The Dunfield Charity
Report and Financial Statements Year ended 31[st] December 2024 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 - 13 |
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 2024, in accordance with the provisions of the constitution of the Charity.
David Waring, Chairperson Martin Fox, Treasurer Wayne Farmer Mark Johnson Derek Judd Andrew Fox Madison Miller Ed Rathbone Paul Riley
With effect from the 1[st] of January 2025, Martin Fox resigned from the committee, Katie Startin was elected as a member of the committee and Derek Judd came to the end of his term as an additional co-opted member of the committee. In addition, with effect from the 1[st] of January 2025, although David Waring remains a member of the committee, he resigned as Chairperson and Andrew Fox was appointed as Chairperson.
The members of the Committee at the date of signing this report were: Andrew Fox, David Waring, Wayne Farmer, Katie Startin, Mark Johnson, 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
Anthony Collins, 134 Edmund Street, Birmingham, B3 2ES
1
The Dunfield Charity
Report of the Executive Committee for the year ended 31[st] December 2024
The Executive Committee (“the Committee”) presents its Annual Report together with the Financial Statements of The Dunfield Charity (“the Charity) for the year ended 31st December 2024. 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 24th September 1965 as amended by a deed of variation and new constitution dated 21st 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 6th 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, as well as those who are members at the date of signing this report, are listed on page 1. As of the date of signing, the Committee comprises eight members: two ex officio members, the Presiding Officer and the Financial Officer of the Church in the British Isles and six members elected at the Church’s annual conference on staggered three-year terms. The Committee meets at least twice a year and has the authority to co-opt up to two additional members.
The Charity has a wholly owned subsidiary trading company, Dunfield House Limited, (“the Company”) which was incorporated on 4th 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;
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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
2
The Dunfield Charity
Report of the Executive Committee for the year ended 31[st] December 2024 (continued)
Achievements and Performance
As previously reported, the Company have struggled to recover from the disruption caused to bookings by the Covid epidemic. This was followed by the cost-of-living crisis which has increased the costs of running the business. In addition, concern about living costs has continued to negatively impact customer confidence in affordability of visits by our regular customer groups, predominantly schools, which has continued to affect bookings for 2024.
Like schools, Church bookings for 2024 continued to be impacted by uncertainty around family finances due to the cost-of-living crisis. Events involving children were particularly affected, with attendance lower than anticipated. Refreshed weekend also did not take place as originally planned due to insufficient numbers.
However, during 2024 we still managed to host fifteen church related events (the same number as in 2023). These included eight weekend, and seven 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 four 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 2024 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 is 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. As the financial results and forecasts were reviewed by the Committee throughout 2024 it became evident that the impact of bookings and cost increases would negatively impact 2024 and would likely take some time to recover. Therefore, it was agreed to request to World Church that loan payments continued as interest only for a period of 3 years from, and including 2025. This would give the Charity and Company time to implement measures to improve the financial situation. This request was made, and accepted by World Church, in November 2024. 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.
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 2024, showed net assets (after loan liabilities) of £127,438 which is based on the historical cost of the Dunfield property. As disclosed in note 5. to the accounts, a market appraisal of the Dunfield property in July 2024 indicated a guide price for the sale of the property of around £2.25m to £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 2024 (continued)
Financial Results
The Charity had a surplus of net incoming resources for the year of £48,689 before the Company support payment of £96,878 (net deficit for 2024 of £48,189), compared with a surplus of £33,142 in the previous year before the Company support payment of £87,323 (net deficit for 2023 of £54,181). This year’s surplus included donations of £19,419 (£33,703 for 2023) for operational support. However, this excludes generous donations of £125,916 made during 2024 for roof repairs (of which £20,805 was spent in 2024) and £1,578 donations for new play equipment. These are restricted donations and the balances on these funds are shown separately as such in the balance sheet.
