Charity registration number: 101297 The Burning Bush Annual Report and Financial Statements for the Year Ended 3 l August 2022
The Burning Bush Contents (continued) Reference and Administrative Details Trustees, Report 2to3 Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8t014
The Burning Bush Reference and Administrative Details Trustees Mrs Ruth Neill Mr Billie Neill Mr Matthew Neill Mr Sthart Neill Cbarity Registration Number 101297 Principal Offiee 62 Scotch Street Dungannon Co Tyrone BT70 7DH Independent Examiner Thomas Oliver and Associates Limited Certified Public Accountant l Moygashel Mills Park Dungannon Co Tyrone BT717DH Page I
The Burning Bush Trustees, Report The iTUStees present the annual report together with the fanCIal ststements of the charity for the year ended 31 August 2022. Objectives and aetivities Public benefil The trustees main responsibilities are to increase knowledge of God's word througb the Bible and other resources, mainly in Dungat)non and South Tyrone area, to offer comfort and support to families and persons in need through sickness, death and other issues, and to h¢lp support missions in Ireland and overseas. The charity raises funds through the sale of books and other rellgious resources in their bookshop & holding events such as concerts & breakfast mornings. This enables them to increase religious knowledge within the Dungannon and South Tyrone Area . to offer comfort to persons in ill health or nearing death, OT people wÈth family PToblems. This also enables them to increase capacity amongst missionaries to see the Christian faith improved, advanced and spread through the incom¢ derived from the sale of these resources being re-distributed to the religio organisations. The trustees confrm that they have complied with the requirements of tbe Charities Act (Northern Ireland) 2008 to have due regard to the public benefit guidance published by the Charity Commission for Northern ITeland. Aehievements and performanee A very tough and challenging year with ongoing fll)ancial issues facing so many. people still calling into the shop seeking help and advise with som many issues. As with previous years the shop has tried to help local mission and tract producers. Structure* governallce and management Financial ill5trumeDts Objeetives andpolicies The charity's activities expose it to a number of financial risks including credit risL c&sh flow risk and liquidity risk. The use of f1claI derivatives is governed by the Charity's policies approved by the board of trnstees, which provide written principles on the use of fmancial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes. Cashflow rtsk The charity's activities expose it primaTily to the f]nancial risks of thanges in foreign currency exchange rdtes and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of Cash flows. Page 2
The Burning Busb Trustees, Report (continued) Credit risk The charity'5 principal fancial &ssets are bank balances and cash, trade and other receivables, and investments. The charity's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid ftmds and derivative financial instruments is limited because the counterparties are banks with higb credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risK with exposure spread over a large number of counterparties and CtomerS. Liquidity risk In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and fvture developments, the charity uses a mixtUTe of long-tern] and short-tenn debt flnance. Further detsils regarding liquidity risk can be found in the Statement of accounting policies in the fu1¢la1 staternents. The annual report was approved by the trustees of the Charity on 14 June 2023 and signed on its behalf by.. Mrs Rutb Neill Trustee Mr Billie Neill Trustee Page 3
The Burning Bush Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdotn Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to chaTities requires the trustees to prepare fllwicial statements for each fmancial year which give a tThe and fair view of the state of affairs of the charity and of the incoming r¢sources and application of resources of the charity for that period. th preparing these fll]ancial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estinjates that are reasonable and prudent. State whether applicable accounting standards have been followe subject to any material departures disclosed and explained in the financial statements. and prepare the fmancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustee5 are responsible for keeping proper accounting records that dis¢lose with reasonable accuracy at any ti]ne the fanCIal position of the chaTity and enable them