## **KUSUMA TRUST UK**
## **(A company limited by guarantee and not having a share capital)**
**ACCOUNTS FOR THE YEAR to 31 December 2021**
## **Registered in England Companies House Registration No. 06753811 Charities Commission Registration No. 1126983 KUSUMA TRUST UK**
|**CONTENTS**|Page|
|---|---|
|**Trustees Report, including Directors Report**|3|
|**Independent Auditors Report**|13|
|**Annual Accounts**||
|**Statement of Financial Activities**|17|
|**Balance Sheet**|18|
|**Statement of Cash Flows**|19|
|**Notes to the accounts**|20|
2
**Trustee Report for the year to 31 December 2021**
The Trustees, who are also the directors of the company, present their Report together with the Financial Statements of the charity for the year to December 2021. The Financial Statements have been prepared in accordance with the current statutory requirements, the Companies Act 2006 and the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) 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).
## **Introduction**
We are a family led philanthropic trust created with the purpose of making grants to charities, organisations and initiatives for the benefit of society and the wider world.
We believe that understanding challenges and applying creative and innovative solutions can achieve significant change. Communities themselves are best placed to understand what they need and very often require only a little help to make a big difference. For this reason we make grants that support research, innovation and creative solutions which are initiated by organisations and communities themselves. Where possible we prefer to give matched grants to encourage others to give and make our funding go further.
We work with a range of grantees in our chosen priority areas. We are regularly in touch with other grant making bodies to share knowledge and experiences and keep up to date with the latest developments.
As a family led trust we have the unique privilege of being able to look for opportunities to support novel ideas that may take longer to find support.
## **Strategic Priorities**
To identify organisations and initiatives led by motivated and committed people keen on exploring, delivering and consistently monitoring their impact in line with our current priority areas as listed below.
- **Health and Wellbeing:** Renovating, upgrading and expanding local health facilities and supporting advanced treatment and medical trials.
- **Access to Opportunities** : Supporting education opportunities for people from all walks of life including those with Special Educational Needs and supporting learning spaces and opportunities outside of formal settings.
- **Community and Environment** : Promoting green spaces and urban biodiversity in London
Although causes mentioned above are the areas we are actively interested in, Trustees can choose to support other causes. These are classified as ‘random acts of kindness’.
We do not fund initiatives outside our geographical region of interest.
## **Research and Advocacy**
We prefer partnerships with organisations that are measuring their own impact and do not, therefore, prioritise individualised outcomes research. This does not reduce our appetite for research and we will continue to commission studies in consultation with our partners where there are opportunities to study evidence before scaling an intervention or studies in our area of interest if an opportunity presents.
Evidence generated from research is used to shape our grant making, and influence the practices and policies of implementers, other donors, government and policy bodies
## **Geographic Focus**
Our geographic focus reflects the regions where the Founders have lived as the challenges and complexities of these regions are better understood by us. These regions are:
- The United Kingdom, primarily London
- Gibraltar
- India
3
## **Objectives and Activities**
The Trust makes grants to organisations in line with its charitable purposes, and strategic priorities.
We aim to partner with a range of organisations that are pioneers and leaders in their field trying innovative solutions for lasting change. These may be world-class institutes or smaller organisations that are working with local communities to advance health and well-being as well as promoting access to opportunities for individuals from all walks of life.
We do not accept unsolicited applications. Our team of Trustees and staff find opportunities to fund partners through various networks, event participation, recommendations from advisors and specific open calls. Our grants may cover programme costs, equipment, infrastructure, research and studies in areas of strategic priority. For larger grants we prefer to give matched funding.
In each of our geographic areas, our policy is to collaborate with grantees and partners to develop proposals that align with our strategic priorities. We assess prospective grantees’ status, capacity and expertise before we award a grant.
We work with partners to define the results we hope to achieve, and agree key milestones to measure progress and outcomes. In some cases we evaluate our work to generate evidence to inform further funding, influence policy and promote adoption of our work by other donors and implementers. We share the results of our work, reflect on lessons learned and make changes based on lessons and evidence.
The last year represents Kusuma Trust’s largest year of grants being awarded. Eighty-nine new grants were given taking the total portfolio to 140 active grants. We are very pleased to be working with a wide variety of partners impacting on our priority areas. The programmes we are supporting this year in the UK range from state-of-the-art imaging equipment for the Royal Brompton and Harefield Hospitals Charity for catheter labs, to a pilot project at the Museum of London to collect children’s oral histories, and equipment for the Environmental Research Group at Imperial College to enhance their air quality emissions research. Our partners in India had a challenging year with Covid and we were impressed with how they adapted their programmes to ensure young people were still receiving vital education in this time, whilst in Gibraltar we continued to support education, professional development, and community led programmes. We are looking forward to working with all our partners over the coming year and seeing how their programmes, capital projects, and research develop.
In 2021, we awarded 93 new grants totalling over £4.7m of which £2.7m was paid during the year. The projects funded in the year to 31 December 2021 are outlined below.