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 2025 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
Although it was 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 continued impact of relatively high inflation levels, particularly on heating costs and food and drink prices has increased Company costs. The costs of running the hospitality business, with the Company’s most significant spend being wages and salaries have been impacted by above inflation increases in the National Living Wage which is then reflected in other pay increases in order to maintain pay differentials. The increases in Employers National Insurance and Business Rates announced in the Government’s last budget continue to exacerbate the cost pressures that already exist on the business.
The Company and Charity have had to increase prices to their customers significantly to compensate. It is hoped that increased marketing and promotional activity will help to increase the level of bookings made for our facilities in spite of this.
It is recognised that, if the operating losses of the Company continue at the 2024 level, then the operation may no longer be viable. Significant effort is being made by the Charity Trustees and Company Directors and Company Management Team to reduce the likelihood of this happening, but Dunfield House is in the same difficult commercial environment as most hospitality businesses in the UK. There is continued review of financial performance on a quarterly basis by the Trustees and Board 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. 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 2024 (continued)
Future Activities and Development
The new Company management team, appointed in April/May 2023, are working very effectively and are focussed on bringing in more bookings, running the operation effectively and reducing costs. 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.
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 operational 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.
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 continued to be generous in their support of Dunfield. Initially this was demonstrated through a successful £75k fundraising campaign to support the company after the disruption to the operations of Dunfield caused by the Covid-19 pandemic and cost-ofliving crisis. Following this there has been another successful campaign to raise funds for some major roof repairs. This campaign concluded in April 2025 raising over £167k, including Gift Aid. A new fund has now been set up to raise funds to keep the Dunfield buildings and facilities in good repair and we are receiving regular donations into this fund.
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.
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 2025 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 29[th] August 2025 and signed on its behalf by:
Andrew Fox (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 2024, 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
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follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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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
18[th] September 2025
6
The Dunfield Charity
Statement of Financial Activities for the year ended 31st December 2024
| Notes Incoming Resources Income from guests 3 Property and equipment charge Renewable Heat Incentive grant Other Income Donations Legacies Mission Centre Support Total Incoming Resources Resources Expended Company Charge for Church Bookings 4 Fundraising Consultancy Legal and Professional Fees Other Costs Repairs, Maintenance and Replacement Depreciation Loan Interest Total Resources Expended Net income/ (expenditure) Trading Company Profit 4 Trading Company Support Payment 4 Net Outgoing Resources Funds brought forward Total fund carried forward |
Unrestricted Restricted Total Total 2024 2023 £ £ £ £ 56,866 - 56,866 44,901 40,000 - 40,000 22,000 34,106 - 34,106 26,148 - - - 575 19,419 127,494 146,913 33,703 - - - 6,650 12,500 - 12,500 10,000 |
|---|---|
| 162,891 127494 290,385 143,977 |
|
| 81,316 - 81,316 69,472 - - - - 600 - 600 - - - - 6,650 - 20,805 20,805 6,733 14,690 14,690 16,156 17,596 17,596 11,824 |
|
| 114,202 20,805 135,007 110,835 |
