Charity registration number: 1172001
## RIG NATION
Annual Report and Financial Statements
for the Year Ended 31 March 2022
Kolade Andrew Alli ACMA KARE Financial Management Consultants Ltd 10 Gatcombe Gardens West End Hampshire SO18 3NA
## **Contents**
|**Contents**||
|---|---|
|Reference and Administrative Details|1|
|Trustees' Report|2 to 5|
|Statement of Trustees' Responsibilities|6|
|Independent Examiner's Report|7|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Notes to the Financial Statements|10 to 15|
## **Reference and Administrative Details**
## **Trustees**
Greg Black Dr Sharon Stone
## **Senior Management Team**
Mr Sylvester Oluwatomiyosi Arayomi, CEO Ms Carole Shore, COO
## **Principal Office**
4 Blackhorse Yard Windsor Berkshire SL4 1LA
## **Charity Registration Number**
1172001
## **Bankers**
Barclays Bank PLC
## **Independent Examiner**
Kolade Andrew Alli ACMA KARE Financial Management Consultants Ltd 10 Gatcombe Gardens West End Hampshire SO18 3NA
Page 1
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2022.
## **Objectives and activities**
Rig Nation was incorporated as a charitable Incorporated Organization on 13 March 2017. Its charitable objects are:
1. To advance the Christian faith in accordance with the doctrines as laid out by Christ in the Gospels
2. To advance the Christian religion in particular but not exclusively on the internet by broadcasting Christian messages of an equipping, evangelistic and teaching nature, holding online prayer meetings through online and offline webinars; and by producing and or distributing literature on the basis of our Christian faith all with the aim to enlighten others about the Christian religion.
During the financial year, 1 April 2021 to 31 March 2022, RIG Nation continued to experience an increase in its activities across the globe. It continues to grow not just in the UK but across the world with new charities being launched in various nations. There is a continued impetus with activities focused on bringing training and equipping in the apostolic and prophetic ministry to a global audience, evangelistic crusades, equipping conferences and intensive schools.
Having charitable objects to “ **advance the Christian religion in particular but not exclusively on the internet** ”, RIG Nation had already begun to build up its online presence during 2019 with regular YouTube streams. In early 2020, RIG Nation had begun onsite training with a small group of international students who would gather monthly at a venue in Bedfordshire, for a weekend of teaching and training led by RIG Nation’s Founder and CEO, Tomi Arayomi.
By April, at the start of the new financial year, RIG Nation was positioned and ready to _“understand the signs of the times and to know what to do”_ when the world moved its meetings online, due to the social distancing and lockdown situations in many nations.
The new online Pioneers Church was launched in April 2020, broadcasting its Sunday service on YouTube and reaching, at times, over 10,000 viewers along with numerous new and renewed commitments to faith in Christ.
Page 2
## **Trustees' Report**
RIG Nation began to organically grow as many supporters came forward to offer voluntary and semi-voluntary services in media and administration.
The charity’s objects to advance the Christian religion _**“by broadcasting Christian messages of an equipping, evangelistic and teaching nature, holding online prayer meetings through online and offline webinars; and by producing and or distributing literature on the basis of our Christian faith all with the aim to enlighten others about the Christian religion”**_ took shape quickly and more programmes were produced and broadcast. By the end of the calendar year, five programmes were being broadcast per week, with additional Zoom meetings and live streams on the RIG nation app. By February 2020, RIG Nation has achieved over 100,000 subscribers to its YouTube channel.
Since last year RIG has established bases in the USA, Canada, Philippines, Colombia, and Nigeria. Truly establishing itself as a global ministry. It has established churches in the UK, USA, Canada, and Nigeria. The US is currently in the process of purchasing a building that will become the global headquarters of the RIG movement. RIG has conducted various conferences, crusades, and schools in all these locations and continues to reach out and touch nations with the gospel of Jesus Christ.
