KUSUMA TRUST UK (A company limited by guarantee and not having a share capital) ACCOUNTS FOR THE YEAR to 31 December 2022
Registered in England Companies House Registrntion No. 06753811 Charities Commission Registration No. 1126983 KUSUMA TRUST UK CONTENTS Page Trustees ReporL including Directors Report Independent Audltors Report Annual Accounts Statement of Financial Activities Balance Sheet 19 Statement of Cash Flows 20 Notes to the aOnts 21
as we understand more about
the challenges and complexities of these regions.
are working with local communitie5 to advance health and well-being as well as promoting access to opportunities for individua15 from all walk5 of lrfe. We do not accept unsolicited applications. Our team of Trustees and staff find opportunities to fund partners through various networks. event partycipation. recommendations from advisors and specific open calls. Our grnnts may cover programme costs. equipmenL infrastwcwre. research. and Studies in areas of strntegit priority. For larger grdnts we prefer to ve fflatched funding. In each of our geographic areas, our policy is co collabornte with grantees and partners to develop proposals that align with our strategic priorities. We assess prospective grane$. status. capacity and expertise before we award a grant Grants are followed up over the duration of our funding through phone ca115 and visits by sr2ff as deemed nece55ary. We work with partner5 to define the results we Fhjpe to achieve and agree key milestone5 to rneasure progress and outcomes. In some cases, we commission independeni agencies Eo evaluate our wor Information from these evaluations is used to infomi 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. 2022 was a rewarding year for the trust as we signed off on our largesr roul charitable spend in any year ro date. We embarked on a new 'open call. for hospitals in London giving matched gran for capital projecu and equipmenL Through this process we have awarded grants to purchase specialised microscopes. cath lab equipment as well as basic ultrasound machines and more. Our programme5 continued ¢0 provide opportunitie5 for young people to engage in rewarding self- development programmes through local youch centres. as well as reputed organisacions like The Royal Insutution through their Science in Schools progrdmm& The National Gallery s Articulaiion competiuon, and the London Transport Museum's Inswre Enyneering Careers programme to name a few. We have chi5 year partnered with Trees For Cities to support healthy playgrounds in London schools, Thames21 for their Rewilding che Rom projecL and ¢he Garden Cla55room for a 'Very Urban Forest School, progrdmme. The Urban Nature projeci brinwng a biodiverse educational green space. is well underway at the Natural Hiscory Museum and Rordl Parks continue co engage local school scudents with practical science activities in their parks through the Green Futures Programmes. We are delighted co share some of the success s¢orie5 of our partners chis year.. Trees for Cities was awarded the Community Tree Award at the London Tree and Woodland award5, The ECMO teams at Roy31 Brornpton and Harefield have been reco8nised as Centres of Excellence by the Extracorporeal Life Support Organisation IELSOI, and The Homiman Museum and Gardens were the winners of Art Fund's 'Museum of the Year, prize. Transform Schools continues to improve the qualiry of education in India for more than 6 million secondary School children. In Gibralur we convnued to support education. profe55ional developmenL and community led programmes. In 2022, we awarded 88 new grdnts totalling over £6.7 million. The projetts funded in the year to 31 December 2022 are oudined below. UK PROGRAMMES Access to Opportunltles and Educatlon 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 SUPFX)rting charities working in the special educational needs sector and informai learning spaces. including museums and communiry centres.
Grantee A New DirettvJn Amourt 44.150 Start Date 25101ll022 End date 31103f2013 London5 Cukutal knba55adLY5 Wed AmtrouS AbouiAuti5m £48.354 2410Y1012 3W09n024 Avenue5 Youth Projert tthen Skils Pr¢4ect & knithen ReknrbthrnEt 115.rtsj oithn021 15101n023 Avenues Youth Fje¢r Friday SeThw5 U5.(th) IY09n022 iyion023 Brivsh 06r1022 IY08ll022 Brldsh bbrary Cambridge House Aader the Great The Mak#13 Myth SEN#tiLI sPts 2Y0712022 1510112023 n.911 2511012021 31108n022 Caxton Youth OrKdn153tsan mini5 Le & Diwd Medii Fyoiect 112.707 17105noii 1511111022 Chance to 5hino Fgundauw Lrd ChancÈ &ino Streei Cxicknr L]3.6t¥J iyion021 Iwiin021 Chefs hi Sthwls Tr3nsfcThing&hcd Food Frnrnt 01109n021 0111112022 Chess In Schodsand 'Chess Fest. ou0 thets lesli1 17ILty 2022 andTtxhers' Forum and CPD prqe¢t 25.CO) 0110612022 15108n022 Chlldrtsls 0£0¥ry Centre £25.M) 110912021 Construction Industry Trustfar Youth a11 FuturEs thE Tri-Ba £15.rth) ithn021 31103n013 Create Art% £49.5¢4• iyionoii 16101tt023 Crtati¥e Fuwres My sound STry 15101tt023 Des1 Museum Doorsrap Ubrary Equal Pell¢ Wasfe Aee FanTrril Dooryiep Read pr4eus 10109r2021 07103n022 OIIIOll022 30109n023 io.rthj Iioin021 15106n022 Founden45chordJ 1012 CareersPrn evim 15.rthj iThn012 Foundlln8 Muswm Fuiure Fronuers CwTrted exhknrw the therne d'Faffd £41.5Tr) 0711 In012 271C6n023 To SLVPWt4(K) 5vjd Irom LOnth ro undervake the firsi year ol the ne2 Fuwe FmTrtien 5106rio22 3110112025 Gr••npowor EdUCats Truit ExpanLlry P4rticipalion Londan 14.J04 15mYIOiI 15108n021 Hamm•nmith & Fulkn Yovth ZonR Harnrnvynith & FulFArn's Ywth 1150.( Iiion012 30109n023 Helen Arkdl Dyslex4 Chadry Imperial War Museum FAST.. FarNlies and Sthoc15 Topther DOcurnrary Chalknle woyarnrne £12.722 12103llQ21 151(W2021 1109ll021 31103n023 InioUniYtriS lnE¢Wne$Irf1 Core Costs Litdt Vih8 Core Ctssts Inwrt Enyneeriry &rEer oiiion022 30109n023 ttle Vill oiiion022 30109n023 London Trlnsport Muieum knmited 36.S36 0111 In021 I sioir1023 Miyor¥ Fvnd for London A¥Av3QW'sexFArtTiw inwitl•J5¢ 10 n•w 1112noii 1cloI) Migranis Organise Ltd Mind the Gap Mwat1 Muse1 EthjcatK Pwamme 1S.CO) 28102Q023 Migrttion Museum 45.9 OY09n022 2011Zry023 Mu5tum afBr4nth ReConne£t% le¥5 With Culwre cio.rDJ 01104n012 31103n023 Museum alLondon MYsw iThn012 I 01n023 MyBnk (19.79) Qlm9no21 311cfjn022 MyBnk IYIY1023 Naiional Autistic Soci fJides pr4e£t 21.101 0110512022 15105n023 NaiiDn31 GdllEry Arn¢uhDon £126.LkK) 1104ll022 31103ll023 Nauonal Maritsme MuJeurn Prothctson of reCeS and IESWn pkn5 114.730 0110gnoii 01109n022 New Horizon Youth ContrÈ Ltd Nvw Honlon Youth Core Costs oiiion022 30109n023 Nova N¢w OppMuni¢ 01.112 Im4n022 31101n023 Fbo{¢ph¥S G1¥ Tew Tours £9.9C 09106r2021 3110312023
