs.
Reserves Policy
The continued impacts of the Covid-19 pandemic and cost-of-living crisis has significantly reduced reserves. The immediate concern of the Charity will be to sustain the business during 2024 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 fully 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 3[rd] July 2024 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 2023, 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
26[th] August 2024
6
The Dunfield Charity
Statement of Financial Activities for the year ended 31st December 2023
| Incoming Resources Income from guests 3 Property and equipment charge 5 Renewable Heat Incentive grant Other Income Donations Legacies Mission Centre Support Trading Company Profit 5 Total Incoming Resources Resources Expended Company Charge for Church Bookings 5 Agency Fee 5 Fundraising Consultancy Legal and Professional Fees Other Costs Repairs, Maintenance and Replacement Depreciation Loan Interest Total Resources Expended Net Incoming Resources before Trading Company Support Trading Company Support Payment 5 Net Outgoing Resources after Trading Company Support Total Funds at 1st January 2023 Total Funds at 31st December 2023 |
2023 2022 £ £ 44,901 36,928 22,000 22,000 26,148 22,375 575 500 33,703 25,564 6,650 - 10,000 10,000 - - |
|---|---|
| 143,977 117,367 68,976 40,714 496 343 - - - - 6,650 21 6,733 31,703 16,156 16,621 11,824 10,000 |
|
| 110,835 99,402 |
|
| 33,142 17,965 |
|
| (87,323) (110,644) |
|
| (54,181) (92,679) |
|
| 123,119 215,798 |
|
| 68,938 123,119 |
The notes on pages 9 to 13 form part of this Financial Statement
7
The Dunfield Charity
Balance Sheet at 31st December 2023
| Notes | 2023 | 2022 | |
|---|---|---|---|
| £ | £ | ||
| Fixed Assets | |||
| Tangible Assets | 4 | 393,733 | 404,389 |
| Investment in Subsidiary | 5 |
1,000 | 1,000 |
| Total Fixed Assets | 394,733 | 733 405,389 |
|
| Current Assets | |||
| Debtors and Prepayments | 11 | 47,454 | 48,059 |
| Cash at Bank and in Hand | 9,890 | 22,571 | |
| Total Current Assets | 57,344 | 57,344 70,630 |
|
| Creditors: Amounts Falling Due Within One Year | 12 |
(133,139) | (102,900) |
| Net Current Assets | (75,795) | (32,270) | |
| Total Assets Less Current Liabilities | 318,938 | 373,119 | |
| Creditors: Amounts Falling Due After More Than One Year |
13 |
(250,000) | (250,000) |
| Total Net Assets | 68,938 | 938 123,119 |
|
| Funds | |||
| Unrestricted Funds | 68,938 | 68,938 123,119 |
|
| Endowment Funds | - | - | |
| Total Funds | 68,938 | 938 123,119 |
The notes on pages 9 to 13 form part of this Financial Statement
Approved by the Executive Committee on 3[rd] July 2024 and signed on its behalf by:
Martin Fox Treasurer
8
The Dunfield Charity
Notes forming part of the Financial Statements for the year ended 31st December 2022
1 Statement of Compliance
The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended 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 2023
| 4. Tangible Fixed Assets Cost As at 31st December 2022 Additions in 2023 Disposals in 2023 As at 31st December 2023 Depreciation As at 31st December 2022 Disposals in 2023 Charge for the year As at 31st December 2023 Net Book Value As at 31st December 2023 As at 31st December 2022 Analysis of Land and Buildings Dunfield House - freehold Improvements to property Operations Manager’s cottage |
Land & BuildingsEquipment Furniture, Fixtures & Fittings Swimming Pool Total £ £ £ £ £ 214,529 345,348 143,733 74,429 778,039 - 5,500 - - 5,500 - - - - - |
|---|---|
| 214,529 350,848 143,733 74,429 783,539 |
|
| - (242,982) (119,901) (10,767) (373,650) - - - - - - (11,936) (3,343) (877) (16,156) |
|
| - (254,918) (123,244) (11,644) (389,806) |
|
| 214,529 95,930 20,489 62,785 393,733 |
|
| 214,529 102,366 23,832 63,662 404,389 |
|
| 17,415 193,961 3,153 214,529 |
In July 2023 The Dunfield Charity obtained a marketing appraisal from the large country house division of Chancellors which indicated that Dunfield House could be offered for sale at a guide price of £2.25m to £2.5m. 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 £277,314 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 2023