## **FINANCIAL**
During the financial year, RIG Nation’s income was generated predominantly from donations of £872,285 (2021: £205,293), as well as from income generated from its online presence, such as YouTube, Google and the app stores.
The supporter programme currently has around 600 partners for RIG Nation, donating £30 per month. Further developments were added to the support programme in January 2021 to encourage supporters to bring in other supporters.
Additional income of £24,312 (2021: £178,165) was generated from sales of the RIG School Online courses.
The Trustees therefore feel it is important to establish a prudent reserves policy of between three months and six months expenditure to be covered by free reserves. At 31 Mar 2022 the charity's unrestricted reserves, (not represented by fixed assets) stood at £434,528 (2021: £154,735) which covers eight months (2021: six months) of expenditure.
## **OPERATIONS**
RIG Nation began the financial year, filming and broadcasting from a small home-based studio with two volunteer staff. During the year, the film studio was relocated to upgraded facilities in Hoxton, London, which also served as its office base and expanded its team to include videos editing, marketing and administration staff.
## **PRODUCTION**
RIG Nation continues to provide content on numerous platforms including YouTube and Instagram live. It also provides weekly discipleship classes for its leaders across the globe on Zoom.
Page 3
## **Trustees' Report**
## **TRUSTEES AND MANAGEMENT**
During the year, the acting trustees were Dr Sharon Stone and Mr Greg Black. RIG Nation’s CEO was Tomi Arayomi.
## **CHALLENGES AND RISKS**
The key challenges and risks RIG Nation faced during the year came mostly from its rapid growth and the inherent uncertainties this produces.
The principal risks identified were:
- STRATEGIC RISK
- RIG Nation is a pioneering organisation which brings with it inherent risks of stepping into new spaces.
- This risk is mitigated principally by taking appropriate guidance and advice and noting available market data.
- OPERATIONAL RISK
- Operational risks arise mainly from the pioneering aspect of the vision and being in the early stages of building a technical resource base.
- To manage this risk, RIG Nation has regular team meetings and draws upon the skills and experience within the team, as well as using certain outsourced technical services.
- FINANCIAL RISK
- As a charity relying on donations and goodwill, financial instability is always an ongoing risk.
- To manage this, RIG Nation launched a fund-raising programme to introduce monthly partners and has built a generous partnership package to attract ongoing support.
- HUMAN RESOURCES
- Rapid growth is very challenging for a small team, both in terms of workload and also the requirement to upskill and cope with changes within the team. The team comprises many who are spread out across international locations and a team of essential volunteers.
- To manage this risk, RIG Nation has daily and weekly team meetings and has introduced new leaders and training across the organisation.
Page 4
## **Trustees' Report**
- GOVERNANCE
- All of the above-mentioned risks add to the charity’s governance risk as it aims to keep abreast of current regulation and increased scrutiny as it becomes more significant as a charitable venture.
- To mitigate and manage this risk, RIG Nation has taken on professional advice to cover all aspects of charity governance and compliance.
Management of the above risks are continually ongoing, and the steps taken to mitigate these risks are continually under review.
## **OUTLOOK**
RIG Nation is at an exciting stage of growth. The launching of a new RIG School Master Class and Apostolic Centres in 2022 are significant developments in implementing the vision. RIG USA are currently purchasing a building in Houston. RIG Africa has held crusades, schools and conferences and RIG Nation continues to establish its Apostolic Centre here in the heart of London. The challenge cannot be underestimated. Our valued partners, staff and volunteers are integral to the vision and in the year ahead, we are focussing on adding value to them by giving them access to more resources and training, hearing their voices and including them in the early stages of new pioneering projects
## _**Public benefit**_
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
The annual report was approved by the trustees of the charity on 4[th] December 2022 and signed on its behalf by:
......................................... Dr Sharon Stone Trustee
Page 5
## **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 Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial 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 estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 4th December 2022 and signed on its behalf by:
......................................... Dr Sharon Stone Trustee
Page 6
## **Independent Examiner's Report to the trustees of RIG NATION**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2022 which are set out on pages 8 to 15.