Amount
Start Date
05109n012
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ROY A5MKi3tson for Deaf people
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Grantee Projert Start date End date Ki$ C¢lW HOSPI Chanry £io.th) 1310612022 13107n023 Kingsron Hoswtal NHS F¢LdId Trust General Chiritable Fd EX)$ the REU &atfrnfiotr the paedathc unit at How 1711012022 31107r2024 Moorfields Eye Charity Moorfdd5 Eye Chanty- TrIUNOER In £41.0 2uogn012 15101n014 se. Wesl Hertfordshire Ho¥ira ctY R3i5e. Wesl Hertforlthre Howtak Ory" Inwr¥eThuoThal radh'Sr 5gnrw' £159MDJ 01109n012 28103n024 RDyal br¢mpwn and Harefield NHS Foundarbn Trusi Pauent Mts)ffors Irealkncaty)Th ¢lE$} Éi(ow) 17101Q020 15101ll022 RDyal brompwn and Hefield NHS FoundatvJn Trust Cath Lab Equwent £250h67 0911212021 Iwi In022 ss.lthn and EIITabEth CrilY £97.651 30109n014 St john Ambuhnce Purdw and eYJi18IOur Njd Unifs £140.140 15101n012 I12n013 UCLH Way BL¥ldryaThd Part the Cdl Tran¥4ant lthi[ 1010512022 21103n023 Utdvtrslty olC3rnbrbdzt Healry th¢ heart £lth).OfpJ 11112n020 3010&Q022 Community and Green Spaces We focu5 Our W'ving on green space projects ¢ha¢ improve ¢he environment and air qualiry in London to make our City more attra¢tive for those who live, work and visit. The spa¢es we suppork often in built_ up urban areas, have the bonus of bringing together communities and having a positive impacr on mental healrh and wellbeing and improving the environmeni. End date Opkni Trw¢ <17.783 011011 31103n012 u<hamp Ltse 7.675 0110612022 31107n022 rfe The Inveryebrnte ConserBt Get Londw l¥Jz g),W) 1510&Q012 30108n024 trenly Con5ervalon Blg C¥ &Jtrthl 9.267 W12ll021 iyoino23 Ilthorpe Communi¢y GirdeDs 005ed Loop WAste Reryclin84 Food Prothttw MKro 137.879 IWIOQ012 oiffjino23 hlJwck Houio Ind MEet M* at th• £13.31S 14103n012 ISIO&Q013 ity Harvest City Har1 £so.tt 27104n022 27104n023 onseru0Tr EthJCan fle5eah U51 Teath Earth £19.865 01109n021 31108n022 orÈ Art5 164.200 IYOW1025 5 UK Roots Sho¢)ts £19.7TI 0110gn012 30mgn013 esign Museum £24.885 3010912022 3011 Ir2023 rionds of Holland Park la117 3W03n012 14105n022 lobal Generation £13.219 I02n011 01103n012 lobal Genertu¢n Glob GroYthingTogedw. Learnw)gT4ether £25. oiio&t2022 29109r2023 amm¥yh)lth Ccmmunity G¥dois 124.165 04I07ll022 04108r2023 orav¢'s G3rdo7 Horauo's Garden and Swth Ea £23.1 01I05no21 3W04n022
Projert stsrt date End da ubbL Foundarbn UK LancaMerWeM. Grt ita f £23.500 0810312021 31107ll022 slingron Hay AssocHih¢ Kid5 Oirnare Cafe irCnxnWe5 C45deA&rtnwre 134.400 OW03ll022 iyion022 w Garder¢ 31.500 31103n022 ew G3rden5 Schod &Jt5atiE5 at KE 01112noii 31111a012 Dkin8 En¥1rMr And Fartr £16.IXM) 0110912022 31107n023 ndon Mei Wild (L(thd ME IS8.2 OIIO&Q020 01ffj4n025 ndon Wildlrfe Tn £15.OJO oiThn012 31103n013 Jobs Fr ughborouBhlunction Actson Graup £15.OJO 3wI In012 30Thn014 Aluf41 HlstDry muSm i.sth).Nx) 0111212021 15101Q025 ¢or5 and Shts) Se[ w Flounshl 22.507 0110912021 30109r2022 SPB 113.429 W12Q012 IYIY1023 hameJ21 Thuns21.AeWilLlry thE Rorn £99.91S 01109n022 31107n014 he Chdsea Fthplc Garden CoThyny rer1P fvolecu M the f> Garde ComF4ny 12.070 0110912021 31103n023 he Gwden Ckwoorn 'AVery UrbaD Fore51Sth 18.595 IWO&Q022 IY09ll024 he Horn Mus¢um and GardETr3 Mirrtrforest Sthool fvacuwner and En¥YcAvnw*T CF•Dpkn5 Alot Pr4eci 119.305 oiio&ooii 3wI In022 he Orchard Prdect Blo$wi S(hoc4 CkF4rd5 14.050 Jwi Inoio 31103ll022 hB Orch3rd Prdt<t Gr¢v%¥1 Frnrt s <14.895 W12n012 31107n014 he Rambl¥s' A%¢On Don'i Lose Your W¥ £25. 01109n022 31110n022 he ROYAI Pvk5 Gw Fuiures .i))o oim&ooii 31108n023 ho ZDdoglc315Dw¢ty rfLon 011019 28ffj4n013 rets fv>r Cititx LOrt Healthy knytroL¥ £ith).oth) 0711 In022 31112n025 auxhall Ciry Farm Deor¢ Fam) £98. 0110812021 15108n024 alworth Girden Trakniry Proya Olm9llOiI 31107n022 Ildfowl and Wetknds Tnut Wetknd ¥hl3tchibg £.0)0 3110&Q012 Random Acts of Kindness For the fifth consecutive year. staff and Trustres were wven the opportunity to anonymou51y award one- off donations of up to £10,((KJ each to not-for-profit organi5ations that they feel pa55ionate about. This allows us to give unrestricted grnnts to chariiies that mIE not nomially fbt into our wider strategy. Grantee Proiert Mont Start date End date Alzheirner s Research UK R3ndorn Kindness 10.r 31112n022 Bite Back 2030 Limrted Randotn A(t of KindnE55 10.L 31112Q012
Grantee Project unt stsrt date End da Bow FoDthnk Random A<t ol KiThJness 1112ll022 OIIOlll024 Briush Red Cr055 Ranknknc4 KiThdre55 1112r2022 oimin024 Br¢xnley crOyd Women'5 Ill012 oimin024 tli5ability Snow5PDrt UK Randotn Art ol KindnE55 10.rLyJ 1112n012 oimin014 Evies Grfr ol KiThdr lox IIIY2022 oiioin024 Friends Lmdon Ho Aandryn Au d Kindnes% 1112n022 oimin024 Give a Book Randorn KiTrdneT 10.r Ill012 oimin014 Leukaemia UK Random Att ol Kifvjness 10.¢ts) 31111Q012 Lew15hAm Music RaDkn Au ¢4 Kindness IOK 1112ll022 oiioir2024 Lwe Unlimited Randorn Art al Kinthess IoDx 31112n012 LohdDn Rectsim Random Att ol Kifvjnt 10.¢KX 1112n022 oimin014 Mwle Prciecr Rankn A¢r ¢4 KiThdne$5 IoK#x7 1112n022 oiioir2024 Moror Neurone Di50a5e Assoriaiion Aandryn A<r d KiThdne55 1112r4011 QIIOlll024 Muilc 45 Thernpy riandarn Art al KiTrdnus 10.r 31112n012 Muslc Vtnue Trust Aandom Att ol KiThdne 1112n022 oiioin024 Roseru Ari Centre RaD¢kn A<E d KiTrdne55 IoK#x7 1112n022 QIIOlll024 Royal MerKJP S(Ki AJndryn Art d KiThdn IoKvxs 3111YIQ22 Small Atu of Klndhts Truxt Aandaffi kn al KihdhX 10.CX 31112n022 Sporu TNder Ran¢knTh KSTrthe55 iom7 1112n022 oiffjin024 Spread Th¢ Word IoKvxs 311102? Sirtti Doctor Aandam Kihth 10.CX 1112n022 oiioin024 Sufra NW LorK1on A¢1¢M kn al KiThthie 1112n022 oiioin024 SwiKhl AaDdtyTr KiTrthe55 10 1112r1022 011014 Tarna¥h3 Thvty¢ Cowny lox liln022 31112n012 Tht Armi(4t Aandamkn al 10.c 31111Q022 The &ke Ran¢Jom KiThthiess IoDx7 31112n022 The Ellzabeth Fowdalc Ran¢knTr Kinthe55 iiino 31112n022 The Frienth ol RoJer&KI Priry Srhod 1112ll012 oimin014 The Phll Schod Chari(aNe T[ RandomA(t al KIjnE5s 10.r 1112n022 oiioin024 The Healthy Phdorm Ran¢1¢ Kindness IoxKx7 1112n022 oiioir2024 The Kids Neork Randryn Kindne55 ION liln022 3111L?022 The knstEning PTr&(E kndotn A(( of KljnE55 10. 1112noi2 oimin014 The Ureracy ned Rankn A<( d KifKlness IOA 31112r2022 Tower Oppvwnity Group Randorn kn al KindnÈss 10.(KAI iiino 3111L?022 Turn2U5 Randotn knof ndnesS 10.rL 1112n012 oimin014