|
| 48,689 106,689 155,378 33,142 - - - - (96,878) - (96,878) (87,323) (48,189) 106,689 58,500 (54,181) |
|
| 68,938 - 68,938 123,119 |
|
| 20,749 106,689 127,438 68,938 |
The notes on pages 9 to 13 form part of this Financial Statement
7
The Dunfield Charity
Balance Sheet at 31st December 2024
| Notes | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Fixed Assets | |||
| Investment in Subsidiary | 4 | 1,000 | 1,000 1,000 |
| Tangible Assets | 6 | 379,043 | 393,733 |
| Total Fixed Assets | 380,043 | 043 394,733 |
|
| Current Assets | |||
| Intercompany Balances | 12 | 35,660 | 28,456 |
| Debtors and Prepayments | 13 | 11,104 | 11,104 18,998 |
| Cash at Bank and in Hand | 111,030 | 9,890 | |
| Total Current Assets | 157,794 | 157,794 57,344 |
|
| Creditors: Amounts Falling Due Within One Year | 14 |
(160,399) | (133,139) |
| Net Current Liabilities | (2,605) | (75,795) | |
| Total Assets Less Current Liabilities | 377,438 | 318,938 | |
| Creditors: Amounts Falling Due After More Than One Year |
15 |
(250,000) | (250,000) |
| Total Net Assets | 127,438 | 438 68,938 |
|
| Funds | |||
| Unrestricted Funds | 20,749 | 20,749 68,938 |
|
| Restricted Funds | 5 | 106,689 | 689 - |
| Total Funds | 127,438 | 438 68,938 |
The notes on pages 9 to 13 form part of this Financial Statement
Approved by the Executive Committee on 29[th] August 2025 and signed on its behalf by:
Wayne Farmer (Treasurer)
8
The Dunfield Charity
Notes forming part of the Financial Statements for the year ended 31st December 2024
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 restricted funds of £106,689. 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 2024
4. 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 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. If the Company makes a profit it will donate any taxable profits to the Charity by deed of covenant
The trading results of the subsidiary, extracted from the financial statements, are summarised below:
| Turnover Cost of sales Gross Profit Expenditure Staff costs Light, heating and power Rent and rates (incl. Property and equipment charge) Repairs and maintenance Other costs Total Expenditure Net Trading Profit/(Loss) Interest receivable Trading Company Support Retained Profit/(Loss) The assets and liabilities of the subsidiary are: Intangible fixed assets Current assets Creditors, accruals and deferred income Intercompany balances Total assets less liabilities Equity capital and reserves Called up share capital Profit and loss account Equity shareholders funds |
2024 £ 377,552 (75,890) 301,662 240,660 57,208 47,725 27,320 25,629 398,542 (96,880) 2 96,878 - 2 44,778 (31,900) (35,660) (22,780) 1,000 (23,780) (22,780) |
2023 £ 313,714 (58,865) |
|---|---|---|
| 254,849 215,434 52,548 30,007 20,486 23,698 |
||
| 342,173 | ||
| (87,324) 1 87,323 |
||
| - | ||
| 2 52,639 (46,965) (28,456) |
||
| (22,780) 1,000 (23,780) |
||
| (22,780) |
10
The Dunfield Charity
Notes forming part of the Financial Statements for the year ended 31st December 2024
5. Restricted Funds
There were some donations in 2024 which were made for specific purposes, and these have been treated as restricted funds and only spent for these purposes:
| Purpose Major roof repairs Play equipment Total Restricted Funds |
Donations Received 2024 Spend in 2024 Balance 31stDec 2024 125,916 (20,805) 105,111 1,578 - 1,578 |
|---|---|
127,494 (20,805) 106,689 |
| 6. Tangible Fixed Assets Cost As at 31st December 2023 Additions in 2024 Disposals in 2024 As at 31st December 2024 Depreciation As at 31st December 2023 Disposals in 2024 Charge for the year As at 31st December 2024 Net Book Value As at 31st December 2024 As at 31st December 2023 Analysis of Land and Buildings Dunfield House - freehold Improvements to property Operations Manager’s Cottage Swimming Pool |
Land & BuildingsEquipment Furniture, Fixtures & Fittings Total £ £ £ £ 288,958 350,848 143,733 783,539 - - - - - - - - |
|---|---|
| 288,958 350,848 143,733 783,539 |
|
| (11,644) (254,918) (123,244) (389,806) - - - - (877) (10,470) (3,343) (14,690) |
|
| (12,521) (265,388) (126,587) (404,496) |
|
| 276,437 85,460 17,146 379,043 |
|
| 277,314 95,930 20,489 393,733 |
|
| 17,415 193,962 3,153 61,907 276,437 |
In July 2024 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 £276,437 by a substantial amount.
