Registered number: N1649994 LIFE OF GRACE MINISTRIES INTERNATIONAL DIRECTORS, REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Proactive Chartered Accountants Limited Hands-on Financial Reporting
Life of Grace Ministries International Directors, Report and Unaudited Financial Statements For The Year Ended 31 December 2022 Contents Page Company Inforn]iltion Directors, Report Accountants, Report Income and Expenditure Account Balance Sheel Notes to the Financial St<ilements The following pages do noi forni part of the slatulory accounts: Detailed Income and Expendilure Account
Life of Grace Ministries International Company Information For The Year Ended 31 December 2022 Directors Mrs Karis.se Chodeva Mr Michael Chodeva Ms Rosario Lacaba Company Number N1649994 Registered orrice l Oa Castlereagh Road Belfasl BT5 5FP Accountants Proiictive Chartered Accountant% Limited Chartered Accounlanls Opus Hou%e 137 York Road Belf¢i%l BT15 3GZ Page I
Life of Grace Ministries International Company No. N1649994 Directors, Report For The Year Ended 31 December 2022 The directors present their port and the financial 5tatemenls for the year ended 31 December 2022 . Directors The directors who held office during the year were as follows: Mrs Karisse Chodeva Mr Michael Chodeva Ms Rosario Lacaba Statement of Directors, Responsibilities The directors ate responsible for preparing the Directors, Report and the financial statements in accordance wilh applic(Ible Idw iind reguliiiioll5. Comp<iny law require% the direclor% lo prepare financial slatemenls for each financidl year. Under ih<ii law the directors have elected to prepare Ihe financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director.s must not approve Ihe finanLi(11 stiiiement4 unles% they ¢we S<ltistied thiii ihey give (I true dnd tiiir view of Ihe 4tilte ot atf<iir% ol. the comp(Iny and of ihe .surplus or deficit of the company for that peri(Kl. In preparing the financial statement.s the direclors are required lo: .%elect suitiible accounting policie% and then apply them con%i%ienily; make judgments and accounting estimates that are rea.sonable and prudent; Prep&e ihe fin<illLi<il %latements on Ihe going concern ba%1% unle%% il is inlippropriate to pre.sume ihlii ihe company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the coinpany'% iran%dLlions (Ind di%Llo.%e with rea%oniible <iLcuraLy Ilt any lime ihe linanLidl po%ition of ihe Loinpany lind eniible Ihem to en%ure that the fin(Incial sl¥ltemenls comply with the Companie% Act 20Q6. They are al%0 responsible for safeguarding the assets of the company and hence for laking reasonable steps for the prevention and detection of fraud nd (Ither irregul<iritie%. The director% are re%ponsible for the miL intenance and integrity of the cnrporate Lind financial informiL tic)n included on the company's website. Legi%ldlion in the United Kingydoin gyoverning the prepdralion and disseminalion of t-inanLidl 8tatement% may differ from legislation in other juri%diclions. .Small Company Rules This reporl has been preped in accordanLe with the special provisions relating to companies subject to the small companies regime wilhin P41rt 15 of the Companies Act 2006. On behalf ot the board Mr Michael Chodeva Director 2910912023 Page 2