Grantee Project unt stsrt date End da Two Rldings C¢mnvJnlty Random A<t ol KiThJness 1112ll022 OIIOlll024 UK for UNHCR Ranknknc4 KiThdre55 1112r2022 oimin024 UNICEF UK 11112021 3111012 Wa5afir Randotn Art ol KindnE55 10.rLyJ 31112Q012 Yorkshire AmbJknce ol KiThdr lox IIIY2022 oiioin024 Young LtVisharn Project Aandryn Au d Kindnes% 3111L?022 Young Hinth Randorn KiTrdneT 10.r Ill012 oimin014 YDurtg Rools Random Att ol Kifvjness 10.cts) 31111Q012 INTERNATIONAL PROGRAMMES In Gibraltar. our funding 5UPPOrt5 education progrdmmes. profe55ional development opportunities. local charities and communy and cultural groups. In India. we continued to parcner with People for Acuon to support govemments in closing learning gaps. as well our ongoing suppon for a leading medical insriiute to pioneer a new model of pain clinic for elderty. and the Indian Institute of Technology Delhi for their Ku5uma School of Biological Sciences. Grnnt•• rnount Start dat• End dat• Kusuma Trust Gralur mmiuc Ind Cert Coi 405.thX) 0110112022 31111Q022 Indian In5dwie ol Technolcy Odhl uswb)a Sth0 ol&olow"cal Scknces I.0cl) 31112no22 People for Acu eKhkn84 Ltlrniryand 5th0 Maw•it 5UPPWt 0110112012 31112ll022 31105n026 M•dlcal SEi•nyi & Tqchndo rry th* ddthy Our Achlevements We made donations of £5.646.70712021.. £1793.711) to various charitable organisavons in the year to 31 De¢ember 2022. The derails of rhe grants ayrdrded are in¢luded in note 3 of the accounts. We made 105 grancs to organisacions in rhe UK. Gibralrar and India in the year to 31 December 2022 and these contributed to achieving our principal objects've. In 2022 programmatic grants were awarded across our three focus countries. to benefit over 6 million people. with an additional 11.4 million people who stand to benefit from our research and medical equipment funding. We have partnered with some inspiring charitie5 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 a major grant to the Vittoria and Albert Museum towards their new Photography Centre. and funding for the construttion ofa dance studio at the Royal Academy of Dance. Programmatic grants have SUPFJorted a wide range of programmes including.. helping businesses to make their workplaces more inclusive to Staff and customers wth autism; enabling the production of two exhibiiions. one offering new insights inio the rnh$ and legends of Alexander the Grea£ and the other allowing visi£ors £0 explore the concep£ of famity: empowering schools to trial new programmes in the field of cognitive science.. and supporting teenagers to start making infornied choices about their academic and professional futures.
In 2022. 35 part of our commitment to support Health 3nd Wellbeing initiatives. we es¢ablished our first medical open call, providing grdnts of up to £ I C#).(J)O towards ffledical equipment or capital project5 at London-based NHS hospitals. These gran£s con(ribud rowards.. a new interventional radiology scanner, allowing clinicians to pinpoint tumour& bleeding vessels and other areas requiring precise imaging., a Thunder microscope to increase the efficiency of research into a variety of eye conditions.. the building of a new playgrotjnd at a children's treatment uniL and a capital project to create a medical retyna tjnit and a paediatrit day care oncology unit. Grants awarded in our Community and Green Spaces focus area included creating spaces for increased biodiversity and education in support of endangered species in our city. Our projects this year also facilitate the creation of gardens and orchards in schools and communities alongside leaming. mental health support and volunteer opportunities in these 5p2ce5. Further grants supported diverting otherwise wasted food to families in need and 5upporring trainees to work on con5errdtion projects and learn about the erbvironmental sector through a green lobs 13ir. Investments Rothschild & Co Wealth Management UK Limited and Goldman Sach5 International are the charity's invesiment managers whose brief is 10 manage multi-currency invesunent porrfolios for the charity on a discretionary basis. During Ihe year, Ihe Trusrees decided to appoint a Head of Invesunents to assist wilh review and streamline investment managemenL li vrts decided 10 Migra away from the discretionary mandate wich IP Morgan Private Bank and to invest that into an internally managed passive portfolio with the same objectives. Notsvithstanding that the accounting currency of reference is the pound sterling. the objective is to inves¢ 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 protett the economic value of the endowmenL the investment objettive Set by the director5 is to achieve a real rate of return of at least 3% in excess of the weighted average rate of inflation of a currency bkeE con5i5ting of 35% USD. 25% EUR. S % G8P. IO% SGD. IO% JPY. I 0% CNY and 5% BRL. Investmenu held at 31 December 2022 had a marker le of £438,388,056131 December 2021.. 1469,812,8721 and were acquired in accordance with rhe powers of the direcEors. During the year to 31 December 2022. £9.0.( has been drawn down from the investment portfolios to fund the charity's operauonal and charitable expenditure {31 December 2021.. £3.000.0001. The investmen¢ poli¢y is ser by the directors and in doing so the direttors have regard ¢0 various fa¢tors including income requiremenis, the Trusr's expenditure projeciions the Trus£'s risk profile and their investment managers. views of market prospects in the medium terni. The investsnent policy is reviewed with the investment managers as the Trus£'s circumstances evolve. The director5 monitor inves¢men¢ performance and the manager5. s¢ra¢e8ie5 regularly a5 and when considered necessary. Financial Review Ac the year end the Tod Funds was vved at £455.836.668 (31 December 2021.. £494.905.144). which consisted of Unrestricted Fund$ of £7.575.030 (31 December 2021= £9.563.9631 and Expendable Endowment Fund5 of £448,261.638 (31 December 2021.. £485.341,1811. The principal funding source for the charity is the investment income from the Expendable Endowment Funds. At regular intervals the directors review the budget and aim to hold approximatety one year of grant commitments and operational costs in cash and the distribution reserve. The balance in cash and the distributiorb reserve at 31 December 2022 wa5 £6.054.365 (31 December 2021= £1879.7641- See note I l of the annual attounis.