## **Respective responsibilities of trustees and examiner**
As the charity’s trustees of RIG NATION you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the RIG NATION's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since RIG NATION's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Chartered Institute of Management Accountants UK, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of RIG NATION as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Kolade Andrew Alli ACMA
KARE Financial Management Consultants Ltd 10 Gatcombe Gardens West End Hampshire SO18 3NA
- 4[th] December 2022
Page 7
## **Statement of Financial Activities for the Year Ended 31 March 2022**
|**Statement of Financial Activities for the Year Ended 31 March**
**2022**|**Statement of Financial Activities for the Year Ended 31 March**
**2022**|
|---|---|
|**Unrestricted**
**funds**
**Total**
**2022**
**Total**
**2021**||
|**Note**
**£**
**£**
**£**||
|**Income and Endowments from:**||
|Charitable activities|911,756
911,756
409,767|
|**Expenditure on:**||
|Charitable activities|(633,818)
(633,818)
(280,736)|
|Total expenditure||
||(633,818)
(633,818)
(280,736)|
|Net income||
||277,938
277,938
129,031|
|Net movement in funds||
||277,938
277,938
129,031|
|**Reconciliation of funds**||
|Total funds brought forward||
||162,155
162,155
33,124|
|Total funds carried forward
9||
||440,093
440,093
162,155|
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2021 is shown in note 9.
Page 8
## **(Registration number: 1172001) Balance Sheet as at 31 March 2022**
|**(Registration number: 1172001)**
**Balance Sheet as at 31 March 2022**|**(Registration number: 1172001)**
**Balance Sheet as at 31 March 2022**|
|---|---|
|**2022**
**2021**||
|**Note**
**£**
**£**||
|**Fixed assets**||
|||
|Tangible assets
6|5,565
7,420|
|**Current assets**||
|||
|Cash at bank and in hand
7|436,028
156,235|
|**Creditors: Amounts falling due within oneyear**
8||
||(1,500)
(1,500)|
|**Net current**assets||
||434,528
154,735|
|**Net**assets||
||440,093
162,155|
|**Funds of the charity:**||
|**Unrestricted income funds**||
|||
|Unrestricted funds|440,093
162,155|
|**Total funds**
9||
||440,093
162,155|
The financial statements on pages 8 to 15 were approved by the trustees, and authorised for issue on 4th December 2022 and signed on their behalf by:
......................................... Dr Sharon Stone Trustee
Page 9
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
RIG NATION meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Exemption from preparing a cash flow statement**
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation 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 11 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 purposes.
## **Tangible fixed assets**
Individual fixed assets costing £1,000 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## **Depreciation 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:
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 10
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Page 11
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **2 Income from charitable activities**
|**2**
**Income from charitable activities**||
|---|---|
||**Unrestricted**|
||**funds**
**Total**
**Total**|
||**General**
**2022**
**2021**|
||**£**
**£**
**£**|
|Income from App subscriptions|-
-
3,779|
|Income from guest speaking|-
-
644|
|Income from internet online presence|14,966
14,966
20,996|
|Income from Rig school courses|24,312
24,312
178,165|
|Donations|872,285
872,285
205,293|
|Book Sales|169
169
135|
