Preheat the oven to 340 F and grease an 8 x 8 baking pan with butter. Set aside. In a bowl, whisk together the flour and baking powder. Set aside.
Add the saffron threads to one tablespoon of hot water, and set aside while it blooms and releases its aroma. In a stand mixer or handheld mixer, add the butter and sugar. Beat on medium high speed for about 5-7 minutes until the butter and sugar are well incorporated. The batter at this point will look fluffy and pale in color. Add the eggs one by one, and mix on medium speed until well incorporated. Now add the saffron water and vanilla. Mix until just combined. Gradually add in the flour mixture in portions, scraping the sides as you go until the full bowl is incorporated. Transfer the batter to the prepared baking pan, and bake for about 25 minutes or until a toothpick inserted into the cake comes out clean. Remove from oven, and set aside to cool while you prepare the sweetened milk.
Add the milk, whipping cream, condensed milk and saffron to a medium pot and bring to a boil. Simmer for about five minutes or so. Set aside to cool. Using a skewer or a fork, poke the cake all over before you add the sweetened milk. Pour over half of the sweetened milk (the remaining will be used while serving). Set aside. For the Whipped Cream Topping: Add both the whipping cream and sugar to the bowl of a stand mixer (you may also use a handheld mixer). Beat on high speed for about 1-2 minutes or until soft peaks have formed. Do not overbeat, or else you’ll end up with butter. Spread this whipped cream evenly over the cake (make sure it’s cool!) Cover and place in the fridge for at least 4 hours or overnight.
Add both the whipping cream and sugar to the bowl of a stand mixer (you may also use a handheld mixer). Beat on high speed for about 1-2 minutes or until soft peaks have formed. Do not overbeat, or else you’ll end up with butter. Spread this whipped cream evenly over the cake (make sure it’s cool!) Cover and place in the fridge for at least 4 hours or overnight.
Cut the saffron milk cake into even squares. To serve, place on square onto a serving plate, pour over 2-3 tablespoons of the sweetened milk. Garnish with slivered pistachios, dried roses and a pinch of saffron.