Reserves Policy The directors do not look to genera a particular level of unrestritted fund& 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 unrestritted funds of £7,575.030131 December 2021.. £9.563.9631 as progrdmmes are further developed. Structure. Governance and Management The Kusuma Trust UK vrd5 e5rablished in the UK by a Memordndum of A550ciarion dated 13 November 2008 which established the objects 3nd powers of the charitable company and 15 governed under its Articles of Association. It 15 rewstered with the Charity CommbS5ion (reystration number 11269831 and Companies House Iregistration number 067538111. The charity 15 governed by a Board ofTrustee& vthich meets at least three times a year. Under the Articles of Association. chere musc be at least three Trustees at all time5 and at 31 December 2022 there were three Trustees. Responsibility for the induction and training of any new Trustee. which involve5 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 de11$ of Ihe charity's current progrdmmes and objectives. The Board is responsible for making governance decisions on the scrategic and financial direction of the charity. Day-to-day management of the chariry 15 delegated to the EXuVe Trustee with the help of team based at 55 New Oxford StreeL London. WC IA I BS. The remuneration of the team is reviewed by Trusiees every three years based on external benchmarks or surveys. The charitable company is limited by guarantee and does not have a share capital. Consequently. there are no di5closable incerests in Share capital. In the event of the charitable company being wound up. each member ha5 guaranteed ¢0 con¢ribuce such amount a5 may be required {no¢ exceeding £101. Reference and Admlnlstratlve Informatlon Directors, Founders and Trustees.. Anurag Dikshit Or Soma Pujari Additional Directors and Trustees.. Nitin Dass Jain Company Secrerary.. Andrew Arthurson Charity Address & Re&stered Office- Kvsuma Trust UK 5th Floor. 55 New Oxford Street London WC I A I BS Website.. wvrn.kusumatrusLOIZ Legal Status.. Kusuma Tryst UK is a Charitable Company limited by guarantee Charity Number 1126983. Company Number 06753811 Solicitors.. Russell Cooke 2 Putney Hill London SW15 6AB Madarlanes LLP 20 Cursitor Street London EC4A I LT
Bankers.. State Bank of India 5 King Street London EC2V 8EA HSBC Bank plc 79 Picadil London WIJ 8EU Rothschild & Co Bank International kn"wnited St julian's Court St Peter Por( Guernsey GYI 3BP Bank J. Safra Sarasin (Gibraltar) Ltd First Floor. Neptune House Marina Bay Gibrnltar GX I I IAA Audi¢ors'. Dixon Wilson Audi¢ Services LLP 22 Chancery Lane London WC2A I LS Investment Managers.. Goldman Sachs Inrnational JP Morgan Private Bank Fyumtree Court 60 Victoria Embankment 25 Shoe Lane London EC4Y OIP London EC4A 4AU Roihschild & Co Wealth Management UK Limited New Couru St Swithin's Lane London EC4N 8AL 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 Trustets ¢0 prepare rhe financial s¢arements for each financial year. Under thac law the Trustees have eletted to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounung Practice (Uniced Kingdom Accounring Scandards and applicable law}. Under company law, the Trustees must not approve the financial statements unless Ihey are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the profit or loss of the charitable company for that period. In preparing these financial 5ta¢ements. the Trustees are required to.. Select 5Uitable accounting policies and then apply them consistently.. Observe the methods and principles in the Charities SORP.. Make judgments and accouncing estimates Ihar are reasonable and prudent; Prepare the financial statements on the going concern basis unle55 It 15 inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial st2tements comply with the Companie5 Act 2¢X)6. They are also responsible for safeguarding the as5et5 of the charitable company and hence for tsknng reasonable steps for the prevention and detection of fraud and other irregularities.
Statement as to dSs¢losure to our auditon In 50 far a5 the Trustees are avrdre at the rne of approwng our Tru5tee5' anTruaJ reporL There is no relwdnt information. belng Infonnation needed by the auditor in connection with preparing their reporu and The Trustees having made enqulrles of fellow Trustee5 that they ought to have individualty taken. have each taken steps that helshe Is obliged to take as a Trustee in order to make themselve5 aware of any relevant audr( inforrnation and to establish that the audi¢or 1$ avr4re t>f that Snformation. y order of the Board Anurng Dlkshlt (Dlrector) Dated........ ............. ..................2023 14
Independent Auditorfs Report for the year to 31 December 2022 Opinion We have audited the financiai statervbents of Kusuma Trust UK (the 'charitable company'l for the year ended 31 December 2022 which comprise the Statement of financial activitie5, balance 5heec, statement of cashflows and notes to the financial s(atemenu. including a summary of significtsnt accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financi Reporting Sndard 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 2022 and of its incoming resources and application ol resources for the year then ended: have been properly prepared in accordance with Unid Kingdom Generally Accepted Accounting Prdcrice., and have been prepared in accordance with the requirements of the Companies Att 2006. Basls ftr oplnlon We cOnducd our audir In accordance with Internauonal Standards on Auditing IUKI IISAS {UK)) and applicable law. Our responsibiliiies under those srandards are fvrther described in the Audiior's responsibilities for the audit of the financial statements secrion 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 scatements in the UK. including the FRC'5 Ethical S¢andard. and we have fvlfilled our other ethical re5pon5ibilicie5 in accordance wich chese requirements. We believe that the audi¢ evidence we have obtained is SLrfficient and ¥*propriate 10 provide a basis for our opinion. Conclusions relating to golng concern In auditing the finan¢ial statements. wt have ¢on¢lud¢d that the ¢rus¢ee's use of the going ¢on¢ern basis of accouncing in the preparntion of rhe financial sratements is appropriate. Based on the work we have perforn)ed. we have not identified any material uncertainties relating to events or conditions thaL individually or collectively. may cast signrficant doubt on the charitable company s ability to continue as a going concern for a period of at least e1Ve month5 from when the financial stacemen¢s are authori5ed for i55ue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other Information The other infom)ation comprises the infom)auon itKluded 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 inforniation and. except to the extent otherwise explicitty stated in our reporL we do not express any forn) of assurance conclusion thereon. 15