Life of Grace Ministries International Accountants, Report For The Year Ended 31 December 2022 Chartered Accountants, report lo the directors on the preptIOn of the unaudited slatutory ¥iccounts of Life of Grace ministrie.s International For The Year Ended 31 December 2020 In order to assist you to fulfil your duties under the Companies Act 2(M)6, we have prepared for your approval the account.s of Life of Grace Ministries International For The Year Ended 31 December 2020 which comprise the Income and Expenditure ALcouni. the Balance Sheet ¢ind the related notes from the company's a¢counling records and from inforniation and explanations you have given to us. As a practising member firm of the Instilute of Chartered Accountants Ireland (ICAI), we are subject to its ethical and other professional requirement.s which are detailed ai https'.//Www.charteredaccountants.ielhIC$rrhe-code-of-Ethics. This report is made solely to the directors of Life of Grace Minislries Tnlernational, as a body, in accordance with the lerm% ot our eng(Igement letler d<iled 29 Seplember2020. Our work h<1% been undertaken %olely lo prepare tor your approviil the 4ic¢ounl% of Life of Grace Mini%tries Interniition<il and %t¢ile those matter% that we have ¢igreed to %iate lo ihe director.s of Life of Grace Ministries International as a body to the fullest extent permitted by law, we do not accept or assume respon%ibility to anyone other than Life ot Griice Ministries Inlerniltioniil lind its director5, il body, for our work or for this report. li is your duty to en.4ure thai Life of Grace Mini.4tries International has kept iidequiile accounting records and to prepare statutory account.s that give a true and fair view of ihe assets, liabilities, financial po.silion and profil or lo.ss of Life of Grace Mini%lrie% Inlenational. You consider th¢lt Life of Gr<ice Minislries Inlernalionlil 1% exempi from ihe slatutory dudil requirement for the year. We hdve not been instrucled io Larry oul an audit of the acc()unt.4 of Life of Grace Mini%lrie% Inlerniilion<il. For this reason, we have not verified the accuracy or complelenes.4 of the accounting records or information and explanations you have given Io us lind we do not. Iherefore. express any opinion on the financial stiilemenls. Signed Jon N Dickinson BSc(Hons) FCA Proactive Chartered Accountants Limited Charlered Accountants Opus House 137 York Road Belfast BT15 3GZ 2910912023 Page 3
Life of Grace Ministries International Income and Expenditure Account For The Year Ended 31 December 2022 2022 2021 Notes TURNOVER Cost of sales 15562 (820) 14.805 (120) GROSS SURPLUS 14,742 14,685 Administrative expenses Other operaling income (20,717) (23,287) 14,210 OPERATING (DEFICIT)ISURPLUS AND (DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR (5,975) 5,608 The notes on pages 6 to 7 form part of these financial statements. Page 4
Life of Grace Ministries International Balance Sheet As At 31 December 2022 2022 2021 Notes FIXED ASSETS Tangible Assets 3,894 5.259 394 5.259 CURRENT ASSETS Debtors Cash at bank and in hand 700 1,978 7(X) 2.701 2,678 3.401 Creditors: Amounts Falling Due Within One Year (5,623) (1.736) NET CURRENT ASSETS (LIABILITIES) (2,945) 1,665 TOTAL ASSETS LESS CURRENT LIABILITIES 949 6,924 NET ASSETS 949 6.924 Income and Expenditure Account 949 6,924 MEMBERS, FUNDS 949 6.924 For the year ending 3 l December 2022 the company was entitled io exemption from audil under seclion 477 of the Companies Act 2006 relating to small companies. The members have not required the company io obtain an audit in accordance with section 476 of ihe Companies Act 2QO6. The directors acknowledge their spOnsIbl11t1eS for complying with the requirements of the Act with respect to accounting record% and the prepd(lon of accounts. The%e accounts have been preped in accordance with the provisions applicable to companies subject to the small companies, regime. On behalf of the board Mr Michael Chodeva Director 2910912023 The notes on pages 6 to 7 forni part of these fllwlcial statements. Page 5
