2023-03-31-accounts

Charity number: 1172001

RIG NATION

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

RIG NATION

CONTENTS

	Page
Reference and Administrative Details of the Charity, its Trustees and Advisers	1
Trustees' Report	2 - 6
Independent Examiner's Report	7 - 8
Statement of Financial Activities	9
Balance Sheet	10
Statement of Cash Flows	11
Notes to the Financial Statements	12 - 19

RIG NATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees

Greg Black Dr Sharon Stone Emmanuel Bajomo

Charity registered number 1172001 Principal office 76 Kingston Road London SW19 1LA Chief operating officer Jon Featherstone Chief executive officer Tomi Arayomi

Page 1

RIG NATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the financial statements of the RIG NATION for the year 1 April 2022 to 31 March 2023.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. 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.

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RIG NATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

During the financial year, 1 April 2022 to 31 March 2023, RIG Nation continued to experience an increase in its activities across the globe. In particular, its church planting program, conferences and evangelist crusades were a large source of both.

Activities focused on bringing training and equipping in the apostolic and prophetic ministry to a global audience. As the world began to adjust post-pandemic to in-person gatherings, the focus for the Trustees has been on church gathering and conferences in the United Kingdom, prayer and training online, with additional focus concentrated on establishing its overseas missions through its new bases in North America, Asia and Africa, as reported in the 2022 Annual Report.

With the international bases becoming increasingly established in their own activities, with some successfully gaining in-country charitable/non-profit status, the financial year saw RIG Nation begin to outsource its international missions to RIG USA, RIG Canada, RIG Asia, RIG Europe, RIG Latam and RIG Africa. In the United Kingdom, activities focused on RIG London Apostolic Centre, Prophetic Gathering Conference in April 2022 and Occupy Conference in September 2022.

FINANCIAL RESERVE POLICY

During the financial year, RIG Nation’s income was generated predominantly from donations of £707,908 (2022: £872,285), as well as from income generated from its online presence, such as YouTube, Google and the app stores.

Additional income of £8,724 (2022: £24,312) 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. On 31 Mar 2023 the charity's unrestricted reserves, (not represented by fixed assets) stood at £107,767 (2022: £436,028) which covers one month (2022: eight months) of expenditure. The reduced expenditure to cash ratio in 2023 was because of the planned spend to fund purchase of the building in the USA.

OPERATIONS

Having vacated its production studio in Hoxton, London in late 202, both as a cost saving measure and also reflecting the move from online production to in-person gatherings, during the financial period, RIG Nation operated out of hired premises in Regents Park and Wimbledon for its gatherings, with other staff working from home and other temporary offices.

TRUSTEES AND MANAGEMENT

During the year, the trustees were Dr Sharon Stone, Emmanuel Bajomo, and Mr Greg Black.

RIG Nation’s CEO was Tomi Arayomi. Jon Featherstone was COO from August 2022.

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RIG NATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 has a fund-raising programme to introduce monthly partners and has built a partnership package to attract ongoing support.

• MANAGEMENT RISK

• Management risk arises from the challenge of retaining suitably experienced and qualified managers/directors that have the requisite vision and apostolic/prophetic gifting and call upon their lives at a level that is sustainable for the charity.

• To manage this risk, RIG Nation has a small management team and offers an apostolic training/development program to its leaders, including those in international missions.

• LOCAL EMPOWERMENT RISK

• As new RIG bases become established around the world, and as new churches are planted, financial risk arises due to the potential loss of funding to RIG Nation as supporters tend to donate to their local RIG.

• To mitigate and manage this risk, RIG Nation is focusing on strengthening its UK supporter base.

• OUTSOURCING RISK

• As the international missions are increasingly outsourced to new RIG bases that become established in their own activities and legal status, risk arises due to intrinsic loss of control.

• To manage this risk effectively, all the bases have regular operational and cooperation meetings, along with funding due diligence even within the network of RIGs.

• 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.

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RIG NATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

• 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

Over the last three years, RIG Nation has been through and still remains in an exciting period of rapid change and growth. The priority for the Trustees in 2023-2024 will be to stabilize and strengthen the UK and European supporter base.

Our partners, staff and volunteers are integral to the vision. In the year ahead, we are focussing on adding value to them by including them in our training programmes, building a supporter community and by expanding our volunteer initiatives.

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.

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Structure, governance and management

a. Constitution

RIG NATION is a registered charity, number 1172001, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Related party relationships

Trustee Sharon Stone is also a trustee of the Prophetic Voice Charity. During the financial year Prophetic Voice Charity received ministry grant of £86,432 (2022:nil).

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RIG NATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales 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 its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• 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 adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They 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 order of the members of the board of Trustees on 30 August 2023 and signed on their behalf by:

Dr Sharon Stone

Page 6

RIG NATION

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023

Independent Examiner's Report to the Trustees of RIG NATION ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2023.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Since the Charity'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.

Your attention is drawn to the fact that the Charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no 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 the Charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable 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.

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RIG NATION

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Signed:

Dated: 30 August 2023

Kolade Andrew Alli ACMA

10 Gatcombe Gardens West End Hampshire SO18 3NA

Page 8

RIG NATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Note Income from: Donations and legacies 2 Total income Expenditure on: Charitable activities 3 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2023 £ 846,882 846,882 1,176,534 1,176,534 (329,652) 440,093 (329,652) 110,441	Total funds 2023 £ 846,882 846,882 1,176,534 1,176,534 (329,652) 440,093 (329,652) 110,441	Total funds 2022 £ 911,756
			911,756
			633,818
			633,818
			277,938
			162,155 277,938
			440,093

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 12 to 19 form part of these financial statements.