## **UK PROGRAMMES**
## **Access to Opportunities and Education**
We focus our funding on improving access to those who have limited opportunities available to them. Our funding aims to provide life-enhancing opportunities through supporting charities working in the special educational needs sector and informal learning spaces, including museums and community centres.
|**_Grantee_**|**_Project_**|**_Start Date_**|**_End Date_**|**_Amount_**|
|---|---|---|---|---|
|Brilliant Club|TheBrilliant ClubLondon|01/09/2020|02/08/2021|£21,000|
|British Library - Paddington
day|Paddington Familyday|09/08/2021|15/10/2021|£5,136|
|CambridgeHouse|SENsational(SEN) Sports|25/10/2021|31/08/2022|£7,911|
|Caxton Youth
Organisation|Minibuslease and digital media project|17/05/2021|15/12/2022|£12,707|
|Chance to Shine|Chance to Shine Street Cricket - Life Skills
Education Workshops|15/10/2021|15/11/2022|£33,600|
|ChefsinSchools|Transforming School Food|01/09/2019|01/12/2022|£50,000|
|ChelseaTheatre|Bi-weeklyBreakfast and Breakout Sessions|01/08/2021|24/09/2021|£13,920|
|ChessinSchools|ChessFest-outdoorchessfestival|10/06/2021|04/08/2021|£10,000|
|Children's Discovery
Centre|Evaluation,Teachers’ ForumandCPD|01/09/2021|15/12/2023|£25,380|
|Construction Industry
Trustfor Youth|BuildingFuturesintheTri-borough|01/09/2021|31/03/2023|£25,000|
4
|CreateArts|environment: tales|15/10/2021|16/01/2023|£49,506|
|---|---|---|---|---|
|CreativeFutures|My SoundStories project and impact evaluation|01/11/2021|15/01/2023|£54,300|
|Design Museum|WasteAgeFamilyTrail|10/09/2021|07/03/2022|£8,000|
|Equal PeopleMencap|HealthyLivingProject|01/04/2021|15/06/2022|£20,000|
|founders4schools|Futures4Students CareerJam|17/05/2021|08/07/2021|£18,800|
|Friends of Leighton House|Leighton House – Developing the new Learning
Centre|01/06/2021|31/03/2023|£45,450|
|Greenpower Education
Trust|ExpandingParticipation in London|08/02/2021|01/09/2022|£24,304|
|Harrow Club W10|DebateBoxing|01/11/2020|31/07/2021|£23,112|
|Helen Arkell Dyslexia
Charity|FAST:families andschools project|12/03/2021|15/08/2022|£22,722|
|ICANCharity|Unlocking the academic potential of children
withSEN|04/02/2021|15/04/2022|£22,245|
|ICANCharity|evaluation phase of the Talk Boost Year 7
project|01/11/2021|15/09/2023|£50,000|
|Imperial War Museum|Documentary Challenge programme|01/09/2021|08/08/2022|£18,510|
|KIDS|LadyAllenplayground rejuvenation|22/12/2020|15/12/2021|£23,500|
|KIDS|Slide replacement at Lady Allen Adventure
Playground|30/07/2021|15/11/2021|£8,000|
|London Transport Museum
Limited|InspireEngineering Careers|01/11/2021|15/01/2023|£36,538|
|MayorsFund|Access Aspiration’s expansion into at least 10
new schools|01/12/2021|15/08/2023|£50,000|
|Migrants Organise|Mind the Gap - Migrants Organise for
Immigration Advice|01/11/2021|31/01/2023|£15,000|
|Museumof Brands|EngagingYoungLearners|02/11/2020|31/11/2021|£10,000|
|MyBnk|MoneyTwistKey Stage2|01/09/2021|31/08/2022|£19,780|
|National Autistic Society|AutismatWorkSummit|09/09/2020|01/04/2021|£13,170|
|National MaritimeMuseum|Charting Our Course: Creating digital learning
resourcesforSEND learners|01/09/2021|01/09/2022|£14,730|
|NovaNew Opportunities|Summer HolidayProject|09/072021|24/09/2021|£10,000|
|NovaNew Opportunities|ChristmasHolidayActivities|06/12/2021|15/01/2021|£1,198|
|Photographers Gallery|Teen Tours|01/02/2022|15/04/2023|£9,900|
|Royal Association for Deaf
People|Deaf Youth Advance project,|18/11/2021|31/12/2022|£29,983|
|TheRoyal Institution|Delivering Science in Schools shows in London
areas of disadvantage|15/11/2021|31/08/2022|£65,990|
|Royal Society for Blind
Children|CulinaryHorizons project|09/11/2021|15/01/2023|£47,769|
|SirJohnSoane'sMuseum|Schooloutreachand informal learning|01/06/2021|22/07/2022|£15,000|
|SomersetHouseTrust|Beano: Young People’s Programmes and Upgrade
Yourself|01/07/2021|30/11/2022|£61,560|
|StPaul's Girls'School|BursaryProgramme|01/06/2021|31/08/2023|£100,000|
|StPaul's School|Bursary Support|24/04/2020|29/10/2021|£25,000|
|The Avenues Youth
Project|Kitchenskills project &kitchen refurbishment|01/09/2021|15/01/2023|£25,000|
|The British Library -
Booklets grant|British Library= FamilyPacks|01/04/2021|15/09/2021|£16,250|
|The Gold Standard
Charitable Trust – The
WetherbyBursaryFund|Bursary andScholarshipFund|01/09/2021|31/08/2022|£10,000|
|The Kensington and
ChelseaFoundation|Recover + Reconnect: Summer Youth
Programme|26/05/2021|01/10/2021|£82,443|
|TheWinchester Project|Roof repairs and dancemachinereplacement|23/07/2021|18/10/2021|£5,000|
|Universify|UniversifyEducation|01/11/2020|04/05/2021|£9,962|
|Venture Community
Association|AdditionalopeningHours|03/02/2020|31/01/2021|£14,552|
|Young Westminster
Foundation|YoungWestminster Foundation NeedsAnalysis|20/01/2021|30/04/2021|£8,680|
5
## **Health and Wellbeing**
We choose to support our local health care system by investing in improving facilities and equipment in hospitals, so that more patients can be seen, and their overall experience is improved. We also partner with universities to fund medical research that encourages innovation and the development of new life changing treatments.
|**_Grantee_**|**_Project_**|**_Start Date_**|**_End Date_**|**_Amount_**|
|---|---|---|---|---|
|CW+|CriticalCare Unit|01/09/2018|30/11/2021|£200,000|
|Greenwich and Bexley
CommunityHospice|Greenwich&BexleyHospice-COVID response|20/01/2021|01/08/2021|£25,000|
|Imperial College , The
Stevens Group|Healing theHeart|01/01/2020|31/10/2022|£24,000|
|Imperial College , The
Stevens Group|Healing the Heart using an innovative material
strategy|11/12/2020|30/06/2022|£100,000|
|Royal Brompton and
Harefield Hospitals Charity|Purchase and implementation of an electronic
clinicalobservationsystem|17/02/2020|15/01/2022|£100,000|
|Royal Brompton and
Harefield Hospitals Charity|The replacement of vital equipment to diagnose
and treat children and adults with heart and lung
conditions|09/12/2021|18/11/2022|£250,667|
|SinhaLab|Healing the Heart using an innovative material
strategy|11/12/2020|30/06/2022|£100,000|
|University ofCambridge|Confocal Microscope for Cambridge Stem Cell
Institute|24/01/2020|25/01/2021|£210,000|
|Covidsortium|“Am I still protected? Immune decay, SARS-CoV-
2 variants and the choice and timing of booster
vaccinations”|20/10/2021|31/10/2022|£49,400|
## **Community and Environment**
We focus our giving on green space projects that improve the environment and air quality in London to make our city more attractive for those who live, work and visit. The spaces we support, often in builtup urban areas, have the bonus of bringing together communities and having a positive impact on mental health and wellbeing and improving the environment.