|Bank Interest and Charges|24
24
755|
||911,756
911,756
409,767|
Page 12
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **3 Expenditure on charitable activities**
|**3**
**Expenditure on charitable activities**||
|---|---|
||**Unrestricted**|
||**funds**
**Total**
**Total**|
||**General**
**2022**
**2021**|
||**£**
**£**
**£**|
|Grants to ministries|8,673
8,673
-|
|Wages and salaries|-
-
76,089|
|Independent Examination Fees|1,500
1,500
1,500|
|Administrative services|32,060
32,060
-|
|Fundraising, advertising and, marketing||
|costs|1,792
1,792
5,772|
|Cleaning|949
949
995|
|Consultancy fees|102,882
102,882
-|
|Disciple Media Expenses|-
-
660|
|Graphic Design|19,561
19,561
2,606|
|Guest Speaker Expenses|11,873
11,873
10,355|
|Honorarium|-
-
1,000|
|IT equipment, software and consumables|3,187
3,187
6,284|
|IT webservices & software subscription|79,537
79,537
35,576|
|Manse costs|21,000
21,000
1,549|
|Media and production services|49,218
49,218
23,957|
|Depreciation of office equipment|1,855
1,855
-|
|Motor Vehicle Expenses|1,497
1,497
40|
|Phone and data costs|700
700
579|
|Printing, Postage, and Stationery|478
478
1,704|
|Refreshments and Hospitality|1,477
1,477
2,342|
|Meeting venue and sound hire costs|136,620
136,620
35,116|
|Sundry expenses|-
-
660|
|Rig School acc and support costs|-
-
7,400|
|Rig School merchandise and supplies|-
-
932|
|Studio costs|20,371
20,371
32,244|
|Training|1,991
1,991
120|
|Ministry support - Tithes, offerings, and||
|gifts|70,157
70,157
29,852|
|Travel costs|37,472
37,472
(1,655)|
|Utilities|3,834
3,834
949|
|Volunteer costs|-
-
1,636|
|Accountancy fees|1,940
1,940
-|
|Worship Ministry|23,194
23,194
-|
|Depreciation of office equipment|-
-
2,474|
||633,818
633,818
280,736|
Page 13
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **4 Trustees remuneration and expenses**
During the year the charity made the following transactions with trustees:
**Dr Sharon Stone** received honorarium of £7,000 (2021: nil) during the year.
## **5 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **6 Tangible fixed assets**
|**6**
**Tangible fixed assets**||
|---|---|
||**Furniture**
**and**
**equipment**
**Total**|
||
**£**
**£**|
|**Cost**||
|At 1 April 2021|18,135
18,135|
|At 31 March 2022|18,135
18,135|
|**Depreciation**||
|At 1 April 2021|10,715
10,715|
|Charge for theyear|1,855
1,855|
|At 31 March 2022|12,570
12,570|
|**Net book value**||
|At 31 March 2022|5,565
5,565|
|At 31 March 2021|7,420
7,420|
|**7**
**Cash and cash equivalents**||
||**2022**
**2021**|
||**£**
**£**|
|Cash at bank|436,028
156,235|
|**8**
**Creditors: amounts falling due within one year**||
||**2022**
**2021**|
||**£**
**£**|
|Accruals|1,500
1,500|
Page 14
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
||**2022**|
|---|---|
|**9**
**Funds**||
||**Balance at 1**
**Incoming**
**Resources**
**Balance at 31**|
||**April 2021**
**resources**
**expended**
**March 2022**|
||
**£**
**£**
**£**
**£**|
|**Unrestricted funds**||
|**_General_**||
|||
|General Fund|162,155
48,400
(45,948)
164,607|
|Building|-
36,292
-
36,292|
|Master Class|-
3,390
(5,000)
(1,610)|
|Partner Programme|-
220,316
(1,341)
218,975|
|RIG Africa|-
-
(222)
(222)|
|RIG London|-
169,294
(143,794)
25,500|
|RIG Nation|-
457,937
(454,726)
3,211|
|RIG USA|-
-
(9,132)
(9,132)|
|Crusades|-
2,472
-
2,472|
||162,155
938,101
(660,163)
440,093|
|||
||**Balance at 1**
**Incoming**
**Resources**
**Balance at 31**|
||**April 2020**
**resources**
**expended**
**March 2021**|
||
**£**
**£**
**£**
**£**|
|**Unrestricted funds**||
|General||
||33,124
409,767
(280,736)
162,155|
Page 15