In connettion with our audit of the financial sratements. our responsibiliry is to read the other information and, in doing 50, consider whether the other information is rrbaterially inconsistent wiih the financial statements or our knowledge obtained in the audit or otherwise appears £0 be marerially 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 inft)rmation. If. based on the work we have perfomied. we conclude that there 15 a material misstatement of thi$ other information. we are required to report that hct. We have nothing to reporc in this regrd. Oplnlons on other matters prexrlbed by the Companles Act 2006 In our opinion. based on the work undertaken irb the course of the audit the information given in the trustee5' repor4 which is prepared for the purpose5 of company law. for the financial year for which the financial statements are prepared is consistenr with the financial siatements.. and the ¢rus¢ees' report has been prepared in accordance with applicable le1 requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified materd misstatements in the trustees. report. We have nothing to repor¢ in respect of the following matters in relavon to which the Companies A¢t 2006 requires us to report to you rf. in our opinion.. adequate accounting records have not been kep¢ or returns adequate for our audit have not been received from branches not visited by us: or the financial 5ta¢ements are no¢ in agreement with the accounung records and returns- or ¢ercain disclosures of trusws, remunerd¢ion specified by law are nor made- Qr we have not received all the inforn)ation and explanations we require for our audit. Responsibllltles of trustees As explained more fully in the trustees, responsibiliiies Stament set out on page 13, the Irusiees (who are also directors of the charitable company for the purposes of company law) are responsible for the prepara¢ion of the financial Statements and for being satisfied that they give a twe 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 mi55tatemenE whether due to fraud or error. In preparing the financial statements, the tnjstees are responsible for assessing the charitable company's ability to continue as a going concern. disclosin& 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 operation5, or have no realistic alternative but to do 50. Audito$ responsibilities for the audit of the financial statements Our objettives are to obtain reasonable assurance abcwt whether the financial statements as a whole are free from material mis5tatemen4 whether due to fraud or error. and to issue an auditor'5 report that includes our opinion. Reasonable a55ur3nce is a high level of 3S5ufdnte. but 15 not a guarantee that an audit 16
condutted in accordance with ISAS (UK) will 21ways detect a material misstatement when it exists. Mi55tatements can arise from fraud or error and are considered material rf, individually or in aggregate, they could reasonably be expecced co influence the economic decisions of users Liken on Ehe basis of these financial staMentS. Irregulirityes. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. oudined above. to detect material fflisscatements in respect of irregularities. including fraud. The extent to which our procedure5 are capable of detecting irregularities. including fraud is detailed below. We gained an understanding of the I1 and regulatory framework applicable to the charitable company by considering. amongst other things. the sector, jurisdictions in which it operate5 and give5 its grant funding to, and tonsidered the risk of acts by the charitable company that were contrary to applicable laws and regulations. including fraud. We designed audii procedures ro respond to the assessed level of risk. but recognised that the risk of not detecting a maierial miss[aMeI due to fraud is higher than the risk of not detecvng one resulting from error. as fraud may involve deliberate concealment by. for example. forgery or intentional misrepresentatyons. or through collusion. We focused on laws and regularions which could wve rise to a material missramen[ in the financial statements, including. but not limited to. UK Company Law. UK tax le&slation. UK Charity Law as well a5 UK financial reporting 5¢andards applicable for UK chariuble companies. Our tests included agreeing ¢he financial 51atement di5closure5 ro underlying 5UPPQrting do¢umentation, enquiries with management and enquiries of consultants used for accouniing outsourcing. 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 mi55tatemen¢ 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 evenrs and tfdnsactions reflecced in the financial statements. the less likely we would become avrdre of IL We did noi idenufy any key audit matters relating to irregularities. including fraud. A further descriptiorb of our re5ponsibili¢ie5 for the audit of the financial stacemencs is located on the Financial Reporting Council'5 website al www.frc.or&uklaudi¢or5re5ponsibilicie5. This description forrns part of our auditor's reporL Use of our report This report is made solety to che charitable comp3ny's members. as a body. in accordante with Chapter 3 of Part 16 of the Companies Act 2C#)6. Our audit work has been undertaken so that we might state to the tharitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fvllest extent pern)itted 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 worl for thi5 rep)ru or for the ownions we have formed. Steven Wakefield (Senior Statutory Auditor) For and on behf of Dixon Wilson Audi¢ Se(¢5 LLP. Staturory Auditor 22 Chincery Lane London WC2A I LS 26 April 2023 Date.. 17
KUSUMA TRUST UK STATEMENT OF FINANCIAL ACTIVITIES (In<luding Income & Expenditure Account and Statement of Total Recognised Gains and Losses) Yearto31 December 2021 For the year to 31 December 2022 Unrestricted Endowment funds Funds Note Total Funds Total Funds Income and endowments from: Investment income Total Income 4.262.323 4 262 323 4.262.323 4 262 323 3.412.811 3412811 Expenditure on: Charitable activities R3ising funds Total Expendlture 6.175.797 75.459 6.251.256 6.175.797 2.012.701 8,188.498 3,157.138 2,052,268 5.209,406 1.937.242 1.937,242 Net {los$ll gain on investments Nèt Incomèl{èxpÈndlturÈ) {35.142.301) {37.079.543} 35,142,301) 139.068,4761 35,230,517 33,433,922 (1.988.933) Reconciliation of funds Total funds broughr forward Total funds carrled fonvard 9,563,963 7 575 030 485,341,181 448 2616J8 494,905,144 455 836 668 461,471,222 494 905 144 18
KUSUMA TRUST UK Company Number 6753811 BALANCE SHEET AT 31 DECEMBER 2022 31 December 2022 31 Dec•mb¢r 2021 Not¢ Flxod Assets TanRible assets Investments Total fixed ass•ts 50.418 438 388 056 438 438 474 59,792 469812872 469 872 664 Current Aivts Debtors Cash at bank and in hand Total current assets 10 405.049 17706572 37&694 24988 163 25.366.857 Llabllltlei Creditors.. Amounts falllng due wlthln one year Net current assets 12 17398194 Total net amets 455 836 668 494 905 144 Thé fundi of the charlty, Unre5trScted Funds Exp•ndabl• Endowment funds 7,575,030 448,261,638 9,563,963 485,341,181 Totsl charlty funds 455 836 668 494 905 144 The Notes on pages 21 to 34 forni part of these Accounts. Approved by th• Dlrecton;. Dated .2023 ANURAG DIKSHIT CHAIRMAN 19
KUSUMA TRUST UK STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 Total Funds Total Fund5 at 31 December at 31 December 2022 2021 Note Net cash used in operating activities 15 5.811.328 3.045.980 Cash flows from investing activities Dividends and interest from investments Investment management charges Purchase of property, plant & equipment Purchase of investments Sale of investments Net cash provided by Investing activities 4,262,323 (2.012.701) (2.4001 (264.619.231) 278,806,139 16.434.130 3,412,811 (2.052.268) {2,466) {130.123.743) 134,078,000 5.312.334 Change In cash and cash equlvalents In the year 10.622.801 2,266,354 Cash and cash equivalents at the beginning of the year Change in cash equivalents due to foreign exchange rate movements Cash and cash equlvalents at the end of the year 24.988.163 26.243.311 17.904.393 3,521,502 17.706.572 24.988,163