|**_Grantee_**|**_Project_**|**_Start Date_**|**_End Date_**|**_Amount_**|
|---|---|---|---|---|
|Bankside Open Spaces
Trust|Bankside Open Spaces Trust (BOST) Landscape
Academy|01/04/2021|31/04/2022|£17,783|
|BeauchampLodge|Floating Classroom Forest School|15/11/2020|31/08/2021|£8,395|
|Buglife-The Invertebrate
Conservation Trust|London B-LineDevelopmentPhase|01/04/2021|30/09/2021|£24,700|
|Butterfly Conservation|Big CityButterflies|06/12/2021|15/01/2023|£9,267|
|Calthorpe Community
Garden|Closed Loop Waste Recycling & Food
Production Micro System|18/10/2021|01/09/2021|£37,879|
|CityHarvest|ContributiontoRunning costs ofadelivery van|10/01/2020|11/01/2021|£25,000|
|Conservation Education
and Research Trust a.k.a
Earth Watch|Teach Earth|01/09/2021|31/08/2022|£19,865|
|GlobalGeneration|GrowingTogether|15/02/2021|01/03/2022|£23,229|
|Horatio's Garden|Horatio's Garden - LondonandSouth East|01/05/2021|30/04/2022|£23,000|
|HubbubFoundationUK|Lancaster West GiveItAGrow|08/03/2021|31/07/2022|£23,500|
|Imperial College of Science
Technology and Medicine
Donations|Purchase and use of all the equipment for the
Local AirQualityEmission MeasurementFacility|05/02/2020|15/08/2022|£172,163|
|Jamie'sFarm|Delivering visit programmes at Jamie’s Farm in
Waterloo|14/12/2020|31/08/2021|£18,500|
|Kew Gardens|School Bursaries atRoyal Botanic Gardens,Kew|01/12/2021|01/12/2022|£25,000|
|Kew Gardens|Youth Explainer Programme|01/12/2020|31/03/2022|£31,500|
|Linking Environment and
Farming|LEAF UK Regional Education Consultant in
London|01/09/2021|31/07/2022|£16,000|
|Meanwhile Gardens
CommunityAssociation|UpgradingMeanwhile GardensPlayhut|15/03/2021|15/05/2021|£10,128|
|Natural HistoryMuseum|Urban NatureProject|01/12/2021|15/02/2025|£1,500,000|
6
|RamblersAssociation|Don'tlose yourway!|01/09/2021|31/08/2022|£25,000|
|---|---|---|---|---|
|Roots andShoots|Set toflourish!|01/09/2021|30/09/2022|£22,507|
|ThamesExplorer Trust|Advertising and communications for KS2
foreshore project|26/09/2020|23/07/2021|£9,200|
|The Chelsea Physic Garden
Company|Greening Schools Project & Wellbeing project
for healthcare workers|01/09/2021|31/03/2023|£12,070|
|The Horniman Museum
andGardens|Micro-forest; Forest School, Environment
Champions ClubPilot|01/06/2021|31/11/2022|£29,305|
|The Inland Waterways
Association|Paddington Arm Big CleanUp|10/06/2021|26/07/2021|£5,830|
|The Kensington and
ChelseaFoundation|GreenSopacesin Kensington& Chelsea|12/11/2018|31/01/2021|£20,000|
|The Orchard Project|Blossoming SchoolOrchards|15/11/2020|31/03/2022|£14,050|
|ThePhoenixGarden|GrowingTogetherat thePhoenixGarden|01/02/2021|15/07/2021|£10,000|
|TheRoyal Parks|‘The Green Futures Project’ hands-on
environmentalconservationskills|01/06/2021|31/08/2023|£80,000|
|TheTree Council|ForceFor NatureYoungAmbassadors pilot|15/03/2021|31/10/2021|£9,600|
|The Zoological Society of
London|Community and Education Hub within the
Snowdon Aviary|01/04/2019|28/04/2023|£100,000|
|VauxhallCityFarm|Developing theFarm|01/08/2021|15/08/2024|£98,600|
|WalworthGarden|Walworth Garden Growing Pathways Training
Programme|01/09/2021|31/07/2022|£25,000|
|Wildfowl and Wetland
Trust|Wetland Watching|01/11/2021|15/08/2023|£25,000|
## **Random Acts of Kindness**
For the fourth consecutive year, staff and Trustees were given the opportunity to anonymously award one-off donations of up to £10,000 each to not-for-profit organisations that they feel passionate about. This allows us to give unrestricted grants to charities that might not normally fit into our wider strategy.
|**_Grantee_**|**_Project_**|**_Start Date_**|**_End Date_**|**_Amount_**|
|---|---|---|---|---|
|Alzheimer'sResearchUK|Random Act of Kindness|07/12/2021|24/01/2023|£10,000|
|Ace ofClubs|Random Act of Kindness|22/12/2020|31/01/2021|£10,000|
|BiteBack 2030Limited|Random Act of Kindness|14/12/2021|24/01/2023|£10,000|
|BowFood Bank|Random Act of Kindness|21/12/2020|31/01/2021|£10,000|
|Leukaemia UK|Random Act of Kindness|07/12/2021|24/01/2023|£10,000|
|Live Unlimited|Random Act of Kindness|14/12/2021|24/01/2023|£10,000|
|London Friend|Random Act of Kindness|08/12/2020|31/01/2021|£10,000|
|MattHampson Foundation|Random Act of Kindness|08/12/2020|31/01/2021|£10,000|
|Music asTherapy|Random Act of Kindness|17/12/2021|24/01/2023|£10,000|
|North LondonCares|Random Act of Kindness|09/12/2020|31/01/2021|£10,000|
|Papyrus|Random Act of Kindness|14/12/2020|31/01/2021|£10,000|
|Refugee Cafe|Random Act of Kindness|11/12/2020|31/01/2021|£10,000|
|Royal Mencap Society|Random Act of Kindness|07/12/2021|24/01/2023|£10,000|
|Small Acts of Kindness
Trust|Random Act of Kindness|07/12/2021|24/01/2023|£10,000|
|Spread TheWord|Random Act of Kindness|07/12/2021|24/01/2023|£10,000|
|TamashaTheatre Company|Random Act of Kindness|07/12/2021|24/01/2023|£10,000|
|TheArmitageFoundation|Random Act of Kindness|14/12/2021|24/01/2023|£10,000|
|TheBhavan|Random Act of Kindness|08/12/2020|31/01/2021|£10,000|
|TheBikeProject|Random Act of Kindness|07/12/2021|24/01/2023|£10,000|
|TheElizabeth Foundation|Random Act of Kindness|07/12/2021|24/01/2023|£10,000|
|TheKidsNetwork|Random Act of Kindness|17/12/2021|24/01/2023|£10,000|
7
|The Literacy Pirates
Limited|Random Act of Kindness|07/12/2021|24/01/2023|£10,000|
|---|---|---|---|---|
|Tower Hamlets
Opportunity Group|Random Act of Kindness|07/12/2021|24/01/2023|£10,000|
|UNICEFUK|Random Act of Kindness|08/12/2020|31/01/2021|£10,000|
|UNICEFUK|Random Act of Kindness|07/12/2021|24/01/2023|£10,000|
|Wasafiri|Random Act of Kindness|07/12/2021|24/01/2023|£10,000|
|YoungLewisham Project|Random Act of Kindness|07/12/2021|24/01/2023|£10,000|
|YoungRoots|Random Act of Kindness|07/12/2021|24/01/2023|£10,000|
## **Covid Response Grants**
In 2020 we responded to the pandemic by supporting organisations in immediate need and fast-tracking grants to organisations fighting the health and social impact of the crisis. Many of these grants were awarded to charities whose programmes continued to operate in to 2021.
|**_Grantee_**|**_Project_**|**_Start Date_**|**_End Date_**|**_Amount_**|
|---|---|---|---|---|
|Ambitious aboutAutism|Supporting vulnerable young people withautism|03/04/2020|31/03/2021|£20,000|
|Barts Charity|Barts Covid-19ResearchConsortium|20/04/2020|20/04/2021|£25,000|
|ChefsinSchools|Food hampersfor familiesin need|04/04/2020|15/03/2021|£20,000|
|CityHarvest|Scale up and increase thedistributionof food|03/04/2020|03/04/2021|£10,000|
|CW+|Contribution to purchase of ventilators and staff
support|30/03/2020|30/03/2021|£150,000|
|Hammersmith Community
GardensAssociation|Additional face-to-face volunteering sessions and
management capacity|13/08/2020|31/05/2021|£7,760|
|Harrow Club W10|Urgent appeal for funds for laptops for school
children|13/01/2021|01/04/2021|£2,500|
|In2Science|Digital Transformation|21/05/2020|11/01/2021|£10,000|
|IPartner India|COVID-19response grant- iPartner India|30/04/2021|31/10/2021|£20,000|
|London North West
Healthcare Charity|Staff Well-Being Appeal|03/04/2020|03/04/2021|£10,000|
|Playfor Progress|Playfor Progress|27/04/2020|26/04/2021|£2,500|
|Royal Brompton and
Harefield Hospitals Charity|Purchase of Intensive Care Unit equipment to
dealwithCovid-19|30/03/2020|30/03/2021|£100,000|
|TeamUp|Volunteer recruitment tomove services online|29/07/2020|01/08/2021|£13,469|
|Venture Community
Association|Venture Community Association Food Bank|02/06/2020|15/01/2021|£10,000|
## **INTERNATIONAL PROGRAMMES**
In Gibraltar, our funding supports education programmes, professional development opportunities, local charities and community and cultural groups. In India, we continued to partner with people for action to support governments in closing learning gaps as well as a new grant to one of the leading medical institute to pioneer a new model of pain clinic for the elderly.
|**_Grantee_**|**_Project_**|**_Start Date_**|**_End Date_**|**_Amount_**|
|---|---|---|---|---|
|KusumaTrust Gibraltar|Programmatic andCore Costs|01/01/2021|31/12/2021|£505,000|
|KusumaTrust Gibraltar|AlamedaBiodomeProject|01/09/2020|31/09/2022|£180,000|
|Peoplefor Action|Teaching, Learning and School Management
support|01/01/2021|31/12/2021|£210,000|
|Sree Chitra Tirunal
Institute for Medical
Sciences &Technology|Upgrade the pain clinic for conditions and
related health issuesforthe elderly|01/03/2021|31/05/2026|£30,000|
8
## **Our Achievements**
We made donations of £2,793,711 (2020: £2,351,560) to various charitable organisations in the year to 31 December 2021. The details of the grants awarded are included in note 3 of the accounts.