11
The Dunfield Charity
| Notes forming part of the Financial Statements for the year ended 31st December 2024 £ £ 6. Fees for examining the Financial Statements Fees paid to Independent Examiner £0 £0 7. Grants made Grants made during the year £0 £0 8. Employees Employees during the year 0 0 9. Trustee expenses Number of trustees 8 8 Individual expenses £0 £0 Trustee Indemnity Insurance £0 £0 10. Related party transactions Transactions during the year £0 £0 12. Intercompany Balances Balances with Subsidiary Trade Creditors (9,339) (83,644) Trade Debtors 23,671 87,865 Trading Company Support (96,878) (87,323) Temporary Loan 118,206 111,558 35,660 28,456 13. Debtors and Prepayments Other Debtors 1,892 10,437 Payments in Advance - - Accrued Income 9,212 8,561 11,104 18,998 |
Notes forming part of the Financial Statements for the year ended 31st December 2024 £ £ 6. Fees for examining the Financial Statements Fees paid to Independent Examiner £0 £0 7. Grants made Grants made during the year £0 £0 8. Employees Employees during the year 0 0 9. Trustee expenses Number of trustees 8 8 Individual expenses £0 £0 Trustee Indemnity Insurance £0 £0 10. Related party transactions Transactions during the year £0 £0 12. Intercompany Balances Balances with Subsidiary Trade Creditors (9,339) (83,644) Trade Debtors 23,671 87,865 Trading Company Support (96,878) (87,323) Temporary Loan 118,206 111,558 35,660 28,456 13. Debtors and Prepayments Other Debtors 1,892 10,437 Payments in Advance - - Accrued Income 9,212 8,561 11,104 18,998 |
Notes forming part of the Financial Statements for the year ended 31st December 2024 £ £ 6. Fees for examining the Financial Statements Fees paid to Independent Examiner £0 £0 7. Grants made Grants made during the year £0 £0 8. Employees Employees during the year 0 0 9. Trustee expenses Number of trustees 8 8 Individual expenses £0 £0 Trustee Indemnity Insurance £0 £0 10. Related party transactions Transactions during the year £0 £0 12. Intercompany Balances Balances with Subsidiary Trade Creditors (9,339) (83,644) Trade Debtors 23,671 87,865 Trading Company Support (96,878) (87,323) Temporary Loan 118,206 111,558 35,660 28,456 13. Debtors and Prepayments Other Debtors 1,892 10,437 Payments in Advance - - Accrued Income 9,212 8,561 11,104 18,998 |
|---|---|---|
| 28,456 | ||
| 10,437 - 8,561 18,998 |
12
The Dunfield Charity
Notes forming part of the Financial Statements for the year ended 31st December 2024
14. Creditors: Amounts falling due within one year
| 14. Creditors: Amounts falling due within one year | |||
|---|---|---|---|
| Mission Centre Supportive Variable Loan Mission Centre Temporary Loan Accruals Other Creditors Deferred Income 15. Creditors: Amounts falling due after more than one year Long Term Loans 16. Long Term Loans World Church Loan Repayments falling due within one year Repayments Falling due after more than one year |
137,000 - 18,999 - 4,400 160,339 250,000 - 250,000 250,000 |
- 112,000 14,529 1,010 5,600 |
|
| 133,139 | |||
| 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 2023 provided that interest should be initially amortised on the outstanding Principal balance at the simple interest rate of 6.5% per annum. Interest to accrue on the outstanding Principal balance based on the variable interest rate set by World Church annually at 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 through to the 1[st] January 2027. This means that agreed annual payments of £45,993.29, including repayment of principal, will commence 1[st] January 2028 and the loan will be fully repaid by a final payment on the 1[st] January 2034.
The World Church interest rate for 2024 was 6.50% (2023 5.25%). From 1st January 2025, the interest rate will be 6.75%.
13