to ensure that the fmancial staten]ents comply with the Clwities Act INortbern Ireland) 2008, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees ate also responsible foT safeguarding the assets of the charity and hence for taking reasonabl¢ steps for the preventioll and detection of fraud and other irregularities. The trustees are responsible for the maintenance and int¢grity of the corporate and financial inforn]ation included on the charitable company's website. Legislation governing the preparation and dissemination of fmancial statements may differ from legislation in other jurisdictions. Approved by the trusfres of the charity on 14 June 2023 and signed on its behalf by: Mrs Ruth Neill Tntee L.IVoJLIXJ Mr Billie Neill Trustee Page 4
The Burning Bush Independent Examiner's Report to the trustees of The Burning Bush I report to the trustees on my examination of the accounts of The Burning Bush for the year ended 31 August 2022. Responsibilitles and basis of report As the charity's tnteeS of The Burning Bush you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act (Northern treland) 2008. It is my Tesponsibility to - examine the accounts under section 65 of the Charities Act follow the procedures laid down in the general Directions given by the Conllnission under section 65(9)(b) of the Charities Act - stst¢ whether particular lltters have come to my attention Basis of independent examiner's report I have examined your chaTity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general ditections given by the Charities Commission for Northern Ireland under section 65 (9)(b) of the Charities Act. My examination included the review of the accounting records kept by the charity and a comparison of the accounts presented with those r¢cords. It also incEuded consideTation of any unusual items or disclosures in the accounts, and seeking explanations from you as charity tnjstees concerning any such matters. My role is to State whether any material matters have come to Eny attentions giving me cause to believe:_ l That accounting records were not kept in a¢coidance with section 63 of the ChaTities Act 2 That the accounts do not accord with those accounting Tecord5 3 That the accounts do not comply with the accounting iequirements of the Charities Act 4 That there is fier inforn]ation needed for a proper understanding of the accounts to be reached. Indep¢lldent examiner's statement I have completed my examination and have no concerns in respect of the matteTS (l) to (4) listed above and, in connection with the following Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. omas Oliver and Associates Limited Certified Public Accountant l mOyghel Mills Park Dungannon Co Tyrone BT717DH 14 June 2023 Pag¢ 5
The Burning Busb Statement of Financial Activities for the Year Ended 31 August 2022 Unrestricted funds Total 2022 Note Income and Endowments from: Donation5 and legacies Other trading activities Total incorne 12,013 47,007 12,013 47.007 59,020 59,020 Expenditure on: Raising fidS Other expenditure Total expenditure Net income (43,345) (2,591) (43,345) (2,591) (45,936) (45,936) 13,084 13,084 Net movement in fLdS Reconciliation of funds 13,084 13,084 Totsl funds brought forwatd Total funds catried forward 50,903 50.903 16 63.987 Unrestricted funds 63,987 Total 2021 Note Ineome and Endowments from: Donations and legacies Other trading activities Total income 8,536 37,107 8,536 37,107 45,643 45,643 Expenditure on: Raising fiuLds Other expendire Total expenditure Net income (33,294) (1,000) (33,294) (1,000 (34,294) (34,294) 11,349 11,349 Net movement in fiJn(Ls 11,349 11,349 ReconciliatlOD of funds Total funds brought fonvard Total funds carried forward 39,555 39.555 16 50,904 50,904 All of the charity's activities deTÈve from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 16. Th¢ notes on pages 8 to 14 fomi an integral part of these fancIal statements. Page 6
The Burning Bush (Registration number: 101297) Balance Sheet as at 31 August 2022 2022 2021 Note Fixed assets Tangible assets io 7,771 10,362 Current assets Stocks Debtors Cash at bank and in hand 25,864 983 38,876 24,723 568 22.661 12 13 65,723 47,952 Creditors: AmouDts falling due within one year Net current assets 14 (6,657) (4.560) 59,066 43,392 Total assets less eurrent liabilities 66,837 53,754 Creditors: Amounts falling due after more than one year Net assets 15 (2,850) 63.987 (2,850) 50,904 Funds of the charity: Unrestricted income funds Unrestricted funds 63,987 50,904 Total funds 16 63.987 50,904 The fanCIal statements on pages 6 to 14 were approved by the trustees, and authorised for issue on 14 June 2023 and signed on their behalf by.. OLL. Mrs Ruth Neill Trnstee Mr Billie Neill Trustee The notes on pages 8 to 14 form an integral part of these financial statements. Page 7