We made 89 new grants to organisations in the UK, Gibraltar and India in the year to 31 December 2021 and these contributed to achieving our principal objective. In 2021 grants awarded across our three focus countries, benefitted over 4.2 million people with at least an additional 5 million people expected to further benefit over the lifetime of grants signed in the 12 months to 31 December 2021. We have partnered with some inspiring charities who work tirelessly for the benefit of the local community and often the wider population. We are proud of what we have managed to achieve by working together and have highlighted some of these below.
Funding within our Access to Opportunities priority area has included supporting programmes that; showcase the diversity of the young people in London through their own stories, develop a programme trial and evaluation to help students experiencing difficulties with their speaking or understanding catch up with their peers, repair and upgrade playgrounds with new equipment including tree houses and ziplines, and we provided match funding for summer activities including arts and theatre projects, sports classes, residential trips, adventure activities, and visits to London attractions.
Our Health & Wellbeing funding supported hospitals and research including enabling the Royal Brompton and Harefield Hospitals Charity to reach their fundraising target for 2 Cath Labs to carry out tests and procedures relating to the heart which are now open and carrying out lifesaving work with state-of-theart imaging equipment, and supporting Barts Hospital’s Covidsortium research will allow them to better understand Covid-19 immunity and the factors affecting this to influence understanding and decision making in the future.
Grants awarded in our Community and Environment focus included giving young people the chance to gain practical experience and meet professionals in the horticulture and green sectors, learn how to combat the climate emergency, and build and race their own electric car. We also supported the purchase of mobile air quality monitoring equipment to improve research and data collection.
## **Investments**
Rothschild Private Management Limited, Goldman Sachs International and JP Morgan International Bank Limited are the charity's investment managers whose brief is to manage multi-currency investment portfolios for the charity on a discretionary basis. Notwithstanding that the accounting currency of reference is the pound sterling, the objective is to invest in assets denominated in a range of global currencies including sterling in order to provide protection against a fall in global purchasing power resulting from a fall in value of any individual currency or currency bloc.
To protect the economic value of the endowment, the investment objective set by the directors is to achieve a real rate of return of at least 3% in excess of the weighted average rate of inflation of a currency basket consisting of 35% USD, 25% EUR, 5% GBP, 10% SGD, 10% JPY, 10% CNY and 5% BRL.
9
## **Investment Returns**
|Period|Nominal Return %
(GBP)|Real Return %
(GBP)|
|---|---|---|
|For the Financial Year (January – December 2021)|8.03%|5.16%|
||||
|Since Inception (5 January 2010)|127.36%|72.03%|
||||
Investments held at 31 December 2021 had a market value of £469,812,872 (31 December 2020: £435,015,110) and were acquired in accordance with the powers of the directors. During the year to 31 December 2021, £3,000,000 has been drawn down from the investment portfolios to fund the charity’s operational and charitable expenditure (31 December 2020: £3,000,000).
The investment policy is set by the directors and in doing so the directors have regard to various factors including income requirements, the Trust’s expenditure projections, the Trust’s risk profile and the investment managers’ views of market prospects in the medium term. The investment policy is reviewed with the investment managers as the Trust’s circumstances evolve.
The directors monitor investment performance and the managers’ strategies regularly as and when
considered necessary.
## **Financial Review**
At the year end the Total Funds was valued at £494,905,144 (31 December 2020: £461,471,222), which consisted of Unrestricted Funds of £9,563,963 (31 December 2020: 9,414,466) and Expendable Endowment Funds of £485,341,181 (31 December 2020: £452,056,756). The principal funding source for the charity is the investment income from the Expendable Endowment Funds. The major risks facing the charity and how these are managed are described in the Risk Management section.
At regular intervals the directors review the budget and aim to hold approximately two years of grant commitments and operational costs in cash and the distribution reserve. The balance in cash and the distribution reserve at 31 December 2021 was £2,879,764 (31 December 2020: £3,054,129) – see note 11 of the annual accounts.
## **Reserves Policy**
The directors do not look to generate a particular level of unrestricted funds, as the Trust’s Endowment Funds are expendable and can be used to meet future expenditure when sufficient income reserves are not available. The Trustees plan to spend the accumulated unrestricted funds of £9,563,963 (31 December 2020: £9,414,466) as programmes are further developed.
## **Structure, Governance and Management**
The Kusuma Trust UK was established in the UK by a Memorandum of Association dated 19 November 2008 which established the objects and powers of the charitable company, and is governed under its Articles of Association. It is registered with the Charity Commission (registration number 1126983) and Companies House (registration number 06753811).
The charity is governed by a Board of Trustees, which meets at least three times a year. Under the Articles of Association, there must be at least three Trustees at all times and at 31 December 2021 there were three Trustees. Responsibility for the induction and training of any new Trustee, which involves awareness of the history, governance structure and an understanding of a Trustee’s duties, lies with the Chair of the Trustees. New Trustees receive copies of the previous year’s accounts and full details of the charity's current programmes and objectives. The Board is responsible for making governance decisions on the
10
strategic and financial direction of the charity. Day-to-day management of the charity is delegated to the Executive Trustee with the help of team based at 55 New Oxford Street, London, WC1A 1BS.
The remuneration of the team is reviewed by Trustees every three years based on external benchmarks or surveys.
The company is limited by guarantee and does not have a share capital. Consequently there are no disclosable interests in share capital. In the event of the company being wound up, each member has guaranteed to contribute such amount as may be required (not exceeding £10).
## **Reference and Administrative information**
Directors, Founders and Trustees: Anurag Dikshit Dr Soma Pujari Additional Directors and Trustees: Nitin Dass Jain Company Secretary: Andrew Arthurson Charity Address & Registered Office: Kusuma Trust UK 5[th] Floor, 55 New Oxford Street London WC1A 1BS Website: www.kusumatrust.org Legal Status: Kusuma Trust UK is a Charitable Company limited by guarantee Charity Number 1126983. Company Number 06753811 Solicitors: Russell Cooke Macfarlanes LLP 2 Putney Hill 20 Cursitor Street London SW15 6AB London, EC4A 1LT Bankers: State Bank of India HSBC Bank plc 15 King Street 129 New Bond Street London EC2V 8EA London W1S 1EA Rothschild & Co Bank International Limited St Julian’s Court, St Peter Port Guernsey GY1 3BP Auditors: Dixon Wilson Audit Services LLP 22 Chancery Lane London WC2A 1LS Investment Managers: Goldman Sachs International JP Morgan Private Bank Plumtree Court 60 Victoria Embankment 25 Shoe Lane London EC4Y 0JP London EC4A 4AU Rothschild & Co Wealth Management (UK) Limited New Court, St Swithin’s Lane London EC4N 8AL
11
Statement of Trustees. Responslbllltles
The Trustees are responsible for preparing the Trustees. Report and the financial statements in
accordance with applicable law and regulations.
