Charity registration number 1181496
SAAVAN'S TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
SAAVAN'S TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| TRUSTEES | G Mundae |
|---|---|
| J Mundae | |
| J Stewart | |
| N Rees | |
| P Heath | |
| J Mundae | |
| F Bayliss | |
| J Heath | |
| S Mundae (appointed November 2024) | |
| CHARITY NUMBER | 1181496 |
| PRINCIPAL ADDRESS | 10 Bedford Street |
| London | |
| WC2E 9HE | |
| INDEPENDENT EXAMINER | Fox Smith Associates Ltd |
| 43 High Street | |
| Marlow | |
| SL7 1BA | |
| BANKERS | HSBC Bank Plc |
| City of London Branch | |
| 60 Queen Victoria Street | |
| EC4N 4TR |
SAAVAN'S TRUST
CONTENTS
| Page | Contents |
|---|---|
| 1 - 2 | Trustees' report |
| 3 | Independent examiner's report |
| 4 | Statement of financial activities |
| 5 | Balance Sheet |
| 6 | Statement of cash flows |
| 7 - 10 | Notes to the financial statements |
SAAVAN'S TRUST
TRUSTEE'S REPORT - FOR THE YEAR ENDED 31 JANUARY 2025
The trustees present their annual report and financial statements for the year ended 31 January 2025.
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 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 trust was set-up 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.
In January 2023 Saavan’s Trust partnered with ActionAid once again. This time to build a secondary school in Damak Trach village, a rural location in the Kampot province of Cambodia. The new secondary school was on the same site as the existing Oddom Meanchey Primary school and served another three primary schools nearby. The school provided facilities for 546 local children as well as crucial training for the teachers, a provision the local community tried to arrange for over ten years. The project began in January 2023 and was completed in August 2023 in time for the 2023/2024 school year.
Miss S Mundae was appointed as a trustee in November 2024.
In 2025 discussions began with several proposed partners for projects to be undertaken in the next financial year.
Financial review
Over the past year a number of fundraising events took place, such as bake sales and sponsored walks. 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.
Page 1
SAAVAN'S TRUST
FOR THE YEAR ENDED 31 JANUARY 2025
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:
TRUSTEES
G Mundae J Mundae J Stewart N Rees P Heath J Mundae F Bayliss J Heath S Mundae (appointed November 2024)
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.
................................... G Mundae Trustee
Date..........................
Page 2
SAAVAN'S TRUST
INDEPENDENT EXAMINER'S REPORT
I report to the trustees on my examination of the financial statements of Saavan's Trust (the trust) for the year ended 31 January 2025.
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.
Antony Smith FCCA, CTA, TEP
Fox Smith Associates Ltd 43 High Street Marlow SL7 1BA
Page 3
SAAVAN'S TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED JANUARY 2025
----- Start of picture text -----
Note 2025 2024
£ £
INCOME FROM
Donations and legacies 2 7,483 7,009
Total Incoming Resources 7,483 7,009
RESOURCES EXPENDED
Raising funds 3 - -
Charitable activities 4 1,505 670
TOTAL RESOURCES EXPENDED 1,505 670
NET (OUTGOING)/INCOMING RESOURCES 5,978 6,339
NET MOVEMENT IN FUNDS 5,978 6,339
Fund balance at 1 February 2024 21,686 15,348
Fund balances at 31 January 2025 27,664 21,686
----- End of picture text -----
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Notes on pages 7 to 10 form part of these financial statements.
Page 4
SAAVAN'S TRUST
BALANCE SHEET AS AT 31 JANUARY 2025
----- Start of picture text -----
Note 2025 2024
£ £
CURRENT ASSETS
Debtors 8 - -
Cash at bank 27,664 21,686
27,664 21,686
CREDITORS:
Amounts falling due 9 - -
within one year
NET CURRENT ASSETS 27,664 21,686
FUNDS
Unrestricted 27,664 21,686
27,664 21,686
----- End of picture text -----
The Financial Statements were approved by the Board of Trustees on …........... and signed on its behalf by
G Mundae
Trustee
The Notes on pages 7 to 10 form part of these financial statements.
Page 5
SAAVAN'S TRUST
STATEMENT OF CASH FLOWS AS AT 31 JANUARY 2025
----- Start of picture text -----
Note 2025 2024
£ £
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operating activities 11 5,978 5,714
- -
Net cash used in investing activities
- -
Net cash used in financiing activities
- -
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year 21,939 16,223
Cash and cash equivalents at end of year 27,919 21,939
----- End of picture text -----
The Notes on pages 7 to 10 form part of these financial statements.
Page 6
SAAVAN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
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.
Page 7
SAAVAN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1 Accounting policies
1.7 Financial instruments
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 trust's balance sheet when 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 trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Donations and legacies
----- Start of picture text -----
||||
|---|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|2025|2024|
|£|£|
|Donations and gifts|7,483|7,009|
----- End of picture text -----
Page 8
SAAVAN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
3 RAISING FUNDS
| 4 5 |
Fundraising and publicity Staging fundraising events CHARITABLE ACTIVITIES Share of support costs (see no SUPPORT COSTS Cost or Valuation Computer costs Subscriptions Accountancy Fees Bank Charges Insurance Analysed between Charitable activities |
te 5) Support costs £ - 547 184 774 1,505 1,505 |
Governance costs £ - - - - - - - |
2025 Total £ - 547 - 184 774 1,505 1,505 |
Support costs £ - 490 (750) 185 746 670 670 |
2025 £ - - School building project 2025 £ 1,505 Governance costs £ - - - - - - - |
2024 £ - - School building project 2024 £ 670 2024 Total £ - 490 (750) 185 746 670 670 |
|---|---|---|---|---|---|---|---|
6 TRUSTEES
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
Page 9
SAAVAN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
----- Start of picture text -----
7 EMPLOYEES
The average monthly number of employees during the year was: 2025 2024
Total - -
8 DEBTORS 2025 2024
£ £
Amounts falling due within one year:
- -
Prepayments and accrued income
9 CREDITORS
2025 2024
£ £
Amounts falling due within one year
Accruals and deferred income - -
10 RELATED PARTY TRANSACTIONS
During the period the trust received donations of £5,714 (2024: NIL) from companies owned by trustees.
11 CASH GENERATED FROM OPERATIONS
2025 2024
£ £
Surplus for the year 5,978 6,339
Movements in working capital
-
(Increase) in debtors (625)
- -
(Decrease) / Increase in creditors
Cash generated from operations 5,978 5,714
12 ANALYSIS OF CHANGES IN NET FUNDS
The Trust had no debt during the year
----- End of picture text -----
Page 10
ST Accounts FY2025 for signing
Final Audit Report
2025-11-12
Created: 2025-11-12 By: Michael Shum (michael.s@wearebulletproof.com) Status: Signed Transaction ID: CBJCHBCAABAAw3MlX4lm2m0qbBbhVBpNsJZzchcAbdzG
"ST Accounts FY2025 for signing" History
Document created by Michael Shum (michael.s@wearebulletproof.com)
2025-11-12 - 12:44:17 PM GMT
Document emailed to Gush Mundae (gush@wearebulletproof.com) for signature 2025-11-12 - 12:45:48 PM GMT
Email viewed by Gush Mundae (gush@wearebulletproof.com) 2025-11-12 - 12:46:34 PM GMT
Document e-signed by Gush Mundae (gush@wearebulletproof.com)
Signature Date: 2025-11-12 - 12:47:08 PM GMT - Time Source: server
Agreement completed.
2025-11-12 - 12:47:08 PM GMT