The Burning Bush Notes to the Financial Statements for the Year Ended 31 August 2022 l Aecounting policies Statement of Compliance The financial ststements have been prepared in accoTdance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standatd applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Basis of preparation The Burning Bush meets th¢ definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless othenvise stated in the relevant note(s) to these accounts. Going coneerll The trustees consider that there are no materiaI uncertainties about the charity's ability to continue as a going concern. Income and endowments Voluntary income including donations. gifts. legacies and grants that provide core funding or are of a general natte is recognised when the charity has entitlement to the income, it is probable that the iucome will be received and the amount can be measured with sufficient reliability. Donations and legocl Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Expenditure All expenditure is Tecognlsed once there 15 a legal or constrnctive obligation to that expenditure. it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs Cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs aTe allocated based on the spread of staff costs. Raisingfun( These are costs incurred in attracting voluntary income, the niallagement of inv¢stn]ents and those inCued in trading activities that raise funds. Page 8
The Burning Bush Notes to the Financial Statements for the Year Ended 31 August 2022 (continued) Taxation The chlty is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK cory)ordtion tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I I of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable pury)oses. Tangible fixed assets Individual fixed assets costing £0.00 or n]ore are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated in]painnent losses. Deprecfiation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and s¢ll, after du¢ regard for obsolete and slow moving stocks. Cost is determined using the first-in. fSt-oUt (FIFO). Trade debtors Trade debtors are amounts due from CstOmerS for merchandise sold OT services perfornied in the ordinary course of business. Trade debtors are r¢cOlIsed initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairnient. A provision for the in]painnent of trdde debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the Original tern of the receivables. Cash and easb equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-terni highly liquÉd investhents that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade ereditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. are recognised initially at the transaction pric¢ and subsequendy rneasuted at amortised cost using the effective interest method. Page 9
The Burning Bush Notes to the Financial Statements for the Year Ended 31 August 2022 (continued) Fund structure Unrestricted income funds are general fimds that are available for use at the ttustees discretion in fitherance of the objectives of the charity. 2 Income from donations and legacies Unrestricted funds General Total funds Donations and legacies. Donations from individuals Gift aid reclaimed 9,074 2,939 9,074 2,939 Total for 2022 12,013 12.013 Total for 2021 8,536 8,536 3 Ineome from other tradlng activities Unr¢strlcted fund5 General Total funds Trading income. Shop income from sale of donated goods and services Total for 2022 47,007 47,007 47,007 47,007 Total for 2021 37,107 37,107 4 Expenditure on raising funds a) Costs of trading activities Page 10
The Burning Bush Notes to the Financial Statements for the Year Ended 31 August 2022 (continued) Unrestricted funds General Total funds Note Costs of goods sold Other direct costs of activities for generating funds Total for 2022 27,282 11,773 27,282 11,773 39,055 39.055 Total for 2021 32,204 32,204 Total costs 5 Other expenditure Unrestricted funds General Total funds Note Depreciation, amortisation and other similar costs Total for 2022 2,591 2,591 2,591 2.591 Total for 2021 1,000 1,000 6 Net IDcomingloutgoing resources Net incoming resources for the year include: 2022 2021 Loss on disposal of fixed assets held for the charity's own use Depreciation of fixed assets 1.000 2.591 7 Trustees remuneration and expenses No trustees, nor any persons connected with them, have received any remunerdtion from the charity during the year. 8 Staff costs The aggregate payroll costs were as follows: 2022 2021 Staff costs during the year were: Wages and Salaries 4,290 1,090 Page 11