Life of Grace Ministries International Notes to the Financial Statements For The Year Ended 31 December 2022 l. General Information Life of Grace Mini.%tries International is a privaie company, limited by guarantee. incorFK>rated in Nonhern Ireland, regisiered number N1649994 . Thc rcgistcrcd i)tfJL¢ i.% l Oa Cd%tlcrcd¥h Road, Bclfd%t, BT5 .SFP. 2. Aecoun¢ing Policies 2.1. Basis of Preparation of Financial Statements The I'in¢illcidl %latciiicD(% h¥ive h¢¢n prepared under the hi4torical coEt conveniion and in accordance with Financial Reporting Standard 102 section l A Small Entities 'The Financial Reporting Standard applicable in the UK and Rcpublic ol Ireland" and thc Coinpanies Act 21106. 2.2. Turnover Turnover i.s measured at ihe fair value of ihe consideration received or receivable, nei of discounis and value added [e$. Turnover includes revenue ced fr()m the .%dle of g()(Kl% and from ihe rendering of %ervice%. Turnover ]% reduced for e%liwnated Lu4lowner return.%, rebate4 and oiher similar allowances. Sale of goods Turnover frnin the sale nf ¥i)()d4 ]% recogni%ed when ihe 4ignifiLant and rewdrd.% of owner%hip of the go(Mls ha4 Irdn%feTred to ihe buyer. This is usually at ihe poini ihai the ¢ustomer ha.s.signed for the delivery of the g(s. Rendering of services Turnover frnm the rendering of %ervices is recogni.%ed by reference to the %tage of completion of the contract. The %tdge of completion of a contraci i.s meagured by comparing ihe co.sts incurred for work peitormed to date tn ihe total esiimated contract costs. Turnover is only re¢ogni%ed to ihe exieni of recoverable expen4e% when ihe outcome of a contract cannoi be estimated reliably. 2.3. Tangible Fixed Assels and Deprecialion Tan&TiblL Iixcd drL tnLa4urL.d at Li)%1 le4% accumulated depreciation and any dCLumulated impairment lo4%e%. DepreLia¢ion is provided al rale.% LalLuldied tn wriie ol'l (he Ln.%l Ot the fixed as%et%, le%% Ihcir esiimdied rcsidudl value. over their expeLicd uiel'ul live% on ihe fr)Iluwing bd%e%'. Fixture.4 & Fiiiin8S 25% Straight line 3. Average Numher of Employees Avera&Te number of employees. including direLtor%, during the year followb- 212021: 2) 4. Tangible Assets Fixturib% & Fittin2S Cost A% di l Janudry 2022 Additions 7.886 118 As at 31 December 2022 8.694 Depreciation As at l January 2022 Provided during ihe period 2,627 2.173 As at 31 Dcrcmbcr 2022 4,8tKI Net Book Value As di 31 DeLember 2022 3.894 As dt l ]Uary 2022 5.259 Page 6
Life of Grace Ministries International Notes to the Financial Statements (continued) For The Year Ended 31 December 2022 5. Debtors 2022 2021 Due within one year Other debtors 700 700 700 700 6. Creditors: Amounts Falling Due Within One Year 2022 2021 Trade credilors Biink Io<ins and overdriift% Accruals and deferred income 28 970 DireLlois' Iodn accounts 4,624 1,735 5,623 I,736 7. Company limited by guarantee The company is limited by guarantee and has no share capital. Every mcmber of the compiiny undertakc% to contribute to the as%ets of the company, in the event of a winding up, such an amount as may be required not exLeeding £1. Page 7
Life of Grace Ministries International Detailed Income and Expenditure Account For The Year Ended 31 December 2022 2022 2021 TURNOVER Donations Other trading income 15557 14.805 15562 14,805 COST OF SALES Wages and salaries Other direct costs 120 820 (820) (120) GROSS SURPLUS 14,742 14,685 Administrative Expenses W<ige% and sal¢wie5 Rent 3,900 10,007 328 848 320 494 472 133 4.780 12,152 371 Lighi lind he<lt Repairs and maintenance Vehicle running costs Computer software, con%umables lind mainteniince Insurance Printing. postage dnd stiilionery Postage Advertising lind mlirkeling cosls Telecommunications and data costs 315 579 468 133 150 33 356 1,500 105 253 1.5(X) 23 750 Accountancy fees Bank charges Charitable donations Depreciation Sundry expenses 2,174 1.696 (20,717) (23,287) Other Operating Income Other income - contributing to other operating income 14.210 14,210 OPERATING (DEFICIT)/SURPLUS AND {DEHCIT)/SURPLUS FOR THE FINANCIAL YEAR (5,975) 5,608 Page 8