Company law requires the Trustees to prepare the financial sratements for each financial year. Under that
law the Trustees have elected to prepare the financial staternents in accordance with United Kingdom
Gefierdlly Accepted Accounting Prattice (United Kingdom Accounting Standards and applicable law)-
Under company law the Trustees must not approve the financial statements unless they are 5at15fied that
they give a true and fair view of the state of affair5 of the company and of the profit or loss of the company
for that period. In preparing these financial statements, the Trustees are required to..
Select Suitable accounting policie5 and then apply them con51Stently',
Observe the rnethods and principle5 in the Charitie5 SORP.
Make judgments and accounting estimates that are reasonable and pruden¢
Prepare the financial statements on the going concern basis Ltnless it is inappropria* to presume
that the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and
explain the company's transactions and disclose with reasonable accuracy at any time the financial p051tio
of the company and enable them to ensure that the financial statements comply with the Companie5 Act
2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable
steps for the pre¥ention and detection of fraud and other irreg4Jlarities.
Statement as to disc105ure to our audltors
In 50 far as the Trustees are aware at the time of approving our TrUSeS. annu21 report.
There is no relevant information, being information needed by the auditor in connectloh Wlth
preparing their repor( and
The Tru5tee5. having made enquiries of fellow Trustees that they ought to have individually taken.
have each taken 1 steps that helshe is obliged to take as a Trustee in order to make themselves
aware of any relevant audit information and to establish that the auditor is aware of that
information.
y order of the Board
Anurag Dikshit (Dlrector)
Dated ..
.2022
12
## **KUSUMA TRUST UK**
## **Independent Auditor’s Report to the Members of Kusuma Trust UK**
## **Opinion**
We have audited the financial statements of Kusuma Trust UK (the ‘charitable company’) for the year ended 31 December 2021 which comprise the statement of financial activities, balance sheet, statement of cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 December 2021 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
13
## **KUSUMA TRUST UK**
## **Independent Auditor’s Report to the Members of Kusuma Trust UK**
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
14
## **KUSUMA TRUST UK**
## **Independent Auditor’s Report to the Members of Kusuma Trust UK**
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 21, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the charitable company by considering, amongst other things, the sector and jurisdictions in which it operates and gives its grant funding to, and considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of risk, but recognised that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, UK Company Law, UK tax legislation, UK Charity Law as well as UK financial reporting standards applicable for UK charitable companies.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of consultants used for accounting outsourcing.
15
## **KUSUMA TRUST UK**
## **Independent Auditor’s Report to the Members of Kusuma Trust UK**
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
……………………………………… **Steven Wakefield** (Senior Statutory Auditor) For and on behalf of Dixon Wilson Audit Services LLP, Statutory Auditor 22 Chancery Lane London WC2A 1LS
23 March 2022
Date:…………………………..
16
## **KUSUMA TRUST UK**
## **STATEMENT OF FINANCIAL ACTIVITIES (Including Income & Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Unrestricted**
**funds**
**£**
**Income and endowments from:**
Investment Income
2
3,412,811
**Total Income**
3,412,811
**Expenditure on:**
Charitable activities
3
3,157,138
Raising funds
4
106,176
**Total Expenditure**
3,263,314
Net gains on investments
9
-
**Net income**
149,497
**Reconciliation of funds**
Total funds brought forward
9,414,466
**9,563,963**
**For the**
**Total funds carried forward**|**Endowment**
**Funds**
**Total Funds**
**£**
**£**
-
3,412,811
-
3,412,811
-
3,157,138
1,946,092
2,052,268
1,946,092
5,209,406
35,230,517
35,230,517
33,284,425
33,433,922
452,056,756
461,471,222
**485,341,181**
**494,905,144**
**year to 31 December 2021**|**Year to 31**
**December 2020**
**Total Funds**
**£**
3,668,490|
|---|---|---|
|||3,668,490|
|||2,753,521
1,931,786|
|||4,685,307|
|||45,835,776|
|||44,818,959
416,652,263|
|||**461,471,222**|
17
KUSUMA TRUST UK
Company Number 6753811
BALANCE SHEET AT 31 DECEMBER 2021
J l December
2021
31 December
2020
Note
Flxed A55ets
Tangible a$5et5
Investments
Total fixed 3ssets
59,792
469.812,872
469,872,664
69.740
43S.015.110
435,084,850
Current Assets
Debtors
Cash at bank and in hand
Totsl current assets
10
378,694
24.988,163
25.366,857
460.382
26.243,311
26.703.693
Llabilitie5
Creditors.. Amounts falling due within one year
Net ¢urrent assets
12
334,377
25,032.480
317,321
26,386.372
Total net assets
The funds of the charity.
Unre5trieted Funds
Expendable Endowment funds
494,905.144
461,471.222
13
13
9.563.963
485.341.181
9,414,466
452.056.756
Total charity funds
494,905.144
461.471.222
The Notes on pages 20 to 30 form part of these Accounts.
Approved by the Dlrectors:.
Dated
g2- Ith.1022
ANURAG DIKSHIT
CHAIRMAN
18
## **KUSUMA TRUST UK**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021**
|**Total Funds**
**at 31 December**
**Note**
**2021**
**£**
**Net cash used in operating activities**
15
(3,045,980)
**Cash flows from investing activities**
Dividends and interest from investments
2
3,412,811
Investment management charges
4
(2,052,268)
Purchase of property, plant & equipment
8
(2,466)
Purchase of investments
9
(130,123,743)
Sale of investments
9
134,078,000
**Net cash provided by investing activities**
5,312,334
**Change in cash and cash equivalents in the year**
2,266,354
Cash and cash equivalents at the beginning
of the year
11
26,243,311
Change in cash equivalents due to foreign
exchange rate movements
9
(3,521,502)
**Cash and cash equivalents at the end**
**of the year**
24,988,163|**Total Funds**
**at 31 December**
**2020**
**£**|
|---|---|
||(2,738,811)|
||3,668,490
(1,931,786)
(77)
(152,074,508)
147,615,329|
||(2,722,552)|
||(5,461,363)
30,264,591
1,440,083|
||26,243,311|
19
## **KUSUMA TRUST UK**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1. ACCOUNTING POLICIES**
## **1.1 Basis of preparation and assessment of going concern**
The address of the registered office is: 5th Floor New Oxford Street London WC1A 1BS
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.
The Trust constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern for the next 12 months.
The comparative financial information covers the twelve months to 31 December 2020.
The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with estimating liability for multi-year grant commitments (note 3). With respect to the next reporting period, year to 31 December 2022, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and performance of investment markets (see investment policy and performance and risk management sections of the trustees annual report for more information).
The financial statements are presented in Sterling which is the functional currency of the Trust and rounded to the nearest £.
## **1.2 Funds structure**
The charity has an expendable endowment fund, this was created by a gift from the founders. The income of this trust is restricted to providing grants to organisations in line with the objects and strategic priorities of the charity. The terms of the endowment allow the capital of the fund to be spent if the trustees so determine.
Unrestricted funds comprise those funds that are available to spend on activities that further any of the purposes of charity.
## **1.3 Income Recognition**
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.