5. Investment in Subsidiary (cont.)
The trading results of the subsidiary, as extracted from the financial statements, are summarised below:
| Income Income from guests Other income Company Charge for Church bookings Government Grants Total Income Expenditure Staff costs Food and consumables Light, heating and power Rent and rates (incl. Property and equipment charge) Repairs and maintenance Other costs Total Expenditure Net Profit/(Loss) Trading Company Support Retained Profit/(Loss) The assets and liabilities of the subsidiary are:- Intangible fixed assets Current assets Creditors: Amounts falling due within one year Net current assets/(liabilities) Net assets /(liabilities) Equity capital and reserves Called up share capital Profit and loss account Equity shareholders funds |
2023 2022 £ £ 228,111 186,735 16,132 10,214 69,472 41,057 - 4,000 |
|---|---|
| 313,715 242,006 |
|
| 215,434 193,943 58,865 44,163 52,548 38,702 30,007 25,965 20,486 28,388 23,698 21,489 |
|
| 401,038 352,650 |
|
| (87,323) (110,644) 87,323 110,644 |
|
| - - |
|
| 2 2 52,639 75,974 (75,421) (98,756) |
|
| (22,782) (22,782) |
|
| (22,780) (22,780) |
|
| 1,000 1,000 (23,780) (23,780) |
|
| (22,780) (22,780) |
11
The Dunfield Charity
Notes forming part of the Financial Statements for the year ended 31st December 2023
| 6. Fees for examining the Financial Statements Fees paid to Independent Examiner 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 Amount 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 Mission Centre Long Term Loan Mission Centre Temporary Loan Accruals Trade Creditors Other Creditors Deferred Income |
2023 2022 £ £ £0 £0 £0 £0 0 0 8 8 £0 £0 £0 £0 £0 £0 (83,102) (104,443) 111,558 140,000 8,061 5,856 10,437 6,396 - - 500 250 |
|---|---|
| 47,454 48,059 |
|
| - - 112,000 92,000 14,529 10,000 - - 1,010 - 5,600 900 |
|
| 133,139 102,900 |
12
The Dunfield Charity
Notes forming part of the Financial Statements for the year ended 31st December 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| 13. Creditors: Amounts falling due after more than one year | ||
| Long Term Loans | 250,000 | 250,000 |
| 14. Long Term Loans | ||
| World Church Loan | ||
| Repayments falling due within one year | - | - |
| Repayments Falling due after more than one year | 250,000 | 250,000 |
| 250,000 | 250,000 |
During 2020 World Church approved a loan of £122,984 from the World Church Houses of Worship Revolving Fund to be used towards the necessary expenses incurred during the Covid-19 pandemic while the Charity was unable to operate normally. This loan was paid to the Charity in instalments during 2021 and has been consolidated with the balance of the previous loan to create a new loan amounting to £250,000 initially repayable over a period of 10 years.
The terms of the loan agreement dated 1st January 2022 provided that interest shall be initially amortised on the outstanding Principal balance at the simple interest rate of 6.5% per annum. Interest will accrue on the outstanding Principal balance based on the variable interest rate set by World Church annually as the Houses of Worship Revolving Fund Loan interest rate.
As a result of the Covid-19 pandemic World Church agreed to accept interest only payments on 1st June 2020, and 1st June 2021. This has now been extended so that there will be interest only payments for the new consolidated loan on the 1[st] January 2022, 1[st] January 2023 and 1[st] January 2024. This means that the agreed annual payments of £34,776, including repayment of principal, will commence 1[st] January 2025 and the loan will be fully repaid by a final payment on the 1[st] January 2034.
The World Church interest rate for 2023 was 5.25% (2022 4%)
13