On 1 January 2015, a company which prepares financial statements to 31 December each year acquires a machine on a finance lease. The fair value of the machine on 1 January 2015 is £50,000 and the company is required to make three lease payments of £19,753 each. These payments fall due on 31 December 2015, 2016 and 2017. The rate of interest implicit in the lease is 9% per annum. Calculate the finance charge which should be shown in the company's financial statements for the year to 31 December 2015 if the total finance charge is allocated to accounting periods using the level spread method.