20
## **KUSUMA TRUST UK**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
Investment income is accounted for in the year in which the charity becomes entitled to the income, except that interest is accrued in the period to which it relates.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. This is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisors of the dividend yield of the investment portfolio.
The charity is a Registered Charity and therefore is not liable for income tax or corporation tax on income used to meet its charitable activities, as it falls within the various exemptions available to registered charities.
## **1.4 Expenditure and Irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. A liability is recognised for the amount that the charity anticipates it will pay to settle the debt.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable charitable activities.
Costs of raising funds comprise the Investment Managers' costs associated with the management of the investment portfolio in accordance with the strategy set by the Trustees.
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
Costs of charitable activities include donations payable as and when approved by the Trustees and communicated to grantees when all substantive conditions attached to the grants are met, governance costs and support costs, including the audit fees and legal costs linked to strategic management of the charity.
Irrecoverable VAT is included as part of the expenditure to which it relates.
## **1.5 Tangible fixed assets and depreciation**
All of the tangible fixed assets are held for charitable use. The cost of tangible fixed assets is their purchase costs, together with any incidental expenses of acquisition.
Depreciation is calculated so as to write off the cost of tangible fixed assets on a straight line basis over the expected useful economic lives of the assets concerned. The principal useful economic lives used for this purpose are:
|Office renovation|Over remaining period of lease|
|---|---|
|Furniture and Fittings|4 years|
|Office and Computer Equipment|4 years|
21
## **KUSUMA TRUST UK**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1.6 Fixed asset investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date. Listed investments are stated at the last trade price on the Stock Exchange for the country of listing and the bid prices provided by the Fund Managers for unit trust holdings. Unlisted investments are stated at their market value as provided by the Fund Managers.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between the sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial period. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.
## **1.7 Foreign Currencies**
Monetary assets and liabilities denominated in foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Exchange differences are taken to the Statement of Financial Activities.
## **1.8 Operating Leases**
The costs of operating leases are charged on a straight line basis over the term of the lease.
## **1.9 Pensions**
The charity makes payments to defined contribution personal pension plans for its staff. The payments are charged to the Statement of Financial Activities in the period to which they relate.
## **1.10 Critical Accounting Estimates and Areas of Judgement**
In the view of the Trustees applying the accounting policies adopted, no judgements were required that have significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
## **1.11 Basic financial assets**
Basic financial assets, which include trade and other receivable and cash at 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 arrangements constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest.
## **1.12 Basic financial liabilities**
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangements constitutes a financing transaction, where the transaction is measured at the present value of future payments discounted at a market rate of interest.
## **2 Investment Income**
|**nvestment Income**|||||
|---|---|---|---|---|
|Income arising from:-
UK Listed investments
Non UK Listed investments
Non UK Unlisted investments
Interest on cash held with
Investment Managers
Interest on cash and Distribution
Reserves Cash deposit|**Unrestricted**
**Funds**
**£**
240,835
3,167,299
24
4,412
241|**Endowment**
**Funds**
**£**
-
-
-
-
-|**Year to**
**31 December**
**2021**
**Total**
**£**
240,835
3,167,299
24
4,412
241|**Year to**
**31 December**
**2020**
**Total**
**£**
79,042
3,477,765
71,739
39,567
377|
||3,412,811|-|3,412,811|3,668,490|
In the year to 31 December 2021, and the year to 31 December 2020, all investment income was unrestricted.
22
## **KUSUMA TRUST UK**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
**3 Analysis of expenditure on charitable activities**
|Note
**India**
**Projects**
**£**
Project Costs
203,908
Support costs
**5**
26,526
**Total**
230,434
All expenditure on charitable activities was unres
People for Action
Sree Chitra Tirunal Institute for Medical Sciences
Kusuma Trust Gibraltar
Ace of Clubs
Age UK Kensington and Chelsea
Alzheimer's Research UK
Ambitious about Autism
Bankside Open Spaces Trust
Barts Charity
Bharatiya Vidya Bhavan
Bite Back
Bow Food Bank
Buglife
Butterfly Conservation
Calthorpe Community Garden
Cambridge House
Caxton Youth Organisation
Chance to Shine
Centre for London
Chef's in Schools
Chelsea Centre
Chelsea & Westminster Hospital
Chess in Schools
City Harvest Ltd
Construction Industry Trust for Youth
Create (Arts) Limited
Creative Futures
Design Museum
Discover Children's Story Centre
Earth Watch
Education Endowment Foundation
Equal People Mencap
Founders4schools
Friend of Leighton House
Give a Book
Giving World
Global Action Plan
Global Generation
Greenpower Education Trust
Greenwich and Bexley Community Hospice
Hammersmith Community Gardens Association
Harrow Club W10
Helen Arkell Dyslexia Charity
Horatio's Garden
Hubbub Foundation UK
ICAN
Imperial College
Imperial War Museum
In2scienceUK
IPartner India
Jamie's Farm
J-PAL South Asia
Kids
King's Hospital
Leaf UK
Leukaemia UK
Live Unlimited
London Children's Ballet
London Friend
London Transport Museum
LNWH Charitable Fund
carried forward
**UK GRANTEES**
**The donations awarded were as follows:**
**INDIA GRANTEES**
**GIBRALTAR GRANTEES**|
**India**
**Projects**
**£**
203,908
26,526|**Gibraltar projects**
**£**
456,629
59,402|**UK projects**
**£**
2,133,174
277,499
2,410,673
**Year to**
**31 December**
**2021**
**£**
Contingent Liability
-
17,178
**17,178**
-
**-**
-
-
-
-
-
24,400
-
-
-
-
-
18,939
-
-
16,800
-
25,000
-
-
-
-
-
24,753
30,150
-
-
-
-
-
-
45,450
-
-
-
-
-
-
-
-
-
-
-
50,000
97,470
-
-
-
-
-
8,000
10,000
16,000
-
-
-
-
18,269
-
385,231|**Total for the year**
**ended 31**
**December 2021**
**£**
2,793,711
363,427|**Total for the year**
**to 31 December**
**2020**
**£**
2,351,560
401,961|
|---|---|---|---|---|---|
||230,434|516,031||3,157,138|2,753,521|
|||tricted.