KUSUMA TRUST UK NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 I. ACCOUNTING POLICIES l. l Basis of preparation and assessment of going concern The address of the registered office is.. 5th Floor New Oxford Sireet London WCIA IBS The accounts (financial statements) have been prepared under the historical cost convention with items recognised at C05t 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 l January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021, the Companies Acc 2006 and the Chari(ies Ac¢ 2011. The Trust constitutes a publi¢ benefit envty as defined by FRS 102. The Trustees consider tha¢ 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 Mlve months to 31 December 2021. With respect to che next reporung period. year to 31 December 2023. the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of invesunent return and performance of investment markets {see investment policy and performance and risk managemenr sections of the trustees annual report for more inforn)ation). 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 grft from the founders. The income of this trust is restricted to providing granrs to organisarions in line with the objecu and strategit priorities of the charity. The tems of the endowment allow the capital of the fund to be spent if the trustee5 50 deterniine. Unrestricted funds comprise those fund5 that are available to spend on activities that further any of the purposes of charity. 1.3 Income Recognition All income 15 recognised once the chariry ha5 entrtlement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. 21
KUSUMA TRUST UK NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 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. Incerest 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 nornially upon notificauon 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 irs charitable activiues. 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 construttive obligation to make a payment to a third party, it 15 probable that settlement will be required and the amount of the obligation can be measured reliably. A liabilicy is recognised for the amounc rhai the charity ancicipaies it will pay to setcle the debt. All expendirure is accounced for on an accwals 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 strdtegy set by the Trustees. Expenditure on charirable activities includes all costs incurred by a chariry in underraking activities thac further its charitable aims for rhe benefir of its beneficiaries. including those support cos¢s and cos¢s relating to the governance of the charity apportioned to charitable activities. Costs of charitable activities include donarions payable as and when approved by the Trustees and communicaced to grancees when all substantive conditions at¢ached to the grnnts 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 tan&rible fixed assets is their purchase costs, together with any incidental expenses of acquisition. Depreciation is calculated so as to write off the c05t of tangible fixed assets on a straight line ba51S over the expected useful economic live5 of the a55ets concerned. The principal useful economic live5 used for this purpose are.. Office renovation Furniture and Fittings Office and Computer Equipment Over remaining period of lease 4 years 4 year5 22
KUSUMA TRUST UK NOTE5 TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 1.6 Fixed asset investments Invesrments are a form of basic financial instrument and art initially recognised at their transactitsn value and 5ubsequentty measured at their (r value as at the balance sheet Ihte. knsted investments are stated at the last trade price on the Stock Exchange for the country ol IisTing and the bid prices provided by the Fund Managers for unir rrust holdin85. Unlisted investments are stated at their rnarket Value as provided by the Fund Manager5. Where the Fund Managers cannot source the traded price dty, the investments are valued using the most recen¢ price available. All gains and losse5 are taken to the Ststernert of fi.rnc ACtIlieS 33 they arise. Realised gains and losses on investments are calculared as the drfference becween the sales proceeds and their opening carryng value or their purchase value rf ac9uired subse9uent to the firAt thy of the ffinancial period. Unrealised gain5 and 1055es are calculated a5 the difference beeen the fw'r value at the year end and their carrying value. Realised and unrealised galns and losses are c¢)mbined in the Sotemeni of Financil Acuviues. 1.7 Forelgn Currencles Monetary assets and liabiliues denominated in foreign currency are Translad inro Sferting at the rnte ol exchange ruling at the baLince sheet date. Tr3nsactlOns in loreign turrencie5 art recorded at the rate of exchange ruling at the date ol the transa<tion, Exchange differences are taken to the Statement of h'naThC Actyvities. 1.8 Operatlng Leases The costs of aperntlng leases are charged +)n a $trydt line basls ¢)ver the renn of the lease. 1.9 Ptnslons The charity make5 payments to defined contribution personal pension pkns fr•f it5 s¢all. The paymen¢s are Charged to the Statement of Financial Acriviries in the period ro which they relare. 1.10 Crlt5cal Atcountlng Estlmates and Areas of judgement In the view ol the Tru5rees applwng the accountynz policies adopted. Tro judgements were required that have signffjicant effecr on the amouncs reeognised in the finncial ststements nor th any estimates ar assumputsns made carry a significan¢ risk of material adjustment in the nex¢ financial year. 1.1 l Baslc financlal assets Baslc financial assets. whleh include rrade ond other receable and cash at bank balance& are initially measured at transaction price including transaction costs and are 5ubsequenty urried at amorty$ed using the effectyve interest method unless the arransemenrs consurures a financing wansaction. where the transactioTr is measured at Ehe present value of future receipts distoufithd ai a market of Inre$L 1.12 Baslc fflnancl liabl11e1 Basic financial liabilities, which include trade and other payable5, are initsally Measured at transactyon price including transaction ctssts and are subsequenrty tarried ar amortised cost using the effecrfft inreresE rnethtsd unless the arrangements constitutes • financing transarvon. where the tTrnsacuon is m¢a5ured at the present valve of fuwre payments discounted at a marker rare of inreresL 2 Investment Income Year to 31 December 2022 Total Year to 31 December 2021 Total Unrestrlrted Fund5 End¢)wment Funds Income arisSng from:. UK Listed investments Non UK Listed investrnents Non UK Unli5ced in¥esttnent5 Interest on rash held with InvestmenE ManaRers Intsresr on cash and Distribution Reserves Cash deposit 258.217 3.401035 464.731 114,878 25&217 3,401035 464.731 114,878 240.835 3,167.299 24 4,412 22.462 21462 241 In the year to 31 December 2021 aThd the year to 31 December 2021, all in¥esunenc irKome was unrestricred.
