2022-01-31-accounts

Charity registration number 1181496

SAAVAN'S TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

SAAVAN'S TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	G Mundae
	J Mundae
	J Stewart
	N Rees
	P Heath
	J Mundae
	F Bayliss
	J Heath
Charity number	1181496
Principal address	10 Bedford Street
	London
	WC2E 9HE
Independent examiner	Alliotts LLP
	Friary Court
	13-21 High Street
	Guildford
	Surrey
	GU1 3DL
Bankers	HSBC Bank plc
	City of London Branch
	60 Queen Victoria Street
	London
	EC4N 4TR

SAAVAN'S TRUST

CONTENTS

	Page
Trustees' report	1 - 2
Independent examiner's report	3
Statement of financial activities	4
Balance sheet	5
Statement of cash flows	6
Notes to the financial statements	7 - 10

SAAVAN'S TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JANUARY 2022

The trustees present their annual report and financial statements for the year ended 31 January 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the the trust's governing document, the Charities Act 2011 and "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).

Objectives and activities

The trust's objects are to advance the education of impoverished children in disadvantaged areas of the world who have no access to schools by the provision of grants to partnering charities to build schools and youth centres.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

Achievements and performance

Saavan’s Trust was founded in 2018 after the sudden loss of Saavan Mundae in 2017. The intention was to build schools in less privileged parts of the world by partnering with proven charities to bring education to those who need it most.

For the first project Saavan’s Trust partnered with ActionAid to build a school in Barmurikona, a small rural village within the Assam region of India. The school allowed for a capacity of 850 pupils and provided local children an education, as well as a place for the local community to come together. The project began in November 2019 and, after a delay caused by the COVID-19 pandemic, was completed at the end of November 2021.

In January 2022 Saavan’s Trust pledged further funding to the school in Barmurikona village to build an extra four classrooms.

Towards the end of the financial year Saavan’s Trust agreed to partner with ActionAid to build a second school in Damak Trach village, a rural location in the Kampot province of Cambodia. Once built, the school will provide facilities for 546 local children as well as crucial training for the teachers. The project will also include the installation of sanitation and freshwater facilities to benefit the surrounding community.

Financial review

Saavan's Trust had income during the period of £28,774 (2021: £3,316) and unrestricted funds held at the period end of £55,743 (2021: £31,055). These funds are to be used to continue to fund the future activities of the trust.

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Following the lifting of the COVID-19 restrictions all fundraising events resumed. Activities included sponsored mountaineering, bike rides and a hosted cinema event. This was in addition to continued support via donations from individuals and companies.

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The trustees acknowledge projects may operate in areas exposed to potential Geo-Political issues, such as the passing of the Citizen Amendment Act in India at the end of 2019. The trust will not overexpose itself by undergoing multiple projects at one time, so such risks are deemed minimal, manageable and an inherent fact of operating in these areas.

• 1 -

SAAVAN'S TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

Structure, governance and management

Saavan's Trust is a Charitable Incorporated Organisation, registered with the Charity Commission under registration number 1181496.

The organisation is governed by a constitution, which has been agreed with the Charity Commission and whose only voting members are its charity trustees.

The trustees who served during the year and up to the date of signature of the financial statements were: G Mundae

J Mundae

J Stewart N Rees P Heath J Mundae F Bayliss J Heath

All trustees are appointed for an unlimited term. A prospective trustee must be formally proposed and approved by the current trustees.

The trustees' report was approved by the Board of Trustees.

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..............................
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.............................. G Mundae Trustee

22/11/2022 Date: .............................................

• 2 -

SAAVAN'S TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SAAVAN'S TRUST

I report to the trustees on my examination of the financial statements of Saavan's Trust (the trust) for the year ended 31 January 2022.

Responsibilities and basis of report

As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

• 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 trust as required by section 130 of the 2011 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements 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 financial statements to be reached.

N Watterson

N Watterson (Nov 22, 2022 14:02 GMT)

Nicholas Watterson ACA

Alliotts LLP Friary Court 13-21 High Street Guildford Surrey GU1 3DL 22/11/2022 Dated: .........................