**Year to**
**31 December**
**2021**
**£**
Paid
191,264
12,644||**Year to**
**31 December**
**2020**
**£**
Paid
217,382
-|**Year to**
**31 December**
**2020**
**£**
Contingent Liability
-
-|
|||**203,908**||**217,382**|**-**|
|||456,629||495,168|-|
|||**456,629**||**495,168**|**-**|
|||-
-
10,000
-
17,783
25,000
-
10,000
-
24,700
9,277
18,940
7,911
12,707
16,800
-
25,000
13,920
-
10,000
-
25,000
24,753
24,150
8,000
25,380
19,865
35,910
20,000
18,800
-
-
-
8,500
23,229
24,304
25,000
-
2,500
22,722
23,000
23,500
22,245
136,693
18,510
-
20,000
-
-
23,500
-
-
10,000
10,000
-
-
18,269
-||10,000
10,000
-
20,000
-
25,000
10,000
-
10,000
-
-
-
-
-
-
7,500
20,000
-
150,000
-
35,000
-
-
-
-
-
-
14,250
-
18,602
-
5,000
5,000
30,000
-
-
25,000
7,760
23,112
-
-
-
-
50,000
-
10,000
20,000
18,500
105,967
-
-
-
-
-
10,000
10,000
-
10,000|-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
36,310
-
-
-
-
-
8,500
-
-
-
-
-
-
-
-
-
62,000
-
-
-
-
-
23,500
10,000
-
-
-
-
-
-
-|
|||815,868||660,691|140,310|
23
## **KUSUMA TRUST UK**
**NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
**3 Analysis of expenditure on charitable activities (cont'd)**
|brought forward
Meanwhile Gardens Community Associations
Migrants Organise Ltd
Museum of Brands
Music as Therapy
Museum of London
MyBnk
National Autistic Society
Natural History Museum
National Maritime Museum
North London Cares
North London Hospice
Nova New Opportunities
Paddington Development Trust
Palace For All
Papyrus - Prevention of Young Suicide
Play for Progress
Ramblers Associations
Refugee Café
Roots and Shoots
Royal association of Deaf People
Royal Botanic Gardens, Kew
Royal Institute of Great Britian
Royal Shakespeare Theatre
Royal Society for Blind Children
Royal Trinity Hospital
Royal Mencap
Sir John Soane's Museum
Small Acts of Kidness Trust
Somerset House Trust
Spread the Word
St John's Ambulance
St Paul's School
St Paul's Girls School
Sutton Trust
Tamasha Theatre Company
Team Up
Thames Explorer Trust
The Akshaya Patra Foundation
The Armitage Foundation
The Avenues Youth Project
The Beauchamp Lodge Settlement
The Bike Project
The Brilliant Club
The British Library
The Chelsea Physic Garden Company
The Gold Standard Chartiable Trust
The Horniman Public Museum
The Inland Waterways Association
The Kensington and Chelsea Foundation
The Kids Network
The Literacy Pirates
The Mayor's Fund for London
The Matt Hampson Foundation
The Orchard Project (Cause) Ltd
The Phoenix Garden
The Photography Gallery
The Royal Parks
The Reading Agency
The Royal Brompton & Harefield Hospital
The Tree Council
The Winchester Project
The Zoological Society of London
Tower Hamlets Opportunity Group
THRIVE
UNICEF UK
Universify Education
University of Cambridge
Vauxhall City Farm
Venture Community Association
Walworth Garden
Wasafiri
Wetherby School
Wildfowl and Wetlands
Yes Futures
Young Lewisham Project
Young Roots
Young Westinster Foundation
**Total**|**Year to**
**31 December**
**2021**
**£**
Awarded|**Year to**
**31 December**
**2021**
**£**
Contingent Liability
385,231
-
-
-
-
80,000
-
-
1,150,000
-
-
-
-
-
-
-
-
-
-
-
29,984
-
32,995
-
47,769
-
-
-
-
30,780
-
-
-
50,000
-
-
-
-
-
-
17,155
-
-
-
-
-
-
-
-
-
-
-
25,000
-
-
-
-
60,000
-
38,465
-
-
75,000
-
-
-
-
50,000
53,467
-
-
-
-
25,000
-
-
-
-
2,150,846
**2,168,024**|**Year to**
**31 December**
**2020**
**£**
Awarded|**Year to**
**31 December**
**2020**
**£**
Contingent Liability|
|---|---|---|---|---|
||815,868
10,182
15,000
-
10,000
-
19,780
-
350,000
14,730
-
-
11,198
-
-
-
-
25,000
-
22,507
40,750
32,995
-
-
-
10,000
15,000
10,000
30,780
10,000
-
-
50,000
-
10,000
-
-
-
10,000
7,845
-
10,000
-
21,386
12,070
10,000
29,305
5,830
82,433
10,000
10,000
25,000
-
-
10,000
9,900
20,000
-
212,202
9,600
5,000
-
10,000
-
10,000
-
-
45,133
-
25,000
10,000
-
-
-
10,000
10,000
8,680||660,691
-
-
10,000
-
-
-
13,170
-
-
10,000
25,095
-
6,000
-
10,000
2,500
-
10,000
-
-
15,750
-
-
-
25,000
-
-
-
-
-
25,000
25,000
-
36,022
-
13,469
9,200
10,000
-
-
8,395
-
21,000
-
-
-
-
-
-
-
-
-
10,000
14,050
-
-
-
10,000
200,000
-
15,000
100,000
-
10,000
10,000
9,962
260,000
-
24,552
-
-
22,153
-
17,000
-
-
-|140,310
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,750
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
75,000
-
-
-
-
50,000
-
-
-
-
-
-
-
-
-
-|
||2,133,174||1,639,010|281,060|
||**2,793,711**||**2,351,560**|**281,060**|
24
## **KUSUMA TRUST UK**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **3 Analysis of expenditure on charitable activities (cont'd)**
|**Analysis of expenditure on charitable activities (cont'd)**|||
|---|---|---|
|**Number of Grantees**
**INDIA**
**UK**
**GIBRALTAR**|**Year to**
**31 December**
**2021**
**Total**
2
81
1|**Year to**
**31 December**
**2020**
**Total**
1
59
1|
||**84**|**61**|
Contingent liabilities represent amounts made available to grantees for projects which continue after the reporting date. The amounts payable are conditional on the grantees meeting specific project milestones in accordance with each grant agreement. The Trust expects to pay all amounts made available on the basis that the grantee fulfils their obligations under each grant agreement.
## **4 Costs of raising funds**
|**Costs of raising funds**
Other charges - withholding tax
Investment management fees|**Unrestricted**
**Funds**
**£**
-
106,176|**Endowment**
**Funds**
**£**
1,946,092
-|**Year to**
**31 December**
**2021**
**Total**
**£**
1,946,092
106,176|**Year to**
**31 December**
**2020**
**Total**
**£**
1,805,705
126,081|
|---|---|---|---|---|
||106,176|1,946,092|2,052,268|1,931,786|
In the year to 31 December 2021, investment management fees were incurred in the endowment fund and withholding tax was incurred in the unrestricted fund. In the year to 31 December 2020, all expenditure on raising funds was incurred in the endowment fund.
## **5 Analysis/allocation of support costs**
The support costs have been allocated across grants in proportion to the size of expenditure for the individual grant.
|**Cost type**
Staff costs (see note 6)
Operations support
Property expenses
Communications
Office expenses
Depreciation
Governance
**Total**
**Governance costs**
Legal and Professional fees
Audit and accountancy fees
General Governance costs|**Year to**
**Year to**
**31 December**
**31 December**
**2021**
**2020**
**£**
**£**
198,784
193,470
71,841
106,430
40,056
52,478
7,365
9,809
17,631
14,009
12,414
12,426
15,336
13,339
363,427
401,961
**Year to**
**Year to**
**31 December**
**31 December**
**2021**
**2020**
**£**
**£**
1,580
-
13,728
13,326
28
13
15,336
13,339
**Total support costs**|**Year to**
**Year to**
**31 December**
**31 December**
**2021**
**2020**
**£**
**£**
198,784
193,470
71,841
106,430
40,056
52,478
7,365
9,809
17,631
14,009
12,414
12,426
15,336
13,339
363,427
401,961
**Year to**
**Year to**
**31 December**
**31 December**
**2021**
**2020**
**£**
**£**
1,580
-
13,728
13,326
28
13
15,336
13,339
**Total support costs**|
|---|---|---|
||363,427|401,961|
||**Year to**
**31 December**
**2021**
**£**
1,580
13,728
28|**Year to**
**31 December**
**2020**
**£**
-
13,326
13|
||15,336|13,339|
The Trustees are not employed by the Trust and did not receive any emoluments in respect of their services. The Trustees did not receive any reimbursements for expenses incurred.