Page 9

RIG NATION

BALANCE SHEET AS AT 31 MARCH 2023

Fixed assets Note Tangible assets 6 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 8 Unrestricted funds 8 Total funds	107,767 107,767 (1,500)	2023 £ 4,174 4,174 106,267 110,441 110,441 110,441 - 110,441 110,441	436,028 436,028 (1,500)	2022 £ 5,565 5,565 434,528 440,093 440,093 440,093 - 440,093 440,093

The financial statements were approved and authorised for issue by the Trustees on 30 August 2023 and signed on their behalf by:

Dr Sharon Stone

The notes on pages 12 to 19 form part of these financial statements.

Page 10

RIG NATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Depreciation Increase in Accounts Payable Net cash provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 12 to 19 form part of these financial statements	2023 £ (331,152) 1,391 1,500 2,891 - (328,261) 436,028 107,767	2022 £ 277,938
		1,855 1,500
		3,355
		-
		281,293 154,735
		436,028

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RIG NATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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.

1.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

1.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

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RIG NATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting policies (continued)

1.4 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment - 25%

1.5 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.6 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

1.7 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

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RIG NATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Income from charitable activities

		Unrestricted funds Total	Total
		General 2023	2022
		£ £	£
	Income from Ticket Sales	59,143 59,143	0
	Other Income	19,694 19,694	0
	Income from internet online	30,301 30,301	14,966
	presence
	Income from Rig school courses	8,724 8,724	24,312
	Donations	707,908 707,908	872,285
	Book Sales	9,943 9,943	169
	Bank Interest	143 143	24
	Gift Aid tax reclaimed	11,026 11,026	0
		846,882 846,882	911,756

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RIG NATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Expenditure on charitable activities

	3. Expenditure on charitable activities
		Unrestricted funds	Total	Total
		General	2023	2022
		£	£	£
	Accountancy fees	7,480	7,480	1,940
	Administrative services	16,057	16,057	32,060
	Bank Fees	9,454	9,454	0
	Cleaning	390	390	949
	Consultancy fees	30,288	30,288	102,882
	Depreciation of office equipment	1,391	1,391	1,855
	Disciple Media Expenses	11,798	11,798	0
	Fundraising, advertising and, marketing	6,357	6,357	1,792
	costs
	Grants to ministries	588,236	588,236	8,673
	Graphic Design	6,987	6,987	19,561
	Guest Speaker Expenses	35,425	35,425	11,873
	Independent Examination Fees	1,500	1,500	1,500
	IT equipment, software and consumables	79,758	79,758	3,187
	IT webservices & software subscription	21,326	21,326	79,537
	Manse costs	0	0	21,000
	Media and production services	189	189	49,218
	Meeting venue and sound hire costs	79,579	79,579	136,620
	Ministry support - Tithes, offerings, and	0	0	70,157
	gifts
	Motor Vehicle Expenses	0	0	1,497
	Phone and data costs	1,844	1,844	700
	Printing, Postage, and Stationery	1,349	1,349	478
	Refreshments and Hospitality	2,216	2,216	1,477
	Rent	12,699	12,699	0
	Rig School merchandise and supplies	2,845	2,845	0
	Studio costs	0	0	20,371
	Sundry expenses	705	705	0
	Training	0	0	1,991
	Travel costs	72,240	72,240	37,472
	Utilities	0	0	3,834
	Wages and salaries	141,145	141,145	0
	Worship Ministry	45,276	45,276	23,194
		1,176,534	1,176,534	633,818

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RIG NATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Independent examiner's remuneration

	2023	2022
	£	£
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts	1,500	1,500

5. Trustees' remuneration and expenses

During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £7,000) .

6. Tangible fixed assets

Cost or valuation At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022	Office equipment £ 18,135 18,135 12,570 1,391 13,961 4,174 5,565

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RIG NATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Creditors: Amounts falling due within one year

	2023	2022
	£	£
Accruals and deferred income	1,500	1,500

Page 17

RIG NATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Statement of funds

Statement of funds - current year

Unrestricted funds General Fund Building Master Class Partner Programme RIG Africa RIG London RIG Nation RIG USA Crusades Occupy UK	Balance at 1 April 2022 £ 164,607 36,292 (1,610) 218,975 (222) 25,500 3,211 (9,132) 2,472 - 440,093	Balance at Transfers 31 March Income Expenditure in/out 2023 £ £ £ £ 469,306 (583,063) 59,591 110,441 11,446 (236,352) 188,614 - 868 - 742 - 85,989 (540) (304,424) - - (12,000) 12,222 - 47,657 (65,622) (7,535) - 198,399 (196,923) (4,687) - - (2,259) 11,391 - - (33,277) 30,805 - 33,217 (46,498) 13,281 - 846,882 (1,176,534) - 110,441

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RIG NATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds General Fund Building Master Class Partner Programme RIG Africa RIG London RIG Nation RIG USA Crusades	Balance at 1 April 2021 £ 162,155 - - - - - - - - 162,155	Income £ 22,055 36,292 3,390 220,316 - 169,294 457,937 - 2,472 911,756	Expenditure £ (19,603) - (5,000) (1,341) (222) (143,794) (454,726) (9,132) - (633,818)	Balance at 31 March 2022 £ 164,607 36,292 (1,610) 218,975 (222) 25,500 3,211 (9,132) 2,472 440,093

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