KUSUMA TRUST UK NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 3 Analysis of expenditure on charitable activities India Projerts Gibraltar projects UK projects Total for the Total for the year ended 31 year ended 31 Decembet 2022 Detember 2021 Note Project Costs Supporr costs Total 269.463 25.248 294,711 5.27&232 494.377 5 770 609 5.646.707 529.090 6175797 2,793.711 363 427 3 157 138 9.465 All expendirure on ¢harirable acuvities was unresrricted. Year to 31 December 2022 Year to 31 December 2022 Year to 31 December 2021 Year to 31 December 2021 The donatlons aw¥ded were as follows: INDIA GRANTEES People lor Acrion Sree Chiira Tirunal InstItu for Medkal S¢ler A*drded C¢)nungent knablli¢y Aarded cOnngent Uabllity 191,264 12,6 101.012 19.336 17,178 101.012 19.336 203.908 17.178 GIBRALTAR GRANTEES Kusuma Trust Gibraltar (Note 161 269.463 4S6,629 269,463 456,629 UK GRANTEES A New Direction Alzheirner'5 Research UK Ambirious about Autism Arr Fund Asthma and Lung UK Avenue5 Youth Projeci Bankside Open Space5 Trust Barts Charity Be2uchamp Lodge Settlemenr Bite Back Bow Foodbank Limited British Red Cr055 Brornley and Croydon Women's Aid Buglife Buicerfy Consemtson Calthorpe Community Garden Cambridge House Caxton Youth Organi5atyon Chance to Shine Chefs in Sch¢Jols Chelsea Centre Chess in Schools Chi5wick House and Gardens Trust 43,250 10,oc 31,916 16.428 150,OC(I 50,C(K) 50.LKKI 41155 7,845 17.783 25.000 24,4C 7.67S 10,oco 10,oc 10.c 10.oc 30,CKKI 24.700 9,277 18,940 18,939 18,939 11707 16.800 25.oc 13,920 10,000 16.8C 16,8(J) 25,0(K) 23.315 tstsied forwdid 325,121 320.367 209.883 102,294 24
KUSUMA TRUST UK NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 3 Analysis of expenditure on charitable activities {cont'd) Year to 31 December 2022 Year to 31 December 2022 Year to 31 December 2021 Year to 31 December 2021 Aw•rded fyungenr knabili AArded Conungenr knabilily brought fvrword 325.121 320,367 209,883 102,294 Ciry Harvesr Lrd Construction Industry Trust for Youth Core Arts Creats (Arrsl Limited Creatyve Fu¢ure5 Cr4$is UK Croydon Health Sekvices Charirable Fund Design Museum Discover Children'5 Story Centre Disability Snowsport UK D¢x*r$tep Library Earrh Warch Equal People Mencap Evie'5 Gift Founder54school$ Foundling Museum Frlends of Htslland Park Friends ol Rosendale Primary School Friends ol Royal London Hospi Future Fronuer5 Give a Book Global Acilon Plan Glob21 Generation Greenpower Education Trust Greenwich and Bexley Comrnunity Hospice Harnmersmirh & Fulham Youth Zone HarnmÈrsmith Communiy Garden$ Aswciaii Harrow Club Wl O Helen Arkell Dyslexia Charity Horatlo's Garden Hubbub Foundation UK ICAN Impenal College Imperial War Museum Intouniversity IPartner India Islington Way Association 20.C(K) 25.000 32, ICKI 24.753 24.150 1s.oc 40,157 24.885 311CQ 24,753 24.ISO 24,753 30,150 14.777 25,380 10,c so.r 19,86S 20.000 24.802 18.800 20.7SO 8.137 20.750 10,oc 10.c 8,500 23,229 24.304 Iso.c 24.165 Isoo 22.722 23,OC 23,500 21245 136,693 18.510 50,000 97,470 33.861 50.C( 20,OCQ 34.4C 8.3 10,( KIDS King's College Hospital Charity Kingston H05Pital NHS Foundation Leaf UK 23,5CQ 10,0 910C 16.CKKI 10.oc 16,000 Lewisham Music corried fotword 1.09&482 6¢H.796 749.534 338,667
KUSUMA TRUST UK NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 3 Analysis of expenditure on charitable activiti (cont'd) Year to 31 December 2022 Year to 31 Dètember 2022 Year to 31 DÈtÈmber 2021 Year to 31 DetÈmber 2021 Awarded Conungeni knabiliry Awarded Conungenr Li4billry brought fotword Leukaemia UK Little Village HQ Live Unlimited London Metropoliran University London Reclairned L()ndon Trdnsport Museum London Wildlife Trust Loughborough lun¢cion A¢¢ioh Group Magpie Project Mayors Fund for London Meanwhlle Garden$ C¢mmunlry Asw¢l•rlons Migrants Organise Ltd Migrarion Museum Motor Neurone Disease knsociarion Moorfield5 Eye Charity Museum of 8rands Museum of London Mu51¢ as Therapy Music Venue Trusr 1.098.482 604.796 749.534 338.667 10,000 I.( 10.000 16.392 10.c¢)o 18.269 25.( 41.840 18.269 18.269 25.th)O 10.(#J) I s.(#)) 10.C¥)O 25,000 10,182 15.000 25.¢y)O 49,500 10.th 41,C¥)O 10.(K#J S3.& 27,C¥)O BO.th)O 10.000 10.th 24.500 21.104 MyBnk 19,780 Nacional Autisric Soclery National Gallery National Maririme Museum Natural History Museum New Horizon Youth Centre Nova New Opportuniues Pursuing Independent Paths Prior year donations Ramblers Associacions Roots and Shoots Rosetta Art CentrÈ Royal Academy ol Dance Royal 8otanic Gardens, Kew Roy218rompton & Harefield Hospirals Charit Royal Institu ol Great Brityan Royal Mencap Society Royal Society for Blind Children Royal Society for the Prot11<)n of Birds School Home Support Sir john Soane's Museum Small Acts of Kidness Trust Solidarity Sports 126,1))O 14,730 350.000 375.(th1 I[.£)0 700.(#)O 1.150,¢J)O 65.490 25.000 21507 10.c4)0 2tW.CN)O 40,750 212.202 31995 10,000 38.465 32.995 38,465 32.995 27.756 13.429 I.() 20.013 47.769 15,000 10,000 25.(%KI corried fotword 2.365.504 1.710.639 1.612.147
KUSUMA TRUST UK NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 3 Analysis of expenditure on charitable activities {cont'd) Year to 31 December 2022 Year to 31 December 2022 Year to 31 December 2021 Year to 31 December 2021 Awarded Contyngent lbilIty Awarded Contyngent tiability brought forword 1365.504 1.710.639 1.611147 Somer5et House Trust Speech and Language UK SporES Traider Charity Spread the Word SS john & EIiLibeth Charity St Gile5 Trust Silohn's Ambulance St Paul's School St Paul's Girls School Street Doctors Sufra- NW London Swich180 Tamasha Thearre C0mpaThy Teach Firsr Tharnes21 ij'mited The Armitage Foundation The Barbiean Cenrre The Bike Project The Brilliant Club The British Library The Chelsea Physic Garden Company The Education Endowrnent Foundafion The Friend$ of Leighron House The Garden Classroom The Gold Standard Charitable Trust The Hall School Charitable Trust The Healthy Living Platforrn The Horniman Public Mus¢um The Inland W2cerw2ys Associauon The Kensington and Chelsvd Foundation The Kids NeOrk The Listening Place The Literacy Pirates The Media Trusc The Orchard Projert (Cause) Ltd The Phoenix Garden The Photography Gallery The Royal A5SIKlation for Deaf Pe<)ple The Royal Parks The Tree Council The Winchester Project 30,780 30,780 30,780 50.OLKI 10,c 10.oc 20.CQ) I), 114.CKKS 19.905 so.oc 10,c 10,L 10,0 77,652 126.240 50.oc so,0 10.000 2.( 11.760 8&156 10,oco 24,625 24,625 10.000 43.C S9,0 2S.OC so.c 21,386 12,070 35.910 97.C 45,450 13.737 4S,450 14.8S8 10,000 10.co) 10.L 29,305 5.830 82.433 10,oc 10.¢ 10,oco 24.895 10,oco 9,9CK) 14,992 14.992 29,984 20.000 9.600 curried forword 3,291648 1304,162 1004,361 1,947,379 27
KUSUMA TRUST UK NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 3 Analysis of expenditure on charitable activities (cont'd) Year to 31 December 2022 Year to 31 December 2022 Year to 31 December 2021 Year to 31 December 2021 Awarded Conungenr knabiltry Awarded Conringent Liability brought fon¥ard 3.292.648 1304.162 2,0(H,361 1,947,379 The Zoological Sociery of London Tower Hamlets Opportunity Group Trees for Cities Turn2Us Chariry Two Ridings CommuThiry Foundation UNICEF UK United Kingdom for UNHCR Universify Education University College London H05Pita15 Charity Univer$iry of Cambridge Vauxhall City Farm Vittoria & Albert Museum Walworth Garden W35afiri Wesi Herrfordshlre Hospluls NHS Trust West London Zone Wildfowl and Weilands Yorkshire Air Ambulance Young Lewisham Project Young Minds Young Roots Youn8 Westminster Foundation 75.Cts) 75.000 10,000 160.CO) 10.( 10.cth) 10,000 10.c*J) S0,C4)0 53.467 50,000 53.467 45,133 25,000 10,c(Jo 159,( Ico.( 9,312 10.( 25.000 10,c(Jo 10.( 10,000 8,680 16,805 5.276.232 3.539.162 2,133.174 2,150,846 Total 5.646.707 3.558.498 2.793.711 2.168.024 28