• 3 -

SAAVAN'S TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2022

		**Unrestricted **	Unrestricted
		funds	funds
		2022	2021
	Notes	£	£
Income from:
Donations and legacies	2	28,774	3,316
Expenditure on:
Raising funds	3	1,560	-
Charitable activities	4	2,526	2,366
Total expenditure		4,086	2,366
Net income for the year/
Net movement in funds		24,688	950
Fund balances at 1 February 2021		31,055	30,105
Fund balances at 31 January 2022		55,743	31,055

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

• 4 -

SAAVAN'S TRUST

BALANCE SHEET

AS AT 31 JANUARY 2022

Notes Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Income funds Unrestricted funds	2022 £ 626 56,617 57,243 (1,500)	£ 55,743 55,743 55,743	2021 £ - 34,055 34,055 (3,000)	£ 31,055
				31,055
				31,055

22/11/2022

The financial statements were approved by the Trustees on .........................

.............................. G Mundae Trustee

• 5 -

SAAVAN'S TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2022

2022 Notes £ Cash flows from operating activities Cash generated from operations 12 Net cash used in investing activities Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	2021 £ £ 22,562 - - 22,562 34,055 56,617	£ 2,450 - -
		2,450 31,605
		34,055

• 6 -

SAAVAN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

1 Accounting policies

Charity information

Saavan's Trust is a Charitable Incorporated Organisation registered under charity number 1181496.

1.1 Accounting convention

The financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ("FRS 102"), 'Accounting and Reporting by Charities' the Statement of Recommended Practice for charities applying FRS 102 and UK Generally Accepted Accounting Practice.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Expenditure

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure includes all VAT which is not recovered, and is reported as part of the expenditure to which it relates.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

• 7 -

SAAVAN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

1 Accounting policies

(Continued)

1.7 Financial instruments

The the trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the the trust's balance sheet when the the trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Donations and legacies

	Unrestricted	Unrestricted
	funds	funds
	2022	2021
	£	£
Donations and gifts	28,774	3,316

• 8 -

SAAVAN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

3 Raising funds

Unrestricted funds 2022 £ Fundraising and publicity Staging fundraising events 1,560 1,560	Total 2021 £ -
	-

4 Charitable activities

Share of support costs (see note 5) Support costs Support costs Governance costs £ £ Computer costs 313 - Accountancy fees 1,500 - Bank charges - - Insurance 713 - 2,526 - Analysed between Charitable activities 2,526 -	School building project School building project 2022 2021 £ £ 2,526 2,366 2022Support costs Governance costs 2021 £ £ £ £ 313 194 - 194 1,500 1,500 - 1,500 - 17 - 17 713 655 - 655 2,526 2,366 - 2,366 2,526 2,366 - 2,366	School building project School building project 2022 2021 £ £ 2,526 2,366 2022Support costs Governance costs 2021 £ £ £ £ 313 194 - 194 1,500 1,500 - 1,500 - 17 - 17 713 655 - 655 2,526 2,366 - 2,366 2,526 2,366 - 2,366
		2021 £ 194 1,500 17 655
		2,366
		2,366

5 Support costs

Support costs includes payments to the independent examiners of £1,500 for accounting and examination fees.

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

• 9 -

SAAVAN'S TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022

7 Employees

The average monthly number of employees during the year was:

	The average monthly number of employees during the year was:
		2022	2021
		Number	Number
	Total	-	-
	There were no employees whose annual remuneration was more than £60,000.
8	Debtors
		2022	2021
	Amounts falling due within one year:	£	£
	Prepayments and accrued income	626	-
9	Creditors: amounts falling due within one year
		2022	2021
		£	£
	Trade creditors	-	1,500
	Accruals and deferred income	1,500	1,500
		1,500	3,000

10 Retirement benefit schemes

The the trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the the trust in an independently administered fund.

11 Related party transactions

During the period the trust received donations of £1,500 (2021: £Nil) from companies owned by trustees.

12 Cash generated from operations Surplus for the year Movements in working capital: (Increase) in debtors (Decrease)/increase in creditors Cash generated from operations 13 Analysis of changes in net funds The Trust had no debt during the year.	2022 £ 24,688 (626) (1,500) 22,562	2021 £ 950 - 1,500
		2,450

• 10 -

2022-11-22

22.11.22 Saavan's Trust accounts 2022

Final Audit Report

Created: 2022-11-22 By: Alliotts Guildford Support ([e-mail]) Status: Signed Transaction ID: CBJCHBCAABAASF21Hi0YezMe6Td2jR9gUo9jZXo4TtJ6

"22.11.22 Saavan's Trust accounts 2022" History

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