The Burning Busb Notes to the Financial Statements for the Year Ended 31 August 2022 (continued) No ¢mployee received emoluments of more than £60,000 during the year 9 Taxation The chartty is a regist¢red charity and is therefore exempt from t&xation. 10 Tangible fixed assets Computer equipment Motor vehicles Total Cost At I September 2021 At 31 August 2022 Depreeiation Charge for the year Transfers 10,000 362 10,362 10,000 362 LO,362 2,500 2,500 91 91 At 31 August 2022 Net book value 2,500 91 2.591 At 31 August 2022 At 31 August 2021 7,500 271 7,771 10,000 362 10,362 11 Stock 2022 2021 Stocks 25,864 24,723 12 Debtors 2022 2021 Trade debtors 983 568 13 Cash and eash equivalents 2022 2021 Cash at bank 38,876 22,661 Page 12
The Burning Bush Notes to the Financial Statements for the Year Ended 31 August 2022 (continued) 14 Creditors.. amounts falling due within one year 2022 2021 Trade creditors Other creditors Accruals 2,304 1,488 2,865 2,222 1,738 600 6,657 4,560 15 Creditors: amounts falling due after one year 2022 2021 Other loans 2,850 2,850 16 Funds Balance at I September 2021 Incoming resources Resources expended Balanee at31 August 2022 Unrestricted funds General 50,903 59.020 (45,936) 63,987 Balance at I September 2020 Incoming resources Resouree5 expended Balance at 31 August 2021 Unrestricted funds General 39,555 45,643 (34.294) 50.904 17 Analysis of net assets between funds Pag¢ 13
The Burning Bush Notes to the Financial Statements for tbe Year Ended 31 August 2022 (continued) Unrestricted funds General Total funds at 31 August 2022 Tangible fixed assets Cuent assets Current liabilities Creditors over l year Total net assets 7,771 65,723 (6,657) (2.850) 63,987 7,771 65,723 (6,657) (2,850 63,987 Unrestricted funds General Total funds at 31 August 2021 Tangible fixed assets Current assets Current liabilities Creditors over l year Total net assets 10,362 47,952 (4.560) (2,850) 10.362 47.952 (4,560) (2,850) 50,904 50,904 18 Analysis of net funds Atl September 2021 At 31 August 2022 Cash at bank and in hand 22,661 22,661 Net debt 22.661 Atl September 2020 22,661 At 31 August 2021 Cash at bank and in hand 20.255 20.255 Net debt 20,255 20,255 Page 14
The Burning Bush Statement of Financial Activitie5 by fund for tbe Year Ended 31 August 2022 Total Total Unrestricted Unrestrieted Funds Funds 2022 2021 Income and Endowments from: Donations and legacies Other trading activities Total income 12.013 47,007 8,536 37,107 59,020 45,643 Expenditure on: Raising funds Other expenditure Total expenditute Net income (43,345) (2.591) (33,294) (1.000) (45,936) (34,294) 13,084 11,349 Net movement in fidS ReconciliatlOD of funds Total funds brought forward Total fijnds carried fonvatd 13,084 11,349 50.903 i9,555 63,987 50,904 This page does not fonn part of the statutory fllcial statements. Page 15
The Burning Bush Detailed Statement of Financial Activities for the Year Ended 31 August 2022 Totsl 2022 Total 2021 Income and Endowments from.. Donations and legacies (analysed below) Other trading activities (analysed below) Total income 12,013 47,007 8,536 37,107 59,020 45,643 Expenditure on: Raising fidS (analysed below) Other expenditure (analysed below) Total expenditure (43.345) (2,591) (33,294) (1.000) (45,936) (34,294) Net incollle 13,084 11,349 Net movement in funds 13,084 11,349 Re¢oneiliation of funds Total funds brought forward Total fimds Caled forward 50,903 39.555 63,987 50.904 This page does not forni part of the statutory finallcial statements. Page 16
The Burning Bush Detailed Statement of Financial Activities for the Year Ended 31 August 2022 (continued) Total 2022 Total 2021 Donaiions and legacies Appeals and donation5 Gift Aid tax reclaimed 9,074 2,939 8,536 12,013 8,536 Other trading aclivilies Sales of purchased goods 47,007 37.107 47,007 37,107 Raisingfunds Opening stock Purchases Closing stock Wages and salaries Rent Watsr rates Ligbt, heat and power Insurance Repairs and maintenance Telephone and fax Printing, postage and stationery Charitable donations Sundry expenses Motor expenses Advertising Accountancy fees BaDk charges Credit card charges (24,723) (28,423) 25,864 (4,290) (2,925) (76) (998) (415) (58) (284) (106) (2,777) (354) (2,411) (69) (684) (l50) (466) (43,345) (23,820) (21,161) 24,724 (1,090) (3,250) (222) (639) (350) (360) (652) (102) (3,220) (127) (1.960) (594) (150) (321) (33,294) Olher PendItUre Depreciation of motor vehicles Depreciation of office equipment rofit)Aoss on sale of tangible fixed assets held for charity's own use (2,500) (91) (1,000) (1,000) (2.591 This page does not forn] part of the stathtory flllancial statements. Page 17