25
## **KUSUMA TRUST UK**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **6 Analysis of staff costs and remuneration of key management personnel**
|Salaries and wages
Social security costs
Other pension costs
Other employment related costs
**Total**|**Year to**
**31 December**
**2021**
**£**
171,714
13,168
12,727
1,175
198,784|**Year to**
**31 December**
**2020**
**£**
167,796
12,609
11,740
1,325|
|---|---|---|
|||193,470|
The average number of persons employed by the Trust during the year ending 31 December 2021 was five (December 2020: five).
No remuneration was paid to any Trustee.
The number of employees who received employee benefits between £60,000 - £70,000 was 1 (December 2020: nil).
Employer pension contributions for the year totalled £12,727 (December 2020: £11,740).
## **7 Net income/(expenditure) for the year**
|This is stated after charging:
Operating leases - property
Depreciation
Auditors remuneration:
- Audit fees
- Accountancy services|**Year to**
**31 December**
**2021**
**£**
40,056
12,414
10,728
3,000
66,198|**Year to**
**31 December**
**2020**
**£**
52,478
12,426
10,326
3,000|
|---|---|---|
|||78,230|
26
## **KUSUMA TRUST UK**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **8 Tangible Fixed Assets**
|**Office**
**Renovation**
**Furniture**
**and Fittings**
**£**
**£**
**Cost**
As at 1 January 2021
97,816
1,048
Additions
-
-
As at 31 December 2021
97,816
1,048
**Depreciation**
As at 1 January 2021
31,786
1,048
Charge for the year
9,781
-
As at 31 December 2021
41,567
1,048
**Net book value**
**As at 31 December 2021**
**56,249**
**-**
As at 31 December 2020
66,030
-
**9 Fixed Asset Investments**
Sales proceeds
Purchases at cost
Market value at 1 January 2021
Investments at book value at 31 December 2021
**Investments at market value on 31 December 2021**
**Investments at market value comprised**
Non UK Unlisted securities
Non UK Investments Listed on a recognised stock exchange
UK Investments Listed on a recognised stock exchange
Net realised and unrealised gains|**Office and**
**Computer**
**Equipment**
**£**
12,828
2,466
15,294
9,118
2,633
11,751
**3,543**
3,710
**31 December**
**2021**
**£**
435,015,110
130,123,743
(134,078,000)
38,752,019
**469,812,872**
359,835,963
**31 December**
**2021**
**£**
7,258,184
405,750,834
56,803,854
**469,812,872**|**Total**
**£**
111,692
2,466|
|---|---|---|
|||114,158|
|||41,952
12,414|
|||54,366|
|||**59,792**|
|||69,740|
|||**31 December**
**2020**
**£**
386,160,238
152,074,508
(147,615,329)
44,395,693|
|||**435,015,110**|
|||347,235,083|
|||**31 December**
**2020**
**£**
7,929,032
379,868,330
47,217,748|
|||**435,015,110**|
27
## **KUSUMA TRUST UK**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **9 Fixed Asset Investments (cont'd)**
|**Total funds held by Investment Managers**
Investments at Market Value
Accrued investment income (note 10)
Cash held by investment managers (note 11)
Realised and unrealised gain on investments
Realised and unrealised gain/(loss) on cash at bank and in hand
Total net gain on investments|**31 December**
**2021**
**£**
469,812,872
342,366
22,108,399
492,263,637
**31 December**
**2021**
**£**
38,752,019
(3,521,502)
35,230,517|**31 December**
**2020**
**£**
435,015,110
399,309
23,189,182|
|---|---|---|
|||458,603,601|
|||**31 December**
**2020**
**£**
44,395,693
1,440,083|
|||45,835,776|
As explained in the Trustee Annual Report on page 9, the investment managers are briefed to manage multi currency investment portfolios on a discretionary basis.
In both the year to 31 December 2021 and the year to 31 December 2020, all realised and unrealised gains on investments were allocated to the endowment fund.
28
**KUSUMA TRUST UK**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
|**10 Debtors**
Prepayments
Other debtors
Accrued investment income
**11 Cash at bank and in hand**
Cash & distribution reserves
Cash held by investment managers
**12**
Grants payable
Accruals
Trade creditors
**Creditors - amounts falling due within one year**|**31 December**
**2021**
-
36,328
342,366|**31 December**
**2020**
27
61,046
399,309|
|---|---|---|
||378,694|460,382|
||**31 December**
**2021**
**£**
2,879,764
22,108,399|**31 December**
**2020**
**£**
3,054,129
23,189,182|
||24,988,163|26,243,311|
||**31 December**
**2021**
**£**
-
324,780
9,597|**31 December**
**2020**
**£**
60,000
244,761
12,560|
||334,377|317,321|
## **13 Total Funds**
Funds as at 31 December 2021 are represented by:
|Tangible Assets
Investments
Debtors
Cash at bank and in hand
Creditors falling due within one year|**Unrestricted**
**Funds**
**£**
59,792
-
378,694
9,215,042
(89,565)|**Endowment**
**Funds**
**£**
-
469,812,872
-
15,773,121
(244,812)|**31 December**
**2021**
**Total**
**£**
59,792
469,812,872
378,694
24,988,163
(334,377)
494,905,144|**31 December**
**2020**
**Total**
**£**
69,740
435,015,110
460,382
26,243,311
(317,321)|
|---|---|---|---|---|
||9,563,963|485,341,181||461,471,222|
The Trustees have considered the need for a separate fund-by-fund analysis; given that the fund structure is straightforward, the Statement of Financial Activities shows this information in sufficient detail.
## **14 Financial Commitments**
Future minimum rentals payable under non-cancellable operating leases are as follows:
|Operating Leases:
Property
Less than one year
Between 2 to 5 years
Equipment
Less than one year
Between 2 to 5 years
**Movement in recognised provisions and funding commitments**
Grant commitments recognised at the start of the year
New grant commitments charged to the SoFA in the year
Grants paid during the year
Amount of grant commitments recognised as at 31 December 2021|**31 December**
**2021**
**£**
46,870
35,152
845
-|**31 December**
**2020**
**£**
46,870
82,022
845
845|
|---|---|---|
||82,867|130,582|
|||60,000
2,733,711
(2,793,711)|
|||-|
29
**KUSUMA TRUST UK**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021**
|**15 Reconciliation of net movements in funds to net cash flows from operating activities**
**For the Year to 31**
**December 2021**
**Note**
**£**
Net (outgoing)/incoming resources for the year
33,433,922
(Gains)/losses on investments
9
(35,230,517)
Less investment income earned
2
(3,412,811)
Add costs of raising funds
4
2,052,268
Add depreciation
8
12,414
Decrease/(Increase) in debtors
81,688
Increase in creditors within one year
17,056
**Net cash used in operating activities**
(3,045,980)|**For the year to 31**
**December 2020**
**£**
44,818,959
(45,835,776)
(3,668,490)
1,931,786
12,426
(55,424)
57,708|
|---|---|
||(2,738,811)|
## **16 Related Party Transactions**
Kusuma Trust Gibraltar is a related party in the year as it is controlled by the Trustees of Kusuma Trust UK. During the year, grants of £456,629 (2020: £495,168) were awarded to Kusuma Trust Gibraltar. At 31 December 2021, the balance owed to Kusuma Trust Gibraltar is £nil (2020: £nil).
## **17 Financial Instruments**
|**Financial assets held at fair value**
Investments|**31 December**
**2021**
**£**
469,812,872
469,812,872|**31 December**
**2020**
**£**
435,015,110|
|---|---|---|
|||435,015,110|
30