**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.
**----- Start of picture text -----**
..............................
**----- End of picture text -----**
.............................. 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
**2022**Support 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
**2022**Support 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 (Guildfordsupport@alliotts.com) Status: Signed Transaction ID: CBJCHBCAABAASF21Hi0YezMe6Td2jR9gUo9jZXo4TtJ6
## "22.11.22 Saavan's Trust accounts 2022" History
Document created by Alliotts Guildford Support (Guildfordsupport@alliotts.com) 2022-11-22 - 10:34:09 GMT- IP address: 88.98.47.65
Document emailed to Gush Mundae (gush@wearebulletproof.com) for signature 2022-11-22 - 10:36:24 GMT
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## Document e-signed by Gush Mundae (gush@wearebulletproof.com)
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Signer nicholas.watterson@alliotts.com entered name at signing as N Watterson 2022-11-22 - 14:02:16 GMT- IP address: 86.134.65.117
## Document e-signed by N Watterson (nicholas.watterson@alliotts.com)
Signature Date: 2022-11-22 - 14:02:18 GMT - Time Source: server- IP address: 86.134.65.117
## Agreement completed.
2022-11-22 - 14:02:18 GMT