KUSUMA TRUST UK NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 3 Analysis of expenditure on Charitable artivities {¢ont'd) Year to 31 December 2022 Total Year to 31 December 2021 Total Number of Grantèes INDIA UK GIBRALTAR 103 81 105 84 Contingent liabilities represent amount5 made ardilable to grnntees for projects which continue after the reporting date. The amounts payable are conditional on the grantees meeung specific project milestones in accordance with each 8ran¢ agreement. The Tru5c expects to pay all amounts made available on the basis tha¢ the grantee fvlti15 their obligations under each grant agreement 4 Costs of ra151ng funds Year to 31 December 2022 Total Year to 31 December 2021 Total Unrestrltted Funds Endowment Funds Investmenc management fees Other charges - withholding tax 1.937.242 1.937.242 75,459 2012701 1.946,092 106.176 2 052 268 75.459 75.459 1.937.242 In the year to 31 December 2022 and 2021. investment management fees were incurred in the endowment fvnd and wlthholdlng tax was incurred in the unrestricted fund. 5 Analysislallocation of support costs The supporc cosrs have been allocated across gr4n¢s in propor¢ion ¢0 the size of ¢xpendi¢urt for the individual Cost type Total support Costs Year to Year to 31 December 31 December 2022 2021 Staff costs {see note 61 Operations support Property expenses Communications Office expenses Depreciation Govemance Total 295.558 119,122 56,169 13,298 16,831 11,774 16.338 529 090 198.784 71,841 40,056 7,365 17,631 12,414 15,336 363 427 29
KUSUMA TRUST UK NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 5 Analyslslallocation of support costs (cont'd) Year to 31 December 2022 Year to 31 December 2021 Governance costs Legal and professional fees Audit and accountancy fees General governance cosrs 1.580 13,728 28 15,793 65 The Trustees are not employed by the Trust and did not receive any emolumenrs in respect of rheir services. The Trustees did not receive any reimbursements for expenses incurred. 6 Analysis of staff costs and remunerntion of key management personnel Year to 31 December 2022 Year to 31 December 2021 Salaries and wages Social security Costs Ocher pension costs Other employment related costs Total 255.452 22.472 15.540 2.094 295 558 171,714 13.168 12,727 1.175 198784 The average number of persons employed by the Trust during the year ending 31 December 2022 was seven (December 2021= five). No remuneration was paid to any Trustee. The number of employees who received employee benefits between £60.LKIO - £70.OCKI was nil (December 2021.. One). Employer pension contributions for the year totalled £15.540 (December 2021: £12.727). 7 Net incomel(expenditure) for the year Year to 31 December 2022 Year to 31 December 2021 This is stated after charging.. Operating leases - property Depreciation Auditors remunerntion.. Audit fees Accountancy services 56.169 11.774 40.056 12,414 11793 3.000 10,728 30
KUSUMA TRUST UK NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 8 Tangible Fixed Assets Office and Computer Equipment Office Renovation Furniture and Fittings Total C05t As at l January 2022 Additions As at 31 December 2022 97.816 1.048 15,294 2.400 17.694 114,158 2,400 116,558 97.816 1.048 Depreciation As at I january 2022 Charge for the year As at 31 December 2022 41.567 9.780 51,347 1,048 54,366 11,774 66,140 1,994 13,745 1,048 Net book value As at 31 December 2022 46,469 3,949 50,418 As at 31 December 2021 56.249 3,543 59,792 9 Flxed Asset Investments 31 December 2022 31 December 2021 Market value at I january 2022 Purchases at cost Sales proceeds Net realised and unrealised gains/(losses) 469.812,872 264.619,231 (278,806,139) 17237908 435,015,110 130,123,743 {134,078,000) 38.752 019 Investments at market value on 31 December 2022 438,388,056 469,812,872 Investments at book value at 31 December 2022 384,675,754 359,835,963 31 December 2022 31 December 2021 Investments at market value comprised UK Investmenrs Listed on a recognised siock exchange Non UK Investments Listed on a recognised stock exchange Non UK Unlisted securityes 6.159,209 347,422,469 84.806.378 438,388,056 7,258.184 405,750,834 56,803.854 469,812,872
KUSUMA TRUST UK NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 9 Fixed Asset Investments (cont'd) 31 December 2022 31 December 2021 Total funds held by Investment Managers Investments at Market Value Accrued investment income (note l O) Cash held by investment manager5 (no¢e I l ) 438.388.056 381.510 11.652.207 450,421.773 469.812.872 342.366 22,108,399 492.263,637 31 December 2022 31 December 2021 Realised and unrealised gainl(loss) on investmencs Realised and unrealised gainl(1oss) on cash ac bank and in hand Total ne¢ gainl(loss) on investmen¢s 117.237.9081 17.904.393 38,752.019 3.521.S02 35.142.301 35,230.517 As explained in the Trustee Annual Report on page 10, the investment managers are briefed to manage multi ¢urren¢y investment p0rrfoli¢s on a discretionary basis. The incernally managed porLfolio is managed under the same investment brief. In both the year ro 31 December 2022 and the year ro 31 December 2021. all realised and unrealised gains on investments were allocated to the endowment fund. l O Debtors 31 December 2022 31 December 2021 Other debtors Accrued investment income 23,539 381,510 405,049 36,328 342,366 378.694 I I Cash at bank and in hand 31 December 2022 31 December 2021 Cash & distribution Cash held by investment managers 6,054.365 11,652.207 17.706,572 2.879,764 22,108,399 24,988,163 12 Creditors - amounts falling due within one year 31 December 2022 31 December 2021 Grants payable Accrua15 Trade creditors 404.125 282,718 26,584 713.427 60.000 264.780 9,597 334.377 32
KUSUMA TRUST UK NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 13 Total Funds Funds as at 31 December 2022 are represented by-. 31 December 2022 Total 31 December 2021 Total Unrestricted Endowment Funds Funds Tang'ble Assets Investments Debtors Cash at bank and in hand Creditors falling due within one year 50.418 50,418 438,388,056 405,049 17.706.572 713,427 455,836,668 59,792 469,812,872 378,694 24.988,163 334,377 494,905.144 438,388.056 405.049 7.610.906 491,342 7.575,030 10.095.666 222,085 448,261.638 The Trustees have considered the need for a separate fund-by-(und any515.. &Ven that the fund strurture 15 5trai8htforward, the Sratemen¢ of Financial Activiries shows this inforniaiion in sufficienr de.1. 14 Flnanclal Commltments Future minimum renta15 payable under non-cancellable operating leases are a5 follow5= 31 December 31 December 2022 2021 Operacing Leases.. Propercy Less than one year Between 2 to 5 years Equipmen¢ Less than one year 58.391 233.562 46.870 35,152 291.953 82,867 Movement In re¢ognlsed provlslons and fundlng commltments Grant commitmencs recognised at the $tart of the year New granr commitmenrs charged to the SOFA in the year Grant5 paid during the year Amount of grant commitments recolsed as at 31 December 2022 60,)0 5,646,707 5.302,5B2 404,125 I S Reconciliation of net movements in funds to net cash flows from operating activitie5 For the Year For the Year to31 to31 December December 2022 2021 Net loutgoing)lincoming resources for the yvdr IGain5lllosse5 on investments Less investment income earned Add costs of raising funds Add depreciation DecrÈa5ellln¢reasel in debwrs Increase in creditors within one year {39,068,4761 35,142,301 14.262.323) 1012,701 11.774 (26,3551 379,050 33,433,922 135,230,517) 2,052,268 11414 81,6B8 17.056 Net Cash used In Opera£ tIvItIeS 5,811,328 3.045,980 33
KUSUMA TRUST UK NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 16 Related Party Tranwtion$ Kusuma Trust Gibraltar is a relaced party in the year as ir is conrrolled by the Trusrees of Kusuma Trust UK. During the year. grants of £269,46312021.. £456.6291 were awarded ro Kusuma Trus[ Gibraltar. Ar 31 December 2022, Ehe balance owed to Kusuma Trust Gibralrar 15 £nil12021.. Inill. 17 Financial Instruments 31 Decembtr 31 December 2021 Flnanclal assets held at falr value 2022 Investments 438 388 056 438.388 056 469812872 469812872 34